3 February 2021
3QFY21 Results Update | Sector: Consumer
Tata Consumer Products
Estimate change
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)
Free float (%)
CMP: INR576
TP: INR661 (+15%)
Buy
Gross margin contraction weighs on EBITDA
Adjusted PAT above our estimates
TATACONS IN
922
530.4 / 7.4
635 / 214
-8/2/29
2218
65.3
2023E
134.7
22.2
14.3
16.4
15.5
16.5
176
(0.2)
9.1
11.5
34.9
37.2
23.2
2.6
5.7
Financials & valuations (INR b)
Y/E Mar
2021E
2022E
Sales
114.3
121.9
EBITDA
15.8
19.5
PAT
9.7
12.3
EBITDA (%)
13.9
16.0
EPS (INR)
10.5
13.3
EPS Gr. (%)
32.1
26.3
BV/Sh. (INR)
157
167
Ratios
Net D/E
(0.1)
(0.2)
RoE (%)
6.9
8.2
RoCE (%)
8.4
10.4
Payout (%)
27.2
24.8
Valuations
P/E (x)
54.7
43.3
EV/EBITDA (x)
32.5
26.4
Div Yield (%)
1.4
1.6
FCF Yield (%)
3.0
5.7
Higher tea price impacted standalone gross margin by 840bp YoY to 30%.
The consolidated EBITDA margin was impacted by 100bp YoY to 11.8%.
Consolidated EBITDA grew 14% YoY on the back of 23% revenue growth.
Performance across business segments has improved (Tata Coffee
standalone and overseas operations and overseas Tea). India Food and
Beverage business showed double-digit volume growth.
Factoring in its performance in 3QFY21, we decrease our FY21E
EBITDA/adjusted PAT estimates by 6%/2%, but maintain our FY22E/FY23E
earnings estimates, and arrive at an FY23E SoTP-based TP of INR661.
Maintain
Buy.
Double-digit volume growth in India Foods/Beverages business
Shareholding pattern (%)
Promoter
DII
FII
Others
Dec-20 Sep-20 Dec-19
34.7
34.7
34.5
13.6
17.7
14.9
25.8
21.7
26.0
26.0
25.9
24.6
Note: FII includes depository receipts
Revenue was up 23% YoY to INR30.7b (v/s our estimate of INR29.9b).
EBITDA grew 14% YoY to INR3.6b (v/s our expectation of INR3.9b). EBITDA
margin contracted 100bp YoY to 11.8% due to 570bp gross margin
contraction (to 37.8%). Adjusted PAT stood at INR2.2b (v/s our estimate of
INR2b), up 31% YoY, aided by EBITDA growth and a lower tax rate. In
9MFY21, revenue/EBITDA/adjusted PAT grew 18%/26%/39%.
India Branded Beverages/Foods revenue grew 46%/19% YoY to
INR12.8b/INR6.3b. India Beverages/Foods EBIT declined/increased by
38%/41% YoY to INR793m/INR934m. International Branded Beverages
witnessed 9% revenue growth to INR9.3b, with EBIT growth of 55% YoY to
INR1,226m. India Branded Beverages/Food volumes grew 10%/12% YoY.
Standalone revenue grew 34% YoY to INR19.6b and EBITDA stood at INR2b,
down 5%. Gross margin contracted 840bp YoY to 30.1% on the back of
higher Tea prices. Adjusted PAT stood at INR1.4b, down 2% YoY.
Tata Coffee:
Consolidated revenue grew 6% YoY to INR5.3b, with 13%
EBITDA growth to INR964m.
Standalone
revenue declined 5% to INR1,578m,
with 28% YoY EBITDA growth to INR190m.
Overseas
(Tata Coffee
consolidated less standalone operations) revenue grew 12% YoY to INR3.8b,
with EBITDA growth of 10% to INR773m.
TCP Overseas Tea:
Revenue/EBITDA grew 9%/160% to INR5.7b/INR679m.
Highlights from the management commentary
Tea prices are 25-30% higher as compared to last year and is likely to cool
off once the new crop comes into the market, i.e. by Apr-May’21. Thus, Tea
prices are likely to normalize by 1QFY22.
Tata Sampann: Revenue is up 40% in 9MFY21. The portfolio grew in high
double-digits during 3QFY21, with in-home consumption normalizing.
Sumant Kumar - Research Analyst
(Sumant.Kumar@MotilalOswal.com)
Research Analyst: Darshit Shah
(Darshit.Shah@motilaloswal.com) /
Yusuf Inamdar
(yusuf.inamdar@motilaloswal.com)
hvs
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Tata Consumer Products
Salt revenue grew 19% in 3QFY21, with double-digit volume growth.
