Jubilant Pharmova
Estimate change
TP change
Rating change
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24 July 2021
Jubilant Healthcare
1QFY22 Results Update | Sector: Pharmova
CMP: IN697
TP: INR830 (+19%)
Buy
Radiopharma on a gradual recovery path
Import alert slows growth prospects in the Generic segment
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
JUBLPHAR IN
159
111 / 1.5
982 / 598
-7/-24/-33
380
JP delivered in line earnings, despite a better than expected revenue in
1QFY22. The COVID-related business led to a strong YoY revenue growth.
However, reduced number of lung procedures in the Radiopharma segment,
increased price erosion in the Sartans portfolio, and price erosion in the base
portfolio in the Generics segment led to lower-than-expected profitability,
offsetting benefits of higher revenue.
We have reduced our FY22E/FY23E EPS estimate by 14% each to factor in: a)
delay in potential products on account of the import alert at Roorkee, b)
higher competitive pressures in the Generics portfolio, c) gradual recovery in
Radiopharma sales, and d) lower operating leverage. We continue to value JP
at 8x 12-month forward EV/EBITDA to arrive at our PT of INR830. We remain
positive on JP due to its attractive valuation and improving outlook in the
Specialty segment. We maintain our
Buy
rating.
Net sales grew 41% YoY to INR16.3b (est: INR13.6b), led by a 70%/54%/55%
growth in CDMO/Generics/Contract Research and Development Services
revenue (29%/27%/5% of sales; INR4.7b/INR4.4b/INR880m). Specialty
Pharma sales grew 18% YoY to INR6.3b (39% of sales).
Gross margin contracted by 120bp YoY to 77.9% in 1QFY22 due to the
reduced share of Specialty Pharma. EBITDA margin, however, expanded by
750bp YoY to 23% (est: 26%) due to better operating leverage. Employee
expense fell 1,070bp YoY as a percentage of sales, partially offset by higher
other expense (+210bp YoY as a percentage of sales).
EBITDA almost doubled to INR3.8b (est: INR3.5b).
Adjusted PAT grew ~4.5x YoY to INR1.6b (in line) on a lower base of 1QFY21,
which was severely impacted by the COVID-19 outbreak.
JP is reorganizing its API business after the demerger from Jubilant Generics
(a wholly-owned subsidiary) and vesting the same under JP. It would create
service offerings across the value chain from CRO/CDMO for innovative and
generic APIs. The management feels synergies between the CRO and CDMO
businesses can be realized more effectively in a holding/subsidiary company
as compared to a fellow subsidiary structure.
It is engaging with consultants to resolve the import alert at the Roorkee
facility. The key issues related to clinical protocol and validation batches.
Within the CDMO segment, JP saw business worth INR2b from COVID-related
contracts in 1QFY22. It expects to execute INR1b in additional sales over the
coming quarters.
It would be expanding its Spokane capacity by 50% to cater to demand in the
Specialty segment, which would be commercialized by CY24-end.
Financials & valuations (INR b)
Y/E MARCH
2021 2022E 2023E
89.1 64.0 67.9
Sales
19.0 16.0 17.8
EBITDA
8.4 7.6 8.8
Adj. PAT
EBIT Margin (%)
16.4 19.6 20.5
Cons. Adj. EPS (INR) 54.1 48.8 56.2
-9.5 -9.8 15.0
EPS Gr. (%)
304.3 348.6 399.4
BV/Sh. (INR)
Ratios
Net D:E
0.4 0.2 0.2
16.3 15.0 15.0
RoE (%)
11.7 11.8 12.6
RoCE (%)
Payout (%)
9.5 9.5 9.5
Valuations
12.8 14.2 12.4
P/E (x)
6.7 7.7 6.8
EV/EBITDA (x)
Div. Yield (%)
0.6 0.6 0.7
FCF Yield (%)
11.5 5.2 4.9
1.4 1.9 1.8
EV/Sales (x)
Low base, COVID-19, and Radiopharma drive YoY growth in earnings
Highlights from the management commentary
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Mar-21
50.7
1.3
25.8
22.3
Dec-20 Mar-20
50.7
50.7
1.0
1.9
25.7
27.9
22.6
19.5
FII Includes depository receipts
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com)
Bharat Hegde, CFA – Research analyst
(Bharat.Hegde@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Jubilant Pharmova
Valuation and view
We have lowered our FY22E/FY23E EPS estimate by 14% each reflecting delays
in ANDA approvals due to regulatory hurdles at Roorkee, increased price erosion
in its Generics base portfolio, and ongoing impact on certain procedures within
the Radiopharma segment.
