16 September 2020
Update | Sector: Consumer
Hindustan Unilever
BSE SENSEX
39,303
S&P CNX
11,605
CMP: INR2,143
TP: INR2,670 (+25%)
BUY
Staples remains resilient with recovery in Discretionary
We interacted with the management of Hindustan Unilever (HUVR) for an update on
overall market conditions. Here are the key takeaways from our discussion:
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 (%)
Essentials v/s Discretionary
HUVR IN
2,345
5034.4 / 67.9
2603 / 1749
-5/-15/12
7587
38.1
Financials & Valuations (INR b)
Y/E March
2020 2021E
Sales
387.9 439.4
Sales Gr. (%)
1.5 13.3
EBITDA
96.0 112.4
EBITDA mrg. (%)
24.8 25.6
Adj. PAT
67.4 80.5
Adj. EPS (INR)
31.2 34.3
EPS Gr. (%)
11.1 10.0
BV/Sh.(INR)
37.2 209.3
Ratios
RoE (%)
86.0 28.2
RoCE (%)
119.8 38.5
Payout (%)
96.2 101.9
Valuations
P/E (x)
68.6 62.4
P/BV (x)
57.6 10.2
EV/EBITDA (x)
47.7 43.6
Div. Yield (%)
1.2
1.6
2022E
507.4
15.5
137.7
27.1
103.5
44.2
28.6
211.2
21.0
28.3
115.5
48.5
10.1
35.5
2.4
Background: 80% of the portfolio comprising Essentials – such as Soaps,
Detergents, Tea, Oral Care, etc. – grew at 6% in 1QFY21. Of the remaining 20%
portfolio, 15% declined by 45% while the rest 5% declined by 69% during the
quarter.
In 2QFY21, the Essentials-led portfolio (80%) continued to be resilient.
Skin Care – the largest segment of the remaining 20% portfolio – performed
poorly in 1QFY21, but has started to recover consistently since June (although
it is yet to turn positive YoY). Recovery has also been seen in the Water Purifier
business, which was adversely affected in 1QFY21.
With the Ice-Cream business being a washout in 1QFY21, it contributed
significantly to business decline in the quarter. However, the Ice-Cream
business is much less salient in the base quarter of 2QFY21 (2QFY20) v/s
1QFY21. Therefore, 2QFY21 is not expected to be as drastically impacted by
the Ice-Cream business as 1QFY21.
The rural outlook is improving, but management would observe the
progression of the monsoons before conclusively announcing a robust rural
growth outlook for 2HFY21.
The GSK business was affected by temporary plant shutdowns due to COVID-
led disruption and some labor issues. Hence, it may have less-than-optimal
additions for the quarter.
The in-home consumption outlook remains strong, leading to an encouraging
trend for GSK products for 2HFY21.
The temporary shutdown at HUVR’s Haridwar plant due to COVID issues did
not affect operations owing to adequate inventory buffers.
Price increase was taken in Tea, whereas Detergents saw price reduction in
some brands in certain geographies. The overall pricing impact is positive as a
result of these actions.
The adverse mix impact seen in 1QFY21 is not expected in 2QFY21, but
downtrading would pressure margins.
The company maintained its cautious view (highlighted in the June quarter) on
margin growth in the core business for the year. This cautiousness is unlike the
guidance in the previous years.
Rural outlook
GSK business
Shareholding pattern (%)
As On
Jun-20 Mar-20 Jun-19
Promoter
61.9
67.2
67.2
DII
8.3
6.7
6.9
FII
14.8
12.1
12.1
Others
15.0
14.1
13.8
FII Includes depository receipts
Stock Performance (1-year)
Hind. Unilever
Sensex - Rebased
Operational issues
Pricing, mix, and margins
2,500
2,000
1,500
1,000
Krishnan Sambamoorthy – Research analyst
(Krishnan.Sambamoorthy@MotilalOswal.com)
Research analyst: Dhairya Dhruv
(Dhairya.Dhruv@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
Hindustan Unilever
On name change of ‘Fair and Lovely’ to ‘Glow and Lovely’
Management believes it would be too early to comment on the ‘Glow and
Lovely’ launch as the new brand has landed in various markets over Aug–Sep’20.
Valuation and view
There is no change in our forecasts. Staples appears to have remained resilient,
and demand in the Discretionary category seems to be recovering. As
mentioned in our
Corner Office note
and detailed note on the
Annual Report,
the structural investment case for HUVR remains strong.
The company’s earnings growth has gained further momentum in recent years
(17% EPS CAGR in the past three years v/s ~12% CAGR over 10 years). This is
particularly impressive given the weak mid-single-digit earnings growth posted
by (much smaller) peers in recent years. HUVR’s best-of-breed analytics and
execution ability (exhibited by the successful implementation of the WIMI
strategy, cost-saving plans, herbals, etc.) are key factors driving the pace of
earnings growth.
