16 January 2019
Update | Sector: Financials - NBFC
Cholamandalam Inv & Fin
BSE SENSEX
36,321
S&P CNX
10,890
CMP: INR1,193
TP: INR1,525 (+28% )
Buy
Diversifying the asset franchise
Two-wheeler finance and home loans the next growth engine
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 (%)
Financials Snapshot (INR b)
Y/E March
2018 2019E
Total Income
31.2
33.9
PPP
18.3
22.0
Adj. PAT
9.7
12.1
EPS (INR)
62.3
77.2
EPS Gr. (%)
35.5
24.0
BV (INR)
324
393
BVPS Gr. (%)
19
21
RoAA (%)
2.7
2.4
RoE (%)
20.9
21.5
Valuations
P/E (x)
19.2
15.4
P/BV (x)
Div. Yield (%)
3.7
0.5
3.0
0.6
CIFC IN
156
186.5 / 2.6
1761 / 1039
-4/-20/-15
488
46.9
2020E
38.9
25.3
13.5
86.4
11.8
470
20
2.3
20.0
13.8
2.5
0.6
Shareholding pattern (%)
As On
Sep-18 Jun-18 Sep-17
Promoter
53.1
53.1
53.1
DII
FII
Others
15.9
20.5
10.6
16.1
20.7
10.2
15.6
21.6
9.8
Cholamandalam Investment and Finance (CIFC) has successfully navigated the
liquidity crisis, which is now a thing of the past. After drawing down bank lines and
borrowing INR60b (approximately one quarter of disbursement) in September, CIFC
refrained from incremental borrowings in October and resumed borrowings only in
November. As per reported data, CIFC recently managed to raise money via CPs at
~7.5%, i.e. at pre-crisis levels. Due to its healthy liquidity position, CIFC has not
needed to cut back on disbursements during the quarter.
In vehicle finance, festive demand has been weaker-than-expected with dealer
inventory piling up. However, management believes this is just a blip and expects
robust volumes over the ensuing months of the financial year. However, given the
high base of the previous year, we expect mid- single-digit disbursement growth in
this segment.
The company has identified two segments that could reap benefits over the medium-
to-long term - two-wheeler finance and home loans. These products were launched
around five years back. However, rather than scaling up the book, management took
the opportunity to understand the nuances of the businesses. CIFC now believes it
has the tools to scale these two segments meaningfully over the next three years.
While the M&HCV cycle is expected to slow down, we note that CIFC has the most
diversified loan book among vehicle financiers. The company has other segments
that could offset the M&HCV slowdown. With good parentage and strong credit
rating, the company has been able to tide over the liquidity situation well. While the
stock trades at a premium to peers, we believe valuations will hold as long as growth
and RoA/RoE remain robust. Key risks to our estimates stem from higher-than-
expected margin impact due to rising cost of funds and slowdown in growth. BUY
with a TP of INR1,525 (2.8x Dec 2020E BVPS).
Liquidity situation well managed; CP rates at pre-crisis levels
CIFC managed its treasury operations well over the past three months.
It drew
down on bank lines and other sources to the tune of INR60b in September, and
hence, did not need to raise more money in October. In addition, as per 2QFY19
result disclosures, CIFC had positive ALM to the tune of INR21b for the month of
October.
This helped the company to not only cater to the festive demand
effortlessly, but also helped in negotiating better rates with lenders, given the
liquid balance sheet. In the past month, CIFC has borrowed money via CPs at 7.5%
- the same rate prior to the IL&FS crisis. We expect overall CoF to increase only
~50bp over 2HFY19 (due to re-pricing of term loans and NCDs).
FII Includes depository receipts
Stock Performance (1-year)
Research Analyst: Piran Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 6129 1526
| Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 6129 1539
Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com); +91 22 6129 1542 |
Shubhranshu Mishra
(Shubhranshu.Mishra@MotilalOswal.com); +91 22 6129 1540
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.

