8 February 2021
3QFY21 Results Update | Sector: Infrastructure
Ashoka Buildcon
Buy
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)
CMP: INR104
TP: INR145 (+38%)
Execution in line; healthy order book visibility augurs well
Labor availability and execution back to pre-COVID levels
ASBL IN
281
29.3 / 0.4
117 / 37
5/45/-33
120
Financials & Valuations (INR b)
Y/E Mar
2020 2021E 2022E
Sales
39.4
37.8
43.4
EBITDA
5.9
4.9
5.2
PAT
3.9
3.7
3.1
EBITDA (%)
14.9
13.1
12.0
EPS (INR)
13.8
13.2
11.2
EPS Gr. (%)
20.2
(4.6) (15.0)
BV/Sh. (INR)
92.6 104.4 114.5
Ratios
Net D/E
0.1
0.2
0.2
RoE (%)
16.1
13.4
10.2
Adverse revenue mix affects operating profit
RoCE (%)
14.0
12.4
9.9
3QFY21 revenue was flat YoY at INR9.8b, in line with our estimate. EBITDA
Payout (%)
0.0
10.0
10.0
came in at INR1.1b, down 15% YoY (12% below our expectation). EBITDA
Valuations
margin stood at 10.8% (-180bp YoY) due to an adverse mix of projects
P/E (x)
7.6
7.9
9.3
executed. PBT was flat YoY at INR1.1b, owing to lower depreciation and
P/BV (x)
1.1
1.0
0.9
EV/EBITDA (x)
5.6
7.3
6.6
interest cost and higher other income. Adjusted PAT stood at INR856m, flat
Div Yield (%)
-
1.3
1.1
YoY (19% above our estimate).
FCF Yield (%)
23.3
5.6
6.7
ASBL’s 3QFY21 revenue came in flat YoY, in line with our estimate. Revenue
would have been higher as execution of three projects was delayed and
shifted to 4QFY21. EBITDA stood 15% below our estimate as an adverse
revenue mix led to 180bp YoY decline in EBITDA margin (120bp below our
expectation). As a result of lower depreciation and interest cost, coupled
with higher other income, adjusted PAT stood flat YoY at INR856m and was
19% above our estimate.
ASBL received a large EPC order worth INR5b in the solar segment. Execution
will be completed in 3-4 years, with EBITDA margin expected to be in 10-
11% range. Order book stood strong at INR91.5b, up 13% YoY, with an OB-
to-revenue ratio at 2.6x.
Strong execution over the past two years is commendable. However, the
pending PE exit in the asset portfolio is an overhang on the stock. We have
increased our FY21E EPS by 7% on higher other income. Strong order book
and continuous improvement in the Balance Sheet augurs well for ASBL.
Maintain
Buy
with a revised TP of INR145/share (v/s INR125/share earlier).
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Highlights from the management commentary
Dec-20 Sep-20 Dec-19
54.5
54.5
54.3
27.6
27.4
32.8
3.2
3.2
3.7
14.6
15.0
9.2
FII Includes depository receipts
EBITDA margin is expected to be ~11-11.5% based on the current order book
and the relevant inflation rate factored in.
On asset monetization, the management said substantial diligence is over
and ASBL has received binding offers from potential investors. It expects
negotiations to close in a couple of weeks and closure of documents by
Mar’21 end. A large part of the monetization proceeds will be utilized to
grow the EPC business.
ASBL is targeting INR50-60b worth of order inflows in FY22.
ASBL’s strong execution over the past two years has been a surprise.
However, the pending exit of the private equity investor in asset portfolio is
an overhang on the stock. We have increased our FY21E EPS by 7% on
account of higher other income.
Strong order book and continuous improvement in the Balance Sheet augurs
well for ASBL. Our TP of INR145/share (v/s INR125/share earlier) is based on
the SoTP methodology. We value the: a) EPC business at 6x Mar’23E EPS,
and b) BOT business on a NPV basis. At the CMP, adjusted for the valuation
of the BOT business, the stock is trading at FY22E/FY23E P/E of 4.4x/3.6x.
Maintain
Buy.
Valuation and view
Nilesh Bhaiya – Research Analyst
(Nilesh.Bhaiya@MotilalOswal.com)
Pratik Singh – Research Analyst
(Pratik.Singh@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Ashoka Buildcon
Quarterly performance
Y/E March
Net Sales
YoY Change (%)
EBITDA
Margin (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
Adj. PAT
YoY Change (%)
Margin (%)
(INR m)
3QFY21E Var.
