Power & Coal monthly
Power demand declines in Oct’19
PAF at NTPC’s Talcher improves but below normative levels
Conventional generation down 13% YoY
Utilities | 20 November 2019
Sector: Utilities - Power
All-India conventional
electricity generation (b kWh)
Conventional generation
Change YoY (%)
113
11
98
Conventional electricity generation declined 13% YoY in Oct’19. On a YTD basis,
conventional generation is up just 1%. Demand from western (-20% YoY) and
southern (-14% YoY) regions was down significantly in the month. In Oct’19,
coal-based generation decreased ~19% YoY, while nuclear and hydro generation
increased ~32% and ~22%, respectively.
Including renewable energy (RE) too, generation decreased 13% YoY in Oct’19
(YTD: +1.3%). RE generation was down ~6% YoY in the month on the back of
lower wind generation.
Coal stocks at power plants stood at 12 days at end-Oct’19 (v/s 11 days in
Sep’19) given lower thermal generation and demand.
Volumes on IEX decreased ~48% YoY to 3.4b kWh. This though comes on a high
base of the previous year. On a trailing 12-month (TTM) basis, volumes were
down ~14%. Average prices stood at INR2.71/kWh in the month (v/s
INR2.77/kWh in Aug’19).
Availability factor at NTPC Talcher has improved to ~70% (v/s <50% during Aug-
Sep) but still remains below normative levels. PAF for NTPC’s Sipat plant
improved to ~85% (v/s 57% in Sep ’19).
PLF for NTPC’s S/A plants declined ~930bp YoY to 67% for 7MFY20 given lower
offtake from Dadri, Sipat and Talcher. PLF incentives are expected at just
~INR250m in 7MFY20 (our estimate: INR1.3b for 7MFY19).
FY17
5.8
4.7
24.0
158
FY18
5.4
4.1
24.9
161
FY19 YTD FY20
5.2
1.3
3.6
1.0
24.5
3.6
176
183
3.5
6.5
1.6
12.1
11.6
4.0
8.2
3.4
18
4.8
7.0
3.3
3.5
1.5
8.9
-17.2
3.2
*
0.2
*
2.3
12
-7.2
-8.4
Oct-19
-12.9
-13.4
-6.1
164
0.8
0.6
0.2
1.6
-47.9
2.7
na
na
12
-19.0
-20.9
Total generation down 13% YoY
Coal stocks now at 12 days
-13
IEX volumes decline
Coal stocks at power plants
Coal stocks at power plants
Stocks in days
NTPC: Availability at Talcher improves but still below normative levels
11
7
17
11
Exhibit 1: Power & Coal – Key snapshot
Total generation growth (%)
Conv. Generation growth (%)
RE generation growth (%)
All India Peak Demand (GW)
Capacity addition (GW)
Net Coal
7.0
5.0
Solar
5.5
9.4
Wind
5.4
1.8
Total capacity add
20.3
17.2
IEX traded volumes growth (%)
16.9
12.8
IEX avg. prices (INR/kWh)
2.4
3.3
Coal receipts by Power plants, growth (%)
-0.2
6.2
Coal cons. by Power plants, growth (%)
5.2
6.0
Coal stocks at Power plants (days)
19
10
Coal India Dispatches, growth (%)
2.0
6.9
Coal India Production, growth (%)
3.2
2.4
Note: YTD indicates data for 7mFY20;* indicates data for 6mFY20
;
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com); +91 22 6129 1572
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Sector: Utilities - Power
Generation
Conventional electricity
generation decreased 13.4%
YoY in Oct’19.
Conventional generation decreased 13.4% YoY amid lower coal generation
Exhibit 2: All-India conventional electricity generation (b kWh)
Conventional generation
102
4
-13
Change YoY (%)
113
98
11
Source: CEA, MOFSL
Coal-based generation was
down 19.3% YoY in Oct’19.
All-India PLF was ~870bp
lower YoY at 47% in Oct ‘19.
