13 November 2020
Results Update | Sector: Real Estate
Brigade Enterprises
Estimate changes
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
BRGD IN
204
40.1 / 0.5
255 / 91
10/50/-18
47
CMP: INR194
TP: INR236 (+22%)
Buy
Strong rebound in Residential; Office business steady
While Retail and Hospitality are still not out of the woods and normalization
is sometime away, better-than-expected recovery in the Residential
segment and a steady performance in the Office segment continue to
support the overall business.
We remain positive on the medium- to long-term outlook for BRGD, where
our optimism is driven by (a) a robust line-up of launches, (b) a favorable
product mix, and (c) a strong foothold in the markets in which it operates.
Reiterate
Buy.
Momentum picks up in Residential:
BRGD reported pre-sales of 0.99msf
(down 1% YoY; up 135% QoQ), implying a booking value of INR5,760m (up
9% YoY; 130% QoQ) in 2QFY21. Average price realization was up 10% YoY to
INR5,833, largely driven by a better product mix skewed toward larger
homes (>INR150m).
Office steady; Retail recovering gradually:
Leasing revenue was down 9%
YoY, largely impacted by subdued performance in the Retail segment. The
Office segment remained steady, with rent collections at 99% in 2QFY21.
Hospitality continues to reel under lockdown pressure:
Average
occupancies in the Hospitality segment stood at 15% in 2QFY21 (v/s 11% in
1QFY21). The F&B and Banquet businesses are seeing better traction.
Occupancy remains low, impacted by travel restrictions.
Financial performance:
In 2QFY21, revenue/EBITDA declined 58%/54%,
while the EBITDA margin expanded 225bp YoY to 28.1%. Adj. PAT-level loss
stood at INR171m in 2QFY21 (est. loss of INR377m and adj. PAT of INR374
in 2QFY20).
Key industry trends in the Residential segment include (a) preference for
ready to move in (RTM) homes, (b) preference for larger homes, and (c)
increased demand from domestic consumers v/s NRIs (in 1QFY21).
~1.4msf of new office leasing is in the advanced stages of discussion across
different projects.
Better-than-expected recovery in the Residential segment and steady
performance in the Office segment, with traction in incremental pre-leasing
activity across key projects in Bengaluru and Chennai, are key positives for
the company. Furthermore, the revival of Retail and Hospitability to pre-
COVID levels remains a key monitorable.
We expect momentum to continue over the medium-to-long term, driven
by a robust line-up of launches, consolidation opportunities in the
Residential space, BRGD’s strong execution capabilities, and the right
product mix. Maintain
Buy,
with revised TP of INR236/share.
Financials & Valuations (INR b)
Y/E Mar
2020 2021E
26.3
17.7
Net Sales
6.6
4.7
EBITDA
25.2
26.5
EBITDAM %
1.5
(0.1)
NP (INRb)
7.1
(0.3)
EPS (INR)
(39)
NM
EPS Gr. (%)
112
110
BV/Sh. (INR)
Ratios
1.6
1.6
Net D:E
6.6
(0.3)
RoE (%)
6.2
3.6
RoCE (%)
Valuations
P/E (x)
27.1
NM
P/BV (x)
1.7
1.8
EV/EBITDA (x)
11.4
16.0
EV/Sales (x)
2.9
4.2
Shareholding pattern (%)
As On
Sep-20 Jun-20
Promoter
0.0
46.8
DII
0.0
19.7
FII
11.4
12.0
Others
20.8
21.5
FII Includes depository receipts
2022E
31.3
8.2
26.1
1.9
9.1
NM
118
1.4
8.0
6.6
21.3
1.6
9.1
2.4
Residential makes a strong comeback; Commercial remains steady
Sep-19
46.8
16.7
12.5
24.0
Key management commentary highlights
Valuation and view
Alpesh Thacker – Research Analyst
(Alpesh.Thacker@MotilalOswal.com)
3 September
research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P
1
Motilal Oswal
2019
Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Brigade Enterprises
Consolidated - Quarterly Earnings Model
Y/E March
Gross Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
MI & Profit/Loss of Asso. Cos.
