September 21

Market Strategy: Polarized markets; valuation

divergence to continue
• Equity markets had a blockbuster month mainly driven by large caps with many index heavyweights touching new highs. The rally was driven by
positive global cues, strong inflows by FIIs/DIIs, and a good end to the 1QFY22 corporate earnings season.

• Nifty crossed the 17,000 mark in Aug’21 to reach a record high. It gained 8.7% MoM for the month of August to close at 17,132. Nifty moved from
16K to 17K within 19 trading days, one of the fastest 1000 point milestone in its journey.

• In the CY21 so far, midcaps/smallcaps have risen 36%/45% v/s a 23% rise for the Nifty. The broader market however underperformed in August’21
with Nifty Midcap 100 gaining 2.2%, while the Nifty Smallcap 100 index fell by 2.5%.

• FII inflows returned to Rs7,454 crore (including primary market activity) in Aug’21, after recording the highest outflows in July’21 since Mar’20 (-
Rs12,746 crore). DIIs saw inflows for the sixth consecutive month at Rs6,895 crore.

• Good 1QFY22 earnings delivery has boosted hopes for a solid FY22 with 30%+ projected Nifty earnings growth, on the back of a strong 15%
earnings growth in FY21. 1QFY22 Management commentaries across the board suggest an improved demand environment post June’21, led by the
easing of restrictions, lower active COVID-19 cases, and a pickup in vaccinations.

• Real GDP grew at a record 20.1% YoY in 1QFY22, albeit on a low base. Growth was largely attributable to 13.8% YoY growth in consumption and
56.7% YoY growth in Gross Capital Formation (GCF). The GST collection also remained above Rs1 lakh mark for the second consecutive month at Rs
1.12 lakh crore for Aug’21.

• Amid the buoyant sentiment and elevated activity in the primary markets, Nifty valuations at ~22x 12m forward EPS remain rich. Thus, consistent
delivery on earnings expectations becomes crucial going ahead. From the next 12 months perspective, we are positive on IT, BFSI, Metals, Cement,
Capital Goods and select names within Healthcare and Consumer.
Top Investment Ideas
Large Cap Mid cap
 ICICI Bank  Max Financial
 SBI  Chola Finance
 Infosys  JK Cements
 HCL Tech  Indian Hotels
 UltraTech  Deepak Nitrite
 HUVR  Orient Electric
 Titan  Solara
 Divis Lab  Zensar Tech
 Hindalco  L&T Technology
 SBI Cards  Aditya Birla Fashion
Valuation snapshot
Large Caps

Mid Caps

*Price data as on 3rd September 2021; Source: MOFSL

Top Investment Ideas: Cement
Ultratech: Expansions provide strong growth visibility
Key Rationales
• With its strong pan-India distribution network and preferred supplier status for key infrastructure projects, UTCEM is well-suited to tap into expected growth in both retail and
institutional (non-trade) cement demand in India.
• Market share gains should continue, aided by the ongoing 20mtpa expansion program, which should drive a 13% volume CAGR over FY21–24E.
• UTCEM plans to expand its WHRS and solar capacities to 302MW and 500 MW, respectively, by FY24; this should reduce its power and fuel cost by ~INR80/t.
Concerns
• Rise in petcoke/ diesel prices possess risk to margin expansion - Supply chain efficiency and increase in green power mix have partially offset impact of higher fuel/ diesel prices.
View
• We estimate a 15%/26% CAGR in consolidated EBITDA/PAT over FY21–23E, driven by a 13% volume CAGR, better realizations, lower operating costs, and lower interest costs.
• Management expects pent-up demand to kick in once the monsoons recede. The valuation is reasonable and is at a 10% discount to its last five years’ average.

