Bharti Airtel
BSE SENSEX
38,961
S&P CNX
11,672
17 June 2019
Update
| Sector:
Telecom
CMP: INR344
TP: INR400 (+16%)
Buy
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Bharti announces Africa IPO price band
Surprisingly at steep discount to pre-IPO value
Bharti Airtel (BHARTI) has set a price band of USD1.0-1.3 (GBP0.8-1.0) for its Africa
business IPO. This will lead to post issue equity dilution of 16-19%, leaving BHARTI's
stake at 55-57%.
The announced price band comes as a surprise, given that it is at 15-32% discount to
the pre-IPO price at an equity/enterprise value of USD4.7b/USD7.9b at the higher
end of the range.
At the FY21 EBITDA estimate of USD1.6b (10% CAGR over FY19-21), the IPO is priced
at EV/EBITDA of 4.4x/4.8x at the lower/higher end of the band, much lower than our
estimate of 7x.
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
BHARTI IN
5,131
1762.5 / 25.2
366 / 254
2/9/-10
2310
32.9
Contours of Africa IPO
BHARTI has announced the price range of its Africa business IPO at USD1.0-1.3
(GBP0.8-1.0). At this price, the company will issue 595m-744m shares, looking to
raise about USD750m (i.e. INR52.5b). This should lead to post issue dilution of 16%-
19.4%, leaving BHARTI’s stake at 55.2%-57.4%.
Financials Snapshot (INR b)
2019 2020E 2021E
Y/E Mar
Net Sales
807.8 839.0 920.8
EBITDA
258.2 265.1 308.5
NP
-35.0 -27.7 -11.5
EPS (INR)
-8.8
-5.4
-2.2
EPS Gr. (%)
NM
NM
NM
BV/Sh. (INR)
178.7 182.5 180.3
RoE (%)
-5.0
-3.4
-1.2
RoCE (%)
-2.5
1.8
3.1
P/E (x)
NM
NM
NM
P/BV (x)
1.9
1.9
1.9
EV/EBITDA (x)
9.6
10.2
8.7
Shareholding pattern (%)
As On
Mar-19 Dec-18 Mar-18
Promoter
67.1
67.1
67.1
DII
13.3
13.9
12.4
FII
17.6
17.2
18.5
Others
2.0
1.8
2.0
FII Includes depository receipts
Re-pricing at steep discount to pre-IPO value
The price came as a surprise, as it is at 15-32% discount to the pre-IPO price of
USD1.48. The pre-IPO first round was announced last fiscal in Oct’18 (by six global
investors), and since then the Africa business performance has improved (EBITDA
up 23% YoY in 4QFY19). The second round too was conducted just five months
back in Jan’19, when the company raised USD200m via the Qatar Investment
Authority Fund at a similar pricing and 4.35% dilution. This now values BHARTI’s
Africa business at equity value/enterprise value of USD3.9b/USD7.1b at the lower
end of the band and USD4.7b/USD7.9b at the higher end of the band. The pre-IPO
value was at equity value/enterprise value of USD4.6b/USD8.1b – yet retaining
68.5% holding by BHARTI.
Valuation and view
Given that typically pre-IPO happens at a discount to the IPO price, we were
expecting the IPO price to be higher than that in the pre-IPO rounds. At FY21E
EBITDA of USD1.6b – factoring 10% CAGR over FY19-21, the IPO is priced at
EV/EBITDA of 4.4x/4.8x at the lower/higher end of the band, much lower than our
estimate of 7x. We have yet not adjusted our numbers but expect this to exert
pressure on the company’s valuation. We maintain our Buy rating with SOTP-based
target price of INR400.
Aliasgar Shakir-Research analyst
(Aliasgar.Shakir@motilaloswal.com); +91 022 6129 1565
Hafeez Patel-Research analyst
(Hafeez.Patel@motilaloswal.com); +91 22 6129 1568
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.

Bharti Airtel
Exhibit 1: Working for Bharti Airtel’s stake post dilution (USD)
Particulars
Amount raised (USD m)
Pre transaction - no of shares (m)
No of shares issued (m)
Post transaction - no of shares (m)
Price (USD)
(Discount)/Premium vs prior transaction
Post issue dilution
Bharti's stake post dilution
Market Cap (USD m)
Debt (USD m)
Enterprise Value (USD m)
FY21E EBITDA (USD m)
EV/EBITDA (x)
Pre IPO
placement
1,250
2,122
842
2,964
1.5
28.4%
71.59%
4,400
3,750
8,150
Qatar
investment
200
2,964
135
3,098
1.5
0%
4.3%
68.5%
4,599
3,550
8,149
IPO range
(USD1/GBP0.8)
750
3,098
744
3,842
1.0
-32%
19.4%
55.2%
3,873
3,254
7,127
1,635
4.4
IPO range
(USD1.3/GBP1.0)
750
3,098
595
3,693
1.3
-15%
16.1%
57.4%
4,654
3,254
7,908
1,635
4.8
Source: MOFSL, Company
Exhibit 2: Bharti Airtel: SOTP-based on FY21
EBITDA
(INR b)
India SA business (excl. towers)
Tower business (15% discount to fair value)
Africa business
Less net debt
Total Value
Shares o/s (b)
CMP
Upside (%)
158
114
Ownership
(%)
100%
53.5%
68.5%
Proportionate
EBITDA
(INR b)
158
78
EV/
EBITDA (x)
13
7
Fair Value
(INR b)
2,133
244
588
917
2,047
Value/
Share (INR)
416
48
115
179
400
344
16
Source: Company, MOFSL
5.1
17 June 2019
2

