28 April 2020
4QFY20 Results Update | Sector: Financials
IndusInd Bank
Estimate change
TP change
Rating change
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
IIB IN
600
282.5 / 3.5
1695 / 236
-7/-49/-57
8293
CMP: INR407
TP: INR700 (+72%)
Buy
Balance sheet cleansing continues; Liability franchise showing
signs of stability
Credit cost set to moderate, but concerns persist
Financials & Valuations (INR b)
Y/E MARCH
FY19 FY20 FY21E
NII
88.5 120.6 126.5
OP
80.9 108.3 110.9
NP
33.0 44.6 49.8
NIM (%)
4.0
4.6
4.5
EPS (INR)
54.9 68.8 71.0
EPS Gr. (%)
-8.8 25.3
3.2
BV/Sh. (INR) 439.8 498.4 574.4
ABV/Sh. (INR) 413.7 479.4 553.3
Ratios
RoE (%)
13.2 14.7 13.3
RoA (%)
1.3
1.5
1.5
Payout (%)
16.4 14.3 16.3
Valuations
P/E (X)
7.4
5.9
5.7
P/BV (X)
0.9
0.8
0.7
P/ABV (X)
1.0
0.8
0.7
Div. Yield (%)
2.2
2.4
2.8
Shareholding pattern (%)
As On
Dec-19 Sep-19
Promoter
13.0
13.0
DII
13.6
15.6
FII
59.4
56.6
Others
14.0
14.8
FII Includes depository receipts
FY22E
135.7
120.5
64.3
4.4
90.7
27.8
650.5
624.6
14.9
1.8
16.1
4.5
0.6
0.7
3.6
IIB’s results reflect asset quality pressure with elevated slippages at INR20.6b,
which resulted in a sharp spike in credit cost to 4.7% annualized (240bp for
FY20). PCR, thus, improved sharply (2,030bp) during FY20 to 63.3%. Further,
business growth remained sluggish in the corporate/CV portfolio while
margins expanded owing to continued improvement in the asset mix.
Management has suggested GNPA impact of 80bp due to the COVID-19
pandemic and created floating provisions of INR2.6b during 4QFY20.
Due to better-than-expected core operating performance and an improving
credit cost outlook, we have revised our PAT estimates by 10%/3% for
FY21/FY22E. Maintain
Buy.
4QFY20 PAT of INR3.1b (12%/76% YoY/QoQ decline) was affected by higher
provisions of INR24.4b. Thus, credit cost stood elevated at 4.7%
(annualized). NII grew 45% YoY to INR32.3b as margins expanded 10bp QoQ
to 4.25%. Overall, PPoP grew 38% YoY to INR28.6b.
For FY20,
NII/PPoP/PAT
grew 36%/34%/35% YoY.
Advances growth at 10.9% (flat QoQ) moderated sharply to ~INR2.1t.
Corporate banking/CV portfolio declined 4% QoQ each while the MFI
portfolio grew 16.7% QoQ. Management has guided for corporate loans to
grow in single digits and consumer loan growth to range between 10-15%.
Deposits declined 6.8% QoQ (+3.7% YoY) to INR2.0t. CASA ratio declined to
40.4% (v/s 42.4% in 3QFY20) led by withdrawal of government deposits.
However, liability traction has improved in Apr’20 and is witnessing healthy
inflows.
Fresh slippages increased to INR20.6b (INR12.5b corporate slippage),
resulting in 12.4% QoQ increase in GNPA, while higher provisions led to a
13% QoQ decline in NNPA. PCR in 4QFY20, thus, improved to 63.3% (v/s
52.5% in 3QFY20).
COVID-19 impact: The bank has assessed its portfolio and expects GNPA rise
of up to 80bp and additional credit cost of 50bp. IIB has created INR2.6b
additional floating provision buffer, INR750m toward telecom exposure and
INR230m toward dpd accounts where it has availed standstill benefit.
The bank has proactively recognized few stressed accounts during the
quarter. Also, exposure to the three stressed groups now stands at ~30bp.
