Telecom | Update
Sector Update | 9 May 2020
Telecom
Our earlier telecom update
Subscriber additions turn positive once again
Bharti/RJio see healthy MBB adds, VIL still losing
The Telecom Regulatory Authority of India (TRAI) has released subscriber data for Jan’20.
Here are the key insights:
After last month’s decline in subscribers across the industry, driven by ARPU hikes,
subscriber adds turned positive once again. The gross subscriber base increased by
4.9m (v/s a 3.2m drop in Dec’19) to 1,156m, led by the addition of 0.9m/6.6m by
Bharti/RJio, partially offset by decline of 3.6m in VIL’s subscriber base. Furthermore,
the active subscriber base increased by 3.8m (v/s 3.5m in Dec’19) to 986.3m, led by
the healthy addition of 4.9m customers by RJio. On the contrary, both Bharti/VIL lost
1.7m/0.3m of their active subscriber base.
Bharti gained 0.9m gross subscribers (328m in total), while it lost 1.7m of its active
subscriber base (313m in total). Despite losing active subscribers, Bharti has continued
to maintain its top spot in terms of active subscriber market share with 31.7%.
VIL’s gross/active subscriber base continued to decline by 3.6m/0.3m to 329m/297m;
however, the pace of decline in the active subscriber base slowed significantly (3.1m in
Nov’19 and 1.1m in Dec’19). Subsequently, VIL’s gross/active subscriber market share
fell to 28.5%/30.1% (v/s 28.9%/30.3% in Dec’19).
RJio continued to add the most subscribers, with 6.6m gross and 4.9m active
subscriber additions (v/s 3m in Dec’19). However, the pace of subscriber adds is
gradually slowing from the peak of 12–14m and average of 8–10m earlier. It reached
32.6% of gross market share, retaining its top position.
Industry MBB subscriber adds returned to a healthy 10.4m (v/s 0.9m decline in Dec’19)
to 637m, after witnessing the impact of a price hike during the month. Currently, MBB
subscribers account for 64.6% (+80bp MoM) of the total active subscribers in the
market.
Bharti/RJio added 4.4m/6.6m MBB subscribers (v/s 0.5m/0.1m in Dec’19), while VIL
lost 0.5m (v/s 1.4m in Dec’19), indicating both Bharti and RJio continued their previous
trend of MBB subscriber adds. Bharti/RJio’s MBB subscriber market share improved
30bp/10bp MoM to 22.3%/59.1%, whereas that of VIL further declined to 18.5% (-
40bp MoM). Of the 6.6m MBB adds by RJio, we believe a higher proportion would be
for Jiophone; thus, excluding Jiophone, Bharti would lead in MBB adds.
Subscriber additions turn positive
After last month’s decline in subscribers across the industry, driven by ARPU hikes,
subscriber adds turned positive once again. The gross subscriber base increased by
4.9m to 1,156m, thus returning to the previous trend of 3–4m subscriber additions
monthly. Bharti/RJio’s gross subscriber base increased 0.9m/6.6m (v/s 0m/0.1m) to
328m/377m, while VIL lost 3.6m of its gross subscribers.
Active subscriber additions rose 3.8m in Jan’20 (v/s 3.5m in Dec’19) to 986m.
Growth in active subscribers has been driven single-handedly by RJio, which
reported subscriber additions of 4.9m, partially offset by Bharti/VIL’s subscriber loss
of 1.7m/0.3m. The loss of Bharti’s subscriber base came as a surprise to us as the
company’s focus is on adding quality customers. Although VIL has continued to
Research Analyst: Aliasgar Shakir
(Aliasgar.Shakir@motilaloswal.com); +91 22 6129 1565
Suhel Shaikh
(Suhel.Ahmad@MotilalOswal.com); +91 22 5036 2611;
Anshul Aggarwal
(Anshul.Aggarwal@motilaloswal.com); +91 22 5036 2511
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
Telecom | Update
witness loss in its active subscriber base, the pace of decline has slowed (3.1m in
Nov’19 and 1.1m in Dec’19).
Bharti loses active subscriber base
While the Telecom industry added 3.8m active subscribers, Bharti surprisingly lost
1.7m subscribers, which may be attributed to SIM consolidation post the price hike
taken in Dec’19. Despite the loss in its active subscriber base, Bharti has been able
to maintain its top position in the active subscriber base market with 31.7% share (-
30bp MoM), followed by RJio with 31.4% share, and VIL with 30.1% share.
