5 December 2017
Update
| Sector:
Media
BSE SENSEX
32,870
S&P CNX
10,128
D B Corp
Buy
CMP: INR362
TP: INR430(+19%)
Focus on circulation ramp-up to continue
We recently hosted DB Corp’s management at our ‘Midcap Conference’.
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 (%)
DBCL IN
184
395/345
-1/-7/-26
66.5
1.0
134.4
30.2
Ad growth was impacted in October 2017 due to the shift in the festive season to the
previous quarter. However, the ad growth outlook for November appears better due
to a low base of last year (was impacted by demonetization).
Management plans to expand to additional 27 districts of Bihar and also increase
circulation across other legacy markets. Management targets to take total copies to
6m by March 2018 from 5.6m in October 2017. Also, yield improvement taken in the
legacy markets is expected to support growth in 2HFY18 (11% CAGR over FY12-17).
We expect ad/circulation revenue CAGR of 7%/9% over FY17-20, led by an improving
ad market and an increase in the number of circulation copies at healthy pricing.
State elections in its legacy markets next year and the general election in 2019 should
support growth. We expect EBITDA/PAT CAGR of 9%/14% over FY17-20E.
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Net Sales
22.6
24.2
26.1
EBITDA
6.4
6.9
7.5
PAT
3.7
4.0
4.7
EPS (INR)
20.0
21.7
25.4
Gr. (%)
26.0
8.6
16.8
BV/Sh (INR)
86.7 103.8 124.4
RoE (%)
24.6
22.8
22.2
RoCE (%)
23.7
22.3
21.7
P/E (x)
18.1
16.6
14.2
P/BV (x)
4.2
3.5
2.9
Shareholding pattern (%)
As On
Sept-17 Jun-17 Sept-16
Promoter
69.9
69.9
69.9
DII
7.4
7.1
7
FII
15.6
15.8
18.6
Others
7.2
7.3
4.5
FII Includes depository receipts
Stock Performance (1-year)
D B Corp
Sensex - Rebased
480
430
380
330
Ad revenue to grow at 8% in FY18
Ad growth was impacted in October 2017 due to the shift in the festive season to
the previous quarter. Although November appears upbeat due to a low base, the
changes in the GST rates and compliance norms should continue impacting ad
revenue for the company. Sector-wise, the contribution from real estate (earlier 8-
9% of ad revenues; now ~4%), two-wheelers and government continues to
disappoint; however, four-wheelers, durables, lifestyle and education are showing
some recovery. Encouragingly, management expects the education sector
contribution (13-14% of ad revenue) to pick up from 4QFY18. Overall, we expect
11%/8% growth in 3QFY18/FY18.
Expanding reach in Bihar – a positive
DBCL forayed into the Bihar market in 2014 with 11 (of 38) districts at a cover price
of ~INR3. Currently, the market share in Bihar is very miniscule, but the company
expects to expand its reach to the remaining 27 districts in the next few months.
Out of total Bihar ad revenue market, government’s share is ~40-45%. Also, within
a period of one year, DBCL should get empanelled on the board of government
advertising, earning a large pie of the ad market. Besides, national (30-35% share)
and local players are also likely to increase their ad budgets with DBCL in Bihar.
Historically, the company has witnessed breakeven at ~25% revenue market share
(taking ~4 years) in circulation, and a similar trend is expected to be seen in Bihar
as well.
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.
Aliasgar Shakir – Research Analyst
(Aliasgar.Shakir@motilaloswal.com); +91 022 6129 1565
Hafeez Patel – Research Analyst
(Hafeez.Patel@motilaloswal.com); +91 22 3010 2611

D B Corp
Circulation copies to reach 6m by March, driving 9% circulation growth in
FY18
By employing a circulation expansion strategy, DBCL has managed to increase its
circulation copies to 5.6m (from 5m in July-17), majorly in the dominant markets of
Rajasthan, Gujarat and MP, at a higher cover price. The company has managed to
double its cover price from INR2.5 to ~INR5 in MP, with an increase in the number of
copies from ~1m to ~1.25m. Foray in the 27 new districts of Bihar should further
increase circulation copies. Management expects total copies to reach 6m by March
2018 from 5.6m currently. It also plans to continue with yield improvement in the
legacy markets (11% CAGR over FY12-17). We expect circulation revenue to grow at
9% in FY18. Note that DBCL has no plans of expanding in other new markets.
Digital to see INR150-200m investment over 2-3 years
The DBCL app has been downloaded 10.9m times. The company plans to invest
INR150-200m in digital over the next 2-3 years, mainly toward app upgradation,
video content and online website.
Revenue/EBITDA to grow at 7%/9% over FY17-20E
We expect ad/circulation revenue CAGR of 7%/9% over FY17-20, led by an
improving ad market and an increase in circulation copies at healthy pricing. State
elections in the legacy markets of MP, Chhattisgarh and Rajasthan in 2018, and the
general elections in 2019 should also support growth. The recent ~15% increase in
imported newsprint price would not have any major impact on DBCL, as the contract
would be valid for six more months and prices should normalize by then. Unlike
peers, the company has increased its imported newsprint contribution from ~15%
earlier to 40%, focusing on quality. Further, healthy revenue growth in the radio
segment, coupled with EBITDA break-even at the newer stations in CY18, augurs
well. We expect EBITDA/PAT CAGR of 9%/14% over FY17-20.
Maintain Buy with a TP of INR430
DBCL trades at 14.2x P/E on FY19E. We maintain our
Buy
rating, assigning 17x P/E
on FY19E (at a 6% discount to 3-5 year average P/E of 18x), and arrive at a target
price of INR430.
Exhibit 1: Valuation Summary
Valuation
EPS (INR)
PE multiple (x)
Target Price (INR)
CMP (INR)
Upside (%)
FY19E
25.4
17.0
430
361
19%
Source: MOSL, Company
5 December 2017
2