TCP has rationalized its distributor network and reduced it by 63%. Dedicated
sales representatives have increased by 30%. Rural feet on the street has
increased by 3x.
Valuation and view
Performance during 3QFY21 was impacted due to higher Tea prices, which led
to 570bp contraction in consolidated gross margin. The management expects
Tea prices to stabilize by 1QFY22 and thus ease down the pressure on gross
margin going forward.
In line with the Tata Group’s vision to participate in India’s consumption story,
TCP has entered into a share purchase agreement with Kottaram Agro Foods
Pvt, the brand owner of ‘Soulfull’ for INR1.56b (FY20 revenue of INR390m). The
tuck-in acquisition will enable TCP to have a wider play in the ‘Better for You’
product category, leveraging Kottaram’s expertise in millets such as ragi. Its
product portfolio straddles multiple consumption occasions - breakfast,
snacking, and mini-meals. Key synergies through this acquisition include: i)
Significant scope to expand distribution - 15,000 outlets (Soulfull) v/s TCP’s
2.4m, ii) Scope to unlock synergies in S&D, procurement, manufacturing, and
logistics, and iii) Addition of ‘TATA’ to strengthen the brand’s credential.
TCP has two strong legs in the India business – Tata Tea and Tata Salt – by which
it is targeting lower double-digit growth, driven by cross-selling between Tata
Chemicals and TCP’s distribution channels and expansion into new geographies.
TCP is building its third leg – Tata Sampann, which should grow in high double-
digits and deals in Pulses and Spices. The market size of Pulses/Spices in India
currently stands at INR1,500b/INR600b, with unorganized players forming
99%/70% of the market. Growth is expected by grabbing market share from
unorganized players with increasing distribution reach. Apart from the above,
TCP has launched nutrimixes (chilla),
poha,
and
chutney
in the ready-to cook
space, which should aid growth.
Over FY20-23E, we expect sales/EBITDA/PAT of 12%/20%/25% CAGR.
Factoring in its performance in 3QFY21, we decrease our FY21E EBITDA/adjusted
PAT estimates by 6%/2%, but maintain our FY22E/FY23E earnings estimates, and
arrive at an FY23E SoTP-based TP of INR661/share. Maintain
Buy.
3 February 2021
2
 Motilal Oswal Financial Services
Tata Consumer Products
Consolidated quarterly earning model
Y/E March
FY20
1Q
2Q
3Q
4Q
Gross Sales
23.9
23.5
24.9
24.1
YoY Change (%)
32.7
33.3
30.3
35.5
Total Expenditure
20.4
20.3
21.7
21.0
EBITDA
3.5
3.1
3.2
3.1
Margin (%)
14.7
13.4
12.8
12.8
Depreciation
0.6
0.6
0.6
0.6
Interest
0.2
0.2
0.2
0.2
Other Income
0.3
0.3
0.3
0.2
PBT before EO expense
3.1
2.6
2.7
2.5
Extra-Ord. expense
-0.1
0.0
0.0
-2.6
PBT
3.0
2.6
2.6
-0.2
Tax
1.0
0.6
0.8
0.3
Rate (%)
34.1
24.3
28.4 -198.2
Minority Interest
0.2
0.1
0.2
-0.5
Profit/Loss of Asso. Cos.
