Motilal Oswal Financial Services

23 November 2020

Update | Sector: Automobile

Mahindra and Mahindra

BSE SENSEX

44,077

S&P CNX

12,926

CMP: INR705

TP: INR830 (+18%)

Buy

Better-than-expected business recovery in SUVs

Recovery in LCVs faster than expected, gains 500bp market share in 1HFY21



Bloomberg

Equity Shares (m)

M.Cap.(INRb)/(USDb)

52-Week Range (INR)

1, 6, 12 Rel. Per (%)

12M Avg Val (INR M)

MM IN

1,209

876.8 / 12

728 / 246

4/22/20

3118



Financials & Valuations (INR b)

Y/E MARCH

2020 2021E 2022E

Sales

455

453

524

EBITDA

58.0

61.8

69.9

Adj. PAT*

35.8

38.7

46.3

Adj. EPS (INR)

30.0

32.4

38.8

EPS Gr. (%)

-30.3

8.2

19.8

BV/Sh. (INR)

290

317

347

Ratios

RoE (%)

9.7

9.9

11.1

RoCE (%)

5.9

9.4

10.3

Payout (%)

Valuations

P/E (x)

23.5

21.7

18.2

P/BV (x)

2.4

2.2

2.0

Div. Yield (%)

0.3

0.7

1.1

FCF Yield*

0.2

4.0

5.9

*(incl MVML)

Shareholding pattern (%)

As On

Sep-20 Jun-20

Promoter

18.9

DII

29.9

28.5

FII

41.1

Others

10.2

11.5

FII Includes depository receipts

Stock Performance (1-year)

M&M

Sensex - Rebased

Sep-19

18.9

26.7

41.5

12.9



Our positive view on MM is based on a strong recovery in Tractors, LCVs recovering

in 2HFY21 and positive development on capital allocation. We were not banking on

any positive development in its SUV business, but have taken stock of MM’s SUV

and LCV business in this note. Both businesses have so far positively surprised us.

The company is reorienting its SUV business to maintain its DNA and brand position

and garner market share. Thar’s success shows that it is on the right track.

The MM and Ford JV got delayed due to the COVID-19 pandemic. However, the

product pipeline reflects some promising upgrades in its UV portfolio.

LCV segment has seen a fast recovery despite steep BS6 price hikes. As expected, its

LCV market share has increased ~500bp YoY to 47% in 1HFY21, driven by lesser BS6

price hikes than SCVs and due to supply issues with peers. The LCV industry should

continue to benefit from the increasing emergence of the 'Hub and Spoke' model.

While MM’s core business would recover faster, the focus on tightening capital

allocation could act as a re-rating catalyst. Hence, we see twin levers of EPS growth

and re-rating. Maintain Buy with a TP of INR830/share (Dec’22E SoTP), implying a

core P/E of ~15x at our TP.

Thar starts on a very positive note



800

650

500

350

200

The upgraded Thar has got off to a good start with over 78,000 inquiries at

the dealer level and over 20,000 bookings within a month of launch. This

compares with total sales of ~23,000 units for the old Thar during FY16-20.

Unlike the old Thar (niche off-roading SUV), the new Thar has emerged as a

mainstream vehicle while maintaining its off-roading vehicle image. Over 55%

of Thar customers are buying the Mahindra brand for the first time, with

automatic forming 44% of bookings, implying a higher city usage.

All Thar variants were launched upfront and this seems to have worked well

unlike in the past. Considering the strong demand for the mid and premium

variants, the company has currently stopped accepting bookings for the entry

level AX variant.

The waiting period for the Thar is 5-7 months and production is being

ramped-up to 3,000 units/month by Jan’21 (as against peak monthly sales of

~860 units for old Thar) from 2,000 units.

