Hindustan Unilever
BSE SENSEX
28,288
S&P CNX
8,263
19 March 2020
Update | Sector: Consumer
CMP: INR1,837
TP: INR2,425 (+32%)
No reversal yet in last quarter’s slowdown
Buy
We interacted with Hindustan Unilever’s (HUVR) management to get an update on the
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
market conditions. Key takeaways:
HUVR IN
2,165
3976 / 55.4
2307 / 1650
12/23/34
2946
32.8
Slowdown continues into 4QFY20
Slowdown seen in the last quarter has continued into 4QFY20 with many
categories reporting flattish sequential growth. In fact, some personal care
categories are reporting de-growth. Rural continues growing at 0.5x urban
growth.
Over the past week, HUVR has witnessed strong growth not just in hand
washes but also in soaps, which had otherwise shown a disappointing trend in
the first two months of the quarter.
Offtake from retail stores has been higher this week in household care
products like detergents, floor and toilet cleaners. Unlike soaps and hand
washes, higher sales for these products this quarter could affect demand for
1QFY20.
So far, it is business as usual, but more the restrictions in the movement of
people the more it would cause disruption in the business. Technology though
could limit the impact. Government decision on closure of retail shops on
alternate days, if prolonged, could impact demand over the next few weeks.
Premiumization trend remains strong.
Competitive intensity and ad-spend intensity in the FMCG space remains
similar
to the preceding quarter.
GSKCH likely to be merged from 1
st
Apr’20
and the ongoing disruptions are
unlikely to change the time of the merger.
Uptick across skin cleansing products recently
Financials & Valuations (INR b)
Y/E March
2020E 2021E
Sales
400.7 439.9
Sales Gr. (%)
4.8
9.8
EBITDA
100.5 112.6
EBITDA mrg. (%)
25.1 25.6
Adj. PAT
70.5 81.2
Adj. EPS (INR)
32.6 37.5
EPS Gr. (%)
12.6 15.2
BV/Sh.(INR)
36.2 35.3
Ratios
RoE (%)
91.1 105.1
RoCE (%)
126.0 143.2
Payout (%)
97.6 102.3
Valuations
P/E (x)
56.4 49.0
P/BV (x)
50.8 52.1
EV/EBITDA (x)
39.0 34.8
Div. Yield (%)
1.4
2.1
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
2022E
497.0
13.0
129.8
26.1
95.1
43.9
17.0
33.9
127.0
171.0
103.2
41.8
54.2
30.2
2.5
Customers also buying other products more this week
Disruptions in channel due to coronavirus outbreak
Other points
Dec-19 Sep-19 Dec-18
67.2
6.7
12.3
13.8
67.2
6.7
12.4
13.7
67.2
7.4
12.0
13.4
Valuation and view
Despite the near-term demand blip, earnings CAGR for the next two years is likely
come in impressive at 16%. If we take the GSKCH merger into account (not in our
projections yet), EPS CAGR could be even more remarkable at ~22% over FY20-22.
Such earnings growth projections are extremely striking, especially for a company
of the size of HUVR. This in fact also provides comfort on HUVR maintaining its
stupendous wealth-generation track record and outperformance versus smaller
peers. Moreover, we see an upside risk to our operating margin expansion
forecast of 50bp/50bp for FY21/22 if the factors driving HUVR’s strong earnings
growth continue contributing as they have been in recent years. This is not
unlikely given the past five years’ EBITDA margin expansion of 830bp. With best-
of-breed earnings growth and far-superior RoE compared to peers, we maintain
our target multiple of 50x FY22E EPS on the merged numbers, resulting in a target
price INR2,425 (32% upside). Maintain
Buy.