-0.1
0.1
0.0
-0.7
Reported PAT
1.7
1.9
1.7
-0.8
Adjusted PAT
1.8
1.9
1.7
1.9
YoY Change (%)
35.2
10.3
71.4 499.0
Margin (%)
7.6
8.3
6.8
7.8
Numbers include that of Tata Chemicals’ Consumer business
Key performance indicators
Y/E March
Consolidated
Revenue Growth (%)
Standalone
Overseas Tea business
Tata Coffee (TCL) Consolidated
TCL Standalone
Coffee Overseas
EBITDA Margin (%)
Standalone
Overseas Tea business
TCL Consolidated
TCL Standalone
Coffee Overseas
Cost Break-up
RM Cost (% of sales)
Staff Cost (% of sales)
Adv. and Sales (% of sales)
Other Cost (% of sales)
Gross Margin (%)
EBITDA Margin (%)
EBIT Margin (%)
(INR b)
3Q
Var
FY21E
(%)
29.9
3
19.9
26.0
3.9
-7
13.0
0.7
0.2
0.3
3.3
0.0
3.3
0.9
28.0
0.2
-0.2
2.0
2.0
9
19.6
6.8
1Q
27.1
13.4
22.3
4.8
17.8
0.6
0.2
0.3
4.4
0.6
5.0
1.1
22.1
0.2
-0.4
3.3
2.6
45.4
9.7
FY21
2Q
27.8
18.5
23.8
4.0
14.4
0.6
0.2
0.3
3.5
-0.2
3.2
0.9
27.1
0.2
0.4
2.6
2.7
39.3
9.8
FY20
3Q
30.7
23.1
27.1
3.6
11.8
0.6
0.2
0.2
3.0
-0.1
2.9
0.6
18.9
0.2
0.0
2.2
2.2
30.9
7.3
4QE
28.6
19.0
25.2
3.4
11.9
0.7
0.2
0.2
2.8
0.0
2.8
0.8
28.0
-0.5
-0.4
2.1
2.1
12.7
7.4
96.4
32.9
83.5
12.9
13.4
2.4
0.8
1.1
10.8
-2.7
8.1
2.7
33.9
0.0
-0.8
4.6
7.3
66.4
7.6
FY21E
114.3
18.6
98.4
15.8
13.9
2.5
0.7
1.0
13.6
0.3
13.9
3.3
23.8
0.0
-0.4
10.1
9.7
32.1
8.5
1Q
61.1
-2.2
10.5
25.9
1.3
15.9
8.5
16.9
11.4
21.0
57.1
8.9
5.5
13.9
42.9
14.7
12.3
FY20
2Q
68.5
-4.2
5.5
4.7
6.1
14.3
7.2
16.5
9.4
20.9
56.5
9.4
6.9
13.8
43.5
13.4
10.9
3Q
64.5
-5.3
7.7
0.6
11.7
14.1
4.9
17.0
8.9
21.0
56.5
8.8
8.1
13.9
43.5
12.8
10.3
4Q
70.3
4.2
12.2
-16.9
34.8
12.0
12.8
14.9
0.4
21.9
54.5
9.6
7.5
15.5
45.5
12.8
10.2
1Q
9.7
12.8
25.9
-12.3
54.6
20.3
8.9
18.8
8.7
23.2
55.3
8.4
4.9
13.6
44.7
17.8
15.5
FY21
2Q
21.6
14.5
12.9
0.0
21.1
14.6
11.4
16.3
6.2
21.6
59.2
8.3
6.0
12.2
40.8
14.4
12.1
FY20
3Q
34.1
8.7
6.3
-5.0
11.8
10.0
11.8
18.1
12.1
20.6
62.2
7.9
6.8
11.3
37.8
11.8
9.7
4QE
27.3
4.0
13.4
10.0
15.0
9.9
12.9
16.8
6.3
21.5
59.0
8.7
7.0
13.4
41.0
11.9
9.6
65.9
9.6
9.0
2.4
13.2
14.1
8.5
16.3
7.8
21.2
56.1
9.2
7.0
14.2
43.9
13.4
10.9
FY21E
23.1
9.6
14.4
-2.3
24.1
13.5
11.3
17.5
8.2
21.8
59.0
8.3
6.2
12.6
41.0
13.9
11.6
3 February 2021
3
 Motilal Oswal Financial Services
Tata Consumer Products
Key exhibits
Exhibit 1: Consolidated revenue trend
Revenue (INRb)
Growth (%)
Exhibit 2: Consolidated EBITDA trend
EBITDA (INRb)
Margin (%)
17.8
18.5
23.1
9.5
10.3
14.7 13.4
12.8 12.8
9.8
14.4
11.8
32.7 33.3 30.3 35.5
10.5
4.1
13.4
5.2
1.7
2.0
1.7
3.5
3.1
3.2
3.1
4.8
4.0
3.6
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 3: Consolidated adjusted PAT trend
PAT (INRb)
Growth (%)
499.0
Exhibit 4: Standalone revenue trend
Revenue (INRb)
61.1
Growth (%)
68.5 64.5 70.3
34.1
21.6
13.1 (22.0)
(48.7)
35.2 10.3 71.4
45.4 39.3 30.9
6.6
4.9
9.7
9.7
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 5: Standalone EBITDA trend
EBITDA (INRb)
Margin (%)
20.3
11.6 12.8
15.9 14.3 14.1
12.0
14.6
10.0
Exhibit 6: Standalone adjusted PAT trend
PAT (INRb)
Growth (%)
110.9
60.4
0.0
(15.7) (9.2)
10.0
30.2
52.5
17.2
(1.9)
7.5
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 7: TCP’s overseas Tea revenue trend
Revenue (INRm)
10.4
4.2
(0.5) (2.2)
(11.2)
(4.2) (5.3)
Growth (%)
12.8 14.5
8.7
Exhibit 8: TCP’s overseas Tea EBITDA trend
EBITDA (INRm)
9.8
4.9
2.1
