21 November 2019
Update
| Sector: Utilities
NTPC
Buy
BSE SENSEX
40,575
S&P CNX
11,968
CMP: INR115
TP: INR163(+42%)
NTPC to acquire NEEPCO and THDC
Transaction value yet to be finalized
Government to sell stake in NEEPCO and THDC
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 (%)
NTPC IN
9,895
1138.9 / 15.9
146 / 107
-9/-14/-22
1737
45.5
As part of the Indian government’s strategic divestment program, the cabinet
has approved the stake sale in NEEPCO (GoI stake: 100%) and THDC (GoI: 74%;
UP govt.: 26%) to NTPC (GoI: 54.5%).
Details on the transaction value though are still awaited. According to our
interaction with NTPC, the purchase value for these assets will be decided after
an internal assessment. This process could take another 2-3 months.
Financials Snapshot (INR b)
Y/E Mar
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
2019 2020E
906.4
199.1
114.6
11.6
30.3
111.2
10.7
6.7
9.9
1.0
303.8
129.8
13.1
13.2
118.6
11.4
6.8
8.8
1.0
2021E
363.1
150.4
15.2
15.9
127.5
12.4
7.6
7.6
0.9
993.3 1,099.6
THDC and NEEPCO: A hydro dominated portfolio
Shareholding pattern (%)
As On
Promoter
DII
FII
Others
Sep-19 Jun-19 Sep-18
54.5
30.8
12.1
2.6
56.4
28.5
11.6
3.5
61.8
23.5
11.6
3.1
THDC (~1.5GW) and NEEPCO (~1.45GW) are broadly a hydro dominated
portfolio, with combined hydro capacity of 2.3GW (refer exhibits 1/2).
Acquisition of the same would increase NTPC’s commercial capacity by ~5%.
THDC –
stable portfolio of hydro:
THDC operates 1.4GW of hydro plants and
~0.1GW of renewable capacity. According to tariff orders, regulated equity for
its hydro portfolio stands at ~INR32b. Adj. profits were at INR8.5b for FY19,
implying a core RoE of ~19-20% (base RoE: 16.5%). Overall, RoE is at ~9-10%
given CWIP and WC investments.
NEEPCO –
u/r likely denting profitability:
NEEPCO’s 1.45GW of operational
portfolio includes a mix of hydro (0.9GW) and thermal (0.5GW)
capacities. According to our analysis of tariff orders, the regulated equity base
would stand at ~INR33b. However, annual PAT for NEEPCO stands at just
~INR2b (implied PAT at 15.5% RoE should have been ~INR5b). We believe that
this could be led by: (1) F/C under-recoveries for its thermal plants (given
actual PAF is lower than normative availability factors) and (2) lower capital
costs approval.
FII Includes depository receipts
Stock Performance (1-year)
NTPC
160
140
120
100
Sensex - Rebased
Value accretion dependent on transaction value and upcoming projects
Value accretion would be dependent on the actual acquisition value and the
progress on under-construction projects at THDC and NEEPCO. THDC and
NEEPCO together have 2.1GW of hydro assets under construction along with
other projects that are awaiting/have recently received approvals. A total of
INR117b of works are under CWIP (for THDC + NEEPCO). Given the long
gestation period and delays (related to clearances, resettlement &
rehabilitation issues) in the commissioning of hydro projects, there remains a
risk to execution timelines. NEEPCO’s Kameng (600MW) project though is
expected to commission this year, which would be a positive.
Aniket Mittal – Research Analyst
(Aniket.Mittal@MotilalOswal.com); +91 22 61291572
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
NTPC
In terms of acquisition, media articles have indicated a purchase price of INR80-
100b. We note that a purchase price of INR80b will lead to ~INR3-4b of PAT
accretion, implying ~2% upside to our FY21 estimate. RoEs though may take a
slight dip (~8bp; exhibit 6).
We remain positive on NTPC from a medium-term perspective, given the pickup
in capitalization and the decline in fuel u/r – which should drive 14% earnings
CAGR over FY19-21.
Maintain Buy
with a DCF-based target price of INR163/sh.
Over the near term though, the risks related to government divestment and the
uncertainty on value accretion over the potential acquisition could be an
overhang on the stock.
