INDIA

Economy
Public Finance JULY 01, 2022
UPDATE
BSE-30: 52,908

Fiscal on knife-edge. The levy of cess/duty on production of petroleum crude, and

exports of petrol, diesel, and ATF will help boost the central government’s finances and
offset losses from excise duty cuts on petrol and diesel. If the levy continues for the rest
of FY2023E, the government could garner close to Rs1 tn. As a base case, we assume
that the levy continues and accordingly, revise down our FY2023E GFD/GDP to 6.5%. If
the gains fructify, it will help in easing risks of higher-than-budgeted borrowings.

Significant gains possible for the government from duties/cess on petroleum products

The central government announced special additional excise duty and cess of: (1) Rs23,250/ton QUICK NUMBERS
on domestic production of petroleum crude, and (2) Rs6/liter and Rs13/liter on exports of petrol
and diesel, respectively along with Rs6/liter on exports of ATF. Unconfirmed media reports  Duty/cess on
suggest that the excise duty will also be applicable on SEZs/EOUs. On an annualized basis, we petroleum crude
estimate the government to garner around Rs1.3 tn (Rs660 bn each from petroleum crude and products likely
production and exports of petrol, diesel, and ATF) (see Exhibit 1). The duties will be reviewed on to garner Rs990 bn
a fortnightly basis. However, if the duties/cess continues for the rest of the year, the government
could garner around Rs990 bn (based on FY2022 data on volumes of production and exports).  May GST at Rs1.4 tn
The government does not expect any implication of these measures on prices of fuel products.
The government also increased the customs duty on gold imports to 15% from 10.75%. We do  2MFY23 GFD at
not factor in lower gold imports yet. 12.3% of FY2023BE

GST collections remain robust in May  We estimate

FY2023E GFD/GDP
Total GST collections for May came in at Rs1,446 bn (April: Rs1,409 bn) with CGST at Rs253 bn at 6.5%
(April: Rs250 bn), SGST at Rs324 bn (April: Rs320 bn), IGST at Rs759 bn (April: Rs733 bn), and
compensation cess at Rs110 bn (April: Rs105 bn). GST collections should hold up at current levels
in June too. We continue to expect CGST revenues to exceed budgeted estimates by Rs200 bn
given the initial trend in GST collections (see Exhibit 2-3). The GST Council has extended the levy
of GST compensation cess till March 2026 for repayment and interest payment of back-to-back
loans given to states in lieu of compensation cess. We estimate the total cost at around Rs3.5-4 tn.

Center’s fiscal remains in check

Center’s gross tax revenue in 2MFY23 was at 14.6% of FY2023BE (growth of 29%) while net
tax revenues was at 15.9% of FY2023BE (growth of 32%). Direct tax collection was at 13.8%
and indirect tax collection was at 15.5% of FY2023BE driven by income tax and GST collections.
Total expenditure in 2MFY23 was at 14.8% of FY2023BE (growth of 23%) with revenue
expenditure growth of 15% and capital expenditure growth of 70%. Most growth rates will be
distorted due to the impact of the second Covid wave in 1QFY22. GFD in 2MFY23 was at 12.3% Suvodeep Rakshit
of FY2023BE (see Exhibit 4). suvodeep.rakshit@kotak.com
Mumbai: +91-22-4336-0898

Fiscal remains on a knife-edge; lower our FY2023E GFD/GDP estimate to 6.5% Upasna Bhardwaj
upasna.bhardwaj@kotak.com
The levy of duty/cess on crude production and exports of petrol, diesel, and ATF will help offset Mumbai: +91-22-6166-0531
the losses from excise duty cuts in petrol and diesel. Assuming that the duty/cess continue for
Anurag Balajee
rest of FY2023E, we estimate excise duty collection at Rs3.8 tn compared to our earlier estimate anurag.b@kotak.com
of Rs2.8 tn. The proceeds will accrue entirely to the center. In our last revision (report titled Two
to tango, May 23), we had factored in additional subsidies and excise duty losses to pencil in
GFD/GDP at 6.8% (without any change in other expenditures). With the recent measures, we
revise down our GFD/GDP estimate to 6.5% and remove the need for higher dated securities
borrowings (see Exhibits 5-6).

