Initiating Coverage |
12
March
2018
Sector:
Consumer
Future Consumer
Company of the "Future"
Vishal Punmiya- Research Analyst
(Vishal.Punmiya@MotilalOswal.com); +91 22 3980 4261
Krishnan Sambamoorthy - Research Analyst
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 3982 5428
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.

Future Consumer
Contents | Future Consumer: Company of the “Future”
Company of the “Future”...................................................................................... 2
Branded modern trade-centric FMCG company ..................................................... 5
Revenue to be 5x by FY22; margins set to expand sharply ................................... 17
Initiating coverage with Buy ............................................................................... 20
Risks .................................................................................................................. 22
Porter’s five forces framework analysis for FCL ................................................... 23
SWOT analysis .................................................................................................... 24
Annexure ........................................................................................................... 25
Financials and valuations .................................................................................... 28
12 March 2018
1

Future Consumer
BSE Sensex
33,918
S&P CNX
10,421
Future Consumer
Initiating Coverage | Sector: Consumer
CMP: INR51
TP: INR76 (+50%)
Buy
Company of the “Future”
Long runway of growth justifies expensive near-term valuations
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
12M Avg Val (INR M)
Free float (%)
FCON IN
1,834.7
79/27
-21/-29/52
92.7
1.4
389.0
56.9
Financial Snapshot (INR
b)
2018E 2019E 2020E
Y/E Mar
29.7
42.6
59.9
Sales
0.6
1.4
3.1
EBITDA
-0.2
0.5
1.9
NP
-0.1
0.3
1.1
EPS (Rs)
Loss
LP 276.5
EPS Growth (%)
6.0
6.3
7.4
BV/Share (Rs)
Loss 167.7
44.5
P/E (x)
8.4
8.0
6.8
P/BV (x)
157.2
64.1
29.0
EV/EBITDA (x)
3.0
2.1
1.5
EV/Sales (x)
-1.8
4.9
16.6
RoE (%)
3.3
7.3
13.9
RoCE (%)
Shareholding pattern %
Dec-17 Sep-17
Promoter
43.1
48.8
DII
1.1
1.0
FII
20.5
19.0
Others
35.3
31.3
Future Consumer (FCL) is an integrated consumer company having a portfolio of
brands in categories such as staples, fruits & vegetables, processed foods, home
care and personal care. It has a distribution network largely dependent on
organized retailers and an overall footprint of ~80,000 stores.
We believe that FCL is the best play on the huge window of opportunity
(presented by a combination of macro factors and company-led initiatives) for
brands using modern retail methods of distribution.
In addition, FCL appears best placed among Future Group companies from a
revenue, profit and RoCE perspective, given the group’s focus on retail
expansion to drive growth in its burgeoning brands portfolio.
Improving mix and operating leverage are expected to drive significant margin
expansion over the next five years.
We initiate coverage on FCL with a Buy rating. As the company is likely to be
profitable at the consolidated net level only in FY19, we believe near-term P/E
multiples are always likely to appear extremely expensive on a one-year forward
basis. We, thus, value FCL on EV/sales basis, assigning a multiple of 2.2x (60%
discount to EV/sales of coverage consumer universe). This results in a target
price of INR76, implying ~50% upside. As soon as FCL demonstrates profitability
at the net level, we will move our valuation on P/E basis.
We believe FCL offers a rapidly compounding and potentially high RoCE play on
the massive growth opportunity in the Indian FMCG sector and particularly for
brands focused on modern retail segment. Our detailed analysis (see page 21) on
potential investment returns from a three-year perspective suggests a healthy
three-year CAGR return of 24%.
Dec-16
43.4
0.9
19.6
36.1
Humungous growth opportunity in branded FMCG
We see huge opportunity in the Indian branded FMCG space. From USD65b in
2015, the category is expected to grow in size to reach USD220-240b by 2025,
implying 13-14% CAGR, according to a joint study by BCG and CII. With the
category itself likely to grow by ~3.5x over this 10-year period, we expect
significant pockets of higher and even spectacular growth among its
constituents.
Company of the “Future”
Future Consumer
Seismic shift toward modern trade – an added advantage
Modern trade, which constitutes ~12% of FMCG sector sales in India, has been
witnessing tremendous growth over the past year, led by a multitude of factors
like customer convenience, a wider variety of products on offer, rapidly evolving
business models, and an increasing trend toward cashless transactions. Reforms
like demonetization and Goods & Services Tax (GST), too, have also taken away
the edge that wholesale-led general trade had earlier, due to the need to
adhere to stricter compliance norms. We believe all this augurs well for
businesses operating under the modern retail and modern wholesale (cash and
carry businesses) models.
2
Vishal.Punmiya@MotilalOswal.com
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12 March 2018

Future Consumer
A promising play with better eventual RoCE prospects
FCL – a separately listed brands business of the Future Group – is a promising play
on (a) rapidly expanding store footprint of the Future Group (the largest pan-India
retailer in India), which has set a target at the end of FY17 to open 10,000 EasyDay
stores by 2022 (611 stores as on 31
st
December 2017) and 350 Big Bazaar stores
over the next 3-5 years (257 stores as on 31
st
December 2017) and (b) increasing
proportion of FCL’s brands in Future Retail stores to ~60% from ~20% now.
Moreover, we believe that the group’s focus on retail expansion is part of its
strategy to boost sales of its growing brands portfolio. Importantly, placing the
interests of FCL at par with Future Retail will not only enable quick ramp-up of group
revenues, but also ensure higher profitability and RoCEs, aiding cash flows.
Brands business already growing at a rapid pace
Around 95% of FCL’s sales are derived from the brands portfolio. Over the past three
years (FY14-17), while the overall FMCG sector has seen muted CAGR of 5%, FCL has
reported sales CAGR of 37%. Notably, sales growth has been even higher at 39% YoY
in YTDFY18. While it can be argued that base was low a few years ago, we note that
FCL’s absolute sales of INR21b (~USD327m) in FY17 were in line with mid-tier FMCG
companies. In our view, sales could increase further to ~INR29.5b (USD458m) in
FY18, higher than mid-size FMCG companies like Emami (our estimate: INR25.7b or
USD396m). The expected outperformance, going forward, will be driven by its
burgeoning brands portfolio, increasing scale of key brands, massive captive growth
opportunity within the existing store network in terms of salience, and the rapidly
expanding store network. Brands like
Golden Harvest, Nilgiris, Fresh & Pure, Tasty
Treat
and
Clean Mate
are already fairly large, and others like
Karmiq, Sangi’s Kitchen
and
Desi Atta Company
are growing at a rapid pace.
Improving mix and higher scale to drive profitability and return ratios
Branded staples and fruits & vegetables – which form the bulk of its overall portfolio
and are relatively low-margin categories – should see healthy growth, but overall
margin expansion will be driven by the high-margin processed food and HPC
products. We expect overall sales CAGR of 39% over FY18-22, particularly led by 60%
CAGR in the high-margin categories. In the traditional FMCG channels, distribution
costs account for ~20% of sales and advertising costs too contribute around 10-15%.
However, as a proportion of sales, these costs are much lower for brands of FCL (as
it has a largely captive customer base within Future Retail stores). This lowers the
impact of higher net working capital for FCL (likely to be positive 35 days even after
an improvement by FY22; in comparison it is negative or in low-single-digit for most
FMCG peers). This apart, superior operating cash flows emanating from rapid
growth and mix improvements will help repay debt (net debt of INR3.76b with a net
debt-equity ratio of 0.4x as on FY17) and drive huge improvement in RoCE for FCL.
12 March 2018
3