We expect loan growth to moderate led by a weak environment due to the
COVID-19 outbreak, which should drive a slowdown in consumer spending.
Further, we expect asset quality to deteriorate due to rising stress in
corporate/MFI/CV/CE portfolio. Thus, we estimate credit cost to remain
elevated at 2% for FY21E. IIB should deliver FY21E RoA/RoE of 1.5%/13.3%.
Maintain
Buy
with a PT of INR700 (1.3x Sep’21 ABV).
Higher provisions drag earnings; slippage trajectory remains elevated
Dec-18
15.0
9.0
58.6
17.4
Highlights from management commentary
Valuation and view
Research Analyst: Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com); +91 22 6129 1542 |
Himanshu Taluja
(Himanshu.Taluja@motilaloswal.com)
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com);
Yash Agarwal
(Yash.Agarwal@motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
14 January 2020
 Motilal Oswal Financial Services
IndusInd Bank
Quarterly performance
1Q
21,224
19.6
13,016
34,240
15,129
19,111
20.3
3,500
15,611
5,254
10,357
23.8
18.8
29.4
1,589
1,507
1.2
0.5
56.2
FY19
2Q
3Q
22,033 22,881
21.0
20.8
13,173 14,689
35,206 37,569
15,281 16,400
19,924 21,170
22.0
27.2
5,903
6,067
14,022 15,103
4,819
5,253
9,203
9,850
4.6
5.2
18.9
32.4
1,682
1,631
1.1
0.5
55.8
20.3
34.7
1,757
1,732
1.1
0.6
47.7
4Q
22,324
11.2
15,590
37,914
17,237
20,677
16.9
15,607
5,070
1,469
3,601
-62.2
28.5
28.6
1,949
1,864
2.1
1.2
43.0
1Q
28,440
34.0
16,633
45,072
19,163
25,910
35.6
4,306
21,603
7,278
14,325
38.3
26.3
28.4
2,006
1,935
2.2
1.2
43.3
FY20
2Q
3Q
29,094 30,742
32.0
34.4
17,272 17,900
46,365 48,642
20,131 21,065
26,234 27,577
31.7
30.3
7,377 10,435
18,857 17,143
4,848
4,050
14,010 13,092
52.2
32.9
23.2
20.8
2,072
1,971
2.2
1.1
49.6
23.3
19.8
2,167
2,074
2.2
1.1
52.5
FY19
4Q
32,312
44.7
17,722
50,034
21,467
28,567
38.2
24,403
4,164
1,012
3,152
-12.5
3.7
10.9
2,020
2,068
2.5
0.9
63.3
88,462
18.0
56,467
144,929
64,047
80,882
21.5
31,077
49,806
16,795
33,011
-8.5
28.5
28.6
1,949
1,864
2.1
1.2
43.0
FY20E
120,587
36.3
69,527
190,114
81,826
108,288
33.9
46,521
61,767
17,189
44,579
35.0
3.7
10.9
2,020
2,068
2.5
0.9
63.3
(INRm)
FY20E V/S our
4QE
Est
29,453
10%
31.9
15,956
11%
45,409
10%
22,065
-3%
23,344
22%
12.9
21,715
12%
1,629
156%
1,012
0%
617
411%
-82.9
3.8
12.9
2,023
2,104
2.6
1.1
60.0
-13
-192
0%
-2%
-18
-16
339
Net Interest Inc.
% Change (YoY)
Other Income
Total Income
Operating Exp.