Kotak Economic Research

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

For Private Circulation Only.

India Economy

Exhibit 1: Central government could garner around Rs990 bn from duty/cess on crude production and products' exports
Estimated impact of announced duty/cess on government's revenues, March fiscal year-ends

2020 2021 2022 2020 2021 2022

India export volumes (mn tons) Crude oil production (mn tons)
Gasoline 13 12 13 PSUs 22 22 21
Diesel 32 31 32 JVs/Private 8 7 7
ATF 8 4 5
Total exports 52 46 51 Total production 31 29 28
India export volumes (bn liters) Windfall tax (Rs/ton)
Gasoline 18 16 19 Crude oil 23,250
Diesel 38 37 39 Annual excise duty collections on production (Rs bn)
ATF 10 4 6 Total collection on production (2) 661
Total exports 66 58 64
Windfall tax (Rs/liter)
Gasoline 6
Diesel 13
ATF 6
Annual excise duty collections on exports (Rs bn)
Gasoline 114
Diesel 510
ATF 36 Total estimated excise duty collections (Rs bn) (1+2) 1,322
Total collection on exports (1) 660 Nine estimated months excise duty collections (Rs bn) 991

Notes:
(a) Estimated excise duty collections are assuming FY2022 exports/production levels.
(b) We assume duties sustain for the rest of the year.

Source: PIB, PPAC, Kotak Institutional Equities estimates

2 KOTAK ECONOMIC RESEARCH

Economy India

Exhibit 2: May GST revenues (collected in June) at Rs1.4 tn

Trend in GST collections and components (Rs bn)

Compensation
CGST SGST IGST IGST (imports) cess Total GST
FY2018 1,183 1,711 3,692 1,831 643 7,230
FY2019 2,024 2,788 5,987 2,905 974 11,774
FY2020 2,274 3,092 5,867 2,673 987 12,221
Mar-20 51 59 323
Apr-20 103 129 620
May-20 190 240 403 157 77 909
Jun-20 161 214 426 203 73 875
Jul-20 159 211 423 192 72 864
Aug-20 177 231 475 224 71 955
Sep-20 192 254 525 234 80 1,052
O ct-20 192 255 520 221 82 1,050
Nov-20 214 278 574 271 86 1,152
Dec-20 219 290 603 274 86 1,198
Jan-21 211 273 553 244 95 1,131
Feb-21 230 293 628 311 88 1,239
FY2021 2,099 2,728 5,130 2,330 811 11,368
Mar-21 278 356 685 296 94 1,414
Apr-21 176 227 532 260 93 1,027
May-21 164 204 491 258 69 928
Jun-21 222 285 579 279 78 1,164
Jul-21 205 266 562 269 86 1,120
Aug-21 206 268 609 296 88 1,170
Sep-21 239 304 674 330 88 1,301
O ct-21 240 311 668 322 96 1,315
Nov-21 226 287 692 375 94 1,298
Dec-21 247 320 720 352 97 1,384
Jan-22 244 308 675 338 103 1,330
Feb-22 258 324 745 391 94 1,421
FY2022 2,705 3,460 7,631 3,765 1,080 14,873
Mar-22 332 418 819 367 106 1,675
Apr-22 250 320 733 375 105 1,409
May-22 253 324 759 401 110 1,446

Source: PIB, Kotak Economics Research

KOTAK ECONOMIC RESEARCH 3

India Economy

Exhibit 3: CGST collections likely to exceed FY2023BE by around Rs200 bn

Summary of GST collections, March fiscal year-ends (Rs bn)

Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Monthly collections (PIB press releases)
Center 326 357 503 556 494 512 513 481 719 508 656 666 530 684
Center GST (CGST) 176 164 222 205 206 239 240 226 247 244 258 332 250 253
Centre's share of IGST (C-IGST) 150 193 281 350 288 273 273 256 472 263 398 334 279 431
States 343 373 526 577 509 528 538 498 737 527 674 688 551 701
States' GST (SGST) 227 204 285 266 268 304 311 287 320 308 324 418 320 324
States' share of IGST (S-IGST) 117 169 241 311 241 224 227 211 417 219 350 270 231 377
Unallocated IGST 265 129 57 (99) 80 177 169 225 (169) 192 (4) 216 223 (49)
Compensation cess 93 69 78 86 88 85 96 94 97 103 94 106 105 110
Total 1,027 928 1,164 1,120 1,170 1,301 1,315 1,298 1,384 1,330 1,421 1,675 1,409 1,446
Monthly collections (CGA releases)
Center 436 401 442 371 467 575 565 609 417 561 489 754 546 509
- CGST 283 337 479 533 474 485 492 462 697 482 633 641 499 658
- CGST refund (estimated) 43 20 24 22 20 26 20 19 22 26 23 25 31 26
- Unallocated IGST 153 64 (37) (162) (6) 90 72 146 (279) 79 (145) 113 47 (149)
- IGST refund (estimated) 112 65 94 63 86 87 96 79 110 113 141 102 176 100
State (estimated) 300 353 503 555 489 502 518 478 715 501 651 663 520 675
Compensation cess 89 66 75 85 85 82 94 91 95 101 91 104 102 108
Total 825 820 1,020 1,011 1,041 1,159 1,177 1,178 1,227 1,162 1,230 1,521 1,169 1,292
FYTD collections (post refunds) FY2022
Center 1,039 1,440 1,881 2,253 2,720 3,295 3,860 4,468 4,886 5,447 5,935 754 1,301 1,809
- CGST 838 1,174 1,653 2,187 2,661 3,146 3,638 4,101 4,797 5,279 5,912 641 1,140 1,797
- Unallocated IGST 201 265 228 66 59 149 222 368 89 168 23 113 161 12
States (estimated) 868 1,221 1,724 2,279 2,768 3,270 3,787 4,266 4,980 5,481 6,132 663 1,183 1,858
Compensation cess 181 246 322 406 491 574 668 759 854 955 1,046 104 206 315
Total 2,088 2,907 3,927 4,938 5,979 7,138 8,315 9,494 10,720 11,883 13,113 1,521 2,690 3,982
FY2023BE
Center 6,600
- CGST 6,600
- Unallocated IGST —
States 7,492
Compensation cess 1,200
Total 15,292
Required run rate to meet FY2023BE
Center 531 530 532
- CGST 542 546 534
- Unallocated IGST (10) (16) (1)
State 621 631 626
Compensation cess 100 99 98
Total 1,252 1,260 1,257
FYTD run rate
Center 754 650 603
- CGST 641 570 599
- Unallocated IGST 113 80 4
States 663 592 619
Compensation cess 104 103 105
Total 1,521 1,345 1,327

Source: PIB, CGA, CEIC, Kotak Economics Research estimates

4 KOTAK ECONOMIC RESEARCH

Economy India

Exhibit 4: Center's net tax revenues at 16% and expenditure at 15% of FY2023BE in 2MFY23
Monthly fiscal details of the central government, March fiscal year-ends (Rs bn)

