19 August 2020
Update
| Sector:
Utilities
Tata Power
BSE SENSEX
38,615
S&P CNX
11,408
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CMP: INR57
TP: INR66 (+16% )
Buy
Planning for an asset-light and consumer-facing model
Analyst meet takeaways
We attended the analyst meet hosted by Tata Power (TPWR) today, 19 Aug’20. Here
are the key takeaways:
th
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 Mar
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2020
291.4
79.4
10.2
3.76
78.2
66.8
5.9
7.1
15.1
0.8
2021E
310.2
76.5
10.6
3.33
-11.6
67.8
5.4
7.0
17.1
0.8
Deleveraging at the forefront
TPWR IN
2,705
153.5 / 2
69 / 27
11/17/-4
892
62.8
2022E
339.8
78.1
14.7
4.61
38.6
70.6
6.7
7.0
12.3
0.8
Tata Power (TPWR) highlighted its focus on addressing legacy issues with
regard to: 1) deleveraging and 2) the self-sustenance of Mundra.
Over the past few months, the co.’s deleveraging process has been
accelerated with the: 1) sale of Cennergi, 2) sale of shipping cos, and 3)
preferential issue to Tata Sons.
The co. plans to continue with its asset monetization plans by exiting non-core
assets and InvIT for renewables. The co. expects the InvIT transaction to be
completed this year. TPWR plans to reduce net debt to INR250b by the end of
FY21 and sustain it at these levels.
The co. plans to simplify its holding structure and generate synergies from the
merger of CGPL, Tata Power Solar, and Aftaab with TPWR. The process for the
same requires the NCLT’s approval (which could take 4–12 months).
With regard to CGPL, the co. plans to reduce its debt by INR40b using
preference and divestment-related proceeds, in turn generating interest cost
savings of INR3.8b. In terms of the PPA amendment for CGPL, the benefit of
compensatory tariff at current prices stands at INR2.5b.
Increasing presence in consumer-facing business
Shareholding pattern (%)
As On
Jun-20 Mar-20 Jun-19
Promoter
37.2
37.2
33.0
DII
31.4
27.8
24.9
FII
12.9
18.6
26.0
Others
18.5
16.3
16.1
FII Includes depository receipts
Stock Performance (1-year)
Tata Power Co.
Sensex - Rebased
80
60
40
20
TPWR aims to more than double its revenues in FY25, aided by a strong
presence in Rooftop Solar and Solar Pumps, new businesses (such as EV
Charging and Home Automation) and T&D.
TPWR targets revenue from the T&D business to increase to INR270b in FY25
(v/s INR120b currently) through new opportunities in distribution (INR120b)
and CESU. The co expects DISCOM privatization opportunities to emerge in
Uttar Pradesh, Rajasthan, and Jharkhand. The co. would be keen to take over
projects through the license model instead of the franchise model.
In addition, the co. plans to expand in new energy businesses, such as Home
Automation and EV Charging, with targeted revenue of INR35b in FY25. Capital
expenditure for the new energy businesses would be small at ~INR20b across
five years.
The co. expects revenues from Rooftop Solar and Solar Pumps to rise with
increased capacity and market share; it targets INR100b revenues from the
segment by FY25.
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com)
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.
 Motilal Oswal Financial Services
Tata Power
Focus on Renewables; no new addition in Coal
TPWR targets wins of ~2GW in renewable projects every year, and plans to
increase capacity to ~15GW (incl. under-construction) by FY25. The co.’s
renewable arm would continue to work on the asset-light model by transferring
operational projects to InvIT and thereby releasing cash for future growth
opportunities.
On the Solar EPC front, the co aims to execute 4GW of utility-scale projects by
FY25, implying market share of ~20%. It targets an 8x increase in revenues to
INR120b by FY25.
TPWR would not add new coal-based capacities going forward. It plans to focus
on deploying digitization and asset management technologies to improve
efficiencies at its old thermal plants, and would slowly phase them out upon
completion of useful life.
.
Debt reduction is playing out; Maintain Buy
TPWR has been keen on moving to a more consumer-facing model and
leveraging its expertise and brand. In this context, the quantification of its
targets provides some growth context. However, we still await visibility on
whether the opportunities within T&D and new consumer businesses would pan
out. Growth in its in-house Solar EPC business is compelling, but would still
depend on overall ordering within Renewables by FY25 and the co.’s ability to
maintain market share.