Future Consumer
Valuation and view
Favorable macro factors and initiatives by the company and the parent Future
Group make FCL a highly attractive investment candidate. Opportunities are
immense, and FCL is at the forefront to maintain or even accelerate its already
impressive growth rate. Sales – which are already higher than those of mid-tier
FMCG companies – should continue growing at a rapid pace for the years to come,
driven by the tremendous opportunity for brands using modern retail methods of
distribution.
We believe that FCL’s value – with its strong revenue, earnings and RoCE prospects –
is becoming far more attractive at the group level. Sales growth has been rapid (37%
CAGR over FY14-17), and in fact, on an uptrend, despite continual high base, while
the EBITDA margin has improved from -10.4% in FY14 to enter the positive territory
in FY17; it is improving on a sequential basis in YTDFY18 as well. By FY19, we expect
FCL to turn profitable at the net consolidated level. We forecast sales of INR82b in
FY21 and INR111b in FY22, still far lower than the company’s ‘Vision 2021’ target of
INR200b. This poses an upside risk to our forecast.
We expect the momentum in revenue growth to continue, at least over the coming
few years, because of the tremendous growth opportunity. We forecast revenue
CAGR of 41.5% over FY17-20 and 39% over FY17-FY22. As the company is likely to be
profitable at the consolidated net level only in FY19, we believe near-term P/E
multiples are always likely to appear extremely expensive on a one-year forward
basis. We, thus, value the company on an EV/sales basis, assigning a multiple of 2.2x
(60% discount to EV/sales of our coverage consumer universe). This results in a
target price of INR76, implying ~50% upside from current levels. We, thus, initiate
coverage on FCL with a Buy rating. As soon as the company demonstrates
profitability at the net level, we will move our valuation on P/E basis.
Businesses like these with humungous growth opportunity at the EPS level over the
longer term have to be seen from a three-year investment perspective, in our view.
Assuming 23x FY22E EPS on a P/E basis (which we believe is fair for a business with
far higher revenue and earnings growth potential compared to peers) and RoCEs of
~32% by FY22, we get a target price of INR97, implying a share price CAGR of ~24%.
12 March 2018
4

Future Consumer
Branded modern trade-centric FMCG company
Growing rapidly via distribution network and portfolio expansion
The company is unique in that it is a modern retail-centric company with presence
across multiple categories.
Humungous growth opportunity in the branded FMCG space, along with a shift toward
modern retail, is a major positive for FCL.
Revenue growth is supported by its growing distribution network and significantly
higher share of its products in the network.
Improving mix and operating leverage are expected to drive significant margin
expansion.
FCL is expected to turn PAT positive at the consolidated level by FY19 (in just five years
of operations).
FMCG company with a difference
FCL has transformed itself from being an investment arm of Future Group to
becoming a fully integrated business in the FMCG space. In FY14, the company
changed its name from Future Ventures India (non-banking finance company and an
investment arm) to Future Consumer Enterprise Limited (retail and consumer
packaged goods company), and subsequently, to Future Consumer Limited in FY17
after entering into a franchisee agreement with Future Retail (FRL) to operate the
convenience store network of ‘KB’s Fair Price’, ‘KB’s Conveniently Yours’ and ‘Big
Apple’. Resultantly, FCL now focuses only on sourcing, manufacturing, branding and
distributing food and FMCG products.
The Indian FMCG industry has grown at a slower pace over the past three years
relative to the last decade. Our consumer coverage universe posted 5.2% sales
CAGR over FY14-17 (including Ind-AS accounting impact on sales), largely led by
volume growth. On the other hand, FCL posted 37% sales CAGR over FY14-17, albeit
off a low base, largely led by distribution expansion, newer category forays and new
product launches.
Exhibit 1: Centre of plate forms major part of the portfolio
Aadhaar &
Others
Nilgiris
7
10
FMCG
Segmental
Brands
mix (%)
11
Fruits &
Vegetables
13
Exhibit 2: Future Retail forms major part of channel mix
Other MT &
GT
19
Channel wise
sales mix (%)
Big Bazaar
58
Aadhaar
4
Centre of
Plate
59
Nilgiris
10
EasyDay
10
Source: Company, MOSL
Source: Company, MOSL
What distinguishes FCL from a traditional FMCG company is its distribution
structure. The company primarily relies on modern retail for its distribution (~93% of
sales), while the proportion of modern trade for other FMCG companies has been
12 March 2018
5

Future Consumer
around 10-12% over the past many years. The FCMG industry depends heavily on
the traditional wholesale channel for distribution due to its robustness, reach and
profitability. However, the network, albeit strong, suffers from numerous
drawbacks. First, it operates at multiple layers – distributors, stockists, carrying and
forwarding agents (CFA), wholesalers & retailers – making it costly and very time
consuming for a new brand to ride on it, as each layer adds to the costs
substantially. Second, its consumer touch point (retailer) is the neighborhood kirana
store, which can barely stock ~500 SKUs and also lacks capacity to display diverse
range of products and also facilities like coolers.
Exhibit 3: Humungous growth opportunity with seismic shift towards modern trade (currently only 12% of FMCG sector sales)
GROWTH IN
MODERN
TRADE SALES
Customer
convenience
Reforms like
demon and
GST
Wider
variety of
products on
offer
Increasing
trend towards
cashless
transactions
Rapidly
evolving
business
models
Source: Company, MOSL
On the other hand, distribution through modern trade not only gives FCL an
opportunity to display its brands in the huge shelf space, but also helps the company
to connect with consumers by way of promotional activities. The company also gets
real time data of what consumers are buying, helping understand consumer needs
and behavior in a better way.
FCL’s brands business accounts for ~95% of its overall revenues (as on 9MFY18),
with Food Park, and Aadhaar & Others form the remaining 5%. It has 21 foods &
beverages brands (of which 13 are in-house brands) and 9 home & personal care
brands (of which 3 are in-house brands).
12 March 2018
6

Future Consumer
Exhibit 4: Wide portfolio of Food and FMCG brands
Source: Company, MOSL
Exhibit 5: Food & Beverage brands
S.no
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Brand
Tasty Treat
Sangi's kitchen
Nilgiris
Sunkist
Veg Affair
Desi Atta
Karmiq
Eatin
Ektaa
Mother Earth
Terra
Pooof!
Gruezi
Golden Harvest
Golden Harvest Prime
Fresh & Pure
Kosh
Bloom
Soo Fresh
Mera Swad
Baker Street
In-house/Licensed/Acquired/JV
Licensed
In-house (Manufactured by JV)
Acquired
Licensed
In-house
In-house
In-house
JV
In-house
Licensed
JV
In-house (Manufactured by JV)
JV
In-house
In-house
In-house
In-house
In-house
In-house
In-house
Licensed
Owned by
Future Brands Ltd
Sublime Foods Pvt Ltd
The Nilgiri Dairy Farm Private Limited (“NDFPL”)
Sunkist Grower Inc.
Future Consumer Ltd
Future Consumer Ltd
Future Consumer Ltd
Hain Celestial
Future Consumer Ltd
Industree Crafts Private Limited (ICPL)
Hain Celestial
Future Consumer Ltd
Chocolate Frey AG
Future Consumer Ltd
Future Consumer Ltd
Future Consumer Ltd
Future Consumer Ltd
Future Consumer Ltd
Future Consumer Ltd
Future Consumer Ltd
Sarjena Foods Private Limited
Source: Company, MOSL
12 March 2018
7