Cholamandalam Inv & Fin
3Q demand modest; Growth to slow down
In 3QFY19, CV sales were modest with the M&HCV industry recording low single-
digit volume growth. Dealer inventory is still at higher-than-normal levels. However,
management expects demand to pick up to run-rate levels in 4Q. We remain
circumspect on disbursement growth, especially given the high base in 2HFY19.
Hence, we expect low-to-mid single-digit growth in VF disbursements in 2HFY19.
Two-wheeler and home loans – the next focus products
CIFC has identified two segments that could scale up meaningfully over the
medium-to-long term — two-wheeler finance and home loans.
CIFC started the
two-wheeler financing business in 2014 and spent the past few years understanding
the nuances of the business.
The company finances ~10,000 vehicles per month
(the market leader does ~95,000 vehicles per month)
currently, with Royal Enfield
being the most financed vehicle. The home loan business was started in 2011, but
has scaled up to a size of INR15b only. The company recently engaged a consultant
to maximize digitization of its end-to-end processes, which would help in lowering
cost and in better customer selection. For this business, the focus geographies are
the South and West India.
Home Equity at the cusp of an uptrend after a two-year lull
Post demonetization, the home equity business was severely impacted on growth
and asset quality.
Loan growth declined from a run-rate of ~20% to low-single-
digits over the ensuing quarters. At the same time, the GNPL ratio increased from
4% to 6% over the same time period.
The company has started using SARFAESI as a
tool over the past few quarters and has achieved moderate success in recovering
funds. The overall environment is turning favorable with demand improving.
While
margins are likely to remain under pressure, RoA should improve as credit costs
normalize.
This, along with a pick-up in growth, should result in strong PAT growth
in this business over the next two years.
Valuation & view
CIFC has a well-diversified portfolio, both geographically and in terms of product. It
is further expanding into newer segments like home loans and two-wheeler
financing. Over the past three years, the company delivered 25% disbursement
CAGR, 19% AUM CAGR and 31% PAT CAGR. RoE improved meaningfully from 16% to
21% during the same time frame.
However, the correction in valuations over the
past 6-9 months reflects concerns on the CV cycle as well as impact due to the
liquidity crisis. While we acknowledge that M&HCV demand is slowing down, we
believe CIFC has several other products to offset it. Hence, on an overall basis,
AUM growth would still be 18-20%. On the margin front, we believe further
downside to be limited (margins has already contracted 100bp+ YoY in 1HFY19).
Hence, over a two-year period, we believe the stock could give 15%+ CAGR.
BUY
with a TP of INR1,525 (2.8x Dec 2020E BVPS).
16 January 2018
2

Cholamandalam Inv & Fin
Diversified vehicle finance book reduces cyclicality
While CIFC is typically perceived to be an 'M&HCV' financier, the fact is that only ~20%
of its portfolio is lending to M&HCVs. The loan book comprises a mix of M&HCV, LCV,
cars/UV, tractors and used vehicles. Among all the vehicle financiers under our
coverage, CIFC has the most diversified loan book.
Over the past three months, the M&HCV industry sales have slowed down
considerably and even declined in Dec'18. However, this would only impact 20% of its
book. On the other hand, LCVs continue to deliver robust growth (~20%) - this would
impact 22% of CIFC's vehicle finance portfolio.
On account of the new axle load norms, there has been a shift towards lower tonnage
vehicles in recent months. Hence, tonnage growth and consequently, disbursement
growth, is expected to lag volume growth for the industry as a whole.
Management intends to scale up the two-wheeler loan book meaningfully over the
next 3-5 years. This should provide some more support to overall growth, if the CV
cycle slows down in the medium term.
CV finance (including LCVs)
accounts for only ~40% of
the VF loan book
Well-diversified loan book reduces earnings cyclicality
Contrary to popular perception, CIFC is a well-diversified vehicle finance player,
not just a CV financier.
New CVs (including LCV) account for only ~40% of AUM
as well as disbursements for the company.
Note that while the M&HCV segment has witnessed a sharp growth slowdown,
the LCV segment continues to record double-digit volume growth.
Among all the vehicle financiers under our coverage, we believe CIFC has the
most diversified vehicle finance book, which helps reduce cyclicality of growth
and asset quality.
