MANAGEMENT DISCUSSION & ANALYSIS REPORT
Pursuant to Clause 49 of the Listing Agreement, a Management Discussion & AnalysisReport covering segment-wise performance and outlook is given below:
(A) Industry structure and developments 2014
Your Company operates across all three major market sectors of the lubricants industry Automotive, Industrial and Marine & Energy applications. The overall industryis led by your Company and the Indian national oil companies, who contribute toapproximately 55% of the market in terms of volumes. Another 20% of the market, by volume,is accounted for by other multinationals which are mostly integrated oil companies and therest of the market is constituted by numerous smaller players, largely local in nature.There are over 30 established players in this industry, making it very competitive. Themarket for automotive applications, where your Company has established a well-entrenchedposition over the years, is the predominant one amongst the three sectors within thelubricant industry.
Demand drivers: India is an important market for the lubricant industry world-wide,contributing to over 5.5% of global automotive lubricants demand and over 4% of industriallubricants demand. Demand for automotive lubricants is driven largely by the dual forcesof growth in vehicle population and the extent of use of these vehicles. Automotivelubricants is a collective term to describe the vehicle-fluids requirements oftwo-wheelers, passenger cars and commercial vehicles. The demand for lubricants in theIndustrial sector is primarily driven by industrial production. The Index of IndustrialProduction (IIP) has been observed to have a strong correlation to consumption demand forindustrial lubricants in India.
In case of Marine applications, global and local ship movements are the drivers of itsdemand. Large-scale global movement of goods happens predominantly by sea and demand forshipping services drives fleet utilization rates and freight rates for shipping companies,in turn driving consumption of marine lubricants. With Energy lubricants, the installedbase of off-shore rigs along the coast-line of India and their up-time drive demand forsuch products.
Supply drivers: Lubricants are manufactured by blending base-oils andadditives, with base-oil being the main component. India is a net base-oil deficit marketand many additives used in lubricants are manufactured outside India. This necessitateslarge-scale imports of raw materials and thus also exposes lubricants businesses tofluctuations in foreign exchange rates. While the foreign exchange rates remain volatile,base oil prices dropped towards the end of 2014.
Major industry developments
The year 2014 was a challenging business environment due to the twin-effects of aslower GDP growth rate of around 5% and relatively high inflation rate prevailing throughthe year. In addition, the lubricant industry faced many other strong headwinds affectingdemand and supply drivers alike, during the year.
Vehicle sales grew by 9% in the year 2014 compared to the previous year. With respectto sales in the previous year, commercial vehicle sales declined by 12%, passenger carsales increased by a marginal 1%, while two-wheeler sales grew by 12%. In addition, theslowing down of the economic growth translated into weakening of goods movement across thecountry and also a slowing down of infrastructure projects. This had a direct impact onlubricant consumption in the commercial vehicles sector and other business-to-businessautomotive segments.
Other longer term macro-trends in the industry remained largely unchanged. The choiceof lubricant and its specification plays a key role in enabling Original EquipmentManufacturers (OEMs) to comply with tightening regulations on tail-pipe emissions and tomeet demands for lower cost of operations. This places onus on the lubricant industry torespond with products that are able to cope with the increasing sophistication of thesemodern vehicles. These improved products, typically synthetic lubricants, are also able tomaintain their physio-chemical and performance properties for a longer period of usagethan earlier generation lubricants, lengthening oil drain intervals.
This has an impact on structural demand in the industry. Lubricant volume consumptionfor the same rate of use decreases while per unit cost and price realization increases.Therefore, other drivers remaining unchanged, the growth in demand for lubricants isexpected to lag vehicle population growth rate in the foreseeable future.
Two-wheelers: In the two-wheeler industry, gearless scooters seem to be findingfavour with the consumer over the past few years. Scooter sales have grown by 29% in 2014,helping the industry overcome the relatively lower growth rates in motorcycles sales (6%).This has translated into an increase of 9% in two-wheeler population in the country and asimilar growth in demand for two-wheeler oils.
With an increasing number of two-wheelers being sold into the smaller towns andvillages over the past decade, an estimated 50% of the two-wheeler population resides inrural India today.