Future Consumer
Exhibit 6: Home & Personal care brands
S.no
1
2
3
4
5
6
7
8
9
Brand
Kara
TS
Think Skin
Swiss Tempelle
Clean Mate
Puretta
Prim
Sach
Pratha
In-house/Licensed/Acquired/JV
Acquired
In-house
In-house
Licensed
Licensed
Acquired
Acquired
Licensed
In-house
Owned by
Consumer Product Division of Grasim Industries (KARA)
Future Consumer Ltd
Future Consumer Ltd
Mibelle Future Consumer Products A.G.
Future Brands Ltd
Consumer Product Division of Grasim Industries (KARA)
Consumer Product Division of Grasim Industries (KARA)
Sachin Tendulkar
Future Consumer Ltd
Source: Company, MOSL
FCL started the FMCG journey with staples under the brand name ‘Golden Harvest’.
It then diversified into home & personal care (HPC) and processed foods. The
company classifies its business into (i) Center of Plate (includes the staples portfolio;
~54% of the branded business as on YTDFY18), (ii) Fruits & Vegetable (~19%), (iii)
Home & Personal care (~15%), (iv) Nilgiris (~8%) and (v) Aadhaar & Others (~4%).
Going forward, staples, processed foods and home & personal care will remain FCL’s
top categories to drive sales. We expect a CAGR (FY18-FY22) of 34% in Center of
Plate, 46% in Fruits & Vegetables, 60% in FMCG brands and 18% in Nilgiris. It is to be
noted that brand-wise sales were only reported by the company for YTDFY18.
Exhibit 7: Staples and Processed foods form huge chunk of the branded business (FY17)
Source: Company, MOSL
The company has established strong sourcing capabilities to cater to demand for
agri-commodities, and also has capacities to manufacture products directly or
through subsidiaries, joint ventures and associate companies.
Integrated Food Park Private Limited (IFPPL), a subsidiary of FCL, has, in partnership
with Ministry of Food Processing Industries, Government of India, set up an India
12 March 2018
8

Future Consumer
Food Park based out of Tumkur. The food park is in the business of sourcing,
warehousing, sorting, manufacturing and packaging. Products such as wafer biscuits,
dips & condiments, frozen snacks and vegetables are manufactured at the India
Food Park. This best-in-class facility enables FCL to foray into newer categories much
faster. The food park accommodates several food manufacturing companies
(including subsidiaries, joint ventures and associate companies of FCL), where IFPPL
facilitates them to work through a single-window system.
Exhibit 8: India Food Park, Tumkur – integrated food processing infrastructure
Source: Company, MOSL
Exhibit 9: Back-end infrastructure to support the huge product portfolio
Source: Company, MOSL
12 March 2018
9

Future Consumer
Huge opportunity in branded FMCG with visible shift toward modern retail
We see huge opportunity in the Indian branded FMCG space. From USD65b in 2015,
the category is expected to grow in size to reach USD220-240m by 2025, implying
13-14% CAGR, according to a joint study by BCG and CII. With the category itself
expected to grow by around 3.5x over this 10-year period, we expect significant
pockets of higher and even spectacular growth among its constituents.
Exhibit 10: Size of pie in key categories
Sub-category
Dairy
Personal care
Household cleaning products
Baked products
Snacks
Tea
Edible oil
Juice
Confectionary
Packaged wheat flour
Pasta and noodles
Coffee
Spreads
Wipes
Competitors for Future Consumer in the category
Amul, Mother Dairy, Hatsun agro, Heritage, Parag milk foods, Prabhat dairy
HUL, P&G, ITC, GCPL, Marico
HUL, Reckitt Benckiser, P&G, GCPL
Britannia, Parle, ITC, Unibic
Pepsico, Balaji, Prataap snacks, ITC
HUL, Tata Global Beverages, Wagh Bakri Group, Marvel group
Marico, Patanjali, Ruchi Soya Industries, Agro Tech Foods
Dabur, Pepsico, ITC, Paper Boat
ITC, Mondelez, Nestle, Mars
ITC, Shakti Bhog, Pillsbury, Nature fresh
Nestle, HUL, ITC, Capital Foods, Nissin
HUL, Nestle, Tata Coffee
HUL, Fun Foods, Mapro, Hersheys, Ferrero India, Agro Tech Foods
Johnson & Johnson, Unicharm India, Himalaya Drug company
Market size Market size
(INR b)
(USD b)
990.0
632.3
302.4
300.0
170.0
145.0
105.0
101.0
82.0
75.0
40.0
37.0
13.5
0.3
15.5
9.9
4.7
4.7
2.7
2.3
1.6
1.6
1.3
1.2
0.6
0.6
0.2
0.0
Source: Industry sources, MOSL
Modern trade, which constitutes ~12% of FMCG sector sales in India, has been
witnessing tremendous growth over the past year, led by a multitude of factors like
customer convenience, a wider variety of products on offer, rapidly evolving
business models, and an increasing trend toward cashless transactions. Reforms like
demonetization and GST, too, have also taken away the edge that wholesale-led
general trade had earlier, due to the need to adhere to stricter compliance norms.
We believe all this augurs well for businesses operating under the modern retail and
modern wholesale (cash and carry businesses) models.
Exhibit 11: Rapidly growing store network over the years
Store count
EasyDay
Big Bazaar
Heritage Foods
DMART
Spencer
Hypercity
FY11
NA
148
75
45
210
9
FY12
NA
161
73
55
182
12
FY13
NA
161
67
62
131
12
FY14
NA
164
74
75
128
15
FY15
200
196
92
89
122
16
FY16
320
228
110
110
118
17
FY17
538
235
136
131
124
19
Source: Company, MOSL
12 March 2018
10

Future Consumer
Massive revenue growth potential via distribution expansion and higher
share of FCL’s products in the network
FCL is a modern trade-centric FMCG company and is present across leading
organized retailers. Future Retail’s (FRL) 1,043 modern trade stores (mainly Big
Bazaar and EasyDay) contributed ~70% of revenue for FCL as of FY17. Its overall
footprint stands at ~80k stores, of which 64,100 general trade stores only sell Kara,
Kosh and Tasty Treat (recently started) products.
Exhibit 12: Future Group stores account for ~70% of FCL’s sales
Reach
Future group stores
Other modern trade
Rajasthan FPS
General trade
Overall footprint
3QFY18
1,149
214
5,395
73,000
79,758
Source: Company, MOSL
Future Group has an ambition of opening 10,000 EasyDay stores by 2022 (611 stores
as on 31
st
Dec’17) and 350 Big Bazaar stores in the next 3-5 years (259 stores as on
31
st
Dec’17). The 10,000 EasyDay small-format stores will run on a membership-
driven model. FRL has also acquired Heritage stores in south India, which will
complement the existing small-format EasyDay stores in north India.
FCL also owns Nilgiris, a south-based retail chain (franchised to FRL). With ~170
franchised stores, Nilgiris has a strong presence in Tamil Nadu (100 stores) and
Karnataka (70 stores). FCL is now working toward transforming the stores and
product portfolio to cater to young customers and also has aggressive plans for
Nilgiris. It aims to take the store count to 1,000 over the next three years.
Exhibit 13: Presence across leading organized retailers
Source: Company, MOSL
12 March 2018
11

