Professional Documents
Culture Documents
Autos: Cvs Struggle 2Ws and Pvs Outshine
Autos: Cvs Struggle 2Ws and Pvs Outshine
02 SEP 2016
Autos
CVs struggle; 2Ws and PVs outshine
TP Revision
Company
TP
Tata Motors
625
Change
Sneha Prashant
sneha.prashant@hdfcsec.com
+91-22-6171-7336
Abhishek Kumar Jain
abhishekkumar.jain@hdfcsec.com
+91-22-6171-7324
Navin Matta
navin.matta@hdfcsec.com
Rupin
Shah
+91-22-6171-7322
rupin.shah@hdfcsec.com
+91-22-6171-7337
Reco
BUY
Company
Maruti Suzuki
Hyundai
M&M
Honda
Tata Motors
Toyota
Total
Aug-16 Aug-15
119,931 106,781
43,201
40,505
18,246
14,198
13,941
15,655
13,002
11,194
12,801
11,047
221,122 199,380
Company
% YoY
Jul-16
12.3% 125,764
6.7%
41,201
28.5%
17,356
-10.9%
14,033
16.2%
13,547
15.9%
12,404
10.9% 224,305
% MoM
-4.6%
4.9%
5.1%
-0.7%
-4.0%
3.2%
-1.4%
Aug-16
Aug-15
% YoY
Hero Moto*
616,424
480,537
28.3%
532,113
HMSI
466,342
373,202
25.0%
429,527
8.6%
TVS Motor
238,984
183,653
30.1%
206,605
15.7%
Bajaj Auto*
200,314
160,307
25.0%
198,022
1.2%
55,721
42,360
31.5%
53,378
4.4%
27.2% 1,419,645
11.1%
Royal Enfield
Total
1,577,785 1,240,059
Jul-16 % MoM
15.8%
Aug-16
Aug-15
% YoY
Jul-16
% MoM
Tata Motors
23,464
24,284
-3.4%
24,242
-3.2%
Ashok Leyland #
10,897
11,544
-5.6%
10,492
3.9%
Eicher Motors #
4,100
3,611
13.5%
4,315
-5.0%
38,461
39,439
-2.5%
39,049
-1.5%
Total
Source: Companies, HDFC sec Inst Research. * Hero/Bajaj sales include exports/3W volumes respectively. # AL and Eicher sales include export volumes
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
FY17
163,264
YTD
FY16 % Change
180,218
-9.4%
45,579
41,461
9.9%
228,166
219,766
3.8%
2,986
6,214
90,269
3,172
4,156
86,454
-5.9%
49.5%
4.4%
13,841
25,066
430,337
14,451
19,629
434,064
-4.2%
27.7%
-0.9%
16,806
7,836
114.5%
73,536
30,302
142.7%
12,831
25
119,931
12,280
132,211
12,491
0
106,781
11,083
117,864
2.7%
12.3%
10.8%
12.2%
64,137
25
568,035
49,721
617,756
58,514
0
522,880
58,025
580,905
9.6%
8.6%
-14.3%
6.3%
126,925
11,614
138,539
13.5%
23.4%
14.3%
Exports
Cars
40%
100%
30%
80%
20%
10%
0%
-10%
-20%
YoY Growth
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Management is confident
of maintaining double digit
growth in FY17E
2016
35,490
Aug
2015 % Change
37,665
-5.8%
UVs
Vans
60%
40%
20%
0%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 2
2016
18,246
17,119
1,127
13,993
13,049
573
371
4,705
36,944
3,647
40,591
Passenger Vehicles
- Utility Vehicles
- Cars + Vans
Commercial vehicles
- LCV < 3.5T
- LCV > 3.5T
- MHCV
3W (incl. Alfa)
Total Auto Sector (Dom.)
