25 February 2021
Company Update | Sector: Utilities
NTPC
BSE SENSEX
51.039
S&P CNX
15,097
CMP: INR108
TP: INR141 (+31%)
Buy
MoP issues rules on late payment surcharge
The Ministry of Power (MoP) has issued a notification on Late Payment
Surcharge (LPS). As per the new rules, LPS would be based on one-year SBI
MCLR v/s a fixed rate of 18% p.a. specified in the tariff regulations issued by
CERC. In the current scenario, this would imply a LPS of 12-15% p.a.
We note that: a) despite the 18% p.a. CERC specified rate, NTPC is currently
charging 12% p.a. on overdue, which are settled under the Atmanirbhar
scheme, and b) NTPC’s WC borrowing cost has also declined ~300bp over
the past one year, thereby softening the impact of lower LPS rate. The
impact on P&L is therefore not significant. We had already baked in lower
LPS income (based on 12% p.a.) for FY22E/FY23E and hence leave
unchanged our estimates.
The overdue and LPS situation is a key monitorable, particularly with the
Ministry now stepping in to supersede the regulations set by CERC. The new
rules lay emphasis on reducing overdue as well, the addressing of which is
of prime importance.
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
NTPC IN
9,895
1046.8 / 13.8
112 / 74
10/-27/-29
2685
Financials & Valuations (INR b)
Y/E MARCH
2020 2021E
Sales
1,143 1,116
EBITDA
364.1 371.3
Adj. PAT
136.6 149.0
EBITDA Margin (%)
31.8 33.3
Adj. EPS (INR)
13.8 15.4
EPS Gr. (%)
19.2 11.3
BV/Sh. (INR)
120.1 126.8
Ratios
Net D:E
1.7
1.6
RoE (%)
11.9 12.3
RoCE (%)
6.5
7.3
Payout (%)
22.8 39.0
Valuations
P/E (x)
7.8
7.0
P/BV (x)
0.9
0.9
EV/EBITDA(x)
8.4
8.2
Div. Yield (%)
2.9
5.6
FCF Yield (%)
6.2 12.3
Shareholding pattern (%)
As On
Dec-20 Sep-20
Promoter
51.1
51.0
DII
33.6
35.0
FII
12.3
11.4
Others
3.0
2.6
FII Includes depository receipts
Stock Performance (1-year)
180
140
100
NTPC
2022E
1,275
415.8
163.3
32.6
16.8
9.6
135.5
1.5
12.8
7.5
41.6
6.4
0.8
7.4
6.5
15.7
Dec-19
54.1
30.6
12.8
2.5
Sensex - Rebased
MoP’s notification links LPS to MCLR
The MoP’s notification has linked the LPS rate to SBI’s MCLR. As per the new
rules, the rate of LPS would be equal to the one-year SBI MCLR + 500bp.
This rate would increase 50bp for every month of delay, with a cap of
300bp. The LPS will be in the range of one-year MCLR + 500bp to 800bp.
Currently, SBI’s one-year MCLR stands at 7%, thereby implying a LPS rate of
12-15% p.a. This is lower than the fixed rate of 18% p.a. specified under
CERC’s tariff regulations.
The above does not impact our estimate for NTPC. The company is currently
charging 12% p.a. on its overdue (settled under the Atmanirbhar scheme).
We had built in LPS income at a lower rate for FY22E/FY23E. The company’s
WC borrowing cost has also declined ~300bp over the past one year,
thereby softening the impact of a lower LPS rate.
The MoP has laid emphasis on reducing overdue. The notification calls for:
a) settling the LPS amount first during bill payments, (which means
DISCOMs cannot shy away from their LPS payments), and b) restriction on
short-term purchases in case of overdue of more than seven months. The
intent over here appears to provide a mechanism to control the rise in
overdue, which is important.
Receivables may hold the key; Maintain Buy
The MoP’s move to step in and cut the LPS rate, prima facie, does not instill
confidence as it reduces the penalty on DISCOMs on such dues. The
notification also calls for measures to address the overdue situation.
Reduction of these overdue, even at the cost of lower LPS income for NTPC,
would be taken positively as it reduces the risk of receivables ballooning.
LPS is largely a non-core income for the company and a reflection of the
stretch in WC/receivables.
60
;
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com)
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.
13 February 2020
1
 Motilal Oswal Financial Services
NTPC
Over the past one-year, NTPC’s receivables have increased significantly due to
impact on DISCOMs’ revenues on account of the COVID-19 outbreak. Power
demand continues to recover, which should improve DISCOMs’ revenues. Funds
from the Atmanirbhar scheme is flowing through, with NTPC receiving ~INR80b
from the scheme. We expect the situation with respect to receivables to
improve, which would help ease investor concerns. We remain positive on the
stock with valuations at 0.8x FY22E BV and 6% dividend yield. Maintain Buy with
a DCF-based target price of INR141 per share.