Operating Profit
% Change (YoY)
Provisions
Profit before Tax
Tax
Net Profit
% Change (YoY)
Operating Parameters
Deposit Growth %
Loan Growth (%)
Deposit (INR b)
Loan (INR b)
Asset Quality
Gross NPA (%)
Net NPA (%)
PCR (%)
E:MOFSL Estimates
Quarterly snapshot
FY18
INR m
Profit and Loss
Net Interest Income
Other Income
Trading profits
Others (Ex non-core)
Total Income
Operating Expenses
Employee
Others
Operating Profits
Core Operating Profits
Provisions
PBT
Taxes
PAT
Balance Sheet (INR b)
Loans
Investments
Deposits
CASA Deposits
of which Savings
Current
Borrowings
Total Assets
Risk Weighted Assets
Asset Quality (INR b)
GNPA
NNPA
1Q
17.7
11.7
1.9
9.7
29.4
13.5
4.2
9.3
15.9
14.0
3.1
12.8
4.4
8.4
1,164
421
1,337
505
316
189
274
1,907
1,452
12.7
5.1
2Q
18.2
11.9
1.8
10.1
30.1
13.8
4.5
9.3
16.3
14.6
2.9
13.4
4.6
8.8
1,232
421
1,414
598
402
196
236
1,950
1,561
13.5
5.4
3Q
18.9
11.9
1.1
10.8
30.8
14.2
4.6
9.6
16.6
15.5
2.4
14.3
4.9
9.4
1,285
462
1,461
626
422
204
234
2,007
1,594
15.0
5.9
4Q
20.1
12.1
1.0
11.1
32.2
14.5
4.5
9.9
17.7
16.7
3.4
14.3
4.8
9.5
1,450
501
1,516
667
459
208
383
2,216
1,732
17.0
7.5
1Q
21.2
13.0
1.4
11.6
34.2
15.1
4.6
10.5
19.1
17.7
3.5
15.6
5.3
10.4
1,507
527
1,589
690
477
213
370
2,289
1,820
17.4
7.6
2Q
22.0
13.2
1.0
12.2
35.2
15.3
4.6
10.7
19.9
18.9
5.9
14.0
4.8
9.2
1,631
501
1,682
734
511
223
428
2,483
1,940
17.8
7.9
FY19
3Q
22.9
14.7
2.0
12.7
37.6
16.4
4.5
11.9
21.2
19.1
6.1
15.1
5.3
9.9
1,732
537
1,757
765
500
265
445
2,562
2,019
19.7
10.3
4Q
22.3
15.6
1.4
14.2
37.9
17.2
4.8
12.4
20.7
19.3
15.6
5.1
1.5
3.6
1,864
593
1,949
841
545
296
473
2,778
2,145
39.5
22.5
1Q
28.4
16.6
2.4
14.2
45.1
19.2
6.5
12.7
25.9
23.5
4.3
21.6
7.3
14.3
1,935
607
2,006
865
577
289
498
2,930
2,311
42.0
23.8
2Q
29.1
17.3
2.6
14.7
46.4
20.1
7.2
13.0
26.2
23.6
7.4
18.9
4.8
14.0
1,971
635
2,072
858
581
277
446
2,949
2,372
43.7
22.0
FY20
3Q
30.7
17.9
2.8
15.1
48.6
21.1
7.4
13.7
27.6
24.7
10.4
17.1
4.1
13.1
2,074
605
2,167
919
649
270
468
3,079
2,459
45.8
21.7
4Q
32.3
17.7
3.8
13.9
50.0
21.5
7.2
14.3
28.6
24.7
24.4
4.2
1.0
3.2
2,068
599
2,020
816
531
284
608
3,072
2,586
51.5
18.9
Variation (%)
YoY
QoQ
45
14
174
-2
32
25
49
15
38
28
56
-18
-31
-12
11
1
4
-3
-2
-4
28
11
21
30
-16
5
-1
35
-8
3
2
-3
5
4
0
134
-76
-75
-76
0
-1
-7
-11
-18
5
30
0
5
12
-13
28 April 2020
2
 Motilal Oswal Financial Services
IndusInd Bank
Quarterly snapshot contd.
Ratios
Asset Quality (%)
GNPA
NNPA
PCR (Cal.)
