BUY

Narayana Hrudayalaya (NARH)

Health Care Services JUNE 16, 2020
RESULT
Sector view: Attractive

Strong quarter but challenges ahead. NARH’s 4QFY20 revenues and EBITDA CMP (`): 283
declined by 3% and 13% yoy respectively, although exceeding our EBITDA estimates by Fair Value (`): 360
41% led by lower costs. Initial recovery trends are encouraging and we expect the
BSE-30: 33,605
company to weather near-tem challenges through cost-rationalization initiatives. Debt
level remains comfortable; however, complete normalization of operations is contingent
on the evolving Covid situation. BUY with a revised fair value of Rs360 (from Rs380).
Narayana Hrudayalaya
Stock data Forecasts/valuations 2020 2021E 2022E
52-week range (Rs) (high,low) 389-200 EPS (Rs) 5.8 (3.0) 8.3
Mcap (bn) (Rs/US$) 58/0.8 EPS growth (%) 101.0 (151.7) 375.5
ADTV-3M (mn) (Rs/US$) 60/1 P/E (X) 48.6 (94.0) 34.1
Shareholding pattern (%) P/B (X) 5.1 5.4 4.6
Promoters 63.9 EV/EBITDA (X) 14.9 31.0 12.2
FIIs 9.6 RoE (%) 10.7 (5.6) 14.6
MFs/BFIs 14/1.8 Div. yield (%) 0.0 0.0 0.0
Price performance (%) 1M 3M 12M Sales (Rs bn) 31 26 36
Absolute 7 (2) 25 EBITDA (Rs bn) 4 2 5
Rel. to BSE-30 (1) (9) 47 Net profits (Rs bn) 1 (1) 2

EBITDA outperformance led by lower costs

NARH’s 4QFY20 revenues declined 3% yoy and were largely in line with our estimates.
Revenues at mature centers declined 4% yoy (-7% vs KIE) due to the lockdown with flagship
units getting further impacted from early March, particularly from reduction in the international
patient segment. New units grew 22% yoy (+20% vs KIE). Cayman surprised positively posting
merely 9% yoy decline in revenues (+44% vs KIE) despite the unit being temporarily shut for
two weeks in March, implying a strong performance in Jan-Feb months. Gross margins at 76%
were largely in line with our estimates. Consolidated EBITDA (pre-Ind-AS) of Rs774 mn was 41%
ahead of our estimates led by sharp qoq decline in staff and SG&A expenses and reflects strong
cost-control measures. EBITDA margin (pre-Ind-AS) declined 190 bps qoq to 10.4% as mature
cluster margins declined 160 bps qoq to 12.1%. Losses at new units were largely steady. NARH
booked an impairment of Rs109 mn for Dharamshila on account of weaker revenue forecast.

Well-placed to withstand near-term challenges

NARH completion of capex cycle and focus on optimization of existing units during FY2020 has
positioned it well to endure near-term challenges with the company generating ~Rs2.2 bn FCF
in FY2020. Even as we see significant impact on profitability during FY2021, we believe
leverage level (Rs5.3 bn net debt) remains comfortable. The company has initiated various cost-
rationalization initiatives including graded reduction in staff compensation and deferment of
nonessential spends, which will help reduce losses during 1QFY21. Recovery trends are
encouraging with gradual improvement in revenues post relaxation of the lockdown and we
expect the company to return to EBITDA breakeven level (~70% of usual revenues) in July. We
expect normalization of the domestic segment only by 2HFY21, contingent on the evolving Chirag Talati, CFA
chirag.talati@kotak.com
Covid situation and expect the international patient segment (10% of India hospitals revenues)
Mumbai: +91-22-4336-0871
to partially recover in FY2022 (2/3rd of international patients revenues are from Bangladesh).
Kumar Gaurav
kumar.g@kotak.com
We cut FY2021/22 EBITDA estimates; BUY
Mumbai: +91-22-4336-0872

We cut our FY2021/22 EBITDA (pre-Ind-AS) estimates by 46% and 11% respectively and now
expect new units to break even in FY2023 at the earliest. BUY with a revised fair value of Rs360
(versus Rs380 earlier) based on 16X June 2022E pre-Ind-AS EBITDA.

