Motilal Oswal Financial Services

24 June 2020

4QFY20 Results Update | Sector: Financials

Bank of Baroda

Estimate change

TP change

Rating change

Bloomberg

Equity Shares (m)

M.Cap.(INRb)/(USDb)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

12M Avg Val (INR M)

BOB IN

4,627

238.4 / 3.1

133 / 36

24/-32/-45

2404

CMP: INR52

TP: INR65 (+25%)

Buy

Higher moratorium book to keep asset quality under pressure

Growth outlook modest; Credit cost to stay elevated



Motilal Oswal values your support in the

Asiamoney Brokers Poll 2020 for India

Research, Sales and Trading team.

request your ballot.



BOB reported mixed 4QFY20 operating performance as moderation in NII

was supported by lower opex and higher treasury income. While elevated

provisions led to PBT loss, higher tax reversal resulted in the bank reporting

profits. Lower slippages were aided by asset classification benefit resulting

in an improvement in asset quality ratios. However, higher moratorium

book of 55% (as at end-May’20) should keep asset quality under pressure.

We cut our EPS estimate for FY21/FY22E by 34%/5%, as we increase our

credit cost projection and fine-tune our margin/growth estimates.

Maintain

Buy.

BOB reported PBT loss of INR17.2b, impacted by higher provisions of

INR68.4b while tax reversal of INR22.3b resulted in net profit of INR5b.

NII increased 5% YoY to INR68b (in-line). Global NIMs declined by 13bp

QoQ to 2.67% while domestic NIMs dipped 10bp QoQ. Total net revenue

grew 3% YoY.

For FY20,

NII/PPoP/PAT stood at INR275b/INR197b/INR5.5b.

Opex declined 23% YoY (-8% QoQ), which resulted in C/I ratio decreasing

~90bp QoQ to 46.8%. PPoP, thus, grew 48% YoY to INR51.2b.

Loans grew 5.9% YoY (+5.4% QoQ) to INR6.9t, within which, retail loans

grew 15%. Within retail, home/auto loans grew 11%/40% YoY. Deposits

grew 3.4% YoY (5.6% QoQ) to INR9.5t. Domestic CASA grew 6.8% YoY

resulting in 23bp QoQ increase in CASA ratio to 39.1%.

Fresh slippages declined to INR30.5b (2.6% annualized) aided by asset

classification benefit availed on overdue accounts of INR40.5b. ~90% of

slippages came in from the watch-list. In ratio terms, the GNPL/NNPL ratios

declined by 103bp/92bp QoQ to 9.4%/~3.1%. PCR, thus, improved by

~510bp QoQ to 68.9% (PCR incl. TWO stood at 81.3%).

Outstanding watch list increased to INR125b (1.8% of loans), SMA-1 stood

at 1.2% (-34bp QoQ) while SMA-2 also declined to ~1.2% (-86bp QoQ).

~65% of the book availed moratorium as at end-Apr’20, which declined to

~55% as at end-May’20. The bank expects it to decline further to ~35%

levels over the next few months.

BOB expects retail loan growth to slow down in the near term. Loan mix

target – corporates would comprise 50% while the rest would be balanced

between Agri, retail and MSMEs.

Guidance:

The bank has guided for 100bp improvement on the C/I ratio

over FY21E while margins are likely to remain flattish or slightly lower.

Higher tax reversal results in profits; PCR improves further



FY22E

309.8

227.7

45.5

2.6

9.8

128.2

160.8

114.2

6.1

0.4

5.2

0.3

0.5

Financials & Valuations (INR b)

FY20 FY21E

Y/E March

274.5 284.5

NII

196.9 207.8

5.5

19.9

3.0

2.6

NIM (%)

1.5

4.3

EPS (INR)

-8.2 187.1

EPS Gr. (%)

149.9 152.9

BV/Sh. (INR)

112.7 103.6

ABV/Sh. (INR)

Ratios

0.9

2.7

RoE (%)

0.1

0.2

RoA (%)

Valuations

P/E(X)

P/BV (X)

P/ABV (X)

34.4

0.3

0.5

12.0

0.3

0.5



Shareholding pattern (%)

As On

Mar-20 Dec-19

Promoter

71.6

DII

14.0

13.9

FII

4.6

4.8

Others

9.9

9.7

FII Includes depository receipts

Highlights from management commentary

Mar-19

63.3

18.2

9.8

8.8



Research Analyst: Nitin Aggarwal

(Nitin.Aggarwal@MotilalOswal.com); +91 22 6129 1542 |

Himanshu Taluja

(Himanshu.Taluja@motilaloswal.com)

Alpesh Mehta

(Alpesh.Mehta@MotilalOswal.com);

Yash Agarwal

(Yash.Agarwal@motilaloswal.com)

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.