Exhibit 3: All-India generation (Conventional) – m kWh
Monthly
Oct-19
Thermal
Generation
PLF
Coal
Generation
PLF
Lignite
Generation
PLF
Gas
Generation
PLF
Others
Generation
Hydro
Generation
PLF
Nuclear
Generation
PLF
All India (conventional)
Generation
PLF
78,705
49
YoY %
-19.3
-998bps
Year to date
Oct-19
YTD YoY %
613,560
52
-2.2
-300bps
71,689
49
-19.3
-1,408bps
565,368
56
-1.9
-351bps
2,733
59
-13.3
-792bps
18,366
57
-6.4
-293bps
4,272
23
-23.7
-717bps
29,744
23
-4.1
-106bps
11
20.3
83
-5.0
15,116
45
21.8
808bps
111,110
48
16.0
665bps
4,169
83
32.2
2,012bps
28,195
81
27.3
1,734bps
97,990
47
-13.4
-873bps
752,865
52
1.0
-90bps
Source: CEA
20 November 2019
2
 Motilal Oswal Financial Services
Sector: Utilities - Power
Exhibit 4: Conventional electricity generation by ownership – m kWh
Monthly
Oct-19
YoY %
35,096
-10.8
26,128
-17.5
23,098
-16.5
1,305
-40.7
1,725
-4.0
4,799
6.4
4,169
32.2
31,353
-15.5
22,142
-26.8
20,302
-27.8
1,686
-8.1
154
-46.5
9,211
34.0
31,542
-14.1
30,436
-14.7
28,289
-9.3
1,162
-18.8
985
-67.9
1,106
7.7
97,990
-13.4
18,979
-15.5
32.2
-25bps
Year to date
Oct-19
YTD YoY %
276,528
0.9
201,450
-4.8
179,690
-4.8
10,417
-10.2
11,343
1.0
46,883
15.9
28,195
27.3
236,092
-1.5
184,295
-5.8
173,475
-5.4
9,703
-6.2
1,116
-38.7
51,797
17.4
240,246
3.9
227,815
3.5
212,143
8.2
8,978
5.9
6,694
-57.2
12,431
10.8
752,866
1.0
142,393
-5.7
31.9
87bps
Source: CEA
Generation decreased
across central, state and
private owned plants in
Oct’19.
NTPC’s S/A coal-based
generation declined ~15%
YoY in Oct’19.
Central
Thermal
Coal
Gas
Other
Hydro
Nuclear
State
Thermal
Coal
Gas
Other
Hydro
Private
Thermal
Coal
Gas
Other
Hydro
Total
NTPC coal (s/a)
Private share %
Exhibit 5: All-India generation (Conventional + RE) – m kWh
Monthly
Oct-19
105,327
7,337
97,990
71,689
7.0
3.1
YoY %
-12.9
-6.1
-13.4
-19.3
51bps
Year to date
Oct-19
YTD YoY %
836,922
1.3
84,057
3.6
752,865
1.0
565,368
-1.9
10.0
22bps
27.4
Source: MOFSL, CEA
All-India generation (incl.
RE) declined 12.9% YoY in
Oct’19.
RE generation declined
6.1% YoY in Oct ’19 on the
back of lower wind
generation.
All-India Generation
RE
Conventional
Coal-based
RE share %
RE incr. share %
20 November 2019
3
 Motilal Oswal Financial Services
Sector: Utilities - Power
Capacity additions
Renewable capacity addition outpacing thermal
Conventional capacity addition: 4.1GW in 7MFY20
Exhibit 6: Capacity addition as monitored by CEA
Month
Jun-19
Jul-19
Jul-19
Aug-19
Sep-19
Sep-19
Oct-19
Promoter
BLA Power
Odisha
NTPC
Odisha
NTPC
NTPC
Gujarat
Plant
Niwari
IB Valley
Nabi Nagar STPS
IB Valley
Tanda
Khargone
Wanakbori
Unit
U-2
U-3
U-1
U-4
U-5
U-1
U-8
Type
Thermal
Thermal
Thermal
Thermal
Thermal
Thermal
Thermal
Capacity MW Location (State)
45
660
660
660
660
660
800
Madhya Pradesh
Odisha
Bihar
Odisha
Uttar Pradesh
Madhya Pradesh
Gujarat
Source: MOFSL, CEA
Conventional capacity retirement: 0.9GW in 7MFY20
Exhibit 7: Capacity retirement as monitored by CEA
Month
Aug-19
Aug-19
Sep-19
Sep-19
Sep-19
Promoter
Karnataka
Chhattisgarh
Tata Power
Torrent Power
Delhi
Plant
Yelhanka
Korba II
Trombay
Sabarmati
Rajghat
Unit
U-1 to 6
U-1 to 4
U-6
U-15 to 16
U-1 to 2
Type
Diesel
Thermal
Thermal
Thermal
Thermal
Capacity MW Location (State)
128
200
500
60
135
Karnataka
Chhattisgarh
Maharashtra
Gujarat
Delhi
Source: MOFSL, CEA
Exhibit 8: Net capacity addition in 7MFY20 - GW
Net capacity addition in
7MFY20 stands at ~8.9GW.
368
364
360
356
352
348
356
3.5
1.5
365
3.1
0.0
0.8
Source: MOFSL, CEA
20 November 2019
4
 Motilal Oswal Financial Services
Sector: Utilities - Power
Coal stocks
Coal stocks have improved since last year
Coal receipts for the power
sector were down 10.8%
YoY to 42.6mt in Sep’19
(YTD: +0.2%).
