5 May 2020
Update | Sector: Metals
Jindal Steel & Power
BSE SENSEX
31,454
S&P CNX
9,206
CMP: INR86
TP: INR150 (+75%)
India steel production up 5% YoY in Apr’20
Buy
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 (%)
Highlights from Jindal Steel and Power’s (JSPL) Apr’20 operational update:
JSP IN
1,016
India steel operations
87.7 / 1.2
JSPL produced 550kt steel and related products during Apr’20 (up 5% YoY). This
202 / 62
was on the back of record high production from the Angul Blast Furnace, which
22/-14/-33
produced 298kt hot metal, clocking 10kt daily. Other related products include
2863
granulated pig iron and other intermediary products.
39.6
Though domestic demand remained dry during the month, production was
Financials Snapshot (INR b)
Y/E MARCH
2020E 2021E 2022E
Sales
371.1 351.0 411.3
EBITDA
76.0 92.2 87.5
Adj. PAT
-6.7
8.4 9.0
EBITDA Margin (%)
20.5 26.3 21.3
Cons. Adj. EPS (INR)
-6.5
8.3 8.8
EPS Gr. (%)
-299.4 -226.8
6.3
BV/Sh. (INR)
317.6 325.9 334.8
Ratios
Net D:E
1.1 0.9 0.8
RoE (%)
-2.0
2.6 2.7
RoCE (%)
4.6 7.1 6.7
Exhibit 1: India Steel and related products – production and sales
Payout (%)
0.0 0.0 0.0
Steel and related product sales
Steel and related product production
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
Div. Yield (%)
-13.1
10.4
0.3 0.3
5.7
0.0
4.2
0.0
9.8
0.3
4.1
0.0
1,300
1,320
1,270
1,520
1,510
1,460
1560
1350
1360
1320
1570
1580
1610
1540
boosted by large export orders, primarily of billets from China due to the shortage
of intermediates there.
Apr’20 sales stood at 335kt, of which 248kt (74% of total) were exports.
Exports were up 109% MoM while implied domestic sales were down ~80% MoM.
The balance production in Apr’20 is at the ports, waiting to be exported out; sales
would be booked in May’20.
We note that while these export volumes would earn lower EBITDA margins
(likely ~INR5,000/t), it is still positive as this should help recover fixed costs if
plants earn positive cash flows, which is critical in this environment.
550
Shareholding pattern (%)
As On
Dec-19 Sep-19 Dec-18
Promoter
60.4
60.4
58.7
DII
13.0
11.1
9.3
FII
14.4
15.3
17.8
Others
12.2
13.3
14.3
FII Includes depository receipts
Stock Performance (1-year)
Jindal Steel
Sensex - Rebased
210
170
130
90
50
1,670
1,400
335
1QFY19
2QFY19
3QFY19
4QFY19
1QFY20
2QFY20
3QFY20
4QFY20
Apr-20
Source: MOFSL
Oman operations
JSPL’s Oman operations reported production of 106kt, down ~40% over the
normal monthly run-rate. However, the decline in sales volumes was lower at 33%
as the company sold ~120kt of steel during the month.
Amit Murarka
– Research Analyst
(Amit.Murarka@motilaloswal.com); +91 22 6129 1538
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
Jindal Steel & Power
Exhibit 2: Oman sales and production volumes
Sales
570
500
390
410
106
460
1QFY19
470
2QFY19
450
3QFY19
460
4QFY19
410
1QFY20
370
2QFY20
570
3QFY20
530
4QFY20
484.5
500
Production
570
570
120
Apr-20
Source: MOFSL
Valuation and view – steel business available virtually free
JSPL’s ability to export volumes during Apr’20 provides confidence to our
expectation of ~2% decline in FY21E volumes. Restructuring of debt in Australian
operations during 4QFY20 should help JSPL meet its debt obligations comfortably in
Indian and other overseas operations. We expect JSPL to reduce its net debt by
INR77b over FY20E-22E to INR272b. This would be achieved through free cash flow
generation on the back of higher earnings and lower capex.
At CMP, the stock trades at 4.1x FY22E EV/EBITDA. We value JSPL stock using SoTP
methodology and value the steel business at 4.0x. The power business is valued
using DCF method. We arrive at a target price of INR150/share. Our valuation of the
power business translates to an EV of INR40m/MWH capacity, which is at ~40%
discount to the replacement value. Equity value of the power business (JPL’s
estimated net debt at INR60b FY22E) works out to INR76/share. Hence, the steel
business of JSPL is available virtually free at the current stock price. Reiterate
Buy.
