All-weather stocks: Performers across bull markets

April 2020

Research Analysts

Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT

dharmesh.shah@icicisecurities.com nitin.kunte@icicisecurities.com ninad.tamhanekar@icicisecurities.com

Pabitro Mukherjee Vinayak Parmar

pabitro.mukherjee@icicisecurities.com vinayak.parmar@icicisecurities.com

April 23, 2020

All-weather stocks: Performers across bull markets

The term all-weather stocks is used to differentiate such companies that have weathered multiple economic and business cycles and delivered returns for investors
across a long span. We believe in the current uncertain scenario, when markets have implicitly thrown up once in a decade opportunity to construct long term
portfolios, investors should look at the consistent performers, going by historical evidence. There are 94 such companies in India, (refer appendix) that have helped

MOMENTUM PICK
investors build wealth across the past three decades.
We arrive at our thesis based on triangulated approach:
a) Once in a decade investment opportunity: Over the past three decades, there have been only three instances of >40% correction at index level. At March 2020
lows, the Nifty has already corrected 40% from its all-time high. Although short-term volatility and uncertainty is a norm after such correction, what transpires in
following years is a multi-fold bull phase. Bottoms formed after such corrections, have never been challenged again historically. Thus, from a technical analysis
perspective, the current correction provides the requisite set-up for constructing long term portfolios.

b) Avoiding value traps: One of the challenges in the investment process is overcoming recency bias. Investors tend to buy multi baggers of most recent bull phase,
as they correct. However, history warns us to avoid such value traps as they have proven detrimental to portfolio health historically. Below are a few such examples
where the outperformers of prior bull phase have remained laggards for the next several years and, therefore, proved detrimental to portfolio health. Hence, it is
prudent to look at performers of multiple bull markets rather than looking at only most recent data.
Bull Phases Leaders that became laggards
1988-1992 Bombay dyeing, Orkay silk Mills
1998-2000 Silverline, GTL, Rolta india

ICICI Securities – Retail Equity Research

2003-2007 HDIL, Suzlon, Unitech

c) Stick to consistent performers: We have mined the data through four major bull phases viz 1988-1992, 1998-2000, 2003-2007 and 2009-2017, to identify the
businesses, which have consistently delivered returns for the investors in each of the bull phase. These are the companies with long listing history, proven track
record and weathered through different business/market cycles. Empirical evidence suggest that investing into these companies would be rewarding for investors
Once in a
Top Picks Time frame: One Year decade
opportunity
MarketCap
Scrip Name Buying Range Target Upside (%)
(Cr)
Ambuja Cement 168.00 - 182.00 208.00 19 34262
Pfizer 4200.00 - 4450.00 5390.00 25 19601
Top Picks
Escorts 720.00 - 780.00 910.00 21 9223
Blue Dart Express 1950.00 - 2150.00 2630.00 23 5457
Tamilnadu Newsprint 95.00 - 103.00 125.00 25 706 Stick to Avoiding
consistent Value traps
Source: Bloomberg, Spidersoftware, ICICI Direct Research performers
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 2
Ambuja Cement (AMBCE): Change of polarity as price rebounds
from major support area
Rec. Price 168.00-182.00 Target 208.00 Upside 19% Technical Outlook
• During the current month, the stock
Monthly Bar Chart

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291 witnessed a sharp rebound from the major
Target @ long term support zone around | 140-150,
| 208 which is confluence of 61.8% retracement
of entire 2008-17 rally (43-291) and CY07
153 peak around | 150, which has seen a
Change of Polarity and has been acting as a
147 major support as can be seen in the
adjacent chart
Change of Polarity as previous resistance has
reversed its role and acting as support • The monthly stochastic has rebounded
from previous major lows and is currently
in positive trend, thus supporting the
43 bullish bias in the stock
Monthly stochastic rebounding from previous major lows
• We expect the stock to resolve higher and

ICICI Securities – Retail Equity Research

head towards | 208 levels as it is the 80%
retracement of the last three months
decline (| 221-137) placed at | 202 levels