Future Consumer
Exhibit 14: Mix of large format and small format stores of Future Group
Source: Company, MOSL
“We have a clear stated
ambition at the group level
where 70% of the food that
we wish to sell will be our
own products, from our
own brands at large.” -
Ashni Biyani, Future
Consumer
In Aug’15, FCL had signed an MoU with Rajasthan Food and Civil Supplies
Corporation to facelift the Rajasthan fair price shops (FPS) into new modern retail
format under the Annapurna Bhandar Yojana. Of the 25,542 FPS in Rajasthan, FCL
now reaches 5,395 shops (as on 3QFY18). The company is also working on creating a
wholesale 2.0 model under Aadhaar to spread its reach further by catering to the
kirana stores.
Going forward, only selected products are expected to be sold through the general
trade channel, and the main focus of the company will be to leverage the store
expansion target of Future Group. Future Group also has the vision to increase the
proportion of FCL’s brands in Future Retail stores to ~60% from ~20% now. The
group’s ambitious strategy alone would help propel FCL’s growth at least over the
next five years.
12 March 2018
12

Future Consumer
Operating margin to expand ~150bp every year over FY18-22
FCL operated at a gross margin of 13.9% in FY17. There is a huge scope of gross
margin expansion through mix improvement, led by higher salience of the FMCG
brands business (processed foods, and home & personal care business; ~11% of
overall sales).
Exhibit 15: Key brands (biggest revenue contributors and fastest growing) for FCL as on
FY17
Source: Company, MOSL
Centre of plate (branded staples) contributed ~58% of FCL’s revenue as of FY17, but
its gross margins are low compared to processed foods and home & personal care.
Within the center of plate portfolio, Golden Harvest is the biggest contributor to
sales. In Golden Harvest, products are sold in bulk and branded format. Premium
branded staples are sold under Golden Harvest Prime brand. Margin profile within
the Golden Harvest brand has improved and is expected to expand further as the
portion of bulk format reduces. Introduction of other premium brands like Kosh,
Ektaa, Desi Atta Company and Karmiq will only help improve the gross margin
profile of the branded staples portfolio, as the current contribution of these newer
brands is very low. We expect center of plate portfolio CAGR of ~35% over FY18-22,
with 300-400bp improvement in the gross margin.
Exhibit 16: FCL’s center of plate portfolio
Key Brands
Centre of plate
GOLDEN HARVEST
GOLDEN HARVEST PRIME
KARMIQ
Category
Food & Beverages
Food & Beverages
Food & Beverages
Sub-category
Bulk and branded staples
Branded staples
Tea
Edible oils
Dry fruits
Tea
Coffee
Edible oil
Staples
Staples and snacks
Oats and wheat flour
Source: Company, MOSL
FRESH & PURE
Food & Beverages
DESI ATTA COMPANY
EKTAA
KOSH!
Food & Beverages
Food & Beverages
Food & Beverages
FCL sells fruits & vegetables under the brands Soo Fresh and Bloom, which
contributed ~13% of revenues as of FY17. We note that this business has undergone
the maximum change with respect to supply chain and wastage reduction. While we
12 March 2018
13

Future Consumer
expect fruits & vegetables to grow at a much faster CAGR of ~46% over FY18-22, we
do not see any material gross margin improvement from the same as it is a low-
margin business.
Exhibit 17: FCL’s fruits & vegetables portfolio
Key Brands
Fruits & Vegetables
SOO FRESH
bloom
Category
Food & Beverages
Food & Beverages
Sub-category
Branded fruits and vegetables
Branded fruit and vegetable
Source: Company, MOSL
The FMCG brands business (processed foods and home & personal care) includes
key brands like Tasty Treat, Clean Mate, Care Mate, Kara, Veg Affaire, Sunkist and
Sangi’s Kitchen. This business is expected to deliver the highest growth (~60% CAGR
over FY18-22), taking its contribution to ~24% of overall sales compared to ~11% as
of FY17. FMCG brands business also has the maximum leverage on margin
expansion along with growth.
Exhibit 18: FCL’s FMCG brands (processed foods and home & personal care) portfolio
Key Brands
FMCG brands
Tasty Treat
Category
Food & Beverages
Sub-category
Snacks
Sauces
Juice
Pasta and noodles
Soup
Household cleaning products
Instant oats
Broken oats
Toilet care
Juice
Wipes
Processed Fruit and Vegetable
Sauces
Spreads
Grooming accessories
Baby care products
Incense sticks
Shower Products
Skin Care
Wafer biscuit
Organic food
Confectionary
Baked products
Kettle chips
Home care wipes
Personal care
Mouth freshener
Source: Company, MOSL
Clean Mate
KOSH!
Caremate
Sunkist
Kara
Veg affaire
Sangi's Kitchen
TS
Puretta
Pratha
Think skin
Swiss Tempelle
POOOF!
Mother earth
GRÜEZI
BAKER STREET
TERRA
Prim
Sach
MERA SWAD
Home & Personal Care
Food & Beverages
Home & Personal Care
Food & Beverages
Home & Personal Care
Food & Beverages
Food & Beverages
Home & Personal Care
Home & Personal Care
Home & Personal Care
Home & Personal Care
Home & Personal Care
Food & Beverages
Food & Beverages
Food & Beverages
Food & Beverages
Food & Beverages
Home & Personal Care
Home & Personal Care
Food & Beverages
12 March 2018
14

Future Consumer
FCL is also looking to transform Nilgiris (it had acquired this business three years
ago). Nilgiris has brought in (i) synergies by strengthening Future Group’s
convenience stores through the franchisee route and (ii) brands & manufacturing
capabilities in the dairy, bakery and grocery categories. The company has ambitious
plans for Nilgiris; it intends to take the store count to 380 by end-FY18 and to 1,000
over the next three years. The business is expected to turn profitable at the EBITDA
level through an improvement in capacity utilization of the dairy & bakery business
and higher sales of value-added products like cookies and pizza.
Exhibit 19: FCL’s Nilgiris portfolio
Key Brands
Nilgiris
Nilgiris
Category
Food & Beverages
Sub-category
Dairy
Baked products
Source: Company, MOSL
Exhibit 20: Segmental sales mix to drive margins going forward
%
Consolidated sales growth
Centre of Plate
Fruits & Vegetables
FMCG Brands
Nilgiris
Aadhaar & Others*
Consolidated sales mix
Centre of Plate
Fruits & Vegetables
FMCG Brands
Nilgiris
Aadhaar & Others*
*Adjusted for intercompany
FY18E
40.7
32.1
100.0
68.8
15.0
(10.0)
100
55
19
14
8
5
FY19E
43.6
40.0
60.0
64.6
15.0
5.0
100
54
21
16
6
3
FY20E
FY21E
FY22E
40.9
37.7
34.5
36.6
32.9
28.3
50.0
40.0
35.0
61.4
58.0
55.0
15.0
20.0
20.0
5.0
5.0
5.0
100
100
100
52
50
48
23
23
23
18
21
24
5
4
4
2
2
1
Source: Company, MOSL
We believe that the company’s efforts on shifting the mix of the portfolio toward
FMCG brands (processed foods and HPC business) and premiumizing the center of
plate portfolio will lead to a stable improvement in the gross margin. We have built
in 560bp expansion in the gross margin over FY17-22, with 310bp expansion
happening by FY20 itself.
Exhibit 21: Consolidated gross margins to expand 560bp over FY17-22, primarily led by mix
improvement
Gross margin (%)
15.0
15.4
17.0
18.3
19.5
13.1
13.9
13.9
FY15
FY16
FY17
FY18E
FY19E
FY20E
FY21E
FY22E
Source: Company, MOSL
12 March 2018
15