Passenger cars: Passenger car sales reversed its declining trend in the year 2014vis--vis the previous year with a marginal growth of 1%. The year witnessed anincrease of 8% in passenger car population due to higher sales in last few years. Thishas, in turn, increased demand for car engine oils, which got slightly offset by the shiftto higher quality, synthetic lubricants that provide longer drain intervals in these cars.In 2014, the overall category oil consumption increased by 8%.
Commercial vehicles: The medium and heavy commercial vehicle (M&HCV) populationin India grew by circa 1%, while the micro-light commercial vehicles grew by 9% in theyear 2014. Continuing weak transporter sentiment, due to higher interest rates and weakerfreight rates, continued to adversely impact M&HCV usage in 2014. Your Companyestimates that this has resulted in a circa 2% decline in consumption of overall truckengine oils.
Tractors: Tractor sales have experienced 4% decline during the year 2014 over 2013.However, this comes post a rapid growth in tractor sales of 15% in 2013. Tractorpopulation in India is estimated to have increased by 11% during the year over 2013. Off-roadapplications: Off-road vehicle sales and utilization were negatively impacted by theslowing down of many material infrastructure-related projects and due to the bottlenecksin the mining sector during 2014.
Non-automotive sectors Industrial lubricants
Industrial production, measured by the IIP, has shown only modest improvement during2014. Most of the key industrial sectors faced challenges like high input costs, highinterest rates, sustained high inflation and slower than expected local and global demandduring the year.
As economic reforms gain momentum, Indias manufacturing sector performance islikely to return to growth phase during 2015. Indias growth is also likely toaccelerate towards its high long-run potential with a major new national programMake in India, which is designed to facilitate investment, foster innovationand drive manufacturing in the country. To realize the full potential, progress ondomestic reforms, roll out of national Goods and Services Tax (GST) and renewed focus onmanufacturing sector can be transformational and significantly improve the competitivenessof Indian manufacturing firms.
Marine and Energy lubricants
Globally, the shipping industry is still passing through one of its worst phases inseveral decades. The Indian shipping industry has followed the global pattern to a largeextent, where global trade had grown 12.6% during 2010 before slowing down to 3.2% in 2012and about 3.1% in 2014 (as per the November 2014 forecast by WTO).
The ban on iron ore export from India and changes in taxation structure of coalexporting countries, coupled with high cost of funding and trade sanctions against certaincountries, have exacerbated the problems of the Indian shipping business.
However, the new Central Governments push to de-bottleneck infrastructureprojects has improved prospects, with global trade growth estimate pegged at 4% in 2015.
Impact of foreign exchange, crude oil and raw material prices
The year 2014 posed many challenges, particularly during the first half, when wewitnessed higher crude prices, forex and tight supply market. During this period, averagecrude price stayed at level of US$106 per barrel and forex at around INR 61 to US dollar.
The second half of the year saw a volatile business environment, with falling crudeprices on one hand and rupee depreciation on the other. These market uncertaintiescontinued to put pressure on raw material costs.
High crude prices in almost three quarters of 2014 kept upward pressure on prices ofbase oils, additives and chemicals during the year. This resulted in higher input costacross all commodity segments for the industry and your Company.
Increased business activity in the Asia Pacific region in first half of 2014 continuedto exert upward pressure on base oil prices before taking a steep downward trendstarting fourth quarter of 2014. These market factors created testing times for yourCompany through the year.
The following graph indicates the trend of crude prices and Rupee/USD for the year2014.
Prices of polymers showed an upward trend during most part of 2014 with an averageincrease of 12% over exit 2013. As polymers form majority of packaging material used bythe industry, this contributed to an increase in cost of goods throughout the year.
However, in a very volatile and challenging business environment, your Companycontinued generating value for its investors through strategic sourcing, value improvementinitiatives, extensive focus on service and continuous monitoring of costs.
Your Company worked determinedly on a cost effective purchase model and value-basedinventory management, keeping a close watch on cash-costs and working capital.
(B) Market behaviour and outlook
GDP growth rate is believed to have bottomed out in 2014 and is expected to averageslightly higher in 2015 than it was for 2014, at over 6.5%. The Consumer Inflation,though, is estimated to hover around 6% in 2015, negating to some extent the favourableimpact of higher GDP growth in the year. Consumer sentiment is expected to be marked byhigher levels of optimism than before given that we have a stable majority governmenthelmed by a reform oriented, decisive leader.
The outlook for the automotive sector in 2015 has been examined closely by your Companythrough the three broad dimensions of demand drivers, distribution channels andcompetitive activity.
