Sector Update | 26 November 2019

Hospitality

Hospitality

IHIN outshines the pack

Lower corporate resistance to tariff hikes post GST rate cut, say players

Revenue trend

(INR m)

IHIN

CHALET

LEMONTRE

EIH (consol)

Q2FY19 Q2FY20

9,645 10,074

2,345 2,354

1,287 1,528

3,895 3,357

Growth

YoY

4.4%

0.4%

18.7%

-13.8%

We pored over 2QFY20 results and management commentary of key hospitality players

such as Indian Hotels (IHIN), Lemon Tree Hotels (LEMONTRE), Chalet Hotels (CHALET) and

EIH. Key insights highlighted below:

Aggregate revenue of players up 5%; IHIN’s EBITDA performance shines



Adj. EBITDA (for Ind-AS/one-offs)

trend

(INR m)

IHIN

Margin %

CHALET

Margin %

LEMONTRE

Margin %

EIH

Margin %

Q2FY19 Q2FY20

992

10.3%

703

30.0%

360

28.0%

470

12.1%

1,153

11.4%

816

34.7%

404

26.5%

197

5.9%

Change

YoY

16.2%

116bp

16.1%

470bp

12.2%

-153bp

-58.1%

-620bp









2QFY20 and 1HFY20 aggregate revenues for the hospitality set – IHIN, CHALET,

and LEMONTRE (excluding EIH as its flight catering biz was impacted due to the

shutdown of Jet Airways) – grew 5% YoY, mainly due to the economic

slowdown. IHIN and LEMONTRE led the growth, while CHALET remained flat.

Aggregate EBITDA for the hospitality set grew 15%/13% for 2QFY20/1HFY20

driven by IHIN.

IHIN’s consolidated revenue grew 4% YoY to INR10.1b, while adj. EBITDA (adj.

for Ind-AS 116) increased 16% YoY to INR1.15b due to cost rationalization and

operating leverage. Standalone revenue/adj. EBITDA grew 5%/12% YoY to

INR6b/INR994m. Subsidiary revenue/adj. EBITDA grew 4%/58% YoY to

INR4.1b/INR159m and was driven by the US (cash losses reduced by INR40m)

and St James’ performance.

LEMONTRE witnessed robust 19% YoY growth to INR1.5b, mainly due to

inventory addition of 700 rooms (absent in the base quarter). Despite this, adj.

EBITDA grew only 12% YoY to INR404m due to pending stabilization of recently

commenced hotels and additional cost of INR22m.

CHALET’s revenue remained flat YoY at INR2.4b; however, after adjusting

EBITDA for exchange loss of INR389m in 2QFY19, EBITDA grew 16% YoY to

INR816m. Additionally, CHALET’s hospitality segment EBITDA after adjusting for

exchange loss (of INR367m in 2QFY19) declined 3% YoY to INR749m. Thus,

commercial segment aided overall EBITDA (up 5.6x YoY) to touch INR222m as

the ‘Sahar Office Tower’ got occupied.

EIH’s overall revenue declined 14% YoY to INR3.4b, primarily due to the loss of

the flight catering business from Jet Airways. EBITDA declined 58% YoY to

INR197m.

RevPAR across players up marginally





Hotels across India (industry) witnessed 3.1% YoY growth in RevPAR to INR3,254

during the quarter.

IHIN’s

RevPAR in 2QFY20 grew 3.9% YoY to INR4,833, thus, outperforming in the

key markets of Mumbai (+6%), New Delhi (+8%), Chennai (+10%), Hyderabad

(+9%) and Bengaluru (+5%). IHIN’s domestic hotel network’s room/F&B revenue

grew 9%/4% YoY in the quarter. Note that IHIN’s (standalone) occupancy

improved by 430bp to 68.2% in 2QFY20; however, ARRs declined 4.5% YoY and

contained RevPAR growth to 1.7%.