Future Consumer
As FCL gains scale, we expect to see savings in other operating expenses, led by
better absorption of fixed costs to sales because of the tremendous pace of sales
growth.
Exhibit 22: Employee costs to come down by 70bp over
FY17-22
6.5
Employees Cost (% of consol. sales)
5.7
4.6
4.3
4.2
4.1
4.0
3.9
1.0
1.4
2.2
Exhibit 23: Advertisement expenses to increase by 280bp
over FY17-22
Advertisement (% of consol. sales)
2.8
3.4
3.8
0.6
0.6
FY15
FY16
FY17
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
FY15
FY16
FY17
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
Savings in key operating costs will be utilized for brand building. We believe that
advertisement expenses will increase from 1% of sales in FY17 to 3.8% by FY22.
Thus, we expect sharp consolidated EBITDA margin expansion of 750bp, from
current level of 0.5% to 7.9% by FY22.
Exhibit 24: Consolidated EBITDA margins to expand 750bp over FY17-22
EBITDA margin (%)
5.2
0.5
-1.0
-4.9
FY15
FY16
FY17
FY18E
FY19E
FY20E
FY21E
FY22E
1.6
3.3
6.6
7.9
Source: Company, MOSL
Exhibit 25: Consolidated EBITDA margin movement over FY17-22
0.7
5.6
0.5
2.1
7.9
2.8
1.2
0.5
Source: Company, MOSL
12 March 2018
16

Future Consumer
Revenue to be 5x by FY22; margins set to expand sharply
RoCE to see huge improvement
FCL delivered strong revenue CAGR of 37% over FY14-17, led by its staples portfolio
and introduction of branded FMCG products. Going forward, distribution expansion
by Future Retail through EasyDay format stores and the company’s own initiative of
launching newer products are expected to drive ~39% CAGR in the top line over
FY17-22, quintupling revenues over this period.
Exhibit 26: Consolidated revenues to grow at a CAGR of 39.3% over FY17-22
Total revenue (INR b)
59.6
29.7
24.3
82
13
FY15
17
FY16
21
FY17
30
FY18E
43
FY19E
60
FY20E
FY21E
FY22E
111
40.3
43.3
40.7
37.5
34.4
Revenue growth (%)
Source: Company, MOSL
As part of Vision 2021 plan (released in Mar’16), FCL had set an ambitious revenue
target of INR200b for 2021, implying 63.5% CAGR over FY16-21, with center of plate
contributing INR51.3b and FMCG brands (processed foods and HPC business)
contributing INR39b. While the vision is admirable and might even be achievable,
we estimate revenue of ~INR82b by FY21, with center of plate contributing ~INR41b
and FMCG brands contributing ~INR17b by FY21. We see upside risk to our
estimates if (i) Future Group is able to achieve its store expansion plans and (ii) FCL
increases the proportion of its brands in Future Retail’s network.
Exhibit 27: FCL’s Vision 2021 – as on March’16
FCL's vision 2021 - INR m
200,000
51,300
39,000
27,000
Nilgiris
Source: Company, MOSL
Sales - Vision 2021
Centre of Plate
FMCG Brands
In our view, significant revenue growth, an improving mix and savings in key
operating costs (led by scale of operations) are expected to lead to EBITDA CAGR of
146.5% over FY17-22.
12 March 2018
17

Future Consumer
Exhibit 28: Sharp operating margin expansion will lead to…
EBITDA margin (%)
1.9
3.3
5.2
6.6
7.9
Exhibit 29: …EBITDA CAGR of 146.5% over FY17-22
EBITDA (INR b)
490.2
EBITDA growth (%)
(1.0)
(4.9)
0.5
148.7
121.0
3
74.6
5
60.8
9
0
FY15
FY16
FY17
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
-1
FY15
0
FY16
FY17
1
1
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
We expect gross debt to come down substantially only in FY22 to INR1.6b (net debt
at INR1.3b) from the current level of INR4.7b (net debt at INR3.8b), as cash profit
starts building up. Capex is estimated at ~INR800m in FY18 and INR1-1.5b going
forward. Tax rate is expected to be at MAT for half of FY19 and then FY20 onward.
Free cash flows are expected to start coming FY20 onward.
Exhibit 30: Net debt/equity to reduce drastically as cash
profits start building up
Net Debt/Equity
0.8
0.7
0.4
0.6
0.7
Exhibit 31: FCF to be generated post FY20
FCF (INR b)
4.4
1.7
0.6
0.4
0.1
0.1
(1.0)
0.5
(1.7)
(3.0)
FY15
FY16
(1.5)
FY15
FY16
FY17
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
FY17 FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
Over the years, a major portion of capital employed has got into commercial
operations phase. We believe that this will start yielding results as the scale of
operations increases further. The company has already become EBITDA-positive and
is expected to become profitable at PAT level by FY19. FCL incurred a loss of
INR610m on adj. PAT basis as of FY17. PAT is expected to touch INR7b, with net
margin of 6.3% by FY22.
12 March 2018
18

Future Consumer
Exhibit 33: Adj. PAT to turn positive by FY19 and touch
INR7b by FY22
Adj. PAT (INR b)
4.7
6.3
275.5
108.1
79.1
7
0
-1
FY15
FY16
FY17
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
FY15
-1
FY16
-1
FY17
0
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
2
4
Adj. PAT growth (%)
Exhibit 32: Adj. PAT margin to expand to 6.3% by FY22
Adj. PAT margin (%)
3.1
(2.9)
(7.8)
(6.3)
(0.9)
1.1
We expect fixed asset turnover to improve significantly from 2.8x to 8.3x by FY22,
with RoCEs reaching 32%.
Exhibit 34: Fixed asset turns to improve significantly
Fixed asset turnover (x)
8.3
6.9
5.6
2.4
2.5
2.8
3.4
4.4
3.3
(6.6)
FY15
(1.4)
FY16
0.2
FY17
FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
7.3
13.9
21.8
Exhibit 35: RoCE to touch 32% by FY22
RoCE (%)
31.7
FY15
FY16
FY17 FY18E FY19E FY20E FY21E FY22E
Source: Company, MOSL
Inventory days for FCL will remain higher than that for a conventional FMCG
company dependent on the retail channel. Going forward, the company’s inventory
level forecasting abilities will only get better, as it analyzes buying trends and
patterns from a wider sample of Future Retail customers. We see a slight reduction
in inventory days from 25 in FY17 to 19 by FY22. Also, we do not see any major
change in payable and receivable days from FY17 levels. Overall, the net working
capital cycle will see an improvement of two days over the next three years, coming
down from 41 days to 39 days and subsequently reaching 35 days by FY22.
Exhibit 36: Networking cycle to improve by six days over FY17-22
Cash conversion cycle (on avg. basis)
Inventory days
Debtor days
Creditor days
Cash conversion cycle
FY15
30
37
34
33
FY16
24
34
26
32
FY17
25
42
26
41
FY18E
26
47
28
45
FY19E
24
46
27
42
FY20E
22
44
27
39
FY21E
FY22E
20
19
44
44
28
28
36
35
Source: Company, MOSL
12 March 2018
19