Business Ratios (%)
Fees to Total Income
Cost to Core Income
Tax Rate
CASA (Reported)
Loan/Deposit
CAR
Tier I
Profitability Ratios (%)
Yield on loans
Yield On Investments
Yield on funds
Cost of deposits
Cost of funds
Spreads
Margins
RoA
RoE
FY18
1Q
1.1
0.4
60.0
33.1
49.2
34.6
37.8
87.1
16.2
15.7
11.5
7.4
10.3
6.2
5.3
4.9
4.0
1.9
16.2
2Q
1.1
0.4
60.1
33.7
48.5
34.3
42.3
87.1
15.6
15.1
11.3
7.3
9.1
5.9
5.1
4.0
4.0
1.9
16.5
3Q
1.2
0.5
60.5
34.9
47.7
34.5
42.9
88.0
15.8
15.3
11.0
6.8
9.3
5.9
5.0
4.2
4.0
2.0
17.0
4Q
1.2
0.5
56.3
34.6
46.4
33.5
44.0
95.6
15.0
14.6
11.1
6.9
9.1
6.0
5.1
4.0
4.0
1.9
16.6
1Q
1.2
0.5
56.2
34.0
46.0
33.7
43.4
94.8
14.7
14.3
11.2
6.7
9.4
6.2
5.4
3.9
3.9
1.9
17.3
FY19
2Q
1.1
0.5
55.8
34.6
44.7
34.4
43.6
97.0
14.3
13.9
11.4
7.1
9.5
6.5
5.6
3.8
3.8
1.6
14.9
3Q
1.1
0.6
47.7
33.7
46.1
34.8
43.6
98.6
14.2
13.8
11.5
7.1
9.6
6.7
5.8
3.8
3.8
1.6
15.4
4Q
2.1
1.2
43.0
37.4
47.2
29.0
43.1
95.7
14.2
13.7
11.3
6.9
9.5
6.8
5.9
3.6
3.6
0.6
5.5
1Q
2.2
1.2
43.3
31.6
44.9
33.7
43.1
96.5
14.9
14.5
12.0
7.1
10.0
6.9
5.9
4.1
4.1
2.1
18.5
FY20
2Q
3Q
2.2
2.2
1.1
1.1
49.6 52.5
31.7
46.0
25.7
41.4
95.1
14.7
14.3
12.0
6.9
10.0
6.7
5.9
4.1
4.1
2.0
17.3
31.0
46.0
23.6
42.4
95.7
13.9
13.5
12.0
7.1
9.9
6.5
5.7
4.2
4.2
1.8
15.6
4Q
2.5
0.9
63.3
27.8
46.5
24.3
40.4
102.4
15.0
14.6
11.9
6.8
9.8
6.1
5.5
4.3
4.3
0.4
3.7
Variation (bps)
YoY
QoQ
35
27
-30
-14
2,030 1,081
-966
-75
-467
-277
670
88
87
64
-9
26
-75
-40
66
66
-14
-177
-320
47
68
-202
665
112
108
-8
-29
-11
-44
-21
10
10
-140
-1,193
Highlights of management commentary
Macro update
The government has to step in with larger fiscal stimulus to tide over the current
crisis.
The RBI has been active in providing liquidity.
Repo rate may be cut further to boost demand.
Business related
Planning Cycle-5 –
IIB has added sustainability to its earlier strategy and would
roll out a detailed plan once clarity emerges on resumption of economic activity.
Top-20 advances concentration has decreased from 15% in FY19 to 10% in FY20.
Exposure to sensitive sectors should continue declining – it has declined QoQ.
Mr. Arun Khurana has been appointed as Deputy CEO of the bank.
New team has been constituted with focus on RoRWA for the corporate book.
LCR ratio of 110-120% was maintained throughout the quarter.
Deposit would continue growing higher than loans. NII will be one of the key
drivers.
Loans related
Retail growth would be faster vis-à-vis corporate growth.
Target mix:
65:35 in 2 years in favor of consumer banking with 60:40 by FY20.
FY21 Guidance:
Consumer loans to grow at ~10-15% with CVs growing at ~12-
14%, MFI at ~20% and Non-vehicle at ~20-22%.
Unsecured loans to remain at ~4-5% of total loans.
Corporate loans to grow at ~6-9%.
28 April 2020
3
 Motilal Oswal Financial Services
IndusInd Bank
Deposits related
The focus is on building a granular deposits franchise with an increase in retail
composition and improved liquidity levels. Loan growth would be aligned
accordingly.
