

CNX Nifty: 21,545 ICICI Securities Limited is the author and distributor of this report

10 January 2024 India | Equity Research | Q3FY24 Preview

Healthcare

Poised for a steady Q3 show!

Hospitals under our coverage are likely to report Q3FY24E revenue/EBITDA/PAT growth at 13%/15%/37% YoY, but the
performance may not be comparable on a sequential basis due to the offset of festive season in Q3FY24. Better inflow
of patient volumes, M&A and bed expansion plans chalk out a steady growth path for most listed hospitals. Backed by
volume growth of 9-10%, we expect diagnostic companies to report steady growth of 12%/22%37% YoY in
revenue/EBITDA/PAT in Q3FY24E. Growth in diagnostic business is likely to improve as discounts offered by online
competitors on preventive care test are reducing, non-covid volumes are recovering and organised players are taking
price increases (2-4%) in selective specialised tests. Our top picks in healthcare space are KIMS, Dr. Lal and
Thyrocare.
Hospitals - preview synopsis Abdulkader Puranwala
Revenue for our coverage universe is likely to grow 13% YoY (-0.5% QoQ) to abdulkader.puranwala@icicisecurities.com
+91 22 6807 7339
INR 59.6bn in Q3FY24E due to better in-patient volumes. EBITDA margin may
Kashish Thakur
dip 50bps YoY (-77bps QoQ) to 14.2% due to pressure from ancillary business kashish.thakur@icicisecurities.com
and new bed additions. PAT is likely to grow 37% YoY (-2% QoQ) to INR 3.3bn.

Apollo may grow the fastest among the pack

Apollo is likely to register EBITDA growth of 17% YoY driven by its hospital
business and a turnaround in its online pharmacy business. KIMS may witness
a 50bps YoY dip in EBITDA margin to ~26.4% (EBITDA growth of 14% YoY)
due to the addition of medical staff and restarting of operations at a hospital
under Sunshine. HCG is likely to report a nominal 4% YoY jump in EBITDA.

Diagnostics – preview synopsis

Revenue for our coverage universe is likely to surge ~12% YoY (-5% QoQ) as the
impact of covid base is largely behind and traction in non-covid test continues to
be healthy. Most online competitors have reduced discounts offered on their
platforms, and established chains have started taking price increases in their
specialised test portfolio. EBITDA margin is likely to jump 225bps YoY (-190 bps
QoQ) due to operating leverage and price increases. Q3FY24E EBITDA and PAT
for coverage universe is likely to rise 22%/37% YoY, respectively.

Sturdy volumes to improve performance of diagnostic chains

i) Dr. Lal is likely to report 14% YoY surge in revenue to INR 5.6bn in Q3FY24E.
It is now expanding across tier-3 towns in North, South and Western regions.
On a low base, EBITDA margin may expand 340bps YoY to 26.5%, while
absolute EBITDA may grow 31% YoY. PAT is likely to grow 49% YoY (-28%
QoQ). ii) Metropolis may report a mere 3% YoY rise in revenue due to
discontinuation of tender business. The company plans to add 600-800
collection centres and 50 hi-tech centres in FY24. Its EBITDA margin may
shrink ~60bps to ~24.1% while PAT may decline 8% YoY. iii) Vijaya is likely to
grow its revenue at a faster pace of 18% YoY driven by its strong foothold in
AP and Telangana regions and consolidation of PH. EBITDA margin may
expand 115bps YoY (-100bps QoQ) to ~40.3% while PAT may grow 72% YoY
to INR 282mn owing to its lower base. iv) Thyrocare’s revenue growth is likely
to inch up to 17% YoY as the impact of discontinued business is behind.
EBITDA and PAT are likely to grow 40% and 61%, respectively, in Q3FY24E.

