25 July 2022 Results Review Q1FY23

Reliance Industries
Growth trajectory continues ADD
Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,860/sh CMP (as on 22 Jul 2022) INR 2,503
is premised on (1) recovery in the O2C businesses; (2) continued EBITDA
Target Price INR 2,860
growth in the digital business, driven by improvement in ARPU, subscriber
addition, and new revenue streams; and (3) potential for further value NIFTY 16,719
unlocking in the digital and retail businesses.
KEY
 RIL reported EBITDA of INR 220bn, (+92% YoY; +51% QoQ), 4% below our CHANGES
OLD NEW

estimates in Q1. However, standalone APAT was at INR 151bn (+76% YoY, Rating ADD ADD
+36% QoQ), 16% below our estimate of INR 179bn due to higher than Price Target INR 2,825 INR 2,860
expected tax expenses, higher interest cost and lower other income. FY23E FY24E
EPS %
 Standalone oil to chemicals (O2C) segment: Q1 EBITDA improved by 63% +1.8% -0.6%
YoY to INR 194bn, mainly due to better transportation fuel cracks. Crude
throughput stood at 19.8mmt, up +4% YoY, +3% QoQ. Production declined to KEY STOCK DATA
16.9mmt (-2.3% QoQ), due to planned shutdown at Hazira and DHDS (diesel Bloomberg code RIL IN
hydrodesulphurisation) unit. No. of Shares (mn) 6,765

 Oil & gas: Revenue grew ~3x YoY to INR 36bn and EBITDA improved ~4x MCap (INR bn) / ($ mn) 16,934/2,27,557

YoY to INR 27bn, driven by sharp improvement in price realisaton and higher 6m avg traded value (INR mn) 20,441

production from the KG D6 block. The average KG D6 production for Q1 was 52 Week high / low INR 2,856/2,016
at ~19MMSCMD, up +14% YoY, +6% QoQ. Production may improve further
as the KG D6 MJ field is likely to start production Q3FY23 onwards. STOCK PERFORMANCE (%)

 RJPL: Revenue improved to INR 275bn (+24% YoY, +5% QoQ) due to higher
3M 6M 12M
Absolute (%) (9.3) 1.0 18.0
ARPU of INR 176 (+27% YoY, +5% QoQ). Gross subscriber addition in Q1 was
at 35.2mn, while net subscriber addition improved by 9.7mn QoQ, after seeing Relative (%) (7.3) 6.0 11.9

a decline over the last three quarters due to SIM consolidation. The total
SHAREHOLDING PATTERN (%)
customer base stood at 419.9mn in Q1. In Q1, RIL’s net debt increased to INR
577bn (vs net debt of INR 348bn as of Mar-22) on account of higher working Mar-22 Jun-22

capital requirement due to increase in energy and product prices. Promoters 50.66 50.62

 Reliance Retail (RR): Gross/net revenue grew 52/54% YoY to INR586/516bn

FIs & Local MFs 14.25 14.87
FPIs 24.21 23.87
(HSIE: INR612/536bn). Core retail revenue is estimated to have clocked ~19%
(three-year CAGR) to ~INR 362bn (HSIE: 394bn). Footfalls stood at 119% of Public & Others 10.88 10.64

pre-COVID levels. Grocery and F&L outdid expectations, while connectivity Pledged Shares 0.0 0.0

and consumer electronics are estimated to have fallen short. Digital + New Source : BSE
Commerce contribution remains healthy at 19% of core retail sales. Adj
Harshad Katkar
EBITDA grew at 23% CAGR (three-year) to INR 38bn (HSIE: INR 37bn). Adj.
harshad.katkar@hdfcsec.com
EBITDAM expanded 330 bps YoY to 7.4% (HSIE: 6.8%). RR added 792/79
+91-22-6171-7319
stores/Fulfillment centres/3.3mn sq. ft in Q1 totaling 15,866 stores.
 Valuation: We use EV/EBITDA to value downstream at Mar-24E EV/e, retail Nilesh Ghuge
on peer benchmarked EV/e and E&P and Jio on DCF. The stock is currently nilesh.ghuge@hdfcsec.com
trading at 10.3x Mar-24E EV/EBITDA and 18.6x Mar-24E EPS. +91-22-6171-7342