We remain positive on HUVR from a medium-term perspective, encouraged by:
(a) robust earnings growth potential beyond the near term owing to its portfolio
and execution strengths and (b) significant synergies in FY22E as a result of
GSKCH. These factors suggest premium multiples are likely to sustain. Valuing
the company at 55x Sep’22 merged EPS, we arrive at TP of INR2,670, implying
25% upside.
Exhibit 1: Malaysian Palm Oil price up 36% YoY, 20% QoQ TD
Palm Oil (Malaysian Ringgit Per Metric Tonne)
2,911
Exhibit 2: PFAD up 55% YoY, 11% QoQ TD
Palm Fatty Acid price (INR/MT)
Source: RIL, MOFSL
Source: Bloomberg, MOFSL
Exhibit 3: Hindustan Unilever P/E (x)
75.0
P/E (x)
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
Exhibit 4: Consumer P/E (x)
51.0
P/E (x)
Min (x)
Avg (x)
+1SD
66.9
53.4
47.8
42.5
Max (x)
-1SD
55.0
41.0
41.9
35.0
54.5
30.5
31.0
43.0
36.6
25.1
30.6
23.5
15.0
21.0
Source: Company, MOFSL
Source: Company, MOFSL
16 September 2020
2
 Motilal Oswal Financial Services
Hindustan Unilever
Story in charts
Exhibit 5: Volumes to grow by 8.1% each in FY21/FY22
Domestic volume growth (%)
9.8
8.1
6.8
4.0
4.8
5.8
6.5
8.1
8.6
2.0
0.8
258
280
308
9.9
0.8
311
2.7
319
345
382
8.3
16.7
10.7
1.5
388
439
507
13.3
Exhibit 6: Revenue to grow at 14.4% CAGR over FY20–22E…
Total Revenue (INR b)
Revenue growth (%)
15.5
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 7: ...with gross margin expansion of 170bp
Gross margin (%)
53.0 53.0
47.7
48.8 49.3
50.7 50.8
54.1
55.8
52.7
Exhibit 8: …leading to operating margin expansion of 240bp
EBITDA Margin (%)
24.8 25.6
18.5 19.0
21.1
22.6
27.1
16.9
15.5 16.0
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 9: EBITDA to grow at 19.8% CAGR over FY20–22E
EBITDA (INR b)
21.6
16.4
11.8
10.4
5.2
40
45
52
57
60
73
86
96
112
138
20.3
EBITDA growth (%)
22.5
18.7
11.1
17.1
Exhibit 10: Adj. PAT to grow at 23.9% CAGR over the same
period
Adj. PAT (INR b)
23.9
11.5
2.7
32
36
37
42
14.2
1.9
42
53
61
67
81
104
24.7
14.7
Adj. PAT growth (%)
28.6
19.4
10.9
Source: Company, MOFSL
Source: Company, MOFSL
16 September 2020
3
 Motilal Oswal Financial Services
Hindustan Unilever
Financials and valuations
Income Statement
Y/E March
Net Sales
Other Oper. Income
Total Revenue
Change (%)
COGS
Gross Profit
Gross Margin (%)
Operating Exp
% of sales
EBIDTA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Margin (%)
Tax
Deferred Tax
Tax Rate (%)
Profit after Taxes
Change (%)
Margin (%)
Non-rec. (Exp)/Income
Reported PAT
Balance Sheet
Y/E March
Share Capital
Reserves
Capital Employed
Net Fixed Assets incl Goodwill
Capital WIP
Investment in Subsidiaries
Current Investments
Deferred Charges
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Other Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOFSL Estimates
FY16
304,990
5,619
310,609
0.8
153,053
157,556
50.7
100,070
32.2
57,486
10.4
18.5
3,208
150
5,640
59,769
8.2
19.6
18,160
-70
30.3
41,679
14.2
13.7
-310
41,369
FY17
312,980
5,920
318,900
2.7
156,850
162,050
50.8
101,580
31.9
60,470
5.2
19.0
3,960
220
5,260
61,550
3.0
19.7
18,650
410
31.0
42,490
1.9
13.6
2,410
44,900
FY18
339,260
5,990
345,250
8.3
162,320
182,930
53.0
110,170
31.9
72,760
20.3
21.1
4,780
200
5,690
73,470
19.4
21.7
21,480
-1,000
27.9
52,990
24.7
15.6
-620
52,370
FY19
376,600
5,640
382,240
10.7
179,600
202,640
53.0
116,270
30.4
86,370
18.7
22.6
5,240
280
6,640
87,490
19.1
23.2
27,480
-790
30.5
60,800
14.7
16.1
-440
60,360
FY20
382,730
5,120
387,850
1.5
177,930
209,920
54.1
113,920
29.4
96,000
11.1
24.8
9,380
1,060
7,330
92,890
6.2
24.3
23,940
1,520
27.4
67,430
10.9
17.6
-50
67,380
FY21E
434,187
5,222
439,409
13.3
207,683
231,726
52.7
119,287
27.1
112,439
17.1
25.6
10,846
1,047
8,278
108,825
17.2
25.1
28,294
0
26.0
80,530
19.4
18.5
0
80,530
(INR m)
FY22E
501,937
5,484
507,420
15.5
224,199
283,221
55.8
145,510
28.7
137,711
22.5
27.1
11,593
1,068
13,324
138,373
27.2
27.6
34,828
0
25.2
103,545
28.6
20.6
0
103,545
(INR m)
FY22E
