Aurobindo Pharma
BSE SENSEX
40,359
S&P CNX
11,914
22 November 2019
Update | Sector: Healthcare
CMP: INR429
TP: INR500 (+17%)
Deficiency in injectables manufacturing controls
Robust CAPA required to resolve issues
th
th
Buy
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 (%)
ARBP IN
586
251.2 / 3.5
838 / 390
-13/-39/-61
1994
48.1
Financials Snapshot (INR b)
Y/E Mar
2019 2020E
195.6 236.4
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
40.2
25.3
43.2
1.1
237.1
19.8
14.4
9.9
1.8
49.6
27.5
47.0
8.9
281.0
18.1
12.1
9.1
1.5
2021E
296.6
63.2
36.1
61.7
31.3
340.2
19.9
13.3
6.9
1.3
Highlights of Unit 4 form 483
The USFDA inspected Aurobindo Pharma’s (ARBP) Unit 4 from 4 -13 Nov’19 and
issued form 483 with 14 observations.
Observations are largely related to deficiencies in studies and monitoring conditions
necessary for aseptic processing/injectable facility. It would take 4-6 months of
enhanced efforts to resolve the issues, in our view. Unit 4 accounts for 7-8% of US
sales and has 47 ANDAs pending for approval.
Despite intensifying regulatory headwinds over the past 8-9 months, ARBP has been
able to maintain growth momentum in US generics (+27% YoY in 1HFY20) on the back
of new launches and acquisitions. Further, it has a healthy pipeline of 153 ANDAs
pending for approval in US generics. Separately, EU business profitability is on track
owing to its foray into newer markets and shift in product manufacturing to India.
We value ARBP at 8x 12M forward earnings and arrive at a target price of INR500.
Maintain Buy.
Shareholding pattern (%)
As On
Sep-19 Jun-19 Sep-18
Promoter
51.9
51.9
51.9
DII
13.0
13.3
15.0
FII
22.0
22.0
19.1
Others
13.2
12.9
14.0
FII Includes depository receipts
Stock Performance (1-year)
Aurobindo Pharma
Sensex - Rebased
975
825
675
525
375
The USFDA inspected Unit 4 as part of cGMP compliance and thereafter issued
form 483 with 14 observations (this site has successfully closed inspection six times
in the past). The inspector observed deficiencies in media fill studies representing
the manufacturing process. Other notable observations were (a) sampling plan not
representing worst-case activities and (b) deficiency in systems for maintaining any
equipment used to control aseptic conditions. All these observations showed
deficiency in the assuring aseptic processes in the manufacture of sterile products.
A robust response followed by the implementation of CAPA would be required to
resolve these issues within the 3-6 month timeframe. The USFDA also indicated (a)
deviations in sterility testing, (b) higher number of days taken to submit field alert
report, (c) need for comprehensive review of RM, (d) deficiency in investigation of
excursions, (e) the lack of evaluation of alarmed events, (f) insufficient
documentation, (g) inadequate training and (h) deficiency in design document.
Regulatory risk has intensified over past one year
Over the past one year, eight sites have been inspected by the USFDA. Units 1 and
11 have been classified as Official Action Indicated (OAI) and Unit 9 has been issued
a warning letter recently. Unit 7 is issued form 483 with seven observations. Units 5
and 8 were issued form 483 with four observations each.
Unit-4 contributes ~7-8% of US sales
Auromedics comprises injectables from Unit 4, Eugia, Unit 12, Unit 16 and
Auronext. It formed ~19% of US sales at end-2QFY20. Excluding sales from Eugia,
Units 12/16 and Auronext, Unit 4 would form ~7-8% of USD1.5b US annual sales.
Unit 4 has 63 ANDAs approved till date and 47 await final approval.
Valuation and view
Regulatory risk has increased with escalation to OAI/WL at a few sites. However,
US generics growth for ARBP is improving due to new launches/acquisitions.
Further, EU (30% of sales) is penetrating into newer markets and improving
margins by shifting manufacturing to India. We value ARBP at 8x 12MF earnings
(40% discount to three-year average) and arrive at a TP of INR500. Maintain
Buy.
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com); +91 022 6129 1536
Hitakshi Chandrani – Research analyst
(Hitakshi.Chandrani@motilaloswal.com); +91 22 6129 1557
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
Aurobindo Pharma
Exhibit 1: Inspection history and unit-wise ANDA filings
Site
Unit III
Unit I
Unit IX
Unit XI
Unit IV
APL Healthcare
Unit V
Aurolife &
Aurolife - I
Eugia
Unit VIII
Unit XII
Silicon
AuroNext
Unit VIB
Unit VII (SEZ)
Unit X
Auropeptide
Total
API/Formulation
Oral Formulations
API
API
Intermediate facility
Injectables & Ophthalmics
Oral Formulations
API
Oral Formulations
Oral & Injectable Formulations
API
Penicillin Oral & Injectables
API
Penem Injectables
Cephalosphorins Oral
Oral Formulations
Oral Formulations
API
389
27
153
569
Source: Company, USFDA, MOFSL
2
11
137
7
14
2
1
18
42
2
12
169
51
20
20
21
7
1
12
19
33
27
63
47
12
110
12
FA
115
TA
10
UR
2
Total Remarks
127
The company has received a 'Form 483' with 10
observations in Jun-19
Inspected in Feb-19. Inspection classified as OAI
Inspected in Feb-19. Issued warning letter
Inspected in Feb-19. Inspection classified as OAI
The company has received a 'Form 483' with 14
observations in Nov-19
Inspected in Dec-18. EIR in place
The company has received a 'Form 483' with 4
observations in Oct-19
Inspection closed with VAI classification in Jun-18
Inspected in Jun-18. EIR in place
The company has received a 'Form 483' with 4
observations in Oct-19
Inspected in Mar-18. EIR in place
Inspected in Mar-18. EIR in place
Inspected in Feb-18. EIR in place
Inspected in Sep-17. EIR in place
The company has received a 'Form 483' with 7
observations in Sep-19
Inspected in Apr-17. Zero 483.
