31 March 2021
C
orner
O
ffice
Interaction with the CEO
the
Outlook improves, to reach FY19 revenue levels in FY22
EVs: Good presence in 2Ws/PVs | PLI opportunity attractive, but awaits clarity
We hosted the senior management of Bosch. Our meeting with Mr. Soumitra Bhattachrya,
MD, Bosch, and Regional President, Bosch Group India, included discussions on the business,
its preparedness for technological disruptions, and the PLI opportunity.
Bosch Limited
Demand recovery better than originally estimated:
The outlook
has improved from
initial expectations as the recovery has been better. It expects FY22 revenue to be
Mr. Soumitra
similar to FY19 levels. Depending on the level of economic activity (high case
Bhattacharya,
assumes 11% GDP growth in CY21 and 8.5% in a low case), it expects growth in CY21
MD, Bosch, and Regional
as follows: a) PVs 25%/35% (low/high case), b) M&HCV: 87%/106%, c) LCVs:
President, Bosch Group
46%/54%, d) Tractors: 2%/19%, e) 2Ws: 21%/27% and f) 3Ws: 9%/25%. It forecasts
in India
M&HCV volumes to reach near previous peak levels in FY23, with volumes crossing
~400k units (v/s FY19 peak of ~444k units).
Mr. Bhattacharya has been
EVs – BOS supplies to relevant 2Ws, PVs models:
BOS expects electrification to
associated with the Bosch
Group for more than 24
start with 2Ws/3Ws and has relevant solutions for e-2Ws, e-3Ws, and e-LCVs. It is
years. A Chartered
already supplying to: a) Bajaj Chetak (drive, battery, ECU, connectivity box, and
Accountant by profession,
App/Cloud services), b) TVS iQube (ECU and in-hub drive system), and c) Tata
over the years he has
Nexon. For M&HCVs, it expects fuel cells to be relevant solution and is globally
handled varied roles across
strong in this technology. For EVs, the parent had a total upfront investment of
the group in India and
EUR5b and invested EUR700m in CY21. It has won 90 projects and orders worth
overseas. He was the CFO of
EUR7.5b.
Bosch India from CY11 till
PLI scheme seems attractive, but details awaited:
Of the four PLI schemes for Auto,
CY18. In CY16, he took over
BOS would benefit from three of them (excluding the OEM scheme). The group, it
as CEO. Prior to joining
indicated, can claim up to USD1b under this scheme. It will work on these schemes
Bosch, he worked at the
once the final details are out.
Tata group where he was
Other takeaways
the founding member of the
Supply chain challenges more widespread beyond semi-conductors:
The semi-
Tanishq brand for Titan
conductor issue is impacting the EU, US, China, and Japan more than India.
Company. He also worked
While the semi-conductor issue is well known, supply chains are under pressure
at INDAL, the core
aluminum business of the
globally due to a shortage of steel, plastics, rare earths, etc.
ALCAN group, and was a
100% subsidiary to offer manufacturing as a service:
Its 100% subsidiary,
founding member of its
Robert Bosch India Manufacturing, would offer manufacturing as a service in
electronics business
the Automotive segment for both external customers as well as group
companies.
Margin to see steady improvement based on mix improvement/content increase, restructuring/reskilling,
and cost controls.
BS-VI confirmatory factors are ahead of regulatory norms, with 9%/70% of projects confirming to the factor
of 2.1/1.43.
th
Its smart campus (75 acres) in the heart of Bengaluru will be operational in Jun’22, its 100 year in India. It
has invested INR8b on this smart campus and would house the second highest number of Bosch employees
in the world.
Jinesh Gandhi – Research Analyst
(Jinesh@MotilalOswal.com)
Research Analyst: Vipul Agrawal
(Vipul.Agrawal@MotilalOswal.com) |
Aniket Desai
(Aniket Desai@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
C
orner
O
ffice
the
Valuation and view:
The transition to BS-VI led to further market share loss in CVs as well as a continuous
decline in its stronghold PV diesel, although the 2W segment has opened up for BOS (one of the 3-4 players in
2W EFI). Valuations have corrected in line with muted earnings over the last four years, dilution in its
competitive positioning, as well as on concerns due to EVs. While it is too early to assess the competitive
landscape in EVs, BOS is very well-prepared to leverage electrification in 2Ws. We expect it to outperform
underlying industry volumes, barring the substantial divergence in segmental trends, driven by an increase in
content under BS-VI as well as additional revenue from 2W EFI. The stock trades ~29.3x/25.4x FY22E/FY23E EPS.
The stock price largely reflects all the negatives, but a re-rating catalyst may emerge in 2-3 quarters. We
maintain Neutral with a TP of ~INR15,550/share (~28x Mar’23E EPS at a 20% discount to its 10-year LPA of 35x).