Future Consumer
Initiating coverage with Buy
Attractive opportunity from a three-year perspective as well
Favorable macro factors and initiatives by the company and the parent Future
Group make FCL a highly attractive investment candidate. Opportunities are
immense, and FCL is at the forefront to maintain or even accelerate its already
impressive growth rate. Sales – which are already higher than those of mid-tier
FMCG companies – should continue growing at a rapid pace for the years to
come, driven by the tremendous opportunity for brands using modern retail
distribution.
We believe that FCL’s value – with its strong revenue, earnings and RoCE
prospects – is becoming far more attractive at the group level. Sales growth has
been rapid (37% CAGR over FY14-17), and in fact, on an uptrend, despite
continual high base, while the EBITDA margin has improved from -10.4% in FY14
to enter the positive territory in FY17; it is improving on a sequential basis in
YTDFY18 as well. By FY19, we expect FCL to turn profitable at the net
consolidated level. We forecast sales of INR82b in FY21 and INR111b in FY22,
still far lower than the company’s ‘Vision 2021’ target of INR200b. This poses an
upside risk to our forecast.
We expect the momentum in revenue growth to continue, at least over the
coming few years, because of the tremendous growth opportunity. We forecast
revenue CAGR of 41.5% over FY17-20 and 39% over FY17-FY22. As the company
is likely to be profitable at the consolidated net level only in FY19, we believe
near-term P/E multiples are always likely to appear extremely expensive on a
one-year forward basis. We, thus, value the company on an EV/sales basis,
assigning a multiple of 2.2x (60% discount to EV/sales of our coverage consumer
universe). This results in a target price of INR76, implying ~50% upside from
current levels. We, thus, initiate coverage on FCL with a Buy rating. As soon as
the company demonstrates profitability at the net level, we will move our
valuation on P/E basis.
Exhibit 37: We value FCL at 2.2x EV/Sales (60% discount to 5.3x consumer coverage EV/Sales for FY20)
FY20 EV/Sales (x)
7.0
4.5
4.0
4.9
5.1
5.8
6.2
2.8
Peer average
8.3
4.5
4.5
5.4
5.7
5.1
5.3
Source: Company, MOSL
12 March 2018
20

Future Consumer
Businesses like these with humungous growth opportunity at the EPS level over
the longer term have to be seen from a three-year investment perspective, in
our view. Assuming 30x FY22E EPS on a P/E basis (which we believe is fair for a
business with far higher revenue and earnings growth potential compared to
peers) and RoCEs of ~32% by FY22, we get a target price of INR97, implying a
share price CAGR of ~24%.
Exhibit 38: Detailed analysis suggests healthy three year CAGR return of 24%
INR m
Sales
EBITDA
EBITDA margin (%)
Adj. PAT
Net margin (%)
EPS
P/E multiple (x)
Target price (INR)
Three year CAGR return (%)
FY18E
29,705
568
1.9
-165
Loss
(0.1)
FY19E
42,579
1,412
3.3
496
1.2
0.3
FY20E
59,928
3,121
5.2
1,867
3.1
1.1
FY21E
82,431
5,450
6.6
3,889
4.7
2.4
FY22E
110,825
8,764
7.9
6,966
6.3
4.2
23
97
24%
Source: Company, MOSL
12 March 2018
21

Future Consumer
Risks
Future Group’s poor capital allocation:
Future Group has made poor capital
allocation decisions in the past. Continuation of the same can pose a risk to
FCL’s prospects.
Change in strategy at group level:
FCL is highly dependent on Future Retail’s
store expansion plans. If the pace of store openings slows down for any reason,
it will have a direct impact on FCL’s revenues.
Higher-than-anticipated increase in debt:
FCL will need debt in its growth phase
to meet its working capital needs. The company’s return ratios may get
impacted if it decides to acquire a business or brand that is non-core in nature
through debt.
Upside risk to revenue estimate if FCL meets its vision target:
There exists an
upside risk to our revenue estimates if the company is able to meet its
ambitious but admirable target of 2021.
12 March 2018
22

Future Consumer
Porter’s five forces framework analysis for FCL
•For FCL, bargaining power
with suppliers is medium,
as it is an integrated
company and most of its
suppliers are either small
marginal players or group
companies
Bargaining Power
of Suppliers -
Medium
Threat of New
Entrants - Low
•Threat of new entrants is
low as, although capital
investment needed to get
into FCMG business is
fairly low, manufacturers
face the test of getting
their products on the
shelves of the same
modern trade retailer as
FCL
Competitive Rivalry – High
Competitive rivalry is very high, as there are a large
number of players in the organized as well as
unorganized segments with similar products, and
customers do not have any switching cost.
Threat of
Substitutes -
Medium
•FCL might face
competition from private
labels of other modern
retailers and e-commerce
players. Thus, the threat
from substitutes is
medium
Bargaining Power
of Buyers - High
•Bargaining power of
fragmented final
consumers is low for FCL.
But, if we consider
modern retail to be the
final buyer, then the
bargaining power is
reasonably high
12 March 2018
23

Future Consumer
SWOT analysis
Established brand portfolio
Future Group’s expansion plans for its retail network
Strength
Huge dependence on one buyer
Inconsistent and changing strategy at group level
Weaknesses
Other methods of distribution like general trade,
other modern trade, PDS, etc
Opportunities
Private label brands from other modern retail and e-
com players
Aggression from incumbent FMCG players either on
margins or working capital days
Threats
12 March 2018
24

Future Consumer
Annexure
About company
Future Consumer (FCL) is an integrated consumer company having a portfolio of
brands in categories such as staples, fruits & vegetables, processed foods, home
care and personal care. It has a distribution network largely dependent on organized
retailers and an overall footprint of ~80,000 stores. It has robust presence in
sourcing of agri-commodities and fresh produce backed by manufacturing
capabilities.
Exhibit 39: Revenue split as on 9MFY18
INR m
Consolidated sales
Centre of Plate
Golden Harvest
Golden Harvest Prime
Karmiq
Others
Fruits & Vegetables
FMCG Brands
Tasty Treat
Clean Mate
Care Mate
Kara
Others
Nilgiris
Aadhaar & Others*
Other operating income
Total revenue
Contribution (%)
Consolidated sales
Centre of Plate
Golden Harvest
Golden Harvest Prime
Karmiq
Others
Fruits & Vegetables
FMCG Brands
Tasty Treat
Clean Mate
Care Mate
Kara
Others
Nilgiris
Aadhaar & Others*
1QFY18
6,578
3,421
2,018
103
68
1,231
1,316
921
276
147
101
83
313
526
395
45
6,623
1QFY18
100
52
31
2
1
19
20
14
4
2
2
1
5
8
6
2QFY18
7,457
4,027
2,698
81
81
1,168
1,491
1,119
280
190
89
56
503
522
298
48
7,505
2QFY18
100
54
36
1
1
16
20
15
4
3
1
1
7
7
4
3QFY18
7,795
4,365
2,968
87
87
1,222
1,403
1,169
257
175
129
58
550
624
234
45
7,840
3QFY18
100
56
38
1
1
16
18
15
3
2
2
1
7
8
3
9MFY18
21,830
11,813
7,684
270
236
3,621
4,210
3,209
813
513
319
197
1,366
1,672
927
138
21,968
9MFY18
100
54
35
1
1
17
19
15
4
2
1
1
6
8
4
Source: Company, MOSL
12 March 2018
25