Financial summary—consolidated Jay Gandhi

Year Ending March Q1 Q4 QoQ Q1 YoY jay.gandhi@hdfcsec.com
FY20 FY21 FY22P FY23E FY24E
(INR bn) FY23 FY22 (%) FY22 (%) +91-22-6171-7320
Net Sales 2,193 2,074 5.8 1,399 56.7 5,975 4,669 7,000 10,711 10,731
EBITDA 380 314 21.1 234 62.6 890 807 1,105 1,503 1,764 Akshay Mane
PAT 180 162 10.8 123 46.3 427 437 584 766 910 akshay.mane@hdfcsec.com
Diluted EPS (INR) 26.5 24.0 10.8 18.1 46.3 67.4 67.8 86.4 113.2 134.5 +91-22-6171-7338
P/E (x) 37.1 36.9 29.0 22.1 18.6
Rutvi Chokshi
EV / EBITDA (x) 22.1 23.5 17.7 12.5 10.3
rutvi.chokshi@hdfcsec.com
RoE (%) 10.2 7.6 7.9 9.4 10.2
+91-22-6171-7356
Source: Company, HSIE Research

HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Reliance Industries: Results Review Q1FY23

Quarterly Consolidated Financial Snapshot

(INR bn) Q1FY23 Q4FY22 QoQ (%) Q1FY22 YoY (%)
Revenues 2,193 2,074 5.8 1,399 56.7
Material Expenses 1,469 1,450 1.3 903 62.6
Employee Expenses 60 53 13.7 43 41.0
Other Operating Expenses 284 257 10.5 220 29.1
EBIDTA 380 314 21.1 234 62.6
Depreciation 89 80 11.8 69 30.0
EBIT 291 234 24.3 165 76.2
Other Income (incl EO items) 22 25 (8.5) 42 (46.7)
Interest Cost 40 36 12.4 34 17.7
PBT 273 223 22.6 173 57.7
Tax 78 44 77.5 35 125.0
RPAT 195 179 9.1 138 40.9
Profit/Loss of Associate Company (1) 1 (144.8) (0) (75.7)
Minority Interest 15 18 (18.2) 15 (2.9)
EO (Loss) / Profit (Net Of Tax) - - - - -
APAT 180 162 10.8 123 46.3
EPS 26.5 24.0 10.8 18.1 46.3
Source: Company, HSIE Research

Quarterly Consolidated Segmental Snapshot

(INR bn) Q1FY23 Q4FY22 QoQ (%) Q1FY22 YoY (%)
Segmental Revenues
Oil to Chemicals (O2C) 1,617 1,458 10.9 1,032 56.7
Oil and Gas 36 20 80.5 13 183.0
Organised Retail 586 580 0.9 386 51.9
Digital Services 285 272 4.8 234 21.8
Others 158 243 (35.0) 126 25.6
Gross revenue 2,682 2,573 4.2 1,790 49.8
Less: Inter Segment Transfers 252 248 1.9 202 25.1
Value of Sales & Services 2,430 2,325 4.5 1,589 53.0
Less: GST Recovered 199 207 (3.8) 145 37.1
Revenue from Operations 2,231 2,119 5.3 1,444 54.5

Segmental Results Before Interest, Tax & Exceptionals

Oil to Chemicals (O2C) 180 124 45.5 104 73.3
Oil and Gas 21 9 120.8 2 816.2
Organised Retail 30 31 (3.0) 15 106.0
Digital Services 70 71 (0.4) 58 21.7
Others 6 21 (72.9) 11 (50.0)
Total 307 256 20.0 190 61.6

EBIT Margins (%)

Oil to Chemicals (O2C) 11.1 8.5 264 10.1 107
Oil and Gas 57.6 47.1 1,052 17.8 3,983
Organised Retail 5.1 5.3 (21) 3.8 134
Digital Services 24.7 26.0 (129) 24.7 (3)
Others 3.6 8.7 (508) 9.1 (548)
Source: Company, HSIE Research

