9 March 2021
Company Update | Sector: Technology
Info Edge (India)
BSE SENSEX
51,025
S&P CNX
15,098
CMP: INR4,873
TP: INR5,440 (+12%)
Neutral
Amazon’s foray into Food Delivery poses a risk to incumbents
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
INFOE IN
104
626.6 / 8.6
5876 / 1580
-1/15/50
2289
Amazon has started its much awaited Food Delivery service (Amazon Food) in Bengaluru,
exactly a year after launching internally for employees. While we see a marginal impact
on Zomato/Swiggy’s duopoly from the much delayed and limited launch, Amazon Food
will pose a risk to both players as it can shake up an established setup with a focus on
profitability.
Launch is slower than expected
Financials Snapshot (INR b)
Y/E Mar
FY21E FY22E FY23E
Sales
10.9 13.7 17.2
EBITDA
3.0
4.1
6.2
PAT
2.7
3.7
5.0
EPS (INR)
21.5 28.6 39.1
EPS Gr. (%)
28.6 33.0 36.5
BV/Sh. (INR)
345.5 359.7 384.4
Ratios
7.9
8.1 10.5
RoE (%)
7.9
8.1 10.5
RoCE (%)
50.8 50.1 36.7
Payout (%)
Valuations
224.4 168.7 123.5
P/E (x)
14.0 13.4 12.5
P/BV (x)
Shareholding pattern (%)
As On
Dec-20 Sep-20 Dec-19
Promoter
38.5
38.5
40.5
DII
11.4
12.8
12.9
FII
40.7
39.3
36.4
Others
9.5
9.4
10.3
FII Includes depository receipts
Stock Performance (1-year)
Info Edg.(India)
Sensex - Rebased
Amazon’s entry into the public Food Delivery market is currently limited to
Bengaluru, with coverage in 62 pin codes (out of over 250). It had internally
conducted trials in four pin codes a year ago.
The initial rollout has primarily been with restaurant chains in Bengaluru and is
yet to expand aggressively to small independent restaurants. It has 2.5k
restaurants v/s ~15K restaurants for Zomato (within Bengaluru).
Food delivery is through a tab built-in the flagship Amazon app, visible only to
customers who are located in the delivery regions.
Our initial channel checks of restaurants in Bengaluru suggest Amazon is
charging a take rate of ~10% on order value from restaurant partners.
This is less than half of what the duo (Zomato and Swiggy) charge from
restaurants (22-25%), which has increased over the years.
The increase in take rate has enabled incumbents to curtail their losses, a high
priority for both players. Zomato’s 1HFY21 commentary suggests positive
contribution margin (INR27/order) on continuous cost optimization, rising
scale, and consistent take rate (with an increase in the average order size).
Apart from early deliveries (Online Shopping), exclusive deals, and video/audio
content, Food Delivery is another angle for entry into the Prime ecosystem.
Amazon’s key focus in India remains its Prime membership, which should allow
it to sustain losses in the Food Delivery business. It is not charging any delivery
fee to its Prime members (ranges from INR20-100 for Zomato/Swiggy), and is
charging a marginal INR19 for non-Prime members.
Amazon will consistently keep take rates below the industry average as it gains
an additional benefit for increasing Prime membership at the expense of losses
in the Food Delivery vertical.
Unlike Amazon, Zomato and Swiggy do not have a vested interest in lower
commission rates. Increasing competition (in case of an Amazon expansion)
can lead to another prolonged period of cash burn in the industry.
Amazon’s expansion can pose a risk to Zomato’s road to profitability and lead
to higher ‘losses from investee companies’ on INFOE’s consolidated P&L.
We foresee a risk to the duopoly structure and consistent take rates in the
industry. INFOE holds 18.4% stake in Zomato.
Maintain Neutral.
Commission rate much lesser than the ‘duo’
Another hook to ‘Prime’ membership
7,000
5,000
A risk to Zomato?
3,000
1,000
Anmol Garg– Research analyst
(Anmol.Garg@MotilalOswal.com)
Research Analyst: Mukul Garg
(Mukul.Garg@motilaloswal.com)
/ Heenal Gada
(Heenal.Gada@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.