Fundamental Outlook
• Ambuja Cement with its capacity of 30 MT operates mainly in the north and western regions while its subsidiary, ACC Ltd has a pan-India reach with capacity expected to touch 39 MT in two
years. Ambuja Cement is also in the capex mode, adding 3.1 MT to its clinker and 1.8 MT to its grinding capacity, to be funded via internal accruals, expected to be commissioned in CY21. This
additional clinker capacity will help eliminate the clinker bottleneck which the company was facing, and will help in improving capacity utilisation and returns

• While in the near term, revenue growth is expected to remain muted, we expect Ambuja to report strong growth in volumes in CY21 backed by anticipation of strong pullback in demand and
additional capacity getting commissioned. Ambuja Cement is one of the efficient companies and has never seen EBITDA margins fall below 15% since CY07

• Despite expecting a drop in realisations in CY20, the company’s profitability is expected to remain healthy with EBITDA margins not breaching the aforementioned levels. Ambuja Cement also
does not have any issues on the balance sheet front on the back of sufficient liquidity, FCF generation and debt-free status. The company’s balance sheet position is the strongest in the industry.
Additionally, it regularly distributes dividend. The debt free LafargeHolcim group company is available at attractive valuations of $90 on an EV/t basis and 10x CY21E EV/EBITDA, compared to
historical average of 12-13x EV/EBITDA

Source: Bloomberg, Spider Software, ICICI Direct Research

April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Pfizer (PFIZER): Relative strength in turbulent times augurs well…

Rec. Price 4200.00-4450.00 Target 5390.00 Upside 25% Technical Outlook

• The share price held its key support,
Monthly Bar Chart

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Target @ despite a volatile market environment,
4925 | 5390 around | 3400 marked by a) 80%
3847 retracement of most recent up leg (2792-
4925) and trend line connecting November
2017 and September 2019 swing lows
2725 • The stock price already recouped all losses
2792 of CY20 indicating exemplary relative
outperformance. In the process, it
maintained its robust price structure by
Key support is placed @ 3400 maintaining higher high-low swings,
1732 - 80% retracement of Sep19- staying above key trend line support and
Mar20 rally long term rising 52 week average (around
- 2017-2019 trend line 2600)
• We expect the stock to challenge its life-
Monthly MACD has converged back to its nine period average indicating breather after rally, but stayed in positive territory time high post a higher base around | 3400

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and head towards resolve higher and head
towards | 5390 as it is 138.2% retracement
of March decline (| 4925–3461)

Fundamental Outlook
• Pfizer owns a portfolio of over 150 products across 15 therapeutic segments including top brands like Prevenar 13 (Vaccine), Lyrica (Pain / CNS), Becosule (vitamin), Gelusil (GI), Folvite (folic
acid) and Corex DX (cough syrup) among others

• Besides legacy NLEM / GST related adjustments, the company has continuously been restructuring its portfolio in the last few years to improve the productivity of its core brands and also in
accordance with the development at the parent level. Despite stagnant turnover growth (FY15-19 CAGR of ~3%) the company has delivered margin improvement on a fairly consistent basis
(Q3FY20 EBITDA margins 27% vis-à-vis FY15 EBITDA margins of 16%; EBITDA CAGR of 17% during FY15-19; PAT CAGR of 44% during FY15-19)

• It is a net debt-free company with healthy core RoE of ~30% in FY19. Strong brand recall, consistent new product launches and acquisition of new brands, volume growth in top brands and
intermittent price hikes provide comfort on the financials front

Source: Bloomberg, Spider Software, ICICI Direct Research

April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Escorts (ESCORT): Retesting of long term trend line…

Rec. Price 720.00-780.00 Target 910 Upside 21% Technical Outlook

24 months correction • The stock has held its key upward sloping
Monthly Bar Chart 1018

MOMENTUM PICK
915 Target trend line (as shown in adjoining chart),
26 months around | 600, despite elevated market
rally @ 910
volatility and remains outperformer within
Auto space. A higher base formation near
541 526
key support of |600, thus offers a fresh
424
entry opportunity with favourable risk-
reward for investors to accumulate the
Key support is stock
placed @ 600
• Structurally, over past 24 months index
112 retraced 61.8% of preceding 26 months
rally (| 113–1018), at | 458. Slower pace
of retracement makes us believe the stock
is likely to form a higher tough, going ahead
Monthly MACD logged a bullish crossover while sustaining above zero line, indicating positive bias • We expect the stock to resolve higher and

