16 February 2021
3QFY21 Results Update | Sector: Utilities
NHPC
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)
NHPC IN
10,045
253.6 / 3.5
26 / 15
-4/-15/-19
164
CMP: INR25
TP: INR26 (+3%)
Neutral
Profits boosted by tariff order gains
Capex run-rate increasing; maintain Neutral
Financials & Valuations (INR b)
Y/E MARCH
2020 2021E 2022E
Sales
EBITDA
Adj. PAT
EBITDA Margin (%)
Cons. Adj. EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
Ratios
Net D:E
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
Div. Yield (%)
FCF Yield (%)
8.8
0.8
9.0
5.9
-1.5
8.8
0.8
8.4
4.8
1.1
8.4
0.7
8.4
5.1
-3.3
0.7
9.2
7.3
77.8
0.7
9.0
6.5
41.7
0.8
8.9
6.7
43.4
100.1 106.9 112.5
54.9
28.7
54.9
2.9
10.7
31.2
61.3
28.9
57.3
2.9
0.5
32.7
65.4
30.1
58.1
3.0
4.3
34.3
NHPC’s results highlight the benefit of cost approval for its TLDP-IV project,
resulting in the doubling of profits on a YoY basis. Adjusted for one-offs, S/A
PAT declined 9% YoY to INR3.7b on lower generation.
The capex run-rate is expected to increase on account of investments in
new projects. However, their commissioning remains 4–5 years away –
implying FCF/RoEs would be dragged down in the near term. Maintain
Neutral,
with TP of INR26/sh.
NHPC’s 3QFY21 standalone adjusted PAT declined 9% YoY at INR3.7b (v/s
est. INR3.3b) on lower generation, partly offset by higher other income.
Profits have been adjusted for a) INR5.7b gains on the tariff order for Teesta
IV, b) an INR1.34b provision related to the Tawang-II project, and c)
damages related to Sewa. Reported profits doubled YoY to INR8.1b (v/s
INR4b in the previous year). Other income rose to INR1.6b (v/s INR0.6b in
3QFY20).
Generation at NHPC’s standalone plants is estimated to have declined ~17%
YoY to 3.7BU in 3QFY21 (based on CEA data).
Incentives were down 16% YoY to INR1.6b on account of lower PAF and
secondary energy incentives. PAF incentives for the quarter were down 18%
YoY to INR0.8b; secondary energy incentives were down 27% YoY to
INR0.5b. Deviation income, on the other hand, rose 14% YoY to INR0.4b.
NHPC noted it expects to incur capex of INR54b for FY21. Furthermore, it
expects FY22 capex to increase to INR81b. This includes ~INR20b related to
solar projects.
It has maintained its commissioning timelines for Subansiri and expects this
to be completed by FY24. The co. expects the Parbati project to be
commissioned by 2HFY22.
Trade receivables declined to INR42b at the end of 3QFY21, from INR50b at
the end of 2QFY21. They have since declined further to INR28b (thus far).
The resumption of works at Lower Subansiri remains a positive, but
progress on the same needs to be monitored. In the past, agitation by locals
has impacted construction activity. Moreover, the commissioning of the
project is still some time away (FY24 as per the management).
The capex run-rate, on the other hand, is expected to increase as the
company invests in / explores new projects – which would reduce FCF and
drag down RoEs in the near term. NHPC’s regulated equity growth – a key
driver of earnings – would be muted over the next few years. We maintain
Neutral, with DCF-based TP of INR26/sh.
Profits boosted by TLDP-IV order
Management commentary
Shareholding pattern (%)
As On
Dec-20 Sep-20
Promoter
71.0
71.0
DII
14.5
14.4
FII
4.0
4.3
Others
10.6
10.4
FII Includes depository receipts
Dec-19
73.1
12.2
4.7
10.0
Capex run-rate to remain drag on RoEs
;
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com)
13 February 2020
1
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
NHPC
Quarterly performance (standalone) – INR m
Y/E March
Net Sales
YoY Change (%)
EBITDA
Depreciation
Interest
Other Income
Rate regulated activity
PBT before EO expense
Extra-Ord expense
PBT
Tax
Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
1Q
24,213
13.7
15,040
3,866
2,366
872
1,989
11,668
0
11,668
2,857
24
8,811
8,811
19.5
FY20
2Q
3Q
4Q
26,054 17,951 19,136
4.4
14.2
30.9
15,780 9,278 5,594
3,857 3,873 3,858
2,521 1,556 1,512
4,992
649 3,850
1,024
17
407
15,418 4,515 4,481
0
0
0
15,418 4,515 4,481
2,023
478
652
13
11
15
13,395 4,037 3,829
13,395 4,037 3,829
9.9 121.6
na
1Q
25,189
4.0
14,207
3,303
1,467
860
352
10,649
-1,850
8,799
1,574
18
7,225
9,075
3.0
FY21
2Q
3Q
4QE
25,540 15,171 27,751
-2.0
-15.5
45.0
15,728 7,767 13,756
3,332 3,349 5,936
1,462 1,417 4,943
4,261 1,643 2,474
361
417
227
15,556 5,060 5,578
0 4,392
0
15,556 9,453 5,578
2,571 1,372 1,770
17
15
32
12,985 8,081 3,808
12,985 3,689 3,808
-3.1
-8.6
-0.5
FY20
87,354
13.9
45,691
15,453
7,954
10,362
3,436
36,082
0
36,082
6,010
17
30,072
30,072
40.4
FY21 var.