Core SUVs doing better than expected



SUV sales have shown a better-than-expected recovery despite supply-side

issues in 1HFY21. Our channel check suggests that MM’s SUVs demand has

recovered smartly, particularly for Bolero, Scorpio and XUV500, but retails are

restricted due to lower supplies. At the end of 2QFY21, its Auto division had

one of the lowest stocks ever.

Jinesh Gandhi - Research analyst

(Jinesh@MotilalOswal.com)

Vipul Agrawal - Research analyst

(Vipul.Agrawal@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.

3 September 2019

Mahindra and Mahindra



The management is reorienting its SUV business strategy with a focus on

pivoting to its core DNA and offering differentiated products to revive its market

share, which has declined to ~15% during 1HFY21 (v/s 22% in 1HFY20). It

currently shares the third position with Kia Motors.

Based on its learnings from the Thar success as well as past failures, it is

reorienting its SUV business to focus on maintaining its DNA and brand position.

While the new Thar is the first product based on this renewed strategy, its

upcoming new products of XUV500 (4QFY21) and Scorpio (2QFY22) will further

extend this focus.

The company is preparing its EV portfolio, consisting of eKUV100 (150km range)

and eXUV300, to mark its presence in mainstream EVs.

For SUVs, we are estimating a FY21E volume decline of 16.5% YoY, implying a

residual run-rate of 16,200 units/month or ~30% growth. For FY22E/FY23E, we

are building in ~11%/5% growth in SUVs against an estimated growth of

~30%/10% for the industry.

Ford India JV: Aiming to leverage the strengths of both partners



Ford India is focusing on leveraging the strengths of MM in India. This JV will

develop, market and distribute Ford branded vehicles in India, and both entities’

branded vehicles in emerging markets. It will be responsible for growing the

Ford brand in India and exporting its products to Ford entities globally.

Synergies for the JV are in the form of greater economies of scale across the

automotive value chain, including sourcing, product development and access to

relevant technologies.

Joint product development visibility is as follows:



C segment SUV on MM platform (most likely on the new XUV500 platform)

to be launched in 2021.



BS6 gasoline engine for Ford EcoSport would be supplied by MM.



BEV built on Ford’s Aspire platform (different from the Aspire sold in India).



The JV will have two products on the B SUV platform of Ford and at least

one SUV for MM. This is most likely on Ford’s VX-772 platform.



One MPV on MM’s Marazzo platform (for Ford in India and the global

market - yet to be approved).

As per our channel checks, Ford is opening new dealerships with existing

Mahindra dealers at locations where it was not present earlier. Also, selected

MM service centers have started servicing Ford vehicles.

Our estimates are not factoring in any benefits from this JV yet, except for lower

capex for MM, as we await regulatory approval for this JV as well as finer details

on JV synergies.

LCV recovery stronger than expected, further gains market share



LCVs have seen a fast recovery, with just a 3% decline in goods carrier sales

during 2QFY21, despite a steep BS6 price hike. Recovery would have been

better, but for supply-side issues.

MM’s market share in LCV goods carriers grew to 47% during 1HFY21 (v/s 42%

in 1HFY20) largely due to its strong presence in 2-3.5t segment, comparatively

lower price hikes during the BS6 transition and possible production constraints

with its competition.

23 November 2020

Mahindra and Mahindra



We expect the LCV industry to deliver 8-10% CAGR over the next five years. MM

enjoys a market share of ~42.5% in the overall LCV segment and ~65% in the 2-

3.5t LCVs

Valuation and view



We have not built in any benefits from imminent launches or product

development from MM's recent JV with Ford India. We estimate Passenger UV

volumes to decline by 1% CAGR over FY20-23E and LCV volumes to grow by 12%

CAGR. We see the possibility of upside risk to both SUV and LCV volumes and

margins.

While MM’s core business would recover faster, the focus on tightening capital

allocation could act as a re-rating catalyst. Hence, we see twin levers of EPS

growth and re-rating.