Bank of Baroda

Valuation and view



The macro environment remains challenging due to the COVID-19 outbreak,

which has impacted growth and credit quality outlook. Though BOB has

reported an improvement in asset quality ratios and provisioning coverage, it

has come on account of asset classification benefits availed by the bank. Watch-

list at 1.8% of loans, higher SMA-1/2 book of 1.2% each along with the

Unrated/BB & Below book of 24% remains a concern. Higher moratorium book

of 55% is likely to keep asset quality under pressure, and thus, we estimate

credit cost to remain elevated over FY21. We, thus, cut EPS estimate for

FY21/FY22E by 34%/5%. However, we maintain

Buy

with target price of INR65

(0.6x FY22E ABV) as current valuations appear reasonable.

(INRm)

Quarterly performance

Net Interest Income 43,811

50,670 64,981

67,982

% Change (YoY)

28.7

26.6

48.3

34.2

Other Income

11,478

19,704 19,156

28,347

Total Income

55,289

70,374 84,137

96,328

Operating Expenses

25,233

31,766 41,375

45,120

Operating Profit

30,056

38,608 42,762

51,208

% Change (YoY)

13.5

44.8

42.3

32.6

Provisions

21,656

53,993 32,849

68,441

Profit before Tax

8,400

-15,385

9,913

-17,233

Tax

3,120

-5,471

2,815

-22,299

Net Profit

5,280

-9,914

7,099

5,066

% Change (YoY)

159.6

-68.0

34.5

-151.1

Operating Parameters

Deposit (INR b)

5,815

6,070

6,106

6,387

8,955

8,941

8,962

9,460

Loan (INR b)

4,145

4,335

4,487

4,688

6,332

6,373

6,545

6,901

Deposit Growth (%)

1.9

4.1

6.5

8.0

54.0

47.3

46.8

48.1

Loan Growth (%)

9.8

11.9

12.3

9.7

52.8

47.0

45.9

47.2

Asset Quality

Gross NPA (INR B)

559

551

532

482

697

700

731

694

Gross NPA (%)

12.5

11.8

11.0

9.6

10.3

10.4

9.4

Net NPA (INR B)

223.8

210.6

191.3

156.1

250.3

248.9

265.0

215.8

Net NPA (%)

5.4

4.9

4.3

3.3

4.0

3.9

4.1

3.1

PCR (%)

59.9

61.8

64.0

67.6

64.1

64.4

63.8

68.9

*YoY numbers are not available as FY20 is for the merged entity while FY19 is for the un-merged entity

FY19

44,925 47,432

20.7

7.9

13,516 16,211

58,441 63,644

27,622 28,258

30,819 35,385

1.3

-3.1

24,295 27,942

6,524

7,443

2,270

2,731

4,254

4,712

19.7

321.6

FY20*

70,279 71,291

56.4

50.3

28,239 27,412

98,519 98,702

45,160 49,118

53,359 49,585

73.1

40.1

42,092 71,554

11,268 -21,970

3,901

-7,900

7,367 -14,070

73.2

-398.6

FY19

186,838

20.4

60,910

247,748

112,880

134,868

12.3

127,887

6,982

2,646

4,335

-117.8

6,387

4,688

8.0

9.7

482

9.6

156.1

3.3

67.6

FY20E

274,533

46.9

103,153

377,686

180,772

196,914

46.0

214,935

-18,021

-23,483

5,462

26.0

9,460

6,901

48.1

47.2

694

9.4

215.8

3.1

68.9

FY20

4QE

68,205

34.6

28,740

96,945

49,782

47,164

22.2

34,686

12,478

24,846

-12,368

24.8

V/s

Est

-1%

-9%

97%

9,152 3%

6,644 4%

43 483

42 548

760

10.7

279.9

4.2

63.2

-9%

(127)

-23%

(108)

571

24 June 2020

Bank of Baroda

Exhibit 1: Merged entity performance snapshot

Merger Entity

Profit and Loss (INRm)

Net Interest Income

Other Income

Total Income

Operating Expenses

Operating Profits

Provisions

NPA provisions

PBT

Taxes

PAT

Balance Sheet (INR b)

Deposits

Loans

Investments

Asset Quality (INR b)

GNPA

NNPA

Slippages

Ratios

Asset Quality (%)

GNPA

NNPA

PCR

Business Ratios (%)

