Titan Company
BSE SENSEX
38,721
S&P CNX
11,559
8 July 2019
Update
| Sector:
Retail
CMP: INR1,253
TP: INR1,500 (+20%)
Buy
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Tough environment and high gold price impact quarter
Titan (TTAN) has released its pre-quarterly update for 1QFY20. Key highlights:
Jewellery: Growth impacted by higher gold prices
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
TTAN IN
888
1112.1 / 16.2
1341 / 732
1/25/42
2676
47.1
Financials Snapshot (INR b)
2019 2020E
Y/E Mar
197.8 237.1
Net Sales
19.9
25.5
EBITDA
13.9
17.5
PAT
15.7
19.7
EPS (INR)
24.0
25.9
Gr. (%)
68.5
70.9
BV/Sh (INR)
24.9
28.3
RoE (%)
25.5
29.1
RoCE (%)
80.0
63.5
P/E (x)
18.3
17.7
P/BV (x)
TTAN delivered lower-than-targeted Jewellery sales growth of ~13% YoY in
1QFY20 on account of the tough macroeconomic environment and high gold
prices (particularly in June). However, the company continued capturing
market share in the segment.
Akshay Tritiya
– a day considered auspicious to buy gold – sales were robust.
This festival was celebrated in the initial part of the quarter. In fact, the first
half of the quarter was good in terms of sales, with 19% YoY growth till 7
th
May’19 (as mentioned in 4QFY19 earnings call). However, gold prices increased
toward the second half, which, in our view, led to demand postponement,
impacting segmental growth for the quarter.
12 Tanishq stores were opened during the quarter, with net retail space
addition of 34k sq. ft.
Tanishq launched
Swayahm
collection of both plain and studded jewellery.
Mia launched ‘Birthstone Pendant’, ‘Facets’ and ‘Florets’ collections.
2021E
285.4
33.2
22.8
25.7
30.4
85.0
33.0
33.9
48.7
14.7
Watches: Decent sales growth partly aided by institutional order
Watches division sales increased 19% YoY in 1QFY20, partly aided by a large
institutional order from Tata Consultancy Services (TCS).
The division saw its semi-annual activation in both ‘Titan’ and ‘Fastrack’ brands
during the quarter.
It added 10
World of Titan (closed 8), 5 Fastrack (closed 2)
and 6
Helios
stores
(closed 1) in 1QFY20.
Eyewear: Activation drives growth
Shareholding pattern (%)
As On
Mar-19 Dec-18 Mar-18
Promoter
52.9
52.9
52.9
DII
7.4
8.4
6.3
FII
19.2
18.5
20.7
Others
20.5
20.3
20.1
FII Includes depository receipts
Eyewear division also saw activation during the quarter, which helped achieve
revenue growth of ~13% YoY.
Growth in trade channel exceeded that in overall division in 1QFY20.
It launched 27 new stores (and closed 9), adding 12k sq. ft. of retail space in
1QFY20 at the net level.
New businesses
Skinn
– Delivered good growth in 1QFY20. To target new consumers, the
company is now also focusing on small packs. E-commerce channel is
witnessing strong growth rates for
Skinn.
Taneira
– Opened its flagship store in Hyderabad in the villa format, taking the
total store count for the division to five. The brand launched ‘1000 Summer
Memories’ collection of cotton sarees at affordable price points to drive
customer walk-ins.
Krishnan Sambamoorthy – Research Analyst
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 6129 1545
Vishal Punmiya – Research Analyst
(Vishal.Punmiya@MotilalOswal.com); +91 22 6129 1547
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.
 Motilal Oswal Financial Services
Titan Company
Stock Performance (1-year)
Valuation and view
Management stated that growth, particularly in the Jewellery segment, was
lower than planned in 1QFY20. Consequently, we lower our EPS estimates by
2.7%/1.8% for FY20/21. We note that high gold price at the latter part of
1QFY20 led to postponement of demand, but the division should make a strong
comeback in the rest of the year.
