P&G Hygiene and
Healthcare
BSE SENSEX
31,568
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm/ Vol m
Free float (%)
S&P CNX
9,853
PG IN
32.5
264.7 /4.1
8,390/6,126
3/7/8
52
29.4
23 August 2017
4QFY17 Results Update | Sector: Consumer
CMP: INR8,155 TP: INR8,800 (+8%)
Downgrade to Neutral
GST led destocking impacts sales
Downgrading to Neutral on fair near term valuations
Financials & Valuations (INR b)
FY17 FY18E FY19E
Y/E
June
Sales
23.2
26.6
31.1
EBITDA
6.6
7.6
8.9
Adj. PAT
4.3
4.9
5.7
Adj. EPS (INR)
132.9 151.6 176.0
EPS Gr. (%)
2.3
14.0
16.1
BV/Sh. (INR)
212.2 255.6 306.0
RoE (%)
39.3
64.9
62.8
RoCE (%)
40.2
66.0
63.7
P/E (x)
61.3
53.8
46.3
P/BV (x)
38.4
31.9
26.7
Estimate change
TP change
Rating change
4QFY17 Net sales (June year-end) declined 5.8% YoY (est. of +7.6%) to INR5b.
EBITDA declined by 17.7% YoY (est +2.7%) to INR 1.31b. Adj PAT declined by
28.6% YoY (est. +6%) INR 780m. GST led destocking and higher than expected
depreciation and tax rates affected profitability.
EBITDA margins declined by 380bp YoY to 26.1%
in 4QFY17 off a high base as
against our expectations of 130bp YoY decline. The operating margin decline
was led by gross margins which declined by 390bp YoY to 61.6%. Other
expenses increased by 330bp YoY as percentage to sales, while there was
240bp/100bp reduction on staff costs and on A&P.
Full year FY17 results-
Being a June year end company P&GHH witnessed the
impact of both demonetization and GST related destocking in a single financial
year, unlike peers. The company therefore did a fair job to grow full year
sales/EBITDA and PAT at 2%/10% and 2% respectively. Nevertheless weak FY17
base augurs well for recovery going forward.
Valuation and view:
Two factors make PGHH a highly attractive long term core
holding (1) Huge category growth potential in the feminine hygiene segment
(~70% of sales) and potential for market share growth because of its
considerable moats, a combination of which we believe is unsurpassed by
other consumer peers and (2) Potentially huge margin gains from
premiumization over the longer term in feminine hygiene. With the payout of
the huge cash pile, ROCEs have more than doubled and an investor concern has
been addressed. Nevertheless near term valuations will look expensive
because of the lower other income in FY18/FY19 compared to earlier years.
While PGHH remains one of our top long term picks, valuations of 46.3xFY19
EPS do not leave much room for upside over a 1 year horizon leading to
downgrade to
Neutral.
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.
Krishnan Sambamoorthy
– Research Analyst
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 3982 5428
Vishal Punmiya
– Research Analyst
(Vishal.Punmiya@MotilalOswal.com); +91 22 3980 4261

P&G Hygiene and Healthcare
Exhibit 1: FY18E and FY19E numbers revised downwards marginally
Old estimates
FY18E
FY19E
27,445
31,984
7,788
9,134
5,064
5,903
Revised estmates
FY18E
FY19E
26,642
31,053
7,590
8,868
4,925
5,720
Variance
FY18E
FY19E
-2.9
-2.9
-2.6
-2.9
-2.7
-3.1
Source: Company, MOSL
Sales
EBITDA
PAT
Exhibit 2: Valuation Matrix
Company
Consumer
Asian Paints
Britannia Inds.
Colgate-Palm.
Dabur India
Emami
Godrej Consumer
GlaxoSmith C H L
Hind. Unilever
ITC
Jyothy Lab.
Marico
Nestle India
P & G Hygiene
Page Industries
Parag Milk Foods
Pidilite Inds.
United Breweries
United Spirits
Retail
Jubilant Food.
Titan Company
Reco
CMP
(INR)
TP
Mkt Cap Mkt Cap EPS Growth YoY (%)
P/E (x)
RoE (%) Div. (%)
(INR) Upside (%) (INR B) (USD B) FY17 FY18E FY19E FY17 FY18E FY19E FY17
FY17
5
10
18
6
21
10
-16
8
-1
6
12
-13
8
14
3
-1
9
1
-37
-8
1,084
504
295
530
249
605
225
2,598
3,438
68
406
638
264
192
20
419
212
363
89
546
16.9
7.9
4.6
8.3
3.9
9.4
3.5
40.5
53.6
1.1
6.3
10.0
4.1
3.0
0.3
6.5
3.3
5.7
1.4
8.5
8.7
7.3
-5.7
1.9
4.5
12.4
0.9
1.9
9.4
175.7
12.1
-1.6
2.3
15.0
-46.4
6.7
-23.0
87.1
-32.1
18.5
5.6
15.8
15.2
6.7
1.4
14.0
1.3
16.8
10.4
-12.6
8.5
-2.5
14.0
23.4
152.6
7.9
15.8
29.1
48.0
17.6
19.5
22.6
21.7
18.3
23.1
14.6
15.2
19.2
11.4
13.2
20.9
16.2
16.1
35.2
37.0
14.0
48.7
49.3
40.0
18.2
53.8
57.0
51.0
41.5
41.4
47.0
34.3
61.2
33.7
33.3
50.1
56.1
56.1
71.9
66.0
48.8
92.3
93.4
50.9
49.2
44.3
38.9
40.8
41.2
33.9
52.3
30.5
38.1
46.2
57.5
53.8
58.3
26.1
45.2
79.7
72.4
42.6
40.2
36.4
32.9
33.1
36.0
29.4
43.9
27.4
33.6
38.2
49.5
46.3
43.1
19.1
39.7
53.6
48.5
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
36.7
39.0
39.3
40.0
6.0
28.2
10.4
21.3
8.2
20.6
0.8
0.0
0.9
0.8
0.8
0.7
1.0
1.4
2.0
1.6
1.0
1.0
4.0
0.5
0.0
0.6
0.1
0.0
0.2
0.4
Neutral 1,140 1,200
Buy
4,251 4,660
Buy
1,086 1,285
Neutral
299
315
Buy
1,085 1,310
Neutral
905
995
Sell
5,346 4,500
Buy
1,188 1,285
Neutral
282
280
Neutral
372
395
Neutral
316
355
Sell
6,625 5,740
Neutral 8,155 8,800
Buy
17,214 19,600
Neutral
239
245
Neutral
815
810
Neutral
804
875
Neutral 2,497 2,525
Sell
Neutral
1,359
616
850
565
135.8 91.8 65.5
68.2 58.0 49.0
Source: Company, MOSL
23 August 2017
2