Page | 2
Reliance Industries: Results Review Q1FY23
Story in Charts
Segmental EBITDA (consolidated) Segmental EBIT (consolidated)
Oil to Chemicals Others Oil to Chemicals Others
INR bn INR bn Oil and Gas Organized Retail
Oil and Gas Organized Retail
340 325
290 275
240 225
190 175
140 125
90 75
40 25
-10 -25

Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q3FY20
Q4FY20
Q1FY21

Q3FY21
Q4FY21
Q1FY22

Q3FY22
Q4FY22
Q1FY23
Q1FY20
Q2FY20

Q2FY21

Q2FY22

Source: Company, HSIE Research Source: Company, HSIE Research

Jio Platforms
Highest ever ARPU reported in Q1 Net subscriber addition improved in Q1 after a decline
seen over the last three quarters
Closing subscribers (mn)
ARPU (INR) Net additions (mn) - RHS
210 500 30

180 400 20
150
300 10
120
90 200 0
60
100 -10
122
128
128

140
145
151

138
144
152
135

138

168
176

331
355
370
388
398

411

441

421

420
406

426

430

410
30
- - -20
Q1FY20
Q2FY20
Q3FY20

Q1FY21
Q2FY21
Q3FY21

Q1FY22
Q2FY22
Q3FY22
Q4FY20

Q4FY21

Q4FY22
Q1FY23

Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Source: Company, HSIE Research Source: Company, HSIE Research

Page | 3
Reliance Industries: Results Review Q1FY23

Reliance Jio Platforms

Quarterly Financial Snapshot (Consolidated)

(INR bn) Q1FY23 Q4FY22 QoQ (%) Q1FY22 YoY (%)
Value from Services 275 261 5.3 223 23.6
Revenue from Operations 235 223 5.4 190 23.8
EBITDA 114 109 4.6 89 28.5
EBITDA Margin % 48.7% 49.0% 46.9%
D&A 43 38 13.2 32 36.8
EBIT 71 71 - 57 23.9
Finance Costs 10 12 (18.0) 8 21.5
Profit before Tax 61 59 3.7 49 24.3
Net Profit 45 43 5.0 37 24.1
Source: Company, HSIE Research

Quarterly Operational Snapshot

Q1FY23 Q4FY22 QoQ (%) Q1FY22 YoY (%)
Closing Subs (Mn) 420 410 2.4 441 (4.7)
Gross Adds (Mn) 35 36 (0.8) 27 31.8
Churn (Mn) 26 46 (45.0) 12 105.6
Net Adds (Mn) 10 (11) 189.0 14 (32.2)
ARPU (Rs) 176 168 4.8 138 27.0
Data Usage (Mn GB) 25,870 24,610 5.1 20,340 27.2
Data Usage/Sub (GB/Month) 21 20 5.3 16 32.8
Minutes of Usage (Bn Mins) 1,246 1,207 3.3 1,064 17.2
MOU/Sub (Mins) 1,001 968 3.4 818 22.4
Source: Company, HSIE Research

Page | 4
Reliance Industries: Results Review Q1FY23

Reliance Retail

Quarterly Financial Snapshot

(INR bn) Q1FY23 Q4FY22 QoQ % Q1FY22 YoY %
Net Revenue 516 508 1.5 336 53.7
EBITDA 38 37 3.6 19 97.7
EBITDA margin % 7.4% 7.3% 5.8%
Source: Company, HSIE Research

Change in estimates
FY23E FY24E
Old New % Ch Old New % Ch
O2C business
EBITDA (INR bn) 709 723 2.0 853 856 0.3
EPS (INR/share) 68.5 70.0 2.1 85.5 85.5 0.1
Jio
Revenue (INR bn) 978 1,010 3.2 1,180 1,212 2.7
EBITDA (INR bn) 513 527 2.8 619 636 2.7
APAT (INR bn) 240 243 1.2 318 318 (0.2)
ARPU 175.5 177.2 1.0 195.6 196.0 0.2
Consolidated business
EBITDA (INR bn) 1,467 1,503 2.4 1,743 1,764 1.2
EPS (INR/share) 111.2 113.2 1.8 135.3 134.5 (0.6)
Source: Company, HSIE Research