1. Demand drivers
The key drivers of demand growth in each segment where your Company operates areexplained below: Two-wheelers: The two-wheeler population is expected to grow by 9%during 2015, despite its high base of 2014 and is expected to drive the demand fortwo-wheeler lubricants. Rural segment will be leading the growth in motorcycle sales inIndia. A separate subcategory of scooter oils is expected to take off in coming years dueto surge in demand for gearless scooters.
Passenger cars: Passenger car population is expected to grow by 8% in 2015over the previous year while car sales are expected to be a key growth driver likely to grow at 5% compared to the previous year. In spite of the strong trend ofincreasing oil drain intervals and use of higher quality lubricants, passenger car engineoil industry is expected to grow by 8% in 2015.
Commercial vehicles: The demand for lubricants for old generation commercialvehicles is expected to decline more sharply than in 2014 due to continued low freightrates keeping fleet utilization levels unchanged from the previous year. At the same time,demand for lubricants in micro-light commercial vehicles (MLCVs) is expected to increasein 2015 on the back of a projected 8% increase in MLCV population. Overall, commercialvehicle population is expected to grow by 3% in 2015; however lubricants demand for thiscategory is expected to be static due to continuing low utilization rates of vehicles andlonger oil drain intervals.
Tractors: There is an estimated 11% increase expected in tractor population alongwith increased area under sowing for the Kharif crop and improved price realization. Thiswill benefit the agriculture economy in 2015 and the demand for tractor oils is expectedto grow. However, due to longer oil drain intervals, tractor oil consumption is expectedto grow at 3% during the same period. Off-road vehicles: The slowdown observed inthe infrastructure sector is expected to continue, though moderated. This, together withkey projects likely to be delayed during the year, will keep equipment utilization levelslow.
2. Channels of distribution
Customers in urban India continue to move towards syntheticisation orpremiumisation, of lubricants, driven mostly by manufacturer specifications. Ruralcustomers have also begun to make their presence felt with higher levels of consumptiondemand for the category.
The composition of dealer types within the retail channel continues to evolve asGovernment investment in the rural economy has seen a rapid rise in the disposable incomesof rural households leading to increasing economic activity for small towns and villages.
Your Company has yet again pioneered the development of effective and efficientdistribution networks to harness this opportunity. Over the last two years, innovations inthe route-to-market have led to exponential growth in business from small towns and ruralIndia. In urban markets, your Companys focus has been on improving the customerservice by providing increasing levels of reliable service and more relevant customeroriented loyalty programmes. Your Company has, as in the past, stayed at the cutting edgeof technology to service customers better be it through usage of PDAs which enablesits sales force to customize offers to dealers, or through the use of GPS technology toreach out to smaller dealers and workshops in urban India.
3. Competitive activity
The competitive situation remains largely unchanged with all major internationallubricant players present in the market. Television remains the most popular medium forreaching out to consumers with brand messages across the automotive sector, with differentplayers dominating different categories. Your Company continues to be one of the leadingbrands in the retail automotive sector, followed by the public sector brands. However, thesmaller players have been competing aggressively with lower prices and higher salespromotions to gain market share. In the urban retail automotive segment, against abackground of strong competitive action, your Company has increased its market share by120 basis points, spread out more or less evenly across all segments.
Non-automotive sector Industrial lubricants
With economic reforms gaining momentum, Indias long term prospects for growthremain optimistic. Make in India programme is also expected to drive thegrowth of manufacturing sector including some key industrial sectors like automotive,automotive components and machinery manufacturing.
Likely correction in interest rates is also expected to improve the consumer sentimentand push up demand for goods and services. Lower fuel prices and lower interest rates, inparticular, are expected to drive the demand for cars and two-wheelers and henceautomotive manufacturing, in 2015.
Marine and Energy lubricants
The marine industry continues to operate in a very challenging environment. During2014, many Indian shipping and ship management companies increased scrapping and sale ofvessels, with several going bankrupt. This, and the lower utilization rates of fleets,higher lay-ups and the adoption of slow steaming, has led to a drop in the volumes ofmarine business. Estimates put the date of recovery in the marine industry at around2016-17, when the demand and supply balance of vessels and cargo will balance out, pushingup the currently low charter rates.
