5 January 2021
Company Update | Sector: Technology
L&T Infotech
BSE SENSEX
48,438
S&P CNX
14,200
CMP: INR4,150
TP: INR3,910 (-6%) Downgrade to Neutral
Top-quartile business, but valuation leaves little room
LTI is up ~130% since its inclusion in our model portfolio (in 3QFY20) and is currently the
most expensive (28x FY23 EPS) IT company within our Coverage Universe. While we
continue to deem it among the best-in-class IT services companies on execution and
management quality, we believe the stock more than factors in the potential; hence, we
downgrade the stock to Neutral.
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
LTI IN
172
722 / 9.2
4198 / 1208
19/75/111
727
FY23E
168.9
19.0
26.0
147.5
16.1
556.8
29.2
24.0
35.0
28.0
7.4
18.0
1.3
Right size, right positioning…
Financials Snapshot (INR b)
Y/E Mar
FY21E FY22E
123.7 147.1
Sales
18.6 18.8
EBIT Margin (%)
18.3 22.4
PAT
104.1 127.0
EPS (INR)
20.1 22.1
EPS Gr. (%)
377.6 460.3
BV/Sh. (INR)
Ratios
30.5 30.5
RoE (%)
24.2 24.4
RoCE (%)
35.0 35.0
Payout (%)
Valuations
39.7 32.5
P/E (x)
10.9
9.0
P/BV (x)
25.8 21.3
EV/EBITDA (x)
0.9
1.1
Div Yield (%)
In our view, LTI is in an enviable position – it benefits from its position as a
company with enough scale to compete with larger players, but is still small
enough to leverage the array of small deals to grow ahead of its peer group.
LTI also has a well-diversified portfolio of service lines – ADM, ERP, and IMS
contribute 36%, 31%, and 14%, respectively, to total revenues. It has a good
presence in all the major verticals, with BFS contributing 30% to total
revenues.
The combination of a size- and industry-relevant portfolio has helped the
company win deals (large deal pipeline of USD1.9b) across service lines and
geographies. LTI has clocked a 16.3% revenue CAGR in the past three years,
among the highest in the IT Services pack.
Aligning itself with customers’ digital transformation initiatives, LTI has
structured its executive focus on cloud and data products.
This, along with a capable sales team, has allowed it to both mine existing
accounts as well as hunt for new accounts (beyond the Top 20 clients).
We expect LTI to continue to gain from these capabilities and deliver industry-
leading revenue growth in the medium term (+14% USD CAGR over FY20–23E).
This, coupled with strong margin improvement from FY21, would result in 20%
INR PAT growth over the same period.
LTI is expected to deliver strong sequential growth (4.5% QoQ USD) in a
seasonally weak quarter, led by a ramp-up in deal wins in the previous quarter.
After a strong margin performance in 2Q (EBIT margin up 370bps YoY), we
expect stable margin performance in 3Q.
LTI currently trades at 28.0x our FY23 EPS estimates v/s the sector average of
24x and at a peak relative to its history.
While we remain confident of the company’s execution capabilities, we
downgrade the stock to Neutral, led by the recent rally in stock price (130% in
one year). We value the stock at 26.5x FY23 EPS (+2 ST Dev median P/E). We
revise our TP to INR3,910, implying a 6% downside.