Bharti Airtel
Exhibit 3: Consol. revenue grew 2% QoQ; EBITDA margin expanded 150bp QoQ to 32.2% (INR b, %) in 4QFY19
Consol revenue (INR b)
Consol EBITDA margin (%)
Exhibit 4: India mobile revenue grew 4% QoQ; EBITDA
margins expanded 500bp QoQ to 24.1% in 4QFY19
Revenue (INR b)
EBITDA margin (%)
Exhibit 5: Africa revenue fell 2% QoQ; EBITDA margin
expanded 50bp QoQ to 43.8% in 4QFY19
Revenue (INR b)
EBITDA margin (%)
Exhibit 6: India mobile subs base fell marginally by 1% QoQ;
ARPU grew 19% QoQ to INR123 in 4QFY19
Subs (m)
India Mobile ARPU (INR)
Exhibit 7: Africa subs base grew 1% QoQ; ARPU fell 2% QoQ
in 4QFY19
Subs (m)
Mobile ARPU (USD)
17 June 2019
3

Bharti Airtel
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY14
8,57,461
11.5
5,80,865
67.7
2,76,596
32.3
1,56,496
1,20,100
48,381
6,385
78,104
538
78,642
48,449
61.6
2,467
27,726
27,519
43.0
3.2
FY15
9,20,394
7.3
6,08,118
66.1
3,12,276
33.9
1,55,311
1,56,965
48,463
6,588
1,15,090
-7,960
1,07,130
54,047
50.4
1,248
51,835
55,779
102.7
6.1
FY16
9,65,321
4.9
6,25,479
64.8
3,39,842
35.2
1,74,498
1,65,344
69,135
10,513
1,06,722
21,741
1,28,463
59,533
46.3
8,163
60,767
49,101
-12.0
5.1
FY17
9,54,683
-1.1
6,01,386
63.0
3,53,297
37.0
1,97,730
1,55,567
76,974
10,336
88,929
-11,697
77,232
34,819
45.1
4,416
37,997
44,421
-9.5
4.7
FY18
8,36,879
-12.3
5,36,088
64.1
3,00,791
35.9
1,92,431
1,08,360
80,715
12,956
40,601
-7,931
32,670
10,835
33.2
10,845
10,990
13,960
-68.6
1.7
FY19
8,07,802
-2.2
5,49,613
68.0
2,58,189
32.0
2,13,475
44,714
95,894
4,574
-46,606
29,288
-17,318
-34,193
197.4
12,780
4,095
-35,026
NM
-4.3
FY20E
8,39,035
3.9
5,73,941
68.4
2,65,095
31.6
2,33,611
31,483
82,160
4,148
-46,529
0
-46,529
0
0.0
-18,862
-27,667
-27,667
NM
-3.3
(INR m)
FY21E
9,20,755
9.7
6,12,287
66.5
3,08,468
33.5
2,51,645
56,823
80,232
4,148
-19,260
0
-19,260
0
0.0
-7,808
-11,453
-11,453
NM
-1.2
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
Net Fixed Assets
Total Investments
Curr. Assets, Loans & Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
E: MOFSL Estimates
FY14
19,987
5,77,573
5,97,560
42,102
7,58,958
-45,777
13,52,843
14,06,145
1,55,308
2,07,692
1,422
62,441
49,808
94,021
4,16,302
4,04,533
11,769
-2,08,610
13,52,843
FY15
19,987
5,99,577
6,19,564
48,525
8,06,839
-44,392
14,30,536
15,01,440
1,70,357
2,26,519
1,339
67,252
11,719
1,46,209
4,67,781
4,59,472
8,309
-2,41,262
14,30,536
FY16
19,987
6,47,706
6,67,693
54,981
10,04,526
-34,226
16,92,974
17,79,948
1,19,671
3,10,876
1,692
55,039
37,087
2,17,058
5,17,520
5,07,838
9,682
-2,06,645
16,92,974
FY17
19,987
6,54,576
6,74,563
68,750
10,72,877
-16,766
17,99,424
18,90,736
1,81,552
2,34,170
488
47,402
12,817
1,73,462
5,07,034
4,97,348
9,686
-2,72,865
17,99,424
FY18
19,987
6,75,357
6,95,344
88,139
11,13,335
-22,118
18,74,700
15,89,357
1,80,406
3,26,564
693
58,830
47,886
2,19,155
6,01,786
5,77,285
24,501
-2,75,222
18,74,700
FY19
19,987
6,94,235
7,14,222
1,35,258
12,54,283
-82,556
20,21,207
16,83,662
1,57,110
4,00,829
884
43,006
81,055
2,75,884
6,41,389
6,21,206
20,183
-2,40,560
20,21,207
FY20E
25,655
9,10,900
9,36,555
1,16,396
10,38,296
-82,556
20,08,692
21,16,046
1,10,878
4,18,619
754
48,943
74,380
2,94,541
6,36,851
6,10,622
26,229
-2,18,232
20,08,692
(INR m)
FY21E
25,655
8,99,447
9,25,102
1,08,589
9,96,806
-82,556
19,47,941
20,89,401
1,10,878
3,81,314
1,044
51,962
57,621
2,70,688
6,33,652
6,08,949
24,703
-2,52,338
19,47,941
17 June 2019
4