The Energy lubricants sub-sector witnessed significant turmoil during the year 2014 aspolicy changes were in discussion between the Oil & Gas Ministry and otherstakeholders, which continued to withhold future investments that can fuel furtheractivities in exploration and drilling.
(C) Opportunities and threats Automotive sector (i) Opportunities a. First Time Users(FTUs) of personal mobility:
With higher share of domestic private consumption and household income distributionmoving from pyramid to diamond structure, Indian households have higher disposableincomes. This in turn has given significant boost to personal mobility throughtwo-wheelers and four-wheelers. The first time users of personal mobility are young, moretech savvy and require reliable solutions to ensure the upkeep of their prizedinvestments. This requires product and marketing communications to bring the new consumersegments on board.
Two-way engagement media, prominently digital and social media, are emerging as strongalternatives to communicate with these FTUs. The next two opportunity areas detail out thefurther possibilities in the personal mobility space.
b. Two-wheelers in small towns and emergence of scooters: Over 50% of two-wheelersare sold in the small towns and villages in the country. With lagging public transportinfrastructure, these two-wheelers are the only reliable mode of transport for many.Providing reliable supply of vehicle fluids to ensure the upkeep of these essentialmobility solutions for two-wheeler owners in these markets is a material opportunity.
The share of gearless scooters in two-wheeler sales has also consistently risen overthe last six years, with rising number of women drivers. This is an emergence of a newcategory within the two-wheeler segment.
c. Partnerships with Original Equipment Manufacturers (OEMs): Building strongpartnerships with key OEMs across vehicle types is a significant opportunity for yourCompany. The need of the hour is not only to join hands for business, but also fortechnology development to address the total cost of ownership challenge faced by OEMs.Despite relatively muted levels of economic growth, there have been signs of activity andincreased commitment to operate in India by almost all international automotive OEMs.
Stronger emission norms and demand for fuel efficiency is driving OEMs to keepdeveloping new engine technology at a faster pace. These factors will result in a demandfor lubricants with very specific physio-chemical and performance properties.
d. Micro-Light Commercial Vehicles (MLCVs): The MLCV segment has emerged as arobust last mile connectivity option and the vehicle population in this segment is growingat a healthy pace. Although the segment has been moderately impacted by economic downturn,it is still underpenetrated and offers good opportunities.
(a) Economic uncertainty: With the world becoming more and more interconnected,events in any part of the globe could have repercussions on other geographies as well.Although we are witnessing a downward spiral in crude prices, the trend might reverse.Indian rupee has been relatively stable for some period; however, volatility might posechallenges in future.
(b) Competitive activity: Competition in the Indian lubricant market is intense andis likely to remain so in the foreseeable future. Most international players haveidentified India as a focus market. The industry has also witnessed a trend of some OEMsintroducing lubricants under their own brand name, further impacting the competitivelandscape.
Non-automotive sector (i) Opportunities Industrial lubricants
The industrial output growth is likely to be broad based with automotive, automotivecomponents, machinery manufacturing and metals amongst other segments. Your Companysinherent focus on customers from these core segments would ensure another year of superiorperformance in 2015.
Marine and Energy lubricants
State owned oil and natural gas companies have plans to double the gas production fromcurrent levels in next four to five years thus keeping a positive long term outlook foroffshore drilling sector.
Central Government has proposed to develop sixteen new ports projects with focus onport connectivity and development of inland waterways to improve the capacity for thetransportation of goods. This will be an emerging opportunity in coastal trans-shipmentsand inland water ways shipment in India.
(ii) Threats Industrial lubricants
While the Indian manufacturing industry is expected to recover swiftly in 2015, globalsituation may still impact its path of recovery.
Marine and Energy lubricants
In short to mid-term, Energy companies may reduce their capex and field developmentplans as oil prices fall. This may in turn negatively affect the energy lubricants demand.In addition, competition may become aggressive on pricing of marine lubricants given thesoftening of crude and emerging opportunities for sector.
(D) Performance of segments and categories I. Automotive lubricants Overview
Your Company continued to deliver a strong performance across the truck, passenger carand two-wheeler oil categories in the year 2014, driven by performance of its Power Brands Castrol Activ, Castrol Power1, Castrol GTX, Castrol MAGNATEC, Castrol EDGE andCastrol CRB Turbo. The Castrol brand continued to pioneer and drive the syntheticisationof the category in response to the demands from vehicle manufacturers (OEMs) for betterperforming and environment-friendly products, while also selectively making a play in themid-price segment in certain categories. Your Company continued its close association withits OEM partners, especially Maruti Suzuki, the Volkswagen group and Tata Motors.