Exhibit 2: Disbursement mix – FY18 (%)
CE, 4
Refinance,
16
LCV, 20
Exhibit 1: Vehicle finance - Loan mix as of 1HFY19 (%)
Refinance,
13
CE, 4
HCV, 19
Used CV,
13
3W & SCV,
7
Source: MOSL, Company
Cars/MUV,
16
LCV, 22
HCV, 18
Used CV,
14
Cars/MUV,
14
3W & SCV,
7
Source: MOSL, Company
Tractor, 7
Tractor, 7
CIFC has been aggressively
adding new branches over
the past 2-3 years
Branch expansion and improving productivity to aid growth
After a few years of stable branch count over FY13-16, CIFC started expanding
its branch network rapidly over the past 2-3 years.
The branch count has grown
over 60% over the past 2.5 years to 885. Management targets a network of
1,000+ branches by end-FY19.
Interestingly, CIFC’s growth has come not only from increasing branch count but
also improving branch productivity.
16 January 2018
3

Cholamandalam Inv & Fin
Exhibit 3: Growth driven by increasing branch count…
Number of branches
709
518
574
534
534
253
223
873
885
Exhibit 4: …and improving branch productivity
Disb/branch (INR m)
307
348
354
384
FY13
FY14
FY15
FY16
FY17
FY18
1HFY19
FY14
FY15
FY16
FY17
FY18
1HFY19
Source: MOSL, Company
Source: MOSL, Company; Note: On a TTM basis; 1HFY19 numbers
are annualized
CV purchases are
incrementally moving
towards lower-tonnage
vehicles
Reversal of trend - M&HCV tonnage growth lagging volume growth
An interesting thing to note is the reversal of the trend of the past few years.
Since FY15, the industry had witnessed a continued shift in the mix of M&HCVs
sold towards higher-tonnage vehicles.
In other words, tonnage growth clearly
outpaced volume growth. Note that higher tonnage corresponds to higher
vehicle sizes and thus, higher ticket sizes of disbursements.
However, we have seen this trend reversing over the past few months. This
could be possibly attributed to the new axle load norms – however, it is
uncertain whether this trend would sustain.
108
86
Exhibit 5: Tonnage growth lagging volume growth over the past few months
Volume growth (%)
Tonnage growth (%)
39
16
31
40
-
(4)
13
35
26 23
18
1
(11) (25)
FY15
FY16
FY17
FY18
1QFY19
2QFY19
Oct '18
Nov '18
Source: MOSL, Company
Share of sub-25ton trucks
increased sharply in
October and November
compared to average
Exhibit 6: Consequently, share of sub-25ton trucks increasing
< 25 ton (%)
28
39
40
> 25 ton (%)
37
43
52
49
47
41
72
61
57
60
48
51
53
59
63
FY14
FY15
FY16
FY17
FY18
1QFY19
2QFY19
Oct '18
Nov '18
Source: MOSL, Company
16 January 2018
4

Cholamandalam Inv & Fin
Seven financier disbursed
>50,000 vehicles per month
Two-wheeler financing a competitive space
The new management is upbeat on the prospects of two-wheeler finance and
expects to scale it up meaningfully over the next 3-5 years.
Currently, CIFC finances ~10,000 two-wheelers per month, most of which are
Royal Enfield vehicles.
However, it now plans to scale this up to different OEMs.
We believe this would be a difficult task because a) This is a crowded market
with
at least seven financiers clocking a monthly rate of > 50,000 vehicles
and
b) Unlike CVs,
two-wheeler is a consumption product and there is no cash-flow
based underwriting that could be done here.
Exhibit 7: Key two-wheeler financiers in India
Company
SCUF
HDFCB
TVS Credit
Hero Fincorp
LTFH
BAF
IIB
CAFL
Volume/month ('000)
95-100
90-95
70-75
60-65
55-60
55-60
55-60
40-45
Source: MOSL
16 January 2018
5

Cholamandalam Inv & Fin
Housing Finance segment to scale up over 3-5 years
Since 2014, CIFC has been doing affordable housing finance. This is done from 130
branches across 11 states in India. There are currently around 10,000 customers with a
loan book of INR15b in this business.