We expect 24% earnings CAGR over FY21-23E (adjusting for the demerged Life
Science Ingredient business), led by a 15% sales CAGR in Specialty. Adjusted for
COVID-related contracts, we expect the CDMO segment to deliver 7% sales
CAGR over FY21-23E. Recovery in the high margin Specialty business will drive a
490bp EBITDA margin expansion over FY21-23E.
We value JP at 8x 12-months forward EV/EBITDA to arrive at our TP of INR800.
We maintain our BUY rating on account of healthy order book in the CDMO
business, improving outlook in the Radiopharma segment, and attractive
valuation.
FY21
FY22
FY21* FY22E
2Q*
3Q*
4Q
1Q
2QE
3QE
4QE
23,749 26,643 15,798 16,347 14,975 16,154 16,564 89,059 64,040
4.8
15.1
-33.9
41.4
-36.9
-39.4
4.9
-2.7
-28.1
4,862 6,530 3,746 3,752 3,594 4,039 4,625 19,004 16,010
3.8
28.7
-30.2 109.3
-26.1
-38.2
23.5
-3.1
-15.8
20.5
24.5
23.7
23.0
24.0
25.0
27.9
21.3
25.0
1,158 1,270
862
880
875
870
852 4,421 3,477
3,703 5,260 2,884 2,872 2,719 3,169 3,773 14,582 12,533
5.3
33.5
-29.3 194.2
-26.6
-39.8
30.8
-2.7
-14.1
640
590
433
346
330
320
298 2,469 1,294
73
0
67
39
50
60
75
154
224
3,137 4,670 2,518 2,565 2,439 2,909 3,551 12,267 11,463
0
110
103
0
0
0
0
110
0
3,137 4,560 2,414 2,565 2,439 2,909 3,551 12,157 11,463
896 1,430
831
860
781
873 1,040 3,766 3,554
28.5
31.4
34.4
33.5
32.0
30.0
29.3
31.0
31.0
2,240 3,100 1,727 1,605 1,564 1,956 2,485 8,360 7,609
2,240 3,176 1,795 1,605 1,564 1,956 2,485 8,436 7,609
-10.2
39.6
-31.1 353.5
-30.2
-38.4
38.5
-9.5
-9.8
9.4
11.9
11.4
9.8
10.4
12.1
15.0
9.5
11.9
(INR m)
FY22E
1QE
13,637
-28.0
3,546
17.3
26.0
850
2,696
41.9
400
45
2,341
0
2,341
690
29.5
1,650
1,650
87.5
12.1
Var.
(%)
19.9
5.8
Consolidated quarterly earnings model
Y/E March
Net Sales
YoY Change (%)
EBITDA
YoY Change (%)
Margin (%)
Depreciation
EBIT
YoY Change (%)
Interest
Other Income
PBT before EO expense
Extra-Ord. expense
PBT
Tax
Rate (%)
Reported PAT
Adj. PAT
YoY Change (%)
Margin (%)
financials
1Q
11,561
-47.0
1,793
-60.0
15.5
817
976
-71.8
479
39
536
0
536
182
34.0
354
354
-81.8
3.1
6.5
9.6
9.6
24.6
-2.7
-2.7
2Q/3Q/FY21 financials include discontinued LSI business. Hence, the addition of the four quarters is not comparable with overall FY21
Highlights from the management interaction
JP plans to take one drug candidate to Phase I clinical trials in 2HFY22.