P&G Hygiene and Healthcare
Financials and Valuations
Standalone - Income Statement
Y/E June
Income from Operations
Less: Excise Duty
Total Income from Operations
Change (%)
Raw Materials
% of Sales
Employees Cost
% of Sales
Other Expenses
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT after EO Exp.
Total Tax
Tax Rate (%)
Adjusted PAT
Change (%)
Margin (%)
FY14
20,673
164
20,509
21.6
8,128
39.6
950
4.6
7,225
35.2
4,207
20.5
352
3,855
54
802
4,603
1,583
34.4
3,020
48.6
14.7
FY15
23,599
261
23,338
13.8
9,209
39.5
1,133
4.9
8,152
34.9
4,844
20.8
525
4,319
57
746
5,008
1,547
30.9
3,461
14.6
14.8
FY16
23,492
738
22,754
-2.5
8,848
38.9
1,179
5.2
6,674
29.3
6,053
26.6
517
5,536
60
876
6,353
2,129
33.5
4,223
22.0
18.6
FY17
24,049
841
23,208
2.0
9,145
39.4
1,159
5.0
6,256
27.0
6,648
28.6
561
6,086
104
726
6,709
2,388
35.6
4,320
2.3
18.6
(INR Million)
FY18E
27,665
1,023
26,642
14.8
10,358
38.9
1,330
5.0
7,364
27.6
7,590
28.5
628
6,961
35
480
7,407
2,481
33.5
4,925
14.0
18.5
FY19E
32,246
1,193
31,053
16.6
12,073
38.9
1,517
4.9
8,596
27.7
8,868
28.6
733
8,135
35
501
8,601
2,881
33.5
5,720
16.1
18.4
Standalone - Balance Sheet
Y/E June
Equity Share Capital
Total Reserves
Net Worth
Deferred Tax Liabilities
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
FY14
325
9,704
10,029
-72
0
9,957
4,281
1,886
2,395
982
0
11,631
1,185
861
2,691
6,894
5,050
2,934
2,117
6,581
9,957
FY15
325
11,962
12,287
-40
0
12,247
5,237
2,149
3,088
390
0
15,960
1,191
1,139
6,186
7,444
7,190
4,570
2,621
8,770
12,247
FY16
325
14,788
15,112
-79
0
15,033
5,759
2,591
3,169
347
0
18,051
1,275
1,496
10,749
4,532
6,534
4,239
2,295
11,518
15,033
FY17
325
6,565
6,889
-87
0
6,802
6,116
3,152
2,964
300
0
7,785
1,736
1,319
177
4,553
4,247
4,824
-577
3,538
6,802
(INR Million)
FY18E
325
7,971
8,296
-95
0
8,201
7,094
3,780
3,314
422
0
14,434
1,435
1,435
6,988
4,577
9,970
5,319
4,651
4,464
8,201
FY19E
325
9,607
9,932
-105
0
9,827
8,194
4,513
3,681
422
0
17,183
1,672
1,672
9,235
4,603
11,459
6,113
5,346
5,724
9,827
23 August 2017
3

