22 February 2021
Company Update | Sector: Utilities
Torrent Power
BSE SENSEX
50,890
S&P CNX
14,982
CMP: INR379
TP: INR437 (+15%)
Buy
Expanding its distribution presence
Torrent Power (TPW) has emerged as the highest bidder for the acquisition
of 51% stake in Distribution companies (DISCOMs) of the Union Territories
of Daman & Diu and Dadra & Nagar Haveli. The takeover would be subject
to completion of certain formalities, as per the management.
The move does not catch us by surprise and is in line with the
management’s strategy of increasing its presence within the Distribution
space. With a healthy Balance Sheet (net debt-to-equity less than 1x) and
strong expertise, the company is well armed to capitalize on privatization
opportunities within this space.
Media reports suggest TPW’s bid of INR5.55b for the acquisition. Based on
the current regulated equity base of the two DISCOMs and regulated RoEs
of 16%, the bid appears on the higher side. We await clarity on the same.
The company has been an efficient operator in its existing circles in Gujarat,
with a strong reduction in AT&C losses and ability to generate returns
higher than regulated RoEs.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
TPW IN
481
175.3 / 2.4
385 / 240
9/-30/-7
485
46.4
Financials & Valuations (INR b)
Y/E MARCH
2020 2021E 2022E
Sales
136.4 134.5 140.7
EBITDA
35.6 32.7 37.8
Adj. PAT
13.5 10.8 14.9
EBITDA Margin (%)
26.1 24.3 26.9
Adj. EPS (INR)
28.0 22.6 30.9
EPS Gr. (%)
49.7 -19.4 37.1
BV/Sh. (INR)
190.5 208.9 231.6
Ratios
RoE (%)
14.9 11.3 14.0
RoCE (%)
9.6
8.8 10.6
Payout (%)
41.4 28.8 26.7
Valuations
P/E (x)
9.7 16.8 12.2
P/BV (x)
1.4
1.8
1.6
EV/EBITDA(x)
5.9
7.7
6.4
Div. Yield (%)
4.3
1.7
2.2
FCF Yield (%)
12.6 11.2
9.4
Shareholding pattern (%)
As On
Dec-20 Sep-20
Promoter
53.6
53.6
DII
19.5
19.4
FII
9.1
9.1
Others
17.9
17.9
FII Includes depository receipts
Stock Performance (1-year)
Torrent Power
550
Sensex - Rebased
Steady circles with less than 10% T&D losses and 4-5% demand growth
A look into the tariff filings indicate a steady circle – albeit with a high
industrial mix (over 90%). Aggregate T&D losses have been consistently
below 10% over the past five years. Demand in the two circles (including OA
sales) has risen by 4-5% CAGR.
Regulated RoEs stand at 16%, with gross fixed assets rising by 7% CAGR over
the past five years.
The pace of capitalization/regulated equity has seen some slowdown in
recent years. However, this could be due to some lumpy projects as capex
during the timeframe has been considerably higher.
Await details on the transaction
Media articles (see
here)
indicate that the company has bagged 51% stake
for INR5.55b. Given the: a) current regulated equity of INR2.2b in the two
circles, b) assuming a growth of 5-6%, and c) regulated RoEs of 16%, the bid
appears to be high, implying a value of 4.9x regulated equity.
However, clarity on this and details of its plan for the circles (initial
regulated equity base, capitalization growth and its funding, and AT&C
norms) are awaited. TPW has been an efficient operator in its existing
circles. Over the years, it has been able to reduce AT&C losses and earn
RoEs of ~16% at its Distribution licenses (v/s base RoEs of 14%).
We do not bake these into our estimates, with the actual takeover yet to take
place. Over the past few months, TPW has been taking consistent steps
towards leveraging its expertise (as well as Balance Sheet) within the
Renewable and Distribution space. While we keep a keen eye on details and
value accretion from these projects, the medium term story for existing
businesses remains intact. Demand and collections at its Distribution franchise
has recovered, and profitability is expected to bounce back in FY22. Its gas
plants remain well placed, with gas tie ups and the recent offtake of Unosugen
PPA. Continued capitalization within regulated Distribution would continue to
aid earnings. Maintain Buy with a SoTP based TP of
INR437/share.