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head towards | 910 as it is February 2020
swing high

Fundamental Outlook
• Escorts is the fourth largest tractor manufacturer domestically, with ~11.6% market share as of FY20. The company has a strong presence in the north, central and eastern pockets through its
two major brands - Farmtrac and Powertrac. The domestic tractor industry grew at a rapid pace of 17% CAGR in volume terms over FY16-19. Healthy Rabi crop and adequate water reservoir
levels are expected to support tractor demand over the short term while government focus on doubling farm income and under-penetrated nature of the domestic farm mechanisation segment
constitute long term demand drivers
• The tractor segment was also unaffected by BS-VI emission norms and, thus, remains untouched by associated transitional pains. Consequently, we expect the tractor industry to outperform the
overall automotive industry over FY20-22E on CAGR basis. On the exports front, the company has formed a JV with Japanese player Kubota for manufacture and export of tractors. Kubota has
also recently acquired 10% stake in Escorts through preferential allotment for a sum of ₹ 1,042 crore @ ₹ 850/share. Apart from tractors (which constitute ~76% of sales), Escorts also serves
the construction equipment industry and railways, with the two segments forming ~18% and ~6% of overall sales respectively in FY19. The construction equipment industry is suffering from
subdued demand prospects currently amid overall slowdown in economic activity, with prospects expected to remain muted over the short to medium term. Escorts' railways equipment
segment is performing well (albeit on a low base), and the company has a healthy order book here worth ~₹ 490 crore
• At Escorts, we build in sales and PAT CAGR of 3.9% and 10.9%, respectively, in FY20-22E, factoring in 4.3% volume CAGR in tractor sales to ~1 lakh units by FY22E. At the CMP, the company
currently trades at ~14x FY22E EPS of ₹ 53.9/share with average RoCE placed at ~15%
Source: Bloomberg, Spider Software, ICICI Direct Research
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Blue Dart Express (BLUDAR): Stock poised at key value area of
lower band of falling channel coinciding with 80% retracement…
Rec. Price 1950.00-2200.00 Target 2630.00 Upside 23% Technical Outlook
• The share price has been trading in a
Monthly Bar Chart 7850

MOMENTUM PICK
downward sloping channel over the past
4824 five years. Currently, the stock has
5510 approached its key long term support
3450 Target @ placed around | 1800-1900 as it is a)
| 2650 lower band of downward sloping channel
2620 (as shown in chart), at | 1900 b) 80%
retracement of the secular up trend seen
1822 during 2008-15 (| 385 – 7850), at | 1880
• Among oscillator front, monthly RSI has
Key value area @ 1800 -1900 as it is: been witnessing positive divergence, as
- Lower band of falling channel last month RSI line formed a higher low
- 80% retracement despite lower low formation on the price,
indicating impending pullback
385 Positive divergence on monthly RSI, indicates impending pullback • We expect the stock to form base in the
vicinity of key value area | 1900 and

ICICI Securities – Retail Equity Research

resume fresh up move towards | 2630 as
it is the 50% retracement of March 20
decline (| 3450-1822), at | 2636

Fundamental Outlook
• In addition to expanding its reach to tier II, III cities (~19200 pin-codes across India), BlueDart has embarked on a strategy to right size the company. BlueDart plans to cut back the work force
(22-23% of topline), which would incrementally drive margins forward

• Covid-19 continues to impact express logistics but players such as startups funded by private equity are seeing greater stress in cashflow management, inflated labour cost and other expenses.
This can deter them from dealing in unprofitable business sales and lowering the competitive intensity in the segment

• The management expects the air: surface revenue mix to reach 50:50 in three to five years from the current 75:25. The move follows an improvement in road infrastructure, regulations benefitting
organised players (GST, E-way bill, etc) and boom in growth in e-commerce (30-50% logistics outsourced)

• Risks include continued slowdown in the Indian manufacturing sector due to the Covid-19 crisis