Exhibit 3: Target price calculation
Y/E March
Steel Business
A. EBITDA
B. Target EV/EBITDA(x)
C. EV (AxB)
Jindal Power (JPL)
D. PV of JPL's FCFF
Consolidated
EBITDA
E. Enterprise Value (C+D)
F. Net Debt
Equity Value (E-F+G*(1-H%))
Target price (INR/share)
FY15
FY16
FY17
FY18
FY19
72,496
FY20E
64,410
FY21E
78,936
FY22E
71,611
4.0
2,86,445
1,37,449
54,598
4,43,617
34,410
4,63,928
46,613
4,61,427
64,691
4,38,319
84,056
4,04,306
75,972
3,48,708
92,187
3,00,736
87,482
4,23,894
2,71,629
1,52,265
150
Source: MOFSL
5 May 2020
2
 Motilal Oswal Financial Services
Jindal Steel & Power
Financials and Valuations
Income Statement (Consolidated)
Y/E March
Net sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
EO income
PBT after EO
Tax
Rate (%)
Reported PAT
Minority interests
Preference dividend
Share of Associates
Adjusted PAT
Change (%)
Balance Sheet (Consolidated)
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Goodwill & Revaluation
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans & advances and others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Current Assets
Appl. of Funds
2015
2,01,592
4.5
1,46,994
54,598
27.1
27,328
27,270
25,837
2,256
3,689
-19,116
-15,428
-882
5.7
-14,546
-1,738
26
6,335
-66.8
2016
1,83,709
-8.9
1,49,299
34,410
18.7
28,194
6,216
32,808
2,200
-24,391
-2,358
-26,750
-6,763
25.3
-19,987
-980
0
-14
-16,662
-363.0
2017
2,10,194
14.4
1,63,581
46,613
22.2
39,490
7,122
34,240
411
-26,706
-3,723
-30,429
-5,027
16.5
-25,402
-2,524
0
27
-19,128
14.8
2018
2,76,244
31.4
2,11,553
64,691
23.4
38,830
25,861
38,657
29
-12,767
-5,874
-18,641
-2,398
12.9
-16,243
-2,064
0
87
-8,218
-57.0
2019
3,93,721
42.5
3,09,666
84,056
21.3
41,938
42,118
42,642
157
-367
-27,650
-28,017
-3,902
13.9
-24,115
-7,644
0
0
3,178
-138.7
2020E
3,71,074
-5.8
2,95,103
75,972
20.5
41,284
34,688
41,300
25
-6,588
0
-6,588
1,993
-30.3
-8,580
-1,929
0
0
-6,651
-309.3
2021
3,51,021
-5.4
2,58,834
92,187
26.3
42,131
50,056
37,486
12,570
0
12,570
4,400
35.0
8,171
-261
0
0
8,432
-226.8
(INR Million)
2022
4,11,281
17.2
3,23,799
87,482
21.3
42,364
45,118
31,577
13,541
0
13,541
4,739
35.0
8,801
-162
0
0
8,963
6.3
2015
915
2,09,506
2,10,421
8,573
4,55,007
20,185
6,94,185
6,12,235
1,51,286
4,60,949
90,728
5,485
17,852
1,80,353
48,487
16,907
11,391
1,03,568
61,181
38,391
22,790
1,19,172
6,94,185
2016
915
1,80,556
1,81,471
8,003
4,70,132
13,477
6,73,082
6,27,116
1,78,233
4,48,883
1,18,266
5,485
3,577
1,59,182
32,360
14,292
6,204
1,06,326
62,310
42,186
20,124
96,872
6,73,082
2017
915
2,99,590
3,00,505
6,467
4,66,571
53,586
8,27,129
7,83,127
1,29,476
6,53,651
97,162
5,670
3,677
1,45,820
35,993
17,166
5,144
87,517
78,850
22,221
56,629
66,970
8,27,129
2018
968
3,02,878
3,03,846
4,403
4,43,104
50,284
8,01,638
8,46,580
1,68,002
6,78,578
49,775
5,922
1,458
1,56,572
49,596
18,261
4,786
83,930
90,667
28,434
62,233
65,905
8,01,638
2019
968
3,23,309
3,24,276
-3,011
4,08,590
53,643
7,83,498
9,00,003
2,09,940
6,90,063
40,272
6,164
1,452
1,57,902
65,095
30,292
4,284
58,231
1,12,355
38,724
73,631
45,548
7,83,498
2020E
1,016
3,21,673
3,22,689
-4,940
3,58,590
53,643
7,29,981
9,25,003
2,51,223
6,73,779
22,272
6,164
1,452
1,36,528
57,949
28,466
9,882
40,231
1,10,214
35,582
74,631
26,314
7,29,981
(INR Million)
2021
2022
1,016
1,016
3,30,104
3,39,068
3,31,120
3,40,084
-5,201
-5,363
3,03,590
2,83,590
53,643
53,643
6,83,152
6,71,953
9,35,003
9,45,003
2,93,354
3,35,718
6,41,649
6,09,284
19,272
17,772
6,164
6,164
1,452
1,452
1,22,906
1,51,350
52,894
67,608
26,928
31,550
2,853
11,961
40,231
40,231
1,08,291
1,14,069
33,660
39,438
74,631
74,631
14,615
37,281
6,83,152
6,71,953
5 May 2020
3
 Motilal Oswal Financial Services
Jindal Steel & Power
Financials and Valuations
Ratios (Consolidated)
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margins (%)
Net Profit Margins (%)
RoE
RoCE (pre-tax)
RoIC (pre-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Payable (Days)
Work.Cap.Turnover (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
Cash Flow Statement (Consolidated)
Y/E March
EBITDA
Non cash exp. (income)
(Inc)/Dec in Wkg. Cap.
