BSE SENSEX
31,882
S&P CNX
10,006
Strides Shasun
CMP: INR941
TP: INR1,300 (+38%)
Buy
Niche approval kicks in
Thesis playing out; reiterate Buy
12 September 2017
Update
| Sector:
Healthcare
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
STR IN
89
1,259/849
5/-27/-15
84.2
1.3
402
68.9
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
34.8
43.9
54.5
Net Sales
6.4
8.3
11.0
EBITDA
2.9
4.2
6.7
PAT
32.3
47.4
74.8
EPS (INR)
108.2
46.9
57.9
Gr. (%)
303.3 341.1 401.5
BV/Sh (INR)
10.7
14.7
20.2
RoE (%)
7.8
9.2
12.2
RoCE (%)
29.2
19.8
12.6
P/E (x)
3.1
2.8
2.3
P/BV (x)
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
31.1
31.1
31.1
DII
15.5
15.0
11.1
FII
33.9
33.9
36.9
Others
19.5
20.0
20.9
FII Includes depository receipts
Stock Performance (1-year)
Strides Shasun
Sensex - Rebased
1,230
1,130
1,030
930
830
The approval for Potassium Citrate Extended Release (PCER) has triggered long-
awaited approvals for niche molecules for STR, in our view.
Though investors like STR for its (1) niche ANDA pipeline, (2) strong regulatory
compliance, and (3) credible management, they have been concerned over delay in
approvals. In its 1QFY18 results concall, the company had pointed out that the delays
were only procedural and that it had no regulatory issues pending. Yet, there was
skepticism among investors, as STR was not getting approvals despite compliant
manufacturing facilities.
The PCER approval vindicates the company’s stand and would reduce investor
concerns. G-Lovaza is another likely opportunity over the medium term for STR.
We recently
initiated coverage
on STR with a Buy rating. We remain positive, given
STR’s healthy ANDA pipeline for the US market, significant value accretion potential
in API business, and strong growth trajectory in Australia business. We reiterate Buy.
STR’s first extended release tablet approval:
STR received final approval for
Potassium Citrate Extended Release tablets (5mEq, 10mEq, and 15mEq). The
market size for this product is ~USD110m.
Annualized sales of USD30m expected from this niche product:
Only two
companies have final approval for this product and only one sells this product in
the US market. Since there are only two DMF filers for this product, competition
would be limited for a considerable period.
Based on 30% price discount and 55%
market share, we expect STR to garner annual sales of USD30m from this
product.
STR on track with approvals for low competition products:
This molecule reflects
STR’s strategy of developing complex products with limited competition. Its recent
approvals are such that they provide considerable upside in terms of US revenue,
though market size is in the range of USD60m-200m. This is due to limited
competition for those products; STR is well placed to seize the opportunity.
G-Lovaza – another medium-term opportunity:
The other limited-competition
product for STR over the medium term is g-Lovaza. The market size of this product
is about USD300m. Based on competition and price discounts, we expect STR to
have annual sales of USD30m from this product post final approval. We expect 43%
CAGR in US sales over FY17-20 to USD278m.
US ANDA pipeline remains robust:
STR has guided for more such molecules in the
pipeline. With this approval, it has 28 ANDAs pending for approval. STR has
maintained its guidance of 15-20 filings in FY18.
Valuation and view:
We expect 20% CAGR in sales, 25% CAGR in EBITDA, and 44%
CAGR in PAT over FY17-20. We value STR on sum-of-the-parts (SOTP), valuing the
pharma business at 18x FY19E earnings and Solara at an EV of 13x FY19E EBITDA to
arrive at price target of INR1,300. Reiterate
Buy.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Tushar Manudhane – Research Analyst
(Tushar.Manudhane@MotilalOswal.com); +91 022 6129 1536
Rajat Srivastava – Research Analyst
(Rajat.Srivastava@motilaloswal.com); +91 22 3010 2511