J K Cement: Market share gains to drive earnings; Expansion in Central India a long-term positive
Key Rationales
• The announced expansion at Panna should continue to drive market share gains in the long term as well as improve its regional mix in favor of North/Central India. It should help
the company move down the cost curve by lowering power and fuel and other costs.
• JKCE is increasing the production capacity of one of its kilns at Nimbahera to 6,000tpd from 5,000tpd currently. This would help extend GST benefits for the company up to CY27.
• JKCE recently expanded its Wall Putty capacity in Katni by 0.3mtpa, increasing the overall Putty capacity to 1.2mtpa. This is a high-margin business and has been growing at over
10% CAGR in the past few years. Expansion is thus timely and would help JKCE fully participate in market growth.
Concerns
• Rise in petcoke/ diesel prices possess risk to margin expansion
View
• We expect JKCE to deliver 16% EPS CAGR over FY21-23E, led by a 12% volume CAGR on account of its new capacity in North India.
Top Investment Ideas: Chemicals/Metals
Deepak Nitrite: Focus on advance/high-value products intensifies
Key Rationales
• DN has the most lucrative profile in the entire Specialty Chemicals space. Through its wholly owned subsidiary Deepak Phenolic Limited (DPL), it has substituted a majority of its
imports of phenol and acetone, and reportedly attained ~65% market share in the country. It aims to be the largest player in Solvents and capitalize on import substitution.
• It aims to transition from being a chemical intermediates company to an advance products one (leaning towards life sciences – the need of the hour). It would continue to focus
on bringing more products under the Fine & Specialty segment and close the gaps in the production value chain.
• Strong domestic demand for phenolics, with higher exports to countries such as the US and China, could keep product prices and margins strong in this segment.
Concerns
• Risk of overall margin contraction from the normalization of phenolics product prices
View
• We reiterate that the increased focus on advance/high-value products would aid margin expansion and sustainability for the company – of which investors are most wary. Even on
a conservative margin assumption, we forecast an EBITDA/PAT CAGR of 14–16% over FY22–24E.
•
Hindalco: Higher LME prices to drive earnings growth
Despite a capex plan of INR18b over the next three years, it is expected to turn net cash positive by FY23E, with an FCF generation of INR17.4b over FY22-24E.

Key Rationales
• HNDL is our preferred non-ferrous pick owing to a) robust volume recovery in both India and Novelis, b) strong profitability in primary Aluminum business, given low-cost
integrated operations in India (in the top quartile globally) and higher LME prices, c) solid FCF generation, which should reduce leverage sharply and d) reasonable valuations.
• The management expects demand for commodities such as aluminum and copper to remain strong in CY21 on the back of a stimulus-driven economic recovery.
• The outlook for Novelis is positive due to its resilience in the Beverage Cans business and demand recovery in Auto (a high-margin business). Demand for Beverage Cans is
expected to grow 3–6% YoY in CY21.
Concerns
• Any correction in aluminium prices poses a risk
View
• With a ~65% EBITDA contribution now accruing from Non-LME business (Novelis), we see relatively higher stability in HNDL’s earnings. Given tight demand-supply, we expect
aluminum prices to remain strong.
Top Investment Ideas: Consumer/ Consumer Durables
HUL: Managment suggests improving momentum
Key Rationales
• HUVR's best-of-breed analytics, execution ability and cost-saving plans are key factors driving the pace of earnings growth.
• After premiumization in Detergents led to strong growth in detergent sales and margin in the last decade, the Personal Wash and Dishwashing segments show considerable
promise going forward.
• Synergies from the GSKCH business (tracking ahead of earlier expectations) would play a bigger role in resumption of strong earnings growth going forward.
Concerns
• Lockdowns resulted in a temporary impact on high-margin discretionary product sales
View
• While the Jun’21 quarter was affected on this front due to lockdowns, the management commentary suggests substantial improvement in mix in subsequent quarters.
• The strong outlook on rural, GSKCH synergies, and sustained growth and premiumization in Skin Cleansing offer further medium-term tailwinds. In a period of relative normalcy,
we believe that HUVR is likely to post superior earnings growth.

