24 September 2020
Company Update | Sector: Capital Goods
Havells India
Neutral
BSE SENSEX
36,554
S&P CNX
10,806
CMP: INR669
TP: INR635 (-5%)
Foray into Refrigerator segment
Timely launch going into festive season; watch out for competitive intensity
Havells enters Refrigerator market under ‘Lloyd’ brand:
Havells announced
its entry into the Refrigerator product category with the launch of 25 new
models of Direct Cool, Frost Free, and Side by Side refrigerators. The
product launch spans capacities ranging from 190–587 liters. The newly
launched refrigerators would come with a one-year comprehensive
warranty, along with a 10-year compressor warranty. With this, Havells now
has access to the ~INR250b Refrigerator market. Moreover, the launch
plugs an important gap in Lloyd’s product portfolio of Air Conditioners,
Washing Machines, and TVs. The category has a penetration level of ~33%
in India. Going ahead, the company aims to launch 25 additional
refrigerator models and a new range of dishwashers by Diwali 2020.
Launch of refrigerators at attractive price point:
The product range has an
introductory price range of INR10–85k. Assuming INR10k as the price of the
base model (190-liter Direct Cool refrigerator) implies a 12–13% discount on
a like-to-like basis v/s products offered by key brands such as LG, Samsung,
and Whirlpool.
Launch via existing Lloyd channel:
The new products launched would be
available across pan-India Lloyd brand stores, offline dealers, and Lloyd
online e-stores. The company would leverage its existing strength of 10,000
dealers and retailers across the country.
Top 3 brands occupy ~80% market share:
The
Top 3 players in the
Refrigerator category – LG, Samsung, and Whirlpool – occupy ~80% market
share. Videocon’s exit has resulted in market share gains for the Top 3
players, with Whirlpool being the biggest beneficiary owing to an attractive
pricing point). However, there is room for brands to gain entry given the
structural double-digit growth opportunity in the segment. Thus, we have
witnessed the entry of Voltas and Havells (Lloyd brand) in the segment as a
natural extension from ACs to the wider White Goods space. Competitive
intensity may increase given that both Voltas and Lloyd are likely to target
market share gains through attractive pricing points.
COVID results in demand for premium products:
The work-from-home
model has resulted in greater demand for higher capacity refrigerators.
Additionally, with the festive season around the corner, its entry into the
category appears timely. With Voltas already making a foray into the
segment, any further delay could have meant a tougher journey in a highly
consolidated segment.
Valuation and view:
Our channel check suggests sound recovery in the B2C
business, with scope for primary growth higher than secondary growth
going into the festive seasons (owing to channel refilling). We raise our
FY21E/FY22E estimate by 14%/6%. We maintain a Neutral rating, with TP of
INR635 (45x Mar’22E), as we await a better entry point on the stock.
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Financials Snapshot (INR b)
Y/E Mar
2020 2021E
Sales
94.3
88.0
EBITDA
10.3
10.3
PAT
7.3
6.3
EBITDA (%)
10.9
11.7
EPS (INR)
11.7
10.0
EPS Gr. (%)
(6.9) (14.3)
BV/Sh. (INR)
68.8
75.2
Ratios
Net D/E
(0.2)
(0.2)
RoE (%)
17.0
13.3
RoCE (%)
16.2
13.2
Payout (%)
87.5
36.0
Valuations
P/E (x)
57.1
66.7
P/BV (x)
9.7
8.9
EV/EBITDA (x)
39.7
39.6
Div Yield (%)
1.3
0.4
FCF Yield (%)
1.1
0.4
HAVL IN
625
418.9 / 5.7
765 / 447
11/0/-5
1196
2022E
111.0
13.5
8.8
12.1
14.1
40.8
84.3
(0.3)
16.8
16.1
36.0
47.4
7.9
29.8
0.6
2.1
Shareholding pattern (%)
As On
Jun-20 Mar-20 Jun-19
Promoter
59.5
59.5
59.5
DII
9.9
8.5
4.8
FII
22.0
23.1
27.0
Others
8.7
8.9
8.7
FII Includes depository receipts
Stock Performance (1-year)
Havells India
850
750
650
550
450
Sensex - Rebased
Nilesh Bhaiya – Research Analyst
(Nilesh.Bhaiya@MotilalOswal.com)
Pratik Singh – Research Analyst
(Pratik.Singh@MotilalOswal.com)
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.