P&G Hygiene and Healthcare
Financials and Valuations
Ratios
Y/E June
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
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Debt/Equity
FY14
92.9
103.9
309.0
27.5
29.6
87.8
78.5
26.4
12.8
62.3
0.3
63.9
33.4
34.0
41.3
2.1
21
15
39
0.0
FY15
106.5
122.8
378.5
30.2
28.4
76.6
66.4
21.5
11.1
53.4
0.4
144.1
31.0
31.5
49.9
1.9
19
16
47
0.0
FY16
129.9
146.0
465.6
36.0
27.7
62.8
55.8
17.5
11.2
42.0
0.4
183.9
30.8
31.3
76.6
1.5
18
19
51
0.0
FY17
132.9
150.4
212.2
323.7
243.5
61.3
54.2
38.4
11.4
39.8
4.0
64.4
39.3
40.2
76.4
3.4
25
19
53
0.0
FY18E
151.6
171.1
255.6
93.5
61.7
53.8
47.7
31.9
9.7
34.0
1.1
322.5
64.9
66.0
130.1
3.2
18
18
51
0.0
FY19E
176.0
198.8
306.0
131.0
74.3
46.3
41.0
26.7
8.2
28.8
1.6
200.2
62.8
63.7
1,125.7
3.2
18
18
51
0.0
Standalone - Cash Flow Statement
Y/E June
Reported profit after tax
Depreciation
Provisions
Deferred Taxes
(Inc)/Dec in WC
CF from Operations
Others
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
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
E: MOSL Estimates
FY14
3,020
260
571
-42
-659
3,150
0
3,150
-1,075
2,075
0
0
-1,075
0
0
-1,044
0
-1,044
1,031
1,661
2,691
FY15
3,461
263
504
32
802
5,063
-22
5,041
-364
4,677
0
0
-364
0
0
-1,182
0
-1,182
3,495
2,691
6,186
FY16
4,232
442
-325
-39
2,140
6,449
0
6,449
-480
5,969
0
0
-480
0
0
-1,407
0
-1,407
4,563
6,186
10,749
FY17
4,439
561
-2,872
-8
280
2,400
0
2,400
-310
2,090
0
0
-310
0
0
-12,662
0
-12,662
-10,572
10,749
177
(INR Million)
FY18E
5,063
628
5,228
-9
657
11,567
0
11,567
-1,100
10,467
0
0
-1,100
0
0
-3,656
0
-3,656
6,811
177
6,988
FY19E
5,888
733
696
-10
292
7,600
0
7,600
-1,100
6,500
0
0
-1,100
0
0
-4,252
0
-4,252
2,247
6,988
9,235
23 August 2017
4

P&G Hygiene and Healthcare
Corporate profile
Company description
Procter & Gamble Hygiene & Health Care Limited
(PGHH), a 71% subsidiary of P&G, manufactures,
distributes and markets three major brands in India
– Whisper (sanitary napkins), Vicks (balm, cough
drops and tablets), and Old Spice (aftershave lotion
and deodorants). Whisper is the market leader,
with ~56% share Indian Feminine Hygiene market,
and is likely to contribute ~65% of sales in FY16
(June year-end). Vicks is also the market leader,
with over 30% share in the cough, Cold and Hay
Fever segment of OTC (over the counter) products.
Exhibit 2: Shareholding pattern (%)
Jun-17
Promoter
DII
FII
Others
70.6
9.5
3.9
15.9
Mar-17
70.6
9.2
3.9
16.3
Jun-16
70.6
9.7
3.4
16.3
Source: Capitaline
Source: Capitaline
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 3: Top holders
Holder Name
GIC of India
LIC of India
% Holding
1.6
1.2
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
R A Shah
AI Rajwani
Preeti Bishnoi
Designation
Chairman
Managing Director
Company Secretary
Exhibit 5: Directors
Name
R A Shah*
AI Rajwani
A K Gupta*
Bansi S Mehta*
Name
Karthik Natarajan
Pramod Agarwal
Shailymanyu Singh
Sonali Dhawan
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Deloitte Haskins & Sells LLP
Dholakia & Associates LLP
Ashwin Solanki & Associates
Type
Statutory
Secretarial Audit
Cost Auditor
Source: Capitaline
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
MOSL
forecast
151.6
176.0
Consensus
forecast
145.1
158.4
Variation
(%)
4.5
11.1
Source: Bloomberg
23 August 2017
5

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 Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, 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. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
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), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
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 requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
the subject company at the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a)
from time to time, have a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and
earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other
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as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the
research report.
Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in
the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
managed or co-managed public offering of securities from subject company of this research report,
b)
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
c)
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
d)
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MOSL 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. To enhance transparency, MOSL 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. MOSL and / or its affiliates do and seek to do business including investment banking with
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Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
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This report has been prepared by MOSL 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 MOSL. 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.
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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the 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.
P&G Hygiene and Healthcare
Disclosure of Interest Statement
Analyst ownership of the stock
P&G Hygiene and Healthcare
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
trading desk of MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to
subject company for which Research Team have expressed their views.
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 MOSL & 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 Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any
investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities,
products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research
Analysis in Hong Kong.
For U.S.
Motilal Oswal 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:
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. MOSL, 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 MOSL. 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 MOSL 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 MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL 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.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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