Dec-19
53.6
19.9
8.1
18.4
400
250
100
;
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
Torrent Power
Exhibit 1: A key snapshot of the circles of Daman & Diu and Dadra & Nagar Haveli
FY15
Daman & Diu
Energy Sales (Incl. OA)
Power Purchase
T&D losses (indicative)
Regulated Equity
Capitalization
Capex
Gross Fixed Assets
Dadra & Nagar Haveli
Energy Sales (Incl. OA)
Power Purchase
T&D losses (indicative)
Regulated Equity
Capitalization
Capex
Gross Fixed Assets
Combined
Energy Sales (Incl. OA)
Power Purchase
T&D losses (indicative)
Regulated Equity
Capitalization
Capex
Gross Fixed Assets
MU
MU
%
INR m
INR m
INR m
INR m
1,942
2,215
12.3
NA
572
855
3,871
FY16
2,108
2,404
12.3
NA
619
288
4,490
FY17
2,214
2,513
11.9
420
655
486
5,342
FY18
2,377
2,606
8.8
782
553
506
5,877
FY19
2,434
2,669
8.8
842
198
480
6,075
FY20
2,529
2,790
9.3
872
100
265
6,175
CAGR/annual
capitalization
5.4
4.7
5.6
450
480
9.8
Five year CAGR
Five year CAGR
Two year CAGR
Avg. capitalization
Avg. annual capex
Five year CAGR
MU
MU
%
INR m
INR m
INR m
INR m
5,191
5,692
8.8
NA
33
572
3,898
5,523
6,050
8.7
NA
37
132
3,935
5,737
6,283
8.7
1,258
339
341
4,193
5,897
6,549
10.0
1,299
137
153
4,330
6,072
6,667
8.9
1,357
194
1,049
4,524
6,403
6,890
7.1
1,374
57
1,282
4,581
4.3
3.9
2.9
133
588
3.3
Five year CAGR
Five year CAGR
Two year CAGR
Avg. capitalization
Avg. annual capex
Five year CAGR
MU
MU
%
INR m
INR m
INR m
INR m
7,133
7,908
9.8
NA
605
1,426
7,769
7,631
8,453
9.7
NA
656
420
8,425
7,951
8,797
9.6
1,678
994
827
9,535
8,275
9,155
9.6
2,081
690
659
10,206
8,506
9,336
8.9
2,199
392
1,529
10,598
8,932
9,680
7.7
2,246
157
1,547
10,755
4.6
4.1
3.9
582
1,068
6.7
Five year CAGR
Five year CAGR
Two year CAGR
Avg. capitalization
Avg. annual capex
Five year CAGR
Source: JERC, MOFSL
Norm.
Debt
INR m
36,163
18,611
4,410
0
0
13,141
5,581
EV
INR m
120,624
61,897
18,693
7,231
4,285
22,937
5,581
Exhibit 2: SoTP valuation
FY23 basis
Reg. E
Equity
INR m
54,435
24,594
8,115
10,330
4,285
7,110
EBITDA
INR m
7,721
8,528
2,140
RoE
%
Growth
%
Multiple
x
(RoE-g)/(CoE-g)
1.8
1.8
0.7
1.0
1.4
Equity
Value
INR m
78,881
43,285
14,283
7,231
4,285
9,796
Regulated businesses
Distribution
Ahmedabad
Surat
Regulatory assets
Generation
Sabarmati
Sugen
UnoSugen
Others businesses
RE projects
Bhiwandi and Agra DFs
SMK DF
Sugen PPA efficiency earnings
Others
EV
Less: Net debt
MCap
No. of shares (m)
Value per share
16.0
16.0
5.0
5.0
14.0
15.5
0.0
0.0
7.5
7.5
4.5
57,905
63,958
5,541
9,631
257,660
47,455
210,205
481
437
Source: MOFSL
22 February 2021
2
 Motilal Oswal Financial Services
Torrent Power
Financials and valuations
Income Statement (INR m)
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depn. and Amortization
EBIT
Net Interest
Other income
PBT before EO
EO income/(cost)
PBT after EO
Tax
Rate (%)
Reported PAT
Minority and Associates
Adjusted PAT
Change (%)
FY17
100,536
-14.2
24,603
24.5
10,059
14,544
10,580
1,909
5,873
0
5,873
1,576
26.8
4,298
8
4,290
-52.7
FY18
115,121
14.5
31,171
27.1
11,315
19,856
8,482
2,636
14,010
0
14,010
4,489
32.0
9,521
98
9,423
119.7
FY19
131,510
14.2
31,995
24.3
12,265
19,730
8,989
1,896
12,636
0
12,636
3,598
28.5
9,038
49
8,989
-4.6
FY20
136,406
3.7
35,561
26.1
13,043
22,518
9,546
1,776
14,748
-10,000
4,748
-7,040
-148.3
11,789
47
13,458
49.7
FY21E
134,540
-1.4
32,686
24.3
12,821
19,865
8,001
1,533
13,397
1,860
15,257
3,204
21.0
12,053
50
10,849
-19.4
FY22E
140,679
4.6
37,807
26.9
13,395
24,412
6,611
1,582
19,382
0
19,382
4,458
23.0
14,925
50
14,875
37.1
FY23E
141,878
0.9
37,977
26.8
14,100
23,876
5,638
1,589
19,827
0
19,827
4,560
23.0
15,267
50
15,217
2.3
Balance Sheet (INR m)
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 and Prov.