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
E: MOFSL Estimates
1Q
7,087
1.4
5,264
1,823
25.7
383
796
83
727
0
727
269
37.0
46
412
412
-34.7
5.8
FY20
2Q
3Q
7,353 5,523
-11.0 -19.7
5,451 3,967
1,902 1,556
25.9
28.2
473
501
940
863
163
164
653
356
0
0
653
356
281
-49
43.1 -13.7
-2
-89
374
493
374
493
-45.3
0.9
5.1
8.9
4Q
6,359
-16.3
5,008
1,352
21.3
563
805
84
67
205
-138
-28
NM
-137
27
182
-69.5
2.9
1Q
2,033
-71.3
1,559
474
23.3
556
891
105
-868
0
-868
-219
25.2
-122
-527
-527
NM
-25.9
FY21E
2Q
3Q
3,108
5,496
-57.7
-0.5
2,234
4,035
874
1,461
28.1
26.6
562
565
821
900
113
160
-397
156
0
0
-397
156
-86
37
21.6
23.5
-140
-55
-171
174
-171
174
-146
-64.7
-5.5
3.2
4Q
7,109
11.8
5,215
1,895
26.7
564
913
166
584
0
584
136
23.3
-14
462
462
154.0
6.5
(INR m)
FY20 FY21E
26,322
-11.5
19,689
6,632
25.2
1,920
3,403
494
1,803
205
1,597
474
29.7
-182
1,306
1,461
-39.1
5.6
17,746
-32.6
13,043
4,703
26.5
2,246
3,525
543
-525
0
-525
-132
25.2
-331
-61
-61
-104.2
-0.3
FY21 Var (%)
2QE
3,388
-8%
-53.9
2,575
813
7%
24.0
411bps
560
880
150
-477
0
-477
-120
25.2
20
-377
-377
-55%
-200.8
-11.1
Management commentary highlights
COVID-19 impact:
Residential is seeing strong demand since the start of the
unlock, driven by the festive season. In the Leasing space, while the Office
segment remains steady, Retail is gradually recovering with improving footfall.
Although occupancies in Hospitality continue to improve, rentals remain
subdued.
Residential segment:
The Residential business saw better-than-expected
recovery in 2QFY21, supported by a favorable product mix and project locations.
Collections grew 44% QoQ to INR4b.
Trend:
Consolidation in the industry
continues to gyrate demand for grade-A developers, while overall demand in
the industry remains subdued. Demand for larger homes and RTM inventory
remains strong.
Office segment:
Rent collections remained steady across operational assets,
with 99% rent collections in 2QFY21. ~1.4msf of new office leasing is in the
advanced stages of discussion across different projects.
Retail segment:
The Mall business recovered at the end of 2QFY21, with
occupancies at 65–70%, rental revenue at 45%, and footfall at 35–40% of pre-
COVID levels. At the Orion Gateway Mall, tenant churn thus impacted short-
term rentals.
Trend:
Beauty and Cosmetics, Consumer Electronics, Sports, and
Leisure, etc. continue to support consumption. The company launched Orion
Mall Uptown in September.
Hospitality segment:
All of the eight hotels continue to operate. New hotel
Holiday Express in Bengaluru OMR is at 50% occupancy in November, driven by
large group bookings.
Trend:
The F&B and Banquet businesses are seeing good
momentum, while the Rooms business continues to see improved occupancy.
Nevertheless, room rentals remain under pressure, impacted by travel
restrictions.
Labor strength has reached 90% of pre-COVID levels, and there is no stress in
the raw material supply chain and pricing.
New launches:
Over the next couple of quarters, the company plans to launch
3.12msf in Residential and 0.76msf in Leasing.