Exhibit 1: Amount overdue from DISCOMs (INR b)
Amount overdue (INR b)
141
144
137
82 90 91
114 113 109 107 107 107
96
110
177 172
164
156
156
Source: CEA, MOFSL
Exhibit 2: Amount sanctioned and disbursed under the Atmanirbhar scheme (INR b)
State
Andhra Pradesh
Punjab
Rajasthan
Telangana
Uttar Pradesh
Maharashtra
Karnataka
J&K
Tamil Nadu
Others
Total
Appl. sanctioned
INR b
84
40
65
127
339
143
72
110
302
72
1,355
Loans disbursed
INR b
33
10
20
63
105
25
0
60
112
34
461
Disbursed to sanctioned
amount (%)
39
25
31
50
31
17
0
55
37
47
Source: REC, Industry, MOFSL
25 February 2021
2
 Motilal Oswal Financial Services
NTPC
Financials and valuations
Income Statement (INR m)
Y/E March
Net Sales
Change (%)
Expenditure
EBITDA
Margin (%)
Depreciation
EBIT
Interest
Other Income
EO reported
Profit before Tax
Tax
Tax Rate (%)
Share of JVs
Minority int.
PAT
Prior period
Adj. PAT
Change (%)
Balance Sheet (INR m)
Y/E March
Share Capital
Reserves
Net Worth
Minority Interest
Loans
Deferred Tax Liability
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Others
Current Liabilities
Payables
Other current liabilities
Net Working Capital
Application of Funds
FY16
727,055
-9.8
547,486
179,569
24.7
52,240
127,329
33,137
10,576
0
104,768
-1,628
-1.6
1,412
-204
108,012
-11,055
96,957
14.9
FY17
817,171
12.4
598,870
218,300
26.7
60,099
158,201
36,511
9,668
0
131,358
30,467
23.2
6,247
-57
107,196
-8,479
98,717
1.8
FY18
877,622
7.4
647,813
229,808
26.2
74,599
155,209
44,346
15,583
0
126,446
25,881
20.5
4,451
-425
105,440
-17,448
87,992
-10.9
FY19
906,369
3.3
707,282
199,086
22.0
76,881
122,205
52,609
17,953
0
87,550
-32,064
-36.6
6,721
-66
126,400
-11,786
114,614
30.3
FY20
1,143,361
26.1
779,275
364,086
31.8
103,562
260,524
81,169
29,085
0
208,441
93,475
44.8
4,054
3,018
116,002
20,607
136,609
19.2
FY21E
1,115,574
-2.4
744,263
371,311
33.3
118,992
252,319
96,378
26,150
-15,867
166,223
33,792
20.3
6,604
3,018
136,017
0
149,028
9.1
FY22E
1,274,878
14.3
859,036
415,842
32.6
135,538
280,304
110,870
20,344
0
189,778
41,484
21.9
18,066
3,018
163,342
0
163,342
9.6
FY23E
1,381,805
8.4
918,460
463,344
33.5
151,470
311,874
123,693
15,768
0
203,949
44,806
22.0
19,836
3,018
175,961
0
175,961
7.7
FY16
82,455
809,511
891,965
8,928
1,120,194
14,094
2,035,181
1,632,140
587,180
1,044,959
815,497
148
543,886
79,592
101,740
57,370
202,075
103,110
369,310
68,266
301,044
174,577
2,035,181
FY17
82,455
895,926
978,380
8,033
1,137,551
14,849
2,138,812
1,170,879
125,562
1,045,317
868,957
78,023
492,677
65,861
89,995
33,015
6,133
297,674
346,162
55,859
290,303
146,515
2,138,812
FY18
82,455
953,180
1,035,635
9,478
1,300,143
24,081
2,369,337
1,501,531
206,147
1,295,385
820,931
92,515
534,851
61,403
88,122
43,876
6,931
334,519
374,344
67,309
307,035
160,507
2,369,337
FY19
98,946
1,001,424
1,100,370
6,648
1,616,818
41,997
2,765,833
1,665,811
287,597
1,378,214
1,067,775
81,000
646,976
81,194
101,477
27,823
6,727
429,755
408,131
85,658
322,473
238,845
2,765,833
FY20
98,946
1,089,446
1,188,392
33,172
2,005,115
76,171
3,302,849
2,368,792
490,764
1,878,028
985,085
93,066
817,693
111,385
203,708
32,143
7,638
462,819
471,022
101,767
369,255
346,671
3,302,849
FY21E
96,967
1,132,338
1,229,305
33,172
2,068,047
76,171
3,406,695
2,653,540
609,756
2,043,784
956,656
98,923
781,736
105,187
153,055
53,037
7,638
462,819
474,404
105,149
369,255
307,331
3,406,695
FY22E
FY23E
96,967
96,967
1,216,990 1,284,401
1,313,957 1,381,368
33,172
33,172
2,083,221 2,020,307
76,171
76,171
3,506,521 3,511,018
3,187,663 3,481,802
745,294
896,764
2,442,369 2,585,038
655,695
488,063
100,679
100,679
785,765
829,499
109,128
125,645
144,280
139,478
61,900
93,919
7,638
7,638
462,819
462,819
477,986
492,262
108,731
123,007
369,255
369,255
307,779
337,237
3,506,521 3,511,018
Source: Company, MOFSL
25 February 2021
3
 Motilal Oswal Financial Services
NTPC
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/EBITDA
Dividend Yield (%)
Return Ratios (%)
EBITDA Margin (%)
Net Profit Margin (%)
RoE
RoIC (Post-tax)
RoCE (Post-tax)
Working Capital Ratios
Debtor (Days)
Inventory (Days)
Payable (Days)
Leverage Ratio (x)
Current Ratio
Interest Coverage Ratio
Net Debt/EBITDA
Net Debt/Equity
Cash Flow Statement (INR m)
Y/E March
Profit/(Loss) before Tax
Interest
Depreciation
(Inc.)/Dec. in WC
Tax paid
Others
CF from Operations
Capex
(Pur.)/sale of Invest.