The bank is witnessing retail net deposit inflows of INR500-600m per day. Also,
it has witnessed government deposit inflow of INR6-7b. Another INR20b is in the
pipeline.
The bank saw an inflow of INR60b of corporate deposit over the last 15 days.
Asset Quality related
On RBI moratorium
The bank has offered moratorium to all its retail customers by default
(customers can choose to opt out). However, ~95% of customers in its vehicle
book have paid their Mar’20 installment.
st
NPA recognition has been on standstill as at 1 Mar’20.
Dpd loans under moratorium is just 15bp.
Collections are coming in Apr’20 as well.
In its corporate book, the customer has to opt in for moratorium. Very few
clients have opted for moratorium
On COVID-19 Impact
Assumption: ~50% of the country should see resumption of economic activity by
15
th
-21
st
May’20, ~25% semi-urban regions should resume by first week of
Jun’20, and finally, urban areas should resume by end-Jun’20.
Sensitive analysis: Additional credit cost impact of 50bp, GNPA impact of 80bp.
The bank has assessed its portfolio for COVID-19 and has made a provision of
INR450m, of which INR230m has been provided for while remaining INR220m
would be provided in the next quarter. Further, the bank has created additional
floating provision of INR2.6b for COVID-19 (largely to cover MFI and vehicle
finance).
The bank believes the above provision is sufficient as of now. If the situation
worsens, it will create additional provisions.
Credit cost for FY20 was 2.25% (1.45% excl. ILFS and COVID-19).
Credit cost for FY21 is expected at 120-130bp (for business as usual).
The bank has fully provided for a large infra group (both Hold Co and SPV).
A tea and a broker account have been completely written off.
The bank has proactively recognized few stress accounts.
Exposure to the three stressed groups now stands at ~30bp (of which 12bp is
cash flow backed).
Portfolio assessment
MFI and Vehicle finance – Portfolio continues to perform better than the
industry.
MFI – 99% weekly collection was received till the lockdown was imposed. Virus
impact is lower in rural areas. The bank believes that its customer profile is
better than the industry.
Gems and Jewelry – Growth has slowed but it is a profitable segment. ~54% is
backed by guarantees, cash, property, etc.
28 April 2020
4
 Motilal Oswal Financial Services
IndusInd Bank
Corporate Bank – Incremental disbursements are to higher-rated customers.
NBFC – All are standard accounts.
Telecom – One account requires relief and the matter is under consideration, if
moratorium is given, the exposure is manageable.
Unsecured credit card/personal loans – 90% of customers belong to CIBIL prime
and above category. ~70% are salaried. The delinquency difference between
self-employed and salaried customers is ~30bp). The bank has collected ~96% of
Feb’20 dues.
MSMSE – LAP and BBG forms 10% of loans. The exposure is cash flow backed
and well collateralized. Taken steps to tighten LTV/underwriting.
Key Exhibits
Exhibit 1: GNPAs in CFD increased to 1.5%
Segmental GNPA
CV
Utility
CE
3W
2W
Cars
LAP/HL/PL
Cards
BBG / LAP
MFI
GNPA in Consumer Finance Division
1QFY19
0.9
1.4