FII Includes depository receipts
Stock Performance (1-year)
Hind. Unilever
Sensex - Rebased
2,600
2,300
2,000
1,700
1,400
Krishnan Sambamoorthy – Research analyst
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 6129 1545
Research analyst: Dhairya Dhruv
(Dhairya.Dhruv@motilaloswal.com); +91 22 6129 1547 |
Pooja Doshi
(Pooja.Doshi@MotilalOswal.com); +91 22 5036 2689
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Hindustan Unilever
Exhibit 1: Malaysian Palm Oil price up 36% YoY; 9% QoQ TD
Palm Oil (Malaysian Ringgit Per Metric Tonne)
Exhibit 2: PFAD up 51% YoY; 28% QoQ TD
Palm Fatty Acid price (INR/MT)
42,783
2,301
Source: RIL, MOFSL
Source: Bloomberg, MOFSL
Exhibit 3: Hindustan Unilever P/E (x)
53.0
45.0
37.0
29.0
21.0
13.0
P/E (x)
Min (x)
Avg (x)
+1SD
39.7
34.2
28.7
23.4
32.2
Max (x)
-1SD
45.8
Exhibit 4: Consumer P/E (x)
65.0
55.0
45.0
35.0
25.0
15.0
23.5
39.4
29.3
P/E (x)
Min (x)
Avg (x)
+1SD
49.5
50.1
Max (x)
-1SD
60.0
Source: Company, MOFSL
Source: Company, MOFSL
19 March 2019
2
 Motilal Oswal Financial Services
Hindustan Unilever
Story in Charts
Exhibit 5: Volumes to grow by 8.1% in both FY20 as well as
FY21
Doemstic volume growth (%)
9.3
6.8
4.0
4.8
5.8
6.5
9.8
7.2
8.1
8.1
12.1
8.6
16.7
9.9
0.8
0.8
2.7
8.3
10.7
4.8
9.8
13.0
Exhibit 6: Revenue to grow at a CAGR of 11.4% over FY20-
22E…
Total Revenue (INR b)
Revenue growth (%)
221 258 280 308 311 319 345 382 401 440 497
Source: Copany, MOFSL
Source: Company, MOFSL
Exhibit 7: ...with gross margin expansion of 60bp
Gross margin (%)
53.0 53.0
47.7
48.8 49.3
50.7 50.8
54.1 54.1 54.7
Exhibit 8: …leading to operating margins expanding 100bp
EBITDA Margin (%)
22.6
26.1
25.1 25.6
21.1
16.0
14.9 15.5
16.9
18.5 19.0
46.9
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 9: EBITDA to grow at a CAGR of 13.6% over FY19-21
EBITDA (INR b)
22.9 21.6
16.4
11.8
10.4
5.2
33
40
45
52
57
60
73
86
101 113 130
EBITDA growth (%)
20.3
18.7
Exhibit 10: Adj. PAT to grow at a CAGR of 16.1% over the
same period
Adj. PAT (INR b)
22.6 23.9
Adj. PAT growth (%)
24.7
18.2
11.5
26
32
36
14.2
37
2.7
42
42
1.9
53
63
71
81
95
12.6
15.2
17.0
16.4
12.0
15.3
Source: Company, MOFSL
Source: Company, MOFSL
19 March 2019
3
 Motilal Oswal Financial Services
Hindustan Unilever
Financials and Valuations
Income Statement
Y/E March
Net Sales
Other Oper. Income
Total Revenue
Change (%)
COGS
Gross Profit
Gross Margin (%)
Operating Exp
% of sales
EBIDTA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Margin (%)
Tax
Deferred Tax
Tax Rate (%)
Profit after Taxes
Change (%)
Margin (%)
Non-rec. (Exp)/Income
Reported PAT
FY15
3,01,705
6,351
3,08,056
9.9
1,56,236
1,51,821
49.3
99,738
32.4
52,082
16.4
16.9
2,867
168
6,184
55,231
15.1
18.3
19,060
-338
33.9
36,510
2.7
12.1
6,643
43,153
FY16
3,04,990
5,619
3,10,609
0.8
1,53,053
1,57,556
50.7
1,00,070
32.2
57,486
10.4
18.5
3,208
150
5,640
59,769
8.2
19.6
18,160
-70
30.3
41,679
14.2
13.7
-310
41,369
FY17
3,12,980
5,920
3,18,900
2.7
1,56,850
1,62,050
50.8
1,01,580
31.9
60,470
5.2
19.0
3,960
220
5,260
61,550
3.0
19.7
18,650
410
31.0
42,490
1.9
13.6
2,410
44,900
FY18
3,39,260
5,990
3,45,250
8.3
1,62,320
1,82,930
53.0
1,10,170
31.9
72,760
20.3
21.1
4,780
200
5,690
73,470
19.4
21.7
21,480
-1,000
27.9
52,990
24.7
15.6
-620
52,370
FY19
3,76,600
5,640
3,82,240
10.7
1,79,600