3QE (%)
93,651
17,754
-15
-1.1
51,458
8,971
-13
15,919
3,990 -16
9,289
1,818 -22
9,238
579 184
1,356
361
36,844
4,103
23
2,542
0
39,386
4,103
130
7,286
759
19
19
32,100
3,344
142
29,557
3,344
10
-1.7
-17.2
Source: MOFSL, Company
FY21
Conference call takeaways
For 3QFY21, PAF incentives stood at INR0.75b (v/s INR0.9b in 3QFY20) and
deviation income stood at INR0.4b (v/s INR0.35b in 3QFY20).
The co. expects incremental annual revenue of INR1.2b from the cost approval
of Teesta IV.
Works at Subansiri have resumed, and the co. would look to commission one
unit by Aug’2022 and fully commission the project by Aug’23.
The co. expects the Parbati project to be commissioned by 2HFY22.
For Subansiri, the co. has signed a PPA with DISCOMs – except for 130MW with
Delhi, which is being pursued. For Parbati-II, capacity is fully tied up under PPA.
The co. has kept the Tawang II project on hold due to poor response from the
state government.
Trade receivables stood at INR42b at the end of 3QFY21, but have since come
down to INR28b (thus far).
The company’s capex plans are as follows:
For FY21, capex of INR54b is expected. This includes allocations of INR13b,
INR21b, INR3b, and INR 14b toward the Parbati-II, Subansiri Lower,
Kishanganga, and Dibang projects, respectively. The co. has allotted INR0.8b
toward solar projects.
For FY22, capex of INR82b is expected. This includes allocations of INR11b,
INR24b, INR6b, and INR4b toward the Parbati-II, Subansiri Lower, Dibang, and
Teesta-IV projects, respectively. The co. has also allotted INR4.6b toward solar
projects and another INR16b toward projects under the CPSE scheme.
Valuation and view
The resumption of works at Lower Subansiri remains a positive, but progress on
the same needs to be monitored. In the past, agitation by locals has impacted
construction activity. Moreover, the commissioning of the project is still some
time away (FY24 as per the management).
The capex run-rate, on the other hand, is expected to increase as the company
invests in / explores new projects – which would reduce FCF and drag down
RoEs in the near term. NHPC’s regulated equity growth – a key driver of earnings
– would be muted over the next few years. We maintain Neutral, with DCF-
based TP of INR26/sh.
16 February 2021
2
 Motilal Oswal Financial Services
NHPC
Financials and valuations
Income statement
Y/E March
Net Sales
Change (%)
Total Expenses
EBITDA
% of Net Sales
Depn. & Amortization
EBIT
Net Interest
Other income
Rate regulated
PBT before EO
EO expense
PBT after EO
Tax
Rate (%)
Reported PAT
Minority, JV & Asso.
Adjusted PAT
Change (%)
2017
86,231
3.2
37,798
48,433
56.2
14,618
33,816
10,734
15,038
7,188
45,307
0
45,307
10,531
23.2
34,776
-4,482
30,294
16.4
2017
102,593
187,555
290,148
33,822
192,267
16,653
532,891
353,055
130,784
222,271
175,876
0
10,200
193,424
1,008
18,540
34,725
139,152
68,881
1,576
67,305
124,544
532,891
2018
77,512
-10.1
35,494
42,018
54.2
14,791
27,227
9,226
11,014
7,362
36,376
0
36,376
8,629
23.7
27,748
-2,709
25,039
-17.3
2018
102,593
197,586
300,179
29,349
186,021
17,109
532,658
255,977
44,204
211,772
190,871
0
11,248
189,985
1,047
13,460
33,191
142,287
71,219
1,838
69,381
118,767
532,658
2019
89,829
15.9
39,830
49,999
55.7
16,580
33,420
8,951
8,639
8,434
41,542
0
41,542
13,236
31.9
28,306
-2,349
25,956
3.7
2019
100,450
207,528
307,978
28,685
190,658
47,207
574,528
310,216
60,450
249,766
150,368
0
12,829
254,292
1,252
28,380
22,453
202,207
92,727
1,963
90,764
161,565
574,528
2020
100,081
11.4
45,139
54,941
54.9
16,140
38,801
7,960
7,686
-2,405
36,122
0
36,122
2,905
8.0
33,217
-4,471
28,746
10.7
2020
100,450
213,256
313,706
27,639
232,231
42,291
615,867
320,779
76,760
244,019
171,804
0
13,977
278,906
1,266
38,164
16,933
222,543
92,839
3,167
89,672
186,068
615,867
2021E
106,943
6.9
45,670
61,273
57.3
16,479
44,794
9,295
6,963
1,356
43,818
2,542
