2 April 2019
Update
| Sector:
Consumer
BSE SENSEX
39,057
S&P CNX
11,713
Marico
Buy
CMP: INR346
TP: INR460(+33%)
Good offtake led by stable demand growth
New product development velocity remains strong
Marico (MRCO) released its pre-quarterly update for the quarter ended
Mar’19. Key highlights:
MRCO IN
1,290
446.3 / 6.5
397 / 286
-5/-3/-12
661
40.3
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)
2019E 2020E
Y/E Mar
73.8
84.5
Net Sales
13.0
15.6
EBITDA
9.5
11.4
PAT
7.3
8.8
EPS (INR)
14.6
19.8
Gr. (%)
22.5
24.5
BV/Sh (INR)
34.8
37.4
RoE (%)
31.3
33.6
RoCE (%)
47.1
39.3
P/E (x)
15.3
14.1
P/BV (x)
2021E
96.8
18.9
13.8
10.7
21.2
25.2
42.9
38.3
32.4
13.7
Shareholding pattern (%)
As On
Dec-18 Sep-18 Dec-17
Promoter
59.7
59.7
59.7
DII
6.0
7.4
6.0
FII
26.5
25.3
27.9
Others
7.8
7.7
6.4
FII Includes depository receipts
Stock Performance (1-year)
The demand environment remained stable in 4QFY19 with good offtake
growth. Rural traction remained intact, exceeding urban growth in the
traditional channel. Newer channels (modern trade and e-commerce) are
growing robustly. Even CSD has now stabilized, but some slowdown was
observed in the wholesale channel, specifically in the month of Mar’18, the
reason for which was not mentioned.
Domestic volume trend in 4QFY19 was in line with the near-term outlook.
Parachute
(36% of India business) continues performing well, while VAHO (26%
of India business) has had a weak quarter. As guided by management in the
3QFY19 earnings call,
Saffola
edible oils (18% of India business) exhibited signs
of a recovery led by marketing initiatives during the quarter, but the company
remains cautiously optimistic in the near term.
Key international regions Bangladesh (45% of international business) and
Vietnam performed well. Thus, despite the subdued performance of other
markets, the international business witnessed decent growth.
There were no comments on growth in MRCO’s relatively new portfolios
(Premium Hair Nourishment, Male Grooming and Healthy Foods).
Operating margins in 4QFY19 are likely to improve moderately, led by easing
input costs pressures and operating leverage. Notably, latest data on copra
price (Feb’19) indicate some easing from a bit of a move up in Jan’19.
Management had earlier highlighted that it expects a 15-20% cost decline in
copra costs from the flush season, starting Mar’19.
Velocity of new launches remained strong during this quarter.
Valuation and view:
Three factors underpin our confidence on MRCO’s
earnings prospects: (i) the likely benign RM cost environment over the next 18
months (copra accounts for 40-50% of RM cost), (ii) the strong performance of
Parachute volumes in recent quarters and healthy growth prospects in the
VAHO segment and (c) good traction in new product development. Moreover,
with over 30% of sales coming from rural (management is targeting 40%), and
particularly with its technological edge over peers, MRCO is also becoming an
interesting play on rural growth. Targeting 43x Mar’21E EPS (in line with three-
year average), we derive a target price of INR460, a 33% upside to the CMP.
From a medium-term (2-3 years) perspective – particularly if the targeted 7-8%
of sales come from new products, MRCO is one of the few companies that can
deliver 60-70% returns. Maintain
Buy.
Krishnan Sambamoorthy – Research Analyst
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 6129 1545
Vishal Punmiya – Research Analyst
(Vishal.Punmiya@MotilalOswal.com); +91 22 6129 1547
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.