Sumant Kumar – Research Analyst

(Sumant.Kumar@MotilalOswal.com); +91 22 6129 1569

Darshit Shah – Research Analyst

(Darshit.Shah@MotilalOswal.com); +91 22 6129 1546

26 November 2019

1

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.

Hospitality







LEMONTRE’s

RevPAR was up 0.2% YoY to INR3,090 in 2QFY20; however, on

same hotel basis, ARR rose 2.9% to INR4,052 while occupancy was flat at 78.2%.

LEMONTRE’s hotels in Hyderabad witnessed 309bp decline in occupancy to

83.7% as the company pruned some block accounts which yielded lower ARRs;

leading to a 9% rise in EBITDA/room and 13% rise in ARR. For its hotels in

Bengaluru, occupancy was dented (down 356bp to 80.1%) due to loss of crew

business post the shutdown of Jet Airways. However, ARR and EBITDA/room

witnessed improvement.

RevPAR for

CHALET

grew 2% YoY to INR5,802 led by 3% growth in ARRs (to

INR7,815); however, it was offset by 40bp overall decline in occupancy (to

74.6%). This can be mainly attributed to occupancy decline of 500bp in CHALET’s

hotel in Hyderabad (to 72.3%) as ITC commenced operations of its 280-room

hotel. Note that the same has been absorbed by the market.

RevPAR for

EIH

(domestic owned hotels) grew 1% YoY to INR6,725 driven by

occupancy improvement of 90bp (to 66.6%); while ARR declined 1% YoY to

INR10,098.

Corporates displaying lower resistance to tariff hikes post GST rate cut

Industry related:



Interestingly, the 2QFY20 management commentary of IHIN, CHALET,

LEMONTRE and EIH echoed the same thought that resistance to tariff hikes by

corporates has reduced post the GST rate cut. This is a key positive for the

industry.



In Sep’19, the government announced reduction in tax rates for room tariffs

over INR7,500 to 18% (from earlier 28%) and for room tariffs between INR1,000-

7,500 to 12% (from earlier 18%). This should clearly benefit luxury players like

IHIN, EIH and CHALET.



IHIN:

(a) While the company added 36 new properties over the last 18 months;

of this, it owns only one property (Connaught, New Delhi). (b) Loss from Pierre

has declined to INR260m in 1HFY20 from earlier INR320m; management expects

Pierre’s losses at INR600m for FY20. (c) 20% of the ‘Ginger’ portfolio has been

repositioned in the lean-luxury segment.



LEMONTRE:

(a) Realizations in the retail segment are 20% higher than average;

contribution from retail increased to 37% in 2QFY20 (v/s 35% in 2QFY19),

leading to stronger ARRs. (b) The company has managed to take a 3-5% hike in

the corporate segment as well. For MNCs and large Indian corporates, new rates

will be applicable from Jan’20. (c) Revision in minimum wages has led to an

annual increase in employee cost by INR36m and an additional cost of INR40m

relating to provident fund.



CHALET:

Heavy monsoons and cancellations coupled with Maharashtra elections

led to only 40bp improvement in its Mumbai hotel’s occupancy at 73.3%.



EIH:

Occupancy in the Oberoi (New Delhi) increased to 59% (v/s 53% in 2QFY19).

Valuation and view:



The GST rate cut should aid in driving demand for the hotel industry, which in

turn would inch up industry occupancy. Additionally, reduction in the effective

corporate tax rate (from 34.94% to 25.17%) might increase travel spends of

corporate customers, which should further push demand.

2

26 November 2019

Hospitality







The underlying story of the Indian hospitality industry remains intact led by

favorable demand-supply dynamics.

Over FY19-21, we expect IHIN to post revenue/EBITDA/ARR CAGR of

8%/30%/7%. The company has undertaken several cost rationalization

measures, which should aid in driving EBITDA performance. We have a

Buy

rating on

IHIN

with target price of INR172 (one-year forward EV/EBITDA

multiple of 17x).