We believe that TTAN’s high valuations are fully justified, given its (a) best top-
line growth visibility in the large-cap FMCG/retail space (20% CAGR in Jewellery,
the largest segment, over the next four years), (b) prospects of continued
EBITDA margin improvement because of high SSSG contribution and (c)
sustained RoCE improvement from ~26% in FY19 to 34% in FY21. In fact,
increasing concerns over revenue/earnings growth of many consumer peers
should also ensure high multiples for TTAN. We maintain Buy with a revised
target price of INR1,500.
Exhibit 2: On an average basis, gold prices for the quarter
were up 4% YoY
MCXGOLd Comdty
Exhibit 1: Jewellery sales growth restricted to ~13% in
1QFY20 due to a sharp increase in gold prices in June
Jewelry reported sales growth (%)
60 59
41
17
4
1
14
37
22
6
29
10
13
Source: Company, MOFSL
Source: Company, MOFSL
Exhibit 1: TTAN P/E (x)
P/E (x)
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
47.6
35.8
24.0
15.5
Avg (x)
Max (x)
Min (x)
+1SD
61.4
-1SD
61.4
Source: Company, MOFSL
8 July 2019
2
 Motilal Oswal Financial Services
Titan Company
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Gross Profit
Margin (%)
Other expenditure
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income - Recurring
Profit before Taxes
Change (%)
Tax
Deferred Tax
Tax Rate (%)
Profit after Taxes
Change (%)
Margin (%)
Reported PAT
2015
119,095
9.1
31,562
26.5
19,962
11,599
10.6
9.7
874
807
643
10,562
4.0
2,410
82
22.0
8,233
11.1
6.9
8,233
2016
112,759
-5.3
30,949
27.4
21,601
9,347
-19.4
8.3
982
424
739
8,681
-17.8
1,710
-206
22.1
6,765
-17.8
6.0
6,765
2017
132,608
17.6
37,534
28.3
25,979
11,555
23.6
8.7
1,105
377
705
10,777
24.1
3,021
261
25.6
8,018
18.5
6.0
6,991
2018
161,198
21.6
44,336
27.5
27,889
16,447
42.3
10.2
1,314
529
889
15,492
43.7
4,500
221
27.6
11,213
39.9
7.0
11,019
2019
197,785
22.7
53,843
27.2
33,928
19,915
21.1
10.1
1,628
525
1,829
19,590
26.5
6,150
467
29.0
13,908
24.0
7.0
13,886
(INR Million)
2020E
237,120
19.9
65,189
27.5
39,693
25,496
28.0
10.8
1,857
577
1,422
24,484
25.0
6,978
0
28.5
17,506
25.9
7.4
17,506
2021E
285,372
20.3
79,741
27.9
46,540
33,202
30.2
11.6
2,107
702
1,539
31,932
30.4
9,101
0
28.5
22,831
30.4
8.0
22,831
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Intangibles
Capital WIP
Investments
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Current Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
2015
888
32,637
33,525
998
64
34,587
11,824
5,103
6,720
102
552
290
50,932
40,493
1,897
2,138
6,403
24,010
22,943
1,067
26,922
34,587
0
2016
888
34,178
35,066
1,131
131
36,327
13,559
6,054
7,506
200
1,067
26
54,624
44,472
1,925
1,442
6,785
27,095
25,794
1,302
27,529
36,327
0
2017
888
41,700
42,587
0
-33
42,555
9,858
1,220
8,638
3,337
1,432
3,937
66,698
49,257
2,076
8,159
7,205
41,488
40,056
1,433
25,210
42,555
0
2018
888
49,993
50,881
790
-329
51,342
13,384
2,137
11,247
3,495
430
16
79,694
59,248
2,957
6,523
10,965
43,540
41,909
1,631
36,154
51,342
0
2019
888
59,955
60,842
318
-688
60,472
15,741
3,678
12,063
3,631
290
692
99,735
70,388
4,205
11,057
14,085
55,939
53,978
1,960
43,796
60,472
0
(INR Million)
2020E
888
62,028
62,916
250
-688
62,478
18,016
5,534
12,482
3,631
290
692
114,963
86,919
4,548
7,299
16,198
69,580
67,423
2,156
45,384
62,478
0
2021E
888
74,585
75,473
250
-688
75,035
20,291
7,641
12,650
3,631
290
692
140,480
103,368
5,864
12,621
18,627
82,708
80,336
2,372
57,772
75,035
0
8 July 2019
3
 Motilal Oswal Financial Services
Titan Company
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Debtor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
-1,140
-312
2015
9.3
10.3
37.8
2.8
29.8
135.1
122.1
9.3
95.8
33.2
0.2
28.0
26.1
30.2
6
3.4
0.0
2016
7.6
8.7
39.5
5.4
70.3
164.4
144.2
9.9
119.0
31.7
0.4
19.7
20.0
19.9
6
3.1
0.0
2017
9.0
10.2
48.0
3.6
39.7
138.7
122.5
8.3
95.2
26.1
0.3
20.6
21.0
24.8
6
3.1
0.0
2018
12.6
14.0
57.3
4.6
36.4
99.2
89.4
6.9
67.3
21.9
0.4
24.0
24.7
29.8
7
3.1
0.0
2019
15.7
17.4
68.5
6.0
38.4
80.0
72.0
5.6
55.3
18.3
0.5
24.9
25.5
28.0
8
3.3
0.0
2020E
19.7
21.8
70.9
7.9
40.0
63.5
57.5
4.7
43.3
17.7
0.6
28.3
29.1
32.9
7
3.8
0.0
2021E
25.7
28.1
85.0
11.6
45.0
48.7
44.6
3.9
33.1
14.7
0.9
33.0
33.9
38.5
8
3.8
0.0
Cash Flow Statement
Y/E March
OP/(loss) before Tax
Int./Div. Received
Depreciation & Amort.
Interest Paid
Direct Taxes Paid
Incr in WC
CF from Operations
Incr in FA
Free Cash Flow
Investments
Others
CF from Invest.
Incr in Debt
Dividend Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
2015
10,489
77
896
165
2,449
4,152
5,026
2,070
2,956
-2
-301
-1,767
0
1,852
8,194
-10,047
-6,787
8,926
2,138
2016
8,681
-95
982
-152
2,025
1,631
5,761
2,522
3,239
-55
-1,058
-1,409
0
3,944
1,104
-5,048
-696
2,138
1,442
2017
9,733
31
1,105
-136
2,768
-9,158
17,123
2,511
14,613
3,254
2,986
-8,750
0
36
1,621
-1,656
6,717
