Indian Economic Scenario
As per the World Economic Outlook update July 2015 report, Global economic growth afterremaining stable at 3.4% in 2014, is projected to remain marginally lower at 3.3% in 2015.Decline in global economic growth was also impacted due to expected slowdown in Emergingand Developing economies from 4.6% in 2014 to 4.2% in 2015. In contrast to overallslowdown in Emerging and Developing economies, Indian economy has witnessed significanteconomic growth in the recent past, growing by 7.3% in FY15 as against 6.9% in FY14 (asper CSOs estimate & on revised Base 2011-12). Indias consumer confidencecontinues to remain highest globally on positive economic environment and lower inflation.Owing to increased investor confidence, net Foreign Direct Investment (FDI) inflowstouched a record high of USD 34.9 Billion in FY15 as compared to USD 21.6 Billion in theprevious fiscal year, according to Reserve Bank of India, May 2015 Bulletin. Net FDIinflows reached to 1.7 percent of the GDP in FY15 from 1.1 percent in the previous fiscalyear.
M&A activity increased in 2014 with deals worth USD 38.1 Billion being concluded,compared to USD 28.2 Billion in 2013. Index of Industrial Production (IIP) grew by 2.1% inFY15 as against negative growth in FY14. Per Capita Net National Income at currentprices grew to Rs. 88,533 in 2015 from Rs. 80,388 in 2014. Currently, the manufacturingsector in India contributes over 15% of the GDP which is expected to be taken up at 25%with the governments new initiatives such as Make in India. Other key initiative,Digital India focuses on creation of digital infrastructure, delivering services digitallyand to increase the digital literacy. The Government of India has also launched aninitiative to create 100 smart cities as well as Atal Mission for Rejuvenation and UrbanTransformation (AMRUT) for 500 cities with an outlay of Rs. 48,000 Crore (USD 7.47Billion) and Rs. 50,000 Crore (USD 7.78 Billion) Crore respectively. India is set toemerge as one of the worlds fastest-growing major economy by 2015 ahead of China, asper IMFs World Economic Outlook Update July 2015. Economic fundamentals havestrengthened with the combined impact of strong government reforms and RBIsinflation focus. According to IMF Report, India ranks seventh globally in terms of GDP atcurrent prices and is expected to grow at 7.5% in 2016.
Indian Telecom, Biggest Success Story
The one-billion-subscriber telecom industry has been the flag-bearer of the Indianliberalization / reforms process driving connectivity from a meager 0.8 per hundredpersons in 1994 to over 77 per hundred persons today. Significant growth of the telecomsector is resultant of factors like continued government policies and regulatoryframework, subscribers needs and available technologies, evolution and development,operators capabilities and available capital. All these factors are working 360degree even now for the better and the appetite still remains.
Telecom has been the biggest success story which makes India, the second - largesttelecommunication market. With annual service revenue of about Rs. 2,338 Billion in FY14which grew at around 10 percent YoY recently, this socio-economic catalyst shall continueto grow with evolution of vibrant ecosystem imbibing a broad range of products,technologies and services. Mobile economy is growing rapidly and now Voice is no more asingle need where the subscribers demand Triple Play with high speed and quality. Datacontributes to the Revenue upside of the Operators. The Indian mobile economy is growingrapidly and will contribute approximately USD 400 Billion to Indias gross domesticproduct (GDP), according to a report. Reduction in Tariff coupled with availability ofsmart phones at affordable prices has helped the segment to gain in scale. Mobile segmentis playing significant role to increase tele-density in the rural areas. It is rathermobile density then tele-density now.
The industry after having focused and succeeded to garner significant voice subscribersin last decade is seriously working towards addressing the subscribers need ofquality data at high speed. Socio-economic changes in the society have broadened the needof subscribers which is now not limited to simple voice but is unlimited and therefore,demand of Data at present. The ongoing evolution of the mobile ecosystem coupled withdemand for high-bandwidth applications is keeping the industry on toes for delivery andquality of broadband connectivity. This is evident from the rapid growth of internet andbroadband subscribers. Internet and broadband subscriber base witness significant growth.Internet subscribers grew from 22.86 Million in March, 2012 to 267.39 Million in December,2014, significant jump of almost 11 times. During the same period, the BroadbandSubscribers grew from a mere 13.81 Million to 85.74 Million, a rise of almost seven times.