Source: Bloomberg, Spider Software, ICICI Direct Research

April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 3
Tamil Nadu Newsprint & Paper (TAMNEW): At lower band of past
22 year upward sloping channel…
Rec. Price 95.00-105.00 Target 125.00 Upside 25% Technical Outlook
• The price decline from life-time highs (499-
Quarterly Bar Chart 499

MOMENTUM PICK
86=83%) has achieved equality in
magnitude with that seen during CY97-98
(91-12=86%). It is currently hovering
Target around the lower band of the rising
@ 125 channel containing price activity of the last
91 22 years (as shown in the adjacent chart).
86.5 Hence, it provides a bargain opportunity
from a long term prospective

• The monthly stochastic is extremely

Key support is oversold and is currently near its 20 years
placed @ 80 major lows, indicating impending pullback

• We expect the stock to undergo a base

12 Quarterly RSI bounced from 20 years low, indicating impending pullback formation around the lower band of the

ICICI Securities – Retail Equity Research

rising channel and eventually resolve
higher towards | 125 as it is the 50%
retracement of March 20 decline (| 166-
88)

Source: Bloomberg, Spider Software, ICICI Direct Research

April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 3
 MOMENTUM PICK
Appendix 1

ICICI Securities – Retail Equity Research

Source:: ICICI Direct Research
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research Click here to go to top
2
Stocks with positive returns across bull phases

1988-1992 1998-2000 2003-2007 2009-2017

Sr Company Name Average (%) Sector
(% returns) (% returns) (% returns) (% returns)

MOMENTUM PICK
1 EICHER LTD 274 382 14885 5180 Auto and Ancillaries
2 CEAT LTD 233 228 741 6548 1938 Auto and Ancillaries
3 SUNDRAM FASTENERS LTD 89 261 4921 1757 Auto and Ancillaries
4 MOTHERSON SUMI SYSTEMS LTD 465 1330 3526 1774 Auto and Ancillaries
5 MRF LTD 881 33 606 4441 1490 Auto and Ancillaries
6 ESCORTS LTD 334 185 355 2447 830 Auto and Ancillaries
7 APOLLO TYRES LTD 917 115 356 1837 806 Auto and Ancillaries
8 BHARAT FORGE LTD 219 591 1581 797 Auto and Ancillaries
9 MAHINDRA & MAHINDRA LTD 182 221 1451 982 709 Auto and Ancillaries
10 ASHOK LEYLAND LTD 485 154 425 1631 674 Auto and Ancillaries
11 BOSCH LTD 504 9 1105 601 555 Auto and Ancillaries
12 EXIDE INDUSTRIES LTD 154 4 1460 515 533 Auto and Ancillaries

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13 HERO MOTOCORP LTD 1338 50 242 437 517 Auto and Ancillaries
14 TATA MOTORS LTD 24 41 392 1484 485 Auto and Ancillaries
15 KOTAK MAHINDRA BANK LTD 725 4396 1471 2197 BFSI
16 INDUSIND BANK LTD 47 605 5712 2121 BFSI
17 AXIS BANK 117 2091 799 1002 BFSI
18 FEDERAL BANK LTD 54 1276 921 750 BFSI
19 HDFC BANK LTD 324 599 1025 650 BFSI
20 HDFC LTD 80 746 657 494 BFSI
21 KARUR VYSYA BANK LTD 69 571 652 431 BFSI
22 STATE BANK OF INDIA 51 751 244 349 BFSI
23 JAMMU & KASHMIR BANK LTD 59 479 320 286 BFSI
Note: 1) Stocks with Bold and Italic font in above table are our recommendations
2) The list of stocks enlisted in the above report is selected on the basis of certain statistical and technical models. This report recommends only 5
stocks indicated in the report and other stocks are mentioned only for analysis purpose
Source: Bloomberg, ICICI Direct Research
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 9
Stocks with positive returns across bull phases

1988-1992 1998-2000 2003-2007 2009-2017

Sr Company Name Average (%) Sector
(% returns) (% returns) (% returns) (% returns)

