Kcp ltd

KCP Ltd. (Krishna Commercial Products Limited) is
mainly in the cement business. 57% of the revenues
come from cement. The company was incorporated in
the year 1941. KCP Ltd. is a 75-year-old company with
interest in sectors like cement, sugar, power,
engineering, hotel etc. It started off as a sugar company,
then spread out to different sectors and in 1995 KCP
Sugar was demerged.

1. KCPLTD.
Sector:Cement
InitialCoverageReport
29.03.2018

2. 1
Overview
KCPLtd.(KrishnaCommercialProductsLimited)is
mainlyinthecementbusiness.57%oftherevenues
comesfromcement.Thecompanywasincorporatedin
theyear1941.KCPLtd.isa75yearoldcompanywith
interestinsectorslikecement,sugar,power,
engineering,hoteletc.Itstartedofasasugarcompany,
thenspreadouttodifferentsectorsandin1995KCP
Sugarwasdemerged.
AbouttheCompany
Thecompanywasfoundedin1941bySri.V.
Ramakrishna.Sincethen,thecompanyhasexpanded
rapidlyintovarioussegmentslikeHeavyEngineering
(1955),Cement(1958),Power(1998)andHospitality
(2016).
Milestones
I.1941
Thecompanystartedoffasa800TCDsugar
plantinAndhraPradesh,India.
II.1955
FirstHeavyEngineeringplantwassetupinChennai.Itconsistedofanintegrated
manufacturingplantforprovidingequipmenttocoresectorindustries.
III.1958
Setup1
st
cementplantatMacherla,AndhraPradesh.
IV.1967
JVbetweenKCPltd.EIMCOCorporation,USA.Currently,100%subsidiaryofKCP
Sugar&Industriesltd.
Snapshot
LatestDate 28-Mar-18
LatestPrice(Rs) 130.7
PreviousClose(Rs) 132.2
52WeekHigh(Rs) 170.1
52WeekLow(Rs) 91.8
FaceValue(Rs) 1
IndustryPE 31.16
TTMPE(x) 22.95
Price/BV(x) 2.45
EV/TTMEBIDTA(x) 9.02
EV/TTMSales(x) 1.64
DividendYield% 1.54
MCap/TTMSales(x) 1.3
LatestBookValue(Rs) 52.89
MarketCap(Rs.InCrores) 1670.17
EV(Rs.InCrores) 2104.13
Latestno.ofshares(InCrores) 12.89

3. 2
V.1995
KCPsugarmanufacturingdivision
demergerintoaseparatecompany,KCP
Sugar&IndustriesLtd.
JVwithFivesCailGroupofFrancefor
designandmanufactureofSugarPlants.
VI.1999
KCPVietnamIndustriesLimited,afully
ownedsubsidiaryofTheKCPLimitedsetup
tomanufacturesugaratThuaThienHue
ProvinceatCentralVietnam.This2500TCD
plantwasshiftedtoSonHoaDistrict,Phuyen
Provincein2001.
HydelPowerDivisionsetupatAndhra
Pradeshtogenerate8MWofpower.
VII.2000
KCPTechnologiesLimitedsetup.
VIII.2001
2
nd
HeavyEngineeringplantsetupinChennaiforexecutingmediumtolargesized
fabricationprojects.
IX.2006
WindpowerplantsetupinTamilNadu.
X.2011
2
nd
CementPlantatMuktyala,AndhraPradesh.
XI.2013
StartedaSolarpowerplantof1.15MWatMuktyalaCementplant.
XII.2014
SetupaThermalPowerplantof18MWatMuktyalaCementplant
XIII.2016
LaunchofMercureHotelsHyderabadKCP,Hyderabad.
ShareholdingPattern

4. 3
PlantLocations
Business
Thecompanyhasmain4businessesnamely:Cement,Hospitality,EngineeringandSugar(Vietnam).The
companyisalsoinotherbusinessesnamely:Power,IT,Sugar&Power(JV:FC-KCP)andothers.