Please refer to important disclosures at the end of this report

Healthcare | Sector Update | 10 January 2024

Key financials – hospitals

Revenue (INR mn) EBITDA (INR mn) PAT (INR mn)
Company
Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%) Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%) Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%)
Apollo 48,166 48,469 42,636 (0.6) 13.0 5,924 6,275 5,054 (5.6) 17.2 2,231 2,310 1,535 (3.4) 45.4
KIMS 6,521 6,525 5,622 (0.1) 16.0 1,721 1,773 1,512 (2.9) 13.9 911 920 760 (1.0) 19.9
HCG 4,877 4,869 4,247 0.2 14.9 829 846 794 (2.0) 4.4 165 136 114 21.7 44.3
Coverage
59,564 59,863 52,504 (0.5) 13.4 8,475 8,894 7,359 (4.7) 15.2 3,308 3,366 2,409 (1.7) 37.3
Universe
Source: Company data, I-Sec research

Key financials – diagnostics

Revenue (INR mn) EBITDA (INR mn) PAT (INR mn)
Company
Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%) Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%) Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%)
Dr Lal 5,580 6,013 4,894 (7.2) 14.0 1,479 1,778 1,130 (16.8) 30.9 788 1,093 528 (27.9) 49.3
Metropolis 2,946 3,085 2,855 (4.5) 3.2 710 782 705 (9.2) 0.7 328 379 358 (13.5) (8.3)
Vijaya 1,332 1,389 1,131 (4.1) 17.7 537 574 443 (6.5) 21.2 282 336 164 (16.0) 72.4
Thyrocare 1,504 1,480 1,280 1.6 17.4 389 375 279 3.8 39.8 237 201 147 18.1 61.1
Coverage
11,361 11,967 10,160 (5.1) 11.8 3,115 3,508 2,556 (11.2) 21.8 1,636 2,009 1,197 (18.6) 36.7
Universe
Source: Company data, I-Sec research

Key financials – medical devices

Revenue (INR mn) EBITDA (INR mn) PAT (INR mn)
Company
Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%) Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%) Q3FY24E Q2FY24 Q3FY23 QoQ (%) YoY (%)
Polymedicure 3,508 3,373 2,848 4.0 23.2 895 842 710 6.2 25.9 646 622 500 3.9 29.2
Tarsons 706 663 613 6.5 15.2 268 254 267 5.7 0.6 136 128 161 5.9 (15.8)
Source: Company data, I-Sec research

Valuation summary
Target
Rating EPS (INR) CAGR ROCE (%) P/E (x) EV/ EBITDA (x)
Company Price
(INR) FY23 FY24E FY25E FY23-25E FY23 FY24E FY25E FY23 FY24E FY25E FY23 FY24E FY25E
Apollo 5,350 HOLD 56.4 77.9 105.8 36.9 9.5 11.6 13.8 102.8 74.5 54.8 43.1 33.3 26.7
KIMS 1,985 ADD 40.6 44.6 53.9 15.1 15.8 13.7 14.2 49.7 45.3 37.5 27.4 24.0 20.0
HCG 410 ADD 2.1 5.1 8.6 101.6 3.9 8.4 10.3 170.2 69.7 41.9 19.1 17.0 14.3
Dr Lal 2,690 ADD 28.6 41.9 52.7 35.6 11.6 16.9 18.5 86.9 59.4 47.2 41.2 31.9 26.4
Metropolis 1,550 HOLD 27.9 31.9 40.3 20.2 12.0 13.1 15.5 59.5 52.0 41.2 30.0 27.1 22.8
Vijaya 590 REDUCE 8.3 12.6 16.3 40.0 13.7 16.9 18.3 81.8 53.7 41.7 38.0 29.7 22.8
Thyrocare 740 BUY 12.1 15.3 18.6 23.7 12.7 14.9 17.4 54.6 43.4 35.7 28.2 23.4 19.6
Poly Medicure 1,470 ADD 18.7 25.8 33.6 34.0 14.0 17.1 19.7 80.5 58.4 44.8 53.8 39.8 30.9
Tarsons 670 BUY 15.2 11.2 16.8 5.2 13.8 8.7 11.0 34.6 47.0 31.3 21.9 23.4 15.8