Margin (%)
12.8
8.9
7.2
4.9
11.4
11.8
8.5
Source: Company, MOFSL
Source: Company, MOFSL
3 February 2021
4
 Motilal Oswal Financial Services
Tata Consumer Products
Exhibit 9: Tata Coffee’s consolidated revenue trend
Revenue (INRm)
23.4
19.3
10.5
12.2
12.9
6.3
Growth (%)
25.9
Exhibit 10: Tata Coffee’s consolidated EBITDA trend
EBITDA (INRm)
Margin (%)
18.8
14.9
16.3
18.1
16.9 16.5 17.0
12.9 11.9 13.7
7.7
4.6
5.5
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 11: Tata Coffee’s standalone revenue trend
Revenue (INRm)
25.9
Growth (%)
Exhibit 12: Tata Coffee’s standalone EBITDA trend
EBITDA (INRm)
11.4
8.5
9.4
5.9
(5.0)
151
97
135
229
175
148
6.7
8.9
7
0.4
152
115
190
8.7
6.2
Margin (%)
12.1
3.3
(0.5)
8.0
4.7
0.6
(16.9)
(12.3)
(0.0)
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 13: Tata Coffee’s overseas revenue trend
Revenue (INRm)
42.2
32.4
34.8
21.1
2.0 1.3
6.1
11.7
11.8
Growth (%)
54.6
Exhibit 14: Tata Coffee’s overseas EBITDA trend
EBITDA (INRm)
19.1
15.7
15.1
Margin (%)
23.2
21.6 20.6
21.0 20.9 21.0 21.9
Source: Company, MOFSL
Source: Company, MOFSL
3 February 2021
5
 Motilal Oswal Financial Services
Tata Consumer Products
Exhibit 15: Revenue at a glance (3QFY21)
Source: Company, MOFSL
Exhibit 16: Revenue at a glance (9MFY21)
Source: Company, MOFSL
3 February 2021
6
 Motilal Oswal Financial Services
Tata Consumer Products
Exhibit 17: Consolidated segmental results
INR m
Segmental revenue
Branded Business
India - Beverages
India - Foods
International - Beverages
Total Branded Business
Non-Branded Business
Total Segmental Revenue
Others
Inter-segment sales
Revenue from Operations
Segment Results
Branded Business
India - Beverages
India - Foods
International - Beverages
Total Branded Business
Non-Branded Business
Total Segment Results
EBIT margin
India - Beverages
India - Foods
International - Beverages
Total Branded Business
Non-Branded Business
3QFY20
2QFY21
3QFY21
%/bp change
YoY
%/bp change
QoQ
8,731
5,311
8,516
22,558
2,385
24,943
82
-96
24,930
11,200
5,803
8,005
25,008
2,876
27,885
32
-104
27,813
12,754
6,306
9,262
28,322
2,465
30,787
84
-175
30,696
46.1%
18.8%
8.8%
25.6%
3.3%
23.4%
13.9%
8.7%
15.7%
13.3%
-14.3%
10.4%
23.1%
10.4%
1,276
662
790
2,728
162
2,889
14.6%
12.5%
9.3%
12.1%
6.8%
1,493
930
1,007
3,430
181
3,611
13.3%
16.0%
12.6%
13.7%
6.3%
793
934
1,226
2,953
204
3,156
6.2%
14.8%
13.2%
10.4%
8.3%
-37.8%
41.0%
55.2%
8.2%
26.0%
9.2%
-46.9%
0.4%
21.7%
-13.9%
12.4%
-12.6%
(839)bp
(711)bp
234bp
(121)bp
396bp
66bp
(167)bp
(329)bp
149bp
196bp
Source: Company, MOFSL
Exhibit 18: Quarterly category-wise performance
Source: Company, Nielsen, MOFSL
3 February 2021
7
 Motilal Oswal Financial Services
Tata Consumer Products
Exhibit 19: Broad timelines and status of integration
Source: Company, MOFSL
Exhibit 20: India integration update – S&D impact
Source: Company, MOFSL
3 February 2021
8
 Motilal Oswal Financial Services
Tata Consumer Products
Exhibit 21: Acquisition of Kottaram Agro Foods Pvt
Source: Company, MOFSL
Exhibit 22: Value creation and synergies through acquisition
Source: Company, MOFSL
Highlights from the management call
India Beverages
India Packaged Beverages business recorded 46%/10% value/volume growth,
led by robust growth across most brands and market share gains.
