15 September 2020
Update | Sector: Oil & Gas
Indraprastha Gas
BSE SENSEX
39,044
S&P CNX
11,522
CMP: INR420
TP: INR470 (+12%)
Neutral
Looking for the right tilt between risk and rewards
Key highlights of IGL roadshow
We hosted senior management of IGL for a non-deal roadshow. Between double digit
growth for next 4-5 years and upcoming regulation on open access, finding the right
tilt between reward and risk is a challenge. Key highlights below:
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 (%)
IGL IN
700
293.8 / 3.9
534 / 285
5/-14/23
1414
55.0
Financials & Valuations (INR b)
Y/E March
2020 2021E 2022E
Sales
64.9
43.8
68.6
EBITDA
15.2
9.7
17.6
Adj. PAT
11.4
6.2
12.0
Adj. EPS (INR)
16.2
8.9
17.2
EPS Gr. (%)
44.5 -45.2
93.3
BV/Sh.(INR)
72.3
78.9
92.6
Ratios
Net D:E
-0.4
-0.3
-0.4
RoE (%)
28.3
11.8
20.1
RoCE (%)
27.1
11.4
19.5
Payout (%)
17.2
22.5
17.4
Valuation
P/E (x)
25.9
47.2
24.4
P/BV (x)
5.8
5.3
4.5
EV/EBITDA (x)
17.9
28.5
15.1
Div. Yield (%)
0.7
0.5
0.7
FCF Yield (%)
2.6
-0.8
4.6
As only essential service providers were allowed to operate over Apr–May during
the COVID-led lockdown, Indraprastha Gas Ltd (IGL) witnessed two months of
poor volumes. Although, recovery was better than expected from June.
CNG volumes are currently at 85–90% of normal levels. However, the company
expects volumes to normalize by the end of 4QFY21. Our model assumptions were
in line with management commentary. We have built-in 70%/85% of pre-COVID
volumes for 2Q/3QFY21 and normalization for 4QFY21.
Maharashtra Natural Gas Ltd (MNGL) and Central UP Gas Ltd (CUGL) have seen
volume impact at levels similar to IGL. CUGL (Kanpur) has seen better recovery,
while MNGL (Pune) has been drastically impacted due to extended lockdown;
thus, expect a lag of 1–2 months in recovery in MNGL v/s IGL.
IGL and MNGL have achieved minimum work program (MWP) despite the COVID
disruption. Management remains confident of achieving double-digit growth from
next year. For FY22, we build-in volume growth of 14%, over FY20 levels, to
7.6mmscmd (v/s 6.4/4.6mmscmd in FY20/FY21).
Growth strategies for IGL include improving CNG infrastructure at its GAs,
increasing PNG penetration, and creating new synergies by bidding for new areas.
Although, we believe virtual connect has drastically impacted intracity/intrastate
travel. Schools remain closed, and the commercial segments are down as there is
uncertainty regarding when traffic would return to restaurants and malls.
We value the company at 24x FY22 adj. EPS of INR17 and add value from JV to
arrive at target price of INR470. Maintain Neutral.
Key drivers – double-digit growth from next year
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Jun-20 Mar-20 Jun-19
45.0
45.0
45.0
22.2
21.8
21.7
22.3
22.8
22.8
10.5
10.5
10.5
FII Includes depository receipts
Stock Performance (1-year)
Indraprastha Gas
Sensex - Rebased
600
500
400
300
200
The CNG segment could see opportunity from COVID as the use of personal
vehicles increases and people move away from shared mobility, thus
increasing demand in the CNG segment.
Delhi Transport Corporation plans to induct an additional 1,000 CNG buses
(~116 buses would be added by end-Sep’20) by the end of this fiscal.
Delhi currently has ~6,000 buses totally, and IGL expects ~2,500 CNG buses
to be introduced over next 2-3 years (apart from 1,000 mentioned above).
Also, IGL expects EBITDA margin growth of 3–4% per year going ahead (as
the company expects gas prices to remain benign in the near term).
