PVR Inox (PVRINOX IN)

Rating: BUY | CMP: Rs1,745 | TP: Rs1,984

October 19, 2023 Best ever quarter

Q2FY24 Result Update Quick Pointers:

☑ Change in Estimates | ☑ Target |  Reco  PVR-Inox reports best ever quarterly performance with pre-IND AS EBITDA
margin of 21.4%.
Change in Estimates
Current Previous  ATP/SPH was highest ever at Rs276/Rs136 with an occupancy of 32.3%.
FY24E FY25E FY24E FY25E
Rating BUY BUY
Target Price 1,984 1,862 In a blockbuster quarter, PVR-Inox reported better than expected
Sales (Rs.m) 65,510 75,276 64,027 73,926 performance with footfalls of 48.4mn (PLe 47mn) and pre-IND AS EBITDA
% Chng. 2.3 1.8
EBITDA (Rs.m) 21,605 24,980 21,440 25,281
margin of 21.4% (PLe 19.2%). Though ad-revenue recovery is delayed,
% Chng. 0.8 (1.2) synergy benefits from the merger have started playing out thereby boosting
EPS (Rs.) 27.5 50.3 29.3 55.0
% Chng. (6.3) (8.6)
EBITDA by Rs1,240mn to Rs1,430mn in 1HFY24. Following strong
performance in 2QFY24, PVR-Inox’s BS strength has improved with net debt
reduction of Rs3,276mn and now the company is on track to be FCFF positive
Key Financials - Consolidated
Y/e Mar FY23 FY24E FY25E FY26E
in FY24E. While the current quarter performance may be difficult to replicate
Sales (Rs. m) 37,507 65,510 75,276 85,376 content pipeline for near term is healthy with movies like Animal, Tiger-3,
EBITDA (Rs. m) 10,477 21,605 24,980 28,151 Dunki, Salaar, and Leo in pipeline. We expect footfalls of 157mn/172mn with
Margin (%) 27.9 33.0 33.2 33.0
pre-IND AS EBITDA margin of 16.3%/17.6% for FY24E/FY25E respectively.
PAT (Rs. m) (3,243) 2,693 4,935 7,014
EPS (Rs.) (33.1) 27.5 50.3 71.5 Retain ‘BUY’ on the stock with a TP of Rs1,984 (earlier Rs1,862) after
Gr. (%) NA NA 83.2 42.1 assigning EV/EBITDA of 14x (earlier 14.5x) as we roll-forward to Sep-25E.
DPS (Rs.) - - 2.5 2.5
Yield (%) - - 0.1 0.1
RoE (%) NA 3.5 6.1 8.0 Proforma revenue up 88.6% YoY: Top-line increased 191.2% YoY to
RoCE (%) 2.0 6.6 8.3 9.7
Rs19,999mn (PLe Rs18,944mn) due to consolidation impact with Inox Leisure.
EV/Sales (x) 6.6 3.8 3.3 2.9
EV/EBITDA (x) 23.6 11.6 9.9 8.7 However, proforma revenue (assuming consolidation in base quarter) was up
PE (x) NA 63.5 34.7 24.4 88.6% YoY. Proforma footfalls were up 64.0% YoY to 48.4mn (PLe of 47mn).
P/BV (x) 2.3 2.2 2.1 2.0
Proforma ATP/SPH was up 25%/15% YoY to Rs276/Rs136 respectively, while
occupancy stood at 32.3%.
Key Data PVRL.BO | PVRINOX IN
52-W High / Low Rs.1,925 / Rs.1,336 Pre Ind-AS EBITDA margin of 22.1%: Proforma pre Ind-AS EBITDA (including
Sensex / Nifty 65,629 / 19,625
Market Cap Rs.171bn/ $ 2,057m other income) increased to Rs4,473mn (PLe Rs3,895mn includes other income)
Shares Outstanding 98m with a margin of 22.1%. Pre-IND AS PAT stood at Rs2,073mn (PLe Rs1,691mn)
3M Avg. Daily Value Rs.1281.97m
versus proforma pre-IND AS loss of Rs784mn in 2QFY23.

