Announcement • Oct 03
Jubilant Industries Limited Announces Resignation of Brijesh Kumar as Company Secretary & Compliance Officer, Effective November 13, 2024 Jubilant Industries Limited announced that the Mr. Brijesh Kumar, Company Secretary & Compliance Officer of the Company has submitted resignation to pursue opportunity outside the organisation. The management has accepted his resignation and accordingly he shall be relieved from his responsibilities on November 13, 2024. Further, Mr. Brijesh Kumar has also tendered his resignation from the post of Company Secretary from wholly owned subsidiary of the Company Jubilant Agri and Consumer Products Limited November 13, 2024. The management has accepted his resignation and accordingly he shall be relieved from his responsibilities w.e.f November 13, 2024. Announcement • Aug 30
Jubilant Industries Limited, Annual General Meeting, Sep 23, 2024 Jubilant Industries Limited, Annual General Meeting, Sep 23, 2024, at 15:00 Indian Standard Time. Reported Earnings • Aug 13
First quarter 2025 earnings released: EPS: ₹17.31 (vs ₹13.84 in 1Q 2024) First quarter 2025 results: EPS: ₹17.31 (up from ₹13.84 in 1Q 2024). Revenue: ₹3.59b (up 3.0% from 1Q 2024). Net income: ₹260.8m (up 25% from 1Q 2024). Profit margin: 7.3% (up from 6.0% in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 01
Jubilant Industries Limited to Report Q1, 2025 Results on Aug 12, 2024 Jubilant Industries Limited announced that they will report Q1, 2025 results on Aug 12, 2024 Buy Or Sell Opportunity • Jul 01
Now 19% undervalued Over the last 90 days, the stock has risen 32% to ₹1,624. The fair value is estimated to be ₹1,997, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Jun 27
Jubilant Industries Limited and Jubilant Agri and Consumer Products Limited Announces Resignation of Jagat Sharma from the Post of Director and Whole Time Director Jubilant Industries Limited at its board meeting held on June 27, 2024 Noted the resignation of Mr. Jagat Sharma from the post of Director and Whole Time Director of the Company with effect from the close of business hours on June 26, 2024, citing personal reasons. However, he will continue in the employment of the Company. Mr. Sharma has also resigned as Director and Whole Time Director of Jubilant Agri and Consumer Products Limited ("Wholly Owned Subsidiary" of the Company) with effect from the close of business hours on June 26, 2024. However, he will continue as an employee of JACPL. Buy Or Sell Opportunity • Jun 20
Now 21% undervalued Over the last 90 days, the stock has risen 28% to ₹1,566. The fair value is estimated to be ₹1,987, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹1,272, the stock trades at a trailing P/E ratio of 65.7x. Average trailing P/E is 29x in the Chemicals industry in India. Total returns to shareholders of 292% over the past three years. Reported Earnings • May 29
Full year 2024 earnings released: EPS: ₹19.37 (vs ₹35.06 in FY 2023) Full year 2024 results: EPS: ₹19.37 (down from ₹35.06 in FY 2023). Revenue: ₹12.5b (down 15% from FY 2023). Net income: ₹292.0m (down 45% from FY 2023). Profit margin: 2.3% (down from 3.6% in FY 2023). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 17
Jubilant Industries Limited to Report Q4, 2024 Results on May 27, 2024 Jubilant Industries Limited announced that they will report Q4, 2024 results on May 27, 2024 Buy Or Sell Opportunity • May 16
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₹1,111. The fair value is estimated to be ₹917, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 32%. Board Change • Apr 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Sanjanthi Sajan was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Feb 22
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 73% to ₹1,178. The fair value is estimated to be ₹935, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 32%. Buy Or Sell Opportunity • Feb 21
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to ₹1,122. The fair value is estimated to be ₹931, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 32%. Announcement • Feb 19
Jubilant Industries Limited Appoints Jagat Sharma as A Whole-Time Director Jubilant Industries Limited appointed Jagat Sharma as a Whole-time Director. New Risk • Feb 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (73% net debt to equity). Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). New Risk • Feb 13
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 65% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks High level of debt (64% net debt to equity). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹722, the stock trades at a trailing P/E ratio of 23.5x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 229% over the past three years. Announcement • Jan 30
Jubilant Industries Limited to Report Q3, 2024 Results on Feb 09, 2024 Jubilant Industries Limited announced that they will report Q3, 2024 results on Feb 09, 2024 Reported Earnings • Nov 07
Second quarter 2024 earnings released: EPS: ₹6.00 (vs ₹9.75 in 2Q 2023) Second quarter 2024 results: EPS: ₹6.00 (down from ₹9.75 in 2Q 2023). Revenue: ₹3.12b (down 27% from 2Q 2023). Net income: ₹90.4m (down 39% from 2Q 2023). Profit margin: 2.9% (down from 3.4% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 47% per year whereas the company’s share price has increased by 49% per year. New Risk • Nov 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). New Risk • Oct 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.29b (US$99.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.5% operating cash flow to total debt). Minor Risk Market cap is less than US$100m (₹8.29b market cap, or US$99.6m). Announcement • Oct 28