Overall, it intends to spend INR7-8b towards capex in FY22.
Ventilation lung procedures continue to be hit due to the COVID-19 pandemic.
The Radiopharmacy business is close to pre-COVID levels.
Ruby-Fill installations are picking up, with the COVID situation improving in the
US.
Allergy product volumes normalized to pre-COVID levels.
JP witnessed increased demand from biotech companies for integrated services,
functional chemistry and DMPK, discovery biology, and clinical trial data
management.
The pricing pressure in Sartans offset the benefit in Remdesivir in 1QFY22.
JP reduced its net debt by INR2.7b QoQ to INR17b.
24 July 2021
2
 Motilal Oswal Financial Services
Jubilant Pharmova
Key exhibits
Exhibit 1: CDMO revenue grew 70% YoY
CDMO revenues (INRb)
Growth (YoY %)
47.9
24.5
10.5
5.1
3.9
23.1
-13.2 -19.1
3.9
2.8
5.1
-8.4
3.6
5.7
4.7
7.3
7.4
7.6
7.9
69.9
Exhibit 2: Specialty sales grew 18% YoY in 1QFY22
Specialty Revenues (INRb)
8.9
8.9
4.4
0.9
-26.3
5.3
-21.3
5.9
7.1
Growth (YoY %)
18.4
-7.1
-23.5
6.0
6.3
3.5
4.1
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 3: Debt profile
Particulars (INR m)
Gross debt
Cash and cash equivalent
Currency impact
Net debt
4QFY20
46,560
14,000
32,560
1QFY21
44,290
15,230
29,060
2QFY21
41,540
11,730
30,630
3QFY21
40,060
14,320
25,730
4QFY21
26,000
6,710
19,280
1QFY22
26,300
9,370
-430
16,510
Source: MOFSL, Company
Radiopharma back on the recovery path
Healthy order book in the CDMO segment
CDMO sales grew 70% YoY to INR4.7b (41% of sales) in 1QFY22. It realized
~INR2b in CDMO revenue in 1QFY22 from COVID-related deals it had signed in
FY21. It expects an additional INR1b in COVID-related CDMO revenue in the
remainder of FY22.
Apart from orders for COVID-related products, JP has an order book of INR36b
in the CDMO business. These orders are to be executed over the next three
years, providing revenue visibility. Owing to strong customer demand, it is
expanding capacity by 50% at its Spokane facility, which will become operational
by CY24.
Adjusting for the COVID-related product business, we expect 7% sales CAGR to
INR17b in the CDMO segment over FY21-23E.
Radiopharma on the recovery path, lung procedures yet to pick-up
JP’s Specialty segment comprises of Radiopharmacy and Allergy businesses (41%
of sales). Specialty Pharma sales in 1QFY22 grew 18% YoY to INR6.3b.
Radiopharma saw a recovery, especially towards the second half of 1QFY22,
with COVID-19 cases declining in the US. Nuclear medicine procedures are near
pre-COVID levels now. However, lung perfusion scans are recovering at a slower
rate, which is hindering complete normalization of the Radiopharma business.
Generic competition in MAA has also impacted JP in its Radiopharma segment.
JP is also focusing on ramping up its market share in Ruby-Fill in both the US and
Europe, with increased efforts on marketing the product. Its efforts to turn
around the Radiopharmacy business are on track. It intends to increase volumes
24 July 2021
3
 Motilal Oswal Financial Services
Jubilant Pharmova
through its Radiopharmacy distribution channel of its own as well as others
products, including those from partners, to turn around this business.
Allergy therapy products are almost at pre-COVID levels and are expected to see
further improvements sequentially in coming quarters.
On the back of a gradual recovery from COVID-19, an innovative product
portfolio, strategic tie-ups, an established distribution footprint, and strong R&D
capabilities, we expect 15% sales CAGR to INR31b in the Specialty segment over
FY21-23E.