Shareholding Pattern (%)

Con-call highlights: 1) Net debt stood at Rs11,033mn in 1HFY24. Further, PVR-
Promoter’s 27.84
Foreign 23.20 Inox aims to achieve net debt to EBITDA ratio of 1:1 for FY24E. 2) Advertising
Domestic Institution 37.19 revenue is expected to breach pre-COVID levels in FY25E. 3) The recently
Public & Others 11.72
Promoter Pledge (Rs bn) - launched monthly subscription “passport” (10 movies for Rs699) is limited to 20K
users in Phase-1. The plan excludes Southern region which already has high
Stock Performance (%) occupancy. 4) Windowing gap for Bollywood and Hollywood movies is 8 weeks,
1M 6M 12M while it is 4-6 weeks for Tamil and Telugu movies. 5) Convenience fee was down
Absolute 1.9 16.2 (2.1) sequentially on per admit basis, as no minimum guarantee payment exists in the
Relative 5.0 5.5 (11.8)
current contract. 6) Rent cost was up 26% YoY (proforma basis) due to (i) screen
additions, (ii) routine escalation and (iii) higher payout to developers (some
Jinesh Joshi
agreements are on revenue share basis) 7) Plans to open 160 new screens and
jineshjoshi@plindia.com | 91-22-66322238
exit 60 screens in FY24E. 8) 37 new screens were opened in 2QFY24. 9)
Stuti Beria
stutiberia@plindia.com | 91-22-66322246
Breakdown of EBITDA synergy of Rs1,240mn-1,430mn achieved in 1HFY24 is as
follows: - a) Rs750-840mn from NBOC b) Rs310-380mn from F&B and c) Rs170-
210mn from overheads.

October 19, 2023 1

 PVR Inox

2QFY24 Result Overview – Consolidated (Rs mn)

Y/e March 2QFY24 2QFY23 YoY gr. 1QFY24 QoQ gr. 1HFY24 1HFY23 YoY
Net sales 19,999 6,867 191.2% 13,049 53.3% 33,048 16,674 98.2%
Movie exhibition cost 4,954 1,462 238.8% 2,980 66.2% 7,934 3,888 104.1%
As a % of sales 24.8% 21.3% 22.8% 24.0% 23.3%
Consumption of F&B 1,544 629 145.4% 1,071 44.2% 2,615 1,394 87.6%
As a % of sales 7.7% 9.2% 8.2% 7.9% 8.4%
Employee expenses 1,679 947 77.2% 1,559 7.7% 3,238 1,952 65.9%
As a % of sales 8.4% 13.8% 11.9% 9.8% 11.7%
Other expenses 4,754 2,292 107.4% 3,914 21.5% 8,668 4,486 93.2%
As a % of sales 23.8% 33.4% 30.0% 26.2% 26.9%
EBITDA 7,068 1,537 360.0% 3,525 100.5% 10,593 4,954 113.8%
EBITDA margin 35.3% 22.4% 27.0% 32.1% 29.7%
Depreciation 3,086 1,525 102.3% 2,908 6.1% 5,994 3,019 98.5%
EBIT 3,982 11 35453.6% 617 545.4% 4,599 1,935 137.7%
EBIT margin 19.9% 0.2% 4.7% 13.9% 11.6%
Interest cost 2,003 1,277 56.8% 1,945 3.0% 3,948 2,557 54.4%
Other income 238 164 45.0% 249 -4.4% 487 371 31.3%
PBT 2,217 (1,102) NM (1,079) NM 1,138 (251) NM
Exceptional items/Share of JVs - - NM - NM - - NM
Tax expenses 555 (387) NM (259) NM 296 (68) NM
Tax rate 25.0% NM NM 26.0% NM
PAT 1,662 (715) NM (820) NM 842 (183) NM
PAT margin 8.3% NM NM 2.5% NM
Non-controlling interest 1 3 -61.5% 4 -75.0% 5 5 0.0%
Other comprehensive income (OCI) (2) 4 NM 11 NM 9 (1) NM
PAT inclusive of OCI 1,665 (716) NM (827) NM 838 (177) NM
EPS (Rs) 17.0 (11.7) NM (8.3) NM 8.64 (2.9) NM
Source: Company, PL Note: Performance is not comparable on YoY basis due to merger with Inox Leisure

Revenue mix (Rs mn)