MM’s valuations are still at a good discount to its five-year average (which

captures both pain points of deterioration in the UV market share and

subsidiaries' performance), despite reasonable progress on correction of capital

allocation. Implied core P/E for MM is 13.5x/11.8x FY22E/FY23E EPS. Maintain

Buy

with a TP of INR830/share (Dec-22E SoTP), implying core P/E of ~15x at our

TP (v/s five-year average core P/E of ~15.9x and 10-year average of ~14.3x).

Exhibit 1: MM: Sum-of-the-parts (INR/share)

INR/sh

Tractors

Autos

Others

Value of Core Business

Value of subs post hold-co

- Tech Mahindra

- MMFSL

- Mah. Lifespaces

- Mah. Holidays

- SYMC

- Mah. Logistics

- Others

Fair Value (INR/sh)

Target P/E (x)

40% Hold-Co

FY21E

448

520

182

110

702

FY22E

462

595

182

110

777

FY23E

491

140

672

182

110

854

Source: MOFSL

Exhibit 2: Within 40 days of launch, Thar’s bookings at par

with last four years sales of old Thar

23,210

Exhibit 3: Unlike old Thar, new Thar is a mainstream

product, attracts new customers to MM

20,000

FY16-20 sales of old Thar

Bookings for new Thar

Source: Company, MOFSL

23 November 2020

Mahindra and Mahindra

Exhibit 4: Better-than-expected recovery in MM’s SUV sales

MM Dom. SUV Volume ('000Units)

17.8

13.9

19.5

14.2 15.2

10.7

8.0

3.1

0.0

3.7

10.9

18.3

Exhibit 5: Inventory at record lows due to supply-side

constraints and strong demand recovery

13.4

14.7

Source: Company, MOFSL

Exhibit 6: Share of UVs continues to grow

UVs (% of Dom. PVs)

Compact UVs (% of Dom. PVs)

FY16

Exhibit 7: MM has been losing market share as competition

intensifies in this segment over the last few years

42.7

M&M UV Market Share (%)

40.4

29.4

24.9

25.2

19.1

15.3

FY15

FY17

FY18

FY19

FY20 FY21 YTD

FY15

FY16

FY17

FY18

FY19

FY20

FY21 YTD

Source: Company, MOFSL

Exhibit 8: Upcoming SUV launches of MM

OEM

Model

XUV500 (new)

Scorpio (new)

e-KUV100

e-XUV300

Timeline

4QFY21

1QFY22

Segment

Mid-size SUV

e-SUV Compact

Source: Company, MOFSL

Exhibit 9: LCV volume recovery has been faster than

expectations

MM LCV Volume ('000Units)

Exhibit 10: MM's domestic LCV goods carrier market share

increases by ~500bp YoY

73.3

43.6

2-3.5 tons

69.1

47.0

65.8

47.0

61.9

Total LCVs (Goods)

62.9

41.4

65.3

42.6

65.6

43.5

47.3

Source: Company, MOFSL

23 November 2020

Mahindra and Mahindra

Exhibit 11: 2-3.5t segment fares better due to better price positioning in BS6 era

<2 tons

2-3.5 tons

3.5-6 tons

6-7.5 tons

FY15

FY16

FY17

FY18

FY19

FY20

FY21 YTD

Source: Company, MOFSL

Exhibit 12: Core P/E trend

Core P/E (x)

+1SD

Avg

-1SD

Exhibit 13: Core P/B trend

3.0

2.4

1.8

Core P/B (x)

+1SD

Avg

-1SD

1.2

0.6

Source: Bloomberg, MOFSL

Operating metrics

Exhibit 14: Snapshot of revenue model

000 units

Tractors

Growth (%)

% of total volumes

Autos

Pick-up/LCVs (<3.5t)

Growth (%)

SUVs

Growth (%)

3Ws

Growth (%)

LCVs (>3.5t)

Growth (%)

M&HCVs (MTBL)

Growth (%)

Others & Exports

Growth (%)