FYTD (Apr-May) Chg. (%) FY2023BE FY2023 FY2023E FY2023

2023/ 2022/ Current Required Current Required
Date 2023 2022 2021 2022 2021 Rs bn (% of BE) run rate run rate Rs bn (% of E) run rate run rate
Gross tax revenues 4,035 3,127 1,261 29 148 27,578 14.6 2,018 2,354 29,633 10.6 2,018 2,560
Direct taxes 1,969 1,232 543 60 127 14,278 13.8 985 1,231 15,713 7.8 985 1,374
Corporation tax 785 435 170 81 156 7,200 10.9 393 641 7,832 5.5 393 705
Income tax + other taxes 1,184 797 373 49 113 7,078 16.7 592 589 7,881 10.1 592 670
Indirect taxes 2,062 1,892 716 9 164 13,300 15.5 1,031 1,124 13,920 13.6 1,031 1,186
Customs duty 245 302 96 (19) 216 2,130 11.5 123 188 2,130 14.2 123 188
Excise duty 308 370 110 (17) 237 3,350 9.2 154 304 3,790 9.8 154 348
Service tax 2 1 (2) 87 (153) 20 8.4 1 2 20 4.5 1 2
GST 1,507 1,220 513 24 138 7,800 19.3 753 629 7,980 15.3 753 647
CGST 1,140 838 249 36 236 6,600 17.3 570 546 6,780 12.4 570 564
IGST 161 201 194 (20) 4 — 80 — 80
Compensation cess 206 181 70 14 158 1,200 17.2 103 99 1,200 15.1 103 99
Net tax revenues 3,076 2,336 339 32 590 19,348 15.9 1,538 1,627 20,854 11.2 1,538 1,778
Non-tax revenues 493 1,164 108 (58) 976 2,697 18.3 246 220 2,300 50.6 246 181
Non-debt capital receipts 250 48 8 420 479 793 31.5 125 54 793 6.1 125 54
Total receipts 3,819 3,548 455 8 680 22,837 16.7 1,909 1,902 23,947 14.8 1,909 2,013
Total expenditure 5,858 4,780 5,118 23 (7) 39,449 14.8 2,929 3,359 41,583 11.5 2,929 3,573
Revenue expenditure 4,787 4,150 4,566 15 (9) 31,947 15.0 2,394 2,716 34,080 12.2 2,394 2,929
Capital expenditure 1,071 630 552 70 14 7,502 14.3 535 643 7,502 8.4 535 643
Fiscal deficit 2,039 1,232 4,663 66 (74) 16,612 12.3 1,020 1,457 17,636 7.0 1,020 1,560
Revenue deficit 1,219 650 4,120 87 (84) 9,902 12.3 609 868 10,927 6.0 609 971
Primary deficit 985 346 3,881 185 (91) 7,205 13.7 492 622 8,230 4.2 492 724

