30 August 2016
1QFY17 Results Update | Sector: Real Estate
DLF
Buy
BSE SENSEX
27,903
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
8,607
DLFU IN
1785.0
282.0 / 4.2
170 / 73
-2/44/32
1438
25.1
CMP: INR158
TP: INR201 (+27%)
Weak presales; policy measures key trigger
1QFY17 profit up led by one-off exceptional item:
DLF’s PAT increased sharply
to INR2.6b in 1QFY17, led by one-off exceptional income of INR3b from the
sale of DT Cinemas to PVR Cinemas. Revenues decreased 16% YoY to INR18.7b
during the quarter. EBITDA of INR7.5b (-10% YoY) missed estimate by 11%, but
margins at 40% showed an improvement on YoY basis.
Muted presales:
Presales came in at 0.03msf (INR2.1b), of which ~55% was
contributed by Phase V projects (Crest and Camellias), followed by new
Gurgaon assets (INR0.9b). The company achieved gross leasing of 0.86msf in
1QFY17, but lease expiry stood at 0.91msf. Leasing offtake was also affected by
virtually no inventory at most projects. Effective net debt stood at INR221b
(debt/equity of 0.8x).
Guidance factors in no major improvement in DevCo:
FY17 presales guidance
of INR30-35b and leasing guidance of 1.5msf highlight no major improvement
on the immediate horizon. However, it expects presales contribution from the
long-hibernated new Gurgaon assets to gradually improve in FY17 and rental
growth to remain steady at INR27b/30b in FY17/18.
Valuation and view:
Barring interim excitement in Phase V projects, the
outlook remains subdued for the DevCo business. RentCo performance has
been steady and offers value unlocking potential. Maintain
Buy
with TP of
INR201 (SOTP-based), with macro policy as key immediate trigger.
Financials & Valuations (INR b)
2016 2017E
Y/E Mar
Net Sales
92.6
84.3
EBITDA
38.7
34.9
Adj PAT
5.5
7.0
EPS (INR)
3.1
3.9
EPS Gr. (%)
1.5
27.2
BV/Sh. (INR)
156.3 157.9
RoE (%)
1.9
2.4
RoCE (%)
3.7
4.6
Payout (%)
76.0
58.2
P/E (x)
51.3
40.4
P/BV (x)
1.0
1.0
EV/EBITDA (x)
13.1
14.7
Div. Yield (%)
1.3
1.3
2018E
90.7
38.5
8.2
4.6
17.9
160.2
2.8
4.5
49.4
34.2
1.0
13.2
1.3
Estimate change
TP change
Rating change
Aashumi Mehta
(Aashumi.Mehta@MotilalOswal.com); +91 22 6129 1537
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.

DLF
Exhibit 1: Trend in EBITDA margins (%)
Exhibit 2: Muted presales
Sales value (INR b)
52 50
49
48 48
4546
45
42
40
37
39
25
30
7
50
43
43 41
40
40
37
37
36
32
Average realization ('000 INR/sf)
80
70
60
50
40
30
20
10
0
40
33 30
30
18
24
24
24 20
20
18
19
15 15
13
13
13 11 11
13
16
10 11
9
76
7
6
66
64
8
33
2
0
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Leasing momentum fell QoQ
Exhibit 4: Trend in Net debt
Net debt (INR b)
Net DER (x)
Source: Company, MOSL
Source: Company, MOSL
Valuation and view
Barring interim excitement in Phase V projects, the momentum and outlook
remain subdued for rest of the assets. Prolonged weakness in the NCR market,
muted cash flows (causing continuous rise in debt) and multiple legal issues
(SEBI case, tax liabilities, land ownership cases, etc.) remain major overhangs on
the stock.
RentCo performance has been steady amid improving commercial market
dynamics. DLF offers smart proxy to play value-unlocking potential from REITs
and CMBS. However, the SEBI order (currently pending at the Supreme Court) to
prohibit the company from capital market participation creates uncertainty
about tapping such opportunities over the immediate future.
While valuation discount is in place, the company lacks an operational trigger.
Nonetheless, any near-term positive development on the economy and policy
front (rate cut, etc.) could boost re-rating potential due to its wide asset base
and multi-product presence.
We maintain
Buy
with a TP of INR201 (SOTP-based), with macro policy as key
immediate trigger.
30 August 2016
2