Total Autos

Growth (%)

% of total volumes

Total volumes ('000 units)

Growth (%)

ASP (INR '000/Unit)

Growth (%)

Net Sales (INR b)

Growth (%)

FY17

263

23.1

34.3

168

7.7

223

-4.4

-4.9

18.7

17.7

0.0

504

2.5

65.7

767

8.8

572

0.3

441

9.1

FY18

320

21.5

36.8

200

19.1

235

5.7

4.4

1.6

41.2

0.0

549

8.9

63.2

869

12.9

560

-2.1

487

10.5

FY19

330

3.4

35.2

229

14.9

237

0.9

22.1

8.6

14.3

0.0

609

10.8

64.8

939

8.1

571

1.9

536

10.1

FY20

302

-8.6

38.8

188

-18.1

179

-24.4

-6.8

-26.5

-53.0

0.0

476

-21.8

61.2

778

-17.2

585

2.4

455

-15.2

FY21E

340

12.5

46.1

182

-3.0

150

-16.5

-40.0

-44.0

-50.0

0.0

398

-16.5

53.9

737

-5.2

614

5.0

453

-0.5

FY22E

379

11.5

44.8

FY23E

409

8.0

44.2

228

262

25.0

15.0

166

174

10.7

4.9

10.0

5.0

30.0

10.0

25.0

10.0

0.0

467

516

17.4

10.5

55.2

55.8

845

925

14.7

9.4

620

629

1.0

1.5

524

582

15.8

11.0

Source: Company, MOFSL

23 November 2020

Mahindra and Mahindra

Story in charts

Exhibit 15: Trend in Tractor volumes

Tractor volumes (units)

Growth (%)

Exhibit 16: New product launches to drive UV sales

UVs (incl pick-ups)

6.7

(8.9)

(7.2)

(20.0)

(23.0)

Growth (%)

9.5

16.0

3.1

9.1

Source: Company, MOFSL

Exhibit 17: Realization trend

Net realizations (INR/unit)

Exhibit 18: Trend in EBITDA margin

EBITDA (incl. MVML) (%)

14.8

14.2

13.2

14.9

13.5

12.5

13.5

13.1

Source: Company, MOFSL

Exhibit 19: Trend in return profile

RoE (%)

RoIC (%)

Exhibit 20: FCF to improve despite high capex plans (INR b)

CFO

72.7

44.2

34.1

(10.1)

54.2

56.5

43.9

34.9

46.0

23.1

26.6

14.0

27.6

33.1

56.9

49.0

Capex

FCF

63.1

33.9

(11.9)

(20.2) (21.6) (20.7)

(26.7)

(30.3)

(30.0)

(39.4) (35.0)

Source: Company, MOFSL

23 November 2020

Mahindra and Mahindra

Financials and Valuations

Income Statement

Y/E March

Net Op. Income

Change (%)

Total Expenditure

EBITDA

Margins (%)

Margins (%, incl MVML)

Depreciation

EBIT

Deferred Revenue Exp.

Int. & Finance Charges

Other Income

Non-recurring Income

Profit before Tax

Eff. Tax Rate (%)

Profit after Tax

Adj. Profit after Tax

Change (%)

Adj. PAT (incl MVML)

E: Inquire Estimates

Balance Sheet

Y/E March

Share Capital

Reserves

Net Worth

Deferred tax

Loans

Capital Employed

Application of Funds

Gross Fixed Assets

Less: Depreciation

Net Fixed Assets

Capital WIP

Investments

Curr.Assets, L & Adv.

Inventory

Sundry Debtors

Cash & Bank Bal.

Loans & Advances

Others

Current Liab. & Prov.