Exports (UV +3W)
Total Vehicles (Dom + Exp)
Aug
2015 % Change
14,198
28.5%
13,307
28.6%
891
26.5%
13,023
7.4%
12,254
6.5%
428
33.9%
341
8.8%
4,483
5.0%
31,704
16.5%
3,512
3.8%
35,216
15.3%
FY17
94,962
88,990
5,972
66,757
60,920
3,594
2,243
21,491
183,210
18,369
201,579
YTD
Ask rate for 7MFY17
FY16 % Change Monthly
% YoY
82,133
15.6%
75,865
17.3%
6,268
-4.7%
60,644
10.1%
55,934
8.9%
3,048
17.9%
1,662
35.0%
21,132
1.7%
163,909
11.8%
49,056
16.7%
15,526
18.3%
2,776
-5.2%
179,435
12.3%
51,832
15.3%
FY17
100,428
5,263
105,691
YTD
Ask rate for 7MFY17
FY16 % Change Monthly
% YoY
84,174
19.3%
16,854
12.8%
5,343
-1.5%
958
23.6%
89,517
18.1%
17,813
13.3%
Domestic
Exports
Total Tractors (Dom + Exp)
Aug
2015
10,751
948
11,699
% Change
14.7%
28.3%
15.8%
YoY Growth
50
Tractors
30%
20%
40
30
20
25
20
0%
15
-10%
-20%
30
10%
10
35
YoY Growth
10
5
0
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Auto
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Particulars
Page | 3
2016
279,911
45,436
325,347
125,033
200,314
Motorcycles
3Ws
Total
Exports
Domestic
Aug
2015
290,436
51,529
341,965
181,658
160,307
% Change
FY17
-3.6% 1,437,978
-11.8%
211,935
-4.9% 1,649,913
-31.2%
627,493
25.0% 1,022,420
YTD
Ask rate for 7MFY17
FY16 % Change Monthly
% YoY
1,448,104
-0.7%
237,121
-10.6%
1,685,225
-2.1% 363,434
15.2%
822,844
-23.7% 159,261
21.6%
862,381
18.6% 204,172
10.7%
3W
YoY Growth
30%
20%
400
10%
300
0%
200
-10%
100
-20%
-30%
200
YoY Growth
30%
20%
150
10%
0%
100
-10%
-20%
50
-30%
-40%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Particulars
2016
616,424
Total sales
Aug
2015
480,537
YTD
Ask rate for 7MFY17
% Change
FY17
FY16 % Change Monthly
% YoY
28.3% 2,893,926 2,613,660
10.7%
615,155
7.2%
2016
336,393
129,949
26,074
492,416
Scooters
Motorcycles
Exports
Total
Aug
2015
246,763
126,373
22,060
395,196
YTD
% Change
36.3%
2.8%
18.2%
24.6%
FY17
1,442,719
691,164
107,130
2,241,013
FY16
1,138,644
619,945
82,801
1,841,390
% Change
26.7%
11.5%
29.4%
21.7%
YoY Growth
YoY Growth
40%
600
30%
500
30%
20%
400
20%
10%
300
10%
0%
200
0%
100
-10%
100
-10%
-20%
-20%
700
600
500
400
300
200
40%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 5
2016
8,201
2,696
10,897
MHCV
LCV
Total sales
Aug
2015
8,903
2,641
11,544
% Change
-7.9%
2.1%
-5.6%
FY17
40,408
12,144
52,552
YTD
FY16
39,223
11,561
50,784
% Change
3.0%
5.0%
3.5%
YoY Growth
LCV
120%
12.0
100%
10.0
80%
8.0
60%
6.0
40%
4.0
20%
2.0
0%
0.0
-20%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
YoY Growth
50%
40%
30%
20%
10%
0%
-10%
-20%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 6
2016
2,328
939
833
4,100
55,721
LMD
HD
Buses
Total ETB
Royal Enfield
Aug
2015
2,243
744
624
3,611
42,360
FY17
11,813
5,690
6,826
20,014
256,582
YTD
FY16
9,518
3,532
6,076
15,474
189,733
% Change
24.1%
61.1%
12.3%
29.3%
35.2%
5,873
54,012
28.2%
18.7%
YoY Growth
7,000
RE
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
6,000
5,000
4,000
3,000
2,000
1,000
0
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
% Change
3.8%
26.2%
33.5%
13.5%
31.5%
60.0
YoY Growth
50.0
40.0
30.0
20.0
10.0
-
80%
70%
60%
50%
40%
30%
20%
10%
0%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 7
Management indicated
that MHCVs volumes were
disappointing owing to
postponement of
replacement and fleet
expansion
2016
13,495
9,969
23,464
11,435
1,567
13,002
6,595
43,061
Aug
2015
12,267
12,017
24,284
9,814
1,380
11,194
5,202
40,680
% Change
10.0%
-17.0%
-3.4%
16.5%
13.6%
16.2%
26.8%
5.9%
36,467
23.6%
12,798
5,691
54,956
23.0%
16.5%
22.7%
MHCV
20.0
15.0
10.0
LCV
80%
25.0
60%
20.0
40%
15.0
20%
0%
5.0
0.0