 Motilal Oswal Financial Services
Havells India
Story in charts
Exhibit 1: Addressable market size across companies
Havells
1,496
Polycab
Voltas
Whirlpool
V-Guard
Crompton
Orient
Blue Star
835
577
547
447
440
292
255
Havells
Polycab
Voltas
Whirlpool
V-Guard
Crompton
Orient
Blue Star
Source: MOFSL, Company
Exhibit 2: Market size and penetration of key consumer
durable categories (FY20)
Market size (INR b)
Penereation rate (%)
33%
Exhibit 3: Market share by volume within Refrigerators
(FY19)
Haier, 6%
Godrej,
14%
Others, 3%
LG, 31%
12%
8%
185
Air conditioners
250
Refrigerators
Source: MOFSL, Company
112
Washing machine
Whirlpool,
18%
Samsung,
29%
Source: MOFSL, Company
Exhibit 4: Volume-wise split within Refrigerators (FY19)
Frost Free,
28%
Exhibit 5: Value-wise split within Refrigerators (FY19)
Frost Free,
41%
Direct Cool,
72%
Direct Cool,
59%
Source: MOFSL, Company
Source: MOFSL, Company
24 September 2020
2
 Motilal Oswal Financial Services
Havells India
Exhibit 6: Lloyd’s revenue would grow at a CAGR of 13.1%
over FY20–23E
Lloyd revenue (INR b)
31.2
15.0
(14.3)
(18.3)
13
FY21E
20
FY22E
23
FY23E
FY18
FY19
FY20
Growth (%)
53.8
Exhibit 7: Lloyd would return to achieving breakeven in FY22
8.0
5.3
2.5
3.0
Lloyd EBITDA margin
(2.1)
(5.1)
FY21E
FY22E
FY23E
14
FY18
19
FY19
16
FY20
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 8: We expect Havells’ revenue (ex-Lloyd) to grow at
an 8.7% CAGR over FY20–23E
Havells (ex-Lloyd) revenue (INR b)
22.1
11.7 11.0
3.8
12.8
9.6
78
75
Growth (%)
21.3
10.7
Exhibit 9: Havells’ EBITDA margin (ex-Lloyd) would expand
90bp over FY20–23E
Havells (ex-Lloyd) EBITDA margin
14.6
13.8
12.6
13.5
13.9
13.4
13.9
13.2
13.5
14.3 14.4
(4.5) (4.3)
47
52
54
61
67
82
91
101
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 10: Overall revenues are expected to grow at an
8.5% CAGR over FY20–23E
Overall revenue (INR b)
32.7
23.7
11.7 11.0
3.8
47
52
54
61
81
101
12.8
94
88
Growth (%)
26.1
11.5
Exhibit 11: Blended EBITDA margin would expand 130bp
over FY20–23E, driven by cost rationalization
Blended EBITDA margin
13.8 13.5 13.9 13.4
12.9
12.6
11.8
11.7 12.1 12.2
10.9
(6.3) (6.7)
111
124
Source: MOFSL, Company
Source: MOFSL, Company
24 September 2020
3
 Motilal Oswal Financial Services
Havells India
Exhibit 12: Working capital days expected to moderate post
FY21E
Working capital days
7
0
(1)
(8)
(6)
(14)
4.8
4.6
5.1
6.0
7.0
7.9
6
18
8
3
9.6
(2.9)
8
28.6
17.1 17.4
12.4
(6.9) (14.3)
7.3
6.3 8.8
10.3
16.0
Exhibit 13: Adj. PAT would grow at a CAGR of 11.8% over
FY20–23E
Adj. PAT (INR b)
Growth (%)
40.8
Source: MOFSL, Company
Source: MOFSL, Company
Valuation and view:
Largest player in Consumer Electricals, with a well-diversified product
portfolio:
Havells is among the largest players in the Consumer Electricals and
Durables market, with a vast product portfolio spanning categories such as
Cables and Wires, Lighting and Fixtures, Switchgears, Electrical Consumer
Durables, and Lloyd (ACs, LED TVs, and Washing Machines). From being a
prominent Cables and Wires player, the company has diversified into other
products. The share of Cables and Wires in the total revenue reduced to 32% in
FY20 from 46% in FY10, and the share toward profitability was even lower.