Management believes the company has understood the business well and intends to
scale it up meaningfully over the next 3-5 years.
If executed well, this business could generate healthy return ratios (3% RoA/18% RoE),
in our view.
CIFC looks to ramp up its
affordable housing
franchise meaningfully over
the next five years
Housing finance – the next avenue for growth
CIFC recently roped in a management consulting firm to digitize business and
underwriting processes in this segment. The company believes it has
understood the business well enough to scale it up meaningfully hereon.
Mr. Rohit Phadke, who was the head of the home equity business, has been
roped in to lead the housing finance segment.
In our view, if this business is executed well, it could generate 3% RoA/18% RoE,
without contribution of any non-core products (LAP, NRPL, etc.)
Exhibit 8: Housing finance business – A Snapshot
Status
Product
Number of branches
Geographies
Average ticket size
No. of customers
Loan book size
Yield
Sourcing
Referral payout
Asset quality
Disbursement run-rate
Applied for HFC license. Awaiting approval
Affordable housing
130 currently. 250 in the next 3-4 years
11 states. Focus geographies are South & West India, Chhattisgarh and Rajasthan
INR1.5m
~10,000
~INR15b
13.5-14% + 2% processing fee
Referral agents such as LIC agents, RTO agents, real estate brokers, etc.
Up to 80bp
3.5%/0.5% GNPL/NNPL ratio
INR1.1b per month
Source: MOSL, Company
16 January 2018
6

Cholamandalam Inv & Fin
Financials & Valuation
Income Statement
Y/E March
Total Income
Change (%)
Total Operating Expenses
Change (%)
Operating Profit
Change (%)
Total Provisions
% of Operating Profit
PBT
Tax Provisions
PAT
Change (%)
Proposed Dividend
2014
14,399
29.2
6,582
15.6
7,817
43.5
2,833
36.2
4,984
1,862
3,122
13.0
501
2015
16,700
16.0
7,489
13.8
9,212
17.8
3,247
35.3
5,964
2,221
3,744
19.9
503
2016
20,872
25.0
8,449
12.8
12,422
34.9
4,272
34.4
8,150
3,023
5,127
36.9
703
2017
24,295
16.4
10,133
19.9
14,162
14.0
3,106
21.9
11,056
3,868
7,187
40.2
860
2018
31,179
28.3
12,895
27.3
18,284
29.1
3,451
18.9
14,833
5,092
9,741
35.5
1,017
2019E
33,948
8.9
11,986
-7.0
21,962
20.1
3,449
15.7
18,513
6,433
12,080
24.0
1,095
2020E
38,861
14.5
13,565
13.2
25,296
15.2
4,516
17.9
20,780
7,273
13,507
11.8
1,173
(INR M)
2021E
43,442
11.8
15,116
11.4
28,326
12.0
5,146
18.2
23,180
8,113
15,067
11.5
1,251
Balance Sheet
Y/E March
Share Capital
Reserves & Surplus
Net Worth for Equity Shareholders
Borrowings
Change (%)
Total Liabilities
Investments
Change (%)
Loans
Change (%)
Net Fixed Assets
Total Assets
E: MOSL Estimates
2014
1,432
21,514
22,947
180,932
18.3
203,879
824
-63.3
194,973
16.9
729
203,879
2015
1,437
30,296
31,733
194,752
7.6
226,486
675
-18.1
222,422
14.1
683
226,486
2016
1,562
35,012
36,574
225,762
15.9
262,336
666
-1.3
259,732
16.8
1,113
262,336
2017
1,563
40,907
42,470
242,068
7.2
284,538
2,385
258.3
285,124
9.8
1,401
284,538
2018
1,564
49,121
50,685
381,358
57.5
432,043
3,190
33.7
422,082
48.0
1,608
432,043
2019E
1,564
59,887
61,451
494,685
29.7
556,136
34,628
985.6
509,754
20.8
1,876
556,136
2020E
1,564
71,986
73,550
568,861
15.0
642,411
39,820
15.0
591,136
16.0
2,091
642,411
(INR M)
2021E
1,564
85,551
87,115
637,306
12.0
724,422
38,238
-4.0
675,303
14.2
2,248
724,422
16 January 2018
7

Cholamandalam Inv & Fin
Financials & Valuation
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield on Loans
Avg Cost of Funds
Int. Spread on Financing Portfolio
NIM (on AUM)
NIM (on loans)
Profitability Ratios (%)
RoE
RoA
Int. Expended / Int.Earned
Other Inc. / Net Income
Efficiency Ratios (%)
Op. Exps. / Net Income
Empl. Cost/Op. Exps.