Kotak Institutional Equities Research

kotak.research@kotak.com
Mumbai: +91-22-4336-0000

For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES’ RATING SYSTEM AND OTHER DISCLOSURES, REFER TO THE END OF THIS MATERIAL.
Health Care Services Narayana Hrudayalaya

Key takeaways from conference call

 April revenues were ~35% of usual pre-Covid level revenues, with May inching up to
~50%. With revised cost structures, EBITDA breakeven will be achieved at 70% of pre-
Covid level revenues. The company is optimistic of achieving EBITDA breakeven in June.

 Capex has been curtailed to bare minimum for FY2021 and will be around Rs1.2 bn. The
company has also taken cost-rationalization initiatives including employees taking 5-15%
reduction in pay and doctors with high retainers being switched temporarily to variable
fees.

 Most of the hospitals across network have 10-20% beds reserved for Covid-19 patients.
However, this has led to non-Covid patients staying away unless absolutely necessary.

 The company is funding losses for 1Q through cash balance of ~Rs1.8 bn on books and
does not see increase in gross borrowings in the near term.

 Cayman unit is doing much better than Indian operations with revenues already at ~65%
of pre-Covid levels and the unit breaking even on EBITDA in May.

 2/3rd of international patients by value are from Bangladesh and the company remains
optimistic on prospects of faster recovery in this segment on possibility of land border
from Bangladesh reopening soon.

 Receivables have not seen any significant increase as patient flow from government
segment remained muted during the past two months.

2 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Narayana Hrudayalaya Health Care Services

Exhibit 1: NARH 3QFY20 EBITDA missed our estimates driven by muted growth at mature centers
3QFY20 Interim results, March fiscal year-ends (Rs mn)

(% chg.)
4QFY20 4QFY20E 4QFY19 3QFY20 4QFY20E 4QFY19 3QFY20 FY2020 FY2019 % chg. FY2021E
Revenues 7,429 7,420 7,652 7,852 0 (3) (5) 31,278 28,608 9 26,085
CO GS (1,788) (1,781) (1,856) (1,848) 0 (4) (3) (7,453) (6,875) 8 (6,287)
Gross profit 5,642 5,639 5,796 6,004 0 (3) (6) 23,825 21,733 10 19,799
Employee expenses (1,680) (1,793) (1,596) (1,717) (6) 5 (2) (6,814) (6,241) 9 (6,535)
O ther expenses (3,005) (3,233) (3,305) (3,261) (7) (9) (8) (12,782) (12,615) 1 (11,194)
EBITDA 957 613 895 1,027 56 7 (7) 4,229 2,877 47 2,069
EBITDA (adjusted for Ind-AS) 774 551 895 964 41 (13) (20) 3,820 2,877 33 1,621
Depreciation (551) (462) (359) (464) (1,858) (1,374) (2,031)
EBIT 407 151 536 563 169 (24) (28) 2,371 1,504 38
O ther income 70 53 72 55 238 167 253
Finance costs (208) (268) (175) (206) (853) (714) (876)
Exceptional items (109) 0 0 0 (109) 0 0
PBT 269 (64) 434 412 NM (38) (35) 1,756 956 (585)
Tax (36) 0 (99) (88) (423) (341) 0
Minorities/associates (4) 0 37 (10) (35) (23) (30)
PAT (adjusted) 120 (64) 372 314 NM (68) (62) 1,190 592 (615)
Number of shares 204 204 204 204 204 204 204
EPS 0.6 (0.3) 1.8 1.5 NM (68) (62) 5.8 2.9 (3.0)
Effective tax rate 13 — 23 21 24 36 —
As % of sales
Gross profit 75.9 76.0 75.7 76.5 76.2 76.0 75.9
Employee cost 22.6 24.2 20.9 21.9 21.8 21.8 25.1
O ther expenses 40.4 43.6 43.2 41.5 40.9 44.1 42.9
EBITDA margin 12.9 8.3 11.7 13.1 13.5 10.1 7.9
EBITDA margin (pre-Ind-AS) (%) 10.4 7.4 11.7 12.3 12.2 10.1 6.2
Revenues (Rs mn)
Mature centers 5,755 6,166 5,992 6,146 (7) (4) (6) 24,461 22,966 7 28,296
New centers 639 534 522 616 20 22 4 2,479 1,832 35 (5,475)
India hospitals 6,394 6,700 6,514 6,762 (5) (2) (5) 26,940 24,798 9 22,821
Cayman 1,035 720 1,138 1,090 44 (9) (5) 4,338 3,810 14 3,264
Consolidated revenues 7,429 7,420 7,652 7,852 0 (3) (5) 31,278 28,608 9 26,085
EBITDA (Rs mn)
Mature centers 698 562 742 842 24 (6) (17) 3,415 2,915 17 1,598
New centers (132) (141) (159) (143) (6) (17) (8) (581) (702) (17) (500)
India hospitals 566 421 583 699 34 (3) (19) 2,834 2,213 28 1,098
Cayman 209 130 312 265 61 (33) (21) 986 664 49 522
Consolidated EBITDA 774 551 895 964 41 (13) (20) 3,820 2,877 33 1,621
EBITDA margin (pre-Ind-AS) (%)
Mature centers 12.1 9.1 12.4 13.7 14.0 12.7 5.6
New centers (20.7) (26.4) (30.5) (23.2) (23.4) (38.3) 9.1
India hospitals 8.8 6.3 9.0 10.3 10.5 8.9 4.8
Cayman 20.2 18.0 27.4 24.3 22.7 17.4 16.0
Consolidated EBITDA 10.4 7.4 11.7 12.3 12.2 10.1 6.2