IGL anticipates 3–4 court hearings for finalizing the valuation part of
Gurugram, and expects the deal to be completed by end-FY21. Gurugram
has volumes potential of 2–2.5mmscmd and is currently operating at 0.4–
0.6mmscmd. Although, 150–200 CNG stations would be needed for such
volumes to be built up.
The company does not plan on reducing planned capex, although it may
review capex during the mid-year review.
Capex plans of INR11b for FY21
Swarnendu Bhushan- Research Analyst
(Swarnendu.Bhushan@MotilalOswal.com)
Sarfraz Bhimani - Research Analyst
(Sarfraz.Bhimani@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
Indraprastha Gas
Capex from FY22 onwards could be ~INR12b, and expect another ~INR3b capex
over the next two years if Gurugram is awarded.
Ajmer would see the majority of the capex (as it has huge PNG-Ind and CNG
potential). Expect another 1.5–2 years for infrastructure development.
Two greatest threats
Expect an open access regulation in place over the next 1.5–2 years:
Open access regulation likely to be within the ambit of the PNGRB Act and
litigation is less likely. Also, IGL aims to facilitate competition as this would aid
gas market expansion.
IGL believes it would enjoy better growth (double-digit growth would continue)
even with the competition as the company would be in a much better position
owing to its superior infrastructure.
It is in talks with OMCs to finalize the revised commission structure.
EVs: CNG demand could be dented over the long term
Delhi’s EV policy is more directed at two- and three-wheelers.
On the heavy vehicles front, it would take some more time to build a heavy
battery charging infrastructure as swapping is not an alternative.
Although, management expects EV buses in Delhi over the next 2–3 years.
Valuation and view:
IGL has ~75% of its volumes coming from CNG. This segment led growth for the
last couple of years, led by the proliferation of CNG stations and higher
conversions. However, opening up of schools and normalization of public
transportation (for CNG) and commercial space like malls/restaurants (for PNG)
may take more time.
Nevertheless, we reiterate our belief in the company’s volume trajectory (in line
with management guidance), led by growth in NCR, intercity travel on CNG,
higher conversions to CNG due to the BS6 implementation, and contributions
from newer GAs.
Over the short-to-medium term, IGL could increase its sales volumes from new
areas such as Rewari, Karnal, and Muzaffarnagar; Gurugram; and the newly
awarded (3) GAs in the 10th round – (a) Kaithal (Haryana), (b) Ajmer, Pali, and
Rajsamand (Rajasthan), and (c) Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh).
IGL might consider inorganic growth in the coming years. It is also looking at
international prospects (such as Myanmar) and has an MoU with Osaka Gas.
The stock trades at around 24.4x FY22 EPS of INR17.2 and EV/EBITDA of 15.1x in
FY22. We value the company at 24x FY22 adj. EPS of INR17 and add value from
JV to arrive at target price of INR470. Maintain Neutral.