With 0.9m gross subscriber additions witnessed in Jan’20, Bharti’s gross subscriber
base has reached 328m, with the company maintaining its market share of 28.4%.
Furthermore, Bharti remained in the third spot (slightly behind VIL) in terms of gross
subscriber market share.
RJio continues to gain active subscribers
RJio’s gross subscribers increased 6.6m to 377m, taking its market share to 32.6%
(+50bp MoM). Although RJio has continued to add the most gross subscribers (with
the top position in terms of market share), its pace has reduced from the peak of
12–14m subscriber adds monthly and average of 8–10m in the recent past. In terms
of active subscriber base, the company gained 4.9m subscribers, along with market
share gains of 40bp MoM to 31.4%. With this, RJio has inched closer to Bharti in
gaining the top position in terms of market share. We believe the active subscriber
additions are attributed to low ARPU for Jiophone customers.
VIL continues losing subscribers
VIL lost 3.6m gross subscribers (v/s 3.6m in Dec’19) to reach 329m; it lost 0.3m
active subscribers (v/s 1.1m in Nov’19), taking its total active subscriber base to
297m; its active market share fell to 30.1%, v/s 30.3% in Dec’19. In terms of gross
subscribers, market share stands at 28.5% (-40bp MoM). VIL continues to lose
subscribers, attributed to sub-par network capabilities. Additionally, its survival
hinges on the Supreme Court’s decision on DoT’s plea to defer the AGR liability with
government support.
Broadband subs data – MBB returns to healthy adds of 10.4m
Industry MBB subscribers increase by 10.4m:
Industry MBB subscriber adds
returned to a healthy 10.4m in Jan’20 (-0.9m in Dec’19) to 637m, after the
impact of the price hike taken in Dec’19. Currently, MBB subscribers account for
64.6% (+80bp MoM) of the total active subscribers in the market. These healthy
subscriber additions are attributed to 4.4m/6.6m additions reported in
Bharti/RJio.
Bharti – Continues with healthy MBB subscriber adds:
Bharti added 4.4m MBB
subscribers (0.5m in Dec’19) to reach a total subscriber base of 142m. With this,
Bharti’s subscriber market share improved 30bp to reach 22.3%, with the
company gaining 42% incremental market share. Of the 6.6m MBB adds by RJio,
we believe a higher proportion may be attributable to Jiophone. Thus, with the
exclusion of Jiophone, Bharti would lead in MBB adds.
9 May 2020
2
 Motilal Oswal Financial Services
Telecom | Update
RJio – Sees most MBB additions:
RJio registered 6.6m MBB subscriber adds (v/s
+0.1m in Dec’19), taking the company’s total subscriber base to 377m. Its
market share stood at 59.1% (+10bp MoM). We believe a higher proportion of
these adds would be attributable to low ARPU for Jiophone customers; thus,
with the exclusion of Jiophone, RJio may not lead the pack.
Vodafone-Idea – Loses MBB subscribers:
VIL lost 0.5m net MBB subscribers
during the month (v/s 1.4m in Dec’19), taking the total subscriber base to 118m.
The company’s market share also declined by 40bp MoM to 18.5%.