Exhibit 1: P/E and P/B band
58.0
46.0
34.0
22.0
10.0
P/E (x)
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
P/B (x)
Min (x)
10.0
Avg (x)
+1SD
Max (x)
-1SD
54.2
45.8
36.5
27.3
18.7
30.5
8.7
6.9
5.5
4.1
2.9
8.0
6.0
4.0
2.0
4.0
Source: MOFSL
Source: MOFSL
Bosch | Key operating indicators
Exhibit 2:
Trend in sales
Net Sales (INR b)
10.4
0.3
12.0
3.4
-3.9
Growth (%)
26.3
Exhibit 3:
Segment mix
Fuel Injection Equipment
Starters & Generators
Others
15
8
12
26
39
FY21E FY22E
FY15
(15m)
17
8
3
26
46
FY16
17
8
-
17
8
-
16
9
-
Injectors & Nozzles
Power tools
20
11
-
23
46
FY20
21
-
11
18
50
19
-
9
20
52
7.6
27
48
28
47
27
47
-18.6
FY15
(15m)
FY16
FY17
FY18
FY19
FY20
FY17
FY18
FY19
FY21E FY22E
Source: Company, MOFSL
Source: Company, MOFSL
31 March 2021
2
 Motilal Oswal Financial Services
C
orner
O
ffice
Exhibit 4:
Gross margin v/s EBITDA margin
EBITDA Margins (%)
19.4
14.0
45.4
16.4
48.8
46.6
18.8
46.1
44.8
49.1
17.9
Gross Margins (%)
17.8
15.1
46.1
10.5
15.0
24.8
42.5
24.0
35.8
21.0
26.8
23.4
25.0 25.0
the
Exhibit 5:
Trend in dividend payout
Dividend Payout (%)
63.7
41.8
CY13
FY15 (15m) Y16
F
FY17
FY18
FY19
FY20 FY21E FY22E
CY13 FY15 FY16 FY17 FY18 FY19 FY20 FY21E FY22E
(15m)
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 6:
FCF and net cash
CFO (INR b)
Capex (INR b)
FCF (INR b)
Exhibit 7:
Cash would be ~78% of capital employed
Net Cash (INR/sh)
61
12.4
0.1
(2.4)
(2.7)
FY19
(5.6)
10.8
4.2
(2.5)
(4.5)
1,438
FY15
(15m)
1,945
FY16
1,792
FY17
2,330
FY18
1,793
FY19
2,128
FY20
2,169
2,572
64
64
71
Net Cash (as % of Cap Employed)
72
68
67
58
5.3
(3.7)
9.0
4.0
(4.8)
(7.5)
7.9
31.5
9.1
CY13 FY15 FY16
(15m)
FY17
FY18
FY20 FY21E FY22E
FY21E FY22E
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 8:
EPS and EPS growth trend
65.2
EPS (INR)
Growth (%)
66.4
Exhibit 9:
Trend in return profile
30.4
27.7
17.9
21.2
15.8
15.3
RoIC (%)
25.2
RoE (%)
22.7
16.7
18.9
13.4
10.1
9.1
22.5
14.1
11.5
(4.5)
2.1
15.0
(22.5) (31.0)
19.9
432
FY15
(15m)
482
FY16
460
FY17
470
FY18
540
FY19
419
FY20
289
481
FY15
(15m)
FY16
FY17
FY18
FY19
FY20
FY21E FY22E
FY21E FY22E
Source: Company, MOFSL
Source: Company, MOFSL
31 March 2021
3
 Motilal Oswal Financial Services
C
orner
O
ffice
the
Financials and valuations
Standalone Income Statement
Y/E March
Income from Operations
Less: Excise Duty
Net Op. Revenue
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Fin. charges
Other Income
PBT bef. EO Exp.
EO Income/(Exp.)
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
FY17
112,426
8,074
104,352
7.6
19,604
18.8
4,562
15,042
272
6,174
20,945
3,711
24,656
6,904
340
29.4
17,412
14,442
-4.5
FY18
118,722
1,821
116,902
12.0
20,933
17.9
4,672
16,261
33
5,118
21,346
-939
20,407
7,016
-318
32.8
13,708
14,339
-0.7
FY19
120,850
0
120,850
3.4
21,541
17.8
4,021
17,520
133
5,953
23,340
0
23,340
7,051
355
31.7
15,934
15,934
11.1
FY20
98,416
0
98,416
-18.6
14,834
15.1
3,833
11,001
102
5,466
16,365
-8,616
7,749
3,324
-1,424
24.5
5,848
12,351
-22.5
FY21E
94,561
0
94,561
-3.9
9,972
10.5
3,574
6,398
130
5,085
11,353
-7,140
4,212
1,049
0
24.9
3,164
8,526
-31.0
FY22E
119,409
0
119,409
26.3
17,935
15.0
3,860
14,075
130
4,705
18,650
0
18,650
4,462
0
23.9
14,188
14,188
66.4
(INR m)
FY23E
133,576
0
133,576
11.9
21,026
15.7
4,283
16,743
130
4,950
21,563
0
21,563
5,184
0
24.0
16,379
16,379
15.4
Standalone Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans and Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability and Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Deferred Tax assets
Appl. of Funds
E: MOFSL estimates
FY17
314
87,691
88,005
0
88,005
23,911
8,774
15,137
1,289
39,266
57,630
11,804
11,862
17,176
16,788
30,002
13,399
4,767
11,836
27,628
4,676
87,996
-9
FY18
305
99,508
99,813
0
99,813
26,261
13,086
13,175
3,132
52,404
65,658
12,258
16,156
18,878
18,366
39,461
20,231
6,670
12,560
26,197
4,905
99,813
0
FY19
295
90,967
91,262
0
91,262
28,991