D B Corp
Exhibit 2: Consolidated revenue and margin trend
Revenue (INRb)
28
26
33
25
7
7
5
1
-10
-7
-1
0
32
32
EBITDA (INRb)
28
32
31
25
Exhibit 3: Print ad and circulation revenue growth (YoY, %)
Print Ad revenue
20
15 15 17 17 15 16 18 15
15
7
2
-3
Circulation
12
26
24
23
22
9
7
5
5
8
6
Source: MOSL, Company
Source: MOSL, Company
Exhibit 4: Consolidated revenue to witness 7% CAGR over FY17-20
Revenue (INRb)
24.3
26.9
28.2
26.1
EBITDA margin (%)
28.4
28.3
28.9
29.9
23.6
14.6
15.9
18.6
20.1
20.5
22.6
24.2
26.1
28.0
Source: MOSL, Company
Exhibit 5: Revenue mix from print advertising to remain steady
Print Advertising
7
4
17
7
4
18
7
4
17
Circulation
7
5
19
9
5
21
Radio
10
6
21
63
Event mgmt and others
9
6
22
63
9
7
22
63
8
7
22
63
73
71
71
69
65
Source: MOSL, Company
Exhibit 6: Print advertising revenue CAGR of 7% over FY17-20
Print Ad revenue (INRb)
17
12
6
5
-5
10.7
11.3
13.3
13.9
13.3
14.1
15.3
16.4
17.5
6
8
7
7
YoY (%)
Exhibit 7: Circulation revenue CAGR of 9% over FY17-20
Circulation revenue (INRb)
13
16
15
16
16
11
9
9
9
YoY (%)
2.4
2.8
3.2
3.8
4.4
4.8
5.2
5.7
6.2
Source: MOSL, Company
Source: MOSL, Company
5 December 2017
3

D B Corp
Exhibit 8: RM cost to come down by FY20
35
34
RM cost (INRb)
34
32
RM cost as a % of revenue
30
29
30
29
28
Source: MOSL, Company
Exhibit 9: Adjusted PAT to witness 14% CAGR over FY17-20
34
8
-12
Adj PAT (INRb)
YoY (%)
28
8
-8
17
17
8
2.0
2.2
2.9
3.2
2.9
3.7
4.0
4.7
5.4
Source: MOSL, Company
Exhibit 10: DB Corp: 1-year forward P/E trend
P/E (x)
30
25
20
15
10
18.4
14.0
15.2
25.0
Avg (x)
Max (x)
Min (x)
Exhibit 11: DB Corp: 1-year forward EV/EBITDA trend
EV/EBITDA (x)
15.4
12.6
9.8
7
10.3
8.0
8.3
Avg (x)
Max (x)
13.7
Min (x)
Source: Bloomberg, MOSL, Company
Source: Bloomberg, MOSL, Company
5 December 2017
4