Jubilant Industries Limited to Report Q2, 2024 Results on Nov 06, 2023 Jubilant Industries Limited announced that they will report Q2, 2024 results on Nov 06, 2023 Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Ravinder Sharma was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 27
Jubilant Industries Limited, Annual General Meeting, Sep 21, 2023 Jubilant Industries Limited, Annual General Meeting, Sep 21, 2023, at 15:00 Indian Standard Time. Valuation Update With 7 Day Price Move • Aug 17
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹627, the stock trades at a trailing P/E ratio of 18.2x. Average trailing P/E is 25x in the Chemicals industry in India. Total returns to shareholders of 283% over the past three years. Announcement • Aug 08
Jubilant Industries Limited Appoints Brijesh Kumar as Company Secretary and Compliance Officer The Board of Directors of Jubilant Industries Limited at its meeting held on August 7, 2023 at 3:00 P.M. (concluded at 5:00 P.M.), had on the recommendations of the Nomination Remuneration and Compensation Committee approved the appointment of Mr. Brijesh Kumar as the Company Secretary and Compliance Officer of the company with immediate effect. Consequent to the said appointment, Mr. Abhishek Kamra (ICSI Membership No.: A48236) who was appointed on interim basis, will step down from the position of Company Secretary and Compliance Officer of the Company with immediate effect. Date of Appointment and Terms of Appointment: Date of Appointment is August 7, 2023 and terms of appointment shall be as per the companies HR Policy. Brief Profile: Mr. Brijesh Kumar is a member of the Institute of Company Secretaries of India, a graduate in Law and holds Bachelor's degree in Commerce - B.Com (Hons) with over 11 years of experience in the area of corporate secretarial and legal affairs of the Company. He has good experience in Securities and Capital Market Laws, Corporate Laws, FEMA and Compliance Management and has handled Merger and Acquisitions, Listing of shares, Fund Raising, ESOP, joint ventures etc. He was previously associated with Uno Minda Limited and AKM Global in the past. Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: ₹13.84 (vs ₹14.43 in 1Q 2023) First quarter 2024 results: EPS: ₹13.84 (down from ₹14.43 in 1Q 2023). Revenue: ₹3.49b (down 1.6% from 1Q 2023). Net income: ₹208.6m (down 3.9% from 1Q 2023). Profit margin: 6.0% (down from 6.1% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 58% per year whereas the company’s share price has increased by 60% per year. Recent Insider Transactions • Jun 28
CEO, MD & Whole-Time Director recently bought ₹3.0m worth of stock On the 23rd of June, Manu Ahuja bought around 6k shares on-market at roughly ₹544 per share. This transaction amounted to 6.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Manu's only on-market trade for the last 12 months. New Risk • Jun 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (8.5% operating cash flow to total debt). Minor Risk Share price has been volatile over the past 3 months (7.7% average weekly change). Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹574, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 22x in the Chemicals industry in India. Total returns to shareholders of 412% over the past three years. Announcement • May 27
Jubilant Industries Limited Appoints Mr. Abhishek Kamra as Company Secretary and Compliance Officer Jubilant Industries Limited announced that the Board of Directors of the Company have appointed Mr. Abhishek Kamra as Company Secretary and Compliance Officer of the Company at their meeting held on May 25, 2023 i.e. May25, 2023 with immediate effect. Mr. Abhishek Kamra, is a member of Institute of Company Secretaries of India (ICSI) and a Commerce Graduate. He carries approx. 7 years of work experience and specialized in the area of Securities & Capital Market Law, Corporate Laws, FEMA, Compliance Management, Stakeholders Management, Board Management, Merger & Acquisitions and ESOP. Reported Earnings • May 26
Full year 2023 earnings released: EPS: ₹35.05 (vs ₹36.34 in FY 2022) Full year 2023 results: EPS: ₹35.05 (down from ₹36.34 in FY 2022). Revenue: ₹14.8b (up 27% from FY 2022). Net income: ₹527.9m (down 3.3% from FY 2022). Profit margin: 3.6% (down from 4.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has increased by 70% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 05
Third quarter 2023 earnings released: EPS: ₹4.42 (vs ₹3.49 in 3Q 2022) Third quarter 2023 results: EPS: ₹4.42 (up from ₹3.49 in 3Q 2022). Revenue: ₹3.48b (up 17% from 3Q 2022). Net income: ₹66.6m (up 27% from 3Q 2022). Profit margin: 1.9% (up from 1.8% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 06
Second quarter 2023 earnings released: EPS: ₹9.75 (vs ₹19.08 in 2Q 2022) Second quarter 2023 results: EPS: ₹9.75 (down from ₹19.08 in 2Q 2022). Revenue: ₹4.27b (up 30% from 2Q 2022). Net income: ₹146.9m (down 49% from 2Q 2022). Profit margin: 3.4% (down from 8.8% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 22% share price gain to ₹502, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 409% over the past three years. Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improved over the past week After last week's 15% share price gain to ₹434, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 392% over the past three years. Recent Insider Transactions • Jun 26