Source: CGA, CEIC, Kotak Economics Research estimates

KOTAK ECONOMIC RESEARCH 5

India Economy

Exhibit 5: FY2023E GFD/GDP likely at 6.5%

Major central government budgetary items, March fiscal year-ends, 2019-23E (Rs bn)
2021/ 2022P/ 2023BE/ 2023BE/ 2023E/
2019 2020 2021 2022RE 2022P 2023BE 2023E 2020 2021 2022RE 2022P 2022P
Receipts
1. Revenue receipts (2d + 3) 15,529 16,841 16,339 20,789 21,684 22,044 23,154 (3) 33 6 2 7
2. Gross tax revenues (a + b ) 20,805 20,101 20,271 25,161 27,083 27,578 29,633 1 34 10 2 9
2.a. Direct taxes 11,431 10,554 9,523 12,571 14,157 14,278 15,713 (10) 49 14 1 11
2.a.1. Corporation tax 6,636 5,569 4,577 6,350 7,120 7,200 7,832 (18) 56 13 1 10
2.a.2. Income tax (incl. other taxes) 4,796 4,985 4,946 6,221 7,036 7,078 7,881 (1) 42 14 1 12
2.b. Indirect taxes 9,373 9,547 10,748 12,590 12,926 13,300 13,920 13 20 6 3 8
2.b.1. Goods and Services Tax 5,816 5,988 5,488 6,750 7,017 7,800 7,980 (8) 28 16 11 14
2.b.1.1. CGST 4,575 4,941 4,563 5,700 5,948 6,600 6,780 (8) 30 16 11 14
2.b.1.2. IGST 289 91 73 — 23 — —
2.b.1.3. Compensation cess 951 956 852 1,050 1,046 1,200 1,200 (11) 23 14 15 15
2.b.2. Customs duty 1,178 1,093 1,348 1,890 1,991 2,130 2,130 23 48 13 7 7
2.b.3. Excise duty 2,310 2,406 3,897 3,940 3,908 3,350 3,790 62 0 (15) (14) (3)
2.b.4. Service tax 69 60 16 10 10 20 20 (73) (37) 100 98 98
2.c Transfers to states, UTs, etc. 7,633 6,532 6,008 7,509 8,879 8,230 8,779 (8) 48 10 (7) (1)
2.d Net tax revenues (2 - 2.c) 13,172 13,569 14,263 17,651 18,204 19,348 20,854 5 28 10 6 15
3. Non-tax revenues 2,357 3,272 2,076 3,138 3,480 2,697 2,300 (37) 68 (14) (23) (34)
3.a. RBI's transfer of surplus 680 1,476 600 991 991 700 303 (59) 65 (29) (29) (69)
3.b. Telecommunications 408 698 455 720 720 528 528 (35) 58 (27) (27) (27)
3.c. O thers 1,269 1,097 1,021 1,427 1,770 1,469 1,469 (7) 73 3 (17) (17)
4. Non-debt capital receipts (a + b) 1,128 686 576 1,000 392 793 793 (16) (32) (21) 102 102
4.a Recovery of loans 181 183 197 220 246 143 143 8 25 (35) (42) (42)
4.b Other receipts (disinvestments) 947 503 379 780 146 650 650 (25) (61) (17) 344 344
5. Total receipts (1 + 4) 16,657 17,527 16,915 21,789 22,076 22,837 23,947 (3) 31 5 3 8
Expenditure
6. Revenue expenditure 20,074 23,506 30,835 31,673 32,014 31,947 34,080 31 4 1 (0) 6
6.a. Interest payments 5,826 6,121 6,799 8,138 8,054 9,407 9,407 11 18 16 17 17
6.b. Subsidies 1,968 2,283 7,077 4,331 4,461 3,179 5,187 210 (37) (27) (29) 16
6.b.1. Food 1,013 1,087 5,413 2,865 2,890 2,068 2,868 398 (47) (28) (28) (1)
6.b.2. Fertilizer 706 811 1,279 1,401 1,537 1,052 2,200 58 20 (25) (32) 43
6.b.3. O il 248 385 385 65 34 58 119 (0) (91) (11) 70 248
6.c. Pay, allowances and pensions 4,957 5,366 6,711 7,125 7,225 7,789 7,914 25 8 9 8 10
6.c.1.a. Pay and allowances 3,291 3,526 4,626 5,136 5,136 5,717 5,811 31 11 11 11 13
6.c.1.b. Pensions 1,666 1,840 2,085 1,990 2,090 2,071 2,103 13 — 4 (1) 1
6.d. Agriculture and farmers' welfare 461 942 1,083 1,183 1,145 1,240 1,240 15 6 5 8 8
6.e. Education 781 873 840 880 803 1,043 1,043 (4) (4) 18 30 30
6.f. Health and family welfare 506 607 740 791 787 774 774 22 6 (2) (2) (2)
6.g. Rural development 1,118 1,221 1,964 1,536 1,604 1,359 1,359 61 (18) (11) (15) (15)
6.h. O thers 4,457 6,092 5,622 7,690 7,935 7,157 7,157 (8) 41 (7) (10) (10)
7. Capital expenditure 3,077 3,357 4,263 6,027 5,928 7,502 7,502 27 39 24 27 27
7. a. Defence 998 1,160 1,399 1,458 1,448 1,604 1,604 21 3 10 11 11
7. b. Railways 528 678 1,093 1,171 1,173 1,371 1,371 61 7 17 17 17
7. c. Roads and highways 676 684 892 1,213 1,133 1,877 1,877 30 27 55 66 66
7. d. Housing and urban affairs 158 193 103 260 259 273 273 (47) 152 5 5 5
7. e. O thers 717 642 776 1,926 1,915 2,376 2,376 21 147 23 24 24
8. Total expenditure (6 + 7) 23,151 26,863 35,098 37,700 37,942 39,449 41,583 31 8 5 4 10
Deficit
Primary deficit (PD) 668 3,216 11,384 7,773 7,811 7,205 8,230 254 (32) (7) (8) 5
Revenue deficit (RD) 4,545 6,665 14,496 10,884 10,329 9,902 10,927 117 (25) (9) (4) 6
Gross fiscal deficit (GFD) 6,494 9,337 18,183 15,911 15,865 16,612 17,636 95 (12) 4 5 11
Gross market borrowing (dated securities) 5,715 7,041 12,601 10,465 9,725 14,314 14,314 79 (17) 37 47 47
Net market borrowing (dated securities) 4,233 4,681 10,329 7,758 7,082 11,186 11,186 121 (25) 44 58 58
Short-term borrowing (T-bills) 69 1,560 2,032 1,000 1,018 500 1,000
Nominal GDP 188,997 200,749 198,009 232,147 236,646 258,000 272,143 (1.4) 19.5 11.1 9.0 15.0
PD/GDP (%) 0.4 1.6 5.7 3.3 3.3 2.8 3.0
RD/GDP (%) 2.4 3.3 7.3 4.7 4.4 3.8 4.0
GFD/GDP (%) 3.4 4.7 9.2 6.9 6.7 6.4 6.5