1,442
8,159
2018
15,298
-81
1,314
-113
4,561
12,365
-507
2,993
-3,500
-4,115
-273
1,395
0
2,774
-249
-2,524
-1,637
8,159
6,523
2019
19,590
-1,829
1,628
525
6,150
3,108
10,657
2,216
8,441
676
-1,780
-1,112
-472
4,014
525
-5,012
4,534
6,523
11,056
(INR Million)
2020E
24,484
-1,422
1,857
577
6,978
5,346
13,172
2,275
10,897
0
8,684
-10,959
-68
5,327
577
-5,971
-3,758
11,056
7,299
2021E
31,932
-1,539
2,107
702
9,101
7,067
17,034
2,275
14,759
0
1,096
-3,371
0
7,639
702
-8,341
5,322
7,299
12,621
8 July 2019
4
 Motilal Oswal Financial Services
Titan Company
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, 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.
MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - 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), Multi Commodity Exchange of India Limited (MCX) and National Commodity
& Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository
Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory &
Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are available on the
website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL 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 MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL 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 MOFSL 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. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
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 MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from
MOFSL 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 MOFSL & 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 Financial Services Limited (MOFSL) 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 MOFSL 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 MOFSL , 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., MOFSL 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
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in
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SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
inform MOCMSPL.
Specific Disclosures
1 MOSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOSL has not received any compensation or other benefits from third party in connection with the research report
10 MOSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
8 July 2019
5
 Motilal Oswal Financial Services
Titan Company
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies)
discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of
MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature.
The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed,
in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose
and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report
constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities
discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives,
financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document
should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including
the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be
suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial
risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions
contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as
endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and
alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from time to time, effect
or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment
banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and
independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the
views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other
person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of
or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject
MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category
of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors,
employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may
arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any
and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold
MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person accessing this information due to any
errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263; Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth Management
Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is a distributor of
Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. which is a
group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL. Research & Advisory
services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no assurance or guarantee
of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance Officer: Name: Neeraj
Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
8 July 2019
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