Affordable pricing has anyway come into being with the variety of operators in marketready to garner their piece of subscribers with competitive offers. It would therefore, beappropriate to mention that a new wave has fallen into place in last couple of years withthe baton now passed over to data. There has been a surge in data consumption across thecountry. Overall data grew at 72% in 2014, catalysed by 3G growth. 3G data usage isexpected to grow further as operators continue to invest in expanding and strengthening 3Gnetworks, coupled with a surge in the availability of smartphones at affordable prices.The 3G ecosystem showcases strong growth across parameters.
With increased Internet user base, IP traffic is also projected to grow 4 fold at 33%CAGR from 2014 to 2019. As per the estimates of the 10th annual Cisco Visual NetworkingIndex (VNI) IP traffic shall reach 4.0 Exabytes per month in 2019 compare to 967 Petabytesper month in 2014.
It needs to me mentioned that Government policies and regulatory frame work have beeninstrumental in bringing the telecom revolution leading to transparency among operatorsand deliver quality services at affordable prices to subscribers. Foreign DirectInvestments upto 100% made the Sector attractive destination for Investors which isconsidered to be among top five generator of employment. With daily increasing subscriberbase, there have been a lot of investments and developments in the sector. The industryhas attracted FDI worth
USD 16,994.68 Million during the period April 2000 to January 2015, according to thedata released by Department of Industrial Policy and Promotion (DIPP).
Overall, the sector promises quality to subscribers and volumes of business to theoperators. Intense competition leads to prompt service to subscribers whereas low tariffsand rural penetration level pose opportunity of demand for operators. Subscribers have achoice of plans whereas operators can bargain on the niche product they develop.Therefore, there is a win-win for both, the subscribers and the operators. Nevertheless,Government stands to gain from progress of any. Further, despite the substantial increasein the reach of telecom services, around 30% of the Indian population, mainly in far flungrural and tribal areas, are still deprived of basic mobile services. Geographically, 15%of the countrys area remains to be covered by the telecom service providers.Furthermore, broadband coverage is still low in the country. This shall need investmentsto be made in telecom infrastructure.
Policy framework Growth Engine
Government Policies and Regulatory framework have been the major backbone thatcontributed for remarkable growth of telecom sector. Government has been protective totransform India as a global telecom hub. All of this started in 1991 when the process ofliberalization in the country began in the right earnest with the announcement of the NewEconomic Policy in July 1991 where the industry was opened up for all. In 1994, theNational Telecom Policy was announced which defined certain important objectives,including availability of telephone on demand, provision of world class services atreasonable prices, improving Indias competitiveness in global market and promotingexports, attractive FDI and stimulating domestic investment etc.
The entry of private service providers brought with it the inevitable need forindependent regulation. The Telecom Regulatory Authority of India (TRAI) was, thus,established with effect from 20th February 1997. Internet service was opened for privateparticipation in 1998 with a view to encourage growth of Internet and increase itspenetration. However, the most important milestone and instrument of telecom reforms inIndia was the New Telecom Policy 1999 (NTP-99). NTP-99 that laid down a clear roadmap forfuture reforms, contemplating the opening up of all the segments of the telecom sector forprivate sector participation. It clearly recognized the need for strengthening theregulatory regime as well as restructuring the departmental telecom services. It alsorecognized the need for resolving the prevailing problems faced by the operators so as torestore their confidence and improve the investment climate. Initiatives were taken in thedirection of opening National Long Distance for private participation, setting up ofUniversal Service Obligation Fund, introduction of Unified access license regime. Thelaunch of wireless services was an important landmark and one of the most importantdrivers of overall industry growth during the past two decades.
Year 2004 saw the announcement of much needed Broadband Policy in October 2004 whichemphasised on creation of infrastructure through various technologies that can contributeto the growth of broadband services. Later, operators were allowed dual technologies thatis CDMA and GSM. DoT also allowed single licence to Internet Service Providers (ISP) butrestriction was put in VoIP.
The Government of India recognized the importance of wireless broadband and the 3G/BWAauction in 2010 was a significant step for the Indian telecom sector. Further forattracting foreign investments, the sectoral cap was raised to 74% and now at 100%.Regulations have also been made for tariff balancing and mobile number portability (MNP)has been introduced. Latest National Telecom Policy, 2012 was another serious attempt bythe Government with bouquet of targets to strengthen the sector and making in indigenousand independent. It has introduced Unified Licensing Regime and emphasises onmanufacturing in India.