Exhibit 1: NEEPCO – operational capacity
Kopili
Kopili PS
Khandong PS
Kopli - Stage-II
Doyang
Ranganadi
Turial
Pare Hydro
Hydro
Assam GBCPP
Agartala GT CCPP
Tripura GBPP
Thermal
Total operational
Capacity (MW)
275
200
50
25
75
405
60
110
925
291
135
101
527
1,452
FY19 Regulated Equity (INR b)
2.8
1.7
0.8
0.3
3.4
7.4
1.2
5.0
19.8
7.7
2.6
3.2
13.5
33.3
Source: NEEPCO, CERC, MOFSL
Exhibit 2: THDC – operational capacity
Tehri HPP
Koteshwar
Hydro
Patan
Devbhumi
Wind
Total operational
Capacity (MW)
1,000
400
1,400
50
63
113
1,513
FY19 Regulated Equity (INR b)
25.4
6.2
31.7
31.7
Source: THDC, CERC, MOFSL
Exhibit 3: Under-construction projects
NEEPCO
Kameng
THDC
Tehri
Vishnugad Pipalkoti
Dhukwan
THDC
Capacity (MW)
600
1,000
444
24
1,468
Expected commissioning
FY20
FY23
FY23
FY20
45.6
Source: NEEPCO, THDC, CERC, MOFSL
Total CWIP (INR b)
64.4
21 November 2019
2
 Motilal Oswal Financial Services
NTPC
Exhibit 4: NEEPCO P&L
Revenue
Employee
Fuel/ material cost
Gen. & admin
Total expenses
EBITDA
Depreciation
EBIT
Finance cost
Other income
PBT
Exceptional
PBT post exceptional
Tax
Current
Deferred
PAT
JV associate prof
Adj. PAT
FY17
14,045
2,765
4,074
1,953
8,792
5,252
1,604
3,649
299
253
3,602
0
3,602
800
800
0
2,803
-53
2,750
FY18
16,398
4,103
4,263
2,088
10,454
5,944
1,831
4,113
690
317
3,740
-287
4,027
1,281
1,296
-15
2,746
99
2,650
FY19
20,827
4,911
5,620
2,519
13,051
7,776
3,571
4,205
1,570
1,014
3,648
-867
4,516
2,377
972
1,405
2,139
1
1,729
Exhibit 5: THDC P&L
Revenue
Employee
Gen. & admin
Others
Total expenses
EBITDA
Depreciation
EBIT
Finance cost
Other income
PBT
Exceptional
PBT post exceptional
Tax
Current
Deferred
PAT
Adj. PAT
FY17
20,947
2,543
1,951
45
4,538
16,409
5,256
11,153
2,911
1,412
9,655
1,615
8,041
901
1,715
-814
7,139
8,573
FY18
21,906
3,065
2,034
0
5,099
16,807
5,745
11,062
2,279
381
9,164
55
9,109
1,397
1,906
-508
7,712
7,759
FY19
23,547
4,118
2,213
499
6,830
16,717
5,550
11,167
1,757
823
10,234
-4,883
15,116
2,560
3,228
-668
12,556
8,500
Source: NEEPCO, MOFSL
Source: THDC, MOFSL
Exhibit 6: Sensitivity to purchase price
NTPC
Current
est.
FY21 Consol PAT
PAT change
FY21 RoE
RoE change
INRb
%
%
bps
150
12.4
NTPC+ THDC + NEEPCO
Purchase
Purchase
Purchase
price of
price of
price of
INR80b
INR90b
INR100b
154
153
152
2.2
1.8
1.4
12.3
12.3
12.3
-8.4
-8.6
-8.8
Source: NEEPCO, THDC, CERC, MOFSL
21 November 2019
3
 Motilal Oswal Financial Services
NTPC
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2014
789,506
20.1
197,106
25.0
47,700
149,406
32,031
27,601
-119
144,858
30,824
21.3
0
114,034
91,496
-16.6
2015
806,220
2.1
171,941
21.3
55,646
116,295
35,704
20,789
3,182
104,562
4,638
4.4
0
99,924
87,596
-4.3
2016
727,055
-9.8
179,569
24.7
52,240
127,329
33,137
10,576
0
104,768
-1,628
-1.6
-204
108,012
96,957
10.7
2017
817,171
12.4
218,300
26.7
60,099
158,201
36,511
9,668
0
131,358
30,467
23.2
-57
107,196
98,717
1.8
2018
877,622
7.4
229,808
26.2
74,599
155,209
44,346
15,583
0
126,446
25,881
20.5
-425
105,440
87,992
-10.9
2019
906,369
3.3
199,086
22.0
76,881
122,205
52,609
17,953
0
87,550
-32,064
-36.6
-66
126,400
114,614
30.3
2020E
993,333
9.6
303,807
30.6
88,696
215,111
69,064
18,043
0
164,090
41,158
25.1
-57
129,775
129,775
13.2
(INR Million)
2021E
1,099,610
10.7
363,133
33.0
104,077
259,056
82,871
13,853
0
190,038
47,740
25.1
-57
150,398
150,398
15.9
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Net Current Assets
Total Assets
2014
82,455
790,843
873,297
814,549
12,393
1,707,044
1,313,937
471,858
842,080
538,250
16,635
603,487
59,885
67,257
186,876
289,470
293,408
293,408
310,080
1,707,044
2015
82,455
738,485
820,940
1,022,520
12,656
1,864,995
1,443,608
525,077
918,530
675,547
141
601,543
79,725
92,499
161,390
267,929
330,766
330,766
270,777