5. 4
CEMENT
Thecompanyhas2plantsandbothofthemareinAndhraPradesh:MacherlaandMuktyala.The
companyisplanninganexpansionfrom2.6MTto4.3MT.Expansionwillbeabrownfieldexpansionat
MuktyalaplantinAndhraPradesh.TotalcostofprojectisRs.500Cr.andisexpectedtokick-offin
October2018.80%cementsalesisinAPandTelanganaandoutof20%,majorportiongoestoTamil
Nadu.
BoardofDirectors
Thecompanyhaslisted
LoremIpsum
Duisautemveleumiriuredolorinhendreritinvulputatevelitessemolestieconsequat,velillumdolore
eufeugiatnullafacilisisatveroerosetaccumsan.
Sources:CompanyWebsite

6. 5
ProductsOffered:OPCandPPCGrade53cement.
ThecementissuppliedtoTelangana,AndhraPradesh,Karnataka,TamilNadu,Kerala,Maharashtra,
MadhyaPradesh,ChhattisgarhandOrissa.KCPalsoexportstoSriLanka,Bangladesh&Myanmar.
KCPhas60+yearsofrecordinprovidinghighgradecement.
KCPhasgivenmanylandmarkprojectslikeNagarjunaSagarDam,SriSailamDamandPrakasam
barrage,GodavariRailroadBridgeinAndhraPradesh.
Thecompanysawa15%riseincementproductionthanlastyear.
KCPhasdoneacapexofapproximatelyRs.25Cr.incementdivisionthisyear.
CementdivisionmainlyoperatesinSouthIndiawherethecapacityutilisationisaround55%.With
planstoprovidehousingthroughgovernmentplans,thecementdemandinAndhraPradeshissetto
witnessmoderategrowth.
Useofpetcokenegligent.
CementDivisionHighlights
(2017)
(AmtinCr.)
CementRevenue 847.56
CementAssets 586.57
CementLiability 304.56
CementCapitalExpenditures 25.64

7. 6
HOSPITALITY
MercureHyderabadKCP:Since2016.
A4StarHotelmanagedbyAccorHotelsGroupandislocatedinBanjaraHills,Hyderabad.TheHotelis
20kmsI.ea40minutedriveawayfromInternationalAirport.
Thehotelhas128roomsacross4categories:Superiorrooms:98,Deluxe:11,Suites:8,MeetingSpaces:5,
Food&Beverageofferings:3.
Clientele:ThemajorclientsofthecompanyaretravelersfromInfotechandPharmasectors.They
constitutearound85-90%.
OccupancyLevels:20%-1
st
Quarterand50%-4
th
Quarter.
ARR(AverageRoomRent)isapproxRs.6000.RevPAR(RevenuePerAvailableRoom)isexpectedto
riseduetoriseinroomoccupancyinthenearfuture.Generally,ahotelcompanytakesapprox.6-7years
tobreakeven,sothecompanyhasstillwaystogo,butthecompanyexpectstheRevPARtoriseby12%
CAGRtill2019-2020.
HotelDivisionHighlights2017(AmtinCr.)
HotelRevenue 11.34
HotelAssets 110.94
HotelLiability 46.66
HotelCapitalExpenditures 1.1
Sources:CompanyWebsite

8. 7
POWER
Theinitialplantswereestablishedforinternalconsumption.Thecompanyhas4sectorsforpower
generation:Hydel,Wind,Thermal(includingWasteHeatRecoverySystem)andSolar.
HydelPower:establishedin1999inAndhraPradesh.TotalCapacityis8.25MWandisoperatedfrom
5differentcanaldrops.Theuniquefeatureisthatthepowerplantislocatedinmaincanalhenceusageof
by-passcanalisnotneeded.Thecompanyusesa“Semi-KaplanVariant”afirstofit’skindinIndia.This
reducesthecostofgeneratingpower.Thislessthananypowergeneratingplantofmini-hydelin
Karnataka.
CurrentScenario:Themonsoonseasonwasdisappointingasthecatchmentareaswheretheplantsare
locateddidnotreceivemuchrainfall,soenoughpowerwasnotproduced.
WindPower:establishedin2006inTamilNadu.Totalcapacity3.75MW.ThecompanyhasSuzlonS-
66windmillswithSiemensgenerator.Thisplantwasstrategicallyestablishedtoreducepower
requirementsforHeavyEngineeringbusiness.
CurrentScenario:Moreunitsweregeneratedthanlastyearduetobetterseasonsobottomlineisbetter.
Thermal(WasteHeatRecovery):establishedin2007inAndhraPradesh.TotalCapacityis2.50
MW.ThewasteheatisrecoveredfromPre-heater&coolerchimneys.WasteHeatgeneratedfromcement
kilninMacherlawasharnessedtoproducepowerandconsumedinternally.
Thermal:establishedin2014inAndhraPradesh.Totalcapacityof18MW.TheplanthasKCPboilers
andSiemensgenerator.
CurrentScenario:Theloadfactor*was80.33%in2016-17asagainst86.71%in2015-16.WasteHeat
RecoveryPlantismeetingfuelpowerneedsatMuktyalacementunit.KCPltd.hasanagreementwith
stategovernmenttosellexcesspowertoAndhraPradeshPowerGrid.Surpluspowercapacityisusually
*LOADFACTOR:itisameasureofoutputcomparedtomaximumoutputitcouldproduce.
Sources:CompanyWebsite