2,345
492,875
495,220
389,769
5,256
2,500
14,500
3,749
241,703
39,742
21,425
134,119
46,417
162,257
102,324
34,075
25,858
79,446
495,220
0
FY16
2,164
60,630
62,794
29,147
3,860
3,130
24,670
1,680
76,509
25,284
10,645
27,590
12,990
76,202
54,980
12,382
8,840
307
62,794
0
FY17
2,164
62,740
64,904
40,240
2,030
2,540
35,250
1,600
65,850
23,620
9,280
16,710
16,240
82,606
60,060
13,826
8,720
-16,756
64,904
0
FY18
2,164
68,590
70,754
41,420
4,300
2,540
28,570
2,550
92,110
23,590
11,470
33,730
23,320
100,736
70,130
16,376
14,230
-8,626
70,754
0
FY19
2,165
74,430
76,595
43,430
3,730
2,540
26,950
3,390
98,615
24,220
16,730
36,880
20,785
102,060
70,700
15,860
15,500
-3,445
76,595
0
FY20
2,160
78,150
80,310
50,560
5,130
2,500
12,500
2,610
122,720
26,360
10,460
50,170
35,730
115,710
73,990
25,560
16,160
7,010
80,310
0
FY21E
2,345
488,491
490,836
396,362
5,256
2,500
13,500
3,749
216,197
34,432
18,569
118,382
44,814
146,728
90,388
32,452
23,888
69,469
490,836
0
16 September 2020
4
 Motilal Oswal Financial Services
Hindustan Unilever
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE incl. Goodwill
RoCE incl. Goodwill
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Financial other income
Depreciation
Net Interest Paid
Direct Taxes Paid
(Incr)/Decr in WC
CF from Operations
Other Items
(Incr)/Decr in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Invest.
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOFSL Estimates
501
FY16
19.3
20.7
29.0
15.5
97
111.2
103.3
15.1
80.1
73.8
0.7
83.3
119.8
13
4.9
0.0
511
FY17
19.6
21.5
30.0
17.0
98
109.1
99.8
14.8
76.4
71.4
0.8
66.5
96.7
11
4.8
0.0
637
FY18
24.5
26.7
32.7
20.0
99
87.5
80.3
13.6
63.2
65.5
0.9
78.1
108.6
12
4.8
0.0
730
FY19
28.1
30.5
35.4
22.0
95
76.3
70.2
12.2
53.2
60.6
1.0
82.5
119.1
16
4.9
0.0
812
FY20
31.2
35.6
37.2
25.0
96
68.6
60.3
12.0
47.7
57.6
1.2
86.0
119.8
10
4.8
0.0
893
FY21E
34.3
39.0
209.3
35.0
102
62.4
55.0
11.3
43.6
10.2
1.6
28.2
38.5
16
0.9
0.0
1148
FY22E
44.2
49.1
211.2
51.0
115
48.5
43.6
9.7
35.5
10.1
2.4
21.0
28.3
16
1.0
0.0
(INR m)
FY22E
138,373
-13,324
11,593
1,068
-34,828
5,760
108,642
36,190
-5,000
103,642
-1,000
30,190
-119,576
-3,520
-123,096
15,737
118,382
134,119
FY16
59,770
-1,910
3,210
-3,160
-17,040
-1,130
39,740
6,004
-6,740
33,000
3,290
2,554
-33,420
-6,660
-40,080
2,214
25,376
27,590
FY17
61,550
-920
3,960
-2,400
-18,040
5,380
49,530
450
-8,520
41,010
-9,700
-17,770
-35,610
-7,030
-42,640
-10,880
27,590
16,710
FY18
72,850
-2,800
4,780
-2,460
-21,880
8,640
59,130
4,880
-8,270
50,860
7,790
4,400
-38,960
-7,550
-46,510
17,020
16,710
33,730
FY19
85,220
-770
5,240
-2,950
-26,850
-2,610
57,280
4,460
-7,240
50,040
3,270
490
-45,460
-9,160
-54,620
3,150
33,730
36,880
FY20
90,920
-1,630
9,380
-3,940
-24,650
2,970
73,050
22,660
-7,020
66,030
22,490
38,130
-62,440
-4,320
-66,760
44,420
5,750
50,170
FY21E
108,825
-8,278
10,846
1,047
-28,294
5,753
89,898
65,837
-1,126
88,772
-1,000
63,711
-82,062
-3,520
-85,397
68,212
50,170
118,382
16 September 2020
5
 Motilal Oswal Financial Services
Hindustan Unilever
NOTES
16 September 2020
6
 Motilal Oswal Financial Services
Hindustan Unilever
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
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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
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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.
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.
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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
16 September 2020
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 Motilal Oswal Financial Services
Hindustan Unilever
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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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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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