Source: Company data, I-Sec research

India | Equity Research 2

Healthcare | Sector Update | 10 January 2024

Key developments in Q3FY24

Company Key developments
Mr. Adwik Bollineni has been appointed as the Additional Director effective Nov 28, ’23. Also Mr. Shantanu Rastogi has resigned
from the position of Non-Executive & Non-Independent Director effective Nov 07, ’23.
KIMS
KIMS increased its holding in KIMS Kingsway(Nagpur) from 51% to 69.30%. The shares were acquired at INR 221.99 per equity and
the total cost of acquisition was INR 710.1mn. Also, its subsidiary KIMS Hospital Enterprises Private acquired an additional stake
of 12.09% in Kondapur Healthcare for INR 241.1mn. Post the transaction, its stake in Kondapur Healthcare has increased to 37.18%.
HCG has terminated its business transfer agreement with Radiant Hospital Services Private for the acquisition of Radiant's
HCG
radiation therapy centre, along with its assets located in Sambalpur, Odisha for a consideration of INR 160mn signed on Jun’22.
Vijaya Diagnostics acquired 100% stake in Pune-based PH Diagnostic Centre Private for a cash consideration of INR 1,475mn
Vijaya Diagnostics
(including INR 128mn for debt repayment) on Dec 19, ’23.
Tarsons Products acquired in Germany-based Nerbe R&D GmbH and Nerbe plus GmbH & Co. KG for a total consideration of Euro
Tarsons Products
10-15mn on Dec 20, ’23.
Apollo Hospitals diluted its stake in its subsidiary (Apollo Home Healthcare Limited) from 89.69% to 74% for a consideration of INR
155.6mn. Nearly 1.4mn equity shares were allotted to Apollo Hospitals upon conversion of loan extended by the company to AHHL
Apollo Hospitals
and ~5.6mn equity shares to Dr. Prathap C Reddy, Promoter of the company, both by way of conversion of optionally convertible
preference shares issued to him and also by way of subscription of equity shares on private placement/preferential basis.
Source: Company data, I-Sec research

Better in-patient volume to drive Q3 revenue Margins to dip due to pressure from ancillary
business and new bed additions
Revenue % Growth (RHS) EBITDA Margin (%) (RHS)
70000 90

18
10000 19
77.6

18
60000 80
9000 18
70 8000 17
16
16
50000
15

60 7000

15
15
15

15
16
40000 6000

14
50

14
15
31.1

14

14
29.3

13
5000
24.2

40
(INR mn)
(INR mn)

30000 14
21.5

19.6

4000

(%)
(%)
16.8

16.7
14.3

30
13.4

13
10.4

20000 3000
9.6

20 12
6.4

2000
3.1

10000 10 1000 11
0 0 0 10
Q3FY23
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23

Q4FY23
Q1FY24
Q2FY24
Q3FY24E
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24E

Source: Company data, I-Sec research Source: Company data, I-Sec research

Net profit for our hospital coverage universe Healthy traction in non-covid volumes to boost
to surge 37% YoY Q3FY24 revenue
PAT % Growth (RHS) Revenues % Growth (RHS)
14000 160
289.3

136.1
128.7

4500 400 140

97.3

(11.3)
(23.0)
43.1

39.2

12000
37.3
34.5

(35.4)
13.3
(3.4)

4000 200 120

(216.0)

3500 10000 100

60.9

0
47.0

3000 80
39.9

8000
2500 -200 60
(INR mn)

(INR mn)

11.8

2000 -400 6000 40

(%)

9.8

(%)
(0.0)
(0.2)
(0.7)
10.5

5.8
5.8
5.5

(16.9)
(914.7)

1500 4000 20
-600
1000 0
500 -800 2000
-20
0 -1,000 0 -40
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24E

Q3FY24E
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24

Source: Company data, I-Sec research Source: Company data, I-Sec research

India | Equity Research 3

 (INR mn)
(INR) (INR) (INR)