Nevertheless, TPWR has walked the talk in recent months through asset
monetization and WC management – despite the current COVID-19
environment. Net debt at the end of Jun’20 had reduced to INR444b (from
INR471b in FY20).
Divestment-related measures (part receipt from International Shipping business,
Arutmin, and Tata SED) and the infusion of INR26b from promoters would
continue to aid debt reduction. As we build-in the expectations of normalization
in its EPC business and some WC by FY22, we see the risk-reward as favorable.
1) the approval of a tariff hike at Mundra, 2) the merger of CGPL & Tata Power
Solar with TPWR, and 3) favorable InvIT valuations would provide upsides to our
estimates. Maintain Buy, with TP of INR66/sh.
Exhibit 1: Targeted growth in Distribution
Source: Company
19 August 2020
2
 Motilal Oswal Financial Services
Tata Power
Exhibit 2: Targeted growth in new businesses
Source: Company
Exhibit 3: Estimated EPC Solar market
Exhibit 4: Targeted revenue from EPC Solar
Source: Company
Source: Company
Exhibit 5: New businesses – Targeting foray into EVs and its outlook
Source: Company
19 August 2020
3
 Motilal Oswal Financial Services
Tata Power
Exhibit 6: Targeted allocation of capital employed
Source: Company
Exhibit 7: SOTP valuation
Reg. Eq.
(a)
45,661
14,224
16,982
P/BV
(b)
1.7
1.5
1.5
EBITDA Equity TPWR's share
Value (%) Eq. Val.
d=axb
(e)
17,492 76,710 100
76,710
7,555 21,552 51
10,991
11,578 25,662 74
18,990
2,162
36,625
Reg. Enterprise
Debt Value (EV)
(f)
(e+f)
37,989 114,699
33,190
44,181
14,603
33,592
4,950
7,112
199,585
Remarks
Mumbai & Jojobera (S/A)
Delhi
Maithon
CESU
Subtotal (A)
CGPL (Mundra) and coal JVs
RoE = 15.5%, g = 5%
RoE = 15.5%, g = 3%
RoE = 17%, g=0
DCF based
Ke=11.3%
DCF value of fixed charges
Under recoveries in Var. cost
PAT from coal JVs
Subtotal (B)
Other businesses
EV/EBITDA(x) EBITDA
(g)
(h)
18,645
8
-10,943
10
6,343
14,045
EV
(g x h)
127,860
-87,544
63,433
103,750
Assumptions
no under-recoveries
Renewables
Haldia, trading etc.
PAT of other JVs and assoc.
Subtotal ( C )
Consolidated
Consolidated EV (A+B+C)
Less: Debt
Assets held for sale
Zambia and Vikhroli trans
Others
Investment unquoted
Investment quoted
Net Equity value
No. of shares
Target Price (INR/share)
EV/EBITDA(x) EBITDA
(j)
(k)
7.5
22,888
8.0
10,869
10.0
3,302
33,757
EV
(j x k)
171,663
86,951
33,023
291,637
Assumptions
78,084
594,972
-399,762
7,815
3,581
3,977 at book value
615 20% discount to MTM
211,198
3,196
66
Source: MOFSL, Company
1.0
1.0
1.0
0.8
x BV
x BV
19 August 2020
4
 Motilal Oswal Financial Services
Tata Power
Financials and valuations
Income statement
Y/E March
Net Sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
PBT before EO
Regulatory inc./(exp)
EO expense (inc.)
PBT after EO
Tax
Rate (%)
Reported PAT
Minority, JVs & Asso.