9. 8
distributedtostategovernmentofAndhraPradeshbutsincetheyhadsurpluspower,KCPdidn’tsellany
powertostatethisyear.Thereductioningenerationwasduetolessdemandfromotherpowerexchanges.
Solar:establishedin2013inMuktyalacementworksinAndhraPradesh.TotalCapacity1.15MW.
CurrentScenario:Theproductionwasalmostsameaslastyear.
PowerDivisionHighlights2017(AmtinCr.)
PowerRevenue 69.74
PowerAssets 158.67
PowerLiability 60.5
PowerCapitalExpenditures 2.2
Sources:AnnualReport

10. 9
HEAVYENGINEERING
HeavyEngineeringdivisionstartedin1995.Itisaheavymanufacturingfacilitywithasteelfoundry,
heavyfabrication.TheunitisstrategicallylocatednearthecoastalportcityofChennaiwithclose
proximitytoportsofChennai(9km),KattupalliandKamarajarforseaport.
Providesheavyequipmentfor:Cement,Sugar,Power,Mining(Minerals),MineralProcessing,
Metals,Oil&Gas,Chemicals&Fertilizers,IndustrialGases,Space&DefenceandGeneralEngineering
sectors.
CustomerBase:Australia,Malaysia,Mauritius,Vietnam,Korea,Indonesia,China,Nepal,Bangladesh,
SriLanka,UAE,SaudiArabia,Oman,Qatar,Madagascar,Nigeria,Uganda,Ethiopia,Kenya,Rwanda,
France,Germany,Austria,Russia,BrazilandUSA.
Fromthecompany’spointofview,settinguptheheavyengineeringbusinesswasofstrategicimportance
becauseofitsintenseintegrationwithothersectors.Eversincethesectorwasde-licensed,itenjoysa
100%FDI.
Theinitiativestakenbythegovernmentlike‘MakeinIndia’and‘SmartCities’areyettoreflectin
demand.Sectorisexperiencinglimiteddemandandwithlargecapacitiesalreadystandinginplace,KCP
isfacingmarginpressures.Also,KCP’sunitfaced2consecutivenaturaldisasters:floodsin2015and
cyclone‘Vardah’in2016.Thecompoundedeffecthasledtolowprofitability.
Specialty:GlobalrecognizedbyOEM,EPCCompanies&TechnologyProcesslicensers.Globally
recognizedQualityAssurance(QA)systemsandstandards.WorldClassASME(AmericanSocietyof
MechanicalEngineer)approvedManufacturingfacilitieswithautomatedcomprehensivewelding
capabilitiesandPrecisionMachining.
Sources:CompanyWebsite

11. 10
EngineeringDivisionHighlights
2017
(AmtinCr.)
EngineeringRevenue 131.36
EngineeringAssets 163.49
EngineeringLiability 61.24
EngineeringCapitalExpenditures 1.87
Sources:AnnualReport