Superior distribution network:
Havells has a vast distribution network, with
over 150,000 retailers and 9,500 direct dealers across the country. Additionally,
it has ~250,000 electricians available for support. The brand has penetrated
around 1,150 towns with population of more than 25,000.
Entry into Consumer Durables with Lloyd acquisition:
The acquisition of Lloyd
in FY18 paved the way for the company to enter the lucrative Consumer
Durables market in India. Currently, Lloyd’s product portfolio consists of ACs,
LED TVs, and Washing Machines, with the latest addition being Refrigerators.
Higher local manufacturing presents scope for prudent cost control:
Currently,
over 90% of Havells’ products are manufactured in-house, providing the
company adequate levers for cost control. The Neemrana facility for AC
manufacturing is fully operational, which has drastically reduced its dependence
on imports.
Maintain Neutral:
Our channel check suggests sound recovery in the B2C
business, with scope for primary growth higher than secondary growth going
into the festive seasons (owing to channel refilling). We raise our FY21E/FY22E
estimate by 14%/6%. We forecast FY20–23E revenue/EBITDA/PAT growth of
9%/14%/12%. Note that our adj. PAT growth is lower than EBITDA growth as tax
rates should normalize to 25.2% from 18.7% in FY20. We maintain a Neutral
rating, with TP of INR635 (45x Mar’22E), as we await a better entry point on the
stock.
24 September 2020
4
 Motilal Oswal Financial Services
Havells India
Exhibit 14: Havells is trading higher than its long-term average P/E
90.0
P/E (x)
Avg (x)
Max (x)
Min (x)
+1SD
69.6
60.0
34.3
30.0
18.2
12.5
50.4
-1SD
53.5
0.0
Source: MOFSL, Company
24 September 2020
5
 Motilal Oswal Financial Services
Havells India
Financials and valuation
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Extra-ordinary Inc.(net)
Reported PAT
Change (%)
Adjusted PAT
Change (%)
2018
81,386
32.7
10,493
12.9
1,395
240
1,170
10,028
3,022
30.1
119
7,125
32.2
7,006
17.4
2019
1,00,677
23.7
11,838
11.8
1,494
161
1,278
11,461
3,588
31.3
0
7,873
10.5
7,873
12.4
2020
94,292
-6.3
10,274
10.9
2,179
197
1,120
9,017
1,687
18.7
0
7,330
-6.9
7,330
-6.9
2021E
88,000
-6.7
10,304
11.7
2,519
500
1,107
8,392
2,112
25.2
0
6,280
-14.3
6,280
-14.3
2022E
1,11,000
26.1
13,471
12.1
2,699
200
1,240
11,813
2,973
25.2
0
8,840
40.8
8,840
40.8
(INR m)
2023E
1,23,780
11.5
15,163
12.2
2,879
200
1,614
13,698
3,448
25.2
0
10,250
16.0
10,250
16.0
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Assets
Current Liab. & Prov.