MOMENTUM PICK
24 GODREJ INDUSTRIES LTD 95 5095 1025 2072 Capital goods
25 SCHAEFFLER INDIA LTD 63 1221 2256 1180 Capital goods
26 SIEMENS LTD 892 126 3137 517 1168 Capital goods
27 LARSEN & TOUBRO LTD-SUS 240 143 2537 407 832 Capital goods
28 SKF INDIA LTD 450 12 969 1482 728 Capital goods
29 BHARAT ELECTRONICS LTD 327 758 685 590 Capital goods
30 CUMMINS INDIA LTD 737 77 618 869 575 Capital goods
31 SHREE CEMENT LTD 109 2566 3288 1988 Construction and Infra
32 ACC LTD 5228 112 683 298 1580 Construction and Infra
33 AMBUJA CEMENTS LTD 3900 156 556 402 1253 Construction and Infra
34 INDIA CEMENTS LTD 161 2223 115 833 Construction and Infra
35 PRISM JOHNSON LTD 113 1768 548 810 Construction and Infra

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36 GRASIM INDUSTRIES LTD 1073 122 915 633 686 Construction and Infra
37 SUPREME INDUSTRIES LTD 61 858 6981 2633 Consumption
38 KAJARIA CERAMICS LTD 181 735 6165 2360 Consumption
39 HERITAGE FOOD LTD 350 628 5834 2271 Consumption
40 V.I.P. INDUSTRIES LTD 1355 25 852 5540 1943 Consumption
41 I T C LTD 6708 10 360 421 1875 Consumption
42 NILKAMAL LTD 110 1298 3440 1616 Consumption
43 FINOLEX CABLES LTD 344 185 690 4187 1352 Consumption
44 BERGER PAINTS INDIA LTD 60 1024 2397 1160 Consumption
45 PIDILITE INDUSTRIES LTD 220 779 2166 1055 Consumption
46 3M INDIA LTD 124 711 2004 946 Consumption
47 BRITANNIA INDUSTRIES LTD 758 18 186 1898 715 Consumption
Note: 1) Stocks with Bold and Italic font in above table are our recommendations
2) The list of stocks enlisted in the above report is selected on the basis of certain statistical and technical models. This report recommends only 5
stocks indicated in the report and other stocks are mentioned only for analysis purpose
Source: Bloomberg, ICICI Direct Research
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 10
Stocks with positive returns across bull phases

1988-1992 1998-2000 2003-2007 2009-2017

Sr Company Name Average (%) Sector
(% returns) (% returns) (% returns) (% returns)

MOMENTUM PICK
48 WHIRLPOOL OF INDIA LTD 859 112 1023 665 Consumption
49 DABUR INDIA LTD 174 825 740 580 Consumption
50 ASIAN PAINTS LTD 204 26 398 1515 536 Consumption
51 GILLETTE INDIA LTD 135 323 1083 513 Consumption
52 GODFREY PHILLIPS INDIA LTD 50 407 683 380 Consumption
53 HINDUSTAN UNILEVER LTD 799 82 48 555 371 Consumption
54 HINDALCO INDUSTRIES LTD 1217 52 271 674 553 Metals
55 NATIONAL ALUMINIUM LTD 107 483 111 234 Metals
56 SRF LTD 277 702 3677 1552 Others
57 PRAJ INDUSTRIES 232 11419 170 3940 Others
58 AARTI INDUSTRIES 98 358 5304 1920 Others
59 DCM SHRIRAM LTD 66 1308 2810 1395 Others

ICICI Securities – Retail Equity Research

60 HONEYWELL AUTOMATION INDIA LTD 367 878 2546 1264 Others
61 FINOLEX INDUSTRIES LTD 238 222 3049 1170 Others
62 BLUE DART EXPRESS LTD 865 1202 1073 1047 Others
63 HIMATSINGKA SEIDE LTD 76 374 2170 874 Others
64 UFLEX LTD 564 987 1027 859 Others
65 J.B. CHEMICALS & PHARMACEUTICALS LTD 121 167 1637 642 Others
66 GNFC 456 137 617 1067 569 Others
67 COROMANDLE INTERNATIONAL LTD 65 881 1403 783 Others
68 E.I.D. PARRY (INDIA) LTD 112 962 561 545 Others
69 DEEPAK FERTILISERS 206 45 709 1000 490 Others
70 TAMIL NADU NEWSPRINT & PAPERS LTD 71 244 990 435 Others
71 RASHTRIYA CHEMICALS & FERTILIZERS LTD 78 397 250 242 Others
Note: 1) Stocks with Bold and Italic font in above table are our recommendations
2) The list of stocks enlisted in the above report is selected on the basis of certain statistical and technical models. This report recommends only 5
stocks indicated in the report and other stocks are mentioned only for analysis purpose
Source: Bloomberg, ICICI Direct Research
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 11
Stocks with positive returns across bull phases