Adjusted PAT
Change (%)
2015
337,276
-5.4
274,264
63,012
18.7
21,742
41,270
36,993
4,167
8,445
6,393
0
14,837
10,749
72.4
4,088
-2,410
1,678
-150.9
2016
295,009
-12.5
223,539
71,470
24.2
16,487
54,983
32,358
913
23,538
-9,752
978
12,807
6,803
53.1
6,004
618
7,600
352.9
2017
278,977
-5.4
220,510
58,467
21.0
19,886
38,581
31,140
2,022
9,464
-6,095
6,515
-3,145
-458
14.6
-2,687
10,142
13,969
83.8
2018
293,312
5.1
229,743
63,570
21.7
23,981
39,589
37,230
4,327
6,686
-4,099
-10,308
12,895
1,643
12.7
11,252
13,514
14,458
3.5
2019
295,586
0.8
231,359
64,227
21.7
23,931
40,296
41,700
3,958
2,554
-659
-16,200
18,095
6,561
36.3
11,534
10,376
5,710
-60.5
2020
291,364
-1.4
211,936
79,428
27.3
26,336
53,093
44,937
5,626
13,781
-1,887
-4,099
15,994
8,253
51.6
7,741
6,535
10,177
78.2
2021E
310,218
6.5
233,709
76,509
24.7
27,299
49,210
43,509
4,582
10,282
0
-5,185
15,468
4,334
28.0
11,134
4,685
10,634
4.5
2022E
339,838
9.5
261,754
78,084
23.0
29,005
49,079
41,034
4,582
12,627
0
0
12,627
4,897
38.8
7,730
7,009
14,738
38.6
(INR m)
2023E
353,727
4.1
273,269
80,459
22.7
30,440
50,019
40,611
4,582
13,990
0
0
13,990
5,138
36.7
8,852
6,921
15,773
7.0
Balance sheet
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Goodwill
Investments
Curr. Assets
Inventories
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Curr. Assets
Appl. of Funds
2015
2,705
122,716
125,421
24,926
423,419
14,014
587,779
583,351
202,217
381,133
36,505
66,258
27,326
243,207
18,442
55,640
21,064
148,062
166,650
52,354
114,296
76,557
587,779
2016
2,705
113,629
116,334
17,498
403,486
20,969
558,286
476,643
112,536
364,108
13,449
55
114,468
208,517
13,734
35,402
9,991
149,389
142,311
44,014
98,297
66,206
558,286
2017
2,705
115,090
117,795
18,690
503,154
17,598
657,237
577,520
130,311
447,209
21,779
17,325
108,592
226,458
15,996
38,321
20,521
151,621
164,127
55,290
108,837
62,332
657,237
2018
2,705
149,897
152,602
20,153
500,892
5,166
678,813
604,390
155,993
448,398
16,526
16,416
119,928
227,068
16,231
27,889
16,219
166,729
149,522
56,098
93,424
77,546
678,813
2019
2,705
164,507
167,212
21,667
500,060
10,568
699,507
599,714
173,081
426,633
25,757
16,416
128,511
234,378
17,064
44,453
9,544
163,317
132,189
54,815
77,374
102,190
699,507
2020
2,705
177,955
180,660
23,320
498,759
11,740
714,480
654,228
193,980
460,248
16,115
16,416
138,353
255,724
17,524
44,259
27,937
166,005
172,376
50,954
121,422
83,348
714,480
2021E
3,196
213,419
216,615
24,464
440,152
11,740
692,972
694,134
221,279
472,855
16,115
16,416
140,548
223,663
17,905
48,643
25,365
131,750
176,625
55,203
121,422
47,038
692,972
2022E
3,196
222,292
225,488
25,836
431,527
11,740
694,592
726,662
250,284
476,378
16,115
16,416
143,729
221,146
18,043
48,988
31,765
122,350
179,192
57,770
121,422
41,955
694,592
(INR m)
2023E
3,196
232,201
235,397
27,573
420,960
11,740
695,671
754,642
280,724
473,918
16,115
16,416
147,213
222,376
18,093
49,213
33,720
121,350
180,367
58,945
121,422
42,009
695,671
19 August 2020
5
 Motilal Oswal Financial Services
Tata Power
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/EBITDA
Dividend Yield (%)
FCF (pre-int) to EV yield (%)
Return Ratios (%)
RoE
RoCE (post-tax)
RoIC (post-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Leverage Ratio (x)
Net Debt/EBITDA
Debt/Equity
2015
0.6
8.7
46.4
1.3
209.5
124.3
8.9
1.7
10.1
1.7
4.0
1.4
6.1
2.7
0.9
0.6
60
20
6.4
2.7
2016
2.8
8.9
43.0
1.3
46.3
23.0
7.3
1.5
8.2
2.0
9.9
6.3
8.6
6.0
0.8
0.5
44
17
5.5
2.9
2017
5.2
12.5
43.5
0.0
0.0
11.0
4.5
1.3
11.2
0.0
6.2
11.9
6.8
7.2
0.6
0.4
50
21
8.3
3.5
2018
5.3
14.2
56.4
0.0
0.0
10.6
4.0
1.0
10.4
0.0
5.7
10.7
6.3
6.9
0.7
0.4
35
20
7.6
2.8
2019
2.1
11.0
61.8
1.3
61.6
26.9
5.2
0.9
10.4
2.3
1.9
3.6
5.5
5.0
0.7
0.4
55
21
7.6
2.6
2020
3.8
13.5
66.8
1.6
41.2
15.1
4.2
0.8
8.2
2.7
10.9
5.9
7.1
5.0
0.6
0.4
55
22
5.9
2.3
2021E
3.3
11.9
67.8
1.3
39.1
17.1
4.8
0.8
8.1
2.3
7.7
5.4
7.0
7.0
0.7
0.4
57
21
5.4
1.7
2022E
4.6
13.7
70.6
1.3
28.2
12.3
4.1
0.8
7.8
2.3
8.7
6.7
7.0
6.1
0.7
0.5
53
19
5.1
1.6
2023E