Spectrum of Reforms and Issues
The government has fast-tracked reforms in the telecom sector and plans to clear theproposal allowing spectrum trading and sharing ahead of the year-end deadline as it wantsto lift the business sentiment for the forthcoming airwave auction.
Having said above, there are certain areas that need to be addressed where for, thegovernment has to seriously think over. Creation of an investor friendly environment,provision of adequate spectrum, rationalization of taxes and levies and arrangement forfinancial needs are also essential to stimulate development in the sector. Measures likeInclusion of telecom towers in the harmonized infrastructure list and ensuring timelyright of way (RoW) are positive, however, benefits of these decisions must reach to theindustry at implementation level. Handset segment has revolutionised the sector andtherefore, NTP 2012 has provided an impetus with launch of various schemes. There is anemergent need to foster handset manufacturing ecosystem in India. Wave of internet andsocial media demand security, privacy and governance which should be strategicallyformulated in the global context while protecting industry and subscribers. Moreover,cloud and machine-to-machine are throwing lots of opportunities and given the nascentstage thereof, sound regulatory framework in the beginning shall play vital role for theseservices to prosper.
Smart Digital India
So much so that, the present government is leading towards making the fundamentalsbetter for the people and industry. This phase of Digital Kranti dictates guidance forevolution and development, transformation of networks towards SMAC. Industry heads towardsanother phase of breakthroughs in respect of products and technologies. The governmentembarks on the most ambitious Rs. 1,130 Billion program, "Digital India" withthe objective of connecting and imparting knowledge to each one in the Society foraddressing their needs. The program visions to transform India into a digitally empoweredsociety and knowledge economy. This program is an initiative to provide digital access toone and all by spreading internet coverage to 250,000 villages and leveraging the networkinfrastructure to deliver e-services anywhere anytime. This program therefore, providesthe much needed thrust to its pillars viz. Broadband, Mobile Connectivity and PublicInternet access along with others. Rs. 480 Billion Smart Cities project is anothersignificant leap by the government to improve the quality of life in 100 cities to startwith. Having garnered the fame at world level, this project has drawn interest frominvestors and collaborators. All such initiatives are catalyst to digitally empower thepeople with internet and culminate into socio-economic development of the country. Telecomtherefore shall play vital role in setting the stage whereon, all other sectors be ithealth or education shall perform and grow for the benefit of the people and the country.Overall, collective effort from all quarters be it government, operators or subscribers isessential for making Dream of Digital India a reality.
Broadbanding the Future
It seems that all factors are working towards making bigger than the biggest successstory. Governments ambitious programs and favourable policies, evolution of newtechnologies like M2M, environment of SMAC along with 4G services hitting the market willsurely fuel the rapid growth of Telecom in coming years. Next phase of Telecom boom liesin Broadband and rural connectivity. Telecom shall Broadband the future with Broadbandinfrastructure and rural connectivity which shall play critical role in upliftment of thesocioeconomic standard of the country. Broadband connects consumers, businesses,governments, facilitates social interaction and presents attractive opportunities foreducation, governance and entrepreneurship. Internet traffic in India is expected to reach2.5 exabytes per month in 2017 from 393 petabytes per month in 2012. In addition, thewireless connectivity in India is expected to grow at about 40% traffic by 2017, up from38% in 2012. According to the World Banks estimates, a 10% increase in broadbandpenetration accelerates economic growth by 1.38% in low and middle income countries ascompared to an increase of 1.21% in high-income countries. Having understood theimportance of broadband, the government had auctioned the 3G/BWA licenses in 2010 itself.Internet and Broadband are the basic needs to achieve the goals of ambitious programs likeDigital India and Smart Cities. Wireless broadband shall be massively implemented for itsrelatively low capex, affordable customer premise equipment and reduced time for roll-out.There shall be encouraging investments in the broadband infrastructure as the NTP 2012envisages 600 Million broadband subscribers by 2020. It will also require the substantialgrowth of fixed infrastructure for backhaul of wireless access and high speeds in denseurban areas through fiber (fiber to the x (FFTx)) and cable broadband. The governmenttherefore, has been releasing additional spectrum for making the digital dream asuccessful one. Long-Term Evolution (LTE) services shall become mainstream in India whenin 2015, the sector will witness multiple players launching 4G on a more efficient 1800MHz spectrum. Subscribers will adopt 4G to address their needs for mobile data. 4G LTEsubscribers shall begin to rise by competitive pricing, superior network experience andaffordable smartphones. Auction of more spectrum, will also boost availability of 4Gservices in the market. Those service providers who would be able to provide affordableservices with relevant local content shall generate a significant pull. There shall be asignificant spurt in wi-fihotspots driven by both the government smart citiesand digital India as well as private sector initiatives.