Exhibit 9: Coal receipts for power sector
65
60
55
50
45
40
35
5
42
5
43
5
42 5
37
Coal receipts through Domestic (mt)
Coal receipts through imports (mt)
Source: MOFSL, CEA
Coal consumption by the
power sector was down
9.8% YoY to 47mt in Sep’19
(YTD: +2.3%).
Exhibit 10: Coal consumption by power sector
65
60
55
50
45
40
50
52
50
47
Coal consumption (mt)
Source: MOFSL, CEA
Coal stocks at power plants
stood at 12 days in Oct’19.
Exhibit 11: Coal stocks at power plants
Coal stocks at power plants (LHS)
40
30
20
10
0
6
8
6
10
19
12
Stocks in days (RHS)
20
15
10
5
0
Source: MOFSL, CEA
20 November 2019
5
 Motilal Oswal Financial Services
Sector: Utilities - Power
Short-term market
Volumes decline
IEX volumes were down
~48% YoY in Oct ’19. On
TTM basis, volumes were
~14% lower.
Exhibit 12: IEX cleared volumes (b kWh) and growth YoY
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-14
Cleared vols. - BU
14
4.1
6.5
18
3.4
TTM change yoy - %
20
15
10
5
0
-5
-10
-15
-20
Source: MOFSL, IEX
IEX prices were down ~2%
MoM at INR2.71/kWh.
Exhibit 13: IEX prices
IEX avg. price - INR/kWh
4.1
2.7
5.9
Source: MOFSL, IEX
Short-term transactions (ex-
UI) rose 4% YoY in Aug’19.
Bilateral transactions
declined 19% YoY while
exchange volumes were up
17% YoY in Aug’19.
Exhibit 14: Short-term transactions (b kWh)
18
15
12
9
6
3
11%
Bilateral
Exchange
UI
15%
% of India's generation - RHS
14%
16%
14%
12%
10%
8%
Source: MOFSL, CERC
20 November 2019
6
 Motilal Oswal Financial Services
Sector: Utilities - Power
Demand by states
Exhibit 15: Electricity demand by states
FY17
Chandigarh
Delhi
Haryana
Himachal Pradesh
J&K
Punjab
Rajasthan
Uttar Pradesh
Uttarakhand
Northern Region
Chhattisgarh
Gujarat
Madhya Pradesh
Maharashtra
Daman and Diu
Dadra and Nagar
Goa
Western Region
Andhra Pradesh
Telangana
Karnataka
Kerala
Tamil nadu
Puducherry
Southern Region
Bihar
DVC
Jharkhand
Odisha
West Bengal
Andaman
Eastern region
Arunachal Pradesh
Assam
Manipur
Meghalaya
Mizoram
Nagaland
Tripura
North Eastern Region
All India
2.4
4.1
3.1
0.3
1.1
6.7
0.3
13.5
2.5
6.0
-8.0
0.2
6.7
-1.4
2.1
1.8
-13.3
-0.1
7.8
6.4
9.7
4.1
7.8
4.0
7.6
6.2
2.6
4.5
0.3
1.8
0.0
2.7
19.8
5.7
-9.1
2.7
9.7
-1.2
30.1
6.8
4.1
Growth (%)
FY18
FY19 YTDFY20*
-2.7
3.3
3.8
6.3
6.0
3.4
4.7
12.1
3.4
6.5
10.7
6.0
7.6
7.3
6.2
3.0
-7.3
6.9
7.3
13.5
1.6
2.9
1.4
5.0
4.7
5.7
14.2
-2.9
7.7
4.8
67.2
6.3
10.5
0.6
12.1
-9.8
-1.2
5.8
70.8
7.8
6.2
-2.5
1.5
5.7
3.0
5.4
1.1
12.8
-1.7
2.4
3.4
3.6
6.1
6.0
5.8
1.1
-0.5
4.0
5.6
9.5
10.4
6.3
0.3
3.4
3.6
6.2
15.8
2.5
10.1
9.5
4.6
7.6
7.1
7.0
5.6
9.3
22.8
38.5
3.2
-29.4
2.9
5.3
7.9
2.8
3.7
9.9
3.2
5.2
4.6
7.2
4.8
5.3
12.2
-3.3
-0.3
-5.6
1.3
3.8
-1.2
-2.4
1.5
-2.3
1.4
6.8
-0.8
5.2
0.4
8.6
-2.3
3.2
-5.6
1.7
0.0
0.7
-9.6
1.9
3.9
11.6
4.2
-2.1
-6.1
2.0
1.1
FY19
Oct-19
5.6
-1.3
-5.2
9.1
2.7
-4.1
-8.9
-7.0
-3.8
-5.4
-10.6
-18.8
-25.9
-21.7
-1.4
0.4
-7.3
-20.3
-16.0
-24.6
-18.8
-1.3
-5.1
2.3
-14.1
-0.8
2.0
-2.4
-23.7
-8.9
0.0
-9.0
-17.4
2.8
-1.3
20.0
-4.3
-1.5
-27.4
-1.3
-13.0
mkWh
1,561
32,289
53,663
9,618
15,869
55,397
79,661
116,265
13,753
378,080
26,720