0.9
1.1
3.7
0.7
0.4
1.8
NA
NA
1.0
2QFY19
0.9
1.3
0.7
1.3
3.9
0.8
0.6
1.8
NA
NA
1.1
3QFY19
1.1
1.3
0.8
1.3
3.6
0.8
0.4
1.9
NA
NA
1.1
4QFY19
1.2
1.3
0.7
1.4
3.8
0.8
0.4
1.9
NA
NA
1.2
1QFY20
1.3
1.2
0.8
1.4
3.6
0.8
1.0
2.2
1.4
0.6
1.2
2QFY20
1.4
1.2
1.0
1.7
3.2
0.7
1.0
2.4
1.3
0.9
1.3
3QFY20
1.7
1.1
1.0
1.7
2.9
0.7
1.1
2.6
1.0
1.1
1.4
4QFY20
1.9
1.0
1.1
1.8
3.1
0.7
0.9
1.9
1.2
1.5
1.5
Exhibit 2: Fees declined 2% YoY led by strong lower loan processing fees, third party distribution fees and investment
banking
Fee based Income
Trade Fees (LC, BG, Remittances)
Processing Fees and other charges
Fx Clients
Third Party Distribution fees
Investment banking fees
General banking/other income
1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 YoY (%) QoQ (%)
11,650 12,180 12,660 14,190 14,220 14,680 15,060 13,900
-2%
-8%
1,410
1,510
1,550
1,890
1,640
1,820
1,850 1,890
0%
2%
2,300
2,600
2,760
3,280
3,370
3,600
3,880 3,560
9%
-8%
2,280
2,230
2,750
2,890
2,500
2,770
2,410 2,480
-14%
3%
2,780
2,800
2,680
3,020
3,020
3,220
3,470 3,670
22%
6%
2,080
2,130
2,010
2,280
2,350
2,010
2,090 1,430
-37%
-32%
800
910
910
830
1,340
1,260
1,360
870
5%
-36%
Valuation view
Asset quality challenges continue:
Rising concerns related to asset quality in
its corporate portfolio given the higher exposure to the BB & below pool
should keep slippages elevated. Further, the outbreak of COVID-19 could
lead to disruption in vehicle loans (~28% of total loans), MSMEs, unsecured
and the MFI portfolio (~12% of total loans). We, thus, estimate credit cost to
remain elevated at 2.0% for FY21E.
IIB has moderated its loan growth trends and guided for corporate loans to
grow in single digits and consumer loans at ~10-15%. Thus, we estimate loan
growth CAGR at 9% over FY20-FY22E.
Improving margin trajectory:
The bank has made good progress on margins,
which have improved to 4.25% (v/s 3.59% in FY19). Further, the bank has a
higher proportion of fixed rate loan book, and thus, margin trajectory is
expected to remain healthy.
28 April 2020
5
 Motilal Oswal Financial Services
IndusInd Bank
Buy with a target price of INR700:
We expect loan growth to moderate led by a
weak environment due to the COVID-19 outbreak, which would drive a
slowdown in consumer spending. Further, we expect asset quality to deteriorate
due to rising stress in corporate/microfinance/CV/CE portfolio. We, thus,
estimate credit cost to remain elevated at 2.0% for FY21E. We estimate IIB to
deliver FY21E RoA/RoE of 1.5%/13.3%. Maintain
Buy
with a PT of INR700 (1.3x
Sep’21E ABV).
Exhibit 3: We increase our FY21/FY22E estimates by 10%/3% as we lower our credit cost assumption
INR B
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
PAT
Loans
Deposits
Margins (%)
Credit Cost (%)
RoA (%)
RoE (%)
BV
ABV
EPS
Old Estimates
FY21
FY22
130.7
148.5
76.6
90.4
207.3
238.9
94.2
109.8
113.1
129.0
52.6
46.0
60.5
83.1
15.2
20.9
45.2
62.2
2,335
2,662
2,225
2,581
4.42
4.42
2.28
1.75
1.39
1.70
12.1
14.5
572.8
646.0
537.9
618.2
64.7
87.9
New estimates
FY21
FY22
126.5
135.7
76.5
90.2
203.0
225.9
92.0
105.4
110.9
120.5
44.4
34.5
66.5
86.0
16.8
21.7
49.8
64.3
2,213
2,456
2,222
2,533
4.49
4.35
2.00
1.40
1.54
1.77
13.3