Orient Electric: Reinventing through innovation

Key Rationales
• While the recent lockdown has led to lower offtake, normal inventory level in the channel is expected to aid primary sales as demand stabilizes. We believe OEL is best placed to
capture pent-up demand, with its strong manufacturing and distribution capabilities.
• OEL generates an RoE of over 26%, which is superior to many of its peers as it follows asset-light model, which is reflected in the high asset turnover ratio
• OEL’s cost structure (with higher employee costs and ad spends as a percentage of sales) makes it a strong operating leverage story. As the economy recovers from the pandemic,
it can witness a strong margin expansion.
Concerns
• Delay in pick up of EBITDA margin
View
• We forecast a revenue/EBITDA /adjusted PAT CAGR of 17%/19%/23% over FY21-24E. With the potential for margin expansion, as it bridges the wide gap with peers, we expect
RoE to remain robust at 25-27% over FY22-23E.
Top Investment Ideas: Financials
ICICI Bank: Earnings progression to remain strong
Key Rationales
• ICICIBC continues to see strong growth in Retail deposits and has succeeded in building a robust liability franchise over the past few years.
• It has one of the lowest funding costs among Private Banks, which enables it to underwrite profitable business without taking undue Balance Sheet risk
• Management is confident of improved asset quality trends over FY22, mainly from 2H onwards. Restructured loans remain under control at 0.7% of loans.
Concerns
• Rising COVID-19 cases and regional lockdown would be a key to watch out for in the near term. Any increase in BB and below pool could keep slippages elevated.
View
• . The steady mix of high yielding portfolio such as Retail/Business banking portfolio, deployment of excess liquidity, and low cost liability franchise is aiding margin expansion.
• We expect RoA/RoE to improve to 1.8%/15.3% for FY23E. We maintain our Buy rating.

SBI: PPOP conversion to PAT gaining traction; asset quality resilient

Key Rationales
• SBIN has strengthened its balance sheet by creating higher provisions toward stressed accounts. It further holds a higher (~85%) provision coverage on corporate NPAs.
• The bank has one of the best liability franchises (CASA mix: ~46%). This puts it in a better position to manage pressure on yields.
• It appears well positioned to report strong uptick in earnings, led by normalization in credit cost. This, along with expected uptick in core operating performance, will further
propel earnings growth.
• SBI MF, SBILIFE, SBICARD, and SBI Cap – have exhibited robust performances over the last few years, supporting the SOTP value of the bank.
Concerns
• Slippage could remain elevated in the near term
View
• Among the PSU banks, SBIN remains the best play on a gradual recovery in the Indian economy, with a healthy PCR (~68%), Tier I of ~11.3%, a strong liability franchise, and
improved core operating profitability.
• We estimate PPOP at 14% CAGR over FY21-23E v/s 6% CAGR (FY18-21), enabling SBIN to achieve ~15% RoE (decadal high) by FY23E.
Top Investment Ideas: Financials
SBI Cards: Cashing in on the cashless surge!
Key Rationales
• SBICARD has strengthened its position as the second largest card player in the country, with a market share of ~19% each in outstanding cards and overall spends. The company is
also the market leader in terms of open market sourcing and is the largest co-branded card issuer in India.
• On account of a robust distribution and co-branded channels, it is well-placed to capitalize on growth opportunities, as the market remains significantly underpenetrated. The
management said incremental sourcing is likely to be higher from the Banca channel, which provides better underwriting risk and enables lower opex.
• The gradual decline in the RBI RE book, increase in the Revolver mix, and controlled funding cost would support margin over the medium term.
Concerns
• Credit cost can remain under pressure if the 3rd Covid wave sets in
View
• A higher proportion of interest earning book, moderation in credit cost, and higher fee income will remain the key earnings driver. We expect SBICARD to report 68% earnings
CAGR over FY21-23E.
• We estimate loan book/earnings CAGR of 20%/68% over FY21-23E along with improvement in RoA/RoE to 7.9%/30.5% in FY23E.