116,638
75,194
158,167
2,561
6,176
4,276
389,726
63,802
66,601
72,227
24,911
109,149
2,748
339,429
30,775
21,894
8,442
31,444
52,655
324
144,712
837
9,289
902
1,963
683
797
1,799
16,272
1,268,770
% share
0.1
2.5
4.2
0.8
1.3
4.4
6.3
9.2
1.1
29.8
2.1
9.2
5.9
12.5
0.2
0.5
0.3
30.7
5.0
5.2
5.7
2.0
8.6
0.2
26.8
2.4
1.7
0.7
2.5
4.2
0.0
11.4
0.1
0.7
0.1
0.2
0.1
0.1
0.1
1.3
100.0
Note: * indicates data for 7m FY20
Source: MOFSL, CEA
20 November 2019
7
 Motilal Oswal Financial Services
Sector: Utilities - Power
Exhibit 16: Peak demand
YoY growth (%)
FY17
Chandigarh
Delhi
Haryana
Himachal Pradesh
J&K
Punjab
Rajasthan
Uttar Pradesh
Uttarakhand
Northern Region
Chhattisgarh
Gujarat
Madhya Pradesh
Maharashtra
Daman and Diu
Dadra and Nagar
Goa
Western Region
Andhra Pradesh
Telangana
Karnataka
Kerala
Tamil nadu
Puducherry
Lakshadweep
Southern Region
Bihar
DVC
Jharkhand
Odisha
West Bengal
Sikkim
Andaman
Eastern region
Arunachal Pradesh
Assam
Manipur
Meghalaya
Mizoram
Nagaland
Tripura
North Eastern Region
All India
Note: * indicates data for 7m FY20
4.1
7.1
1.6
0.7
-0.8
3.2
-5.6
6.9
0.1
12.9
2.5
1.8
5.5
7.8
8.8
5.9
-3.8
7.7
7.9
33.4
7.7
3.6
4.5
5.4
0.0
13.9
6.9
-3.9
4.1
-6.3
0.0
2.8
0.0
8.3
3.7
18.5
-2.4
-12.2
-3.0
6.5
5.6
13.9
6.5
FY18
2.0
4.2
3.0
6.3
8.4
4.5
11.8
16.5
5.5
2.3
0.9
12.8
7.0
1.3
8.4
0.8
5.1
-3.5
12.8
12.5
5.5
-3.2
1.0
4.9
12.5
4.0
21.2
7.8
5.5
8.2
2.9
-14.3
68.8
5.2
3.6
6.9
19.6
11.2
-2.0
-0.7
20.4
-6.5
1.7
FY19 YTD FY20*
1.7
7.5
7.7
6.6
41.3
7.3
14.8
11.1
3.1
3.9
9.9
2.2
12.3
3.4
-1.7
3.2
6.8
11.5
5.2
5.2
18.9
9.3
4.9
6.5
-11.1
4.8
12.6
8.0
2.3
21.7
9.7
10.4
0.0
11.0
-4.8
3.7
10.8
1.1
24.0
-5.5
2.0
13.1
9.2
16.8
5.6
7.1
6.5
6.9
8.6
7.9
9.9
1.0
7.3
10.9
8.6
-11.4
1.5
-1.7
1.3
4.2
2.3
7.6
8.2
17.9
7.7
4.6
17.0
0.0
7.5
13.9
-0.3
6.6
-1.2
4.9
8.6
0.0
6.1
14.3
8.1
1.1
-0.3
15.3
22.5
6.1
6.1
4.0
in MW
FY19
369
7,016
10,270
1,700
3,277
12,556
13,276
20,062
2,216
60,715
4,270
16,963
13,815
23,254
356
815
596
55,821
9,453
10,815
12,841
4,228
15,712
412
8
49,464
5,084
3,127
1,289
5,357
8,899
106
54
22,733
138
1,809
216
372
119
138
349
2,850
175,528
Source: MOFSL, CEA
20 November 2019
8
 Motilal Oswal Financial Services
Sector: Utilities - Power
Plant availability factor (PAF)
PAF for NTPC’s Talcher improved on a monthly basis but remained below normative levels
Exhibit 17: PAFs (%) for NTPC’s power plants
Plant Name
ANTA GPP
AURAIYA GPP
DADRI GPP
DADRI TPS
DADRI-II TPS
RIHAND STPS
RIHAND-II STPS
RIHAND-III STPS
UNCHAHAR-I TPS
UNCHAHAR-II TPS
UNCHAHAR-III TPS
UNCHAHAR-IV TPS
Farakka-I & II
Farakka-III
Kahalgaon
Kahalgaon U-2
Talcher Stage 1, 1GW
(K h i)
BARH STPS STAGE-II
Ramagundem Stg I&II
(RSTPS)
Ramagundem Stg III
Talcher Stage 2, 2GW
(K h i)
NTPC Simhadri STPS Stage 2
Simhadri STPS STAGE 1
NTPC Kudgi STPS Unit 1
(2 4 )
Korba-Stg I (KSTPS)
Vindhyanchal-I
Vindhyanchal-II
Vindhyanchal-III
Kawas GPS
Gandhar GPS
SINGRAULI STPS ( SSTPS-II)
Korba-Stg III
Sipat-I
Vindhyanchal-IV
MAUDA-I
Vindhyanchal-V
MAUDA- II
Solapur
Gadawara (GSTPP)
Lara
Yellow
represents a PAF b/w 50% & 85%;
Pink
represents a PAF of <50%
Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
93.4
95.6
95.1
75.0
99.4
87.0
101.0
50.3
99.6
92.6
104.7
0.0
82.4
93.1
90.5
82.5
80.3
93.1
74.1
99.1
67.9
90.8
50.5
34.7
87.5
93.3
84.5
100.4
96.0
67.4
97.3
86.7
99.6
96.7
95.5
94.5
41.8
95.6
97.2
94.6
98.6
80.2
90.8
87.7
95.7
91.4
101.7
104.5
104.7
0.0
97.4
71.4
87.7
92.2
79.1
91.0
95.5
45.1
86.6
98.4
58.8
44.0
92.0
92.8
100.0
81.6
98.1
67.6
91.2
99.7
95.3
99.3
104.0
101.6
61.6
101.3
100.7
96.7
101.6
94.4
100.0
64.9
98.9
92.8
101.3
103.8
104.7
33.6
96.1
92.6
94.8
97.6
38.3
95.5
94.8
18.6
96.6
103.1
100.3
66.8
81.3
98.2
99.9
66.8
100.1
96.4
90.1
89.6
99.9
99.9
102.0
101.8
97.9
100.0
102.4
100.0
99.7
74.7
97.6
101.0
87.8
101.3
104.7
102.5
104.6
79.9
95.6
95.5
96.5
99.0
54.2
97.0
94.3
99.8
92.9
103.4
91.8
81.0
84.6
100.8
99.3
94.5
98.3
102.3
50.0
89.9
97.7
99.9
103.2
72.1
96.7
100.0
101.1
99.7
100.4
100.1
81.5
98.0
100.9
101.5
104.5
104.4
104.7
84.2
97.8
90.4
97.7
97.5
83.9
77.9
95.0
91.9
94.7
102.9
101.6
94.9
96.5
97.8
99.9
100.6
92.7
103.4
86.3
100.0
95.4
100.0
102.6
44.1
99.4
100.0
99.9
100.2
95.3
95.7
49.7
101.7
91.0
101.2
104.7
102.2
90.6
71.3
100.4
95.5
85.2
96.1
95.5
86.2
81.0
101.2
101.4
94.1
93.0
101.8
87.6
89.7
99.2
100.8
80.6
90.2
98.9
99.8
98.9
99.8
100.4
101.9
103.8
100.0
96.9
99.1
87.9
101.9
90.9
100.1
94.1
102.4
98.6
97.6
102.2
94.8
93.1
81.7
94.5
74.6
85.0
99.1
94.2
101.1
95.0
94.1
99.9
102.6
95.6
89.9
94.4
95.8
99.8
90.7
96.8
87.7
100.6
96.6
96.3
94.1
99.7
100.0
90.2
97.4
84.9
102.1
101.6
101.2
97.8
90.6
103.3
104.7
104.7
95.9
96.4
92.2
92.7
68.0
83.0
96.3
93.9
90.7
87.2
103.8
70.5
93.2
86.1
79.8
73.6
97.4
79.0
100.6
98.8
93.4
79.6
100.0
88.1
99.9
77.6
100.6
83.8
80.8
85.0
102.4
102.8
86.7
76.5
102.2
103.2
65.9
93.9
93.4
87.3
18.5
94.3
88.9
80.0
94.6
91.1
100.5
80.9
103.8
50.0
96.4
96.4
88.6
49.2
100.0
88.3
82.5
96.7
99.9
72.9
99.9
103.9
100.0
95.6
99.9
Jul-19 Aug-19 Sep-19 Oct-19
91.9
81.3
94.0
102.1
103.2
64.1
52.8
102.4
90.7
82.8
104.2
91.6
99.8
0.0
74.0
92.5
83.3
97.5
90.3
100.2
70.1
104.0
80.0
100.9
98.0
90.8
49.1
100.0
100.3
81.7
99.6
54.6
93.5
99.0
103.7
100.0
95.8
100.0
92.1
46.4
87.7
98.1
100.6
73.3
101.8
58.5
96.4
104.6
104.7
102.8
85.1
97.4
41.1
81.3
94.0
45.8
99.9
94.3
100.1
46.8
89.4
57.2
85.6
89.9
85.8
89.9
96.4
100.3
100.2
86.7
33.6
64.5
85.2
100.9
100.0
47.5
91.9
100.0
97.6
96.9
97.2
102.8
51.4
101.9
68.5
102.3
87.9
101.4
102.5
102.8
86.4
102.7
89.3
90.9
46.8
99.6
90.2
100.0
47.1
92.4
101.0
67.1
67.1
91.6
95.3
99.4
99.5
101.9
58.9
85.0
57.4
56.0
101.1
100.0
98.7
101.3
100.0
98.2
98.9
98.4
101.3
52.2
101.7
96.3
99.3
89.9
104.7
104.7
97.7
60.3
96.0
84.4
86.8
70.8
93.8
96.7
99.9
68.0
31.6
103.4
76.8
75.8
75.4
93.9
100.0
100.3
95.9
47.3
96.3
84.9
93.6
102.9
98.0
99.7
91.7
97.5
88.4
Source: RPC
20 November 2019
9
 Motilal Oswal Financial Services
Sector: Utilities - Power
Plant load factor (PLF)
For NTPC, Rihand and Singrauli clocked PLF of >85% in Sep’19
Exhibit 18: PLFs (%) for NTPC standalone plants
MW Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19
Badarpur
Barh I
Barh II
Bongaigaon
Dadri
Darpalli
Farakka