Cost to Income

CASA Reported

Loan/Deposit

Profitability Ratios (%)

Yield on loans

Yield On Investments

Cost of Deposits

Margins

4QFY20

67,980

28,340

96,320

45,120

51,210

68,440

31,900

(17,230)

(22,300)

5,070

9,460

6,901

2,746

694

216

4QFY19

64,730

28,650

93,380

58,760

34,610

106,190

103,680

(71,580)

17,169

(88,749)

9,152

6,514

2,656

699

238

YoY

5.0%

-1.1%

3.1%

-23.2%

48.0%

-35.5%

-69.2%

3.4%

5.9%

3.4%

-0.8%

-9.3%

-38.6%

3QFY20

71,291

27,412

98,702

49,118

49,585

71,554

66,206

(21,970)

(7,900)

(14,070)

8,962

6,545

2,658

731

265

118

QoQ

-4.6%

3.4%

-2.4%

-8.1%

3.3%

-4.4%

-51.8%

5.6%

5.4%

3.3%

-5.1%

-18.6%

-62.1%

9.4%

3.1%

68.9%

46.8%

39.1%

73.0%

7.8%

7.0%

4.8%

2.7%

10.0%

3.7%

66.0%

62.9%

37.3%

71.2%

8.0%

7.6%

5.1%

2.8%

(62)

(52)

293

(1,608)

181

178

(16)

(62)

(33)

(8)

10.4%

4.1%

63.8%

49.8%

38.8%

73.0%

7.9%

7.0%

4.9%

2.8%

(103)

(92)

514

(292)

(8)

(12)

(7)

(10)

(13)

Source: MOFSL, Company

24 June 2020

Bank of Baroda

Quarterly snapshot

FY18

FY19

FY20

INR m

Profit and Loss

Interest Income

105,527 107,533 113,032 110,393 116,399 120,783 129,417 133,142 189,453 192,740 190,679 186,984

Loans

69,345 71,458 75,327 74,569 79,861 82,180 90,004 91,844 133,501 138,907 135,831 132,918

Investment

24,270 24,918 27,207 27,807 29,979 32,198 33,158 32,532 46,459 44,186 45,691 44,638

Others

11,913 11,158 10,499 8,017 6,559 6,405 6,255 8,765 9,493 9,647 9,158 9,429

Interest Expenses

71,478 70,328 69,092 70,370 72,588 75,858 81,985 82,472 124,472 122,460 119,389 119,003

Net Interest Income 34,050 37,205 43,940 40,023 43,811 44,925 47,432 50,670 64,981 70,279 71,291 67,982

Other Income

15,512 17,371 16,730 16,959 11,478 13,516 16,211 19,704 19,156 28,239 27,412 28,347

Trading profits

5,530 6,450 5,090 1,700 1,050

870

3,820 4,160 3,380 9,420 5,960 8,750

Forex Income

2,370

850

2,130 2,870

640

750

770

640

560

1,320

910

1,440

Recoveries

810

1,060 1,800 2,540

970

2,230 1,970 3,150 2,030 4,650 5,840 2,800

Others (Non-core) 6,802 9,011 7,710 9,849 8,818 9,666 9,651 11,754 13,186 12,849 14,702 15,357

Total Income

49,561 54,576 60,671 56,982 55,289 58,441 63,644 70,374 84,137 98,519 98,702 96,328

Operating Expenses 23,080 24,158 24,170 30,327 25,233 27,622 28,258 31,766 41,375 45,160 49,118 45,120

Employee

10,148 12,131 11,104 12,685 11,009 12,217 13,035 14,130 19,394 22,815 25,942 19,545

Others

12,932 12,026 13,065 17,642 14,224 15,405 15,223 17,636 21,980 22,345 23,176 25,576

Operating Profits

26,481 30,418 36,501 26,655 30,056 30,819 35,385 38,608 42,762 53,359 49,585 51,208

Core Operating Profits 20,951 23,968 31,411 22,085 29,006 29,949 31,565 33,808 39,382 43,939 43,625 41,018

Provisions

23,681 23,294 34,265 66,724 21,656 24,295 27,942 53,993 32,849 42,092 71,554 68,441

NPA provisions

21,570 18,470 31,550 70,525 17,600 14,670 34,160 55,501 31,684 34,253 66,206 31,906