Source: Company, Kotak Institutional Equities

KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

Health Care Services Narayana Hrudayalaya

Exhibit 2: Operations now reaching closer to EBITDA breakeven levels

Revenues versus pre-Covid level, March fiscal year-ends, April-June (%)

70 Revenues versus pre-COVID levels (%)

65

60 Breakeven is at 70% of pre-COVID revenues

50
50

40 35

30

20

10

0
April May June ( E )

Source: Company, Kotak Institutional Equities

Exhibit 3: We revise our LFL adjusted EBITDA by 46% and 11% for FY2021-22E
Earnings revision table, March fiscal year-ends, 2021-22E (Rs mn, %)

New estimates Old estimates Change (%)

2021E 2022E 2021E 2022E 2021E 2022E
Revenues 26,085 35,505 32,856 38,740 (20.6) (8.4)
EBITDA 2,069 5,050 3,367 5,492 (38.5) (8.1)
EBITDA (LFL, Ind-AS adjusted) 1,621 4,558 3,005 5,096 (46.1) (10.6)
PBT (585) 2,320 872 2,955 NM (21.5)
PAT (615) 1,694 618 2,165 NM (21.8)
EPS (3.0) 8.3 3.0 10.6 NM (21.8)
EBITDA margin (%) 7.9 14.2 10.2 14.2
EBITDA margin (%) (LFL, Ind-AS adjusted) 6.2 12.8 9.1 13.2

Source: Company, Kotak Institutional Equities estimates

4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Narayana Hrudayalaya Health Care Services

Exhibit 4: Ramp-up of new hospitals to drive revenue growth

Cluster-wise revenue break-up, March fiscal year-ends, 2016-23E (Rs mn)

