15 June 2021
Company Update | Sector: Automobile
Amara Raja
BSE SENSEX
52,773
S&P CNX
15,869
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CMP: INR785
TP: INR860 (+10% )
Neutral
New Energy and LAB exports to be the key growth drivers
Targeting 8-10GW of li-ion capacity to remain cost competitive
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
AMRJ IN
171
134 / 1.8
1025 / 635
-7/-31/-37
1015
Financials & Valuations (INR b)
Y/E March
2021 2022E 2023E
Sales
71.5
83.0
92.2
EBITDA
11.2
12.4
14.5
Adj. PAT
6.5
7.0
8.2
EPS (INR)
37.9
41.2
47.9
EPS Gr. (%)
-2.1
8.7
16.4
BV/Sh. (INR)
247
275
308
Ratios
RoE (%)
16.4
15.8
16.4
RoCE (%)
16.3
15.8
16.4
Payout (%)
29.0
30.4
31.3
Valuations
P/E (x)
20.7
19.1
16.4
P/BV (x)
3.2
2.9
2.5
Div. Yield (%)
1.4
1.6
1.9
FCF yield (%)
1.6
4.9
4.2
Shareholding pattern (%)
As On
Mar-21 Dec-20
Promoter
28.1
28.1
DII
12.6
14.5
FII
21.3
20.9
Others
38.0
36.5
FII Includes depository receipts
Amara Raja’s senior management team presented (click
here for the
presentation)
their new strategic initiative, laying down future growth drivers in
the form of New Energy and Mobility. Key highlights from the meeting:
Under this strategy, it is focused on value maximization in its core Lead Acid
Battery (LAB) business and is foraying into the New Energy business in the form
of lithium-ion cell/battery pack, EV charging products, energy storage solutions,
etc.
While the LAB business will go global, the New Energy business will focus on
opportunities in India.
While growth in LAB will recover strongly, deliverance of 15-17% CAGR over five
years is largely dependent on successful execution of its export strategy.
While its entry in the New Energy business is a step in the right direction, its
success will be dependent on a technology partner, cost competitiveness,
targeted segments, etc.
For lithium cell manufacturing, it is targeting 8-10GW capacity (needing an
investment of USD0.8-1b) to attain global competitiveness.
Considering that investment in the New Energy business will be over 5-10 years,
it can fund this capex through free cash flows of the core business (average
INR3-4b p.a) and debt (currently net cash on its Balance Sheet).
New Energy a new growth engine
Mar-20
28.1
11.6
20.9
39.4
In the New Energy business, it is looking to be more than a battery
company and participate in the bigger storage ecosystem. It would focus
on Li-ion cell and pack, EV charging products, energy storage systems, and
home energy solutions.
AMRJ is exploring partnerships with various organizations. In the last 2-3
years, it has undertaken pilot scale R&D and cell manufacturing on its own
to understand the technology. It is open to various structures from
technical collaborations to JVs. It is also aiming to leverage the startup
ecosystem.
While large global players may not be keen to partner with AMRJ, smaller
players may be interested in partnering with AMRJ as it offers good brand,
relationships with OEMs, reach, etc.
It expects 2Ws and 3Ws to see faster electrification, with 10%/46% EV
penetration in 2Ws/3Ws by FY25. It doesn't expect 2W/3W OEMs to
backward integrate into cell manufacturing, which opens up the
opportunity for players like AMRJ. As per AMRJ’s estimates, India would
need a Li-ion battery capacity of 30GW/150GW by CY25/CY30.
All these new Energy businesses would be part of the listed entity.
15 June 2021
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P
1
Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Jinesh Gandhi – Research Analyst
(Jinesh@MotilalOswal.com)
Vipul Agrawal – Research Analyst
(Vipul.Agrawal@motilaloswal.com)
 Motilal Oswal Financial Services
Amara Raja
Funding capex for the New Energy business not a big challenge
For lithium cell manufacturing, it is targeting 8-10GW capacity to attain global
competitiveness. This would entail investments of USD0.8-1b over 5-10 years.