Provisions on Inv. 1,330 1,300 1,730 3,320 4,880 6,560 -6,610 -3,440 -270 2,720

7,400

PBT

2,801 7,125 2,236 -40,069 8,400 6,524 7,443 -15,385 9,913 11,268 -21,970 -17,233

Taxes

767

3,571 1,118 -9,046 3,120 2,270 2,731 -5,471 2,815 3,901 -7,900 -22,299

PAT

2,034 3,554 1,118 -31,023 5,280 4,254 4,712 -9,914 7,099 7,367 -14,070 5,066

Balance Sheet (INR b)

Deposits

5,706 5,832 5,733 5,913 5,815 6,070 6,106 6,387 8,955 8,941 8,962 9,460

Loans

3,776 3,873 3,994 4,274 4,145 4,335 4,487 4,688 6,332 6,373 6,545 6,901

Asset Quality (INR b)

GNPA

462

463

485

565

559

551

532

482

697

700

731

694

NNPA

195

196

199

235

224

211

191

156

250

249

265

216

Slippages

126

118

Ratios

FY18

FY19

FY20

Asset Quality (%)

GNPA

11.4

11.2

11.3

12.3

12.5

11.8

11.0

9.6

10.3

10.4

9.4

NNPA

5.2

5.1

5.0

5.5

5.4

4.9

4.3

3.3

4.0

3.9

4.1

3.1

PCR

66.3

67.2

68.0

67.2

69.1

70.8

73.5

78.7

77.3

77.9

77.8

81.3

Credit Cost

2.5

1.9

3.5

6.8

2.1

1.4

2.5

4.7

2.4

2.2

4.4

1.9

Business Ratios (%)

Fees to Total Income

20.1

20.0

19.2

26.8

18.9

21.6

19.5

22.1

18.8

19.1

21.7

20.3

Cost to Core Income

52.4

50.2

43.5

54.9

46.5

48.0

47.2

48.0

51.2

50.7

53.0

51.5

Tax Rate

27.4

50.1

50.0

22.6

37.1

34.8

36.7

35.6

28.4

34.6

36.0

CASA Reported

38.8

39.2

40.6

41.2

40.8

40.5

40.0

40.2

36.6

37.9

38.8

39.1

Loan/Deposit

66.2

66.4

69.7

72.3

71.3

71.4

73.5

73.4

70.7

71.3

73.0

Domestic CD Ratio

62.6

62.7

65.6

69.4

70.7

69.7

71.0

71.5

67.8

68.1

69.7

70.5

CAR

11.8

11.6

12.1

11.9

11.7

13.4

11.5

13.0

13.5

13.3

Tier I

9.8

9.6

9.5

10.5

10.3

9.9

11.6

9.6

10.9

11.5

10.7

Profitability Ratio (%)

Yield on loans

6.9

7.2

7.1

7.5

7.4

7.7

7.9

8.0

8.2

7.9

7.8

Yield On Investments

7.0

6.9

6.7

7.1

7.2

7.3

7.4

7.5

7.4

7.2

7.0

Cost of Deposits

4.6

4.5

4.4

4.5

4.6

4.8

5.1

5.0

4.9

4.8

Margins

2.1

2.3

2.7

2.5

2.7

2.6

2.7

2.9

2.6

2.8

2.7

RoA

0.1

0.2

0.1

-1.8

0.3

0.2

0.3

-0.5

0.3

-0.5

0.2

Change (%)

YoY QoQ

110

125

-11

-43

-315

-2

-5

-52

-2

-8

-25

-6

-4

-52

-5

-19

-62

Change (bps)

YoY QoQ

-21

-103

-20

-92

265

356

-281 -253

-174

355

-116

-45

-94

-12

-84

-5

-53

-4

-23

-139

-144

-8

-18

-74

-12

-7

-10

-13

Note: FY18 and FY19 quarterly numbers are BOB standalone numbers

24 June 2020

Bank of Baroda

Highlights from management commentary

Opening remarks by Mr. Sanjiv Chadha as new MD and CEO



The bank is witnessing healthy traction in CASA deposits and expects it to

strengthen further.

Focus would be toward strengthening the balance sheet and being more

conservative in NPA recognition norms. At present, the bank provides 20%

provisions on the sub-standard NPA category (v/s 15% regulatory requirement).

Slippage ratio for FY21 should be around the current levels despite COVID.

The bank is setting a digital lending department with focus on car financing,

personal loans and education loans, etc.

~80-90% of the savings accounts are opening through tab banking currently.

Moratorium update



Initially the bank offered ‘opt out’ facility to all its customers.

~65% of the loan

book availed moratorium as at end-Apr’20. It declined to ~55% as at end-

May’20.

The bank expects it to decline to 35% over the next few months.