Your Company also further deepened relations with key retail channel partners throughthe highly successful Anmol Ratn programme during the course of the year 2014. CastrolEngine Experts Club, launched last year, has been extremely successful in endearing brand
Castrol further to mechanics, who are key influencers in the choice of oil and who arethe primary handlers of lubricants in many categories.
There were also, however, significant challenges that your Company encountered in theHeavy Duty category, which caters to large fleets, mining, and building & constructionequipment applications.
This is due to the twin effects of lowered economic activity in this category andrising input costs for the industry.
The following sub-sections of the Management Discussion & Analysis Report detailout the performance of each category within automotive lubricants.
Two-wheeler oils: The two-wheeler oils segment comprises engine oils forfour-stroke and two-stroke engines that power motorcycles and scooters. Oils forfour-stroke motorcycle engines dominate the category currently, while the gearless scootersegment is witnessing a re-emergence. Castrol operates in this space through threeprincipal product brands- Castrol Activ, Castrol Power1 and Castrol Go!. Castrol BikePoints are exclusive stock-and-sell independent two- wheeler workshops and are a keydriver of growth for your Company in this category.
Safety being a key value of your Company, Castrol partnered with Bangalore TrafficPolice and Ogilvy Bangalore, on project Good Road to spread the message ofusing helmets whilst riding. This was done in an innovative and highly effective mannerthrough technology innovation (bike would not start unless the helmet is worn). Through360 degree on line and on-ground activation, your Company has reached more than onemillion consumers with this message and over 163,000 motorcyclists have pledged onwww.thegoodroad.in to wear a helmet, making it a good road for millions. This initiativeof your Company was recognised by various external bodies nationally as well asinternationally, leading to your Company winning Black Elephant at Kyoorius advertisingawards 2014 (the award is the highest category at the Kyoorius Advertising and DigitalAwards and awarded to ground breaking work that redefined the category) andGold for Innovation at SPIKES ASIA 2014 held in Singapore. You too can join the movementby visiting any of the following online site:
Website: http://www.thegoodroad.in or view
|the programme on:|
The two-wheeler segment was the key growth driver of your Companys performance in2014 and delivered strong volume and value growth. This reflected in significant marketshare gain of 300 basis points, indicating superior performance versus category. Castroltwo-wheeler brands also built higher engagement with consumers, reflecting in superiorBrand Health vis--vis key competition. This was driven by various exciting high impactinitiatives like clutter breaking television campaign, launch of new packaging, increasingdigital presence and leveraging sponsorship assets like your Companys associationwith the International Cricket Council (ICC) and the global association with FIFA. All theinitiatives have been activated through strong on-ground and digital activations and bybuilding advocacy amongst Engine Experts through loyalty programme. Your Company has alsopioneered in conducting Asias first Lightbox Hangout in partnership with Google.
Castrol Activ, the largest brand in volume terms for your Company and market leader inthe two-wheeler oil segment, grew ahead of category. Higher growth was achieved on theback of leading category creation for scooter engine oils by launching Castrol ActivScooter during the early part of year and driving it aggressively through a high impactmedia campaign, leveraging Castrols global FIFA sponsorship. This was done byengaging with youth on digital across social media platforms. The efforts also includedexpanding presence in rural markets, acquiring new Castrol Bike Points and building higherengagement with dealers and Engine Experts. The innovative Castrol Activ Scooter ZipFactor Digital Campaign won a Bronze at the coveted Effie Awards. This campaign was runduring the ICC T20 World Cup.
Castrol Power1 continued to engage with one of the largest on line communities forbikers Castrol Biking, on Facebook, and kept its over one million users engagedthrough exciting content. Launch of Castrol Power1 biking app received encouragingresponse and has been downloaded by 30,000+ bikers. The app was also recognised byindustry experts and your Company won a Silver award for the same at the Mobile MarketingAssociations Smarties India and Bronze award at Socialathon forBest use of social media on mobile category.
Castrol Go!, your Companys foray in the mid-price segment, has receivedtremendous success in market and has surpassed volume delivery expectations.
Led by acquisition of new Castrol Bike Points, this exclusive Castrol channel delivereddouble digit growth during 2014.