15 September 2020
2
 Motilal Oswal Financial Services
Indraprastha Gas
Story in charts
Exhibit 1: Segmental volume bifurcation (%)
12%
8%
10%
10%
35%
25%
Public buses
School buses
Private cars
3Ws
PNG Dom
PNG IC
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 2: Stock trades at 70% premium to its LT PE average
64.0
48.0
32.0
16.0
0.0
P/E (x)
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
27.7
50.1
18.4
7.6
9.2
31.3
Exhibit 3: Sales growth to continue barring COVID-19-led
demand impact in FY21
PNG
CNG
4.0
3.1
0.9
Total (mmscmd)
5.9
5.2
4.6
3.9
1.3
4.4
6.4
4.6
4.7
5.3
7.4
Exhibit 4: Realization to decline in line with expected fall in
gas prices…
Realization (INR/scm)
3.8
3.8
2.9
0.9
28
26
27
25
23
24
28
26
25
2.8
1.0
3.5
1.1
3.2
1.7
1.4
2.0
1.5
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 5: …however, IGL would maintain margins by passing
on cost increases to CNG and PNG consumers
Gross margin (INR/scm)
Exhibit 6: EBITDA/scm to increase in FY22, benefiting from
lower APM and spot prices
EBITDA (INR/scm)
8.9
9.2
9.6
10.4
11.1 11.0
11.9 11.8 11.8
5.6
5.6
5.8
5.3
6.4
6.5
5.8
5.9
5.8
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 7: IGL profitability (PAT in INR/scm) would normalize
PAT (INR/scm)
Exhibit 8: Return ratios would stabilize at ~20%
ROE (%)
ROCE (%)
4.8
2.6
3.1
2.9
3.4
3.5
3.7
3.7
27
25
12
11
20
4.5
22
23
18
21
20
17
21
20
21
19
20
19
19
Source: Company, MOFSL
Source: Company, MOFSL
15 September 2020
3
 Motilal Oswal Financial Services
Indraprastha Gas
Financials and valuations
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
PAT
Adj. PAT
Change (%)
Adj. PAT
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Rights to use assets
Investments
Curr. Assets, L & Adv.
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov.
Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOFSL Estimates
2015
36,699
-6.3
7,820
21.3
1,487
298
456
6,490
2,113
32.6
4,377
4,377
21.6
2016
36,858
0.4
7,747
21.0
1,563
99
299
6,385
2,194
34.4
4,191
4,191
-4.3
2017
38,148
3.5
9,638
25.3
1,671
12
652
8,607
2,896
33.6
5,711
5,969
42.5
2018
45,921
20.4
11,133
24.2
1,813
17
1,021
10,325
3,617
35.0
6,708
6,604
10.6
2019
57,600
25.4
12,521
21.7
2,011
21
1,510
12,000
4,134
34.4
7,867
7,867
19.1
2020
64,853
12.6
15,196
23.4
2,523
81
1,564
14,157
1,134
8.0
13,023
11,365
44.5
2021E
43,771
-32.5
9,703
22.2
2,849
81
1,563
8,336
2,106
25.3
6,231
6,231
-45.2
-916.03
2021E
1,400
53,816
55,216
0
2,119
57,336
59,744
24,426
35,319
10,767
1,220
2,581
345
1,150
17,704
154
1,819
10,915
2,808
7,449
57,336
(INR m)
2022E
68,559
56.6
17,594
25.7
3,066
73
1,650
16,105
4,058
25.2
12,046
12,046
93.3
-1,095
(INR m)
2022E
1,400
63,406
64,806
0
2,119
66,925
63,744
27,492
36,253
13,767
1,220
2,581
540
1,801
28,694
154
1,819
17,096
2,808
13,104
66,925
2015
1,400
19,581
20,981
1,453
1,272
23,706
31,761
12,203
19,558
2,541
0
2,909
409
2,352
2,315
489
163
5,866
1,163
-1,302
23,706
2016
1,400
23,764
25,164
0
1,650
26,815
33,752
13,560
20,192
2,669
0
2,592
576
2,511
4,538
80
655
6,847
151
1,362
26,815
2017
1,400
27,866
29,266
0
1,806
31,072
36,402
15,231
21,172
3,518
0
6,770
517
2,014
6,086
103
682
9,580
210
-388
31,072
2018
1,400
33,729
35,129
0
2,253
37,382
41,364
17,044
24,320
3,860
0
11,477
524
2,261
5,580
149
1,110
11,690
210
-2,275
37,382
2019
1,400
39,899
41,299
0
2,678
43,977
47,607
19,054
28,553
4,781
0
15,440
509
2,215
6,071
153
1,772
13,687
1,830
-4,797
43,977
2020
1,400
49,224
50,624
0
2,119
52,743
55,744
21,577
34,167
7,767
1,220
2,581
511
1,704
21,799
154
1,819
16,172
2,808
7,007
52,743
15 September 2020
4
 Motilal Oswal Financial Services
Indraprastha Gas
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout
Valuation (x)
P/E
Cash P/E
EV / EBITDA
EV / Sales