The bank has changed the moratorium policy with ‘opt out’ facility for only

below INR1m while ‘opt in’ facility is available for above INR1m. Thus, it expects

moratorium numbers to decline sharply.

Credit guarantee scheme



MSME portfolio eligible under the credit guarantee scheme is INR550b, and

thus, incremental lending opportunity stands at INR100b. Around two-third of

the incremental lending opportunity is already sanctioned, of which, one-third

has been disbursed.

The bank recovered ~INR60b through compromise, NCLT platform, etc. There

are few accounts (exposure INR25b), which got upgraded during the quarter.

Balance sheet and P&L related



Domestic retail term deposits are reflecting strong traction. Further, CASA share

is also rising.

Global NIMs have declined due to the liquidity decision taken by the central

banks of different countries.

Expect retail loan growth to slow down in the near term.

Loan mix target –

corporates would comprise 50% while the rest would be balanced between Agri,

retail and MSMEs.

The wage hike was assumed at 12%.

Total re-valuation reserves stand at INR60.8b.

BOB has small exposure to unsecured portfolio (INR40b – 3% of retail book).

~5% of the loans are linked to external benchmark currently.

In the NBFC portfolio,

the AA & above portfolio is ~90% while A & above

portfolio is 95%. NBFC forms 15% of the total portfolio with significant focus

toward high-rated portfolio.

Total investment in the Non-SLR category stands at INR520b.

Asset Quality



Addition to the watch-list largely came from the international portfolio

(~INR20b).

24 June 2020

Bank of Baroda



Significant part of the international exposure is toward very high quality

portfolio.

Of the total exposure of INR40b where standstill benefit was taken, the bank has

already recovered ~INR15b.

SMA overdue forms 11% of the total loans, of which, SMA-0 is 8%.

The bank has a standard asset provision buffer of INR72.5b.

The bank does not expect any stress due to COVID on large corporate portfolios.

Total exposure toward DHFL stands at INR20b, on which, the bank has made a

provision of INR5b.

Total security receipts stand at INR17.8b.

Guidance



The bank has guided for 100bp improvement on the C/I ratio over FY21E as

significant cost rationalization is yet to come through branch rationalization.

It expects margins to remain broadly flattish or slightly lower.

Recoveries in FY21 would be lower than FY20 impacted by COVID.

Key Exhibits

Exhibit 1: Watch-list for the merged entity stood at INR125b

Watch-list (INRm)

Power

Road & EPC

Iron & Steel

Textile

Others

Total

SMA-2

(on global

advance portfolio)

SMA-1

( on global

advance portfolio)

1QFY20

23,510

24,600

3,750

1,13,150

1,65,010

1.48%

2QFY20

24,140

31,520

5,760

1,500

68,580

1,45,000

1.63%

3QFY20

12,440

30,630

2,970

14,240

44,720

105,000

1.54%

4QFY20

9,270

31,190

2,850

12,850

68,840

125,000

1.20%

Exhibit 2: Overall coverage stood at ~88%

Exposure (INRb)

NCLT 1 list

NCLT 2 list

A/c's filed by BoB at NCLT

A/C's filed by other banks

Total

Provision coverage (%)

NCLT 1 list

NCLT 2 list

A/c's filed by BoB at NCLT

A/C's filed by other banks

Total

1QFY20 2QFY20 3QFY20 4QFY20

58.2

58.3

57.8

48.8

69.6

67.9

64.4

60.6

38.5

65.0

59.8

58.9

205.1

306.9

320.9

350.2

371.4

498.0

502.9

518.4

97.4%

84.9%

88.8%

87.5%

88.7%

98.7%

84.4%

83.8%

86.0%

87.0%

99.4%

87.6%

90.3%

86.1%

88.9%

99.6%

93.0%

92.9%

84.8%

88.0%

2.12%

2.20%

2.06%

1.20%

Source: MOFSL, Company

Valuation and view



Macro environment remains challenging due to the COVID-19 outbreak, which

has impacted growth and credit quality outlook.

Though BOB has reported an improvement in asset quality ratios and

provisioning coverage, it has come on account of asset classification benefits

availed by the bank.

Watch-list at 1.8% of loans and higher SMA-1/2 book of 1.2% each along with

the Unrated/BB & Below book of 24% remain a concern. Higher moratorium

book of 55% is likely to keep asset quality under pressure, and thus, we estimate

credit cost to remain elevated over FY21.

Buy with a target price of INR65:

We, thus, cut EPS estimate for FY21/FY22E by

34%/5%. However, we maintain

Buy

with target price of INR65 (0.6x FY22E ABV)

as current valuations appear reasonable.