Source: Union Budget, CEIC, Kotak Economics Research estimates

6 KOTAK ECONOMIC RESEARCH

Economy India

Exhibit 6: Higher expenditure leading to risks of fiscal slippage in FY2023E

Break-up of GFD/GDP gains and losses, March fiscal year-ends (%)

FY2022RE GFD/GDP 6.9 FY2023BE GFD/GDP 6.4

Gross tax revenue gain/GDP 0.8 Gross tax revenue gain/GDP 0.8
Net tax revenue gain/GDP 0.2 Net tax revenue gain/GDP 0.6
Non-tax and divestments gain/GDP (0.1) Non-tax and divestments gain/GDP (0.2)
Total receipts gain/GDP 0.1 Total receipts gain/GDP 0.4
Revised GFD/GDP due to receipts gain 6.7 Revised GFD/GDP due to receipts gain 6.0
Additional expenditure/GDP 0.1 Additional expenditure/GDP 0.8
Revised GFD/GDP with addl. expenditure 6.8 Revised GFD/GDP with addl. expenditure 6.8
Effect of higher nominal GDP (0.1) Effect of higher nominal GDP (0.4)
FY2022P GFD/GDP 6.7 FY2023E GFD/GDP 6.5

Source: Kotak Economics Research estimates

KOTAK ECONOMIC RESEARCH 7

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: Suvodeep Rakshit, Upasna Bhardwaj
and Anurag Balajee."

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%
investment banking services within the previous 12 months.

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

33.0% expect this stock to deliver more than 15% returns over the
30% 27.2% next 12 months; Add = We expect this stock to deliver 5-15%
returns over the next 12 months; Reduce = We expect this
19.6% 20.1% stock to deliver -5-+5% returns over the next 12 months; Sell
20% = We expect this stock to deliver less than -5% returns over
the next 12 months. Our target prices are also on a 12-month
10% horizon basis. These ratings are used illustratively to comply
4.9%
1.8% 1.3% 1.8% with applicable regulations. As of 31/03/2022 Kotak
Institutional Equities Investment Research had investment
0%
ratings on 224 equity securities.
BUY ADD REDUCE SELL

Source: Kotak Institutional Equities As of March 31, 2022

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
involving this company and in certain other circumstances.

CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.

NC = Not Covered. Kotak Securities does not cover this company.

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
fundamental basis for determining an investment rating or fair value. The previous investment rating and fair value, if any, are no longer in effect for this stock
and should not be relied upon.

NA = Not Available or Not Applicable. The information is not available for display or is not applicable.

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

8 KOTAK ECONOMIC RESEARCH

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