Proforma Proforma
Y/e March 2QFY24 2QFY23 YoY 1QFY24 QoQ
2QFY23 YoY
NBOC 11,193 3,268 242.5% 6,945 61.2% 5,361.0 108.8%
As a % of total 56.0% 47.6% 53.2% 50.6%

Net F&B 6,412 2,303 178.4% 4,277 49.9% 3,389.0 89.2%

As a % of total 32.1% 33.5% 32.8% 32.0%

Advertisement revenue 1,176 572 105.6% 893 31.7% 836.0 40.7%

As a % of total 5.9% 8.3% 6.8% 7.9%

Other revenue from operations 1,218 724 68.2% 934 30.4% 1,015.0 20.0%
As a % of total 6.1% 10.5% 7.2% 9.6%

Total sales 19,999.0 6,867.0 191.2% 13,049.0 53.3% 10,601.0 88.7%

Source: Company, PL Note: Performance is not comparable on YoY basis due to consolidation of Inox Leisure. Proforma figures are
given to enable better comparison.

October 19, 2023 2

 PVR Inox

Ind-AS 116 Adjusted Consolidated Financials (Rs mn)

Y/e March 2QFY24 2QFY23 YoY 1QFY24 QoQ FY21 FY22 FY23 FY24E FY25E FY26E
Sales 19,999 6,867 191.2% 13,049 53.3% 2,800 13,310 37,507 65,510 75,276 85,376

Ind-AS Adjusted EBITDA 4,273 (23) NM 805 430.6% (4,545) (2,331) 3,194 10,695 13,269 15,499
Ind-AS Adjusted EBITDA
21.4% NM 6.2% NM NM 8.5% 16.3% 17.6% 18.2%
margin

Ind-AS Adjusted PAT 2,073 (567) NM (441) NM (6,656) (4,189) (2,429) 4,261 6,352 8,024
Ind-AS Adjusted PAT margin 10.4% NM NM NM NM NM 6.5% 8.4% 9.4%
Source: Company, PL

Gross ATP trend over the last few quarters Gross SPH trend over the last few quarters

Gross ATP (Rs) Net ATP (Rs) Gross SPH (Rs) Net SPH (Rs)
276

136
134
250

133

132
246

131
244

130
300 160

130
242

129

129
128

128
239

239

126
124
231

122
224

119
119

115
212
210

207

140
206

205
204

203
201

198
197

250
191

100
182
183
175

99
169

120
168

96

96
166

95
95
164

94
92

90
152
151

200
134

100
150 80
100 60
40
50 20
0
0
0

0
0
0

0
0
0

0
0 0
2QFY20*
3QFY20*
4QFY20*
1QFY21*
2QFY21*
3QFY21*
4QFY21*
1QFY22*
2QFY22*
3QFY22*
4QFY22*

2QFY23*
3QFY23*
4QFY23*
1QFY24*
2QFY24*

2QFY20*
3QFY20*
4QFY20*
1QFY21*
2QFY21*
3QFY21*
4QFY21*
1QFY22*
2QFY22*
3QFY22*
4QFY22*

2QFY23*
3QFY23*
4QFY23*
1QFY24*
2QFY24*
1QFY23*

1QFY23*
Source: Company, PL *Including SPI Cinema's Source: Company, PL *Including SPI Cinema's Note: Net SPH
is NM due to sale of other traded goods

Footfalls are volatile, driven by content F&B GM is in the steady range of ~73-77%

Footfalls (in mn) Occupancy (RHS)

78.0%

77.9%

77.4%
77.3%

77.1%
76.1%
76.0%
75.8%

75.1%
73.4%

73.1%
72.7%
71.3%

100.0%
NA
NA
37.8%

33.6%
33.4%

32.3%

80.0%
30.6%

29.0%

60.0 50.0%
24.0%

22.3%
22.2%

50.0 40.0% 60.0%

17.6%
17.4%

40.0 30.0%
30.0 40.0%
5.8 7.2%

3.23.9%

20.0%
1.8%
1.2%
0.0%
0.0%

20.0
29.3
25.9

14.5
14.3

22.0
30.5
33.9
48.4
19.5

25.0
18.0

20.0%
0%
0%
0.0
1.0

1.5
0.0

10.0 10.0%
0.0 0.0% 0.0%
2QFY20*
3QFY20*
4QFY20*
1QFY21*
2QFY21*
3QFY21*
4QFY21*
1QFY22*
2QFY22*
3QFY22*
4QFY22*
1QFY23*
2QFY23*
3QFY23*
4QFY23*
1QFY24*
2QFY24*