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
% Change
5.9%
1.7%
4.0%
17.0%
-27.4%
10.2%
8.4%
6.1%
FY17
69,186
56,848
126,034
52,587
5,928
58,515
25,782
210,331
YTD
FY16
65,356
55,884
121,240
44,951
8,164
53,115
23,791
198,146
YoY Growth
20%
10%
0%
-10%
10.0
-20%
-20%
5.0
-30%
-40%
0.0
-40%
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 8
2016
1,082
Total sales
Aug
2015
960
% Change
12.7%
FY17
7,343
YTD
FY16
5,878
% Change
24.9%
YoY Growth
2500
140%
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
2000
1500
1000
500
0
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 9
2016
3,915
Total Sales
Aug
2015
3,906
% Change
0.2%
FY17
14,701
YTD
FY16
16,461
% Change
-10.7%
Atul Auto
YoY Growth
Atul Auto
60
40%
20%
0%
-20%
-40%
10
-60%
TVS Motor
50
40
30
20
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Jan-15
Feb-15
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Page | 10
Peer Valuations
Ashok Leyland
Atul Auto
Bajaj Auto
Eicher Motors
Hero Motocorp
M&M
Maruti Suzuki
SML Isuzu
Tata Motors
MCAP
(Rs/bn)
CMP
(Rs/sh)
Reco
TP
238
10
868
617
708
858
1,529
20
1,846
84
442
2,999
22,774
3,548
1,454
5,061
1,353
544
NEU
BUY
NEU
BUY
BUY
BUY
BUY
BUY
BUY
82
569
2,716
24,736
3,731
1,615
5,318
1,588
625
FY16
21.5
20.5
23.8
38.8
22.6
26.2
32.9
38.3
13.4
P/E (x)
FY17E
19.5
17.0
21.5
33.9
20.0
20.8
25.3
25.7
10.9
FY18E
16.3
13.7
19.1
25.5
17.1
16.5
20.6
19.9
9.2
EV/EBITDA (x)
FY16 FY17E FY18E
11.5
10.4
9.1
12.6
10.0
8.0
16.3
14.5
12.5
21.8
19.1
14.3
15.2
13.1
10.9
15.6
12.7
10.3
16.8
15.2
12.4
23.3
16.3
12.4
6.2
5.5
4.8
FY16
20.9
34.4
31.8
41.0
43.1
15.6
18.3
15.9
20.1
RoE (%)
FY17E FY18E
21.0
22.4
32.6
32.3
30.8
30.8
41.5
40.1
40.7
40.6
17.5
19.5
20.7
21.9
20.7
22.8
19.1
18.9
Page | 11
Commodities
CRC (USD/MT)
LME Aluminium (USD/MT)
LME Lead (USD/MT)
Brent (USD/bbl)
RSS4 (Rs/MT)
2QFY15
649
1,988
2,181
102
13,272
3QFY15
634
1,968
2,001
76
11,970
4QFY15
574
1,801
1,810
54
12,606
1QFY16
509
1,767
1,938
62
12,617
2QFY16
431
1,594
1,718
50
11,846
3QFY16
379
1,494
1,682
43
10,873
4QFY16
442
1,515
1,740
35
9,989
1QFY17
QTD
500
479
1,572 1,633
1,718 1,837
46
46
13,215 13,978
% QoQ
CRC (USD/MT)
LME Aluminium (USD/MT)
LME Lead (USD/MT)
Brent (USD/bbl)
RSS4 (Rs/MT)
2QFY15
(1.3)
10.4
4.0
(6.9)
(8.2)
3QFY15
(2.3)
(1.0)
(8.2)
(25.5)
(9.8)
4QFY15
(9.4)
(8.5)
(9.5)
(29.2)
5.3
1QFY16
(11.3)
(1.9)
7.0
15.1
0.1
2QFY16
(15.3)
(9.8)
(11.3)
(19.2)
(6.1)
3QFY16
(12.1)
(6.3)
(2.1)
(13.7)
(8.2)
4QFY16
16.6
1.4
3.4
(20.3)
(8.1)
1QFY17
13.2
3.8
(1.3)
33.4
32.3
QTD
(4.2)
3.9
7.0
(0.9)
5.8
2QFY15
60.58
80.29
101.17
1.33
1.67
104.00
0.58
3QFY15
62.01
77.38
98.09
1.25
1.58
114.54
0.54
4QFY15
62.26
70.22
94.34
1.13
1.51
119.18
0.52
1QFY16
63.49
70.30
97.17
1.11
1.53
121.36
0.52
2QFY16
64.97
72.27
100.70
1.11
1.55
122.24
0.53
3QFY16
65.93
72.22
100.04
1.10
1.52
121.41
0.54
4QFY16
67.51
74.42
96.67
1.10
1.43
115.25
0.59
1QFY17
QTD
66.92 67.06
75.56 74.72
96.08 88.17
1.13
1.11
1.44
1.31
107.97 102.65
0.62
0.65
% QoQ
USD-INR
EUR-INR
GBP-INR
EUR-USD
GBP-USD
USD-JPY
JPY-INR
2QFY15
1.3
(2.0)
0.5
(3.4)
(0.8)
1.9
(0.5)
3QFY15
2.4
(3.6)
(3.0)
(5.8)
(5.2)
10.1
(6.9)
4QFY15
0.4
(9.3)
(3.8)
(9.8)
(4.3)
4.1
(3.7)
1QFY16
2.0
0.1
3.0
(1.7)
1.2
1.8
0.1
2QFY16
2.3
2.8
3.6
0.5
1.1
0.7
1.7
3QFY16
1.5
(0.1)
(0.7)
(1.5)
(2.1)
(0.7)
2.1
4QFY16
2.4
3.0
(3.4)
0.7
(5.7)
(5.1)
7.8
1QFY17
(0.9)
1.5
(0.6)
2.4
0.3
(6.3)
5.9
QTD
0.2
(1.1)
(8.2)
(1.3)
(8.5)
(4.9)
5.3
Page | 12
Rating Definitions
BUY
Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL
Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL
Where the stock is expected to deliver less than (-)10% returns over the next 12 month period