Marico
Exhibit 1: 4QFY19 performance update
Segment
Parachute Coconut Oil
Medium-term guidance
To grow volumes in the range of 5-7%
To grow this franchise at double-digit
Value Added Hair Oils (VAHO)
volume growth
Saffola Edible Oil
To revert to healthy growth trajectory
4QFY19 comments
Parachute Rigids continued to meet expectations
VAHO had a weak quarter
Saffola Edible Oils has responded very well to
focused marketing initiatives during the quarter
No comments
No comments
Domestic business delivered volume growth in line
with near-term outlook
Reasonable quarter
Performance
In-line
Negative
Positive
-
-
In-line
In-line
Source: Company, MOFSL
Premium Hair Nourishment/
To deliver value CAGR of 20%+
Male Grooming/ Skin Care
Healthy Foods
Healthy double-digit growth momentum
For FY19 and beyond, company is confident
Domestic
of delivering 8-10% volume growth
Organic broad-based double-digit constant
International
currency growth
Velocity of new launches continued in 4QFY19 as well. The company…
Launched a new range of skin-care products under a new brand,
Kaya Youth O
2
.
The range comprises face cream, face wash, micellar water and face wipes.
Expanded its range of gourmet food offerings under
Saffola FITTIFY Gourmet
with the launch of a power breakfast range comprising ready-to-cook poha and
upma; the offering was made healthier through the inclusion of superfoods such
as millets and quinoa.
In addition to cold-pressed virgin coconut oil, MRCO launched coconut-based
organic food offerings under the
Coco Soul
brand - Coconut Sugar, Coconut
Chips, Coconut Peanut Butter and Coconut Almond Butter.
The company also introduced a new charcoal range of male grooming products
under the
Set Wet Studio X
brand.
Exhibit 2: Skincare products under a new brand,
Kaya Youth O
2
Source: Company, MOFSL
Exhibit 3: Power breakfast range under
Saffola FITTIFY Gourmet
Source: Company, MOFSL
2 April 2019
2

Marico
Exhibit 4: Expanded its range of gourmet food offerings under
Saffola FITTIFY Gourmet
with launch of power breakfast range
Source: Company, MOFSL
Exhibit 5: Domestic and overall volumes grew by 5% and 6% YoY, respectively, in 3QFY19
Marico India
Segment growth (%)
Parachute Rigid
Saffola (Refined Edible Oil)
Value added hair oils
Domestic Business
3QFY18
Volume Value
15.0
41.0
0.0
(4.0)
8.0
7.0
15.0
9.4
4QFY18
Volume Value
(5.0)
24.0
(1.0)
(3.0)
11.0
9.0
1.0
12.0
1QFY19
Volume Value
9.0
38.0
10.0
9.0
15.0
12.0
12.4
23.0
2QFY19
Volume Value
8.0
32.0
5.0
9.0
5.0
12.0
6.0
20.0
3QFY19
Volume Value
9.0
19.0
2.0
8.0
7.0
19.0
5.0
13.0
Source: Company, MOFSL
Exhibit 6: Domestic volumes grew by 5% in 3QFY19…
Domestic volume growth (%)
10.5
10.0
8.4 8.0
8.0 9.4
3.4
1.0
12.4
6.0 5.0
Exhibit 7:
..with Parachute
rigid volumes up 9%
Parachute volume growth (%)
15.0
15.0
12.0
11.0
8.0
8.0
6.0 7.0
5.0
4.0
(1.0)
(6.0)
5.0
3.0
6.0 5.5
9.0 8.0 9.0
(4.0)
(9.0)
(9.0)
(5.0)
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 8:
..Saffola
volumes were up by 2%
17.0
13.0
11.0
3.0
(1.0)
(9.0)
4.0 4.0
Saffola volume growth (%)
Exhibit 9: ..VAHO volumes were up by 7%
VAHO volume growth (%)
21.0
10.0
10.0
5.0
14.0
11.0 9.0 11.0
10.0
12.0
15.0
11.0
8.0
6.0 6.0
3.0
5.0
0.0
(1.0)
2.0
8.0
8.0
5.0 7.0
(12.0)
(8.0)
Source: MOFSL, Company
Source: MOFSL, Company
2 April 2019
3

Marico
Exhibit 10: Consolidated segmental details
3QFY17
Sales (INR m)
Domestic
International
Total
EBIT
Domestic
International
Total
EBIT margins
Domestic EBIT margins
International EBIT margins