2QFY20*
3QFY20*
4QFY20*
1QFY21*
2QFY21*
3QFY21*
4QFY21*
1QFY22*
2QFY22*
3QFY22*
4QFY22*
1QFY23*
2QFY23*
3QFY23*

1QFY24*
2QFY24*
4QFY23*

Source: Company, PL *Including SPI Cinema's Note: Occupancy Source: Company, PL *Including SPI Cinema's
calculated based on 4-5 shows per day with no caps

October 19, 2023 3

 PVR Inox

Screen mix as of 2QFY24 PVR's premium screen count is on a rise

Premium screens
Central East
Premium screens as a % of total screens (RHS)
13% 8%

13.7%
13.4%
12.8%
12.8%
11.9%
11.9%
11.9%
11.9%
11.8%
West

11.3%
11.3%
11.2%
11.2%
11.1%
11.1%
10.7%
10.0%
20% 250 16.0%
14.0%
200 12.0%
150 10.0%
8.0%
100 6.0%
South
4.0%

103
116
217
229
233
101
102
102
102
50

80
88
94
94
94
94
94
94
32% 2.0%
0 0.0%
North

2QFY20
3QFY20
4QFY20
1QFY21
2QFY21
3QFY21
4QFY21
1QFY22
2QFY22
3QFY22
4QFY22
1QFY23
2QFY23
3QFY23
4QFY23
1QFY24
2QFY24
27%

Source: Company, PL Source: Company, PL

Relative valuation table

Particulars (Rs mn) Sep-25E
EV/EBITDA 14.0
EBITDA* 14,384
EV 2,01,373
Less: Debt* 14,301
Add: Cash 7,127
Equity Value 1,94,198
No of shares 98
Per share value (Rs) 1,984
Source: Company, PL *Pre IND-AS figures

October 19, 2023 4

 PVR Inox

Financials
Income Statement (Rs m) Balance Sheet Abstract (Rs m)
Y/e Mar FY23 FY24E FY25E FY26E Y/e Mar FY23 FY24E FY25E FY26E

Net Revenues 37,507 65,510 75,276 85,376 Non-Current Assets

YoY gr. (%) 181.8 74.7 14.9 13.4
Cost of Goods Sold 11,286 20,411 23,529 26,843 Gross Block 99,292 1,12,128 1,24,629 1,38,644
Gross Profit 26,221 45,099 51,746 58,533 Tangibles 96,413 1,09,248 1,21,750 1,35,765
Margin (%) 69.9 68.8 68.7 68.6 Intangibles 2,880 2,880 2,880 2,880
Employee Cost 4,389 6,219 7,017 7,802
Other Expenses 11,355 17,275 19,749 22,579 Acc: Dep / Amortization 14,635 26,035 37,835 50,035
Tangibles 13,235 24,635 36,435 48,635
EBITDA 10,477 21,605 24,980 28,151 Intangibles 1,399 1,399 1,399 1,399
YoY gr. (%) 890.9 106.2 15.6 12.7
Margin (%) 27.9 33.0 33.2 33.0 Net fixed assets 84,658 86,093 86,795 88,610
Tangibles 83,177 84,613 85,314 87,129
Depreciation and Amortization 7,533 11,400 11,800 12,200 Intangibles 1,480 1,480 1,480 1,480

EBIT 2,944 10,205 13,180 15,951 Capital Work In Progress 2,473 2,473 2,473 2,473
Margin (%) 7.8 15.6 17.5 18.7 Goodwill 57,428 57,428 57,428 57,428
Non-Current Investments 4,628 5,568 6,398 7,257
Net Interest 5,716 7,650 7,800 7,900 Net Deferred tax assets 4,735 4,020 3,007 2,247
Other Income 791 1,030 1,200 1,300 Other Non-Current Assets 2,312 2,562 3,142 3,496