Chola Finance: Muted disbursements; PAT beat despite elevated credit costs
Key Rationales
• Two aspects of CIFC’s Vehicle Finance business stand out v/s most peers: i) it is well-diversified across product segments and ii) there is no state-level concentration – the largest
state accounts for less than 10% of the total portfolio.
• Its strong asset quality has been CIFC’s hallmark. It has delivered benign credit costs (sub-100bp) v/s peers such as SHTF and MMFS (200bp+).
• Over the past year, CIFC has weathered the pandemic well. Its collection efforts have resulted in relatively better asset quality, without any large write-offs.
Concerns
Third wave of covid-19 may further slower the recovery.
View
• We expect a strong rebound in disbursements over the remainder of FY22, AUM growth is likely to be in the single digits in FY22E, followed by a pickup to 13–15% over FY23–24E.
• We expect the company to deliver healthy RoE of 17–20% over the next two years. We expect strong recovery in disbursements from 2QFY22.
Top Investment Ideas: Financials/Hospitality
Max Financial: Non-PAR growth remains robust
Key Rationales
• MAXLIFE reported strong operating trends, with premium growth in the Non-PAR business remaining steady, while the ULIP business showed a recovery. MAXLIFE has increased
its focus on Non-PAR and Protection segments, the share of which has increased to ~44% in FY21.
• VNB has doubled in the last three years, aided by improvement in high margin products in the total APE mix. VNB margin currently stands at 25%.
• Strong push via the bancassurance channel has supported premium growth, while growth is improving gradually in the proprietary channel.
Concerns
• Excess provision due to covid - 19
View
• We estimate APE growth at 22% CAGR over FY20-23E and VNB margin to improve to 26.8% in FY23E. This would enable 26% VNB CAGR over FY21-23E, while operating RoEV will
sustain ~22%. We maintain our Buy rating with a TP of INR1,200/share

Indian Hotels: Cost savings and operating leverage lower operating loss
Key Rationales
• The management has unveiled a new strategy ‘RESET 2020’ (R: Revenue growth initiatives, E: Excellence initiatives, S: Spend optimization initiatives, E: Effective asset
management, T: Thrift and financial prudence). Through the RESET strategy in FY21, IHIN ensured: i) incremental revenue growth of INR2.6b, ii) spends optimization of INR4.2b,
iii) effective asset management (sale of residential apartments and lease cost savings) of INR700m, and iv) financial prudence in corporate expenditure of INR1.
• While FY21 earnings are weak, we expect a gradual/sharp recovery in FY22E/FY23E on: a) a low base, b) improvement in ARRs once things normalize, c) improved occupancies, d)
positivity in cost rationalization efforts in FY21, e) an increase in F&B income as banqueting/conferences resume, and f) higher income from management contracts.
• Further, IHIN opened three new hotels across brands to further tapped into the potential of strategically located destination.
Concerns
• Third wave of Covid may further delay the recovery in the Hospitality sector
View
• New revenue generating avenues have a higher EBITDA margin, and this is being done without deploying capital or with very minimal capital, which bodes well for RoCE. We have
increased our FY22E revenue/EBITDA estimate by 2%/4%, and maintained our estimate for FY23E.
Top Investment Ideas: Healthcare
Divis: Multi-pronged strategy to maintain growth trajectory
Key Rationales
• DIVI is deploying six growth engines for long-term sustained growth. Scale-up in legacy products and new introductions would drive growth in the Generic API segment. it is
currently working on 16 new molecules which would drive next leg of growth.
• Successful backward integration would lead to better business opportunities in the Sartans space. DIVI has increased traction in Contrast Media in CS and the existing Generics
API segment. It would scale up two CS projects in addition to Molnupiravir. Further there are potential opportunities from genericization of products over FY23-25E
Concerns
• Any delay in pick up of Contrast Media/carotenoid business.
View
• DIVI remains well poised in terms of both product development and manufacturing capacity to sustain superior return ratios over the next 4–5 years.
• We expect a 34% earnings CAGR over FY21–23E, led by increased business prospects from CS/ Generics, improved growth in Nutraceuticals, new product additions in the
Contrast Media space, and ~230bp margin expansion on process and productivity improvements.