41,276
10,788
26.1
30,488
-4,150
28,880
0.5
2021E
100,450
227,539
327,989
28,050
252,274
42,291
650,604
320,779
93,239
227,539
225,457
0
14,007
276,439
1,266
31,138
20,135
223,899
92,839
3,167
89,672
183,600
650,604
2022E
112,495
5.2
47,126
65,369
58.1
16,479
48,890
12,323
6,502
1,356
44,425
0
44,425
10,401
23.4
34,024
-3,914
30,110
4.3
2022E
100,450
244,590
345,040
28,225
279,028
42,291
694,585
320,779
109,718
211,060
291,420
0
14,037
270,905
1,266
29,896
14,487
225,256
92,839
3,167
89,672
178,067
694,585
(INR m)
2023E
132,027
17.4
48,654
83,373
63.1
21,678
61,695
18,234
6,129
1,356
50,947
0
50,947
11,599
22.8
39,348
-3,839
35,509
17.9
Balance sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Goodwill
Investments
Curr. Assets
Inventories
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions & Others
Net Curr. Assets
Appl. of Funds
(INR m)
2023E
100,450
265,031
365,482
28,325
289,401
42,291
725,499
420,750
131,396
289,354
241,437
0
14,068
273,480
1,266
35,239
10,362
226,612
92,839
3,167
89,672
180,641
725,499
16 February 2021
3
 Motilal Oswal Financial Services
NHPC
Financials and valuations
Ratios
2017
Basic (INR)
EPS
growth
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margins (%)
Net Profit Margins (%)
RoE
RoCE (post-tax)
RoIC (post-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Payables (Days)
3.0
25.6
4.4
28.3
1.8
98.9
9.9
6.7
1.04
10.2
6.1
56.2
35.1
10.0
7.0
8.3
0.4
0.2
4
78
7
2018
2.4
-17.3
3.9
29.3
1.4
55.1
10.3
6.5
0.9
10.5
5.5
54.2
32.3
8.5
5.6
6.8
0.4
0.1
5
63
9
2019
2.6
5.9
4.2
30.7
1.5
44.3
9.8
6.0
0.8
9.0
5.8
55.7
28.9
8.5
5.2
6.6
0.4
0.2
5
115
8
2020
2.9
10.7
4.5
31.2
1.5
77.8
8.8
5.7
0.8
9.0
5.9
54.9
28.7
9.2
7.3
8.9
0.4
0.2
5
139
12
2021E
2.9
0.5
4.5
32.7
1.2
41.7
8.8
5.6
0.8
8.4
4.8
57.3
27.0
9.0
6.5
8.2
0.5
0.2
4
106
11
2022E
3.0
4.3
4.6
34.3
1.3
43.4
8.4
5.4
0.7
8.4
5.1
58.1
26.8
8.9
6.7
9.8
0.5
0.2
4
97
10
2023E
3.5
17.9
5.7
36.4
1.5
42.4
7.1
4.4
0.7
6.7
5.9
63.1
26.9
10.0
7.9
11.4
0.5
0.2
4
97
9
Cash flow statement
Y/E March
EBITDA
WC
Others
Direct taxes (net)
CF from Op. Activity
Capex
Interest income
Investments
Others
CF from Inv. Activity
Share capital
Borrowings
Finance cost
Dividend
Others
CF from Fin. Activity
(Inc)/Dec in Cash
Opening balance
Closing balance
2017
48,433
35,873
12,818
-10,808
86,317
-15,870
7,024
-9,799
-18,645
-26,259
-8,364
-13,912
-32,737
131
-81,141
-13,470
72,847
59,377
2018
42,018
6,409
10,852
-8,301
50,978
-15,673
4,167
-2,377
-13,883
0
43,550
-11,440
-22,310
-48,429
-38,629
-1,534
34,725
33,191
2019
49,999
-12,044
6,279
-8,772
35,463
-10,853
3,125
-12,325
-20,053
-6,062
25,880
-12,151
-15,267
-18,547
-26,148
-10,738
33,191
22,453
2020
54,941
-20,394
5,911
-7,939
32,519
-36,312
2,671
1,177
-32,464
0
60,157
-13,326
-28,974
-17,740
117
171
22,453
22,624
2021E
61,273
7,026
-1,186
-10,788
56,325
-53,653
6,963
-1,356
-48,047
0
20,043
-9,295
-15,824
0
-5,076
3,202
16,933
20,135
2022E
65,369
1,242
1,356
-10,401
57,566
-65,963
6,502
-1,356
-60,817
0
26,755
-12,323
-16,828
0
-2,397
-5,648
20,135
14,487
(INR m)
2023E
83,373
-5,343
1,356
-11,599
67,788
-49,988
6,129
-1,356
-45,215
0
10,373
-18,234
-18,837
0
-26,698
-4,125
14,487
10,362
16 February 2021
4
 Motilal Oswal Financial Services
NHPC
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
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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
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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.
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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
16 February 2021
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 Motilal Oswal Financial Services
NHPC
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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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