 Motilal Oswal Financial Services
Info Edge (India)
Exhibit 1: Amazon Food interface
Source: MOSL, Company
Exhibit 2: Expect Indian Food tech industry to grow at 25-30% CAGR
Indian Food tech industry size (USD b)
7.5-8
3.5-4
2019
2022E
9 March 2021
2
 Motilal Oswal Financial Services
Info Edge (India)
Exhibit 3: Info Edge (India): SoTP-based price at INR5,440 per share
Segment
Methodology
Methodology description
Naukri
DCF
We assume 16%/18% revenue/EBIT CAGR for FY20-
34E. Our WACC/terminal growth estimate stands at
11%/5%
We forecast 8% CAGR in total absorption for the next
15 years, coupled with 4% CAGR in weighted average
price, which gives 12% CAGR for the sector. Based on
our long-term assumption of 7% average market share
for 99acres in Real Estate marketing expenditure, we
estimate 18% revenue CAGR for FY20-34E. Our
WACC/terminal growth estimate stands at 11%/5%
We estimate 37% CAGR in GMVs, 26% CAGR in the
number of orders, and a consistent take rate of 21% for
FY20-34E. Our WACC/terminal growth estimate stands
at 11% and 6%. INFOE holds 19.3% stake in Zomato
Factoring in USD5b valuation
We expect near-term consolidation in the Online
Matrimony industry. We estimate 18% revenue CAGR
for FY20-34E and rise in margin to 30% in FY34E from -
78% in FY20. Our WACC/terminal growth estimate
stands at 11%/5%
7x one-year forward sales
Valuation Contribution
towards INFOE
(INR per
(INR b)
share)
271.9
2109
99acres.com
DCF
47.7
370
Zomato.com
DCF
Using USD5b as one-year
forward valuation
261.9
2031
Policybazaar.com
60.0
465
Jeevansathi.com
DCF
14.1
109
Other businesses
Other investee
companies
Cash on books
Total
Multiples
40% premium to the
investment value
4.5
7.0
35.0
35
54
271
5,440
9 March 2021
3
 Motilal Oswal Financial Services
Info Edge (India)
Financials and valuations
Income Statement
Y/E March
Sales
Change (%)
Employee expense
Advertising cost
Other expense
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Adjusted PAT
Extraordinary Items
Reported PAT
Change (%)
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Capital Employed
Gross Block
Less: Depreciation
Net Block
CWIP
Investments
Curr. Assets
Current Investments
Debtors
Cash
Loans and Advances
Other Current Assets
Current Liab. and Prov.
Current Liabilities
Provisions
Net Current Assets
Application of Funds
FY16
7,123
16.5
3,247
1,318
1,137
1,421
20.0
210
1
721
1,932
539
27.9
1,393
-160
1,233
-36.4
FY17
8,021
12.6
3,752
881
1,114
2,275
28.4
241
1
625
2,659
575
21.6
2,084
-40
2,044
65.7
FY18
9,155
14.1
3,931
1,164
1,088
2,973
32.5
215
1
971
3,728
991
26.6
2,737
-913
1,824
-10.8
FY19
10,983
20.0
4,586
1,757
1,226
3,413
31.1
204
1
1,112
4,320
1,169
27.1
3,152
-334
2,818
54.5
FY20
12,727
15.9
5,396
2,044
1,260
4,027
31.6
414
67
876
4,423
1,133
25.6
3,290
-1,233
2,057
-27.0
FY21E
10,948
-14.0
5,346
1,790
841
2,972
27.1
442
57
1,097
3,570
838
23.5
2,733
0
2,733
32.9
FY22E
13,732
25.4
6,000
2,573
1,057
4,102
29.9
463
55
1,334
4,919
1,230
25.0
3,689
0
3,689
35.0
(INR m)
FY23E
17,185
25.1
6,730
3,093
1,203
6,158
35.8
267
55
879
6,716
1,679
25.0
5,037
0
5,037
36.5
FY16
1,209
16,431
17,640
60.2
17,700
1,901
881
1,020
0
7,405
12,152
357
118
9,522
347
1,808
2,877
2,448
429
9,275
17,700
FY17
1,211
18,620
19,831
52.3
19,883
1,723
1,121
602
0
8,371
15,188
2,162
75
11,280
247
1,424
4,278
3,862
416
10,910
19,883
FY18
1,216
19,859
21,074
44.0
21,118
1,866
1,337
529
0
10,720
15,028
11,456
44
1,458
0
2,070
5,159
4,703
456
9,869
21,118
FY19
1,220
22,019
23,239
46.0
23,285
2,109
1,540
569
0
12,857
15,984
3,400
60
1,052
0
11,472
6,125
5,628
496
9,860
23,285
FY20
1,223
23,094
24,317
568.7
24,885
3,279
1,954
1,325
0
16,404
13,381
2,554
70
4,275
0
6,482
6,225
5,676
549
7,156
24,885
FY21E
1,284
43,269
44,552
486.9
45,039
3,504
2,396
1,108
0
16,110
33,817
2,554
80
16,043
0
15,139
5,996
5,311
684
27,821
45,039
FY22E
1,284
45,108
46,392
486.9
46,879
3,824
2,859
965
0
16,110
37,437
2,554
105
15,081
0
19,697
7,633
6,949
684
29,804
46,879
FY23E
1,284
48,295
49,579
486.9
50,066
4,144
3,126
1,018
0
16,110
42,151
2,554
128
15,372
0
24,096
9,213
8,529
684
32,938
50,066
9 March 2021
4
 Motilal Oswal Financial Services
Info Edge (India)
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Fixed Asset Turnover (x)
Cash Flow Statement
Y/E March
CF from Operations
Cash for Working Capital
Net Operating CF
Net Purchase of FA
Free Cash Flow
Net Purchase of Invest.