Tax Paid
others
CF from Op. Activity
(Inc)/Dec in FA + CWIP
(Pur)/Sale of Investments
Acquisition in subsidiaries
Loans and advances
Int. & Dividend Income
Other investing activities
CF from Inv. Activity
Equity raised/(repaid)
Debt raised/(repaid)
Dividend (incl. tax)
Interest paid
Other financing
CF from Fin. Activity
(Inc)/Dec in Cash
Add: opening Balance
Closing Balance
2015
6.9
14.0
230.0
1.6
27.0
12.4
6.2
0.4
2.6
9.6
1.9
27.1
3.1
2.9
4.5
5.5
0.4
0.3
87.8
30.6
69.5
53.5
2.9
1.1
2.1
2016
(18.2)
9.0
198.4
0.0
0.0
(4.7)
9.6
0.4
3.0
15.8
0.0
18.7
(9.1)
(8.5)
1.2
1.1
0.3
0.3
64.3
28.4
83.8
49.4
2.6
0.2
2.6
2017
(20.9)
15.4
328.4
0.0
0.0
(4.1)
5.6
0.3
2.6
11.6
0.0
22.2
(9.1)
(7.9)
1.0
1.1
0.3
0.3
62.5
29.8
38.6
29.4
1.8
0.2
1.5
2018
(8.5)
23.3
313.9
0.0
0.0
(10.1)
3.7
0.3
1.9
8.1
0.0
23.4
(3.0)
(2.6)
3.2
3.6
0.4
0.3
65.5
24.1
37.6
22.1
1.7
0.7
1.4
2019
3.3
18.4
335.0
0.0
0.0
26.2
4.7
0.3
1.2
5.8
0.0
21.3
0.8
1.0
5.3
5.7
0.5
0.5
60.3
28.1
35.9
10.5
1.4
1.0
1.2
2020E
(6.5)
32.2
317.6
0.0
0.0
(13.1)
2.7
0.3
1.2
5.7
0.0
20.5
(1.8)
(2.0)
4.6
4.9
0.5
0.4
57.0
28.0
35.0
20.0
1.2
0.8
1.1
2021
8.3
49.5
325.9
0.0
0.0
10.4
1.7
0.3
1.1
4.2
0.0
26.3
2.4
2.6
7.1
7.5
0.5
0.4
55.0
28.0
35.0
20.0
1.1
1.3
0.9
2022
8.8
50.4
334.8
0.0
0.0
9.8
1.7
0.3
0.9
4.1
0.0
21.3
2.2
2.7
6.7
7.0
0.6
0.4
60.0
28.0
35.0
20.0
1.3
1.4
0.8
2015
54,598
-21,600
-18,154
-3,393
11,451
-50,964
-13,430
367
0
1,003
-2,341
-65,365
5
90,704
-1,448
-34,381
271
55,151
1,238
10,153
11,391
2016
34,410
-4,581
11,762
-170
41,422
-39,500
15,904
1,052
-1,337
2,292
1,699
-19,889
0
9,230
-8
-35,941
0
-26,719
-5,187
11,391
6,204
2017
46,613
-1,020
7,190
450
15,840
69,072
-24,975
5,164
-934
754
1,511
-18,481
0
-10,256
0
-41,396
-51,651
-1,060
6,204
5,144
2018
64,691
2,853
-9,267
-553
14,101
71,825
-25,767
12,299
-2,376
1,533
-533
-14,845
13,883
-24,391
15
-46,845
-57,338
-358
5,144
4,786
2019
84,056
1,262
-17,346
296
22,001
90,268
-14,333
2,436
3,044
532
-533
-8,853
0
-36,897
-18
-45,699
-82,614
-1,199
4,786
3,587
2020E
75,972
24,831
-1,993
98,810
-7,000
0
25
-6,975
-50,000
0
-41,300
-91,300
535
4,284
4,819
(INR Million)
2021
2022
92,187
87,482
4,670
-4,400
92,458
-7,000
0
0
-7,000
-55,000
0
-37,486
-92,486
-7,028
9,882
2,853
-13,559
-4,739
69,185
-8,500
0
0
-8,500
-20,000
0
-31,577
-51,577
9,107
2,853
11,961
5 May 2020
4
 Motilal Oswal Financial Services
Jindal Steel & Power
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
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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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
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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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The associates of MOFSL may have:
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financial interest in the subject company
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actual/beneficial ownership of 1% or more securities in the subject company
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received compensation/other benefits from the subject company in the past 12 months
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 Motilal Oswal Financial Services
Jindal Steel & Power
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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.
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acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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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)
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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
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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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