Future Consumer
Exhibit 40: Pricing of Future consumer products compared to other brands
Company
Brand
Product
Sku
MRP
(grams) (Jan’18)
1,000
1,000
10,000
1,000
1,000
1,000
500
1,000
1,000
1,000
500
100
50
50
1,000
1,000
1,000
1,000
1,000
1,000
1,000
350
165
360
210
70
70
500
500
500
250
190
250
250
250
40
25
40
39
250
125
125
100
100
75
37
46
310
72
93
90
169
200
419
410
225
202
87
142
75
94
82
121
125
147
209
80
35
84
67
24
24
70
76
74
192
92
198
189
174
15
10
15
15
69
47
51
35
28
25
Price
/kg
37
46
31
72
93
90
338
200
419
410
450
2,020
1,740
2,840
75
94
82
121
125
147
209
229
212
233
319
343
343
140
152
148
768
484
792
756
696
375
400
375
385
276
376
408
350
280
333
Prem/
(Disc) to
FCL (%)
0
24.3
-16.2
0
29.2
25
0
-40.8
24
21.3
33.1
0
-13.9
40.6
0
25.3
9.3
0
3.3
21.5
0
9.4
1.5
11.6
0
7.5
7.5
0
8.6
5.7
0
-37
3.1
-1.6
-9.4
0
6.7
0
2.6
0
36.2
47.8
26.8
1.4
20.8
Wheat flour
Future Consumer Ltd
Golden Harvest
ITC India Ltd
Aashirvaad
Patanjali Ayurved Ltd
Patanjali
Standard rice
Future Consumer Ltd
Golden Harvest
Lt Foods Ltd
Dawat
Krbl Limited
India Gate
Tea
Future Consumer Ltd
Fresh & Pure
Tata Global Beverages Ltd
Agni
Girnar Foods & Beverages Pvt Li Girnar
Hindustan Unilever Ltd
Red Label
Gujarat Tea Process & Packers
Waghbakri
Coffee
Future Consumer Ltd
Fresh & Pure
Hindustan Unilever Ltd
Bru
Nestle India Ltd
Nescafe
Sunflower oil
Future Consumer Ltd
Fresh & Pure
Cargill India Pvt Ltd
Gemini
Liberty Oil Mills Litmited
Sunday
Ketchup
Future Consumer Ltd
Tasty Treat
Hindustan Unilever Ltd
Kissan
Nestle India Ltd
Maggi
Namkeens
Future Consumer Ltd
Tasty Treat
Haldiram Foods International L
Haldiram
Fritolays
Kurkure
Parle Products Pvt Ltd
Parle
Instant pasta
Future Consumer Ltd
Tasty Treat
Nestle India Ltd
Maggi
Itc India Ltd
Sunfeast
Toilet cleaners
Future Consumer Ltd
Cleanmate
Reckitt Benckiser India Ltd
Harpic
HUL
Domex
Body wash
Future Consumer Ltd
Swiss Tempelle
Hindustan Unilever Ltd
Dove
Itc India Ltd
Fiama Di Wills
Nivea India Pvt Ltd
Nivea
Colgate Palmolive India Ltd
Palmolive
Oats
Future Consumer Ltd
Kosh
Capital Foods
Chings
Fritolays
Quaker
Marico India Ltd
Saffola
Soaps (compared to FCL's lower priced bodywash)
Future Consumer Ltd
Think Skin
Reckitt Benckiser India Ltd
Dettol
HUL
Liril
Godrej Consumer Products Ltd
Godrej
Jyothy laboratories
Margo
Patanjali
Patanjali
Golden Harvest Chakki Fresh Atta
Aashirvaad Whole Wheat Atta
Patanjali Whole Wheat Atta
Gh Lazeez Basmati Rice
Dawat Basmati Rice Devaayg
India Gate Basmati Rozana
F&P Ctc Tea Family
Agni Ctc Tea Leaves
Girnar Ctc Tea Royal Cup
Red Label Ctc Tea
Waghbakri Ctc Tea Leaf
F&P Coffee 100% Instant
Bru Coffee Instant
Nescafe Coffee Classic
Fresh & Pure Sunflower Oil
Gemini Sunflower Oil
Sunday Sunflower Oil
Tasty treat Tomato Ketchup
Kissan Ketchup Fresh Tomato
Maggi Ketchup Tomato
Tasty treat Namkeen Aloo Bhujia
Haldiram Namk Aloo Bhujia
Kurkure Namk Aloo Bhujia
Parle Namkeen Aloo Bhujia
Tasty treat Instant Pasta Masala
Maggi Instant Pasta Pazta Macaroni Cheese
Sunfeast Instant Pasta Yippee Masala
Cleanmate Toilet Cleaner
Harpic Toilet Cleaner Power
Domex Toilet Cleaner
Swiss Tempelle Bw Lotus&Fs Oil Shower Gel
Dove Bodywash Gentle Exfoliating
Fiama Dw Shower Gel Blakcurrent &Berry
Nivea Shower Gel Lemon&Oil
Palmolive Shwrgel Absolute Relaxing
Kosh Oats chinese chili Pp
Chings Oats Snacky Manchow
Quaker Oats Masala
Saffola Oats Masala classic
Think Skin Body Wash aqua
Dettol Soap cool
Liril Soap Lemon
Godrej Soap Shikaka
Margo original neem
Patanjali Mogra bar
12 March 2018
26

Future Consumer
Exhibit 41: Details of Board of Directors
Name
G.N Bajpai
Kishore Biyani
Ashni Biyani
Narendra Baheti
Vibha Rishi
Adhiraj Harish
Frederic de Mevius
Manoj Saraf
Designation
Chairman
Vice Chairman
Whole time director
Executive director
Independent Director
Independent Director
Independent Director
Independent Director
Description
He holds a master’s degree in commerce and has previously been the chairman of
SEBI. Mr. Bajpai has been on the board since February 20, 2008.
He is the founder and group CEO of future group, with over 25 years of experience in
the retail business.
She has graduated as a textile designer from Srishti school of art and design. She has
been on the board of Future Consumer Limited since 15th November, 2014.
He is a commerce graduate and M.A in economics; he has been associated with
future group since the inception of the 1st Big Bazaar in 2002. He has been on the
board of directors since 30th August 2016.
She has been associated with Future Group as Group strategy and consumer
director. She has previously worked with Tata tea and PepsiCo.
He is a member of the council for fair business practices and the International Fiscal
Association (IFA). He is a lawyer by profession and has been practicing as an
associate at D.M Harish & Co, since 2011.
He holds a BA degree in finance and economics; he has previously worked as an
investment banker in London. He is currently the managing director of Virlinvest S.A.
He holds an MBA from Cornell university and has been a part of the private equity
team of Black River Advisors since 2008.
Source: Company, MOSL
Exhibit 42: Latest shareholding pattern
Particulars
Foreign (Promoter & Group)
Indian (Promoter & Group)
Bodies Corporate
Individuals / Hindu Undivided Family
Total of Promoter
Non Promoter (Institution)
Foreign Institutional Investors
Financial Institutions / Banks
Mutual Funds / UTI
Non Promoter (Non-Institution)
Foreign Corporate Bodies
NRIs/Foreign Individuals/Foreign Nationals
Bodies Corporate
Clearing Members
Directors & their Relatives & Friends
Employees
Hindu Undivided Families
Individuals holding nominal share capital in excess of INR 1 lakh
Individuals holding nominal share capital up to INR 1 lakh
Trust & Foundation
Total Non-Promoter
Total Promoter & Non Promoter
Custodians (Against Depository Receipts)
Grand Total
No of Shares
0
825,312,807
825,146,019
166,788
825,312,807
401,515,677
381,075,469
4,968,335
15,471,873
674,783,045
149,657,099
13,578,295
230,674,391
17,370,095
5,075,105
3,954,759
9,834,547
130,075,630
114,403,624
159,500
1,076,298,722
1,901,611,529
11,672,134
1,913,283,663
% of holding
0.0
43.1
43.1
0.0
43.1
21.0
19.9
0.3
0.8
35.3
7.8
0.7
12.1
0.9
0.3
0.2
0.5
6.8
6.0
0.0
56.3
99.4
0.6
100.0
Source: Company, MOSL
12 March 2018
27