As per MbiT Indix, it is time for faster Rollout of High Speed Data Network.
India has ~130 Million 3G capable devices and only 69.9 Million active 3G subscribers.A significant opportunity for further 3G penetration.
India already has 5.5 Million to 6.0 Million 4G capable devices and only about 85,000active.
LTE subscribers opportunity for selective rollout of 4G network and services.
Devices Ecosystem is moving faster than network maturity, pushing high potential toData Traffic Growth.
Data traffic growth is reflecting fast in mobile data revenue growth for telecomoperators a sign of healthy growth in Indian telecom industry.
Huge potential for the sector definitely exists keeping in view the demographics of thecountry with its young and increasingly urban population base. Furthermore, growing usageof smartphones is driving usage of mobile internet. India will emerge as a leading playerin the virtual world by having 700 Million internet users of the 4.7 Billion global usersby 2025, as per a Microsoft report. Telecom infrastructure comprising of fiber/cell siteslike towers acts as a backbone for the development of telecom services. Operators havebeen spending on capex around Rs. 5,600 Billion every year. It is estimated that more than150,000 towers will be required on a pan-India level which provide the foundation toachieve the Digital India objectives of broadband highway covering both rural and urbanareas, universal access to mobile connectivity, public internet access, e-governance,e-Kranti and to develop smart cities in the country.
As part of the focus on overall Digital India, the Indian Government is seeking tooverhaul the national broadband project program that was launched as NOFN in 2011 andrenaming it BharatNet. A committee report analyzing the project expects that retailbroadband services should be available at prices below 150 a month in poorer states andapproximately 250 per month in more economically advanced states, with speeds rangingbetween 2Mbps and 20Mbps for all households. It further recommends on demand capacity toall institutions. BharatNet is expected to subsume all the ongoing and proposed broadbandnetwork projects taking the project outlay to around 720 Billion. Mobile handset market isanother area of big opportunity as there is still untapped market. Increased data demandwill definitely fuel the demand for smart devices. Indian handset market is valued atapprox. 1,000 Billion with volume of appox. 305 Million devices. In spite of Indiashandset market growing at a robust rate, almost 83% of the demand is met via imports,while domestic production and manufacturing continues to lag. The Government hasrecognized the need to bolster telecom equipment manufacturing in the country, andsubsequent National Telecom Policies have also acknowledged telecom manufacturing ascritical to the overall economic growth. Furthermore, electronic systems or theelectronics system design and manufacturing (ESDM) industry has been identified as one ofthe focus sectors under the Make in India program. Mobile handset industry, which accountsfor the largest share of electronic products sold in the country is expected to benefitdue to policies instituted for the ESDM industry. DeitY has established a joint task forceof industry representatives and government officials with an aim to achieve production of500 Million handsets by 2019. The task force aims to rejuvenate the mobile handset andcomponent manufacturing ecosystem in the country and targets to create additionalemployment opportunities for 1.5 Million people. Consumers addiction to connectivityand speed poses a big opportunity as well as challenge to the industry. Operators,therefore, will continue to pursue technological advancements to handle demand. At thesame time continued backhaul improvements are likely to be a key focus to assure continuedmobile broadband momentum. Consumers ongoing obsession with their devices willfurther drive telecom sector growth with the rising popularity of streaming audio andvideo among smartphone users, which is contributing to their consumption of more than agigabyte of data per month. The telecom sector is expected to create four Million directand indirect jobs over the next 5 years on the back of the governments efforts toincrease penetration in rural areas along with the growth in the smartphone numbers andinternet usage.
The year FY16 is very promising for the business growth in the existing areas ofoperation and new business verticals, setup during year FY15. The Company has sound orderbook of over 3,000 Crore. The manufacturing of OFC will be greatly supplemented withexpansion as shall be required to address the growing demand. Exports of OFC are expectedto increase three fold this year and new lines set up in Goa factory for FTTH cables, willaddress new opportunities in Fiber to the home (FTTH) networks. Further, Companyssubsidiary i.e. HTL Limited is also planning to setup a facility for manufacturing of OFCin Chennai which shall lead your Company having combined OFC Capacity of approx 9Million fibre KMs per annum.