Passenger Car Oils in the After-Market (PCO Retail): PCO Retail comprises engineoils for cars & utility vehicles and brake-fluids. It caters to the market withprincipally three product brands Castrol GTX, Castrol MAGNATEC and Castrol EDGE.Passenger car oils sell through two major channels in the after-market retailchannel and the stock-and-sell independent workshops.
Despite 2014 being a challenging year for the automotive industry, the PCO Retailbusiness experienced a volume growth over the previous year. Your Company also achievedsignificant progress on the syntheticisation agenda in the category, with strong growth inboth Castrol MAGNATEC and Castrol EDGE. The year was also significant for the successfullaunch of Castrol MAGNATEC Stop-Start which was underpinned by a strong consumer insightespecially relevant to urban driving conditions. In addition, two exciting programmesenabled these growth stories:
a. Winning in big cities: With less than 2% of the Indian population owningcars, there is a very high concentration of cars, in the key metros. Your Companystargeted approach to win in these big cities through a 360 micro-marketing initiativehas enabled focused investment in markets with highest potential. The PCO Retail businessis now growing at twice the national growth rate in these markets.
b. Winning with mechanics: Your Company has a customised training-on-wheelsprogramme in key cities to spread awareness about the special requirements of modernengines and to explain why the new generation Castrol MAGNATEC, is the right solution forthese sophisticated machines. The 12 training units that were operational across the keycities were well-appreciated by the mechanic community. The programme was recognized withthe prestigious 2014 PMAA (Promotion Marketing Awards of Asia) Dragons of Asia award.Continued focus in this domain has also helped significantly increase theAdvocacy score among mechanics.
Passenger Car Oils in OEM Franchised Workshops (PCO FW): The PCO FW segmentconsists of engine oils and drive-line oils. OEM approvals and strong grassrootsrelationships with Franchise Workshops of OEMs are the business drivers for this segment.Since the year 2011, your Company has embarked on a journey to cater to this specialisedchannel through a dedicated range of products called the Castrol Professional series.Through a combination of variants Castrol MAGNATEC Professional, Castrol GTXProfessional and Castrol EDGE Professional, your Company caters to the engine oilrequirement of franchise workshops of Maruti Suzuki, Ford, the Volkswagen group,Jaguar-Land Rover, Tata Motors and other OEMs.
Your Companys volumes in the PCO FW channel grew by circa 3% during 2014. Thisgrowth was driven by a few key enablers, described below:
Castrol Champions League: This is a dedicated Service Advisor advocacy programmerun across key Maruti Suzuki Franchised Workshops. Your Company reaches out to endconsumers through these Service Advisors who interact directly with car owners and areable to explain the benefits of the Castrol Professional range to them.
Growth in Maruti Suzuki Franchised Workshops: Through a combination of key accountacquisitions and gaining share in existing accounts, your Company delivered a significantvolume growth in the Maruti Suzuki network. The Castrol Champions League was a key enablerin delivering this outcome. The year 2014 was also a landmark year for your Companyspartnership with Maruti Suzuki on account of the inauguration of the Liquid EngineeringCentre at Maruti Suzuki Gurgaon plant. This state-of-the-art lubricant training centreenables Maruti Suzuki staff and employees to learn about the latest lubricant technologyin an interesting and exciting manner whilst showcasing your Company
S M Datta , Chairman
R Gopalakrishnan , Director
Sashi Mukundan , Nominee
Ralph Hewins , Nominee
Company Head Office / Quarters:
Technopolis Knowledge Park,
Mahakali Caves Road Andheri(E),
Phone : Maharashtra-91-22-66984100/1 / Maharashtra-
Fax : Maharashtra-91-22-66984101 / Maharashtra-
E-mail : firstname.lastname@example.org
Web : http://www.castrol.co.in
TSR Darashaw Ltd
6-10 Haji Moosa ,Patrawala Ind.Estate,DrEMoses Rd Mahalaxm,Mumbai - 400 011
|Scheme Name||No. of Shares|
|SBI Tax Advantage Fund - Series I (G)||2,00,000|
|SBI Equity Opportunities Fund - Sr.I (G)||1,60,000|
|SBI Equity Opportunities Fund - Sr.II (G)||1,15,000|
|SBI Dual Advantage Fund - Series X (G)||27,000|
|SBI Tax Advantage Fund - Series III (G)||25,000|