2016 2017 2018 2019 2020 2021E 2022E 2023E

Operational beds
Karnataka cluster 2,039 2,049 2,107 2,101 2,029 2,019 2,069 2,119
East India cluster 1,421 1,548 1,666 1,729 1,729 1,729 1,779 1,829
Others 1,122 833 1,394 1,474 1,524 1,554 1,584 1,614
Heart centers 386 386 371 322 345 345 345 345
Managed centers 720 720 587 498 112 112 112 112
Cayman 106 106 106 106 106 106
Total 5,688 5,536 6,125 6,230 5,845 5,865 5,995 6,125
Occupancy (%)
Karnataka cluster 54.8 53.0 55.0 49.5 50.5 40.0 51.0 53.0
East India cluster 58.1 57.0 60.0 56.2 56.5 46.0 56.0 57.0
Others 52.2 47.0 37.1 40.0 43.0 36.0 45.0 48.0
Heart centers 39.0 40.0 40.0 50.0 48.0 35.0 48.0 49.0
Managed centers NM NM NM NM NM NM NM NM
Cayman 27.0 32.1 34.0 27.0 36.0 37.0
Total 54.2 52.2 51.0 49.1 50.2 40.4 50.7 52.6
ARPOB (Rs)
Karnataka cluster 18,082 21,507 22,740 27,819 29,046 30,041 31,543 33,435
East India cluster 18,356 19,863 20,000 22,068 23,503 24,208 25,418 26,944
Others 15,068 18,630 23,288 24,153 27,776 28,887 31,487 34,321
Heart centers 20,456 20,000 20,001 21,001 22,471 23,595 25,246 27,266
Managed centers NM NM NM NM NM NM NM NM
Cayman 273,781 306,542 287,671 312,425 315,550 318,705
Overall ARPOB 17,534 20,822 21,918 24,616 26,447 27,385 29,091 31,144
Revenues (Rs mn)
Karnataka cluster 6,895 8,294 9,737 10,565 10,921 8,855 12,149 13,706
East India cluster 5,484 6,221 7,044 7,809 8,191 7,028 9,243 10,253
Others 2,423 2,765 4,144 5,193 6,482 5,899 8,192 9,705
Heart centers 1,113 1,127 1,102 1,240 1,347 1,040 1,526 1,682
Managed centers 161 376 187 — — — — —
Cayman 596 3,811 4,338 3,264 4,395 4,562
Total revenues 16,075 18,782 22,809 28,609 31,279 26,085 35,505 39,908
Revenue growth (%)
Karnataka cluster 11 20 17 8 3 (19) 37 13
East India cluster 33 13 13 11 5 (14) 32 11
Others 16 14 50 25 25 (9) 39 18
Heart centers 1 (2) 13 9 (23) 47 10
Managed centers
Cayman 14 (25) 35 4
Total revenues 18 17 21 25 9 (17) 36 12