0
500

200
400
600
1000
1200
1400
1800
2500
3000
3500
4000

0
800
1600
1000
1500
2000
0
500
1000
1500
2000
2500
3500
4000
4500

3000

2000
3000
4000
5000
6000
7000

0
1000
margins
Jan-21 Jan-21

Metropolis
Jan-21
Q2FY21 33.6

Price charts

Polymedicure
Jul-21 Jul-21
Jul-21

Source: Bloomberg
Q3FY21 33.3

Apollo Hospitals
Jan-22 Jan-22 Jan-22
Q4FY21 33.0

India | Equity Research

Jul-22 Jul-22 Jul-22
Q1FY22 34.4
Jan-23 Jan-23 Jan-23
Q2FY22 34.1
EBITDA

Jul-23 Jul-23 Jul-23

Source: Company data, I-Sec research

Q3FY22 26.4
Jan-24 Jan-24 Jan-24
Q4FY22 27.1

(INR) (INR)
Q1FY23 25.8
Q2FY23 27.8
Healthcare | Sector Update | 10 January 2024

Vijaya

500
600
700
800

0
100
200
300
400
500
1000
1500
2500
3000
3500
4500

0
2000
4000
Oct-21 Q3FY23 25.2
Jan-21
Jan-22 Q4FY23 25.2
Apr-22 Jul-21

Dr. Lal PathLabs

Q1FY24 27.2
Jul-22
Jan-22
Oct-22 Q2FY24 29.3
Margin (%) (RHS)

Jan-23 Jul-22
Q3FY24E 27.4
Apr-23 Jan-23
Jul-23
20
22
24
26
28
30
32
34
36

Jul-23
Operating leverage and price hikes to boost

Oct-23 (%)
Jan-24 Jan-24

(INR mn)
(INR) (INR)
YoY

HCG

250
300
350
400

0
200
400
600
800
1000
1200
1400
1600
0
50
100
150
200
0
500
1500
2500
3000

1000
2000

Jan-21 Jan-21

Thyrocare
Q1FY21 (71.7)
Jul-21 Jul-21
Q2FY21 35.6
Jan-22 Jan-22
Q3FY21 70.0
Jul-22 Jul-22 Q4FY21 230.7 741.1
Jan-23 Jan-23 Q1FY22
PAT

Jul-23 Jul-23 Q2FY22 20.3

Source: Company data, I-Sec research

Q3FY22 (31.0)
Jan-24 Jan-24
Q4FY22 (31.6)
(INR) (INR) Q1FY23 (53.6)
KIMS

Q2FY23 (41.7)

100
200
400
500
600
700
800
900
1000

0
300
1000
1500
2000
2500

0
500

Dec-21
Tarsons Q3FY23 (17.5)
Jul-21
Oct-21 Q4FY23 (11.1)
Mar-22
Jan-22 Q1FY24 18.9
Jul-22 Apr-22
% Growth (RHS)

Jul-22 Q2FY24 33.2

Oct-22
Oct-22 Q3FY24E 36.7
Feb-23 Jan-23
0

May-23 Apr-23
100
200
300
400
500
800

600
700

Jul-23
-200
-100

Sep-23
Oct-23 (%)
Net profit of diagnostic universe to surge 37%

Jan-24 Jan-24

4
Healthcare | Sector Update | 10 January 2024

“In case of industry/sector reports or a report containing multiple stocks, the rating/recommendation for a particular stock may be based on the last released stock specific
report for that company.”

This report may be distributed in Singapore by ICICI Securities, Inc. (Singapore branch). Any recipients of this report in Singapore should contact ICICI Securities, Inc.
(Singapore branch) in respect of any matters arising from, or in connection with, this report. The contact details of ICICI Securities, Inc. (Singapore branch) are as follows:
Address: 10 Collyer Quay, #40-92 Ocean Financial Tower, Singapore - 049315, Tel: +65 6232 2451 and email: navneet_babbar@icicisecuritiesinc.com,
Rishi_agrawal@icicisecuritiesinc.com.

"In case of eligible investors based in Japan, charges for brokerage services on execution of transactions do not in substance constitute charge for research reports and
no charges are levied for providing research reports to such investors."