Disclosure:
We, Sneha Prashant, MBA, Abhishek Jain, MBA & Rupin Shah, MS (Finance) authors and the names subscribed to this report, hereby certify that all of the views expressed in this research
report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific
recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock Yes
Disclaimer:
This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or
arrived at, based upon information obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of
warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. This document is for
information purposes only. Descriptions of any company or companies or their securities mentioned herein are not intended to be complete and this document is not, and should not be
construed as an offer or solicitation of an offer, to buy or sell any securities or other financial instruments.
This report is not directed to, or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity who is a citizen or resident or located in any
locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject HDFC
Securities Ltd or its affiliates to any registration or licensing requirement within such jurisdiction.
If this report is inadvertently send or has reached any individual in such country, especially, USA, the same may be ignored and brought to the attention of the sender. This document may
not be reproduced, distributed or published for any purposes without prior written approval of HDFC Securities Ltd .
Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations, which could have an adverse effect on their value or price, or the income derived
from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies effectively assume currency risk.
It should not be considered to be taken as an offer to sell or a solicitation to buy any security. HDFC Securities Ltd may from time to time solicit from, or perform broking, or other services
for, any company mentioned in this mail and/or its attachments.
HDFC Securities and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies)
mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and
other related information and opinions.
HDFC Securities Ltd, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any
action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the
dividend or income, etc.
HDFC Securities Ltd and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report,
or may make sell or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
HDFC Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any
other assignment in the past twelve months.
HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report
for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or
specific transaction in the normal course of business.
HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research
report. Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is
not based on any specific merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach
different conclusion from the information presented in this report. Research entity has not been engaged in market making activity for the subject company. Research analyst has not served
as an officer, director or employee of the subject company. We have not received any compensation/benefits from the subject company or third party in connection with the Research
Report. HDFC Securities Ltd. is a SEBI Registered Research Analyst having registration no. INH000002475.
Page | 13
HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel,
Mumbai - 400 013
Board : +91-22-6171 7330
www.hdfcsec.com
Page | 14