24 June 2020

Bank of Baroda

Exhibit 3: We cut EPS estimate for FY21/FY22E by 34%/5%, as we increase our credit cost projection and fine-tune

margin/growth estimates (INR b)

Old Est

Net Interest Income

Other Income

Total Income

Operating Expenses

Operating Profits

Provisions

PBT

Tax

PAT

Loans

Deposits

Margins (%)

Credit Cost (%)

RoA (%)

RoE (%)

ABV

EPS

FY21

289.2

111.8

401.0

197.0

204.0

163.4

40.7

10.2

30.4

6,976

9,609

2.7

2.4

0.3

4.4

148.4

93.4

6.6

FY21

314.9

120.8

435.7

210.4

225.3

161.0

64.2

16.2

48.1

7,465

10,282

2.8

2.2

0.4

6.6

157.0

104.1

10.5

Revised Est

FY21

284.5

111.4

395.9

188.0

207.8

181.2

26.7

6.7

19.9

7,246

10,122

2.6

0.2

2.7

152.9

104

FY22

309.8

120.3

430.2

202.4

227.7

166.9

60.8

15.3

45.5

7,826

11,033

2.6

2.2

0.4

6.1

160.8

114

Change (%)/bps

FY21

FY22

-1.6

-0.4

-1.3

-4.6

-3.8

1.9

1.1

10.9

3.6

-34.4

-5.3

-34.4

-5.3

-34.4

-5.3

3.9

4.8

5.3

7.3

(14)

(16)

(2)

(10)

(4)

(162)

(55)

3.0

2.4

10.9

9.6

-34.8

-5.9

Exhibit 4: One-year forward P/B

P/B (x)

Min (x)

2.0

1.5

1.0

0.5

0.0

0.9

0.7

0.3

1.2

Avg (x)

+1SD

Max (x)

-1SD

1.8

Exhibit 5: One-year forward P/E

P/E (x)

Min (x)

39.2

48.0

36.0

24.0

12.0

0.0

Avg (x)

+1SD

Max (x)

-1SD

15.1

8.9

2.7 4.9 6.0

Source: MOFSL, Company

24 June 2020

Bank of Baroda

Story in Charts

Exhibit 6: Annualized slippage ratio moderated to 3.8%

Slippages (INRb)

Exhibit 7: Calculated PCR stood at 69%

GNPA (%)

NNPA (%)

PCR (%)

Source: MOFSL, Company

Exhibit 8: Cost to core income stood at ~51.5%

48 49 50

47 48 47 48

Exhibit 9: Loan for the merged entity grew at 5.9% YoY

Loans (INR b)

51 53 52

Source: MOFSL, Company

Exhibit 10: Domestic/global NIMs stood at 2.81%/2.67%

Dom. NIM

Global NIM

Exhibit 11: Yield on loans declined to 7.8%; cost of deposits

decreased to 4.8%

Yield on Loans

Cost of Deposits

Source: MOFSL, Company

24 June 2020

Bank of Baroda

Exhibit 12: DuPont Analysis – We expect return ratios to remain under pressure in the near term

Y/E MARCH

Interest Income

Interest Expense

Net Interest Income

Fee income

Trading and others

Other income

Total Income

Operating Expenses

Employee cost

Others

Operating Profits

Core operating Profits

Provisions

NPA

Others

PBT

Tax

RoA (%)

Leverage (x)

RoE (%)

FY16

6.36

4.52

1.84

0.55

0.17

0.72

2.56

1.29

0.72

0.57

1.27

1.10

2.24

2.02

0.22

-0.97

-0.19

-0.78

19.6

-15.3

FY17

6.18

4.20

1.98

0.61

0.38

0.99

2.97

1.36

0.68

1.61

1.22

1.24

1.17

0.07

0.36

0.16

0.20

19.8

4.0

FY18

6.17

3.98

2.19

0.68

0.27

0.94

3.14

1.44

0.65

0.79

1.70

1.43

2.09

2.03

0.06

-0.39

-0.05

-0.34

18.0

-6.2

FY19

6.66

4.17

2.49

0.68

0.13

0.81

3.30

1.50

0.67

0.83

1.80

1.67

1.70

1.64

0.06

0.09

0.04

0.06

15.9

0.9

FY20

7.84

5.01

2.83

0.98

0.09

1.06

3.90

1.86

0.90

0.96

2.03

1.94

2.22

0.00

-0.19

-0.24

0.06

15.8

0.9

FY21E

6.45

4.06

2.39

0.87

0.06

0.93

3.32

1.58

0.8

0.79

1.74

1.68

1.52

1.54

-0.02

0.22

0.06

0.17

16.4

2.7

FY22E

6.39

3.97

2.42

0.89

0.05

0.94

3.36

1.58

0.8

0.79

1.78

1.73

1.30

0.01

0.48

0.12

0.36

17.0

6.1

24 June 2020

Bank of Baroda

Financials and Valuations

Income Statement

Y/E March

Interest Income

Interest Expense

Net Interest Income

Growth (%)