4.9
14.5
73.7
1.3
26.3
11.5
3.9
0.8
7.4
2.3
9.8
6.8
7.1
6.5
0.7
0.5
51
19
4.8
1.5
Cash flow statement
Y/E March
EBITDA
FX gain/loss
WC
Others
Direct taxes (net)
CF from Op. Activity
Capex
FCF
Int & div income
Investments(subs/JVs)
Others
CF from Inv. Activity
Share capital
Borrowings
Finance cost
Dividend
Others
CF from Fin. Activity
(Inc)/Dec in Cash
Opening balance
Closing balance (as per B/S)
2015
69,405
-5,611
4,101
-8,085
59,809
-34,936
24,873
2,078
0
-2,457
-35,315
20,692
-1,026
-33,842
-5,121
-3,089
-22,386
2,109
18,956
21,064
2016
61,718
20,488
19,625
-4,295
97,536
-39,864
57,672
2,141
-5,109
-10,097
-52,929
149
-13,037
-33,515
-5,908
-3,369
-55,680
-11,073
21,064
9,991
2017
52,372
21,843
1,686
-6,323
69,578
-33,223
36,356
6,263
-35,396
-6,630
-68,986
9
49,608
-32,704
-4,159
-2,816
9,937
10,530
9,991
20,521
2018
59,471
9,584
602
-6,019
63,639
-35,604
28,035
11,256
1,505
2,165
-20,677
2
4,370
-45,704
-5,067
-864
-47,263
-4,301
20,521
16,219
2019
63,568
-13,234
462
-5,058
45,738
-35,762
9,976
4,480
24,592
-5,546
-12,236
0
-6,416
-39,761
-4,927
-740
-51,845
-18,343
16,219
-2,124
2020
77,541
6,743
-4,440
-6,091
73,753
-22,258
51,495
20,595
-374
-3,392
-5,429
201
-1,070
-40,025
-5,992
-4,209
-51,096
17,228
9,544
26,773
2021E
76,509
7,903
0
-4,334
80,078
-39,906
40,173
9,400
0
31,020
514
26,000
-58,607
-43,509
-5,338
-1,710
-83,165
-2,572
27,937
25,365
2022E
78,084
3,083
0
-4,897
76,270
-32,528
43,742
11,046
0
8,400
-13,082
0
-8,625
-41,034
-5,420
-1,710
-56,788
6,400
25,365
31,765
(INR m)
2023E
80,459
1,900
0
-5,138
77,221
-27,980
49,241
11,021
0
0
-16,959
0
-10,567
-40,611
-5,420
-1,710
-58,307
1,955
31,765
33,720
19 August 2020
6
 Motilal Oswal Financial Services
Tata Power
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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merchant banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the
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https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
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Research Analyst views on Subject Company may vary based on Fundamental
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) 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 MOFSL 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
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"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
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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
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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.
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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
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Specific Disclosures
1 MOFSL, 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 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, 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 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
19 August 2020
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 Motilal Oswal Financial Services
Tata Power
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The associates of MOFSL 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 MOFSL 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 MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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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
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informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
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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
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misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
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no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
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