%
10,000 -1.9
1.7
1,200 -12.1
12.0
220
220
200
960 17.6
242
25.2
718 19.3
718 19.3
-16.1
7.2
1Q
8,768
30.4
1,095
12.5
266
214
342
957
310
32.4
647
647
22.8
7.4
FY20
2Q
8,223
7.6
1,229
14.9
271
231
392
1,118
391
35.0
727
727
17.1
8.8
3Q
9,836
-7.7
1,243
12.6
283
200
369
1,129
274
24.2
855
855
-16.1
8.7
4Q
12,548
-4.0
2,289
18.2
290
209
346
2,136
493
23.1
1,642
1,642
56.0
13.1
1Q
5,724
-34.7
819
14.3
223
166
483
913
222
24.4
691
691
6.8
12.1
FY21
2Q
8,775
6.7
1,309
14.9
218
197
498
1,393
346
24.8
1,047
1,047
44.0
11.9
3Q
9,807
-0.3
1,055
10.8
216
183
473
1,129
272
24.1
856
856
0.1
8.7
4QE
13,483 39,374 37,789
7.5
3.4
-4.0
1,753
5,856
4,936
13.0
14.9
13.1
252
1,111
908
248
855
794
246
1,449
1,701
1,499
5,340
4,934
401
1,468
1,242
26.8
27.5
25.2
1,098
3,871
3,692
1,098
3,871
3,692
-33.1
20.2
-4.6
8.1
9.8
9.8
FY20
FY21E
Story in charts
Exhibit 1: Order book break-up (INR91.5b; OB-to-revenue
ratio at 2.6x)
Railways
8%
Power T&D
16%
Road - EPC
33%
2.3
1.7
Exhibit 2: Order book and order inflow trend (INR b)
Order book
3.7
2.6
2.3
2.2
2.4
2.1
Order inflow
OB/Rev
1.7
Road -
BOT/HAM
43%
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 3: Expect 13% CAGR in EPC revenue over FY21-23E
EPC revenue (INR b)
58%
26%
-2%
5%
21%
15%
-5%
11%
YoY
Exhibit 4: Net WC to remain under control given the decline
in proportion of external orders from the peak of FY16
External orders as % of OB
Net working capital as % of sales
18%
4%
-5%
3%
-14%
26%
17%
14%
6%
8%
6%
6%
18
18
19
23
36
38
36
42
46
Source: MOFSL, Company
Source: MOFSL, Company
8 February 2021
2
 Motilal Oswal Financial Services
Ashoka Buildcon
Exhibit 5: Standalone earnings to remain flat over FY21-23E
Net profit (INR b)
19% 19%
1%
29%
9%
36%
YoY
20%
-5%
-15%
Exhibit 6: Standalone leverage to remain under control
(x)
0.4
0.3
0.2
0.2
0.1 0.1
0.1
0.4
Net D/E
0.4
0.2
0.2
0.1
13%
15%
Source: MOFSL, Company
Source: MOFSL, Company
Valuation and view
Robust order book provides strong visibility on EPC revenue:
The current order
book remains strong at INR91.5b. Book-to-bill ratio has further improved to
2.6x, indicating strong revenue visibility for more than two years.
Strong Balance Sheet augurs well for the company:
In FY20, net debt-to-equity
at the standalone level stood at 0.1x. ASBL is well placed to fund its equity
commitment. We expect net debt to remain at 0.2x/0.1x for FY22E/FY23E,
making it one of the strongest road players in the sector.
Favorable valuation:
Adjusting for the valuation of its BOT assets, the stock is
trading at FY21E/FY22E P/E of 4.4x/3.6x. While the pending exit of the private
equity investor in the asset business is an overhang on the stock, it provides an
attractive entry point.
Maintain Buy:
We have increased our FY21E EPS by 7% on higher other income.
Strong order book and continuous improvement in the Balance Sheet augurs
well for ASBL. Our TP of INR145/share (v/s INR125/share earlier) is based on the
SoTP methodology. We value the:
a)
EPC business at 6x Mar’23E EPS, and
b)
BOT business on a NPV basis. At the CMP, adjusted for the valuation of the BOT
business, the stock is trading at FY22E/FY23E P/E of 4.4x/3.6x. Maintain
Buy.
8 February 2021
3
 Motilal Oswal Financial Services
Ashoka Buildcon
Financials and valuations
Income Statement
Y/E March
Total Revenue
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Interest
Other income
Exceptional items
PBT
Tax
Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash and Bank Balance
Loans and Advances
Other Assets
Current Liab. and Prov.