Non-Interest Income

Total Income

Growth (%)

Operating Expenses

Pre Provision Profits

Growth (%)

Core PPP

Growth (%)

Provisions (excl. tax)

PBT

Tax

Tax Rate (%)

PAT

Growth (%)

FY16

440.6

313.2

127.4

-3.4

50.0

177.4

0.8

89.2

88.2

-11.1

76.4

-14.3

155.1

-67.0

-13.0

19.4

-54.0

FY17

422.0

286.9

135.1

6.1

67.6

202.7

14.3

93.0

109.8

24.5

83.6

9.4

85.0

24.7

10.9

44.1

13.8

FY18

436.5

281.3

155.2

14.9

66.6

221.8

9.4

101.7

120.1

9.4

101.3

21.2

148.0

-27.9

-3.6

12.9

-24.3

FY19

499.7

312.9

186.8

20.4

60.9

247.7

11.7

112.9

134.9

12.3

125.0

23.4

127.9

7.0

2.6

37.9

4.3

FY20

759.9

485.3

274.5

46.9

103.2

377.7

52.4

180.8

196.9

46.0

188.5

50.8

214.9

-18.0

-23.5

130.3

5.5

26.0

FY21E

768.3

483.8

284.5

3.6

111.4

395.9

4.8

188.0

207.8

5.5

200.7

6.5

181.2

26.7

6.7

25.2

19.9

265.1

(INRb)

FY22E

818.3

508.4

309.8

8.9

120.3

430.2

8.7

202.4

227.7

9.6

221.6

10.4

166.9

60.8

15.3

25.2

45.5

128.2

Balance Sheet

Y/E March

Equity Share Capital

Reserves & Surplus

Net Worth

Deposits

Growth (%)

of which CASA Dep

Growth (%)

Borrowings

Other Liabilities & Prov.

Total Liabilities

Current Assets

Investments

Growth (%)

Loans

Growth (%)

Fixed Assets

Other Assets

Total Assets

FY16

4.6

397.4

402.0

5,740.4

-7.0

1,513.3

-7.1

334.7

236.7

6,713.8

1,339.0

1,204.5

3.1

3,837.7

-10.3

62.5

270.0

6,713.8

FY17

4.6

398.4

403.0

6,016.8

4.8

1,935.0

27.9

306.1

222.9

6,948.8

1,504.7

1,296.3

7.6

3,832.6

-0.1

57.6

257.6

6,948.8

FY18

5.3

428.6

433.9

5,913.1

-1.7

2,117.8

9.4

625.7

227.2

7,200.0

929.0

1,631.8

25.9

4,274.3

11.5

53.7

311.2

7,200.0

FY19

5.3

504.5

509.8

6,386.9

8.0

2,237.9

5.7

672.0

241.1

7,809.9

892.3

1,823.0

11.7

4,688.2

9.7

69.9

336.5

7,809.9

FY20

9.3

709.3

718.6

9,459.8

48.1

3,310.9

47.9

930.7

470.1

11,579.2

1,219.0

2,746.1

50.6

6,901.2

47.2

88.9

623.9

11,579.2

FY21E

9.3

722.8

732.1

10,122.0

7.0

3,613.6

9.1

836.2

564.1

12,254.3

1,150.6

3,048.2

11.0

7,246.3

5.0

146.1

663.1

12,254.3

FY22E

9.3

759.7

769.0

11,033.0

9.0

4,038.1

11.7

887.7

648.7

13,338.4

1,251.7

3,383.5

11.0

7,826.0

8.0

157.8

719.4

13,338.4

Asset Quality

GNPA

NNPA

GNPA Ratio

NNPA Ratio

Slippage Ratio

Credit Cost

PCR (Excl. Tech. write off)