SOTP valuation
EBIDTA (INR EV (INR Value per share
Business Multiple (x) Valuation basis
bn) bn) (INR/sh)
EV/EBITDA on
Petrochemicals 275 8.0 2,203 347
Mar 24E
EV/EBITDA on
Refining 375 8.0 2,997 472
Mar 24E
E&P 479 75 NPV
EV/EBITDA on
Retail 176 32.3 4,837 762
Mar 24E
Telecom 5,782 910 NPV
Investments/CWIP 1,876 295
Consol. net Debt/creditors for capex/deferred As on Mar-24
(8) (1)
spectrum liabilities
Value per share 18,165 2,860
Source: Company, HSIE Research

Page | 5
Reliance Industries: Results Review Q1FY23

Financials
Consolidated Income Statement
INR bn FY17 FY18 FY19 FY20 FY21 FY22P FY23E FY24E
Revenues 3,054 3,917 5,692 5,975 4,669 7,000 10,711 10,731
Growth % 11.5 28.3 45.3 5.0 (21.9) 49.9 53.0 0.2
Raw Material 2,123 2,675 3,945 4,052 2,927 4,749 7,668 7,340
Employee Cost 84 95 125 141 148 188 214 235
Other Expenses 385 505 781 892 787 958 1,327 1,392
EBITDA 462 642 842 890 807 1,105 1,503 1,764
EBIDTA Margin (%) 15.1 16.4 14.8 14.9 17.3 15.8 14.0 16.4
EBITDA Growth % 10.8 38.9 31.2 5.8 (9.3) 36.8 36.1 17.4
Depreciation 116 167 209 222 266 298 336 370
EBIT 345 475 632 668 542 807 1,167 1,394
Other Income (Including EO Items) 94 99 84 87 220 178 183 183
Interest 38 81 165 220 212 146 211 211
PBT 401 494 551 535 549 839 1,139 1,366
Tax 102 133 154 137 17 163 279 338
RPAT before minority interest 299 360 397 398 532 676 860 1,028
Share of associates/Minority interest (0) 1 (1) (4) (41) (69) (94) (118)
RPAT after adjusting for Associates/Minority
299 361 396 394 491 607 766 910
interest
EO (Loss) / Profit (Net Of Tax) - - - (34) 54 23 - -
APAT 299 361 396 427 437 584 766 910
APAT Growth (%) (9.2) 20.6 9.7 8.0 2.2 33.8 31.1 18.8
AEPS 50.5 60.9 66.8 67.4 67.8 86.4 113.2 134.5
AEPS Growth % (9.2) 20.6 9.7 0.9 0.5 27.5 31.1 18.8
Consolidated Balance Sheet
INR bn FY17 FY18 FY19 FY20 FY21 FY22P FY23E FY24E
SOURCES OF FUNDS
Share Capital 30 59 59 63 64 68 68 68
Reserves And Surplus 2,608 2,876 3,812 4,428 6,937 7,727 8,436 9,281
Total Equity 2,637 2,935 3,871 4,492 7,002 7,795 8,504 9,348
Minority Interest 29 35 83 122 993 1,095 1,150 1,207
Long-term Debt 1,521 1,442 2,075 1,976 1,637 1,877 1,784 1,692
Short-term Debt 445 746 800 1,387 881 786 932 869
Total Debt 1,966 2,188 2,875 3,363 2,518 2,663 2,716 2,561
Deferred Tax Liability 413 448 645 705 552 863 896 932
Long-term Provision 114 114 162 206 242 269 270 272
TOTAL SOURCES OF FUNDS 5,159 5,720 7,636 8,888 11,306 12,684 13,536 14,321
APPLICATION OF FUNDS
Net Block 1,936 3,981 3,864 5,224 5,310 6,148 6,475 6,685
Capital WIP 3,248 1,870 1,795 1,091 1,260 1,725 1,625 1,467
Goodwill on consolidation 49 58 120 103 102 130 130 130
LT Loans And Advances 27 27 55 217 25 40 37 35
Non-current investments 256 253 1,646 2,039 2,124 2,861 2,861 2,861
Non-current assets 83 87 223 374 650 612 624 638
Total Non-current Assets 5,600 6,275 7,702 9,048 9,471 11,516 11,753 11,816
Inventories 535 608 676 739 817 1,078 939 922
Debtors 82 176 301 197 190 236 356 363
Cash and Cash Equivalent 30 43 111 309 174 362 1,030 1,409
ST Loans And Advances 95 108 5 7 1 - - -
Other Current Assets 199 328 471 602 1,024 712 987 1,070
Current investments 528 576 710 729 1,524 1,081 1,231 1,381
Total Current Assets 1,468 1,838 2,274 2,583 3,730 3,469 4,544 5,145
Creditors 766 1,069 1,083 968 1,089 1,593 2,051 1,928
Other Current Liabilities & Provns 1,143 1,324 1,257 1,775 805 707 710 713
Total Current Liabilities 1,909 2,393 2,340 2,743 1,894 2,301 2,761 2,640
Net Current Assets (441) (555) (66) (160) 1,836 1,168 1,783 2,505
TOTAL APPLICATION OF FUNDS 5,159 5,720 7,636 8,888 11,306 12,684 13,536 14,321
Source: Company, HSIE Research