Inspected in Aug-16. EIR in place
Exhibit 2: Unit-IV inspection history
Plant
Time of inspection
Nov-19
Dec-18
Unit IV
Feb-18
Sep-16
Sep-14
Sep-12
Remarks
Issued form 483 with 14 observations
Was issued form 483 with 2 observations. Inspection closed with VAI classification
Was issued form 483 with 9 observations. Inspection closed with VAI classification
Was issued form 483 with 4 observations. Inspection closed with VAI classification
Was issued form 483 with 7 observations. Inspection closed with VAI classification
Was issued form 483 with 7 observations. Inspection closed with NAI classification
Source: MOFSL, Company, Industry
22 November 2019
2
 Motilal Oswal Financial Services
Aurobindo Pharma
Financials and Valuations
Consolidated - Income Statement
Y/E March
Total Income from Operations
Change (%)
Total Expenditure
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
EO Items
PBT after EO Exp.
Current Tax
Deferred Tax
Tax Rate (%)
Less: Mionrity Interest
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY14
80,998
38.3
58,170
22,828
28.2
3,125
19,703
1,079
232
18,856
-2,031
16,825
3,635
0
21.6
-38
13,228
13,228
350.1
16.3
FY15
121,205
49.6
95,569
25,636
21.2
3,326
22,310
843
808
22,275
-596
21,679
5,966
0
27.5
-45
15,758
15,758
19.1
13.0
FY16
139,553
15.1
107,671
31,882
22.8
3,924
27,958
927
701
27,733
-304
27,429
7,207
0
26.3
-30
20,252
20,251
28.5
14.5
FY17
150,897
8.1
116,556
34,341
22.8
4,276
30,065
667
538
29,936
621
30,557
7,596
0
24.9
-55
23,015
23,015
13.6
15.3
FY18
164,998
9.3
127,113
37,885
23.0
5,580
32,305
777
1,020
32,548
-168
32,380
8,183
0
25.3
-34
24,231
25,021
8.7
15.2
FY19
195,636
18.6
155,416
40,219
20.6
6,680
33,540
1,627
1,157
33,070
-2,183
30,887
7,269
0
23.5
-29
23,647
25,288
1.1
12.9
FY20E
236,415
20.8
186,768
49,647
21.0
10,934
38,713
2,245
700
37,169
-479
36,690
9,567
0
26.1
-54
27,177
27,530
8.9
11.6
(INR M)
FY21E
296,581
25.4
233,410
63,172
21.3
13,571
49,601
3,382
650
46,868
0
46,868
10,780
0
23.0
-55
36,143
36,143
31.3
12.2
Consolidated - Balance Sheet
Y/E March
Equity Share Capital
Total Reserves
Net Worth
Minority Interest
Deferred Liabilities
Total Loans
Capital Employed
FY14
583
36,919
37,502
257
2,054
36,339
76,151
41,066
14,613
26,453
764
3,097
198
64,386
23,675
26,366
1,786
12,559
18,747
13,512
3,877
1,358
45,640
76,151
FY15
584
50,975
51,559
258
2,058
38,636
92,511
53,821
17,405
36,416
640
4,196
198
87,647
36,113
35,392
4,691
11,451
36,587
20,511
13,650
2,426
51,060
92,511
FY16
585
72,288
72,873
26
-1,823
44,155
115,230
41,312
3,455
37,856
4,063
8,359
1,230
105,631
40,561
46,067
8,003
11,001
41,909
24,570
15,776
1,563
63,722
115,230
FY17
586
93,133
93,719
21
-1,185
30,841
123,397
53,650
7,168
46,482
4,063
12,374
2,459
95,439
43,305
35,042
5,135
11,957
37,420
24,883
11,415
1,123
58,019
123,397
FY18
586
116,218
116,804
18
765
44,825
162,413
70,719
11,843
58,876
8,165
13,995
3,115
125,312
58,584
38,721
12,616
15,390
47,051
26,274
18,209
2,568
78,260
162,413
FY19
586
138,322
138,908
16
980
67,532
207,436
97,987
18,298
79,689
8,325
13,419
3,602
157,676
72,456
47,336
19,572
18,312
55,275
26,771
26,230
2,274
102,400
207,436
FY20E
586
164,034
164,620
16
1,000
112,049
277,684
144,987
29,232
115,755
18,825
13,419
3,602
170,606
83,640
56,351
5,615
25,000
44,523
31,898
12,000
625
126,083
277,684
(INR M)
FY21E
586
198,712
199,298
17
1,020
106,176
306,511
159,987
42,803
117,183
18,825
13,419
3,602
206,854
105,672
69,879
6,303
25,000
53,374
40,749
12,000
625
153,481
306,511
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Goodwill on Consolidation
Capital WIP
Total Investments
Curr. Assets, Loans&Adv.