Roorkee import alert a further dampener in Generics
The Generics segment posted strong (54% YoY) growth in 1QFY22 to INR4.3b on
the back of increased demand for Remdesivir in India. Generic sales are
expected to slow down sequentially as demand for Remdesivir subsides.
The import alert from the USFDA on the Roorkee plant will lead to further delays
in expected approvals and launches from this facility in the US.
Although JP is exploring the possibility of filing products from other sites, the
import alert is a setback for JP’s US plans over the medium term. We expect 4%
CAGR in the Generics business over FY21-23E.
Recovery in Radiopharma to offset the expected impact in Generics/CDMO
We have reduced our FY22E/FY23E EPS estimate by 14% each to factor in: a)
delay in potential products on account of the import alert at Roorkee, b) higher
competitive pressures in the Generics portfolio, c) gradual recovery in
Radiopharma sales, and d) lower operating leverage.
We expect 24% earnings CAGR over FY21-23E (adjusting for the demerged Life
Science Ingredient business), led by 15% sales CAGR in Specialty. Adjusted for
COVID-related contracts, we expect the CDMO segment to deliver 7% sales
CAGR over FY21-23E. We estimate recovery in the high margin Specialty
business to drive a 490bp EBITDA margin expansion over FY21-23E.
We continue to value JP at 8x 12-months forward EV/EBITDA to arrive at our TP
of INR830. We remain positive on JP due to its attractive valuation and
improving outlook in the Specialty segment. We maintain our
Buy
rating.
Exhibit 4: SoTP-based TP of INR830/share
Valuation
EBITDA for the Pharma business (INR m)
EV/EBITDA multiple for JP
12-months forward
18,735
8
1,46,134
16,510
1,29,624
830
695
19.4
Source: MOFSL, Company
Total EV (INR m)
Net Debt
Market capitalization (INR m)
Target price (INR per share)
CMP
Potential upside (%)
24 July 2021
4
 Motilal Oswal Financial Services
Jubilant Pharmova
Exhibit 5: P/E chart
P/E (x)
20.0
14.0
8.0
4.1
2.0
Avg (x)
Max (x)
Min (x)
+1SD
15.7
12.0
-1SD
Negative
Earnings
10.7
8.1
13.3
Source: MOFSL, Company, Bloomberg
Exhibit 6: P/B chart
P/B (x)
3.0
2.0
1.0
0.0
2.1
1.5
0.9
0.4
Avg (x)
Max (x)
Min (x)
+1SD
2.7
1.9
-1SD
Source: MOFSL, Company, Bloomberg
24 July 2021
5
 Motilal Oswal Financial Services
Jubilant Pharmova
Financials and valuations
Consolidated Income Statement
(INR m)
FY16
57,491
-1.3
45,022
78.3
12,470
21.7
3,467
9,002
3,714
134
5,422
0
5,422
1,554
28.7
3,918
3,918
-470.8
6.8
FY17
58,614
2.0
45,161
77.0
13,453
23.0
2,914
10,539
3,411
249
7,376
0
7,376
1,630
22.1
5,757
5,757
46.9
9.8
FY18
75,578
28.9
60,394
79.9
15,184
20.1
3,241
11,943
2,843
400
9,501
-910
8,591
2,247
26.2
6,428
7,100
23.3
9.4
FY19
91,108
20.5
72,688
79.8
18,420
20.2
3,709
14,711
2,198
357
12,870
-3,832
9,038
3,268
36.2
5,770
8,955
26.1
9.8
FY20
91,544
0.5
71,933
78.6
19,611
21.4
4,619
14,992
2,874
474
12,592
-486
12,105
3,123
25.8
8,982
9,319
4.1
10.2
FY21
89,059
-2.7
70,055
78.7
19,004
21.3
4,421
14,582
2,469
154
12,267
-110
12,157
3,766
31.0
8,360
8,436
-9.5
9.5
FY22E
64,040
-28.1
48,030
75.0
16,010
25.0
3,477
12,533
1,294
224
11,463
0
11,463
3,554
31.0
7,609
7,609
-9.8
11.9
FY23E
67,943
6.1
50,142
73.8
17,801
26.2
3,891
13,910
1,194
238
12,953
0
12,953
3,886
30.0
8,752
8,752
15.0
12.9
Y/E March
FY15
Total Income from Operations
58,263
Change (%)
0.4
Total Expenditure
51,370
% of Sales
88.2
EBITDA
6,893
Margin (%)
11.8
Depreciation
2,880
EBIT
4,013
Int. and Finance Charges
3,553
Other Income
425
PBT bef. EO Exp.