NourishCo recorded 9% YoY revenue growth, in sharp acceleration from the 18%
decline in 2QFY21, driven by Tata Water Plus and Tata Gluco Plus.
TCP gained 94bp market share in the Tea business.
Tea prices are 25-30% higher as compared to last year and is likely to cool off
once the new crop comes into the market, i.e. by Apr-May’21. Thus, Tea prices
are likely to normalize by 1QFY22.
Segment margin for 3QFY21 was impacted by Tea inflation and competitive
pricing, but was offset by continued momentum in volume growth and growth
in market share.
India Foods business registered 19%/12% value/volume growth. This was the
third consecutive quarter of double-digit revenue growth across the Tata Salt
and Tata Sampann portfolio
India Foods
3 February 2021
9
 Motilal Oswal Financial Services
Tata Consumer Products
Tata Salt saw double-digit volume growth with the value-added salts portfolio
growing disproportionately. The Salt portfolio continued to gain market share
during 3QFY21.
Tata Sampann: Revenue is up 40% in 9MFY21. The portfolio grew in high
double-digits during 3QFY21, with in-home consumption normalizing.
Salt revenue grew 19% in 3QFY21, with double-digit volume growth.
The value-added Salt portfolio is up 2.7x YoY during 3QFY21.
EBIT margin expanded despite a doubling of advertising spend YoY.
Tata Sampann Poha grew 5x YoY on a low base.
The company acquired Kottaram Agro Foods Pvt for ~INR1.6b and future
consideration is linked to achievement of certain milestones
Kottaram has products that have an addressable market size of INR200b. The
same will touch INR400b in the next couple of years.
It reported INR390m in revenue in FY20.
There is significant scope to expand distribution - 15,000 outlets (Soulfull) v/s
TCP’s 2.4m.
A definitive agreement has been signed and post-closing activities will be
completed by 4QFY21.
Integration of its Food business is expected to get completed by 4QFY21. This
would enable better execution of the management strategic roadmap.
Tasks completed:
i) Distribution channel partner consolidation, and ii) Channel
partner digitization for urban distributors. Integration of India ERP is on track
and will go-live in 4QFY21
TCP has rationalized its distributor network and reduced it by 63%. Dedicated
sales representatives have increased by 30%. Rural feet on the street has
increased by 3x.
The company remains on track to achieve synergies of 2-3% of sales.
Topline grew 1% led by Vietnam Extractions business and Tea Plantations, which
helped offset the decline in the India Extractions business.
Plantations:
It saw robust value growth in Tea (better realization) and Pepper
(better volumes), while revenue growth in Coffee was lower.
Extractions:
Overall business declined 3% in value terms as the decline in
domestic revenue more than offset the growth in the Vietnam business. The
Extractions business was impacted by global shortages of shipping containers
and further lockdowns in Europe.
Vietnam plant is now operating ~93% capacity.
The management said that 92% of its stores are open.
Revenue is on an upward trajectory and stands ~90% of last year’s levels (77%
on a like-for-like basis).
The company said that non-metro cities are recovering faster.
In Dec’20, it returned to being EBITDA positive.
It opened 13 new stores and entered three new cities during 3Q, bringing the
FY21 YTD new store count to 24.
Acquisition
Food business Integration
Tata Coffee
Tata Starbucks
3 February 2021
10
 Motilal Oswal Financial Services
Tata Consumer Products
Dine-in capacity still at 50%, however the channel salience is returning to pre-
COVID levels.
Delivery channel is performing well, with customized activations on key
platforms.
Tata Starbucks celebrated completion of eight years in India with a total store
count of 209 at the end of Dec’20.
In constant currency, revenue/volume grew 1%/ 5%.
Discounter channel continues to be the key growth driver. There is also growth
in the online channel driven by COVID-19 led lockdowns.
Out of Home (OOH) and wholesale channels continue to remain under pressure
due to repeated lockdowns.
Good Earth Tea and Kombucha continue to see good traction, especially in the
e-commerce channel.
Tetley continues to grow in the rapidly growing segments of Decaf, F&H, and
Green Tea.
Improved profitability on account of strong overhead management and lower
trade promotion.
Coffee:
In constant currency, revenue/volumes grew 6%/7% – a strong uptick
from 2QFY21 when volumes declined.