17,338
11,653
6,546
40,538
63,764
14,443
15,675
12,527
21,118
35,834
15,885
9,200
10,749
27,929
4,596
91,262
0
FY20
295
92,399
92,694
0
92,694
34,629
21,271
13,358
4,932
40,415
69,928
11,159
14,131
22,560
22,079
40,506
16,050
8,277
16,180
29,422
4,567
92,694
0
FY21E
295
94,772
95,067
0
95,067
39,061
24,845
14,216
3,000
40,415
70,201
10,363
12,435
23,763
23,640
37,332
12,746
7,565
17,021
32,869
4,567
95,067
0
FY22E
295
105,413
105,708
0
105,708
43,061
28,705
14,356
3,500
40,415
88,300
13,086
15,703
35,629
23,882
45,431
15,291
9,553
20,587
42,869
4,567
105,708
0
(INR m)
FY23E
295
117,697
117,992
0
117,992
48,061
32,987
15,074
3,500
40,415
103,181
14,638
16,834
47,665
24,044
48,744
16,960
10,686
21,098
54,437
4,567
117,992
0
31 March 2021
4
 Motilal Oswal Financial Services
C
orner
O
ffice
the
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/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoIC
RoE
RoCE
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Cap. Turnover (Days)
FY17
460
605
2,803
165
35.8
30.6
23.3
5.0
4.1
21.7
1.2
253.1
21.2
15.8
23.1
4.4
1.2
41
39
47
37
FY18
470
623
3,270
100
26.8
30.0
22.6
4.3
3.5
19.6
0.7
407.6
25.2
15.3
22.8
4.5
1.2
38
50
63
23
FY19
540
677
3,095
105
23.4
26.1
20.8
4.5
3.3
18.7
0.7
2.6
22.7
16.7
24.6
4.2
1.3
44
47
48
47
FY20
419
549
3,143
105
63.7
33.6
25.7
4.5
4.0
26.5
0.7
309.2
18.9
13.4
17.9
2.8
1.1
41
52
60
25
FY21E
289
410
3,224
22
25.0
48.7
34.3
4.4
4.1
39.3
0.2
141.7
10.1
9.1
12.2
2.4
1.0
40
48
49
35
FY22E
481
612
3,585
100
25.0
29.3
23.0
3.9
3.2
21.2
0.7
367.5
22.5
14.1
18.7
2.8
1.1
40
48
47
22
FY23E
555
701
4,001
115
25.0
25.4
20.1
3.5
2.8
17.5
0.8
383.5
23.8
14.6
19.4
2.8
1.1
40
46
46
19
Standalone Cash
Y/E March
OP/(Loss) before Tax
Depreciation
Interest and Finance Charges
Direct Taxes Paid
(Inc.)/Dec. in WC
CF from Operations
CF from Operating incl. EO
(Inc.)/Dec. in FA
Free Cash Flow
(Pur.)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc./(Dec.) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc./Dec. in Cash
Opening Balance
Closing Balance
FY17
24,655
4,604
-2,762
-7,246
3,848
23,099
14,567
-6,621
7,946
10,468
8,613
12,460
-20,198
-500
-32
-5,967
0
-26,697
330
959
1,289
FY18
20,406
4,672
-2,720
-6,761
4,588
20,185
17,287
-4,846
12,441
-10,620
3,763
-11,703
0
0
-6
-3,295
55
-3,246
2,338
1,289
3,627
FY19
23,410
4,045
-2,769
-7,822
-6,888
9,976
5,931
-5,854
78
15,821
7,691
17,659
-21,569
0
-60
-3,679
0
-25,308
-1,717
3,627
1,910
FY20
10,069
4,445
-2,948
-4,612
10,206
17,160
13,361
-4,243
9,118
782
-5,267
-8,729
0
0
0
-3,731
-259
-3,990
642
1,910
2,552
FY21E
11,353
3,574
-4,955
-1,049
-2,244
6,679
6,679
-2,500
4,179
0
5,085
2,585
0
0
-130
-791
0
-921
8,343
2,552
10,895
FY22E
18,650
3,860
-4,575
-4,462
1,866
15,339
15,339
-4,500
10,839
0
4,705
205
0
0
-130
-3,547
0
-3,677
11,866
10,895
22,761
(INR m)
FY23E
21,563
4,283
-4,820
-5,184
468
16,310
16,310
-5,000
11,310
0
4,950
-50
0
0
-130
-4,095
0
-4,225
12,036
22,761
34,797
31 March 2021
5
 Motilal Oswal Financial Services
C
orner
O
ffice
NOTES
the
31 March 2021
6
 Motilal Oswal Financial Services
C
orner
O
ffice
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
the
*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
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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
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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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orner
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other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific
recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there
might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies)
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
the
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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