Page | 6
Reliance Industries: Results Review Q1FY23
Consolidated Cash Flow
YE March (INR bn) FY17 FY18 FY19 FY20 FY21 FY22P FY23E FY24E
Reported PBT 401 494 551 535 549 839 1,139 1,366
Non-operating & EO Items (95) (99) (85) (57) (315) (269) (277) (301)
Interest Expenses 38 81 165 220 212 146 211 211
Depreciation 116 167 209 222 266 298 336 370
Working Capital Change 6 127 (420) 292 (2,131) 855 54 (343)
Tax Paid 40 (99) 44 (77) (171) 148 (245) (302)
OPERATING CASH FLOW ( a ) 507 670 464 1,134 (1,589) 2,016 1,218 1,001
Capex (1,100) (843) (79) (861) (520) (1,629) (563) (422)
Free Cash Flow (FCF) (593) (173) 385 273 (2,110) 387 654 579
Investments 114 4 (1,394) (392) (85) (738) - -
Non-operating Income 94 99 84 87 220 178 183 183
Others 67 (3) (165) (313) (83) 23 (10) (11)
INVESTING CASH FLOW ( b ) (826) (743) (1,553) (1,480) (469) (2,166) (390) (250)
Debt Issuance/(Repaid) 306 222 687 488 (845) 145 53 (155)
Interest Expenses (38) (81) (165) (220) (212) (146) (211) (211)
FCFE (325) (32) 908 541 (3,166) 386 496 213
Share Capital Issuance 0 30 0 4 1 3 - -
Dividend - (39) (43) (46) (39) (43) (55) (63)
Others (31) (46) 678 318 3,018 378 55 57
FINANCING CASH FLOW ( c ) 237 85 1,157 544 1,923 337 (159) (372)
NET CASH FLOW (a+b+c) (82) 12 68 198 (135) 188 669 379
EO Items, Others - - - - - - - -
Closing Cash & Equivalents 30 43 111 309 174 362 1,030 1,409
Key Ratios
Ratios FY17 FY18 FY19 FY20 FY21 FY22P FY23E FY24E
PROFITABILITY %
EBITDA Margin 15.1 16.4 14.8 14.9 17.3 15.8 14.0 16.4
EBIT Margin 11.3 12.1 11.1 11.2 11.6 11.5 10.9 13.0
APAT Margin 9.8 9.2 7.0 7.2 9.4 8.3 7.2 8.5
RoE 11.8 12.9 11.6 10.2 7.6 7.9 9.4 10.2
RoIC 17.2 13.7 12.2 11.3 6.6 7.3 10.2 11.4
RoCE 6.8 7.7 7.7 7.2 6.4 5.9 7.1 7.7
EFFICIENCY
Tax Rate % 25.4 27.0 27.9 25.7 3.1 19.4 24.5 24.8
Fixed Asset Turnover (x) 0.9 0.8 1.0 0.9 0.6 0.8 1.2 1.1
Inventory (days) 64 57 43 45 64 56 32 31
Debtor (days) 10 16 19 12 15 12 12 12
Other Current Assets (days) 35 41 31 37 80 37 34 36
Payables (days) 132 146 100 87 136 122 98 96
Other Current Liab & Provns (days) 196 181 116 160 100 54 34 35
Cash Conversion Cycle (days) (219) (213) (123) (153) (77) (71) (54) (51)
Net Debt/EBITDA (x) 3.0 2.4 2.4 2.6 1.0 1.1 0.3 (0.1)
Net D/E 0.5 0.5 0.5 0.5 0.1 0.2 0.1 (0.0)
Interest Coverage 9.0 5.9 3.8 3.0 2.6 5.5 5.5 6.6
PER SHARE DATA (Rs)
EPS 50.5 60.9 66.8 67.4 67.8 86.4 113.2 134.5
CEPS 67.7 85.6 97.7 100.3 107.1 130.4 162.9 189.2
Dividend 5.8 6.0 6.1 5.7 5.8 8.0 7.0 8.0
Book Value 389.8 433.9 572.2 664.0 1,035.0 1,152.2 1,257.0 1,381.9
VALUATION
P/E (x) 49.6 41.1 37.5 37.1 36.9 29.0 22.1 18.6
P/Cash EPS (x) 37.0 29.2 25.6 25.0 23.4 19.2 15.4 13.2
P/BV (x) 6.4 5.8 4.4 3.8 2.4 2.2 2.0 1.8
EV/EBITDA (x) 40.3 29.3 23.0 22.1 23.5 17.7 12.5 10.3
EV/Revenue (x) 6.1 4.8 3.4 3.3 4.1 2.8 1.8 1.7
Dividend Yield (%) 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3
OCF/EV (%) 2.7 3.6 2.4 5.8 (8.4) 10.3 6.5 5.5
FCFF/EV (%) (3.2) (0.9) 2.0 1.4 (11.1) 2.0 3.5 3.2
FCFE/M Cap (%) (1.9) (0.2) 5.3 3.1 (18.4) 2.2 2.9 1.2
Source: Company, HSIE Research