1988-1992 1998-2000 2003-2007 2009-2017

Sr Company Name Average (%) Sector
(% returns) (% returns) (% returns) (% returns)

MOMENTUM PICK
72 AUROBINDO PHARMA LTD 482 354 4752 1863 Pharma and healthcare
73 TORRENT PHARMACEUTICALS LTD 249 377 2406 1011 Pharma and healthcare
74 PIRAMAL ENTERPRISES LTD 82 685 1664 810 Pharma and healthcare
75 APOLLO HOSPITALS ENTERPRISE LTD 1331 445 558 778 Pharma and healthcare
76 SUN PHARMACEUTICAL INDUSTRIES LTD 725 832 490 683 Pharma and healthcare
77 J.B. CHEMICALS & PHARMACEUTICALS LTD 121 167 1637 642 Pharma and healthcare
78 IPCA LABORATORIES LTD 64 663 861 529 Pharma and healthcare
79 LUPIN LTD 54 709 623 462 Pharma and healthcare
80 UNICHEM LABORATORIES LTD 222 493 574 430 Pharma and healthcare
81 FDC LTD 125 241 852 406 Pharma and healthcare
82 DR. REDDY'S LABORATORIES LTD 274 68 556 300 Pharma and healthcare
83 CIPLA LTD 312 320 233 289 Pharma and healthcare

ICICI Securities – Retail Equity Research

84 PFIZER LTD 346 19 164 483 253 Pharma and healthcare
85 SANOFI INDIA LTD 33 92 334 551 253 Pharma and healthcare
86 TITAN COMPANY LTD 125 2690 2320 1712 Retail
87 TRENT LTD 1052 52 475 1069 662 Retail
88 ZENSAR TECHNOLGIES LTD 842 180 3003 1342 Technology
89 SONATA SOFTWARE LTD 407 363 2596 1122 Technology
90 TATA ELXSI LTD 271 316 2768 1118 Technology
91 CYIENT LTD 719 863 1472 1018 Technology
92 WIPRO LTD 1864 264 537 888 Technology
93 MPHASIS LTD 288 360 445 364 Technology
94 INFOSYS LTD 1391 409 305 702 Technology
Note: 1) Stocks with Bold and Italic font in above table are our recommendations
2) The list of stocks enlisted in the above report is selected on the basis of certain statistical and technical models. This report recommends only 5
stocks indicated in the report and other stocks are mentioned only for analysis purpose
Source: Bloomberg, ICICI Direct Research
April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 12
 MOMENTUM PICK
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com

ICICI Securities – Retail Equity Research

ICICI Direct Research Desk,

ICICI Securities Limited,

1st Floor, Akruti Trade Centre,

Road No 7, MIDC,

Andheri (East)

Mumbai – 400 093

research@icicidirect.com

April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 13

Disclaimer
We /I, Dharmesh Shah, Nitin Kunte, Ninad Tamhanekar, Pabitro Mukherjee, Vinayak Parmar Research Analysts, 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. Analysts are not registered as research analysts by FINRA and are not associated
persons of the ICICI Securities Inc. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee
of the companies mentioned in the report.

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Neither the Research Analysts nor ICICI Securities have been engaged in market making activity for the companies mentioned in the report.

We submit that no material disciplinary action has been taken on ICICI Securities by any Regulatory Authority impacting Equity Research Analysis activities.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject ICICI Securities and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in
whose possession this document may come are required to inform themselves of and to observe such restriction.

April 23, 2020 ICICI Securities Ltd. | Retail Equity Research 14