Retail Coffee category is slowly returning to its long-term average growth rates.
e-commerce channel continues to grow at an accelerated pace.
Tea (excluding Empirical)
posts robust revenue growth (18%) against volume
growth of 22%.
Good Earth Sensorial Blends saw strong growth.
Growth in the Tea category continues to be driven by Specialty Tea.
The business saw exceptional revenue growth of 24% (constant currency), with
a volume growth of 19%, led by promotions and COVID-led lockdowns.
Tetley continues to be the No. 1 brand in the market, with both Regular and
Specialty Teas growing strongly during 3QFY21.
Specialty Tea sales were further boosted by the new Tetley Super 3.0 range.
The strong YoY growth in profitability was led by higher sales and strong control
on overheads.
India business grew 36%, led by: i) 43% growth in the India Packaged Beverages
business, with 10% volume growth; ii) 19% growth in the India Foods business
grew, with 12% volume growth; and iii) Sequential improvement in NourishCo’s
performance, with 9% revenue growth
Branded International business (excluding Foodservice) grew 13%, with an
underlying (constant currency) growth of 7%.
The company has exited the Coffee business in Australia, in line with its portfolio
rebalancing strategy.
At present, TCP has 2.4m outlets.
It has a net cash of INR15.5b as of Dec’20.
UK business
US business
Canada business:
Others
3 February 2021
11
 Motilal Oswal Financial Services
Tata Consumer Products
Valuation and view
Performance during 3QFY21 was impacted due to higher Tea prices, which led
to 570bp contraction in consolidated gross margin. The management expects
Tea prices to stabilize by 1QFY22 and thus ease down the pressure on gross
margin going forward.
In line with the Tata Group’s vision to participate in India’s consumption story,
TCP has entered into a share purchase agreement with Kottaram Agro Foods
Pvt, the brand owner of ‘Soulfull’ for INR1.56b (FY20 revenue of INR390m). The
tuck-in acquisition will enable TCP to have a wider play in the ‘Better for You’
product category, leveraging Kottaram’s expertise in millets such as ragi. Its
product portfolio straddles multiple consumption occasions - breakfast,
snacking, and mini-meals. Key synergies through this acquisition include: i)
Significant scope to expand distribution - 15,000 outlets (Soulfull) v/s TCP’s
2.4m, ii) Scope to unlock synergies in S&D, procurement, manufacturing, and
logistics, and iii) Addition of ‘TATA’ to strengthen the brand’s credential.
TCP has two strong legs in the India business – Tata Tea and Tata Salt – by which
it is targeting lower double-digit growth, driven by cross-selling between Tata
Chemicals and TCP’s distribution channels and expansion into new geographies.
TCP is building its third leg – Tata Sampann, which should grow in high double-
digits and deals in Pulses and Spices. The market size of Pulses/Spices in India
currently stands at INR1,500b/INR600b, with unorganized players forming
99%/70% of the market. Growth is expected by grabbing market share from
unorganized players with increasing distribution reach. Apart from the above,
TCP has launched nutrimixes (chilla),
poha,
and
chutney
in the ready-to cook
space, which should aid growth.
Over FY20-23E, we expect sales/EBITDA/PAT of 12%/20%/25% CAGR.
Factoring in its performance in 3QFY21, we decrease our FY21E EBITDA/adjusted
PAT estimates by 6%/2%, but maintain our FY22E/FY23E earnings estimates, and
arrive at an FY23E SoTP-based TP of INR661/share. Maintain
Buy.
FY23 EBITDA (INR)
7,134
439
3,223
7,640
2,519
Multiple (x)
32
10
12
32
10
EV (INR)
2,28,304
4,590
38,670
2,44,482
26,324
29,508
2,000
4
8,000
5,79,877
-29,096
6,08,973
922
661
Source: MOFSL
Exhibit 23: Valuation methodology
EV/EBITDA
India Tea (TCP Standalone)
Coffee India (excluding Starbucks) at 57%
Coffee Overseas
Consumer (Salt and others)
Overseas tea (Tetley UK)
DCF
Starbucks JV
Price/Sales
NourishCo (JV with Pepsi) and others
Enterprise value
Less: Net debt
Market value
No. of shares (m)
Target price)
Exhibit 24: Change in estimates
Earnings change
(INR m)
Revenue
EBITDA
Adjusted PAT
FY21E
1,13,761
16,801
9,895
Old
FY22E
1,21,030
19,400
11,908
FY23E
1,33,648
22,013
13,891
FY21E
1,14,262
15,839
9,701
New
FY22E
1,21,903
19,533
12,252
FY23E
1,34,666
22,152
14,273
FY21E
0%
-6%
-2%
Change
FY22E
FY23E
1%
1%
1%
1%
3%
3%
Source: MOFSL
3 February 2021
12
 Motilal Oswal Financial Services
Tata Consumer Products
Financials and valuations
Consolidated Income Statement
Y/E March
FY16
Net Sales
66,365
Change (%)
-17.0
Gross Profit
30,149
Margin (%)
45.4
Other operating exp.