Gadarwara
Kahalgaon
Korba
Kudgi
Lara
Mauda
Ramagundem
Rihand
Simhadri
Singrauli
Sipat
Solapur
Talcher
Talcher
Tanda
Unchahar
Vindhyachal
TOTAL COAL
NTPC
Anta
Auraiya
Dadri
Faridabad
Gandhar
Kawas
0
0
1,320
750
1,820
0
2,100
800
2,340
2,600
2,400
800
2,320
2,600
3,000
2,000
2,000
2,980
1,320
460
3,000
1,100
1,550
4,760
43,390
419
663
830
432
657
656
0
0
89
47
74
0
81
0
83
87
50
0
59
77
78
66
94
99
77
75
72
79
82
94
80
54
47
45
3
22
69
0
0
88
66
62
0
87
0
85
94
30
0
60
81
90
65
101
94
30
90
84
80
76
93
81
38
16
18
1
9
48
0
0
93
56
64
0
89
0
88
82
41
0
38
74
84
82
98
96
0
98
76
72
76
88
78
1
1
27
16
21
39
0
17
0
0
94
64
64
0
88
0
86
84
53
0
65
84
89
78
87
79
0
85
78
78
74
89
79
36
1
8
39
20
38
0
19
0
0
72
69
57
0
80
0
78
95
53
0
47
84
89
83
88
90
0
101
86
37
65
87
77
7
4
27
26
7
38
0
16
0
0
79
70
43
0
80
0
82
98
71
0
76
81
92
81
94
97
0
92
96
1
64
93
82
0
0
30
23
16
46
0
19
0
0
91
65
51
0
75
0
74
93
41
12
69
84
95
70
88
97
0
99
89
68
64
91
75
11
0
32
0
5
62
0
18
0
0
91
64
58
0
84
0
72
86
21
0
62
81
93
60
89
85
8
98
85
58
75
87
71
47
4
40
0
15
33
0
22
0
0
87
63
61
0
61
37
86
95
15
7
73
82
85
55
90
80
9
98
78
63
66
84
71
16
49
58
0
18
22
0
21
Jul-19 Aug-19 Sep-19 Oct-19
0
0
84
61
57
0
63
21
77
87
19
18
54
76
71
66
87
94
0
91
71
81
66
82
66
2
4
6
13
19
18
0
10
0
0
86
47
47
0
72
15
80
78
13
19
29
78
82
50
85
71
13
45
46
80
64
87
61
1
21
16
19
3
13
0
12
0
0
83
45
44
0
78
0
85
71
9
0
59
69
88
61
79
58
26
65
47
58
67
82
61
8
12
26
34
2
38
0
18
0
0
72
54
28
0
55
3
78
78
4
66
43
68
96
39
86
70
10
65
60
50
59
83
53
3
11
27
0
9
23
0
13
R. Gandhi
360
0
0
TOTAL GAS
4,017
38
20
NTPC
Yellow
represents a PLF b/w 50% & 85%;
Pink
represents a PLF of <50%
Source: CEA
20 November 2019
10
 Motilal Oswal Financial Services
Sector: Utilities - Power
On a YoY basis, PLF for UnoSugen increased, while that for JSW Energy’s Ratnagiri and Vijaynagar
decreased
Exhibit 19: PLFs (%) for private power plants with exposure to merchant market
MW Oct-18 Nov-18 Dec-18
Adani Power
Avantha
Mundra
Tirora
CESC
Dhariwal
JSW Energy
Karcham
Ratnagiri
Vijaynagar
Jindal Power
Tamnar 1
Tamnar 2
JP Power
Bina
Nigri
KSK
Akaltara
Wardha
Torrent
Power
Sugen
Unosugen
DGEN
Essar
Mahan
Salaya
Rattan India
Amravati
Vedanta
Sterlite
Balco
South plants
Powertech
Meenakshi
Simhapuri
Sembcorp
Hinduja
12,410
600
4,620
3,300
2,485
600
4,440
1,000
1,200
860
3,400
1,000
2,400
4,200
500
1,320
2,940
2,400
540
3,252
1,148
383
1,200
1,200
600
600
1,350
1,350
3,180
600
600
4,460
1,320
300
600
1,200
1,040
60
0
0
96
0
49
0
0
71
0
46
0
0
80
10
44
0
0
73
8
40
0
0
80
0
88
0
0
97
29
84
0
0
86
41
75
0
0
91
39
87
0
0
76
41
96
0
0
60
46
94
0
0
93
10
81
0
0
84
24
81
0
0
75
31
0
46
19
43
3
62
8
74
38
57
11
44
9
59
0
62
0
66
0
65
0
83
0
72
0
56
20
25
27
5
0
14
33
28
60
14
34
64
52
93
0
67
0
55
0
57
0
23
0
24
0
60
7
51
27
34
21
27
19
22
30
34
52
27
51
68
0
0
38
0
0
56
0
0
49
0
0
49
0
0
64
0
0
76
0
32
75
61
0
66
65
1
73
75
0
57
60
0
62
74
26
69
60
0
45
38
45
31
36
7
38
0
39
0
52
0
77
0
77
0
62
0
55
0
68
0
39
0
68
0
65
90
67
61
52
33
63
50
62
55
54
65
65
71
69
69
68
66
36
35
63
35