Bharti Airtel
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Debtor (Days)
Leverage Ratio (x)
Net Debt/Equity
FY14
6.9
46.0
149.5
1.8
30.2
FY15
14.0
52.8
155.0
2.2
19.9
FY16
12.3
55.9
168.8
1.4
10.8
FY17
11.1
60.6
168.8
1.0
12.7
FY18
3.5
51.6
173.9
1.0
43.8
99.9
6.7
2.0
3.0
7.8
0.3
2.0
4.6
4.5
0.4
26
1.3
FY19
-8.8
44.6
178.7
0.0
0.0
NM
7.7
1.9
3.2
9.6
0.0
-5.0
-2.5
-2.6
0.4
19
1.4
FY20E
-5.4
40.1
182.5
0.0
0.0
NM
8.6
1.9
3.2
10.2
0.0
-3.4
1.8
1.8
0.4
21
0.9
FY21E
-2.2
46.8
180.3
0.0
0.0
NM
7.3
1.9
2.9
8.7
0.0
-1.2
3.1
3.2
0.5
21
0.9
0.7
5.0
3.8
4.2
0.6
27
0.9
9.2
5.8
6.5
0.6
27
1.0
0.5
7.6
6.1
6.4
0.6
21
1.3
0.3
6.6
5.3
5.4
0.5
18
1.3
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
E: MOFSL Estimates
FY14
78,643
1,56,496
58,788
-35,039
17,533
2,76,421
-14,095
2,62,326
-1,74,659
87,667
-36,886
-27,955
-2,39,500
67,956
14,252
-37,620
-6,735
-12,182
25,671
48,497
1,311
49,808
FY15
1,07,130
1,55,311
73,252
-46,111
-1,639
2,87,943
-11,925
2,76,018
-2,09,786
66,232
-11,649
14,088
-2,07,347
0
-72,451
-33,887
-21,399
31,210
-96,527
-27,856
39,575
11,719
FY16
1,28,463
1,74,498
85,461
-46,836
-3,955
3,37,631
-58,208
2,79,423
-2,70,967
8,456
68,115
60,595
-1,42,257
984
-1,17,833
-32,890
-15,304
46,925
-1,18,118
19,048
-1,413
37,087
FY17
77,233
1,97,730
95,466
-31,587
-27,429
3,11,413
-19,104
2,92,309
-3,84,045
-91,736
-817
69,308
-3,15,554
1,245
9,353
-58,566
-9,168
52,866
-4,270
-27,515
17,635
12,817
FY18
32,670
1,92,431
93,255
-13,723
5,906
3,10,539
-12,001
2,98,538
-2,67,262
31,276
-33,322
40,326
-2,60,258
21
40,073
-44,041
-32,652
56,085
19,486
57,766
-9,880
47,886
FY19
-17,318
2,13,475
1,10,134
34,193
-35,439
3,05,045
-60,438
2,44,607
-3,48,616
-1,04,009
23,296
12,669
-3,12,651
0
1,40,948
-1,10,134
0
89,817
1,20,631
52,587
28,468
81,055
(INR Million)
FY20E
-46,529
2,33,611
1,00,258
0
-29,002
2,58,338
0
2,58,338
-2,45,000
13,338
46,232
19,418
-1,79,350
2,50,000
-2,15,987
-1,00,258
0
0
-66,245
12,744
61,637
74,380
FY21E
-19,260
2,51,645
98,330
0
17,347
3,48,061
0
3,48,061
-2,25,000
1,23,061
0
19,418
-2,05,582
0
-41,490
-98,330
0
0
-1,39,820
2,659
54,962
57,621
17 June 2019
5

Bharti Airtel
NOTES
17 June 2019
6

Bharti Airtel
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
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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 MOSL, 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 MOSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOSL, 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 MOSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOSL has not received any compensation or other benefits from third party in connection with the research report
10 MOSL has not engaged in market making activity for the subject company
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Bharti Airtel
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The associates of MOFSL may have:
-
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)
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received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or 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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