Creditors
Other Liabilities
Provisions
Net Current Assets
Application of Funds
2018
625
36,766
37,392
1,080
2,070
40,541
34,113
6,799
27,314
241
955
36,905
16,217
3,254
15,262
0
2,173
24,873
16,340
6,754
1,780
12,032
40,541
2019
626
41,297
41,922
945
3,168
46,035
34,027
4,989
29,038
2,327
17
39,875
19,190
4,242
12,877
0
3,566
25,222
15,601
7,264
2,358
14,653
46,035
2020
626
42,422
43,048
405
2,865
46,318
40,479
6,985
33,494
861
16
36,107
18,719
2,489
11,069
0
3,830
24,160
14,141
7,564
2,456
11,947
46,318
2021E
626
46,441
47,067
405
2,865
50,337
43,479
9,504
33,975
861
16
34,643
17,470
2,323
11,276
0
3,574
19,159
9,644
7,059
2,456
15,484
50,337
2022E
626
52,099
52,724
405
2,865
55,995
46,479
12,202
34,277
861
16
47,406
22,036
2,930
17,931
0
4,509
26,565
15,205
8,904
2,456
20,840
55,995
(INR m)
2023E
626
58,659
59,285
405
2,865
62,555
49,479
15,081
34,398
861
16
56,620
24,573
3,267
23,753
0
5,028
29,341
16,956
9,929
2,456
27,279
62,555
24 September 2020
6
 Motilal Oswal Financial Services
Havells India
Financials and valuation
Ratios
Y/E March
Basic (INR)
Adjusted EPS
Growth (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/Sales
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors (Days)
Asset Turnover (x)
Leverage Ratio
Net Debt/Equity (x)
2018
11.4
11.2
17.3
13.4
59.8
3.5
37.6
5.1
59.7
49.8
38.5
5.0
11.2
0.5
18.7
17.7
26.1
15
73
73
2.0
-0.4
2019
12.6
12.6
12.3
15.0
67.0
4.0
38.3
4.2
53.2
44.7
34.3
4.0
10.0
0.6
18.8
17.3
21.4
15
70
57
2.2
-0.3
2020
11.7
11.7
-6.9
15.2
68.8
8.5
87.5
4.4
57.1
44.0
39.7
4.3
9.7
1.3
17.0
16.2
18.7
10
72
55
2.0
-0.2
2021E
10.0
10.0
-14.3
14.1
75.2
3.0
36.0
4.8
66.7
47.6
39.6
4.6
8.9
0.4
13.3
13.2
14.9
10
72
40
1.7
-0.2
2022E
14.1
14.1
40.8
18.4
84.3
4.2
36.0
3.8
47.4
36.3
29.8
3.6
7.9
0.6
16.8
16.1
21.2
10
72
50
2.0
-0.3
2023E
16.4
16.4
16.0
21.0
94.7
4.9
36.0
3.4
40.8
31.9
26.1
3.2
7.1
0.7
17.3
16.6
23.7
10
72
50
2.0
-0.4
Cash Flow Statement
Y/E March
PBT before EO Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
(Inc)/Dec in Net Worth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2018
10,028
1,395
-249
2,450
-2,556
11,281
-15,888
-4,607
4,511
-11,377
147
-901
197
2,632
-3,583
-3,679
19,375
15,262
2019
11,468
1,494
-728
2,469
4,639
5,126
-4,996
130
710
-4,287
135
-209
134
3,016
-3,224
-2,385
15,262
12,877
2020
9,216
2,179
-535
2,398
215
8,248
-3,592
4,655
625
-2,968
313
-937
52
6,413
-7,088
-1,808
12,877
11,069
2021E
8,392
2,519
-607
2,112
3,331
4,861
-3,000
1,861
1,107
-1,893
0
0
500
2,261
-2,761
207
11,069
11,276
2022E
11,813
2,699
-1,040
2,973
-1,299
11,797
-3,000
8,797
1,240
-1,760
0
0
200
3,182
-3,382
6,655
11,276
17,931
(INR m)
2023E
13,698
2,879
-1,414
3,448
618
11,097
-3,000
8,097
1,614
-1,386
0
0
200
3,690
-3,890
5,821
17,931
23,753
24 September 2020
7
 Motilal Oswal Financial Services
Havells India
NOTES
24 September 2020
8
 Motilal Oswal Financial Services
Havells India
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
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available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOFSL) 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
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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 MOFSL , 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., 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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Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL
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SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
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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
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 Motilal Oswal Financial Services
Havells India
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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.
* MOFSL 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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