DLF
Exhibit 5: We value DLF at INR201/share
FY17
Dev Co
Apartment
Villas
Plots
Commercial complex
Institutional Plots
Rent Co
Commercial (DAL adjusted)
Retail
Others
GAV
Tax
Net debt
Land cost due
Operating expense
Contingencies
NAV
Target price
GAV
575,250
422,345
13,294
111,192
28,418
13,841
525,778
325,824
199,955
16,250
1,117,278
279,319
217,391
10,000
111,728
21,300
477,540
382,032
NAV/Share
322
237
7
62
16
8
295
183
112
9
626
156
122
6
63
12
268
201
Source: Company, MOSL
30 August 2016
3

DLF
Story in charts
Exhibit 6: Margin to remain stable (%)
67
56
56
47
41
40
30
42
41
42
Exhibit 7: Weak market outlook to constraint sales in FY17
Sales value (INR b)
Average Realization
39
34
42.0 135 68
72
67
53
38
41
39
31
31
38
Source: Company, MOSL
Source: Company, MOSL
Exhibit 8: Leasing has been showing sign of uptick (msf)
4.3
Exhibit 9: Rental business steady (INR b)
Rental Income (INR b)
23.7
26.3
30.3
1.4
0.8
1.7
1.2
1.5
12.8
1.0
7.2
15.8
16.7
18.8
21.6
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY10
FY11
FY12
FY13
FY14
FY15
FY16 FY17E FY18E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 10: FCFE to remain MUTED over FY17 (INR b)…
Divestment
FCFE
Exhibit 11: …keeping debt at elevated level
Net debt (INR b)
0.87
0.83
0.67
0.75
Net DER (X)
0.81
0.81
0.80
58
18
-22
32
-17
FY13
-20
7
-17
17
-21
15
-15
0
-10
236
FY14
FY15
FY16
FY17E
FY18E
FY12
227
FY13
195
FY14
217
FY15
235
FY16
238
FY17E
236
FY18E
FY12
Source: Company, MOSL
Source: Company, MOSL
30 August 2016
4