Exhibit 1: Active subscriber base — Bharti has highest active subscribers (m)
Bharti
Vodafone Idea
RJio
Top three players
Other players
Total
Feb-19 Mar-19
328
328
377
368
250
258
955
954
67
68
1,023
1,022
Apr-19 May-19
324
320
342
334
265
268
931
922
68
68
1,000
989.6
Jun-19
316
322
278
916
68
983.8
Jul-19
312
311
282
905
67
972.4
Aug-19
306
308
289
904
66
970.2
Sep-19
303
302
290
895
66
960.9
Oct-19 Nov-19 Dec-19 Jan-20
310
313
315
313
302
299
298
297
304
302
305
310
916
914
917
920
66
65
66
66
981.2
979.1
982.6
986.3
Source: TRAI, MOFSL
Exhibit 2: Active subscriber net adds – RJio leads (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Feb-19 Mar-19
-3.2
-0.2
-7.2
-9.1
9.3
8.0
-1.1
-1.3
1.1
0.4
0.0
-0.9
Apr-19 May-19
-3.7
-4.2
-26.0
-8.6
7.2
3.1
-22.5
-9.7
0.5
-0.3
-22.1
-10.1
Jun-19
-4.4
-11.2
10.2
-5.4
-0.4
-5.8
Jul-19
-3.6
-11.1
4.0
-10.8
-0.7
-11.4
Aug-19
-5.7
-2.9
7.2
-1.5
-0.8
-2.2
Sep-19
-3.5
-5.9
0.5
-8.9
-0.4
-9.3
Oct-19 Nov-19 Dec-19 Jan-20
6.8
3.7
1.4
-1.7
-0.7
-3.1
-1.1
-0.3
14.3
-2.4
3.0
4.9
20.4
-1.7
3.2
2.9
-0.1
-0.4
0.2
0.8
20.3
-2.1
3.5
3.8
Source: TRAI, MOFSL
Exhibit 3: Active subscriber market share —Bharti in top position (%)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Feb-19 Mar-19
32.1
32.1
36.9
36.0
24.4
25.2
93.4
93.4
6.6
6.6
100.0
100.0
Apr-19 May-19
32.4
32.3
34.2
33.7
26.5
27.1
93.2
93.1
6.8
6.9
100.0
100.0
Jun-19
32.1
32.8
28.3
93.1
6.9
100.0
Jul-19 Aug-19
32.1
31.6
32.0
31.8
29.0
29.8
93.1
93.2
6.9
6.8
100.0
100.0
Sep-19
31.5
31.5
30.2
93.2
6.8
100.0
Oct-19 Nov-19 Dec-19 Jan-20
31.5
32.0
32.0
31.7
30.8
30.5
30.3
30.1
31.0
30.8
31.0
31.4
93.3
93.3
93.3
93.3
6.7
6.7
6.7
6.7
100.0
100.0
100.0
100.0
Source: TRAI, MOFSL
Exhibit 4: Trend in gross subscriber base (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Feb-19 Mar-19
340
325
409
395
297
307
1047
1027
137
135
1,184
1,162
Apr-19 May-19
322
320
393
388
315
323
1030
1031
132
131
1,162
1,162
Jun-19
320
383
331
1035
130
1,165
Jul-19
329
380
340
1048
120
1,168
Aug-19
328
375
348
1051
120
1,171
Sep-19
326
372
355
1053
120
1,174
Oct-19 Nov-19
326
327
373
336
364
369.9
1063
1033
121
121
1,183
1,155
Dec-19
327
333
370.0
1030
122
1,151
Jan-20
328
329
376.6
1034
123
1,156
Source: TRAI, MOFSL
9 May 2020
3
 Motilal Oswal Financial Services
Telecom | Update
Exhibit 5: Gross subscriber net adds (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Feb-19 Mar-19
0.0
-15.1
-5.8
-14.5
7.8
9.5
2.0
-20.2
-0.2
-1.7
1.7
-21.9
Apr-19 May-19
-3.3
-1.5
-1.6
-5.7
8.1
8.2
3.2
1.0
-2.7
-1.4
0.5
-0.4
Jun-19
0.0
-4.1
8.3
4.1
-0.5
3.6
Jul-19 Aug-19
8.2
-0.6
-3.4
-5.0
8.5
8.4
13.3
2.9
-10.5
-0.3
2.9
2.6
Sep-19
-2.4
-2.6
7.0
2.0
0.8
2.8
Oct-19 Nov-19 Dec-19 Jan-20
0.1
1.7
0.0
0.9
0.2
-36.4
-3.6
-3.6
9.1
5.6
0.1
6.6
9.4
-29.2
-3.6
3.8
0.3
0.3
0.4
1.1
9.7
-28.8
-3.2
4.9
Source: TRAI, MOFSL
Exhibit 6: Gross subscriber market share (%)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Feb-19 Mar-19
28.8
28.0
34.6
34.0
25.1
26.4
88.4