Sundry Creditors

Other Liabilities

Provisions

Net Current Assets

Application of Funds

E: MOFSL Estimates

FY17

4,40,535

7.8

3,95,388

45,147

10.2

13.1

15,264

29,883

1,596

13,455

5,485

47,226

22.9

36,434

31,130

(1.3)

35,133

FY18

4,86,856

10.5

4,24,615

62,240

12.8

14.8

14,794

47,446

1,122

10,364

4,336

61,024

28.6

43,560

39,220

26.0

43,202

FY19

5,36,140

10.1

4,69,744

66,396

12.4

14.2

18,604

47,792

1,134

16,890

-297

63,250

24.2

47,960

48,260

23.0

51,288

FY20

4,54,878

-15.2

3,96,897

57,981

12.7

14.2

22,226

35,754

1,132

16,678

-20,140

31,160

57.3

13,306

33,450

(30.7)

35,770

FY21E

4,52,627

-0.5

3,90,840

61,786

13.7

15.1

23,257

38,529

2,915

11,842

47,457

25.0

35,593

6.4

38,699

FY22E

5,24,268

15.8

4,54,402

69,866

13.3

14.8

27,018

42,847

2,078

16,720

57,490

25.0

43,117

21.1

46,345

(INR Million)

FY23E

5,81,917

11.0

5,03,446

78,471

13.5

15.0

29,523

48,948

1,938

18,567

65,577

25.0

49,183

14.1

53,102

FY17

2,968

2,64,888

2,67,856

2,548

27,729

2,98,134

1,54,778

77,068

77,710

20,404

1,79,084

1,25,034

27,580

29,388

16,875

5,406

45,784

1,04,098

68,811

21,388

13,899

20,935

2,98,134

FY18

5,950

2,96,991

3,02,941

2,772

28,644

3,34,357

1,82,295

1,03,700

78,594

31,287

2,05,830

1,58,457

27,017

31,730

28,937

10,182

60,591

1,39,811

86,034

38,485

15,292

18,646

3,34,357

-0

FY19

5,958

3,36,135

3,42,093

6,341

25,713

3,74,147

2,23,122

1,22,304

1,00,818

24,198

2,20,160

1,81,795

38,393

39,463

37,317

7,110

59,513

1,52,824

96,782

40,326

15,716

28,971

3,74,147

-0

FY20

5,965

3,38,713

3,44,679

14,082

30,680

3,89,440

2,48,477

1,44,531

1,03,946

40,095

1,99,381

1,61,599

34,009

29,990

42,365

6,509

48,726

1,15,581

67,858

32,537

15,185

46,018

3,89,440

-0

FY21E

5,965

3,67,375

3,73,340

14,082

30,680

4,18,101

3,08,571

1,67,787

1,40,784

15,000

2,07,029

1,74,631

32,412

29,762

54,430

9,301

48,726

1,19,342

74,404

32,537

12,401

55,289

4,18,101

FY22E

5,965

4,00,095

4,06,060

14,082

28,680

4,48,821

3,38,571

1,94,806

1,43,766

15,000

2,19,029

2,04,108

37,543

34,472

72,595

10,773

48,726

1,33,082

86,181

32,537

14,364

71,027

4,48,821

(INR Million)

FY23E

5,965

4,37,347

4,43,312

14,082

26,680

4,84,073

3,68,571

2,24,329

1,44,242

15,000

2,31,029

2,37,940

41,671

38,263

97,323

11,957

48,726

1,44,138

95,658

32,537

15,943

93,802

4,84,073

23 November 2020

Mahindra and Mahindra

Financials and valuations

Ratios

Y/E March

Basic (INR)

Fully diluted EPS

FD EPS (incl MVML)

Cash EPS

Book Value per Share

DPS

Payout (Incl. Div. Tax) %

Valuation (x)

P/E

Cash P/E

EV/EBITDA

EV/Sales

Price to Book Value

Dividend Yield (%)

Profitability Ratios (%)

RoE

RoCE

ROIC

Turnover Ratios

Debtors (Days)

Inventory (Days)

Creditors (Days)

Working Capital (Days)

Asset Turnover (x)

Leverage Ratio

Net Debt/Equity (x)

Cash Flow Statement

Y/E March

OP/(Loss) before Tax

Int./Dividends Received

Depreciation & Amort.