Source: Company, Kotak Institutional Equities estimates

KOTAK INSTITUTIONAL EQUITIES RESEARCH 5

Health Care Services Narayana Hrudayalaya

Exhibit 5: We expect strong recovery in FY2022

Financial summary, March fiscal year-ends, 2013-23E (Rs mn)
2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E
Net revenues 8,393 10,951 13,639 16,138 18,782 22,809 28,609 31,278 26,085 35,505 39,908
Gross profit 6,065 8,138 10,232 12,267 14,423 17,244 21,734 23,825 19,799 26,913 30,251
EBITDA 813 1,201 1,292 1,746 2,289 2,123 2,878 4,229 2,069 5,050 5,865
EBITDA (adjusted for Ind-AS) 813 1,201 1,292 1,746 2,289 2,123 2,878 3,821 1,621 4,558 5,327
Depreciation & amortisation (460) (574) (667) (761) (799) (1,000) (1,374) (1,858) (2,031) (2,156) (2,281)
EBIT 353 626 625 985 1,489 1,123 1,505 2,371 38 2,894 3,584
Net interest (15) (60) (332) (148) (43) (279) (547) (615) (623) (574) (374)
Profit before tax 338 567 294 837 1,446 845 957 1,756 (585) 2,320 3,210
Tax & deferred tax (100) (213) (175) (301) (524) (290) (341) (423) — (596) (825)
Less: minority interest (7) (22) (24) (4) (1) — 1 1 — — —
Net income (reported) 248 317 (109) 212 831 514 592 1,189 (615) 1,694 2,355
EPS (reported) (Rs) 1.3 1.7 (0.5) 1.0 4.1 2.5 2.9 5.8 (3.0) 8.3 11.5
Balance sheet
Cash & equivalents 254 281 296 241 341 353 1,007 1,841 780 2,332 4,942
Debtors 915 1,342 1,429 1,518 1,569 2,790 2,664 2,622 3,216 3,891 3,827
Other current assets 592 766 885 1,101 1,105 1,651 1,602 1,401 1,727 2,063 2,220
Current assets 1,761 2,388 2,610 2,860 3,016 4,793 5,274 5,864 5,723 8,286 10,989
Fixed assets (incl. goodwill) 6,647 7,581 9,281 10,683 11,348 18,830 18,943 18,662 17,931 17,275 16,495
Other non-current assets 1,223 1,588 1,758 2,021 2,104 1,733 2,154 4,384 4,384 4,384 4,384
Total assets 9,632 11,557 13,649 15,564 16,468 25,356 26,370 28,911 28,039 29,945 31,868
Short-term loans 313 522 985 700 369 376 115 108 108 108 108
Creditors and other liabilities 1,262 2,019 1,803 2,702 3,135 4,722 4,988 5,894 5,637 6,850 7,417
Current liabilities 1,575 2,542 2,788 3,401 3,504 5,098 5,103 6,003 5,745 6,958 7,525
Long-term loans 2,246 2,808 2,635 1,876 1,798 6,963 8,020 7,070 7,070 6,070 5,070
Other liabilities (incl. deferred) 291 376 571 1,524 1,532 2,935 2,432 4,474 4,474 4,474 4,474
Total liabilities 4,112 5,725 5,995 6,801 6,835 14,996 15,555 17,546 17,289 17,502 17,069
Equity 5,520 5,832 7,654 8,763 9,633 10,360 10,815 11,365 10,750 12,444 14,799
Total equity and liabilities 9,632 11,557 13,649 15,564 16,468 25,356 26,370 28,911 28,039 29,946 31,868
Cash flow
Operating cash flow excl. working capital 666 1,034 1,161 1,524 2,109 2,088 2,703 3,915 2,069 4,453 5,040
Working capital (220) 66 (394) 217 84 (265) 83 528 (1,177) 202 474
Interest expenses (165) (281) (390) (253) (206) (316) (553) (853) (876) (844) (765)
Capex (1,301) (1,291) (982) (905) (1,350) (5,575) (1,500) (1,160) (1,300) (1,500) (1,500)
FCF (1,020) (472) (604) 583 637 (4,068) 733 2,431 (1,284) 2,312 3,250
Ratios (%)
EBITDA margin (%) 9.7 11.0 9.5 10.8 12.2 9.3 10.1 13.5 7.9 14.2 14.7
RoE (%) 4.5 5.4 (1.4) 2.4 8.6 5.0 5.5 10.5 (5.7) 13.6 15.9
RoCE (%) (post-tax) 3.0 4.7 3.8 5.9 8.7 4.3 5.6 10.8 0.2 13.2 17.7
Net debt/equity (X) 0.4 0.5 0.4 0.3 0.2 0.7 0.7 0.5 0.6 0.3 0.0

Source: Company, Kotak Institutional Equities estimates

6 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Disclosures

"Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which
the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views
about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed in this report: Chirag Talati, Kumar Gaurav."

Kotak Institutional Equities Research coverage universe

Distribution of ratings/investment banking relationships
Percentage of companies covered by Kotak Institutional
70%
Equities, within the specified category.

60%
Percentage of companies within each category for which Kotak
Institutional Equities and or its affiliates has provided
50% 47.1%
investment banking services within the previous 12 months.