2
13 November 2020
 Motilal Oswal Financial Services
Brigade Enterprises
Key exhibits
Exhibit 1: Booking value grew 9% YoY in 2QFY21
Booking Value (INRb)
5.2
5.9
Exhibit 2: Pre-sales volumes declined 1% YoY in 2QFY21
Pre Sales (msf)
1.1
5.8
1.0
0.8
0.4
1.1
4.6
2.2
4.5
5.3
6.0
6.5
1.0
1.1
1.0
0.8
0.4
2.5
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 3: Leasing revenue trend
Leasing income (INRm)
960
22%
12%
-1%
12%
-9%
-11%
1,052
767
22%
803
Growth YoY (%)
Exhibit 4: Hospitality revenue trend
Hospitality (INRm)
37%
18%
Growth YoY (%)
865
846
899
17%
17%
-9%
96
162
896
760
841
930
814
-87%
-81%
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 5: Segmental gross debt profile
44
43
1.7
42
41
40
41
Gross Debt
(1QFY21)
Real estate
Hospitality
Leasing
Gross Debt
(2QFY21)
Source: MOFSL, Company
0.6
0.1
43
39
13 November 2020
3
 Motilal Oswal Financial Services
Brigade Enterprises
Valuation and view
Medium- to long-term outlook remains positive
After a brief pause in 1QFY21, largely impacted by lockdown, pre-sales volumes
are back at pre-COVID levels (~1msf/quarter run-rate), with the momentum
continuing as we move further into 3QFY21. We thus revise our pre-sales
volume/value estimates on the upside by 37%/38% to 3.3msf/INR18.3b for the
Residential segment for FY21E. In our view, BRGD would be one of the key
beneficiaries of the revival in residential demand, driven by: (a) consolidation in
the Residential segment, (b) a favorable product mix (~90% of inventory below
INR15m, catering to the mid-income and AFH segments), and (c) a sharp focus
on the southern markets, which are relatively resilient.
The Office segment has been one of the most resilient of all the segments
through the COVID-19-led crisis and remains strong. Furthermore, recovery in
the Retail segment has also been gaining traction as mall occupancies start
ramping up in the aftermath of the gradual unlock. We expect the Leasing
portfolio to post a 41% revenue CAGR over FY20–22E, driven by incremental
leasing in newly constructed assets and ramp-ups.
The Hospitality business would continue to be a drag on performance in the
short-to-medium term, weighed by restricted travel and tourism activity in FY21.
We have further lowered our estimates for the Hospitality segment by 18% for
FY21, largely due to the lack of visibility on the return to normalcy.
We expect momentum to continue over the medium-to-long term, driven by a
robust line-up of launches in the Residential and Leasing segments,
consolidation opportunities in the Residential space, BRGD’s strong execution
capabilities, and the right product mix. Maintain
Buy,
with revised TP of
INR236/share.
Exhibit 6: Valuation
NAV Calculation
Real Estate
Leasing
Hospitality
Land Bank Value
Gross Asset Value
Less: Net Debt
Net Asset Value
CMP
Up/down
Method
NPV
DCF
EV/EBITDA
12x FY22E
Amount paid for
Metrics INR m
16,089
DF-13%, Cap -8.5% 41,999
11,740
7,123
76,952
28,741
48,211
per share (INR)
79
205
57
35
377
141
236
194
22%
Source: MOFSL, Company
%
21%
55%
15%
9%
100%
37%
63%