64
51
65
57
51
38
43
43
22
32
33
50
28
47
35
38
26
39
40
42
42
44
33
37
27
29
19
30
19
21
33
95
93
22
82
43
17
65
35
15
76
79
14
73
34
15
77
43
40
79
34
57
84
44
105
83
36
111
76
43
106
73
38
91
72
39
35
70
32
94
73
69
43
36
50
77
62
74
41
43
41
79
0
67
86
0
51
86
0
76
86
0
82
84
0
84
81
0
84
90
0
83
89
0
81
88
0
77
80
0
74
78
0
77
74
0
69
60
0
80
56
Jan-19 Feb-19 Mar-19 Apr-19 May-19
Jun-19
Jul-19 Aug-19 Sep-19 Oct-19
Yellow
represents a PLF b/w 25% & 50%;
Pink
represents a PLF of <25%
Source: CEA
20 November 2019
11
 Motilal Oswal Financial Services
Sector: Utilities - Power
Coal India’s volume monitor – October ’19
Exhibit 20: Dispatches decreased 19% YoY in Oct’19 (YTD: -7.2%)
Dispatches - mt
12
48
50
4
41
-19
YoY - %
Source: MOFSL, Company
Exhibit 21: Production down 20.9% YoY in Oct’19 (YTD: -8.4%)
Production - mt
8
50
39
-21
YoY - %
6
46
Source: MOFSL, Company
Exhibit 22: Inventory at mines down MoM in Oct’19
80
60
40
20
0
48
42
38
30
FY20
FY16
FY17
FY18
FY19
24
20
19
Source: MOFSL, Company
20 November 2019
12
 Motilal Oswal Financial Services
Sector: Utilities - Power
E-auction monthly monitor
Exhibit 23: Monthly E-auction allocated quantity
16
12
8
4
0
4
3
2
Allocated (mt)
Exhibit 24: Monthly E-auction offered quantity
60
45
30
15
0
18
3
3
Offered (mt)
Source: Industry
Source: Industry
Exhibit 25: Average E-auction realization – INR/t
Avg. realization - INR/t
Exhibit 26: Realization trend – CIL v/s exchanges
E-auction real. - CIL - INR/t
E-auction real. - exchanges - INR/t
3,600
3,000
2,543
3,166
2,156
2,400
1,800
1,200
Source: Industry
Source: Industry
Exhibit 27: Average realization (higher grade)
Act. Real. (G1-G8) - INR/t
4,786
3,367
at reserve price - INR/t
6,478
5,968
Exhibit 28: Average realization (G9-G17 grade)
Act. Real. (G9-G17) - INR/t
Realization at not. Price - INR/t
2,376
1,785
1,558
1,354
Source: Industry
Source: Industry
Exhibit 29: Share (%) of high grade in allotted mix
Allocated (higher grade) as % of total qty. allocated
Exhibit 30: Premium over notified price and RB Index
Realn. premium - INR/t
101.0
Richards Bay - USD/t
3,500
3,000
83.4
902
1,354
59.6
830
2,500
36
41
47
2,000
36
40
21
1,500
1,000
500
0
Source: Industry
Source: Industry
20 November 2019
13
 Motilal Oswal Financial Services
Sector: Utilities - Power
India coal demand and its drivers
Exhibit 31: Monthly thermal coal imports – mt
Thermal coal imports - mt
Exhibit 32: Monthly coal consumption – mt
Coal consumption (mt)
14
10
12
68
69
64
Source: Dept. of Commerce
Source: CEA
Exhibit 33: Sponge iron production up 12% YoY in Mar’19
Sponge iron production - kt
Exhibit 34: Sponge iron spreads – INR/t
Sponge spread (Realn. - 1.5x pellet) - INR/t
11,978
8,915
7,740
Source: JPC
Source: SteelMint
Exhibit 35: Cement production declined 2% YoY in Sep’19
Cement production - mt
23
26
25
Exhibit 36: Coal substitute – pet coke imports
Petcoke imports - t
1,009
373
796
Source: Industry
Source: Industry
20 November 2019
14
 Motilal Oswal Financial Services
Sector: Utilities - Power
Exhibit 37: NTPC’s standalone implied PLF incentives for YTD Oct’19 (INR m)