884
EO Items
-481
PBT after EO Exp.
403
Total Tax
805
Tax Rate (%)
199.6
Reported PAT
-578
Adjusted PAT
-1,057
Change (%)
-142.0
Margin (%)
-1.8
*FY21 includes 10 months of LSI segment operations
Consolidated Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Total Loans
Deferred Tax Liabilities
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
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
FY15
159
24,376
24,535
0
47,931
2,380
74,847
54,245
24,508
29,737
19,376
5,966
395
30,714
12,353
8,193
3,944
6,225
11,342
7,669
2,028
1,645
19,372
74,847
FY16
155
29,507
29,663
-381
44,933
1,146
75,360
35,597
2,864
32,733
18,311
6,113
854
29,385
12,031
9,505
3,446
4,403
12,038
6,328
3,487
2,222
17,348
75,359
FY17
156
34,205
34,361
-393
40,453
445
74,865
39,102
5,657
33,445
17,622
6,838
1,027
30,055
12,204
10,053
4,596
3,202
14,122
7,909
4,425
1,788
15,933
74,865
FY18
156
40,710
40,865
-515
35,449
26
75,825
44,936
9,807
35,129
18,877
6,710
1,235
32,621
13,914
11,308
2,488
4,912
18,747
11,362
5,897
1,488
13,874
75,825
FY19
159
47,930
48,089
1
47,431
528
96,049
50,411
13,516
36,894
19,589
9,014
1,151
46,541
14,174
12,716
13,704
5,947
17,141
10,201
5,109
1,831
29,400
96,049
FY20
159
55,880
56,039
0
43,901
522
100,461
60,641
18,135
42,505
20,895
7,684
694
51,327
18,454
12,932
13,999
5,942
22,643
10,903
9,245
2,495
28,684
100,461
FY21
159
47,256
47,415
0
25,840
926
74,181
47,344
22,557
24,788
21,300
8,970
2,410
30,167
11,294
8,199
6,713
3,961
13,453
5,205
6,410
1,838
16,714
74,181
FY22E
159
54,146
54,305
0
22,090
926
77,321
58,020
26,034
31,987
21,300
5,294
2,410
25,946
8,553
7,895
6,650
2,848
9,616
3,684
4,609
1,322
16,331
77,321
(INR m)
FY23E
159
62,070
62,229
0
19,090
926
82,245
65,506
29,925
35,581
21,300
4,309
2,410
28,511
9,341
9,121
7,027
3,022
9,864
3,572
4,890
1,402
18,647
82,245
24 July 2021
6
 Motilal Oswal Financial Services
Jubilant Pharmova
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 (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Coverage Ratio
Net Debt/Equity
FY15
-6.8
11.7
157.5
3.1
-99.6
-102.5
59.4
4.4
2.6
22.1
0.4
27.9
-4.2
-6.2
-6.2
1.1
77
51
48
2.7
1.1
1.8
FY15
403
2,880
3,491
-793
964
6,945
888
7,833
-3,491
4,341
-42
100
-3,433
0
-1,136
-3,353
-538
-5,027
-628
4,735
27
3,944
FY16
25.1
47.4
190.4
3.1
14.7
27.6
14.7
3.7
2.6
12.0
0.4
48.8
14.5
8.9
9.9
1.6
76
60
40
2.4
2.4
1.4
FY16
5,422
3,467
3,686
-481
-1,332
10,763
225
10,989
-3,392
7,597
257
10
-3,125
197
-4,558
-3,511
-555
-8,427
-564
3,916
53
3,446
FY17
36.9
55.7
220.5
3.1
10.0
18.8
12.5
3.2
2.5
10.7
0.4
51.7
18.0
11.2
12.9
1.5
76
63
49
2.1
3.1
1.0
FY17
7,376
2,914
3,323
-1,439
369
12,543
142
12,685
-4,623
8,062
74
45
-4,504
77
-4,086
-2,291
-559
-6,859
1,322
3,392
32
4,596
FY18
44.9
65.7
262.3
3.1
8.9
15.5
10.6
2.6
1.9
9.3
0.4
52.6
18.9
12.1
13.7
1.7
67
55
55
1.7
4.2
0.8
FY18
8,591
4,151
2,792
-2,578
142
13,096
-64
13,032
-4,837
8,195
-116
-1,223
-6,177
10
-6,278
-2,183
-560
-9,011
-2,156
4,564
46
2,488
FY19
56.9
80.8
308.7
3.1
10.0
12.2
8.6
2.3
1.6
7.7
0.4
30.4
20.1
11.2
13.6
1.8
57
51
41
2.7
6.7
0.7
FY19
9,038
3,709
2,088
-3,433
-3,005
8,397
2,818
11,215
-6,481