In telecom equipment manufacturing, the Company will start manufacturing equipment forbroadband services to address the requirements of broadband networks under Digital Indiaprogramme and also address requirements of CATV operators and ISPs. The Company is also indiscussions with renowned technology provider, for acquiring technologies formanufacturing of routers & switches, needed for data networks. These products alsohave export potential. Total telecom solution for railway networks is another bigopportunity started during the previous year. Various city metro rail projects, planned bythe government under Smart City initiative present large market for the
Company. The Company, therefore, expects turnkey contracts for railway networks infuture. The Company also has participated in large tenders floated by BSNL for setting upof countrywide Telecom network and is hopeful in winning some of the largeopportunities addressed. Under the Make in India programme, the government is encouragingmanufacturing of civil and defence equipment in India which has attracted best of thecompanies from US, Europe to do business in India and HFCL is actively engaged with manytop defence companies for possible tieups. In summary, the Company will see growth inbusiness, acquisition of new technologies, new EPC contracts from railways and businessopportunities in defence sector. In Telecom manufacturing, NTP 2012 and the recent Make inIndia initiative of the Government shall open up more opportunities for us. It goeswithout saying that there lies immense potential for equipment manufacturing which isevident from research that the sector imports electronic goods worth over USD 40-50Billion which may reach a humongous USD 300 Billion by 2020 if initiatives are not takento support domestic manufacturing. Domestic products contribute to merely 15% of allequipment used in the sector. We believe the emphasis laid by the Government on domesticproducts shall yield good results in enhancing the equipment manufacturing.
High Speed Data consumption and broadband subscribers shall continue to grow in comingyears. Missions like Digital India and Smart Cities shall fuel the fibre optic networksall over the Country. NOFN of 7.5 lakh kilometres in 2.5 lakh villages is being speededup. WiFihotspots and high speed data shall be in demand and therefore, operators shallkeep on spending for improvement of their network services. We shall also see aggressiveroll out of 4G networks. Tower industry provides another big opportunity for the Company.Operators look at increasing market penetration with limited capital expenditure throughleased towers from tower companies. It also enables telecom operators to rollout servicesin record times. There are close to 400,000 telecom towers in India at present and areestimated to reach around 500,000 by FY20. Exploding data traffic is leading toin-building solutions and smaller cell sites which is expected to drive growth of towerindustry. For the Company, therefore, lies a huge business opportunity in this industry.
The defence industry is of strategic importance for India. India has the 3rd largestarmed forces in the world and it spends a significant amount of resources on its nationaldefence. Finance minister raised the defence budget for FY16 to 2.46 Trillion from 2.29Trillion in FY15. In the next 7-8 years, India would be investing more than USD 130Billion in modernization of its armed forces and with the present policy of Make in India,the onus is now on the industry to make best use of this opportunity. The new governmentprojects India as an exporter of defence equipment in the next decade. Government iscreating investor friendly environment for this sector.
All these initiatives shall also create sufficient business opportunity for theCompany.
The Company during the year accelerated its performance in both of its manufacturingand turnkey business segments. In manufacturing of OFC, the Company achieved recordrevenue and profits coupled with full capacity utilisation of the facility in Goa.Nevertheless, exports of OFC was another breakthrough during FY15. Equipment manufacturingsaw production of GSM products. The Broadband Era with growing smartphones, 4G rollouts,internet driven applications will require expansion of OFC network throughout the countryand therefore, the Company may explore further expansion of OFC capacity. In turnkeyprojects execution, the Company has successfully completed high capacity optical transportnetwork for Railtel by deploying 80 channel DWDM system at over 60 sites, along twoconnecting routes between Delhi Mumbai. The project is under annual maintenancecontract and based on excellent execution, the customer has gone ahead with 75% expansionorder on the Company. Another success was the winning of a turnkey contract for laying OFCnetwork in one of the largest states of the country from BSNL. Further, the Company wasawarded large project for setting up of GSM network at extremely remote standalone sitesand connecting each site to the national network. In addition to these new projects, wonin severe competitive environment, the Company has continued with the rollout ofnationwide OFC network for various service providers. Keeping in view the Companysstrengths and existing business, it has ventured in synergised business verticals ofDefence, Railways and Smart & Safe cities. It has already participated in severalprestigious large telecom RFPs and tenders and has also offered complete telecom networksolutions to Railways for greenfield railway freight corridor networks. It has a strongteam in place to deliver on the said business opportunities.