Solara: Comprehensive approach in API/CRAMS to drive growth

Key Rationales
• SOLARA unveiled its goal of being among the top 10 global pure-play API players. It is targeting 25% sales CAGR over FY21-25, 23-25% EBITDA margin, and a 30% revenue
contribution from CRAMS by FY25.
• It has also strengthened its organizational structure by appointing Mr. Aditya Puri as Chairman of the board and Mr. Arun Kumar, founder of SOLARA, as a Non-Executive Director.
• The acquired portfolio of AURORE is expected to increase the breadth of SOLARA’s offerings as there is minimum overlap. The management expects to launch 25 products in
FY22, leveraging its ALS’ filing capabilities.
Concerns
• Higher opex dented EBITDA margins
View
• Earnings growth momentum to sustain over the next 3-4 years, on the back of: a) benefits from successful backward integration for Ibuprofen manufacturing, b) extended tax
benefits, and c) increased growth prospects in the CRAMS segment. With operating leverage and synergy benefits, we expect EBITDA to grow at 42% CAGR over FY21-23E.
Top Investment Ideas: Retail
Titan: Commendable result amid the lockdown, further recovery underway
Key Rationales
• The company has delivered strong growth in the Jewelry business, aided by: a) store expansion, b) focus on erstwhile weak cities, c) increased focus on Wedding and Studded
Jewelry, d) attractive schemes such as Golden Harvest, and e) greater emphasis on exchange gold.
• We continue to believe that TTAN can claw back some of the lost demand in 1QFY22. The recovery in Jun-Jul’21 was strong. Underlying demand remains robust, led by a decline
in gold prices and strong wedding demand.
Concerns
• Recovery may get further prolonged on account of 3rd Covid wave
View
• TTAN's medium to long-term earnings growth opportunity is the best-of-breed, which is reflected in the EPS CAGR of ~24% over past 3 years before the COVID-19 impact in FY21.
• There is a strong growth runway, given TTAN's market share of less than 10% and the continuing struggles of unorganized and other organized peers. TTAN remains our top pick
on the discretionary consumption space.

Aditya Birla Fashion: Strong revenue recovery, but leverage on the rise
Key Rationales
• Recovery is expected to commence from 2QFY22 if the COVID situation is controlled. Moreover, the spurt in consumer demand, coupled with a better competitive position
against smaller peers, should translate to a revenue scale better than pre-COVID levels.
• ABFRL has consistently improved its earnings graph, with a revenue/EBITDA CAGR of 37%/75% over FY14–19. Considering the dented growth in FY20, the revenue/EBITDA CAGR
would stand at 32%/55% over FY14-20
• Since the recent fundraise through a rights issue and strategic stake sale to Flipkart, leverage has come under control. It saw a spike in net debt by INR5.5b to INR12b in 1QFY22,
but this should largely reverse with revenue recovery and the payment of the final tranche of the INR2.5b rights issue.
Concerns
• Recovery may get further prolonged on account of 3rd Covid wave
View
• While the near-term increase in losses from expansion in the Ethnic Wear vertical remains a concern, we expect this to be largely offset by lower losses from other businesses and
growth in the Lifestyle Brands / Pantaloons business. We remain positive given the quicker recovery and improving balance sheet.
Top Investment Ideas: Technology
Infosys: FY22 guidance leaves scope for an upward revision
Key Rationales
• INFO posted a strong growth in 1QFY22. We expect the company to deliver a top quartile growth performance in FY22E on the back of its strong technical capabilities and ramp
up in deal wins in FY21.
• We expect INFO to deliver another year of an ongoing guidance raise as the current one does not fully factor in strong technology demand and execution of its record high deal
wins (LTM deal wins rose 86% YoY to USD14.9b).
• There has been sustained growth acceleration, with seven industries reporting strong double digit growth.
Concerns
• For FY21, it delivered strong margin - tailwinds of which are not sustainable.
View
• With Cloud becoming a Digital priority, many clients are taking advantage of Infosys Cobalt. We expect INFO to be a key beneficiary of a recovery in IT spends in FY22E.