Total
10,811
3,354
14,165
2,521
489
3,010
23.30%
14.60%
21.20%
4QFY17
10,352
2,869
13,222
2,509
217
2,726
24.20%
7.50%
20.60%
1QFY18
13,275
3,649
16,924
2,750,
737
3,487
20.70%
20.20%
20.60%
2QFY18
12,000
3,363
15,363
2,180
583
2,763
18.20%
17.30%
18.00%
3QFY18
12,846
3,397
16,243
2,708
441
3,149
21.10%
13.00%
19.40%
4QFY18
11,570
3,230
14,800
2,400
340
2,740
20.7
10.5
18.5
1QFY19
16,276
3,992
20,268
2,976
793
3,769
18.30%
19.90%
18.60%
2QFY19
14,389
3,980
18,368
2,457
705
3,162
17.10%
17.70%
17.20%
3QFY19
14,494
4,116
18,610
2,852
787
3,639
19.70%
19.10%
19.60%
Source: Company, MOFSL
Exhibit 11: Marico P/E (x)
P/E (x)
Min (x)
50.0
40.0
30.0
20.0
10.0
Avg (x)
+1SD
49.3
40.8
32.6
24.4
14.7
Max (x)
-1SD
Exhibit 12: Consumer sector P/E (x)
55.0
47.0
39.0
P/E (x)
Min (x)
Avg (x)
+1SD
39.5
32.8
26.1
17.5
Max (x)
-1SD
46.6
37.6
31.0
23.0
15.0
39.3
Source: Company, MOFSL
Source: Company, MOFSL
2 April 2019
4

Marico
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
COGS
Gross Profit
Margin (%)
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Margin (%)
Current Tax (excl MAT Ent)
Deferred Tax
Tax Rate (%)
Minority Interest
Profit after Taxes
Change (%)
Margin (%)
Reported PAT
2015
57,330
22.3
31,356
25,974
45.3
8,701
16.4
15.2
843
230
589
8,217
18.2
14.3
2,383
-15
28.8
-114
5,735
18.1
10.0
5,735
2016
60,173
5.0
30,887
29,286
48.7
10,514
20.8
17.5
949
206
933
10,292
27.2
17.1
2,503
551
29.7
-5
7,233
26.1
12.0
7,228
2017
59,178
-1.7
28,472
30,706
51.9
11,593
10.3
19.6
903
166
973
11,497
11.7
19.4
2,922
455
29.4
-10
8,110
12.1
13.7
8,110
2018
63,222
6.8
33,719
29,503
46.7
11,378
-1.9
18.0
891
162
846
11,172
-2.8
17.7
2,841
55
25.9
-1
8,275
2.0
13.1
8,275
2019E
73,834
16.8
40,718
33,116
44.9
12,969
14.0
17.6
899
201
950
12,818
14.7
17.4
3,269
64
26.0
-1
9,484
14.6
12.8
9,484
2020E
84,478
14.4
44,511
39,967
47.3
15,557
20.0
18.4
956
228
982
15,355
19.8
18.2
3,915
77
26.0
-1
11,361
19.8
13.4
11,361
(INR m)
2021E
96,791
14.6
48,729
48,062
49.7
18,860
21.2
19.5
1,009
255
1,011
18,607
21.2
19.2
4,745
93
26.0
-1
13,768
21.2
14.2
13,768
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Loans
Capital Employed
Gross Fixed Assets
Intangibles
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Goodwill
Investments
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Current Liabilities
Accounts Payable
Provisions
Net Current Assets
Deferred Tax Liability
Application of Funds
E: MOSL Estimates
2015
1,290
16,958
18,248
137
4,279
22,664
8,807
1,034
-3,973
5,868
30
4,892
2,838
17,625
9,947
1,768
2,049
3,861
8,511
7,471
5,643
1,040
9,115
-79
22,664
2016
1,290
18,884
20,174
143
3,313
23,630
6,119
328
-917
5,531
367
4,974
5,439
16,852
9,256
2,521
3,171
1,904
9,953
8,395
6,690
1,558
6,899
421
23,630
2017
1,291
21,966
23,257
133
2,388
25,778
7,440
361
-1,749
6,053
112
4,795
6,082
19,191
12,534
2,470
2,360
1,828
10,329
9,040
6,966
1,289
8,862
-125
25,778
2018
1,291
24,138
25,429
125
3,127
28,681
8,119
716
-2,589
6,245
268
4,858
5,428
23,923
15,109
3,406
2,001
3,407
11,840
10,517
8,217
1,323
12,083
-202
28,681
2019E
1,291
27,818
29,109
125
3,577
32,811
9,369
605
-3,489
6,485
268
4,858
6,242
28,535
16,190
5,519
2,737
4,089
13,355
11,976
9,490
1,379
15,180
-223
32,811
2020E
1,291
30,341
31,632
125
4,027
35,784
10,619
605
-4,444
6,780
268
4,858
6,866
32,807
18,585
6,336
2,979
4,907
15,537
13,969
11,286
1,568
17,270
-258
35,784
(INR m)
2021E
1,291
31,271
32,562
125
4,477
37,164
11,869
605
-5,453
7,021
268
4,858
7,553
34,961
19,358