It can fund this capex through free cash flows of the core business (current
average INR3-4b p.a) and debt (currently net cash on its Balance Sheet).
The biggest concern is demand risk in India and hence it wants to be globally
competitive to keep its export options open.
LAB – focus on value maximization
In the matured LAB business, it is focusing on maximizing value by: a) improving
efficiencies by leveraging process/product technology, b) global foray, and c)
inorganic opportunities. Through this strategy, it is targeting 15-17% revenue
CAGR over the next five years.
Growth in the domestic business will be driven by: a) underlying industry
recovery, b) ramp-up in inverters, e-rickshaws, motive power, etc., and c) launch
of technologically superior products in both the Autos and Industrial segment.
In the Industrial segment, it expects the Telecom/UPS segment to grow at
9.8%/6.3% CAGR over FY20-25.
AMRJ is also looking to enter lead smelting operations, as its board has
approved investing in the lead recycling business.
Exports a big focus area; open to M&As
While export revenue has grown at 25% CAGR over the last four years, it is still
very small at 12-13% of sales. It currently exports to 35 countries in the Asia
Pacific Rim and Africa.
Globally, the LAB industry is 490GWh (of which, AMRJ has 3% share) and is
expected to remain stable till CY30. It expects the lithium technology to impact
the Industrial segment (34% of the industry) first and Autos (66% of the
industry) later.
Globally, the LAB industry is consolidating, throwing up acquisition opportunities
for AMRJ. In greater potential markets with high tariff barriers, it would either
look at M&As or at a greenfield plant.
In UPS, it is targeting global leadership, driven by MVRLA battery on patented
punch-grid technology.
Succession planning – Next generation in the driver’s seat
Mr. Jayadev Galla will take over as Chairman of the board from Dr.
Ramachandra N Galla.
Given the strategic importance of the New Energy business, AMRJ has decided
that Mr. S. Vijayanand (current CEO) will take charge as President – New Energy.
The board has decided to induct Mr. Harshavardhana Gourineni (Harsha) and
Mr. Vikramadithya Gourineni (Vikram) as Executive Directors to actively drive
the transition to ‘Energy and Mobility.’
Harsha, currently MD and CEO of Mangal Industries (a promoter owned entity),
would drive value maximization strategy for the LAB business. Vikram, MD of
Amara Raja Power Systems and Amara Raja Electronics (both promoter owned
entities), will drive the New Energy business.
2
15 June 2021
 Motilal Oswal Financial Services
Amara Raja
Valuation and view
We expect value migration from unorganized to organized players such as EXID
and AMRJ in the Replacement segment, driven by tax reforms such as GST and
lower corporate tax rates.
Healthy replacement demand would lead to better capacity utilization and
margin. However, current margin performance may not sustain in FY22 as
volume recovery with OEMs would result in mean reversion of mix and margin.
Falling cost of lithium batteries poses a threat not just to the Auto segment, but
also to Industrial Batteries. Successful transition to the new chemistry poses a
risk as well as an opportunity. While its entry into the new energy business is a
step in the right direction, its success will be dependent on a technology
partner, cost competitiveness, targeted segments, etc.
The stock trades at 19.1x/16.4x FY22E/FY23E EPS. We maintain our Neutral
rating with a TP of INR860/share (18x Mar’23E EPS, in line with its 10-year LPA)
as expectations of better earnings growth balances out the increasing threat of
lithium chemistry for both the Autos and Industrial Business.