HCL Tech: Growth optionality at attractive valuation

Key Rationales
• HCLT’s exposure to deeply troubled verticals (e.g., Energy, Travel, Transportation, Hospitality, and Retail) is lower v/s peers. Moreover, the company has higher exposure in
Financial Services, Technology Services, and Life Sciences, wherein we anticipate a better outlook.
• Higher exposure in IMS (~37% of revenue), comprising a larger share of non-discretionary spend, offers better resilience to its portfolio in the current context – with increased
demand for cloud, network, security, and digital workplace services.
• Broad-based sequential growth, coupled with healthy deal wins and a robust pipeline, indicates an improved outlook. We estimate strong performance in the Products business
driven by HCLT’s capabilities to rightly align and sell these products.
Concerns
• High exposure to ER&D (~16% of revenue)
View
• Given its deep capabilities in the IMS space and strategic partnerships, investments in Cloud, and Digital capabilities, we expect HCLT to emerge stronger on the back of an
expected increase in enterprise demand for these services.
Top Investment Ideas: Technology
Zensar Technology: Growth recovery firmly on track
Key Rationales
• ZENT’s solid 1QFY22 performance reinforces our view that its new sales-led strategy should help it return to mid-teen growth in FY23E.
• OB stood at USD97m in 1QFY22, with an equal mix of new deals and renewals. With the company pursuing a good number of logos, order book should increase going forward.
• We expect revenue growth to rebound from 2HFY22E under new leadership, refreshed strategy, and reinvestment of margin gains in sales start paying off. A strong cash balance
also offers incremental growth from tuck in acquisitions in coming years.
Concerns
• Investments into the business might lead to a decline in margins
View
• Its current valuation is the lowest in our midcap coverage and is at a 30% discount to peer median valuation on FY23E EPS estimates. With a likely return to double-digit growth in
FY23E (est. 19% YoY) on a good FY22 exit and recovery in key accounts, we see a potential for significant stock re-rating as valuations catch up with its peer group.
• We also see higher downside protection in the share price at current levels, as 15% of ZENT's market capitalization is in cash v/s only 8% for its midcap IT Services peers.

L&T Technology: Remain positive on improving demand outlook

Key Rationales
• With a strong demand commentary across industries and key regions, and capability to deliver services during the lockdown, LTTS should not see a meaningful disruption in the
business. We bake in 18.6% revenue growth for FY22E, partially on account of a favorable base
• The company continues to do well on the deal front, adding six large deals (over USD10m), with two having a TCV of over USD25m. The management remains extremely positive
on the deal pipeline, which has seen a rise over the last two quarters, as client spends recover across both US and Europe.
• Going forward, the management has identified six strategic investment areas and expects to make these into a sustainable growth engine.
Concerns
• margin in 2QFY22 would be impacted on account of a residual wage hike impact
View
• We see LTTS as a key beneficiary of growing tech adoption in ER&D, which should grow by ~2x that of IT Services over FY18-23E. Moreover, with Digital at 53% of revenue, it
should also benefit from 18% growth in Digital ER&D spends over this period. We have built in 18%/33% revenue/EBIT CAGR over FY21-23E.
This report is intended for distribution to Retail Investors.
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not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together
with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons. This report is intended for distribution only
to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is
only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to
conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets
Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal
Capital Markets Singapore Pte Limited:
Disclaimer:
This report is intended for distribution to Retail Investors.
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific
circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient.
Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment
discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy,
completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The
Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in
this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document.
This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may
not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. 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 MOSL 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. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing
this information specifically agrees to exempt MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSL or any of its affiliates or employees free and harmless from all losses,
costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer:
Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-38281085.
Registration details of group entities.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412 . AMFI: ARN 17397. Investment Adviser: INA000007100. IRDA Corporate Agent - CA0541. Motilal Oswal Asset Management Company Ltd. (MOAMC):
PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products. * Motilal Oswal
Commodities Broker Pvt. Ltd. offers Commodities Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench. The existing registration no(s) of MOSL would be used until receipt of new MOFSL registration numbers.