Revenue from Operations
The net sales during the year under review stood at 2,551 Crore, higher than 2,019Crore recorded in 2013-14. The significant boost in net sales was from both products aswell as services division. The net revenue from the Turnkey Contracts and Servicesdivision FY15 was 1,985 Crore up from 1,671 Crore in the previous year. The net sales fromTelecom Products division for FY15 stood at 566 Crore, up from 347 Crore in the previousyear.
The total operating expenses for the FY15 stood at 2,285 Crore up from 1,818 Crore inthe previous year.
The EBITDA during the year under review stood at 266 Crore as against 200 Crore inFY14.
Profit after tax
The profit after tax for the year under review came in at 190 Crore, a jump from 147Crore recorded for the year FY14. The Net Profit Margin for the year under review was7.44% up from 7.30% in FY14. The earnings per share for FY15 stood at 1.49 per share upfrom 1.15 in the previous year.
With better profitability, the net worth of the Company has increased during the yearunder review to 1,013 Crore from 839 Crore in the previous year. The book value per sharefor the FY15 stood at 8.17 as against 6.77 in FY14.
The total gross debt at the end of the FY15 has marginally increased to 294 Crore from284 Crore in the previous year FY14.
The total gross fixed asset for the FY15 stood at 411 Crore, down from 493 Crore in theprevious year due to adjustment in depreciate value of impairment assets.
During FY15 the paid up capital of the Company stood at 204.44 Crore.
With rapidly evolving technology and increasing globalization, risk management becomeseven more critical for enterprises. As a leading telecom services and products Company,HFCLs business risks are similar to most of its peers. During the year, yourDirectors have constituted a Risk Management Committee to oversee the risk managementefforts in the Company under the Chairmanship of Shri Mahendra Nahata, Managing Directoras required under Clause 49 of the Listing Agreement. Your Company recognizes that risk isan integral part of business and is committed to managing the risks in a proactive andefficient manner. The Company periodically assesses risks in the internal and externalenvironment. There are no risks which in the opinion of the Board threaten the existenceof the Company. However, some of the risks which may pose challenges are setout below:-
Economic Risk: The economic slowdown and adverse movement of key macroeconomicindicators can impact Companys business operations.
Mitigation: The overall economic slowdown would have some bearing on Companysoperations including deferment of roll out plans by customers. The Company, however, has awide bouquet of products and services offering coupled with a strong balance sheet to facesuch slow down.
Competition Risk: Company has to compete with various organized and un-organizedpeers, particularly when the business is being awarded through Tenders. Mitigation: TheCompany is a single window end-to-end solution provider that keeps it ahead of its peers.With its integrated capabilities, proven track record along with long standingrelationships, the Company shall always remain a preferred supplier.
Risk of Delay in Completion of Orders: There is a risk that delay in completion oforders may invoke penalties.
Mitigation: The Company has well-defined operational policies driven by wellexperienced pool of executives who have capabilities to complete the orders in time.
Foreign Exchange Risk: The Company imports various raw materials and volatility inexchange rates may impact Companys business adversely.
Mitigation: HFCL protects its business interest with a well-defined currency hedginginitiatives under professional consultants.
Technology Risk: Foreign companies may license their technology to othermanufacturers or may set up their own establishment in India. Mitigation: The Companygives priority to enhance its technology strengths by way of in-house R&D andtechnical tie-ups. It has set high standard of HR Policies to attract the best oftechnology talent in this direction.
Government Policy Risk: Telecom is a poli
Mahendra Pratap Shukla , Chairman (Non-Executive)
Mahendra Nahata , Managing Director
Arvind Kharabanda , Director (Finance)
Manoj Baid , Company Secretary
Company Head Office / Quarters:
8 Electronics Complex,
Phone : Himachal Pradesh-91-1792-230643/44 / Himachal Pradesh-
Fax : Himachal Pradesh-91-1792-231902 / Himachal Pradesh-
E-mail : firstname.lastname@example.org
Web : http://www.hfcl.com
MCS Share Transfer Agent Ltd
F-65 1st Floor ,Okhla Industrial Are,Phase I ,New Delhi-110020
|Scheme Name||No. of Shares|
|Goldman Sachs CNX 500 Fund (G)||11,268|
|Goldman Sachs CNX 500 Fund (G)||11,268|
|Goldman Sachs CNX 500 Fund (G)||11,268|
|Goldman Sachs CNX 500 Fund (G)||11,268|
|Goldman Sachs CNX 500 Fund (G)||11,268|