DLF
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
EBITDA
% of Net Sales
Depreciation
Interest
Other Income
Extra ordinary item
PBT
Tax
Rate (%)
Reported PAT (Pre MI)
MI/Associate Prof/Prior Period
Adjusted PAT
Change (%)
Consolidated PAT
Change (%)
E: MOSL Estimates
2011
95,606
28.8
37,527
39.3
6,307
17,056
5,839
20,002
4,594
23.0
15,408
988
16,396
-5.2
16,396
-5.2
2012
96,294
0.7
39,043
40.5
6,888
22,465
5,945
-160
15,475
3,694
23.9
11,782
227
12,008
-26.8
12,008
-26.8
2013
77,728
-19.3
26,262
33.8
7,962
23,140
13,229
-330
8,059
1,251
15.5
6,808
312
7,119
-40.7
7,119
-40.7
2014
82,980
6.8
24,852
29.9
6,629
24,633
14,916
-3,299
5,207
-836
-16.1
6,044
418
6,462
-9.2
6,462
-9.2
2015
76,487
-7.8
30,237
39.5
5,448
23,039
5,194
-679
6,267
1,576
25.1
4,691
712
5,402
-16.4
5,402
-16.4
2016
92,599
21.1
38,664
41.8
7,778
26,154
5,593
10,325
4,194
40.6
5,346
148
5,494
1.7
5,494
1.7
(INR Million)
2017E
84,252
-9.0
34,867
41.4
6,558
27,272
8,500
9,536
2,861
30.0
6,675
314
6,990
27.2
6,990
27.2
2018E
90,719
7.7
38,535
42.5
6,663
26,825
7,000
12,046
4,216
35.0
7,830
414
8,244
17.9
8,244
17.9
Balance Sheet
Y/E March
Equity Capital
Preference Capital
Reserves
Pref Shares/ CCP's
Net Worth
Loans
Deffered Tax Liability
Minority Interest
Capital Employed
Goodwill
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Deffered tax Assets (net)
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans and Advances
Other Current Assets
Current Liab. & Prov.
Creditors
Provisions
Net Current Assets
Misc. Expenses
Application of Funds
E: MOSL Estimates
2011
3,394
13,960
241,823
4,144
263,321
239,906
0
5,752
508,979
13,840
198,277
19,556
178,721
102,344
9,958
1,633
301,681
150,388
17,536
13,218
41,664
78,875
99,199
92,249
6,950
202,482
0
508,979
2012
3,394
13,850
250,970
4,144
272,359
250,660
0
4,207
527,225
16,248
212,949
25,809
187,140
89,928
11,268
3,349
325,962
161,756
19,100
15,063
51,741
78,302
106,671
98,639
8,032
219,291
0
527,225
2013
3,397
13,850
253,888
4,144
275,279
248,013
0
4,020
527,311
15,621
214,555
31,690
182,865
78,343
13,337
6,563
349,540
176,455
17,393
18,443
53,304
83,944
118,958
111,631
7,327
230,582
0
527,311
2014E
3,559
13,850
270,386
4,144
291,939
223,340
0
2,023
517,302
11,968
193,955
38,319
155,636
80,943
8,912
10,178
377,801
184,886
16,123
24,420
58,047
94,323
127,722
121,904
5,818
250,079
0
517,302
2015E
3,562
13,850
270,125
4,144
291,681
244,941
0
1,747
538,369
12,058
205,579
43,767
161,812
80,000
6,234
15,108
387,411
177,431
17,584
27,477
66,048
98,871
124,255
116,143
8,112
263,156
0
538,369
2016
3,570
11,826
270,030
4,144
289,570
268,930
0
1,120
559,620
10,630
217,115
51,545
165,570
80,000
9,710
19,990
388,480
175,070
18,570
33,710
71,250
89,880
114,760
109,080
5,680
273,720
0
559,620
(INR Million)
2017E
3,570
11,826
272,950
4,144
292,490
271,116
0
1,834
565,440
10,630
220,115
58,103
162,012
87,000
9,710
19,990
396,820
180,045
20,774
28,651
75,019
92,331
120,723
114,259
6,463
276,098
0
565,440
2018E
3,570
11,826
277,124
4,144
296,664
260,078
0
2,548
559,290
10,630
224,115
64,767
159,348
92,000
9,710
19,990
398,595
178,952
21,126
19,564
80,777
98,175
130,983
124,272
6,711
267,612
0
559,290
30 August 2016
5