New I-Sec investment ratings (all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)
BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return

ANALYST CERTIFICATION
I/We, Abdulkader Puranwala, MBA; Kashish Thakur, MBA; authors and the names subscribed to this report, hereby certify that all of the views expressed in this research
report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to
the specific recommendation(s) or view(s) in this report. Analysts are not registered as research analysts by FINRA and are not associated persons of the ICICI Securities Inc.
It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve
months and do not serve as an officer, director or employee of the companies mentioned in the report.
Terms & conditions and other disclosures:
ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking and is, inter alia, engaged in the business of stock brokering and distribution of financial
products. Registered Office Address: ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025. CIN: L67120MH1995PLC086241, Tel: (91 22) 6807
7100. ICICI Securities is Sebi registered stock broker, merchant banker, investment adviser, portfolio manager, Research Analyst and Alternative Investment Fund. ICICI
Securities is registered with Insurance Regulatory Development Authority of India Limited (IRDAI) as a composite corporate agent and with PFRDA as a Point of Presence.
ICICI Securities Limited Research Analyst SEBI Registration Number – INH000000990. ICICI Securities Limited SEBI Registration is INZ000183631 for stock broker. ICICI
Securities AIF Trust’s SEBI Registration number is IN/AIF3/23-24/1292 ICICI Securities is a subsidiary of ICICI Bank which is India’s largest private sector bank and has its
various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (“associates”),
the details in respect of which are available on www.icicibank.com.
ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates
might have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities
and its analysts, persons reporting to analysts and their relatives are generally prohibited from maintaining a financial interest in the securities or derivatives of any companies
that the analysts cover.
Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as
opposed to focusing on a company's fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view
the Fundamental and Technical Research Reports.
Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Institutional Research.
The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, and target price of the Retail Research.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein
is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other
person or to the media or reproduced in any form, without prior written consent of ICICI Securities. While we would endeavour to update the information herein on a reasonable
basis, ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI
Securities from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable
regulations and/or ICICI Securities policies, in circumstances where ICICI Securities might be acting in an advisory capacity to this company, or in certain other circumstances.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or
completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of
offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report
at the same time. ICICI Securities will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting
and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed
in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of
specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment
risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. ICICI Securities accepts no liabilities
whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised
to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in
projections. Forward-looking statements are not predictions and may be subject to change without notice.
ICICI Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject
company for any other assignment in the past twelve months.
ICICI Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date
of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other
advisory service in a merger or specific transaction.
ICICI Securities or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services
from the companies mentioned in the report in the past twelve months.
ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its associates or
its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report.
Accordingly, neither ICICI Securities nor Research Analysts and their relatives have any material conflict of interest at the time of publication of this report.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts or their relatives do not own 1% or more of the equity securities of the Company mentioned in the report as
of the last day of the month preceding the publication of the research report.
Since associates of ICICI Securities and ICICI Securities as a entity are engaged in various financial service businesses, they might have financial interests or actual/ beneficial
ownership of one percent or more or other material conflict of interest in various companies including the subject company/companies mentioned in this report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.
We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,
where such distribution, publication, availability or use would be contrary to law, regulation or which would subject ICICI Securities and affiliates to any registration or licensing
requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose
possession this document may come are required to inform themselves of and to observe such restriction.
This report has not been prepared by ICICI Securities, Inc. However, ICICI Securities, Inc. has reviewed the report and, in so far as it includes current or historical information, it
is believed to be reliable, although its accuracy and completeness cannot be guaranteed.

India | Equity Research 5

Healthcare | Sector Update | 10 January 2024

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. None of the
research recommendations promise or guarantee any assured, minimum or risk free return to the investors.
Name of the Compliance officer (Research Analyst): Mr. Atul Agrawal, Contact number: 022-40701000, E-mail Address : complianceofficer@icicisecurities.com
For any queries or grievances: Mr. Prabodh Avadhoot Email address: headservicequality@icicidirect.com Contact Number: 18601231122

India | Equity Research 6