Asset-Liability Profile (%)
Loans/Borrowings Ratio
Net NPAs to Net Adv.
Assets/Equity
2014
16.9
10.6
6.3
6.7
7.1
2015
16.6
10.4
6.1
6.7
7.2
2016
16.2
9.8
6.5
7.5
7.7
2017
16.0
9.5
6.5
7.4
7.9
2018
14.1
7.4
6.7
8.1
7.6
2019E
14.7
8.4
6.4
7.1
6.9
2020E
15.3
8.7
6.7
6.9
6.9
2021E
15.2
8.9
6.3
6.7
6.7
17.1
1.9
57.9
2.2
15.9
2.0
56.7
1.6
16.6
2.3
52.4
0.8
18.2
2.6
51.0
1.1
20.9
2.7
46.3
2.1
21.5
2.4
53.3
0.0
20.0
2.3
54.6
0.0
18.8
2.2
55.7
0.0
45.7
28.5
44.8
29.6
40.5
30.1
41.7
39.7
41.4
40.9
35.3
47.5
34.9
47.5
34.8
47.3
107.8
0.8
8.9
2014
160.2
16.7
25.4
18.7
3.5
114.2
2.0
7.1
2015
203.1
26.8
30.3
19.2
3.5
115.0
2.1
7.2
2016
233.9
15.2
36.4
20.1
4.5
117.8
3.2
6.7
2017
271.6
16.1
4.4
46.0
26.3
26.0
5.5
0.5
110.7
1.5
8.5
2018
324.1
19.3
3.7
62.3
35.5
19.2
6.5
0.5
103.0
1.4
9.1
2019E
392.9
21.2
3.0
77.2
24.0
15.4
7.0
0.6
103.9
1.4
8.7
2020E
470.3
19.7
2.5
86.4
11.8
13.8
7.5
0.6
106.0
1.4
8.3
2021E
557.0
18.4
2.1
96.3
11.5
12.4
8.0
0.7
Valuations
Book Value (INR)
BV Growth (%)
Price-BV (x)
EPS (INR)
EPS Growth (%)
Price-Earnings (x)
Dividend per share
Dividend Yield (%)
E: MOSL Estimates
16 January 2018
8

Cholamandalam Inv & Fin
Valuation matrix
Rating
66
FY20E
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
CMP
Mcap
EPS (INR)
P/E (x)
BV (INR)
P/BV (x)
RoA (%)
RoE (%)
ICICIBC*
HDFCB
AXSB
KMB*
YES
IIB
FB
DCBB
SIB
Equitas
RBL
Private Aggregate
SBIN (cons)*
Buy
303
37.7
8.7
32.3 30.7
8.7
249
276
1.1
1.0
0.1
0.7
2.7
PNB
Neutral
84
3.5
-17.7 8.0
-4.7 10.5
109
117
0.8
0.7
-0.7
0.4 -13.8
BOI
Neutral
105
2.5
-1.8
8.6 -58.6 12.2
181
187
0.6
0.6
-0.1
0.2
-0.9
BOB
Buy
121
4.5
9.3
16.1 13.0
7.5
165
180
0.7
0.7
0.3
0.5
5.6
CBK
Neutral
276
2.8
17.1 51.7 16.2
5.3
448
493
0.6
0.6
0.2
0.5
3.5
UNBK
Neutral
96
1.5
4.5
12.8 21.4
7.5
235
245
0.4
0.4
0.1
0.3
2.1
Public Aggregate
Banks Aggregate
HDFC*
Buy
1,974 46.9
42.3 48.7 21.8 19.0
306
341
3.0
2.7
1.8
1.8
15.5
LICHF
Buy
483
3.4
46.2 56.4 10.5
8.6
324
371
1.5
1.3
1.4
1.5
15.1
IHFL
Buy
829
4.8
95.6 109.7 8.7
7.6
395
446
2.1
1.9
3.1
3.1
25.6
PNBHF
Buy
899
2.1
62.2 73.5 14.4 12.2
432
489
2.1
1.8
1.4
1.3
15.3
REPCO
Buy
441
0.4
40.0 45.1 11.0
9.8
245
287
1.8
1.5
2.4
2.4
17.7
Housing Finance
SHTF
Buy
1,187
3.8
109.0 127.9 10.9
9.3
694
804
1.7
1.5
2.3