DLF
Financials and Valuations
Ratios
Y/E March
Basic (INR)
Adjusted EPS
Growth (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2011
9.7
-5.2
12.8
147.0
2.0
24.2
2012
7.1
-26.8
11.0
150.9
2.0
33.1
2013
4.2
-40.8
8.7
152.9
2.0
55.8
2014
3.6
-13.4
7.1
157.3
2.0
64.4
2015
3.0
-16.5
5.7
157.0
2.0
77.2
2016
3.1
1.5
7.4
156.3
2.0
76.0
2017E
3.9
27.2
7.4
157.9
2.0
58.2
2018E
4.6
17.9
8.1
160.2
2.0
49.4
52.1
16.1
6.4
1.0
1.3
51.3
13.1
5.4
1.0
1.3
40.4
14.7
6.1
1.0
1.3
34.2
13.2
5.6
1.0
1.3
5.8
5.5
6.5
67
574
352
0.2
4.5
5.6
6.2
72
613
374
0.2
2.6
5.1
3.7
82
829
524
0.1
2.3
7.4
5.2
71
813
536
0.2
1.9
4.3
4.5
84
847
554
0.1
1.9
3.7
4.0
73
690
430
0.2
2.4
4.6
4.5
90
780
495
0.1
2.8
4.5
4.7
85
720
500
0.2
0.9
0.9
0.9
0.8
0.8
0.9
0.9
0.9
Cash Flow Statement
Y/E March
PBT before EO Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
Inc/Dec in WC
CF from Operations
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
(Inc)/Dec in Networth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2011
20,002
6,307
17,056
4,594
13,260
25,511
-13,808
11,703
45,094
31,286
-55,945
23,139
17,056
3,971
-53,833
3,936
9,282
13,218
2012
15,475
6,888
22,465
3,694
14,964
26,170
-5,532
20,638
-1,310
-6,842
1,000
10,754
22,465
3,971
-14,682
1,845
13,218
15,063
2013
8,059
7,962
23,140
1,251
7,911
30,000
7,898
37,897
-2,069
5,828
-224
-2,647
23,140
3,975
-29,987
3,380
15,063
18,443
2014E
5,207
6,629
24,633
-836
13,520
23,786
18,414
42,200
4,425
22,839
14,363
-24,673
24,633
4,165
-39,107
5,977
18,443
24,420
2015E
6,267
5,448
23,039
1,576
10,021
23,157
-11,095
12,062
2,678
-8,417
-1,492
21,601
23,039
4,168
-7,098
3,057
24,420
27,477
2016
9,539
7,778
26,154
4,194
4,331
34,832
-11,536
23,297
-3,476
-15,011
-3,428
23,990
26,154
4,177
-9,770
6,234
27,477
33,710
(INR Million)
2017E
9,536
6,558
27,272
2,861
7,437
32,954
-10,000
22,954
0
-10,000
0
2,186
27,272
4,070
-29,156
-5,059
33,710
28,651
2018E
12,046
6,663
26,825
4,216
601
40,601
-9,000
31,601
0
-9,000
0
-11,038
26,825
4,070
-41,933
-9,087
28,651
19,564
30 August 2016
6

DLF
NOTES
30 August 2016
7

This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company (ies) and/sector(s), if any, covered in the report and may be distributed by
DLF
it and/or
its affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or
inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to
you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek
professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide
for future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a some
companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or its affiliates are
seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may educate
investors on investments in such business . The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering,
applying and interpreting information. Our research professionals are paid on twin parameters of performance & profitability of MOSt.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally,
MOSt generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals or
affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make
investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing among other things, may give rise to real or potential
conflicts of interest. MOSt and its affiliated company(ies), their directors and employees 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 affiliates of MOSt even though
there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not
match with a report on a company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research separated by Chinese walls catering to different set of customers having various
objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or employees from,
any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt 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. The information contained herein is based on publicly available data or other
sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a
subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or summary of the securities, markets or developments referred to in the
document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons
that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in
the information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation
the implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this report or
for any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any compensation
for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities mentioned in this
report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Motilal Oswal Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. SEBI Reg. No. INH000000412
Pending Regulatory inspections against Motilal Oswal Securities Limited:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and
adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have requested
to SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.
List of associate companies of Motilal Oswal Securities Limited -
Click here to access detailed report
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. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research
receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
Analyst ownership of the stock
Served as an officer, director or employee -
DLF
No
No
Disclosures
A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes
Regional Disclosures (outside India)
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 MOSt & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
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 Kong 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 Securities Limited (MOSL) 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 MOSL 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 MOSL, 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., MOSL 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
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the
Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Varun Kumar
Varun.kumar@motilaloswal.com
Contact : (+65) 68189232
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
Kadambari Balachandran
kadambari.balachandran@motilaloswal.com
(+65) 68189233 / 65249115
Motilal Oswal Securities Ltd
30 August 2016
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
8