Future Consumer
Financials and valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Raw Materials
Gross Profit
Margin (%)
Total Expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT after EO Exp.
Total Tax
Tax Rate (%)
Minority Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
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&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
E: MOSL Estimates
FY15
13,126
59.6
11,403
1,724
13.1
13,772
-646
-24.4
-4.9
475
-1,120
319
352
-1,088
6
-0.5
-66
-1,028
-1,028
1,381.1
-7.8
0.0
FY15
9,943
-2,247
7,696
338
6,734
0
14,768
5,577
2,178
3,399
5,483
505
1,116
5,965
1,115
1,546
433
2,872
1,700
1,298
293
109
4,265
14,768
0
FY16
17,030
29.7
14,467
2,562
15.0
17,194
-164
-74.6
-1.0
284
-447
702
273
-876
-2
0.2
202
-1,076
-1,076
4.7
-6.3
0.0
FY16
9,876
-4,331
5,545
122
5,391
433
11,491
6,767
570
6,197
1,677
368
861
4,220
1,101
1,650
170
1,299
1,831
1,085
655
91
2,389
11,491
0
FY17
21,166
24.3
18,231
2,935
13.9
21,070
96
-158.7
0.5
326
-230
448
250
-428
9
-2.1
174
-610
-610
-43.3
-2.9
0.0
FY17
9,884
-999
8,885
78
4,714
440
14,117
7,580
888
6,692
1,677
895
475
7,178
1,757
3,242
475
1,703
2,800
1,904
744
153
4,378
14,117
0
FY18E
29,705
40.3
25,576
4,129
13.9
29,138
568
490.2
1.9
370
198
486
297
9
0
0.0
174
-165
-165
-72.9
-0.6
0.0
FY18E
11,008
-1,164
9,845
78
6,214
440
16,577
8,696
1,258
7,438
1,677
579
375
10,398
2,395
4,476
175
3,351
3,890
2,633
1,043
214
6,507
16,577
0
FY19E
42,579
43.3
36,022
6,557
15.4
41,167
1,412
148.7
3.3
417
995
615
341
720
50
7.0
174
496
496
LP
1.2
0.0
FY19E
11,008
-668
10,341
78
7,614
440
18,473
9,659
1,675
7,984
1,677
616
275
13,445
3,158
6,183
215
3,890
5,525
3,722
1,496
307
7,921
18,473
0
FY20E
59,928
40.7
49,741
10,188
17.0
56,807
3,121
121.0
5.2
462
2,660
678
419
2,401
360
15.0
174
1,867
1,867
276.5
3.1
0.0
FY20E
11,008
1,200
12,208
78
7,614
440
20,340
10,651
2,137
8,515
1,677
623
175
17,179
4,047
8,374
342
4,416
7,829
5,292
2,105
432
9,350
20,340
0
(INR Million)
FY21E
FY22E
82,431
110,825
37.5
34.4
67,346
89,214
15,085
21,611
18.3
19.5
76,981
102,061
5,450
8,764
74.6
60.8
6.6
7.9
513
574
4,937
8,190
611
344
453
554
4,780
8,400
717
1,260
15.0
15.0
174
174
3,889
6,966
3,889
6,966
108.3
79.1
4.7
6.3
0.0
0.0
(INR Million)
FY21E
FY22E
11,008
11,008
5,089
12,055
16,097
23,064
78
78
6,114
1,614
440
440
22,729
25,196
11,900
2,649
9,251
1,677
875
75
21,723
5,062
11,518
316
4,828
10,872
7,382
2,896
594
10,851
22,729
0
13,350
3,223
10,127
1,677
925
0
26,945
6,431
15,181
337
4,996
14,479
9,787
3,893
799
12,467
25,196
0
12 March 2018
28

Future Consumer
Financials and valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Fixed Asset Turnover (x)
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Net Debt/Equity
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(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
Interest Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY15
-0.6
-0.3
4.7
Loss
Loss
10.8
6.8
-138.6
-13.1
-6.6
-11.0
2.4
0.9
31
43
36
3.5
-3.5
0.7
FY15
-1,088
490
37
-64
-1,872
-2,497
66
-2,431
-592
-3,023
-2,721
1,440
-1,873
80
4,867
-320
0
4,627
323
110
433
FY16
-0.7
-0.5
3.4
Loss
Loss
15.0
5.2
-539.4
-16.3
-1.4
-3.9
2.5
1.5
24
35
23
2.3
-0.6
0.8
FY16
-1,110
284
519
-32
847
508
287
795
-685
110
802
269
385
2
-838
-607
0
-1,443
-263
433
170
FY17
-0.4
-0.2
5.4
Loss
Loss
9.4
4.1
908.8
-8.5
0.2
-2.1
2.8
1.5
30
56
33
2.6
-0.5
0.4
FY17
-654
326
308
124
-1,235
-1,132
320
-812
-935
-1,746
265
-797
-1,467
4,380
-1,403
-394
0
2,584
305
170
475
FY18E
-0.1
0.1
6.0
Loss
406.3
8.4
3.0
157.2
-1.8
3.3
1.4
3.4
1.8
29
55
32
2.7
0.4
0.6
FY18E
9
370
189
0
-2,430
-1,862
0
-1,862
-800
-2,662
100
297
-403
1,125
1,500
-486
-174
1,965
-300
475
175
FY19E
0.3
0.6
6.3
167.7
91.1
8.0
2.1
64.1
4.9
7.3
5.6
4.4
2.3
27
53
32
2.4
1.6
0.7
FY19E
720
417
275
-50
-1,374
-12
0
-12
-1,000
-1,012
100
341
-559
0
1,400
-615
-174
611
40
175
215
FY20E
1.1
1.4
7.4
44.5
35.7
6.8
1.5
29.0
16.6
13.9
12.4
5.6
2.9
25
51
32
2.2
3.9
0.6
FY20E
2,401
462
258
-360
-1,302
1,459
0
1,459
-1,000
459
100
419
-481
0
0
-678
-174
-851
127
215
342
(INR Million)
FY21E
FY22E
2.4
2.7
9.8
21.4
18.9
5.2
1.1
16.3
27.5
21.8
20.6
6.9
3.6
22
51
33
2.0
8.1
0.4
4.2
4.6
14.0
11.9
11.0
3.6
0.8
9.6
35.6
31.7
30.7
8.3
4.4
21
50
32
1.9
23.8
0.1
(INR Million)
FY21E
FY22E
4,780
8,400
513
574
158
-210
-717
-1,260
-1,528
-1,594
3,204
5,910
0
0
3,204
5,910
-1,500
-1,500
1,704
4,410
100
75
453
554
-947
-871
0
0
-1,500
-4,500
-611
-344
-174
-174
-2,285
-5,018
-27
21
342
316
316
337
12 March 2018
29

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
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
Future Consumer
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
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. The matter is closed and MOSL had to pay Rs. 2
lakhs towards penalty for misplacement of original POA of client.
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 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 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:
managed or co-managed public offering of securities from subject company of this research report,
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
Subject Company may have been a client of MOSL or its associates during twelve months preceding the date of distribution of the research report.
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 companies covered in its research reports. As a result,
the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or
brokerage service transactions.
Terms & Conditions:
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. 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. MOSL will not treat recipients as customers by
virtue of their receiving this 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.
Disclosure of Interest Statement
Analyst ownership of the stock
Future Consumer
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: SEBI Registration: INZ000158836 (BSE/NSE/MSE); 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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