12. 11
SUGAR(VIETNAM)
KCPwasinvolvedinthesugarindustryofVietnamsinceearly1990’s.Thecompanysuppliedcore
equipmenttosugarfactoriesandalsoexecutedturnkeyprojects.
TheGovernmentofVietnaminvitedKCPtosetupafactoryinVietnamastheywereencouragedbythe
company’shighqualityequipment,performance,aftersalesserviceandexperienceingrowingsugarcane.
Thus,KCPVietnamIndustriesLtd.wasformed,asubsidiaryofKCPLtd.,whereKCPLtd.hasa66.67%
ownershipstake.
Initially,thecompanyhadbeeninvitedtosetupaplantinThuaThienHueProvinceinCentralVietnam.
Theplantwascommissionedin1999butduetoinadequatesupplyofsugarcane,thecapacityutilization
oftheplantfellbelow20%during1999-2000year.
DuetolowprospectsofsugarcaneintheareathecompanydecidedtoshifttoSonHoadistrictwhere
largesupplyofsugarcaneareavailable.TheGovernmentofVietnamapprovedofthisrequestandeven
grantedaloanforshiftingtheproject,whichwasdonebyJuly2001andcommercialproductionstarted
fromJanuary2002.Theinitialproductioncapacitywas2,500TCD*whichwasfurtherexpandedto6,000
TCDwhichincludesanotherplantwhichwasalsoestablishedinDongXuanDistrictinPhuyenprovince.
Duringtheyear,thesugarcanecrushedandqualityofsugarcanewerelowerduetoheavyrainfallinDec
2016andJanuary2017whichaffectedtheharvest.Thesugarproductionwashigher.Becauseofthis,the
companyhadtobuyrawsugarforconversionintohighqualityrefinedsugartomakeforlossduetolow
qualitysugarcaneproduced.
PowerCo-GenerationPlant:30MWpowerco-generationplantwassetuptofacilitateSonHoaunit
inMarch2017.ThecompanyplanstoexpandtheSonHoasugarunitto10000unit.
*TCD-TonnesofCanesCrushed
Sources:CompanyWebsite

13. 12
SugarDivisionHighlights2017(AmtinCr.)
SugarRevenue 412.72
SugarAssets 602.43
SugarLiability 206.96
SugarCapitalExpenditures 70.52
Sources:AnnualReport

14. 13
SUGAR&PowerEPC(JV:FC-KCP)
FIVESCAIL-KCPLimited(FC-KCP)isajointventurebetweenTheKCPLimited,India&Fives
GroupofFrancetoprovideturnkeysugarplants,co-generationandincineratorofeffluentfrommolasses
baseddistilleries.TheyimplementturnkeyinstallationsforcustomersinIndiaandabroad.FivesCail-
KCP’smarketsincludeAsia(includingSouthEastAsia),AfricaandSouthAmerica.
Sources:CompanyWebsite
Sources:AnnualReport

15. 14
OTHERS
ReadyMixConcrete:Thiswasinitiallytakenonexperimentalbasisbyhiringequipmenton
temporarybasisasdemandforproductwashigh.Thecompanyseemsreadytoventureintothissectorby
settingupit’sownunitwithsubjecttoavailabilityoflandneartheareaofdemand.
Bricks:UnitislocatednearMuktyalacementplant.Theunithasnotmademuchprogressbuttheunitis
allsettomeetthedemandforAmravati,upcomingcapitalofAndhraPradesh.
ContainerFreightStation:Thecompanyisexploringintothelogisticsdivisiontomakeimprovement
inconnectivityforcontainermovementbetweenstationandports.
RawMaterialBreak-Up

16. 15
FinancialInformation
Profit&LossConsolidated(Rs.Cr.)
Description 2017 2016 20152014 2013
NetSales 1,282.211,296.001,187.671,060.581,136.29
Expenditure
Increase/DecreaseinStock -58.17 -1.6 43.34 -57.8 10.18
RawMaterialConsumed 601.96 586.86 503.76 480.10 451.30
Power&FuelCost 150.15 120.41 144.58 165.94 209.8
EmployeeCost 100.56 88.21 71.31 69.6 65.1
OtherManufacturingExpenses 96.01 95.15 104.23 112.44 106.61
GeneralandAdministrationExpenses 20.6 16.76 20.19 15.34 15.4
SellingandDistributionExpenses 127.81 130.51 116.49 131.1 158.83
MiscellaneousExpenses 20.94 21.7 15.34 15.93 11.55
Less:ExpensesCapitalised
TotalExpenditure 1,059.861,058.011,019.24932.651,028.76
OperatingProfit(ExclOI) 222.35 237.99 168.43 127.93 107.53
OtherIncome 10.86 4.75 14.54 20.99 80.97
OperatingProfit 233.21242.74182.97148.92188.50
Interest 49.89 52.84 52.46 47.58 40.13
PBDT 183.32 189.90 130.51 101.35 148.38
Depreciation 64.69 48.29 48.21 47.13 44.42
ProfitBeforeTaxation&Exceptional
Items
118.64 141.61 82.30 54.22 103.96
ExceptionalIncome/Expenses -5.77 -0.84 -1.24 - -4.93
ProfitBeforeTax 112.87140.77 81.0654.22 99.03
ProvisionforTax 19.04 23.31 13.05 4.29 13.98
ProfitAfterTax 93.83 117.46 68.0149.92 85.04