Price / Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (No. of Days)
Asset Turnover (x)
Leverage Ratio
Net Debt / Equity (x)
Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Deferred tax
Direct Taxes Paid
(Inc)/Dec in Wkg. Capital
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free Cash Flow
(Pur)/Sale of Investments
CF from Inv. Activity
Inc / (Dec) in Debt
Dividends Paid (incl.tax)
CF from Fin. Activity
Inc / ( Dec) in Cash
Add: Opening Balance
Closing Balance
E: MOFSL Estimates
2015
6.3
8.4
30.0
1.2
19.2
67.2
50.1
37.5
8.0
14.0
0.3
22.7
20.1
27.2
16
1.6
0.0
2016
6.0
8.2
35.9
1.2
20.0
70.2
51.1
37.4
7.9
11.7
0.3
18.2
16.8
24.6
15
1.5
-0.2
2017
8.5
10.9
41.8
1.7
19.9
49.3
38.5
29.9
7.5
10.0
0.4
21.0
19.8
33.3
17
1.3
-0.2
2018
9.4
12.0
50.2
2.0
21.2
44.5
34.9
25.9
6.3
8.4
0.5
20.8
19.6
38.9
21
1.3
-0.2
2019
11.2
14.1
59.0
2.4
21.4
37.4
29.8
23.0
5.0
7.1
0.6
20.6
19.4
40.4
26
1.4
-0.1
2020
16.2
19.8
72.3
2.8
17.2
25.9
21.2
17.9
4.2
5.8
0.7
28.3
27.1
60.9
33
1.3
-0.4
2021E
8.9
13.0
78.9
2.0
22.5
47.2
32.4
28.5
6.3
5.3
0.5
11.8
11.4
21.9
31
0.8
-0.3
2022E
17.2
21.6
92.6
3.0
17.4
24.4
19.5
15.1
3.9
4.5
0.7
20.1
19.5
45.1
46
1.1
-0.4
(INR m)
2022E
16,105
3,066
0
-4,058
5,335
20,447
-7,000
13,447
0
-7,000
0
-2,457
-2,457
10,990
17,704
28,694
2015
6,490
1,487
309
-2,113
160
6,333
-2,010
4,323
-1,736
-3,746
-1,759
-983
-2,787
-199
2,514
2,315
0
2016
6,385
1,563
378
-2,194
-440
5,691
-2,325
3,367
317
-2,008
-1,453
-983
-1,461
2,223
2,315
4,538
0
2017
8,607
1,671
156
-2,896
3,298
10,835
-3,499
7,336
-4,179
-7,678
0
-1,310
-1,609
1,548
4,538
6,086
0
2018
10,325
1,813
447
-3,617
1,382
10,349
-5,304
5,045
-4,707
-10,011
0
-1,688
-844
-506
6,086
5,580
0
2019
12,000
2,011
425
-4,134
3,012
13,315
-7,164
6,151
-3,963
-11,127
0
-1,966
-1,697
491
5,580
6,071
0
2020
14,157
2,523
-559
-1,134
3,924
18,910
-11,123
7,787
12,859
1,736
0
-2,293
-4,917
15,729
6,071
21,799
0
2021E
8,336
2,849
0
-2,106
-4,537
4,542
-7,000
-2,458
0
-7,000
0
-1,638
-1,638
-4,096
21,799
17,704
15 September 2020
5
 Motilal Oswal Financial Services
Indraprastha Gas
NOTES
15 September 2020
6
 Motilal Oswal Financial Services
Indraprastha Gas
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.
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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, 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. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - 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), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
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brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
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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., MOFSL 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
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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
15 September 2020
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 Motilal Oswal Financial Services
Indraprastha Gas
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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.
Terms & Conditions:
This report has been prepared by MOFSL 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 MOFSL. 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. MOFSL 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. 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
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 MOFSL 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 MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
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
www.motilaloswal.com.CIN
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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