…with strong execution
Shareholding pattern (%)
As On
Sep-20 Jun-20 Sep-19
Promoter
74.4
74.5
74.6
DII
6.4
7.3
8.2
FII
11.2
9.8
7.7
Others
8.0
8.5
9.5
FII Includes depository receipts
Stock Performance (1-year)
L & T Infotech
Sensex - Rebased
4,200
3,400
2,600
1,800
1,000
Expect strong performance in seasonally weak quarter…
…however, we downgrade to Neutral on punchy valuation
Mukul Garg– Research analyst
(Mukul.Garg@MotilalOswal.com)
Anmol Garg - Research analyst
(Anmol.Garg@MotilalOswal.com) /
Heenal Gada - Research analyst
(Heenal.Gada@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
L&T Infotech
Story in charts
Exhibit 1: 3QFY21 topline performance would be among the highest in our Coverage
Universe
USD Revenue Growth (QoQ %)
5.6%
2.0%
0.8%
2.0%
8.4%
3.9%
3.6%
4.5%
3.2%
3.0%
-4.8%
Source: Company, MOFSL
Exhibit 2: LTI has demonstrated best-of-breed growth and…
USD Revenue Growth (%)
16.7%
19.1%
13.1%
8.7%
9.3%
8.8%
18.3%
14.8%
Exhibit 3: …margin improvement over the years
EBIT margins (%)
19.0%
18.6% 18.8%
16.1%
15.0%
18.4%
16.2%
14.5%
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 4: Stable large client relationship a key differentiator
14
Exhibit 5: Well-spread exposure among Fortune 500 clients
BFS
15%
4%
19%
Insurance
Manufacturing
12%
Energy & Utilities
CPG, Retail & Pharma
19%
15%
Hi-Tech, Media &
Entertainment
Others
Source: Company, MOFSL
4
2
< 5 years
5 - 10 years
> 10 years
Source: Company, MOFSL
16%
5 January 2021
2
 Motilal Oswal Financial Services
L&T Infotech
Exhibit 6: Over the past year, share price has rallied on the back of business resiliency
during the pandemic
LTI Share price
5,000
4,000
3,000
2,000
1,000
-
Source: Bloomberg, MOFSL
Exhibit 7: Stock has been trading at a high premium to its historic median
1 year forward P/E
42
34
26
18
10
Source: Bloomberg, MOFSL
Exhibit 8: In terms of current prices, LTI is the most expensive stock in our IT Coverage
Universe
28.0
P/E - FY23E
26.5
25.7
22.6
20.5
20.5
19.7
17.2
16.3
16.0
Source: Company, MOFSL
5 January 2021
3
 Motilal Oswal Financial Services
L&T Infotech
Financials and valuations
Income Statement
Y/E March
Sales
Change (%)
Cost of Services
SG&A Expenses
EBITDA
% of Net Sales
Depreciation
Other Income
PBT
Tax
Rate (%)
Minority Interest
Extraordinary
Adjusted PAT
Change (%)
Reported PAT
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Other liabilities
Capital Employed
Net Block
Intangibles
Other LT Assets
Curr. Assets
Current Investments
Debtors
Cash & Bank Balance
Other Current Assets
Current Liab. & Prov
Trade payables
Other liabilities
Provisions
Net Current Assets
Application of Funds
FY16
58,463
17.4
38,230
10,000
10,233
17.5
1,738
1,855
10,350
1,983
19.2
0
0
8,367
10
8,367
FY17
65,009
11.2
42,122
10,581
12,306
18.9
1,780
1,836
12,362
2,649
21.4
0
0
9,713
16
9,713
FY18
73,064
12.4
48,506
12,065
12,493
17.1
1,563
4,102
15,032
3,291
21.9
0
617
11,741
21
11,124
FY19
94,458
29.3
61,643
13,980
18,835
19.9
1,471
2,915
20,279
5,122
25.3
0
0
15,157
29
15,157
FY20
1,08,786
15.2
73,589
14,905
20,292
18.7
2,731
2,463
20,024
4,823
24.1
0
0
15,201
0
15,201
FY21E
1,23,717
13.7
81,915
15,213
26,589
21.5
3,543
1,432
24,478
6,177
25.2
0
0
18,300
20
18,300
FY22E
1,47,145
18.9
96,814
18,460
31,871
21.7
4,267
2,207
29,811
7,453
25.0
0
0
22,358
22
22,358
(INR m)
FY23E
1,68,896
14.8
1,10,967
20,943
36,986
21.9
4,898
2,533
34,621
8,655
25.0
0
0
25,966
16
25,966
(INR m)
FY23E
174
97,172
97,346
11
11,468
1,08,825
10,896
7,684
7,651
1,08,909
35,686
41,646
22,235
9,342
26,314
8,445
15,282
2,588
82,594
1,08,825
FY16
170
21,075
21,245
5
483
21,733
2,801
3,772
4,848
20,203
429
15,449
2,035
2,290
9,891
3,405
5,029
1,457
10,312
21,733
FY17
171
31,273
31,444
8
456
31,908
2,587
2,845
5,626
33,287
9,406
16,421
3,795
3,665
12,437
3,366
7,457
1,614
20,850
31,908
FY18
172
38,426
38,598
13
1,453
40,064
2,508
4,298
5,047
41,645
12,643
22,327
3,323
3,352
13,434
3,792
7,798
1,844
28,211
40,064
FY19
174
48,764
48,938
8
1,283
50,229
3,084
6,330
5,614
51,664
17,402
23,845
4,150
6,267
16,463
4,669
9,686
2,108
35,201
50,229
FY20
174
53,866
54,040
11
10,886
64,937
12,104
7,684
5,170
63,290
22,186
27,541
5,252
8,311
23,311
7,269
13,454
2,588
39,979
64,937
FY21E
174
65,761
65,935
11
11,692
77,638
12,061
7,684
5,786
72,096
26,686
30,506
7,596
7,309
19,989
6,186
11,216
2,588
52,107
77,638
FY22E
174
80,294
80,468
11
11,338
91,817
11,794
7,684
6,753
88,855
31,186
36,282
13,023
8,364
23,269
7,357
13,324
2,588
65,586
91,817
5 January 2021
4
 Motilal Oswal Financial Services
L&T Infotech
Financials and valuations
Ratios
Y/E March
EPS
Cash EPS
Book Value
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios
Debtors (Days)
Fixed Asset Turnover (x)
Cash Flow Statement
Y/E March
CF from Operations
Cash for Working Capital
Net Operating CF
Net Purchase of FA
Free Cash Flow
Net Purchase of Invest.