405.2

194.1

10.0

5.1

6.5

3.5

52.1

427.2

180.8

10.5

4.7

3.5

2.1

57.7

564.8

234.8

12.3

5.5

6.0

3.5

58.4

482.3

156.1

9.6

3.3

3.0

2.7

67.6

693.8

215.8

9.4

3.1

5.2

3.7

68.9

854.2

291.5

10.9

4.0

5.7

2.6

65.9

861.7

270.6

10.24

3.46

3.50

2.20

68.6

24 June 2020

Bank of Baroda

Financials and Valuations

Ratios

Y/E March

Yield and Cost Ratios (%)

Avg. Yield-Earning Assets

Avg. Yield on loans

Avg. Yield on Investments

Avg. Cost-Int. Bear. Liabilities

Avg. Cost of Deposits

Interest Spread

Net Interest Margin

Capitalization Ratios (%)

CAR

Tier I

Tier II

Business and Efficiency Ratios (%)

Loans/Deposit Ratio

CASA Ratio

Cost/Assets

Cost/Total Income

Cost/Core Income

Int. Expense/Int. Income

Fee Income/Total Income

Non Int. Inc./Total Income

Emp. Cost/Total Expense

Investment/Deposit Ratio

FY16

6.8

7.3

9.0

5.0

4.9

1.9

2.0

FY17

6.7

7.2

8.5

4.6

2.1

2.2

FY18

6.5

7.2

7.3

4.4

2.1

2.3

FY19

7.0

7.7

7.5

4.6

4.5

2.4

2.6

FY20

8.3

9.3

8.1

5.6

5.5

2.8

3.0

FY21E

6.9

7.5

7.2

4.5

4.6

2.4

2.6

FY22E

6.8

7.5

6.9

4.4

4.5

2.4

2.6

13.2

10.8

2.3

12.2

9.9

2.2

12.9

11.3

1.6

13.4

11.6

1.9

13.3

10.7

2.6

12.5

10.0

2.6

11.8

9.4

2.4

66.9

26.4

1.3

50.3

53.9

71.1

21.5

28.2

55.8

21.0

63.7

32.2

1.3

45.9

52.7

68.0

20.4

33.3

49.9

21.5

72.3

35.8

1.4

45.9

50.1

64.4

21.5

30.0

45.3

27.6

73.4

35.0

1.4

45.6

47.5

62.6

20.6

24.6

44.6

28.5

73.0

35.0

1.6

47.9

49.0

63.9

25.1

27.3

48.5

29.0

71.6

35.7

1.5

47.5

48.4

63.0

26.3

28.1

49.9

30.1

70.9

36.6

1.5

47.1

47.7

62.1

26.6

28.0

50.1

30.7

Profitability Ratios and Valuation

RoE

RoA

RoRWA

Book Value (INR)

Growth (%)

Price-BV (x)

Adjusted BV (INR)

Price-ABV (x)

EPS (INR)

Growth (%)

Price-Earnings (x)

Dividend Per Share (INR)

Dividend Yield (%)

-15.3

-0.8

-1.4

164.2

-7.3

0.3

98.0

0.5

-23.8

-2.2

0.0

4.0

0.2

0.3

165.9

1.1

0.3

107.2

0.5

6.0

8.6

1.4

2.8

-5.8

-0.3

-0.6

157.1

-5.3

0.3

90.9

0.6

-9.80

-5.3

0.0

0.9

0.1

182.9

16.4

0.3

136.3

0.4

1.63

31.6

0.0

0.9

0.1

149.9

-18.0

0.3

112.7

0.5

1.50

-8.2

34.4

0.0

2.7

0.2

0.3

152.9

1.9

0.3

103.6

0.5

4.3

187.1

12.0

1.4

2.7

6.1

0.4

0.7

160.8

5.2

0.3

114.2

0.5

9.8

128.2

5.2

1.9

3.6

24 June 2020

Bank of Baroda

NOTES

24 June 2020

Bank of Baroda

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.

Disclosures

The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).

Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the

Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial

products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are

available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a

registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and

National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National

Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance

Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.

Details of associate entities of Motilal Oswal Financial Services Limited are

available on the website at

http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf

MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and

buy or sell the securities or derivatives thereof of companies mentioned herein. (b) 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) or may have

any 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

MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report

should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific

merchant banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the

website at

https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx

A graph of daily closing prices of securities is available at

www.nseindia.com, www.bseindia.com.

Research Analyst views on Subject Company may vary based on Fundamental

research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated

from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability

or use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.

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This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong

Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst

Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of

research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity

to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these

securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not

located in Hong Kong & are not conducting Research Analysis in Hong Kong.

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 received compensation for investment banking/merchant banking/brokerage services from the subject company in the past 12 months

24 June 2020

Bank of Baroda

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:

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.

24 June 2020