Exhibit 1: Demand outlook for LAB
Source: Company
Exhibit 2: Outline of the value maximization strategy in LAB
Source: Company
15 June 2021
3
 Motilal Oswal Financial Services
Amara Raja
Exhibit 3: AMRJs opportunity landscape in New Energy
Source: Company
Exhibit 4: Indian Li-ion battery capacity to grow to 30GWh/150GWh by CY25/CY30
Source: Company
15 June 2021
4
 Motilal Oswal Financial Services
Amara Raja
Exhibit 5: Li-ion battery – Value creation and origin
Source: Company
Exhibit 6: EV charging solutions
Source: Company
15 June 2021
5
 Motilal Oswal Financial Services
Amara Raja
Financials and valuations
Standalone Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT bef. EO Exp.
EO Expense/(Income)
PBT after EO Exp.
Tax Rate (%)
Reported PAT
PAT Adjusted for EO items
Change (%)
Margin (%)
FY16
46,178
9.7
8,230
17.8
1,407
6,823
55
459
7,226
0
7,226
32.0
4,916
4,916
20.4
10.6
FY17
53,172
15.1
8,499
16.0
1,912
6,587
58
492
7,022
0
7,022
31.9
4,785
4,785
-2.7
9.0
FY18
60,592
14.0
8,832
14.6
2,303
6,529
51
664
7,142
0
7,142
34.0
4,713
4,713
-1.5
7.8
FY19
67,931
12.1
9,518
14.0
2,612
6,906
70
468
7,304
0
7,304
33.8
4,835
4,835
2.6
7.1
FY20
68,395
0.7
10,986
16.1
3,007
7,978
122
551
8,407
0
8,407
21.4
6,608
6,608
36.7
9.7
FY21
71,497
4.5
11,157
15.6
3,192
7,965
105
874
8,733
0
8,733
25.9
6,468
6,468
-2.1
9.0
FY22E
82,960
16.0
12,444
15.0
3,655
8,789
100
800
9,489
0
9,489
25.9
7,032
7,032
8.7
8.5
(INR m)
FY23E
92,229
11.2
14,526
15.8
4,210
10,316
100
825
11,041
0
11,041
25.9
8,181
8,181
16.4
8.9
Standalone Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Deferred Liabilities
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
Appl. of Funds
E: MOSL estimates
FY16
171
20,988
21,159
538
725
22,421
14,851
1,330
13,520
1,229
200
14,559
6,016
5,922
1,503
1,119
7,087
3,493
2,665
929
7,472
22,421
FY17
171
25,760
25,931
815
690
27,436
18,156
3,257
14,899
2,403
1,467
17,077
8,170
5,705
1,709
1,494
8,410
4,184
3,285
941
8,667
27,436
FY18
171
29,203
29,374
878
584
30,836
22,529
5,497
17,033
2,264
351
22,038
10,497
7,825
1,113
2,603
10,849
5,923
3,916
1,011
11,189
30,836
FY19
171
33,182
33,353
959
468
34,780
26,165
8,037
18,128
3,147
205
23,480
10,614
7,686
502
4,678
10,179
5,104
3,761
1,314
13,301
34,780
FY20
171
36,385
36,556
441
343
37,341
29,337
11,045
18,292
8,270
0
21,882
11,427
6,363
326
3,766
12,665
6,149
4,685
1,832
9,217
35,779
FY21
171
41,932
42,103
407
234
42,744
38,784
14,236
24,548
3,993
0
26,625
14,382
7,875
967
3,401
15,227
7,465
5,623
2,140
11,398
39,939
FY22E
171
46,828
46,999
407
0
47,407
44,277
17,891
26,386
3,000
2,805
31,792
13,637
8,410
5,799
3,946
16,576
8,662
6,524
1,391
15,215
47,407
(INR m)
FY23E
171
52,448
52,619
407
0
53,026
49,277
22,101
27,176
3,000
2,805
38,507
15,161
9,349
9,610
4,387
18,462
9,629
7,253
1,580
20,045
53,026
15 June 2021
6
 Motilal Oswal Financial Services
Amara Raja