Net Cash from Invest.
Proc. from equity issues
Proceeds from LTB/STB
Dividend Payments
Cash Flow from Fin.
Exchange difference
Net Cash Flow
Opening Cash Bal.
Add: Net Cash
Closing Cash Bal.
FY16
49.4
59.3
125.1
38.2
77.4
83.6
69.7
68.3
12.0
33.0
0.9
40.8
32.7
96.45
20.9
FY17
56.1
65.9
184.2
16.5
29.5
73.7
62.7
56.2
10.6
22.4
0.4
36.9
30.8
92.20
25.1
FY18
63.6
72.4
224.7
21.5
33.8
65.0
57.0
55.5
9.5
18.4
0.5
31.8
23.7
111.54
29.1
FY19
86.4
94.8
282.5
28.1
32.5
47.8
43.5
36.8
7.3
14.6
0.7
34.6
28.7
92.14
30.6
FY20
86.6
102.0
310.0
28.0
32.3
47.7
40.5
34.1
6.4
13.3
0.7
29.5
23.2
92.41
9.0
FY21E
104.1
124.2
377.6
36.4
35.0
39.7
33.2
25.8
5.6
10.9
0.9
30.5
24.2
90
10.3
FY22E
127.0
151.3
460.3
44.5
35.0
32.5
27.3
21.3
4.6
9.0
1.1
30.5
24.4
90
12.5
FY23E
147.5
175.3
556.8
51.6
35.0
28.0
23.6
18.0
3.9
7.4
1.3
29.2
24.0
90
15.5
(INR m)
FY23E
30,864
-4,064
26,800
-4,000
22,800
-4,500
-8,500
0
0
-9,088
-9,088
0
9,212
13,010
9,212
22,222
FY16
9,690
-1,105
8,585
-1,142
7,443
700
-442
69
-1,722
-6,516
-8,169
45
19
2,005
19
2,024
FY17
12,111
1,606
13,717
-754
12,963
-8,756
-9,510
4
-469
-1,888
-2,353
-94
1,760
2,024
1,760
3,784
FY18
12,198
-3,760
8,438
-982
7,456
-3,624
-4,606
3
-545
-3,534
-4,076
81
-163
3,784
-163
3,621
FY19
17,011
-3,061
13,950
-1,531
12,419
-5,907
-7,438
3
-605
-5,341
-5,943
-53
516
3,621
516
4,137
FY20
18,748
-2,313
16,435
-2,426
14,009
-4,007
-6,433
0
-3,221
-5,679
-8,900
0
1,102
4,137
1,102
5,239
FY21E
21,843
-5,095
16,749
-3,500
13,249
-4,500
-8,000
0
0
-6,405
-6,405
0
2,344
5,239
2,344
7,582
FY22E
26,625
-4,872
21,753
-4,000
17,753
-4,500
-8,500
0
0
-7,825
-7,825
0
5,428
7,582
5,428
13,010
5 January 2021
5
 Motilal Oswal Financial Services
L&T Infotech
NOTES
5 January 2021
6
 Motilal Oswal Financial Services
L&T Infotech
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) 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) or may have
any 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
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report
should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific
merchant banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the
website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated
from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability
or use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong
Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of
research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not
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
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
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
services license and an exempt financial adviser in Singapore.As per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and
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
in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”,
of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the
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
inform MOCMSPL.
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
5 January 2021
7
 Motilal Oswal Financial Services
L&T Infotech
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in
all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
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