1,864,995
2016
82,455
809,511
891,965
1,120,194
14,094
2,035,181
1,632,140
587,180
1,044,959
815,497
148
543,886
79,592
101,740
57,370
305,185
369,310
369,310
174,577
2,035,181
2017
82,455
895,926
978,380
1,137,551
14,849
2,138,812
1,170,879
125,562
1,045,317
868,957
78,023
492,677
65,861
89,995
33,015
303,806
346,162
346,162
146,515
2,138,812
2018
82,455
953,180
1,035,635
1,300,143
24,081
2,369,337
1,501,531
206,147
1,295,385
820,931
92,515
534,851
61,403
88,122
43,876
341,450
374,344
374,344
160,507
2,369,337
2019
98,946
1,001,424
1,100,370
1,616,818
41,997
2,765,833
1,665,811
287,597
1,378,214
1,067,775
81,000
646,976
81,194
101,477
27,823
436,482
408,131
408,131
238,845
2,765,833
(INR Million)
2020E
98,946
1,074,206
1,173,152
1,688,579
41,997
2,910,376
2,006,253
376,293
1,629,961
942,270
85,971
640,196
75,539
99,027
29,148
436,482
388,022
388,022
252,174
2,910,376
2021E
98,946
1,162,863
1,261,808
1,709,681
41,997
3,020,135
2,448,026
480,370
1,967,657
707,897
85,971
651,523
80,426
106,286
28,330
436,482
392,913
392,913
258,610
3,020,135
21 November 2019
4
 Motilal Oswal Financial Services
NTPC
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
0.7
1.0
1.2
1.1
1.2
1.4
1.4
1.3
1.1
31
37
0.9
42
46
0.7
51
53
0.8
40
40
0.7
37
35
0.7
41
42
0.7
36
40
0.6
35
40
10.9
8.5
13.7
10.0
7.3
11.2
11.3
7.2
11.8
10.6
6.0
10.5
8.7
5.8
9.6
10.7
7.8
11.1
11.4
6.2
9.4
12.4
6.9
9.6
10.1
7.1
1.3
2.3
10.2
3.9
11.6
7.4
1.4
2.5
12.6
3.9
10.7
7.2
1.3
3.1
13.2
2.3
10.8
6.9
1.2
2.8
10.8
3.3
11.0
6.4
1.1
2.7
11.4
3.1
9.1
5.7
1.0
3.0
14.7
3.1
8.9
5.3
1.0
2.8
9.3
4.1
7.7
4.5
0.9
2.6
7.8
4.5
9.2
16.3
88.3
4.6
39.9
8.9
15.7
83.0
4.6
45.5
9.8
16.2
90.1
2.7
24.6
10.0
16.9
98.9
3.8
35.3
8.9
18.2
104.7
3.6
33.8
11.6
20.5
111.2
3.6
28.0
13.1
22.1
118.6
4.8
36.6
15.2
25.7
127.5
5.2
34.2
2014
2015
2016
2017
2018
2019
2020E
2021E
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
Cash Flow Statement
2014
174,568
49,633
-13,109
-26,867
-18,917
165,308
-189,485
-24,176
16,225
37,017
-136,243
0
93,854
-62,429
-58,516
-27,091
1,975
184,902
186,876
2015
159,613
35,881
-11,694
-20,100
-16,242
147,459
-191,772
-44,314
16,391
17,182
-158,200
0
205,811
-72,371
-148,185
-14,745
-25,486
186,876
161,390
2016
168,514
35,146
-36,422
-14,584
1,452
154,106
-232,470
-78,364
16,536
-6,986
-222,920
0
80,528
-83,473
-32,261
-35,206
-104,021
161,390
57,369
2017
209,821
23,574
-2,073
-26,263
-3,395
201,666
-243,451
-41,785
3,436
-17,558
-257,573
0
150,466
-75,645
-43,269
31,552
-24,355
57,369
33,015
2018
212,360
38,815
-58,298
19,257
-15,508
196,627
-187,559
9,068
0
-8,539
-196,099
0
145,059
-86,058
-48,669
10,333
10,861
33,015
43,876
2019
187,300
25,731
-72,868
-30,390
53,898
163,671
-197,548
-33,877
0
-39,152
-236,700
0
224,698
-107,672
-60,049
56,976
-16,053
43,876
27,823
2020E
303,807
24,886
-12,005
-41,158
-18,043
257,486
-214,938
42,548
0
13,072
-201,866
0
71,761
-69,064
-56,993
-54,295
1,324
27,823
29,148
(INR Million)
2021E
363,133
21,954
-7,254
-47,740
-13,853
316,239
-207,399
108,840
0
13,853
-193,546
0
21,103
-82,871
-61,742
-123,511
-818
29,148
28,330
21 November 2019
5
 Motilal Oswal Financial Services
NTPC
NOTES
21 November 2019
6
 Motilal Oswal Financial Services
NTPC
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.
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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
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
21 November 2019
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 Motilal Oswal Financial Services
NTPC
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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.
* 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.
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