2,02,640
53.0
1,16,270
30.4
86,370
18.7
22.6
5,240
280
6,640
87,490
19.1
23.2
25,650
-790
28.4
62,630
18.2
16.6
-2,270
60,360
FY20E
3,94,794
5,866
4,00,660
4.8
1,83,946
2,16,714
54.1
1,16,187
29.0
1,00,527
16.4
25.1
9,295
960
6,322
96,594
10.4
24.5
26,080
0
27.0
70,514
12.6
17.9
0
70,514
FY21E
4,33,735
6,159
4,39,894
9.8
2,01,984
2,37,911
54.1
1,25,282
28.5
1,12,629
12.0
25.6
9,865
979
7,985
1,09,769
13.6
25.3
28,540
0
26.0
81,229
15.2
18.7
0
81,229
(INR Million)
FY22E
4,90,549
6,467
4,97,016
13.0
2,25,306
2,71,710
54.7
1,41,882
28.5
1,29,828
15.3
26.1
10,435
999
8,634
1,27,028
15.7
25.9
31,973
0
25.2
95,055
17.0
19.4
0
95,055
Balance Sheet
Y/E March
Share Capital
Reserves
Capital Employed
Net Fixed Assets
Capital WIP
Investment in Subsidiaries
Current Investments
Deferred Charges
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Other Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOFSL Estimates
FY15
2,164
35,084
37,248
24,575
4,790
6,541
26,238
1,960
72,236
26,027
7,829
25,376
13,005
99,093
48,515
29,828
20,749
-26,857
37,248
0
(INR Million)
FY16
2,164
60,630
62,794
29,147
3,860
3,130
24,670
1,680
76,509
25,284
10,645
27,590
12,990
76,202
54,980
12,382
8,840
307
62,794
0
FY17
2,164
62,740
64,904
40,240
2,030
2,540
35,250
1,600
65,850
23,620
9,280
16,710
16,240
82,606
60,060
13,826
8,720
-16,756
64,904
0
FY18
2,164
68,590
70,754
41,420
4,300
2,540
28,570
2,550
92,110
23,590
11,470
33,730
23,320
1,00,736
70,130
16,376
14,230
-8,626
70,754
0
FY19
2,165
74,430
76,595
43,430
3,730
2,540
26,950
3,390
98,615
24,220
16,730
36,880
20,785
1,02,060
70,700
15,860
15,500
-3,445
76,595
0
FY20E
2,165
76,106
78,271
39,135
3,730
2,540
27,950
3,390
1,17,884
26,320
11,898
56,981
22,685
1,16,358
83,205
16,653
16,500
1,526
78,271
0
FY21E
2,165
74,211
76,376
34,270
3,730
2,540
28,950
3,390
1,28,996
33,364
16,636
54,214
24,782
1,25,500
90,515
17,486
17,500
3,496
76,376
0
FY22E
2,165
71,205
73,370
28,834
3,730
2,540
29,950
3,390
1,43,911
37,735
18,816
59,570
27,791
1,38,985
1,02,125
18,360
18,500
4,926
73,370
0
19 March 2019
4
 Motilal Oswal Financial Services
Hindustan Unilever
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
439
FY15
16.9
18.2
17.2
15.0
90
108.9
100.9
13.1
75.7
106.7
0.8
104.3
158.2
4,523.0
9
8.1
0.0
501
FY16
19.3
20.7
29.0
15.5
97
95.4
88.6
12.9
68.6
63.3
0.8
83.3
119.8
290.6
13
4.9
0.0
511
FY17
19.6
21.5
30.0
17.0
98
93.6
85.6
12.6
65.4
61.2
0.9
66.5
96.7
118.7
11
4.8
0.0
637
FY18
24.5
26.7
32.7
20.0
99
75.0
68.8
11.6
54.1
56.2
1.1
78.1
108.6
144.0
12
4.8
0.0
752
FY19
28.9
31.4
35.4
22.0
95
63.5
58.6
10.5
45.6
51.9
1.2
85.0
119.1
197.5
16
4.9
0.0
847
FY20E
32.6
36.9
36.2
26.5
98
56.4
49.8
9.9
39.0
50.8
1.4
91.1
126.0
293.9
11
5.0
0.0
976
FY21E
37.5
42.1
35.3
38.4
102
49.0
43.7
9.0
34.8
52.1
2.1
105.1
143.2
530.3
14
5.7
0.0
1142
FY22E
43.9
48.7
33.9
45.3
103
41.8
37.7
8.0
30.2
54.2
2.5
127.0
171.0
818.1
14
6.7
0.0
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Financial other income
Depreciation
Net Interest Paid
Direct Taxes Paid
(Incr)/Decr in WC
CF from Operations
Other Items
(Incr)/Decr in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Invest.
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOFSL Estimates
FY15
55,231
-3,559
2,867
-1,890
-17,775
-2,156
32,719
3,506
263
32,982
1,182
4,951