17. 16
NetSalesarecontinuouslyrisingwithaslightdipin2017.Cementperformedwellcomparedto
othersectorsin2017.OperatingprofitandNetProfitwerealittlesluggishin2017duetohigh
inputcostsinsomesegmentsandcapacityexpansionplansalreadyinplay.Depreciationhas
drasticallyrisenduetopurchaseoffixedassetstofacilitateexpansionplans.
BalanceSheetConsolidatedExcerpt(Rs.Cr.)
Description 2017 2016 20152014 2013
Equity&Liabilities
Shareholder'sFunds 681.84 615.16 531.85 505.14 503.63
SecuredLoans 238.11 279.23 271.27 255.71 157.05
UnsecuredLoans 48.67 55.16 47.01 56.81 35.45
TradePayables(Long+short)92.85 74.91 68.50 82.95 75.67
OtherCurrentLiabilities 226.36 224.22 181.46 142.82 168.27
ShortTermBorrowings 125.5 52 43.23 102.15 134.48
TotalLiabilities 1,746.681,595.211,396.721,352.661,264.19
Assets
TotalNon-CurrentAssets 1,105.101,055.02 824.43 803.89 731.86
Inventories 279.96 219.90 230.56 266.89 200.44
SundryDebtors 103.47 141.27 65.98 93.94 86.38
CashandBank 85.38 45 101.1 31.82 107.69
OtherCurrentAssets 3.8 3.22 4.14 9.82 7.37
ShortTermLoansand
Advances
168.98 130.8 170.52 146.3 130.45
TotalAssets 1,746.681,595.211,396.721,352.661,264.19

18. 17
Thecompanyisincreasingtheirfixedassetsandtheircashlevelsare
slowlyrising.LeverageandTotalAssetTurnoverissomewhatconstant
butPATMareaffected.
CashFlowStatementConsolidated(Rs.Cr.)
Particulars 20172016201520142013
CashFromOperating
Activities
126.07241.46193.8910.05239.28
CashFlowfromInvesting
Activities
-76.07-248.49-45.78-107.96-99.72
CashfromFinancing
Activities
-9.62-49.07-78.8322.05-81.62
CashFlowfromOperationsishigherthancashoutflowinCFIandCFF,whichisa
goodsignasthecompanyismanagingitsoperationalexpensesandincome
efficiently.
Du-PontAnalysis
Particulars 2017 201620152014 2013
PATM(%) 6.64 8.33 5.32 4.3 6.78
Sales/TotalAssets(x) 0.85 0.94 0.93 0.89 1.03
AssetstoEquity(x) 2.58 2.61 2.67 2.65 2.51
ROE(%) 14.47 20.48 13.22 10.13 17.53

19. 18
KeyRatios
Particulars 2017 2016 2015 2014 2013
PATM(%) 6.64 8.33 5.32 4.3 6.78
ROA(%) 5.62 7.85 4.95 3.82 6.97
ROE(%) 14.4720.4813.22 10.13 17.53
ROCE(%) 14.1818.6413.66 10.88 15.87
FixedAssetTurnover(x) 1.06 1.2 1.3 1.29 1.46
ReceivableDays 31.5926.8322.84 28.33 32.48
InventoryDays 64.5358.3171.05 73.42 62.94
PayableDays 25.7923.6127.99 28.25 24.93
CashConversionCycle
(days)
70.3361.53 65.9 73.5 70.49
InterestCover 3.26 3.66 2.54 2.14 3.47
TotalDebt/Equity(x) 0.76 0.78 0.85 0.93 0.78
P/E(x) 18.4111.4415.08 12.99 5.83
DividendPayoutRatio(%)35.4313.8119.24 3.91 20.45
CurrentRatio(x) 1.41 1.48 1.82 1.65 1.33
EPS(Rs.) 5.64 7.24 3.9 2.56 4.89
AverageROE(last5years) 15.16%
AverageROCE(forlast5
years)
14.65%
AverageP/E(forlast5
Years)
12.75x