Profit Before Tax (2,090) 3,585 6,580 9,351 Current Assets

Margin (%) NA 5.5 8.7 11.0 Investments 2 2 2 2
Inventories 664 538 619 702
Total Tax 1,274 896 1,645 2,338 Trade receivables 1,825 3,410 4,331 5,146
Effective tax rate (%) NA 25.0 25.0 25.0 Cash & Bank Balance 3,616 3,824 6,088 8,166
Other Current Assets 2,293 3,800 4,667 5,464
Profit after tax (3,364) 2,688 4,935 7,014 Total Assets 1,64,764 1,69,948 1,75,284 1,81,364
Minority interest (13) (5) - -
Share Profit from Associate - - - - Equity
Equity Share Capital 980 980 980 980
Adjusted PAT (3,243) 2,693 4,935 7,014 Other Equity 72,319 75,003 79,693 86,462
YoY gr. (%) NA NA 83.2 42.1 Total Networth 73,299 75,983 80,673 87,441
Margin (%) NA 4.1 6.6 8.2
Extra Ord. Income / (Exp) (108) - - - Non-Current Liabilities
Long Term borrowings 75,316 78,208 78,887 78,216
Reported PAT (3,351) 2,693 4,935 7,014 Provisions 276 262 301 342
YoY gr. (%) NA NA 83.2 42.1 Other non current liabilities - - - -
Margin (%) NA 4.1 6.6 8.2
Current Liabilities
Other Comprehensive Income 14 (9) - - ST Debt / Current of LT Debt 5,204 5,204 4,704 4,204
Total Comprehensive Income (3,337) 2,684 4,935 7,014 Trade payables 5,143 5,743 6,187 6,549
Equity Shares O/s (m) 98 98 98 98 Other current liabilities 5,414 4,435 4,419 4,499
EPS (Rs) (33.1) 27.5 50.3 71.5 Total Equity & Liabilities 1,64,764 1,69,948 1,75,284 1,81,364
Source: Company Data, PL Research Source: Company Data, PL Research

October 19, 2023 5

 PVR Inox

Cash Flow (Rs m) Key Financial Metrics

Y/e Mar FY23 FY24E FY25E FY26E Year
Y/e Mar FY23 FY24E FY25E FY26E

PBT (2,090) 3,585 6,580 9,351 Per Share(Rs)

Add. Depreciation 3,010 11,400 11,800 12,200 EPS (33.1) 27.5 50.3 71.5
Add. Interest 5,600 7,650 7,800 7,900 CEPS 43.8 144.0 170.9 196.3
Less Financial Other Income 791 1,030 1,200 1,300 BVPS 748.7 776.1 824.0 893.2
Add. Other 4,087 (1,288) (226) (212) FCF 23.3 69.0 114.9 126.2
Op. profit before WC changes 10,607 21,347 25,954 29,240 DPS - - 2.5 2.5
Net Changes-WC (1,969) (860) (557) (536) Return Ratio(%)
Direct tax 1 (896) (1,645) (2,338) RoCE 2.0 6.6 8.3 9.7
Net cash from Op. activities 8,639 19,590 23,751 26,366 ROIC 6.4 12.7 14.3 15.5
Capital expenditures (6,339) (12,836) (12,502) (14,015) RoE NA 3.5 6.1 8.0
Interest / Dividend Income 88 - - - Balance Sheet
Others 493 (1,038) (935) (899) Net Debt : Equity (x) 1.0 1.0 1.0 0.8
Net Cash from Invt. activities (5,759) (13,874) (13,436) (14,914) Net Working Capital (Days) (26) (10) (6) (3)
Issue of share cap. / premium - - - - Valuation(x)
Debt changes 1,260 2,892 179 (1,171) PER NA 63.5 34.7 24.4
Dividend paid - - (245) (245) P/B 2.3 2.2 2.1 2.0
Interest paid (1,442) (7,650) (7,800) (7,900) P/CEPS 39.8 12.1 10.2 8.9
Others (6,754) (751) (185) (59) EV/EBITDA 23.6 11.6 9.9 8.7
Net cash from Fin. activities (6,935) (5,509) (8,051) (9,375) EV/Sales 6.6 3.8 3.3 2.9
Net change in cash (4,055) 208 2,264 2,078 Dividend Yield (%) - - 0.1 0.1
Free Cash Flow 2,280 6,755 11,250 12,351 Source: Company Data, PL Research
Source: Company Data, PL Research