LEMONTRE is expected to post revenue/EBITDA CAGR of 41%/69% over FY19-21

backed by room addition and stabilization of recently commenced hotels. We

have

Buy

rating on

LEMONTRE

with a target price of INR72 (one-year forward

EV/EBITDA multiple of 18x).

Exhibit 1: Revenue trend

Revenue (INR m)

IHIN

CHALET

LEMONTRE

EIH (consol)

Q2FY19

9,645

2,345

1,287

3,895

Q1FY20

10,200

2,403

1,409

3,406

Q2FY20

10,074

2,354

1,528

3,357

Growth YoY Growth QoQ

4.4%

-1.2%

0.4%

-2.0%

18.7%

8.4%

-13.8%

-1.4%

Source: Company, MOFSL

Exhibit 2: Adj. EBITDA (for Ind-AS/one-offs) trend

Adj. EBITDA (INR m)

IHIN

Margin %

CHALET

Margin %

LEMONTRE

Margin %

EIH

Margin %

Q2FY19

992

10.3%

703

30.0%

360

28.0%

470

12.1%

Q1FY20

1,287

12.6%

795

33.1%

372

26.4%

325

9.5%

Q2FY20

1,153

11.4%

816

34.7%

404

26.5%

197

5.9%

Change YoY Change QoQ

16.2%

-10.4%

116bp

-117bp

16.1%

2.7%

470bp

159bp

12.2%

8.8%

-153bp

9bp

-58.1%

-39.3%

-620bp

-367bp

Source: Company, MOFSL

Exhibit 3: ARR trend

ARR (INR)

CHALET

LEMONTRE

EIH (Domestic Owned)

Q2FY19

7,609

3,939

10,158

Q1FY20

8,078

4,002

10,023

Q2FY20

7,815

4,133

10,098

Change YoY Change QoQ

2.7%

-3.3%

4.9%

3.3%

-0.6%

0.7%

Source: Company, MOFSL

Exhibit 4: Occupancy trend

Occupancy (%)

IHIN – Standalone

CHALET

LEMONTRE

EIH (Domestic Owned)

Q2FY19

63.9%

74.6%

78.3%

65.7%

Q1FY20

NA

75.0%

77.5%

64.9%

Q2FY20

68.2%

74.2%

74.8%

66.6%

Change YoY Change QoQ

430bp

-40bp

-80bp

-350bp

-270bp

90bp

170bp

Source: Company, MOFSL

Exhibit 5: RevPAR trend

RevPAR (INR)

IHIN - Domestic Network

CHALET

LEMONTRE

EIH (Domestic Owned)

Q2FY19

4,653

5,672

3,083

6,673

Q1FY20

4,726

6,070

3,103

6,506

Q2FY20

4,833

5,802

3,090

6,725

Change YoY Change QoQ

3.9%

2.3%

2.3%

-4.4%

0.2%

-0.4%

0.8%

3.4%

Source: Company, MOFSL

26 November 2019

3

Hospitality

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.

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/Associate%20Details.pdf

Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at

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

MOFSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst may have actual/beneficial ownership of 1% or more securities in the subject company in

the past 12 months.

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.

Research

Analyst may have served as director/officer, etc. in the subject company in the past 12 months. MOFSL and/or its associates may have received any compensation from the subject company in the past 12 months.

In the past 12 months , MOFSL or any of its associates may have:

a)

managed or co-managed public offering of securities from subject company of this research report,

b)

received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,

c)

received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.

d)

Subject Company may have been a client of MOFSL or its associates in the past 12 months.

MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this

document. This should, however, not be treated as endorsement of the views expressed in the 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. 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. 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.

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.

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.

Disclosures:

Disclosure of Interest Statement

Analyst ownership of the stock

Companies where there is interest

No

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.

For Hong Kong:

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 Financial Services Limited(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.

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.

26 November 2019

4