-29,123
-5,403
-34,504
3,166
22,210
25,376
FY16
59,770
-1,910
3,210
-3,160
-17,040
-1,130
39,740
6,004
-6,740
33,000
3,290
2,554
-33,420
-6,660
-40,080
2,214
25,376
27,590
FY17
61,550
-920
3,960
-2,400
-18,040
5,380
49,530
450
-8,520
41,010
-9,700
-17,770
-35,610
-7,030
-42,640
-10,880
27,590
16,710
FY18
72,850
-2,800
4,780
-2,460
-21,880
8,640
59,130
4,880
-8,270
50,860
7,790
4,400
-38,960
-7,550
-46,510
17,020
16,710
33,730
FY19
85,220
-770
5,240
-2,950
-26,850
-2,610
57,280
4,460
-7,240
50,040
3,270
490
-45,460
-9,160
-54,620
3,150
33,730
36,880
FY20E
96,594
-6,322
9,295
960
-26,080
15,130
89,576
5,181
-5,000
84,576
-1,000
-819
-68,837
181
-68,656
20,101
36,880
56,981
FY21E
1,09,769
-7,985
9,865
979
-28,540
-4,737
79,352
6,977
-5,000
74,352
-1,000
977
-83,124
29
-83,095
-2,767
56,981
54,214
(INR Million)
FY22E
1,27,028
-8,634
10,435
999
-31,973
3,927
1,01,782
7,606
-5,000
96,782
-1,000
1,606
-98,061
29
-98,032
5,356
54,214
59,570
19 March 2019
5
 Motilal Oswal Financial Services
Hindustan Unilever
NOTES
19 March 2019
6
 Motilal Oswal Financial Services
Hindustan Unilever
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
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For U.S.
Motilal Oswal Financial Services Limited (MOFSL) 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 MOFSL 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 MOFSL , 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., MOFSL 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
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
services license and an exempt financial adviser in Singapore.As per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and
Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in
respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of
which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the
SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
inform MOCMSPL.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
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19 March 2019
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 Motilal Oswal Financial Services
Hindustan Unilever
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 of
MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature.
The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
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. MOFSL, 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 MOFSL. 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
MOFSL 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 MOFSL or any of its affiliates or employees from, any
and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold
MOFSL 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 71934200/ 022-71934263; Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management
Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of
Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a
group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory
services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee
of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj
Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* 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.
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