Strides Shasun
Exhibit 1: Healthy ANDA pipeline
ANDA filed
ANDA approved
62
52
26
12
13
34
17
23
36
95
67
45
150
Exhibit 2: US sales on strong growth trajectory
US sales (US$m)
239
278
23
CY12
FY14
FY15
FY16
FY17
YTD FY18
FY17
FY18E
FY19E
FY20E
Source: MOSL, Company
Source: MOSL, Company
Exhibit 3: We expect 21.5% CAGR in overall revenue over
FY17-20E
Revenue from operations (INR bn)
138.6
Growth (%)
Exhibit 4: Margins to improve gradually
Gross Margin(%)
53.3
55.9
EBITDA Margin(%)
56.1
56.4
56.6
47.5
11.8
10.8
FY14
11.3
12.0
FY15
28.6
FY16
21.7
26.0
24.1
14.6
62.4
FY20E
33.7
34.8
FY17
43.9
FY18E
54.5
FY19E
16.6
FY14
19.1
FY15
14.5
FY16
18.5
FY17
19.0
FY18E
20.3
FY19E
20.6
FY20E
Source: MOSL, Company
Source: MOSL, Company
Exhibit 5: ROE to double over FY17-20E
ROE
ROCE
20.2
14.7
9.4
2.7
1.4
CY12
4.9
4.3
FY14
7.3
FY15
6.5
FY16
10.7
7.3
7.8
FY17
9.2
12.2
13.7
21.0
FY18E
FY19E
FY20E
Source: MOSL, Company
12 September 2017
2

Strides Shasun
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
9,618
-62.3
1,006
10.5
309
697
795
342
7,001
7,246
112
1.5
11
7,123
230
-87.4
2014
13,410
39.4
2,235
16.7
565
1,670
1,089
602
-266
918
409
44.5
6
503
3,487
1,416.5
2015
11,959
-10.8
2,288
19.1
640
1,648
474
386
-74
1,486
532
35.8
-6
959
1,950
-44.1
2016
28,622
139.3
4,139
14.5
1,313
2,827
1,682
921
-461
1,606
425
26.4
135
1,046
1,385
-29.0
2017
34,834
21.7
6,428
18.5
1,872
4,557
2,269
1,686
-1,002
2,971
470
15.8
462
2,039
2,883
108.2
2018E
43,898
26.0
8,341
19.0
2,068
6,273
1,993
1,317
-58
5,539
876
15.8
476
4,187
4,236
46.9
2019E
54,479
24.1
11,032
20.3
2,171
8,861
(INR Million)
2020E
62,414
14.6
12,857
20.6
2,247
10,610
1,686
1,362
0
8,537
1,350
15.8
500
6,687
6,687
57.9
1,527
1,311
0
10,393
1,644
15.8
525
8,225
8,225
23.0
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
Balance Sheet
2013
588
19,675
20,263
15,945
272
37,198
18,240
4,976
13,264
2,415
1
15,378
4,423
4,832
1,658
4,465
10,762
9,363
1,399
4,616
37,198
2014
596
9,473
10,068
5,466
17
16,308
8,039
3,528
4,511
995
4,430
9,993
1,760
3,640
2,312
2,281
4,655
3,557
1,098
5,338
16,308
2015
596
10,853
11,449
8,917
-54
20,500
9,437
3,792
5,645
1,712
6,300
9,668
2,077
3,900
1,469
2,223
4,194
3,334
861
5,474
20,500
2016
894
25,685
26,579
38,025
126
65,232
28,578
5,104
23,474
2,942
13,085
25,462
6,131
10,330
3,116
5,885
8,998
8,704
294
16,464
65,232
2017
894
26,210
27,104
42,232
557
71,531
32,901
6,976
25,925
2,045
15,897
27,335
7,380
9,971
3,295
6,690
9,340
8,910
430
17,995
71,531
2018E
894
29,587
30,481
39,107
557
71,784
35,017
9,043
25,973
889
15,897
31,062
9,238
12,565
829
8,430
11,707
11,165
542
19,355
71,784
2019E
894
34,980
35,874
35,832
557
73,902
36,304
11,214
25,089
754
14,997
37,742
11,287
15,593
399
10,462
14,350
13,677
673
23,392
73,902
(INR Million)
2020E
894
41,613
42,507
32,057
557
76,760
37,515
13,462
24,053
759
14,997
43,664
12,875
17,865
939
11,986
16,383
15,612
771
27,281
76,760
12 September 2017
3