Inventory
Account Receivables
Cash and Bank Balance
Loans and Advances
Curr. Liability & Prov.
Account Payables
Other Current Liabilities
Provisions
Net Current Assets
Appl. of Funds
22 November 2019
3
 Motilal Oswal Financial Services
Aurobindo Pharma
Financials and Valuations
Ratios
Y/E March
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Cap. (Days)
Leverage Ratio (x)
Current Ratio
Interest Cover Ratio
Debt/Equity
FY14
22.7
28.1
64.3
1.5
6.6
18.9
15.3
6.7
3.5
12.5
0.4
-1.4
41.6
23.3
24.2
1.1
217
93
117
193
3.4
18
0.9
FY15
27.0
32.7
88.3
2.3
8.3
15.9
13.1
4.9
2.4
11.1
0.5
5.1
35.4
20.4
20.9
1.3
198
91
113
177
2.4
26
0.7
FY16
34.6
41.3
124.5
2.0
5.8
12.4
10.4
3.4
2.1
9.0
0.5
-0.5
32.5
20.4
22.8
1.2
227
107
134
200
2.5
30
0.5
FY17
39.3
46.6
160.0
2.5
6.4
10.9
9.2
2.7
1.8
8.1
0.6
27.0
27.6
19.0
22.5
1.2
238
98
140
196
2.6
45
0.3
FY18
42.7
52.2
199.4
2.5
6.0
10.0
8.2
2.1
1.7
7.5
0.6
-12.3
23.8
17.4
20.4
1.0
275
82
138
219
2.7
42
0.3
FY19
43.2
54.6
237.1
2.5
6.2
9.9
7.9
1.8
1.5
7.4
0.6
-20.8
19.8
14.4
16.9
0.9
277
80
112
245
2.9
21
0.3
FY20E
47.0
65.6
281.0
2.5
5.4
9.1
6.5
1.5
1.5
7.2
0.6
-93.6
18.1
12.1
13.4
0.9
286
80
107
258
3.8
17
0.6
FY21E
61.7
84.9
340.2
2.5
4.1
6.9
5.0
1.3
1.2
5.6
0.6
19.3
19.9
13.3
14.2
1.0
274
78
105
247
3.9
15
0.5
Consolidated - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest / Dividend recieved
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from Investments
Change in networth
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY14
19,703
3,125
232
-3,635
-13,533
5,893
-2,031
3,863
-4,656
-793
-25
-4,681
-910
2,131
-1,079
-875
1,253
520
-298
2,085
1,786
FY15
22,310
3,326
808
-5,966
-2,515
17,963
-596
17,367
-14,389
2,978
0
-14,388
2,298
-843
-1,314
-214
-73
2,905
1,786
4,691
FY16
27,443
3,924
689
-7,326
-10,794
13,936
262
14,198
-14,475
-277
23
-14,452
6,033
-835
-1,616
-16
3,566
3,312
4,691
8,003
FY17
30,608
4,276
384
-7,737
6,110
33,641
-856
32,786
-16,942
15,844
-929
-17,870
-17,279
-568
-1,372
1,436
-17,784
-2,868
8,003
5,134
FY18
32,305
5,580
1,020
-8,183
-12,760
17,962
-168
17,795
-25,011
-7,217
657
-24,355
13,982
-777
-1,465
2,302
14,042
7,482
5,135
12,616
FY19
33,540
6,680
1,157
-7,269
-17,184
16,923
-2,183
14,740
-26,916
-12,176
487
-26,429
22,704
-1,627
-1,465
-968
18,645
6,955
12,616
19,572
FY20E
38,713
10,934
700
-9,567
-37,639
3,141
-479
2,662
-57,500
-54,838
0
-57,500
44,517
-2,245
-1,465
74
40,882
-13,957
19,572
5,615
(INR M)
FY21E
49,601
13,571
650
-10,780
-26,710
26,332
0
26,332
-15,000
11,332
0
-15,000
-5,872
-3,382
-1,465
75
-10,644
687
5,615
6,303
22 November 2019
4
 Motilal Oswal Financial Services
Aurobindo Pharma
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*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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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
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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 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
********************************************************************************************************************************
The associates of MOFSL may have:
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financial interest in the subject company
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actual/beneficial ownership of 1% or more securities in the subject company
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received compensation/other benefits from the subject company in the past 12 months
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 Motilal Oswal Financial Services
Aurobindo Pharma
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.
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acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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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)
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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.
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