2.3
16.9
MMFS
Buy
447
3.8
22.8 26.4 19.6 16.9
173
191
2.6
2.3
2.5
2.4
13.9
BAF
Neutral
2,573 21.0
65.8 85.6 39.1 30.1
327
403
7.9
6.4
3.7
3.7
22.1
CIFC
Buy
1,193
2.6
77.2 86.4 15.4 13.8
393
470
3.0
2.5
2.4
2.3
21.5
SCUF
Buy
1,730
1.6
147.3 162.1 11.7 10.7
952 1,096 1.8
1.6
3.5
3.6
16.6
LTFH
Buy
142
3.9
11.5 13.4 12.4 10.6
66
78
2.1
1.8
2.3
2.2
18.7
MUTH
Neutral
537
3.0
50.3 58.0 10.7
9.3
229
270
2.3
2.0
5.8
5.9
23.8
MAS
Buy
550
0.4
25.3 30.9 21.7 17.8
152
175
3.6
3.1
4.2
4.1
17.8
*Multiples adj. for value of key ventures/Investments; For ICICI Bank and HDFC Ltd BV is adjusted for investments in subsidiaries
(INR) (USDb) FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
375
33.7
8.0
20.2 33.8 13.4
166
181
1.6
1.5
0.6
1.2
5.0
11.8
2,120 80.9
79.8 95.9 26.6 22.1
543
621
3.9
3.4
1.8
1.8
16.7 16.5
664
23.8
17.4 37.9 38.2 17.5
265
298
2.5
2.2
0.6
1.1
6.8
13.5
1,205 32.5
37.4 45.1 32.3 26.7
302
346
4.0
3.5
1.6
1.7
11.9 12.9
208
6.6
20.2 24.6 10.3
8.5
128
157
1.6
1.3
1.3
1.4
16.9 17.2
1,527 12.6
68.8 100.2 22.2 15.2
441
556
3.5
2.7
1.7
2.1
16.5 20.2
91
2.5
5.8
8.6
15.8 10.6
67
75
1.4
1.2
0.8
0.9
9.0
12.2
182
0.8
9.7
12.1 18.8 15.0
95
107
1.9
1.7
0.9
0.9
11.0 12.4
16
0.4
1.8
3.4
8.6
4.7
29
32
0.5
0.5
0.4
0.6
6.2
10.7
123
0.6
6.3
8.4
19.7 14.6
73
80
1.7
1.5
1.3
1.4
9.0
11.1
575
3.5
20.9 27.6 27.5 20.9
176
199
3.3
2.9
1.2
1.2
12.4 14.7
12.3
6.8
4.3
9.0
9.9
5.5
15.0
16.2
26.1
16.0
17.0
17.1
14.5
23.5
20.0
15.8
18.6
23.3
18.9
16 January 2018
9

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
Cholamandalam Inv & Fin
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
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Registration details of group entities: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100.Motilal Oswal Asset Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409)
offers wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate
products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
*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. The existing registration no(s) of
MOSL would be used until receipt of new MOFSL registration numbers.
Disclosure of Interest Statement
Analyst ownership of the stock
Cholamandalam Inv & Fin
No
16 January 2018
10