23,606
EBITDA
6,543
Margin (%)
9.9
Depreciation
1,168
Net Interest
1,169
Other income
820
PBT before EO
5,026
EO income/(exp.)
-3,329
PBT after EO
1,698
Tax
2,000
Rate (%)
117.8
Minority and Associates
-247
Reported PAT
-55
Adjusted PAT
3,274
Change (%)
-13.3
Balance Sheet
Y/E March
FY16
Share Capital
631
Reserves
61,841
Net Worth
62,472
Minority Interest
8,618
Loans
13,541
Capital Employed
84,630
Gross Block
24,033
Less: Accum. Deprn.
14,511
Net Fixed Assets
9,523
Capital WIP
394
Goodwill and Intangibles
37,096
Investments
11,926
Curr. Assets
40,009
Inventories
16,290
Account Receivables
5,924
Cash and Bank Balance
6,744
Others
11,051
Curr. Liability and Prov.
13,532
Account Payables
6,773
Other liabilities
2,776
Provisions
3,983
Net Curr. Assets
26,477
Def. tax liability
786
Appl. of Funds
84,630
FY17
67,796
2.2
32,180
47.5
24,269
7,911
11.7
1,260
915
831
6,566
53
6,619
1,983
30.0
742
3,894
3,841
17.3
FY17
631
62,024
62,655
9,195
7,866
79,716
23,711
13,650
10,060
632
34,979
13,534
36,309
14,530
5,925
7,412
8,444
14,345
7,378
3,389
3,578
21,965
1,454
79,716
FY18
68,154
0.5
31,160
45.7
22,771
8,389
12.3
1,160
428
942
7,743
-211
7,531
1,859
24.7
717
4,956
5,167
34.5
FY18
631
69,685
70,316
10,090
10,676
91,082
25,424
15,181
10,244
1,352
37,235
6,431
49,343
14,483
6,483
18,067
10,310
13,525
7,057
3,562
2,906
35,818
-3
91,082
FY19
72,515
6.4
32,439
44.7
24,579
7,859
10.8
1,226
525
1,571
7,680
-333
7,347
2,609
35.5
656
4,082
4,415
-14.6
FY19
631
72,686
73,317
10,277
11,283
94,877
27,689
16,407
11,282
4,244
37,851
6,045
49,385
16,099
6,806
16,168
10,313
12,887
6,649
4,221
2,017
36,498
1,043
94,877
FY20
96,374
32.9
42,267
43.9
29,346
12,921
13.4
2,417
779
1,116
10,842
-2,748
8,094
2,742
33.9
754
4,598
7,345
66.4
FY20
922
1,37,227
1,38,149
10,925
11,825
1,60,898
59,111
18,824
40,288
954
73,338
4,893
65,258
17,120
9,224
24,550
14,364
20,799
9,440
8,603
2,756
44,459
3,033
1,60,898
FY21E
1,14,262
18.6
46,813
41.0
30,974
15,839
13.9
2,539
710
1,004
13,594
333
13,926
3,310
23.8
471
10,146
9,701
32.1
FY21E
922
1,44,055
1,44,977
10,952
11,825
1,67,754
60,611
21,362
39,249
954
73,338
4,450
75,988
23,479
10,869
27,277
14,364
23,191
11,832
8,603
2,756
52,797
3,033
1,67,754
FY22E
1,21,903
6.7
53,157
43.6
33,623
19,533
16.0
2,577
559
1,105
17,502
0
17,502
4,900
28.0
349
12,252
12,252
26.3
FY22E
922
1,52,658
1,53,579
10,983
9,325
1,73,888
62,611
23,939
38,672
954
73,338
4,132
83,808
25,049
11,595
32,800
14,364
23,982
12,623
8,603
2,756
59,825
3,033
1,73,888
(INR m)
FY23E
1,34,666
10.5
58,453
43.4
36,301
22,152
16.4
2,654
559
1,215
20,154
0
20,154
5,643
28.0
238
14,511
14,273
16.5
(INR m)
FY23E
922
1,60,849
1,61,770
11,020
9,325
1,82,114
64,611
26,593
38,018
954
73,338
3,930
94,211
28,617
12,809
38,421
14,364
25,304
13,945
8,603
2,756
68,908
3,033
1,82,114
3 February 2021
13
 Motilal Oswal Financial Services
Tata Consumer Products
Financials and valuations
Cash flow statement
Y/E March
EBITDA
Prov. and FX
WC
Others
Direct taxes (net)
CF from Op. Activity
Capex
FCFF
Interest/dividend
Investments in subs./assoc.