CEO, MD & Whole-Time Director recently bought ₹2.5m worth of stock On the 22nd of June, Manu Ahuja bought around 7k shares on-market at roughly ₹363 per share. This was the largest purchase by an insider in the last 3 months. This was Manu's only on-market trade for the last 12 months. Reported Earnings • May 29
Full year 2022 earnings released: EPS: ₹36.34 (vs ₹5.70 loss in FY 2021) Full year 2022 results: EPS: ₹36.34 (up from ₹5.70 loss in FY 2021). Revenue: ₹11.7b (up 88% from FY 2021). Net income: ₹546.1m (up ₹631.8m from FY 2021). Profit margin: 4.7% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year whereas the company’s share price has increased by 52% per year. Reported Earnings • Feb 05
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹3.49 (down from ₹5.33 in 3Q 2021). Revenue: ₹2.98b (up 89% from 3Q 2021). Net income: ₹52.4m (down 35% from 3Q 2021). Profit margin: 1.8% (down from 5.1% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has increased by 79% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 26% share price gain to ₹643, the stock trades at a trailing P/E ratio of 26.2x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 521% over the past three years. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improved over the past week After last week's 18% share price gain to ₹575, the stock trades at a trailing P/E ratio of 29.1x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 429% over the past three years. Reported Earnings • Oct 22
Second quarter 2022 earnings released: EPS ₹19.08 (vs ₹9.14 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹3.28b (up 88% from 2Q 2021). Net income: ₹286.8m (up 109% from 2Q 2021). Profit margin: 8.8% (up from 7.9% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 44% share price gain to ₹565, the stock trades at a trailing P/E ratio of 50.7x. Average trailing P/E is 20x in the Chemicals industry in India. Total returns to shareholders of 299% over the past three years. Reported Earnings • Aug 09
First quarter 2022 earnings released: EPS ₹14.54 (vs ₹1.81 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹2.12b (up 125% from 1Q 2021). Net income: ₹218.5m (up ₹245.7m from 1Q 2021). Profit margin: 10% (up from net loss in 1Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year whereas the company’s share price has increased by 47% per year. Recent Insider Transactions • Jun 26
CEO, MD & Whole-Time Director recently bought ₹4.8m worth of stock On the 21st of June, Manu Ahuja bought around 15k shares on-market at roughly ₹317 per share. This was the largest purchase by an insider in the last 3 months. This was Manu's only on-market trade for the last 12 months. Reported Earnings • Jun 20
Full year 2021 earnings released: ₹5.70 loss per share (vs ₹12.47 profit in FY 2020) The company reported a soft full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2021 results: Revenue: ₹6.24b (up 15% from FY 2020). Net loss: ₹85.6m (down 150% from profit in FY 2020). Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improved over the past week After last week's 29% share price gain to ₹258, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 52% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₹221, the stock trades at a trailing P/E ratio of 19.1x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 17% over the past three years. Is New 90 Day High Low • Mar 12
New 90-day low: ₹208 The company is down 18% from its price of ₹252 on 11 December 2020. The Indian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. Reported Earnings • Feb 06
Third quarter 2021 earnings released: EPS ₹5.33 (vs ₹2.81 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹1.58b (up 23% from 3Q 2020). Net income: ₹80.0m (up 107% from 3Q 2020). Profit margin: 5.1% (up from 3.0% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₹256, the stock is trading at a trailing P/E ratio of 27.4x, up from the previous P/E ratio of 23.8x. This compares to an average P/E of 18x in the Chemicals industry in India. Total returns to shareholders over the past three years are 25%. Is New 90 Day High Low • Jan 05
New 90-day high: ₹258 The company is up 78% from its price of ₹145 on 07 October 2020. The Indian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 21% over the same period. Valuation Update With 7 Day Price Move • Dec 02
Market bids up stock over the past week After last week's 20% share price gain to ₹251, the stock is trading at a trailing P/E ratio of 27.1x, up from the previous P/E ratio of 22.6x. This compares to an average P/E of 16x in the Chemicals industry in India. Total returns to shareholders over the past three years are 4.6%. Valuation Update With 7 Day Price Move • Nov 26
Market bids up stock over the past week After last week's 19% share price gain to ₹215, the stock is trading at a trailing P/E ratio of 24x, up from the previous P/E ratio of 20.1x. This compares to an average P/E of 16x in the Chemicals industry in India. Total returns to shareholders over the past three years were flat. Reported Earnings • Nov 18
Second quarter 2021 earnings released: EPS ₹9.14 The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₹1.74b (up 25% from 2Q 2020). Net income: ₹137.4m (up 144% from 2Q 2020). Profit margin: 7.9% (up from 4.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Nov 13
New 90-day high: ₹178 The company is up 9.0% from its price of ₹164 on 14 August 2020. The Indian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 21% share price gain to ₹157, the stock is trading at a trailing P/E ratio of 13.9x, up from the previous P/E ratio of 11.5x. This compares to an average P/E of 15x in the Chemicals industry in India. Total return to shareholders over the past three years is a loss of 27%.