Direct Taxes Paid

(Inc)/Dec in Wkg. Capital

Other Items

CF from Oper.Activity

(Inc)/Dec in FA+CWIP

Free Cash Flow

(Pur)/Sale of Invest.

CF from Inv. Activity

Change in Net Worth

Inc/(Dec) in Debt

Interest Paid

Dividends Paid

CF from Fin. Activity

Inc/(Dec) in Cash

Add: Beginning Balance

Closing Balance

E: MOFSL Estimates

FY17

26.2

29.6

39.1

225.1

6.5

12.3

23.8

18.0

8.7

0.9

3.1

0.9

12.7

12.4

30.7

1.5

-0.1

FY18

33.0

36.3

45.4

256.2

7.5

23.8

19.4

15.5

12.8

1.6

2.8

1.1

13.7

13.0

45.1

1.5

-0.1

FY19

40.5

43.0

56.1

293.7

8.5

24.5

16.4

12.6

12.0

1.5

2.4

1.2

15.0

13.8

45.1

1.4

-0.1

FY20

28.0

30.0

46.7

290.3

2.4

24.5

23.5

15.1

13.8

1.8

2.4

0.3

9.7

5.9

15.3

1.2

-0.1

FY21E

29.8

32.4

49.3

316.9

5.0

19.5

21.7

14.3

12.8

1.8

2.2

0.7

9.9

9.4

23.2

1.1

-0.1

FY22E

36.1

38.8

58.8

347.0

7.5

24.1

18.2

12.0

11.1

1.5

2.0

1.1

11.1

10.3

22.6

1.2

-0.2

(INR Million)

FY22E

42,847

16,720

27,018

-14,372

2,426

74,640

-30,000

44,640

-12,000

-42,000

-2,000

-2,078

-9,116

-13,193

19,446

54,430

73,876

FY23E

41.2

44.5

66.0

371.6

10.0

28.2

15.8

10.7

9.5

1.3

1.9

1.4

11.6

10.9

26.0

1.2

-0.2

(INR Million)

FY23E

48,948

18,567

29,523

-16,394

1,953

82,596

-30,000

52,596

-12,000

-42,000

1,933

-2,000

-1,938

-12,098

-14,103

26,493

72,595

99,256

FY17

41,742

-9,800

15,264

-9,929

-508

332

37,100

-20,743

16,358

-7,076

-27,818

-1,742

-1,482

-8,391

-11,615

-2,333

22,870

20,705

FY18

56,688

-8,084

14,794

-12,887

17,803

1,957

70,271

-26,688

43,583

-24,416

-51,104

592

-1,695

-9,230

-10,333

8,834

16,875

25,876

FY19

63,547

-13,184

18,604

-14,341

-5,060

-327

49,239

-30,316

18,923

4,826

-25,490

-3,725

-1,710

-10,117

-15,552

8,196

14,180

22,376

FY20

51,300

-14,327

22,226

-10,823

-13,260

1,662

36,778

-39,437

-2,658

13,672

-25,764

3,289

-1,570

-11,874

-10,155

859

22,376

23,235

FY21E

38,529

11,842

23,257

-11,864

2,794

64,559

-35,000

29,559

-7,648

-42,648

-2,915

-6,133

-9,048

12,863

42,365

55,228

23 November 2020

Mahindra and Mahindra

Explanation of Investment Rating

Investment Rating

Expected return (over 12-month)

BUY

>=15%

SELL

< - 10%

NEUTRAL

< - 10 % to 15%

UNDER REVIEW

Rating may undergo a change

NOT RATED

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within

following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.

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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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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

23 November 2020

Mahindra and Mahindra

********************************************************************************************************************************

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

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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

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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

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* 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.

23 November 2020