Others
CF from Inv. Activity
Borrowings
Finance cost
Dividend
Others
CF from Fin. Activity
(Inc.)/Dec. in Cash
Opening balance
Closing balance (as per B/S)
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Dividend yield (%)
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)
Debtor (Days)
Creditor (Days)
Inventory (Days)
Leverage Ratio (x)
Debt/Equity
FY16
6,543
-132
-2,719
-190
-2,342
1,160
-1,545
-385
697
-509
4,273
2,917
-796
-663
-1,871
512
-2,818
1,259
5,485
6,744
0
FY16
3.6
4.8
67.8
2.3
NA
1.9
162.0
119.4
8.5
7.8
78.7
1.9
-0.6
5.6
7.6
8.2
7.0
0.8
33
37
90
0.1
FY17
7,911
22
1,485
100
-2,106
7,412
-1,382
6,030
574
-280
2,503
1,415
-4,848
-615
-1,890
-805
-8,158
668
6,744
7,412
0
FY17
4.2
5.5
68.0
2.3
36.5
1.5
138.1
104.0
8.5
7.6
65.1
1.5
9.6
6.1
9.0
10.6
6.7
0.9
32
40
78
0.0
FY18
8,389
-14
-1,389
-438
-2,992
3,556
-3,588
-32
485
373
10,133
7,403
2,160
-282
-2,118
-65
-304
10,655
7,412
18,067
0
FY18
5.6
6.9
76.3
2.4
29.9
0.9
102.7
83.8
7.5
7.6
61.4
0.9
-0.1
7.8
9.4
11.7
6.7
0.7
35
38
78
-0.1
FY19
7,859
0
-2,347
-333
-2,609
2,571
-3,000
-429
1,571
0
0
-1,429
0
-525
-1,893
-623
-3,041
-1,899
18,067
16,168
0
FY19
4.8
6.1
79.6
2.5
38.7
1.2
120.1
94.0
7.2
7.1
65.5
1.2
-0.7
6.1
8.6
9.8
6.4
0.8
34
33
81
-0.1
FY20
12,921
0
-649
1,292
-2,742
10,822
-1,500
9,322
1,116
0
0
-384
0
-779
-2,986
1,709
-2,056
8,382
16,168
24,550
0
FY20
8.0
10.6
149.9
2.7
54.1
0.9
72.2
54.3
3.8
5.3
39.9
0.9
10.1
6.9
8.5
11.5
2.4
0.6
35
36
65
-0.1
FY21E
15,839
0
-5,611
333
-3,310
7,251
-1,500
5,751
1,004
0
0
-496
0
-710
-3,318
0
-4,028
2,727
24,550
27,277
0
FY21E
10.5
13.3
157.3
3.0
27.2
1.4
54.7
43.3
3.7
4.5
32.5
1.4
6.2
6.9
8.4
11.1
2.9
0.7
35
38
75
-0.1
FY22E
19,533
0
-1,506
0
-4,900
13,127
-2,000
11,127
1,105
0
0
-895
-2,500
-559
-3,650
0
-6,709
5,523
27,277
32,800
0
FY22E
13.3
16.1
166.6
3.3
24.8
1.6
43.3
35.8
3.5
4.2
26.4
1.6
12.1
8.2
10.4
12.5
3.2
0.7
35
38
75
-0.2
FY23E
22,152
0
-3,461
0
-5,643
13,048
-2,000
11,048
1,215
0
0
-785
0
-559
-6,083
0
-6,642
5,621
32,800
38,421
0
FY23E
15.5
18.4
175.5
5.5
34.9
2.6
37.2
31.3
3.3
3.8
23.2
2.6
12.0
9.1
11.5
14.3
3.5
0.7
35
38
78
-0.2
3 February 2021
14
 Motilal Oswal Financial Services
Tata Consumer Products
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
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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”,
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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
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
3 February 2021
15
 Motilal Oswal Financial Services
Tata Consumer Products
********************************************************************************************************************************
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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