13 November 2020
4
 Motilal Oswal Financial Services
Brigade Enterprises
Story in charts
Exhibit 7: Segmental revenue mix (1HFY21)
Exhibit 8: Revenue trend
Revenue (INRb)
Growth (%)
76%
Real estate
Hospitality
5%
64%
Leasing
20.4
FY16
Source: MOFSL, Company
55%
57%
17.7
31%
-1%
20.2
FY17
-6%
19.0
FY18
29.7
FY19
-11%
26.3
FY20
-33%
FY21E
31.3
FY22E
Source: MOFSL, Company
Exhibit 9: Improving EBITDA margin trend
EBITDA (INRb)
28.4%
28.6%
26.6%
25.2%
24.1%
26.5%
26.1%
EBITDA Margin (%)
Exhibit 10: Adj. PAT trend
Adj PAT (INRm)
7.6%
6.1%
7.3%
8.1%
5.5%
(0.1)
-0.3%
6.0%
Margin (%)
4.9
FY16
5.7
FY17
5.4
FY18
7.9
FY19E
6.6
FY20
4.7
FY21E
8.2
FY22E
1.2
FY16
1.5
FY17
1.4
FY18
2.4
FY19
1.5
FY20
FY21E
1.9
FY22E
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 11: Declining net debt to equity trend
Net Debt (INRb)
1.5
Net Debt to Equity Ratio (x)
1.6
1.6
Exhibit 12: RoE and RoCE trend
RoE (%)
10.8%
8.6%
9.5%
7.0%
1.4
7.6%
8.2%
6.2%
8.3%
6.2%
-0.3%
FY16
FY17
FY18
FY19
FY20
FY21E
FY22E
8.0%
6.6%
3.6%
6.6%
RoCE (%)
1.4
1.5
1.4
23.5
FY16
24.4
FY17
32.4
FY18
31.6
FY19
36.1
FY20
35.4
FY21E
34.3
FY22E
Source: MOFSL, Company
Source: MOFSL, Company
13 November 2020
5
 Motilal Oswal Financial Services
Brigade Enterprises
Financials and valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Misc Expenditure
Appl. of Funds
FY16
20,379
55.5
15,478
75.9
4,902
24.1
1,059
3,842
1,990
340
2,193
0
2,193
802
36.6
151
1,239
1,239
30.1
6.1
FY17
20,241
-0.7
14,498
71.6
5,744
28.4
1,226
4,518
2,465
342
2,396
0
2,396
732
30.5
133
1,531
1,531
23.5
7.6
FY18
18,972
-6.3
13,543
71.4
5,429
28.6
1,377
4,053
2,594
498
1,957
0
1,957
628
32.1
-63
1,392
1,392
-9.1
7.3
FY19
29,728
56.7
21,831
73.4
7,897
26.6
1,400
6,497
2,785
563
4,274
0
4,274
1,455
34.0
420
2,399
2,399
72.3
8.1
FY20
26,322
-11.5
19,689
74.8
6,632
25.2
1,920
4,712
3,403
494
1,803
-205
1,598
474
29.6
-182
1,306
1,461
-39.1
5.5
FY21E
17,746
-32.6
13,044
73.5
4,703
26.5
2,246
2,457
3,525
543
-525
0
-525
-132
25.2
-332
-61
-61
-104.2
-0.3
(INR m)
FY22E
31,290
76.3
23,123
73.9
8,167
26.1
3,215
4,952
3,525
598
2,025
0
2,025
510
25.2
-348
1,863
1,863
-3,142.8
6.0
(INR m)
FY22E
2,044
22,000
24,044
979
39,107
0
64,130
42,682
12,400
30,282
43
2,280
20,414
69,073
49,416
3,858
4,848
10,951
57,962
6,018
51,787
156
11,111
0
64,130
FY16
1,132
14,246
15,378
1,238
24,587
619
41,822
3,681
323
3,358
43
14,108
9,940
32,516
23,067
429
1,089
7,931
18,144
4,243
13,704
198
14,372
0
41,822
FY17
1,137
15,813
16,949
2,274
25,763
619
45,606
5,292
798
4,494
43
15,637
10,310
33,016
22,639
374
1,363
8,640
17,894
5,161
12,585
148
15,123
0
45,606
FY18
1,361
21,510
22,871
2,231
33,896
259
59,257
21,624
3,619
18,005
43
21,291
2,359
36,400
21,795
1,770
1,466
11,370
18,840
5,356
13,204
280
17,559
0
59,257
FY19
1,362
20,332
21,694
1,884
33,778
0
57,357
14,267
5,019
9,248
43
20,097
14,452
64,158
48,161
4,208
2,222
9,567
50,642
6,081
44,464
97
13,516
0
57,357
FY20
2,044
20,768
22,811
1,659
39,107
0
63,577
17,182
6,939
10,243
43
20,975
20,414
70,935
52,094
4,306
3,049
11,486
59,032
5,005
53,922
105
11,903
0
63,577
FY21E