Current Liabilities
Provisions
Net Current Assets
Application of Funds
FY18
24,463
19.2
2,934
12.0
532
2,402
485
978
0
2,894
524
18.1
2,370
2,370
28.8
9.7
FY18
936
18,327
19,263
2,991
-349
21,905
4,861
2,687
2,174
150
13,182
23,414
1,459
10,117
1,235
4,035
6,568
17,015
16,411
604
6,399
21,905
FY19
38,094
55.7
5,040
13.2
763
4,277
907
1,157
-358
4,169
1,307
31.4
2,862
3,220
35.8
8.5
FY19
1,404
20,717
22,120
9,782
-518
31,384
7,206
3,407
3,799
55
12,831
35,883
1,527
15,513
550
8,927
9,366
21,183
20,484
700
14,699
31,384
FY20
39,374
3.4
5,856
14.9
1,111
4,745
855
1,449
0
5,340
1,468
27.5
3,871
3,871
20.2
9.8
FY20
1,404
24,586
25,989
6,409
-475
31,923
8,009
4,518
3,491
95
13,224
35,835
1,534
14,440
2,911
9,866
7,084
20,721
19,818
903
15,114
31,923
FY21E
37,789
-4.0
4,936
13.1
908
4,028
794
1,701
0
4,934
1,242
25.2
3,692
3,692
-4.6
9.8
FY21E
1,404
27,909
29,312
7,409
-475
36,246
8,509
5,427
3,082
95
18,657
34,335
1,472
15,530
668
9,866
6,799
19,923
19,021
903
14,411
36,246
FY22E
43,435
14.9
5,227
12.0
1,018
4,208
881
869
0
4,196
1,056
25.2
3,140
3,140
-15.0
7.2
FY22E
1,404
30,735
32,138
7,909
-475
39,572
10,009
6,445
3,564
95
18,657
40,021
1,692
17,850
2,797
9,867
7,815
22,765
21,862
903
17,256
39,572
(INR m)
FY23E
48,320
11.2
5,819
12.0
1,183
4,636
794
966
0
4,808
1,210
25.2
3,598
3,598
14.6
7.4
(INR m)
FY23E
1,404
33,972
35,376
5,909
-475
40,810
11,509
7,629
3,880
95
18,657
43,401
1,882
19,858
3,100
9,867
8,694
25,224
24,321
903
18,177
40,810
8 February 2021
4
 Motilal Oswal Financial Services
Ashoka Buildcon
Financials and valuations
Ratios
Y/E March
Basic (INR)
Adj. EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Price/Book Value
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
ROIC
Working Capital Ratios
Fixed Asset Turnover (x)
Total Asset Turnover (x)
Inventory (Days)
Debtors (Days)
Leverage Ratio
Current Ratio
Interest Coverage Ratio
Net Debt/Equity (x)
Cash Flow Statement
Y/E March
PBT before EO Items
Depreciation
Interest and other charges
Direct Taxes Paid
(Inc.)/Dec. in WC
Others
CF from Operations
(Inc.)/Dec. in FA
Free Cash Flow
(Pur.)/Sale of Investments
Others
CF from Investments
(Inc.)/Dec. in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc./Dec. in Cash
Add: Beginning Balance
Closing Balance
FY18
8.4
10.3
68.6
1.0
13.8
12.4
1.5
10.6
1.0
12.6
13.0
12.9
28.2
5.0
1.1
22
151
1.4
4.9
0.1
FY18
2,894
532
6
-789
2,415
-74
4,985
-1,446
3,538
-2,547
633
-3,360
386
-389
-181
-845
-1,028
596
638
1,234
FY19
11.5
14.2
78.8
1.0
11.4
9.1
1.3
7.6
1.0
-5.6
15.6
13.8
23.2
5.3
1.2
15
149
1.7
4.7
0.4
FY19
4,169
763
92
-1,176
-4,454
682
75
-1,639
-1,564
-4,050
235
-5,455
5,660
-778
-150
-37
4,695
-685
1,234
550
FY20
13.8
17.7
92.6
0.0
0.0
7.6
1.1
5.6
0.0
24.3
16.1
14.0
20.5
4.9
1.2
14
134
1.7
5.6
0.1
FY20
5,340
1,111
-437
-1,414
2,069
743
7,413
-579
6,833
-435
438
-576
-3,612
-750
0
-114
-4,475
2,361
550
2,911
FY21E
13.2
16.4
104.4
1.3
10.0
7.9
1.0
7.3
1.3
5.9
13.4
12.4
18.5
4.4
1.0
14
150
1.7
5.1
0.2
FY21E
4,934
908
794
-1,242
-1,541
-1,701
2,154
-500
1,654
-5,434
1,701
-4,233
1,000
-794
-369
0
-164
-2,243
2,911
667
FY22E
11.2
14.8
114.5
1.1
10.0
9.3
0.9
6.6
1.1
7.0
10.2
9.9
18.1
4.3
1.1
14
150
1.8
4.8
0.2
FY22E
4,196
1,018
881
-1,056
-715
-869
3,456
-1,500
1,956
0
869
-631
500
-881
-314
0
-695
2,130
667
2,797
FY23E
12.8
17.0
126.0
1.3
10.0
8.1
0.8
5.5
1.2
8.9
10.7
10.3
18.8
4.2
1.2
14
150
1.7
5.8
0.1
(INR m)
FY23E
4,808
1,183
794
-1,210
-619
-966
3,991
-1,500
2,491
0
966
-534
-2,000
-794
-360
0
-3,154
303
2,797
3,100
8 February 2021
5
 Motilal Oswal Financial Services
Ashoka Buildcon
NOTES
8 February 2021
6
 Motilal Oswal Financial Services
Ashoka Buildcon
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
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
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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
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on
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. 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
********************************************************************************************************************************
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
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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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