Implied PLF incentives for
NTPC’s standalone plants
are lower YTD.
NTPC standalone implied PLF incentive - INR m
1,274
251
Source: MOFSL, CEA
Conventional capacity to
peak load ratio has started
to decline from its peak of
~1.7x.
Exhibit 38: Conventional Cap./peak load (x)
1.7
1.6
1.5
1.4
1.3
1.2
1.1
Conventional Cap./peak load
Source: MOFSL, CEA
Exhibit 39: Utilities’ sector valuation
Rating
Powergrid
NTPC
JSW Energy
CESC
Tata Power
NHPC
Torrent P
Coal India
Buy
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
MCAP
(INR) (USD M)
195
117
72
753
56
23
288
200
14,817
16,853
1,711
1,455
2,187
3,749
1,975
18,279
CMP
EPS
FY19
19.2
11.6
4.2
88.9
2.1
2.6
18.7
28.3
FY20E
20.3
13.1
4.5
91.9
4.1
3.0
30.0
25.7
FY21E
22.8
15.2
5.6
99.5
4.7
3.0
29.8
28.5
P/E (x)
FY19
10.2
10.1
17.0
8.5
26.4
9.0
15.4
7.0
FY20E
9.6
9.0
16.0
8.2
13.5
7.7
9.6
7.8
P/B(x)
FY19
1.7
1.1
1.0
1.1
0.9
0.8
1.5
4.6
FY20E
RoE (%)
FY19
FY20E
1.6
17.7
17.0
1.0
10.7
11.4
1.0
6.1
6.2
1.0
13.6
13.0
0.9
3.6
6.5
0.7
8.5
9.6
1.4
10.8
15.1
4.5
75.7
59.1
Source: MOFSL, Bloomberg
20 November 2019
15
 Motilal Oswal Financial Services
Sector: Utilities - Power
NOTES
20 November 2019
16
 Motilal Oswal Financial Services
Sector: Utilities - Power
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 Securities 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 Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com.
MOFSL 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 (MCX) & National Commodity & Derivatives Exchange Ltd. (NCDEX) 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/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 Securities 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 Securities 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
services license and an exempt financial adviser in Singapore.As per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and
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
respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of
which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the
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 MOFSL, 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 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
****************************************************************
****************************************************************
20 November 2019
17
 Motilal Oswal Financial Services
Sector: Utilities - Power
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.: 022-3980 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.:022-38281085.
Registration details: MOFSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); 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 Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate
products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products.
* MOFSL 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. The existing registration no(s) of MOFSL would be used until receipt of new MOFSL registration numbers.
20 November 2019
18