Page | 7
Reliance Industries: Results Review Q1FY23

RECOMMENDATION HISTORY
Date CMP Reco Target
Reliance Inds TP 15-Jul-21 2,099 ADD 2,280
3,000 26-Jul-21 2,154 ADD 2,280
2,800 19-Oct-21 2,708 ADD 2,845
2,600 25-Oct-21 2,626 ADD 2,855
2,400 24-Jan-22 2,478 ADD 2,820
9-May-22 2,621 ADD 2,825
2,200
4-Jul-22 2,409 ADD 2,825
2,000 14-Jul-22 2,378 ADD 2,825
1,800 25-Jul-22 2,503 ADD 2,860
1,600
1,400
1,200
Oct-21
Jul-21

Jul-22
Jan-22

May-22
Feb-22
Mar-22

Jun-22
Aug-21

Sep-21

Nov-21

Apr-22
Dec-21

Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: >10% Downside return potential

Page | 8
Reliance Industries: Results Review Q1FY23

Disclosure:
We, Harshad Katkar, MBA, Nilesh Ghuge, MMS, Jay Gandhi, MBA, Akshay Mane, PGDM & Rutvi Chokshi, CA 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. SEBI conducted
the inspection and based on their observations have issued advise/warning. The said observations have been complied with. We also certify that no part of our
compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or
HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the
date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict
of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

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HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East),
Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066
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Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Board: +91-22-6171-7330 www.hdfcsec.com
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