Quarterly Financials (Rs m)

Y/e Mar Q3FY23 Q4FY23 Q1FY24 Q2FY24
Net Revenue 9,407 11,432 13,049 19,999
YoY gr. (%) 53.2 112.8 33.0 191.2
Raw Material Expenses 2,454 3,527 4,051 6,498
Gross Profit 6,953 7,904 8,998 13,501
Margin (%) 73.9 69.1 69.0 67.5
EBITDA 2,888 2,639 3,525 7,068
YoY gr. (%) 75.1 164.2 3.2 360.0
Margin (%) 30.7 23.1 27.0 35.3
Depreciation / Depletion 1,552 2,962 2,908 3,086
EBIT 1,335 (323) 617 3,982
Margin (%) 14.2 (2.8) 4.7 19.9
Net Interest 1,275 1,886 1,945 2,003
Other Income 201 218 249 238
Profit before Tax 261 (2,100) (1,079) 2,217
Margin (%) 2.8 NA NA 11.1
Total Tax 102 1,240 (259) 555
Effective tax rate (%) 39.1 NA NA 25.0
Profit after Tax 159 (3,340) (820) 1,662
Minority interest (2) (6) (4) (1)
Share Profit from Associates - - - -
Adjusted PAT 161 (3,226) (816) 1,663
YoY gr. (%) NA NA NA NA
Margin (%) 1.7 NA NA 8.3
Extra Ord. Income / (Exp) - (108) - -
Reported PAT 161 (3,334) (816) 1,663
YoY gr. (%) NA NA NA NA
Margin (%) 1.7 NA NA 8.3
Other Comprehensive Income 4 8 (11) 2
Total Comprehensive Income 165 (3,326) (827) 1,665
Avg. Shares O/s (m) 61 98 98 98
EPS (Rs) 2.6 (51.3) (8.3) 17.0
Source: Company Data, PL Research

October 19, 2023 6

 PVR Inox
Price Chart Recommendation History

(Rs)
No. Date Rating TP (Rs.) Share Price (Rs.)
2200
1 04-Oct-23 BUY 1,862 1,715

1902 2 02-Aug-23 BUY 1,797 1,565

3 06-Jul-23 BUY 1,704 1,372
1605
4 17-May-23 BUY 1,879 1,435
1307 5 11-Apr-23 BUY 2,096 1,550
6 14-Mar-23 BUY 2,096 1,530
1010
Oct - 20

Oct - 21
Apr - 21

Apr - 22

Oct - 22

Apr - 23

Oct - 23
7 19-Jan-23 BUY 1,983 1,678
8 06-Jan-23 BUY 2,005 1,633

Analyst Coverage Universe

Sr. No. Company Name Rating TP (Rs) Share Price (Rs)
1 Chalet Hotels BUY 656 609
2 Entertainment Network (India) Hold 180 126
3 Indian Railway Catering and Tourism Corporation Hold 700 720
4 Inox Leisure BUY 587 502
5 InterGlobe Aviation BUY 2,701 2,536
6 Lemon Tree Hotels BUY 140 119
7 Music Broadcast Hold 18 11
8 Navneet Education BUY 205 166
9 Nazara Technologies Hold 836 834
10 PVR Inox BUY 1,862 1,715
11 S Chand and Company BUY 338 280
12 Safari Industries (India) BUY 4,559 4,337
13 V.I.P. Industries Accumulate 721 668
14 Zee Entertainment Enterprises BUY 314 262

PL’s Recommendation Nomenclature (Absolute Performance)

Buy : > 15%
Accumulate : 5% to 15%
Hold : +5% to -5%
Reduce : -5% to -15%
Sell : < -15%
Not Rated (NR) : No specific call on the stock
Under Review (UR) : Rating likely to change shortly

October 19, 2023 7

 PVR Inox

ANALYST CERTIFICATION
(Indian Clients)
We/I, Mr. Jinesh Joshi- MS(Finance) and CFA, Ms. Stuti Beria- MBA Finance Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views
expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or
indirectly related to the specific recommendation(s) or view(s) in this report.

(US Clients)
The research analysts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately
reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific
recommendation or views expressed in this research report.

DISCLAIMER
Indian Clients
Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as “PL”) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for
third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking,
investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at www.plindia.com.
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