40% * The above categories are defined as follows: Buy = We

expect this stock to deliver more than 15% returns over the next
12 months; Add = We expect this stock to deliver 5-15% returns
30%
over the next 12 months; Reduce = We expect this stock to
23.0%
deliver -5-+5% returns over the next 12 months; Sell = We
20% 17.2% expect this stock to deliver less than -5% returns over the next
12.7% 12 months. Our target prices are also on a 12-month horizon
basis. These ratings are used illustratively to comply with
10%
3.9% applicable regulations. As of 31/03/2020 Kotak Institutional
2.0% 1.5%
0.0% Equities Investment Research had investment ratings on 204
0% equity securities.
BUY ADD REDUCE SELL

Source: Kotak Institutional Equities As of March 31, 2020

Ratings and other definitions/identifiers

Definitions of ratings

BUY. We expect this stock to deliver more than 15% returns over the next 12 months.

ADD. We expect this stock to deliver 5-15% returns over the next 12 months.

REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months.

SELL. We expect this stock to deliver <-5% returns over the next 12 months.

Our Fair Value estimates are also on a 12-month horizon basis.

Our Ratings System does not take into account short-term volatility in stock prices related to movements in the market. Hence, a particular Rating may not
strictly be in accordance with the Rating System at all times.

Other definitions

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designations: Attractive, Neutral, Cautious.

Other ratings/identifiers

NR = Not Rated. The investment rating and fair value, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s)
and/or Kotak Securities policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction
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CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.

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RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and fair value, if any, for this stock, because there is not a sufficient
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and should not be relied upon.

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NM = Not Meaningful. The information is not meaningful and is therefore excluded.

KOTAK INSTITUTIONAL EQUITIES RESEARCH 7

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derivative transactions.
Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India's largest brokerage and distribution house.
Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Ex change of India Limited (NSE), Metropolitan Stock
Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange(MCX). Our businesses include stock broking, services rendered
in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management.
Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited
is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor
registered with Association of Mutual Funds in India (AMFI). Kotak Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.
We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI,
Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on KSL for certain operational
deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point
of time.
We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us
Details of Associates are available on website i.e. www.kotak.com
Research Analyst has served as an officer, director or employee of subject company(ies): No
We or our associates may have received compensation from the subject company(ies) in the past 12 months.
We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months. YES. Visit our website for more details
We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our
associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the
past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
Our associates may have financial interest in the subject company(ies).
Research Analyst or his/her relative's financial interest in the subject company(ies): No
Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: YES
Nature of Financial interest: Holding equity shares or derivatives of the subject company.
Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report.
Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of
publication of Research Report: No
Kotak Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report: No
Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
A graph of daily closing prices of securities is available at https://www.moneycontrol.com/india/stockpricequote/ and http://economictimes.indiatimes.com/markets/stocks/stock-quotes.
(Choose a company from the list on the browser and select the"three years" icon in the price chart).
Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22
43360000, Fax No.: +22 67132430. Website: www.kotak.com / www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg,
Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No. INZ000200137(Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024;
MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Manoj Agarwal.
Call: 022 - 4285 8484, or Email: ks.compliance@kotak.com. Investments in securities market are subject to market risks, read all the related documents carefully before investing.
In case you require any clarification or have any concern, kindly write to us at below email ids:
Level 1: For Trading related queries, contact our customer service at ‘service.securities@kotak.com’ and for demat account related queries contact us at ks.demat@kotak.com or call us on:
Toll free numbers 18002099191 / 1860 266 9191
Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.escalation @kotak.com or call us on 022-42858445 and if you feel you are
still unheard, write to our customer service HOD at ks.servicehead@kotak.com or call us on 022-42858208.
Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Complia nce Officer (Name: Mr. Manoj Agarwal) at
ks.compliance@kotak.com or call on 91- (022) 4285 8484.
Level 4 : If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach Managing Director / CEO (Mr. Jaideep Hansraj) at ceo.ks@kotak.com or
call on 91-(022) 4285 8301.
First Cut notes published on this site are for information purposes only. They represent early notations and responses by analysts to recent events. Data in the notes may not have been
verified by us and investors should not act upon any data or views in these notes. Most First Cut notes, but not necessarily all, will be followed by final research reports on the subject.
There could be variance between the First cut note and the final research note on any subject, in which case the contents of the final research note would prevail. We accept no liability
for the contents of the First Cut Notes.