7,259
2,946
5,397
17,189
15,520
12,625
1,668
17,772
-308
37,164
2 April 2019
5

Marico
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Leverage Ratio
Debt/Equity (x)
2015
4.4
5.0
14.1
1.2
28.1
2016
5.6
6.3
15.6
3.5
62.4
2017
6.3
6.8
18.0
4.3
67.6
2018
6.4
7.1
19.7
5.0
78.6
2019E
7.3
8.0
22.5
6.5
88.5
2020E
8.8
9.5
24.5
8.5
96.6
2021E
10.7
11.4
25.2
8.5
79.7
77.8
69.1
7.8
51.2
24.4
0.4
61.7
54.5
7.3
41.9
22.1
1.0
55.0
50.5
7.4
38.0
19.2
1.2
53.9
48.7
7.0
38.8
17.5
1.5
47.1
43.0
6.0
34.0
15.3
1.9
39.3
36.2
5.2
28.3
14.1
2.5
32.4
30.2
4.5
23.3
13.7
2.5
36.0
27.7
35.7
37.7
31.9
41.5
37.3
33.3
47.4
34.0
30.8
40.7
34.8
31.3
40.1
37.4
33.6
43.9
42.9
38.3
50.7
0.2
0.2
0.1
0.1
0.1
0.1
0.1
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Int./Div. Received
Depreciation
Interest Paid
Direct Taxes Paid
(Incr)/Decr in WC
CF from Operations
2015
8,217
-185
843
39
-2,097
-169
6,648
-581
6,068
410
-2,238
-2,408
6
-437
-3,001
-2,824
-6,255
-2,015
4,064
2,049
2016
10,287
-594
949
206
-2,474
-197
8,176
-864
7,312
-1,180
1,000
-1,044
5
0
-5,023
-992
-6,010
1,122
2,049
3,171
2017
11,487
-43
903
-197
-2,964
-2,698
6,487
-815
5,673
15
-760
-1,560
0
0
-5,088
-652
-5,740
-812
3,171
2,360
2018
11,170
-327
891
-174
-2,949
-3,065
5,545
-1,231
4,314
697
305
-229
0
0
-6,357
682
-5,675
-358
2,360
2,001
2019E
12,818
-950
899
201
-3,269
-2,361
7,339
-1,139
6,200
-814
1,805
-149
0
450
-7,548
643
-6,454
736
2,001
2,737
2020E
15,355
-982
956
228
-3,915
-1,847
9,794
-1,250
8,544
-624
1,073
-801
0
450
-9,817
616
-8,751
242
2,737
2,979
(INR m)
2021E
18,607
-1,011
1,009
255
-4,745
-536
13,579
-1,250
12,329
-687
122
-1,814
(Incr)/Decr in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Invest.
Issue of Shares
(Incr)/Decr in Debt
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOFSL Estimates
0
450
-12,838
589
-11,799
-33
2,979
2,946
2 April 2019
6

Marico
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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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 Securities Limited (MOSL) 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 MOSL 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 MOSL , 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., MOSL 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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The associates of MOSL 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
MOSL 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 MOSL 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 MOSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOSL 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 MOSL 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 MOSL. 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. MOSL 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. MOSL, 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 MOSL. 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 MOSL 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 MOSL or any of its affiliates
or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or employees responsible for any such misuse
and further agrees to hold MOSL 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.: 022-3980
4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080
1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-38281085.
Registration details: 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.
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