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 (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Gross Fixed Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital Turnover (Days)
Leverage Ratio (x)
Current Ratio
Debt/Equity
FY16
28.8
37.0
123.9
4.3
17.7
27.5
21.4
6.4
2.9
16.3
0.5
25.2
23.9
26.4
3.1
47.6
42
28
47
2.1
0.0
FY17
28.0
39.2
151.8
4.25
18.2
28.3
20.2
5.2
2.5
15.8
0.5
20.3
19.4
21.7
2.9
56.1
35
29
48
2.0
0.0
FY18
27.6
41.1
172.0
4.2
18.1
28.7
19.3
4.6
2.2
15.2
0.5
17.0
16.3
17.6
2.7
63.2
46
36
61
2.0
0.0
FY19
28.3
43.6
195.3
7.1
30.0
28.0
18.2
4.1
2.0
14.2
0.9
15.4
14.9
15.8
2.6
57.0
41
27
69
2.3
0.0
FY20
38.7
56.3
214.0
11.0
34.1
20.5
14.1
3.7
2.0
12.3
1.4
18.9
18.6
21.0
2.3
61.0
34
33
47
1.7
0.0
FY21
37.9
56.6
246.5
11.0
29.0
20.9
14.0
3.2
1.9
12.1
1.4
16.4
16.3
17.7
1.8
73.4
40
38
53
1.7
0.0
FY22E
41.2
62.6
275.2
12.5
30.4
19.1
12.5
2.9
1.5
10.3
1.6
15.8
15.8
18.4
1.9
60.0
37
38
41
1.9
0.0
FY23E
47.9
72.5
308.1
15.0
31.3
16.4
10.8
2.5
1.3
8.6
1.9
16.4
16.4
20.8
1.9
60.0
37
38
41
2.1
0.0
Standalone Cash Flow Statement
Y/E March
Net P/L Before Tax and E/O Items
Depreciation
Interest and Finance Charges
Direct Taxes Paid
(Inc.)/Dec. in WC
CF from Operations
Others
CF from Operations incl. EO
(inc.)/dec. in FA
Free Cash Flow
Others
CF from Investments
(Inc.)/Dec. in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc./Dec. in Cash
Add: Beginning Balance
Closing Balance
E: MOSL estimates
FY16
7,226
1,407
-43
2,181
-738
5,672
-130
5,542
-4,904
637
24,156
-3,938
772
-5
-1,614
-847
757
2,271
3,028
FY17
7,022
1,912
-3
2,024
-1,137
5,771
-242
5,529
-4,305
1,224
27,395
-5,349
47
-3
0
44
223
3,028
3,251
FY18
7,142
2,303
-5
2,443
-3,475
3,522
-306
3,216
-3,853
-637
19,117
-2,442
-89
-7
-1,285
-1,382
-607
3,251
2,644
FY19
7,304
2,612
42
2,417
-1,843
5,698
-284
5,413
-5,282
131
10,904
-4,629
-51
-11
-855
-916
-131
2,644
2,512
FY20
8,407
3,007
122
2,364
2,892
12,065
-296
11,769
-6,999
4,770
13,305
-8,497
-275
-52
-3,311
-3,638
-365
2,512
2,147
FY21
8,733
3,192
-768
2,265
-854
8,037
0
8,037
-4,500
3,537
874
-3,626
381
-105
-1,879
-1,603
2,808
2,147
4,955
FY22E
9,489
3,655
-700
2,458
1,015
11,001
0
11,001
-4,500
6,501
800
-3,700
-234
-100
-2,135
-2,469
4,832
3,075
7,907
(INR m)
FY23E
11,041
4,210
-725
2,860
-1,019
10,647
0
10,647
-5,000
5,647
825
-4,175
0
-100
-2,562
-2,662
3,810
7,907
11,717
15 June 2021
7
 Motilal Oswal Financial Services
Amara Raja
NOTES
15 June 2021
8
 Motilal Oswal Financial Services
Amara Raja
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.
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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
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
15 June 2021
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 Motilal Oswal Financial Services
Amara Raja
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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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