2,044
20,435
22,479
1,327
40,107
0
63,913
37,682
9,185
28,497
43
2,049
20,414
69,238
53,135
3,403
4,714
7,986
56,327
3,395
52,844
89
12,911
0
63,913
13 November 2020
6
 Motilal Oswal Financial Services
Brigade Enterprises
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/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY16
6.1
11.2
75.2
1.1
22.0
32.0
17.2
2.6
3.1
12.9
0.6
-27.9
8.6
7.6
11.8
5.5
0.5
413
8
76
1.8
1.9
1.5
FY17
7.5
13.5
82.9
1.4
22.4
25.9
14.4
2.3
3.2
11.2
0.7
1.4
9.5
8.2
17.9
3.8
0.4
408
7
93
1.8
1.8
1.4
FY18
6.8
13.5
111.9
1.7
29.3
28.5
14.3
1.7
3.8
13.3
0.9
-42.3
7.0
6.2
10.5
0.9
0.3
419
34
103
1.9
1.6
1.4
FY19
11.7
18.6
106.1
1.3
13.7
16.5
10.4
1.8
2.4
9.0
0.7
-6.5
10.8
8.3
15.7
2.1
0.5
591
52
75
1.3
2.3
1.5
FY20
7.1
16.5
111.6
1.0
18.9
27.1
11.7
1.7
2.9
11.4
0.5
23.5
6.6
6.2
16.7
1.5
0.4
722
60
69
1.2
1.4
1.6
FY21E
-0.3
10.7
110.0
1.1
-442.5
-647.5
18.1
1.8
4.2
16.0
0.6
19.2
-0.3
3.6
6.6
0.5
0.3
1,093
70
70
1.2
0.7
1.6
FY22E
9.1
24.8
117.6
1.2
16.0
21.3
7.8
1.6
2.4
9.1
0.6
21.3
8.0
6.6
10.1
0.7
0.5
576
45
70
1.2
1.4
1.4
(INR m)
FY22E
2,025
3,215
2,927
-510
1,934
9,591
0
9,591
-5,231
4,360
0
598
-4,634
0
-1,000
-3,525
-298
0
-4,823
134
4,714
4,848
FY16
2,193
1,059
1,787
0
-1,604
3,436
-49
3,387
-9,084
-5,697
-409
59
-9,434
22
9,068
-2,239
-543
0
6,307
260
829
1,089
FY17
2,408
1,226
2,198
0
-1,890
3,941
37
3,978
-3,686
292
259
808
-2,619
26
1,240
-2,350
-1
0
-1,085
274
1,089
1,363
FY18
1,957
1,377
2,391
-948
-4,141
635
-148
487
-9,140
-8,652
-1,751
189
-10,702
4,936
8,002
-2,232
-408
19
10,317
102
1,363
1,466
FY19
4,274
1,400
2,583
-1,117
-2,363
4,777
-105
4,672
-6,005
-1,333
1,601
40
-4,364
5
3,925
-3,154
-328
-1
448
756
1,466
2,222
FY20
1,803
1,920
2,909
-474
2,440
8,599
0
8,599
-3,792
4,807
-5,962
494
-9,260
1
5,329
-3,403
-246
-192
1,488
827
2,222
3,049
FY21E
-525
2,246
2,982
132
656
5,491
0
5,491
-1,574
3,917
0
543
-1,031
0
1,000
-3,525
-271
0
-2,796
1,665
3,049
4,714
13 November 2020
7
 Motilal Oswal Financial Services
Brigade Enterprises
NOTES
13 November 2020
8
 Motilal Oswal Financial Services
Brigade Enterprises
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
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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
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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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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
13 November 2020
9
 Motilal Oswal Financial Services
Brigade Enterprises
********************************************************************************************************************************
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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customers by virtue of their receiving this report.
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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
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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.
13 November 2020
10