4,734
0
-3,637
-10,118
2,659
6,616
-2,155
-546
6,574
7,671
2,442
3,650
13,704
FY20
59.8
89.5
359.7
4.8
10.0
11.6
7.8
1.9
1.5
7.0
0.7
62.6
17.9
11.7
14.8
1.5
74
52
43
2.3
5.2
0.5
FY20
12,105
4,619
2,659
-2,487
-1,797
15,100
329
15,429
-5,676
9,753
199
2,207
-3,270
3
-4,986
-3,250
-1,528
-10,504
1,656
10,054
1,691
13,999
FY21
54.1
82.5
304.3
4.5
9.5
12.8
8.4
2.3
1.4
6.7
0.6
81.5
16.3
11.7
15.0
1.9
46
34
21
2.2
5.9
0.4
FY21
12,120
4,517
2,334
-3,941
2,499
17,528
314
17,843
-5,143
12,700
-2,024
-867
-8,034
0
-13,497
-2,922
-15
-17,094
-7,286
12,308
1,691
6,713
FY22E
48.8
71.2
348.6
4.1
9.5
14.2
9.8
2.0
1.9
7.7
0.6
37.1
15.0
11.8
14.5
1.1
49
45
21
2.7
9.7
0.2
FY22E
11,463
3,477
1,070
-3,554
319
12,776
0
12,776
-7,000
5,776
0
224
-6,776
0
-3,750
-1,294
-720
-6,064
-64
5,023
1,691
6,650
FY23E
56.2
81.2
399.4
4.7
9.5
12.4
8.6
1.7
1.8
6.8
0.7
35.1
15.0
12.6
14.8
1.0
50
49
19
2.9
11.6
0.2
Consolidated Cash Flow Statement
Y/E March
OP/(Loss) before Tax
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
(Pur.)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc./(Dec.) in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc./Dec. in Cash
Opening Balance
Bank balance
Closing Balance
INR m)
FY23E
12,953
3,891
956
-3,886
-1,939
11,976
0
11,976
-6,500
5,476
0
238
-6,262
0
-3,000
-1,194
-828
-5,337
377
4,959
1,691
7,027
24 July 2021
7
 Motilal Oswal Financial Services
Jubilant Pharmova
NOTES
24 July 2021
8
 Motilal Oswal Financial Services
Jubilant Pharmova
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
*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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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,
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products.
Details
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of
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Oswal
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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
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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
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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
********************************************************************************************************************************
The associates of MOFSL may have:
-
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
24 July 2021
9
 Motilal Oswal Financial Services
Jubilant Pharmova
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
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be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies)
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The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
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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; Website
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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
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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.
-
24 July 2021
10