Account Payables
Provisions and Others
Net Curr. Assets
Appl. of Funds
FY17
4,806
64,115
68,921
289
87,681
13,363
170,255
187,266
19,226
168,040
3,321
0
66
36,559
3,694
9,751
9,336
13,778
37,731
9,054
28,677
-1,172
170,255
FY18
4,806
72,389
77,195
359
92,981
14,799
185,334
209,170
30,463
178,707
3,925
0
1,923
41,335
4,549
11,305
9,982
15,500
40,556
7,534
33,023
779
185,334
FY19
4,806
84,896
89,702
374
97,152
15,654
202,882
222,767
42,628
180,139
3,593
0
2,876
58,933
6,270
12,297
9,549
30,817
42,659
8,998
33,661
16,274
202,882
FY20
4,806
86,729
91,535
356
88,705
5,528
186,124
241,719
66,026
175,693
5,676
0
1,160
53,702
5,982
12,798
8,879
26,044
50,106
11,476
38,630
3,596
186,124
FY21E
4,806
95,608
100,414
406
78,705
5,533
185,058
250,727
78,847
171,880
5,676
0
1,160
55,285
6,635
12,901
9,705
26,044
48,942
10,312
38,630
6,342
185,058
FY22E
FY23E
4,806
4,806
106,517
117,529
111,323
122,335
456
506
70,705
56,705
5,926
5,926
188,411
185,472
264,685
278,918
92,242
106,342
172,442
172,575
8,276
5,676
0
0
1,160
1,160
55,510
55,117
6,167
6,219
13,490
13,605
9,810
9,250
26,044
26,044
48,977
49,056
10,347
10,426
38,630
38,630
6,533
6,061
188,411
185,472
Source: Company, MOFSL
22 February 2021
3
 Motilal Oswal Financial Services
Torrent Power
Financials and valuations
Ratios
FY17
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE (post-tax)
RoIC (post-tax)
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Debtor (Days)
Inventory (Days)
Leverage Ratio (x)
Net Debt/EBITDA
Debt/Equity
8.9
29.9
143.4
0.0
0.0
25.8
7.7
1.6
7.7
0.0
6.4
7.2
7.0
0.6
0.6
35
13
3.2
1.1
FY18
19.6
43.1
160.6
2.2
11.2
11.7
5.3
1.4
6.2
1.0
12.9
8.6
8.3
0.6
0.6
36
14
2.7
1.1
FY19
18.7
44.2
186.6
5.0
26.7
13.8
5.8
1.4
6.6
1.9
10.8
8.0
7.9
0.7
0.6
34
17
2.7
1.0
FY20
28.0
55.1
190.5
11.6
41.4
9.7
4.9
1.4
5.9
4.3
14.9
9.6
9.7
0.8
0.7
34
16
2.2
0.9
FY21E
22.6
49.2
208.9
6.5
28.8
16.8
7.7
1.8
7.7
1.7
11.3
8.8
8.9
0.8
0.7
35
18
2.1
0.7
FY22E
30.9
58.8
231.6
8.3
26.7
12.2
6.4
1.6
6.4
2.2
14.0
10.6
11.0
0.8
0.7
35
16
FY23E
31.7
61.0
254.5
8.8
27.6
12.0
6.2
1.5
6.0
2.3
13.0
10.4
10.7
0.8
0.8
35
16
1.6
1.2
0.5
0.4
Source: Company, MOFSL
Cash Flow Statement (INR m)
EBITDA
WC
Others
Direct taxes (net)
CF from Op. Activity
Capex
FCFF
Interest income
Investments in subs./assoc.
Others
CF from Inv. Activity
Share capital
Borrowings
Finance cost
Dividend
Others
CF from Fin. Activity
(Inc.)/Dec. in Cash
Opening balance
Closing balance (as per B/S)
FY17
24,603
236
385
-1,056
24,168
-21,745
2,423
732
-16
113
-20,916
0
2,442
-10,334
-62
1,182
-6,771
-3,520
12,856
9,336
FY18
31,171
-922
586
-3,200
27,635
-23,866
3,769
771
-17
-763
-23,875
0
5,276
-8,285
-1,310
1,205
-3,114
646
9,336
9,982
FY19
31,995
-4,729
-161
-2,859
24,246
-19,887
4,359
768
-19
2,194
-16,944
0
4,175
-9,076
-2,925
1,660
-6,166
1,136
9,982
11,118
FY20
35,561
1,258
2,512
-2,977
36,354
-13,337
23,017
696
0
1,100
-11,541
0
-8,535
-8,643
-9,683
1,800
-25,062
-249
9,549
9,300
FY21E
32,686
-1,920
1,860
-3,199
29,427
-9,008
20,419
1,533
0
0
-7,475
0
-10,000
-8,001
-3,124
0
-21,125
826
8,879
9,705
FY22E
FY23E
37,807
37,977
-86
-89
0
0
-4,064
-4,560
33,657
33,328
-16,558
-11,633
17,099
21,695
1,582
1,589
0
0
0
0
-14,976
-10,044
0
0
-8,000
-14,000
-6,611
-5,638
-3,965
-4,205
0
0
-18,576
-23,843
105
-560
9,705
9,810
9,810
9,250
Source: Company, MOFSL
22 February 2021
4
 Motilal Oswal Financial Services
Torrent Power
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
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Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
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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
22 February 2021
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 Motilal Oswal Financial Services
Torrent Power
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The associates of MOFSL may have:
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financial interest in the subject company
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actual/beneficial ownership of 1% or more securities in the subject company
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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.
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acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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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)
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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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