Acquisition in subs.
Int. and Div. Income
Others
CF from Investments
Issue of Shares
Inc./(Dec.) in Debt
Finance cost
Dividend (incl. tax)
Others
CF from Fin. Activity
Inc./Dec. in Cash
Add: Beginning Balance
Closing Balance
FY16
9.8
16.2
90.1
2.7
27.3
11.1
6.7
1.2
11.9
2.5
24.7
14.9
11.3
9.0
7.2
51
40
34
1.5
4.2
5.9
1.2
FY17
10.0
16.9
98.9
3.8
38.3
10.8
6.4
1.1
10.0
3.5
26.7
13.1
10.6
10.5
6.6
40
29
25
1.4
4.6
5.1
1.1
FY18
8.9
18.2
104.7
3.6
40.5
12.1
5.9
1.0
10.1
3.3
26.2
12.0
8.7
9.3
6.4
37
26
28
1.4
3.9
5.5
1.2
FY19
11.6
20.5
111.2
5.4
46.3
9.3
5.3
1.0
13.3
5.0
22.0
13.9
10.7
6.3
6.7
41
33
34
1.6
2.7
8.0
1.4
FY20
13.8
22.2
120.1
3.2
22.8
7.8
4.9
0.9
8.4
2.9
31.8
10.1
11.9
10.6
6.5
65
36
32
1.7
3.6
5.4
1.7
FY21E
15.4
26.3
126.8
6.0
39.0
7.0
4.1
0.9
8.2
5.6
33.3
12.2
12.3
9.0
7.3
50
34
34
1.6
2.9
5.4
1.6
FY22E
16.8
30.8
135.5
7.0
41.6
6.4
3.5
0.8
7.4
6.5
32.6
12.8
12.8
8.8
7.5
41
31
31
FY23E
18.1
33.8
142.5
10.0
55.1
5.9
3.2
0.8
6.4
9.3
33.5
12.7
13.1
8.8
8.1
37
33
32
1.6
1.7
2.7
2.6
4.9
4.2
1.5
1.4
Source: Company, MOFSL
FY22E
204,826
110,870
135,538
8,416
-41,484
-20,344
397,822
-233,161
-1,756
20,344
-214,573
FY23E
220,767
123,693
151,470
2,560
-44,806
-15,768
437,916
-126,508
0
15,768
-110,740
FY16
101,035
41,090
61,534
-36,422
-14,584
1,452
154,106
-232,470
16,536
0
9,528
-16,514
-222,920
80,528
-83,473
-33,513
1,252
-35,206
-104,021
161,390
57,369
FY17
137,606
35,691
60,099
-2,073
-26,263
-3,395
201,666
-243,451
3,436
-12,002
2,707
-8,262
-257,573
150,466
-75,645
-43,269
0
31,552
-24,355
57,369
33,015
FY18
132,417
44,160
74,599
-58,298
19,257
-15,508
196,627
-187,559
0
-11,531
3,033
-42
-196,099
145,059
-86,058
-48,669
0
10,333
10,861
33,015
43,876
FY19
83,719
52,431
76,881
-72,868
-30,390
53,898
163,671
-197,548
0
-40,574
1,079
343
-236,700
224,698
-107,672
-59,272
-778
56,976
-16,053
43,876
27,823
FY20
222,816
80,606
103,562
-63,198
-36,069
-61,885
245,832
-180,625
0
-122,650
58
344
-302,873
232,572
-133,992
-37,751
531
61,361
4,320
27,823
32,143
FY21E
169,809
96,378
118,992
60,233
-33,792
-26,150
385,471
-256,320
-5,857
26,150
-236,027
-27,649
62,932
-96,378
-58,180
-9,275
-128,550
20,894
32,143
53,037
15,175
-62,914
-110,870
-123,693
-67,877
-96,967
-10,814
-11,583
-174,385
-295,157
8,863
32,019
53,037
61,901
61,901
93,920
Source: Company, MOFSL
25 February 2021
4
 Motilal Oswal Financial Services
NTPC
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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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
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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
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A graph of daily closing prices of securities is available at
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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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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
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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
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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
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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
25 February 2021
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 Motilal Oswal Financial Services
NTPC
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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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