20. 19
Triggers(positiveandnegative)
1)GeographicalAdvantage:Thecompanyiscorrectlyplacetotakeadvantageofslewprojects
lineforthestatesforAndhraPradeshandTelanagaforthenext3-5years,thefirstandforemost
projectbeing,setupofAmravatismartcityasper‘100smartcityplan’.Althoughthecompany
isnotsolelyrelyingonthisprojectandwilllookintomoreuntappedsectors.
2)CementCapacityExpansion:Thecompanyhasplannedexpansionforcementunitin
Muktyala.ThecostoftheexpansionprojectisRs.500Crore,outofwhich,1/4
th
willbefunded
internally.Rs.135CrhasalreadybeenutilizedforthisexpansionoutofwhichapproxRs.90Cr.
isfundedthroughdebt.PeakdebtlevelsforcementdivisionareexpectedtoreachRs.500-550
Cr.Approx.Rs.200Cr.moredebtisexpectedtobeincurredforthisexpansionwhichis
expectedtocompletebyOctober2018.
3)HeavyEngineeringDivisionGrowthProspect:TheorderbookforEngineeringdivisionhas
reachedRs.100Cr.ForeigncompaniesareoutsourcingtheirfacilitiesinIndiadueto‘makein
India’program.Rightnowthedivisionisgoingthroughlossesduetonaturalcalamitiesin2015
and2016andtheircompoundingeffectonbottomline.Nowthatallthisisbehindthem,the
companyislookingforwardtobetternumbersinthecomingyears,unforeseenscenariosaside.
Thecompanyexpectstoreachbreak-evenatoperatinglevelatRs.85Cr.
4)SugarDivision:ThecompanyisgoingthroughanexpansionplanatVietnamwherebythe
companyplanstoexpandfrom8000TCDto1000TCDwiththehelpofa30MWco-generation
powerplant.Thecompanyhasalreadyachieved9000TCDlevels.KCPLtd.receivesdividend
incomefromKCPVietnamIndustriesLtd.Ongloballevels,whateveraffectsglobalsugar
industrywillaffectVietnamsugarindustry.
5)PowerDivision:Performanceofpowerplantaregoodbutmajorsourceoflossisthethermal
unitandnotbecauseofperformancebutbecauseofinputcosts.Coalpriceshavenearlydoubled
sothatisaffectingmargins.Hydelplantsarealsodependentongoodrainfallinthestateof
AndhraPradesh.
6)HotelDivision:QoQresultsareimprovinginhoteldivisionowingtobetteroccupancylevels.

21. 20
ManagementInformation
Segmentwiserevenueforlast5years
2017 2016 2015 2014 2013
RevenueFromOperations1,477.571,470.471,307.021,166.95 1,272.51
Cement 847.56 765.9 637.91 636.5 708.46
Engineering 131.36 159 93.69 137.45 125.15
Hotel 11.34 - - - -
Others 4.85 6.62 2.24 1.7 4.26
Power 69.74 78.85 33.33 19.92 13.17
Sugar 412.72 460.1 539.85 371.38 421.47
Name
No.ofsharesason
Dec2017
%of
sharesas
onDec
2017
ANITHA 4000 0
IRMGARDVELAGAPUDI 152490 0.12
KAVITHADCHITTURI 1180000 0.92
KIRANVELAGAPUDI 4220 0
PVIKRAMRAMAKRISHNAN 12655 0.01
RPRABHU 62880 0.05
RAJESWARYRAMAKRISHNAN 6500 0.01
RAJYALAKSHMAMMASRV 630 0
SNALINI 11250 0.01
SRAJIVRANGASAMI 227520 0.18
SHIVANIDUTTCHITTURI 1300000 1.01
SIVARAMAKRISHNANPRASAD 12650 0.01

22. 21
References!
Web-basedsoftwareace-analyser.
AnnualReport,companywebsite,conferencecall.
Disclaimer!
IamnotaSEBIregisteredResearchAnalyst.Norecommendationsaregivenforthecompanydiscussed
inthereport.
AuthoredbySleshaChoksi
Forfurtherinformation,Pleasecontactmeon:
[email protected]
THEJEYPORESUGARCOMPANYLIMITED 278370 0.22
VLINDIRADUTT 3364479 2.61
VRAMAKRISHNASONSPLTD 38956326 30.22
V.R.K.GRANDSONSINVESTMENTPRIVATELTD 5501532 4.27
VELAGAPUDILAKSHMANADUTT 6119069 4.75