D B Corp
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
15,923
8.8
3,760
23.6
581
3,179
80
213
0
3,313
1,132
34.2
0
2,181
2,181
7.9
2014
18,598
16.8
5,003
26.9
643
4,360
75
239
149
4,673
1,606
34.4
0
3,066
2,917
33.7
2015
20,096
8.1
5,622
28.0
881
4,741
76
257
0
4,923
1,759
35.7
0
3,163
3,163
8.4
2016
20,493
2.0
5,349
26.1
853
4,496
138
241
0
4,599
1,678
36.5
0
2,921
2,921
-7.7
2017
22,580
10.2
6,422
28.4
863
5,559
74
170
0
5,654
1,907
33.7
0
3,748
3,679
26.0
2018E
24,250
7.4
6,853
28.3
898
5,954
81
283
0
6,156
2,124
34.5
0
4,033
3,995
8.6
2019E
26,081
7.6
7,537
28.9
931
6,607
81
596
0
7,122
2,457
34.5
0
4,665
4,665
16.8
(INR Million)
2020E
28,003
7.4
8,366
29.9
963
7,403
81
976
0
8,298
2,863
34.5
0
5,435
5,435
16.5
Balance Sheet
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
2013
1,834
8,457
10,291
1,574
834
12,709
10,299
2,816
7,483
900
807
7,136
1,299
3,083
1,190
1,564
3,617
2,345
1,272
3,519
12,709
2014
1,835
9,633
11,467
1,506
885
13,859
11,854
3,350
8,503
22
724
8,446
1,732
3,280
1,133
2,300
3,837
2,787
1,050
4,609
13,859
2015
1,836
11,045
12,882
1,236
832
14,949
12,416
4,258
8,158
45
685
10,157
1,402
3,450
1,780
3,526
4,097
2,891
1,206
6,061
14,949
2016
1,837
12,138
13,975
1,373
813
16,161
13,964
5,047
8,917
459
440
9,679
1,675
3,773
900
3,330
3,353
3,150
203
6,326
16,161
2017
1,839
14,105
15,944
809
781
17,534
14,948
5,865
9,083
214
269
11,196
1,987
4,177
1,744
3,288
3,248
3,029
219
7,948
17,534
2018E
1,839
17,252
19,091
809
781
20,681
15,498
6,763
8,735
214
269
14,743
2,172
4,515
4,786
3,271
3,300
3,063
236
11,444
20,681
2019E
1,839
21,032
22,871
809
781
24,461
16,048
7,693
8,355
214
269
19,003
2,272
4,856
8,612
3,263
3,399
3,145
254
15,604
24,461
(INR Million)
2020E
1,839
25,582
27,421
809
781
29,011
16,598
8,656
7,942
214
269
24,085
2,392
5,214
13,198
3,281
3,518
3,246
273
20,567
29,011
5 December 2017
5

D B Corp
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
11.9
15.0
56.0
5.5
53.7
0.0
0.0
0.0
0.0
1.5
22.3
19.2
21.5
1.3
71
30
54
0.0
2014
15.9
19.4
62.4
7.2
50.7
0.0
0.0
0.0
0.0
2.0
26.8
24.3
26.3
1.3
64
34
48
0.0
2015
17.2
22.0
70.0
7.7
53.9
21.0
5.2
3.3
11.7
2.1
26.0
23.7
25.0
1.3
63
25
46
-0.1
2016
15.9
20.5
76.0
11.0
83.2
22.8
4.8
3.3
12.5
3.0
21.8
20.4
21.3
1.3
67
30
21
0.0
2017
20.0
24.7
86.7
8.3
48.7
18.1
4.2
2.9
10.2
2.3
24.6
23.7
24.8
1.3
68
32
21
-0.1
2018E
21.7
26.6
103.8
4.0
22.0
16.6
3.5
2.6
9.1
1.1
22.8
22.3
25.4
1.2
68
33
20
-0.2
2019E
25.4
30.4
124.4
4.0
19.0
14.2
2.9
2.2
7.8
1.1
22.2
21.7
28.1
1.1
68
32
20
-0.4
2020E
29.6
34.8
149.1
4.0
16.3
12.2
2.4
1.9
6.5
1.1
21.6
21.1
31.6
1.0
68
31
20
-0.5
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
3,760
238
-618
-1,041
74
2,412
-547
1,866
-782
567
-762
8
-646
-68
-1,119
-1,824
-174
1,364
1,190
2014
5,003
239
-1,277
-1,501
122
2,585
-1,017
1,568
10
15
-992
15
-233
-37
-1,395
-1,650
-57
1,190
1,133
2015
5,622
257
-95
-1,686
154
4,253
-715
3,538
0
-801
-1,515
23
-331
-58
-1,685
-2,051
687
1,093
1,780
2016
5,349
241
-552
-1,747
119
3,411
-1,991
1,420
55
107
-1,828
12
90
-121
-2,430
-2,449
-867
1,767
900
2017
6,422
170
-1,187
-1,941
-149
3,315
-525
2,789
400
92
-33
18
-572
-56
-1,827
-2,436
846
898
1,744
2018E
6,853
283
-454
-2,124
-283
4,275
-550
3,725
0
284
-266
0
0
-81
-885
-966
3,043
1,743
4,786
2019E
7,537
596
-334
-2,457
-596
4,746
-550
4,196
0
597
47
0
0
-81
-885
-966
3,827
4,785
8,612
(INR Million)
2020E
8,366
976
-377
-2,863
-976
5,126
-550
4,576
0
977
427
0
0
-81
-885
-966
4,587
8,611
13,198
5 December 2017
6

D B Corp
NOTES
5 December 2017
7

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. The matter is currently
pending.
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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
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a)
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D B Corp
Disclosure of Interest Statement
Analyst ownership of the stock
D B Corp
No
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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: SEBI Registration: INZ000158836 (BSE/NSE/MSE); 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
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