88.4
11.6
11.6
100.0
100.0
Apr-19 May-19
27.7
27.6
33.8
33.4
27.1
27.8
88.6
88.7
11.4
11.3
100.0
100.0
Jun-19
27.5
32.9
28.4
88.8
11.2
100.0
Jul-19 Aug-19
28.1
28.0
32.5
32.0
29.1
29.7
89.7
89.8
10.3
10.2
100.0
100.0
Sep-19
27.7
31.7
30.3
89.7
10.3
100.0
Oct-19 Nov-19 Dec-19 Jan-20
27.5
28.3
28.4
28.4
31.5
29.1
28.9
28.5
30.8
32.0
32.1
32.6
89.8
89.5
89.4
89.4
10.2
10.5
10.6
10.6
100.0
100.0
100.0
100.0
Source: TRAI, MOFSL
Exhibit 7: Trend in MBB subscriber base (m)
Bharti
Vodafone Idea
RJio
Top 3 total
Other players
Total
Feb-19 Mar-19
110
112
110
110
297
307
517
529
14
15
532
544
Apr-19 May-19
111
118
110
109
315
323
536
550
12
12
548
563
Jun-19
121
111
331
563
12
576
Jul-19
124
111
339.8
575
10
585
Aug-19
127
111
348
586
11
597
Sep-19
125
112
355
593
13
606
Oct-19 Nov-19 Dec-19 Jan-20
130
138
138
142
116
120
118
118
364
369.9
370.0
377
611
627
626
637
14
0
0
0
624
628
627
637
Source: TRAI, MOFSL
Exhibit 8: Trend in MBB subscriber net adds (m)
Bharti
Vodafone Idea
RJio
Top 3 total
Other players
Total
Feb-19 Mar-19
1.8
2.5
0.4
0.0
7.8
9.5
10.0
11.9
0.2
0.9
10.2
12.8
Apr-19 May-19
-0.8
6.9
-0.5
-0.6
8.1
8.2
6.7
14.4
-3.1
0.1
3.6
14.5
Jun-19
3.1
1.5
8.3
12.9
0.2
13.1
Jul-19
2.5
0.4
8.5
11.4
-2.0
9.4
Aug-19
2.8
0.2
8.4
11.4
0.1
11.5
Sep-19
-1.3
1.1
7.0
6.8
2.5
9.3
Oct-19 Nov-19 Dec-19 Jan-20
5.0
7.1
0.5
4.4
3.6
4.1
-1.4
-0.5
9.1
5.6
0.1
6.6
17.7
16.8
-0.9
10.4
0.8
-13.7
0.0
0.0
18.6
3.1
-0.9
10.4
Source: TRAI, MOFSL
Exhibit 9: Trend in MBB subscriber market share (m)
Bharti
Vodafone Idea
RJio
Top 3 total
Other players
Total
Feb-19 Mar-19
20.7
20.6
20.7
20.2
55.9
56.3
97.3
97.2
2.7
2.8
100.0
100.0
Apr-19 May-19
20.3
21.0
20.0
19.4
57.4
57.4
97.8
97.8
2.2
2.2
100.0
100.0
Jun-19
21.1
19.2
57.5
97.9
2.1
100.0
Jul-19
21.2
19.0
58.1
98.2
1.8
100.0
Aug-19
21.2
18.6
58.4
98.2
1.8
100.0
Sep-19
20.7
18.5
58.6
97.8
2.2
100.0
Oct-19 Nov-19
20.9
21.9
18.5
19.1
58.3
59.0
97.8
100.0
2.2
0.0
100.0
100.0
Dec-19
22.0
18.9
59.0
100.0
0.0
100.0
Jan-20
22.3
18.5
59.1
100.0
0.0
100.0
Source: TRAI, MOFSL
Exhibit 10: Incremental MBB subscriber market share (m)
Bharti
Vodafone Idea
RJio
Total
Feb-19 Mar-19
18.4
20.6
3.9
-0.3
77.7
79.6
100.0
100.0
Apr-19 May-19
-12.0
47.8
-8.0
-4.5
120.0
56.7
100.0
100.0
Jun-19
24.4
11.7
64.0
100.0
Jul-19 Aug-19
21.5
24.2
3.5
1.7
75.0
74.1
100.0
100.0
Sep-19
-18.9
15.7
103.3
100.0
Oct-19 Nov-19 Dec-19 Jan-20
28.3
42.1
-53.4
41.9
20.3
24.4
163.6
-4.8
51.3
33.4
-10.2
62.9
100.0
100.0
100.0
100.0
Source: TRAI, MOFSL
9 May 2020
4
 Motilal Oswal Financial Services
Telecom | Update
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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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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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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)
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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