Net Cash from Invest.
Proceeds from Equity
Proceeds from LTB/STB
Dividend Payments
Cash Flow from Fin.
Net Cash Flow
Opening Cash Bal.
Add: Net Cash
Closing Cash Bal.
FY16
10.0
14.0
188.0
4.3
44.2
480.5
345.2
385.6
61.2
25.7
0.1
6.4
8.1
-338.4
6
7.0
FY17
15.4
17.4
162.7
3.0
23.2
313.6
277.4
274.5
70.8
29.6
0.1
10.0
11.1
-210.6
3
13.3
FY18
14.9
24.2
172.9
5.5
29.3
324.2
199.1
193.7
62.9
27.9
0.1
13.4
13.4
-91.1
2
17.3
FY19
23.0
27.5
190.7
5.5
25.6
210.2
175.2
168.2
52.3
25.3
0.1
14.2
14.2
135.3
2
19.3
FY20
16.7
30.4
199.5
9.6
42.4
288.5
158.8
140.9
44.6
24.2
0.2
13.8
13.9
70.5
2
9.6
FY21E
21.5
24.6
345.5
9.0
50.8
224.4
196.0
198.5
53.9
14.0
0.2
7.9
7.9
32.3
3
9.9
FY22E
28.6
32.2
359.7
12.0
50.1
168.7
149.8
144.1
43.0
13.4
0.2
8.1
8.1
23.3
3
14.2
FY23E
39.1
41.1
384.4
12.0
36.7
123.5
117.3
95.9
34.4
12.5
0.2
10.5
10.5
30.3
3
16.9
FY16
809
6,706
7,515
-1,620
5,895
1,320
-300
25
0
-726
-701
6,514
3,007
6,514
9,522
FY17
1,653
630
2,283
-1,970
314
1,864
-106
19
-1
-437
-419
1,759
9,522
1,759
11,280
FY18
1,901
1,166
3,067
-4,158
-1,091
-7,973
-12,132
48
-1
-803
-757
-9,822
11,280
-9,822
1,458
FY19
2,097
860
2,956
-2,276
680
8,718
6,442
27
0
-808
-781
8,618
1,458
-405
1,053
FY20
1,735
752
2,487
-9,039
-6,552
5,245
-3,794
3
-204
-1,176
-1,377
-2,684
1,053
3,222
4,275
FY21E
21,370
-8,878
12,492
-225
12,267
947
722
0
-58
-1,387
-1,446
11,769
4,275
11,769
16,043
FY22E
2,873
-2,945
-73
-320
-393
1,334
1,014
0
-55
-1,850
-1,904
-963
16,043
-963
15,080
FY23E
4,479
-2,842
1,637
-320
1,317
879
559
0
-55
-1,850
-1,904
292
15,080
292
15,372
9 March 2021
5
 Motilal Oswal Financial Services
Info Edge (India)
NOTES
9 March 2021
6
 Motilal Oswal Financial Services
Info Edge (India)
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report
should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific
merchant banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the
website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated
from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
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This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability
or use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
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This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong
Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of
research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not
located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as
"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which
this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange
Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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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
9 March 2021
7
 Motilal Oswal Financial Services
Info Edge (India)
********************************************************************************************************************************
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.
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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
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
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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
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* 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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