Strides Shasun
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2013
2.6
6.0
226.8
1.3
1.9
2014
7.3
13.6
112.7
336.8
-
2015
11.3
18.4
128.1
72.0
-
2016
15.5
30.2
297.5
4.8
49.1
2017
32.3
53.2
303.3
3.7
19.3
29.2
3.1
3.5
19.1
0.4
1.4
2.7
2.0
0.3
183
168
176
0.7
4.3
4.9
4.4
0.8
99
48
73
-0.1
9.4
7.3
10.8
0.6
119
63
63
0.1
7.3
6.5
7.3
0.4
132
78
99
0.8
10.7
7.8
8.0
0.5
104
77
78
0.9
2018E
47.4
70.5
341.1
7.5
19.3
19.8
2.8
2.8
14.7
0.8
14.7
9.2
10.1
0.6
104
77
78
0.7
2019E
74.8
99.1
401.5
12.0
19.3
12.6
2.3
2.2
10.8
1.3
20.2
12.2
13.3
0.7
104
76
76
0.6
2020E
92.1
117.2
475.7
14.7
19.3
10.2
2.0
1.8
9.0
1.6
21.0
13.7
15.2
0.8
104
75
76
0.4
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2013
1,006
11,106
-3,105
-888
-6,732
1,389
-3,331
-1,942
11,054
-151
7,572
89
-7,877
-1,976
-137
-9,900
-940
2,597
1,657
2014
2,235
30,038
-2,607
-1,259
-31,124
-2,717
-4,639
-7,356
47,935
-6,739
36,556
259
1,430
-2,192
-32,683
-33,185
654
1,657
2,312
2015
2,288
8,435
-959
-560
-8,371
834
-2,406
-1,572
4,515
427
2,536
31
3,208
-381
-7,070
-4,213
-843
2,312
1,469
2016
4,139
1,113
-3,424
-770
-341
717
34
750
312
-28,911
-28,565
12,264
18,822
-1,347
-243
29,495
1,647
1,469
3,116
2017
6,428
0
-1,352
-470
-1,002
3,604
-3,828
-224
-2,812
1,686
-4,954
0
4,206
-2,269
-408
1,529
179
3,116
3,295
2018E
8,341
-58
-3,826
-876
0
3,581
-960
2,621
0
1,317
357
0
-3,125
-1,993
-1,286
-6,404
-2,466
3,295
829
2019E
11,032
0
-4,467
-1,350
0
5,214
-1,152
4,062
900
1,362
1,110
0
-3,275
-1,686
-1,794
-6,755
-430
829
399
(INR Million)
2020E
12,857
0
-3,350
-1,644
0
7,864
-1,216
6,648
0
1,311
95
0
-3,775
-1,527
-2,116
-7,419
540
399
939
12 September 2017
4

Strides Shasun
NOTES
12 September 2017
5

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, 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. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
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), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold
inquiry and adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
the subject company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL 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 MOSL 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 last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in
the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL 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 MOSL or its associates during twelve months preceding the date of distribution of the research report.
MOSL 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, MOSL 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. MOSL 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 MOSL 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.
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.
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.
Strides Shasun
Disclosure of Interest Statement
Analyst ownership of the stock
Strides Shasun
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 MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL 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 MOSL & 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 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
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in
the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; 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 Commodities Broker Pvt. Ltd. offers Commodities
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
12 September 2017
6