14.9
574.4
650.5
553.3
624.6
71.0
90.7
Variation (%/bps)
FY21
FY22
-3.2
-8.7
-0.1
-0.1
-2.1
-5.4
-2.3
-4.0
-1.9
-6.6
-15.6
-24.9
10.0
3.5
10.0
3.5
10.0
3.5
-5.2
-7.7
-0.1
-1.8
7
-7
-28
-35
14
8
121
39
0.3
0.7
2.9
1.0
9.7
3.2
Exhibit 4: One-year forward P/B
5.2
4.2
3.2
2.2
1.2
0.2
0.6
P/B (x)
Min (x)
Avg (x)
+1SD
3.5
2.8
2.1
0.8
Max (x)
-1SD
4.3
Exhibit 5: One-year forward P/E
41.0
33.0
25.0
17.0
9.0
1.0
5.4
25.5
19.6
13.6
P/E (x)
Min (x)
Avg (x)
+1SD
Max (x)
-1SD
34.4
7.1
Source: MOFSL, Company
Source: MOFSL, Company
28 April 2020
6
 Motilal Oswal Financial Services
IndusInd Bank
Story in Charts
Exhibit 6: NIM expanded to 4.25% aided by lower cost of
funds
NIM
Exhibit 7: Fee income to average assets moderated to 1.8%
Fee Inc to avg. assets
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 8: Deposit growth moderated to ~4% YoY
Deposits (INR b)
31
39 38 36
31
26 23 20 19 19 20
YoY Gr (%)
Exhibit 9: CASA declined 3% YoY
CASA Ratio
YoY CASA Gr (%)
29 26
23 23
4
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 10: Loan growth moderated to ~11% YoY
Loans (INR b)
30
28 29
26 25 28
24 24 25
32
YoY Gr (%)
35
29 28
21 20
11
Exhibit 11: CFD mix stands at 56% as bank reclassified BBG
and MFI in CFD post 1QFY20
CFD (% of loans)
CCB (% of loans)
46 45 46 44
58 59 58 59 59 59 58 60
60
60 59 61 60 61 61 61
54 55 54 56
42
41
42 41 41 41 42 40 40 40
41
39 40 39 39 39
Source: MOFSL, Company
Source: MOFSL, Company
28 April 2020
7
 Motilal Oswal Financial Services
IndusInd Bank
Exhibit 13:
GNPA deteriorated while PCR improved to 63%
Exhibit 12: Annualized slippage rate stood at 4%
Slippages (INR b)
Slippage Ratio (%)
(+1100bp QoQ)
GNPA (%)
NNPA (%)
PCR (%)
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 14: Restructured book stands at 4bp
Exhibit 15: Credit costs rose sharply during the quarter as
bank created floating provision
Credit Cost (annualized in bp)
432
344
95 75
72
63 63 60
60
62 56 48
72
64
112
72
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 16:
Tier-1 capital remains strong post-merger
Tier 1
Exhibit 17: Bank added 60 branches during the quarter
SA Ratio
Branch Nework
Source: MOFSL, Company
Source: MOFSL, Company
28 April 2020
8
 Motilal Oswal Financial Services
IndusInd Bank
Exhibit 18: DuPont Analysis – Return ratios to show steady improvement driven by merger with BHAFIN
Y/E March
Interest Income
Interest Expense
Net Interest Income
Core Fee Income
Trading and others
Non-Interest income
Total Income
Operating Expenses
Employee cost
Others
Operating Profit
Core operating Profits
Provisions
NPA
Others
PBT
Tax
RoA
Leverage (x)
RoE
FY15
9.75
6.31
3.44
2.45
0.12
2.56
6.00
2.89
0.99
1.90
3.12
3.00
0.39
0.34
0.05
2.73
0.92
1.80
10.5
19.0
FY16
9.20
5.61
3.59
2.50
0.12
2.62
6.21
2.92
0.98
1.93
3.29
3.17
0.53
0.40
0.14
2.76
0.94
1.82
9.1
16.6
FY17
9.04
5.24
3.80
2.44
0.17
2.62
6.42
3.00
0.95
2.05
3.42
3.25
0.68
0.44
0.24
2.74
0.94
1.80
8.5
15.3
FY18
8.63
4.89
3.75
2.19
0.18
2.37
6.12
2.79
0.89
1.90
3.33
3.14
0.59
0.45
0.14
2.74
0.94
1.80
9.1
16.5
FY19
8.91
5.37
3.54
2.22
0.05
2.26
5.80
2.56
0.74
1.82
3.24
3.19
1.24
1.09
0.16
1.99
0.67
1.32
10.0
13.2
FY20
9.84
5.72
4.12
2.33
0.05
2.38
6.50
2.80
0.96
1.81
3.70
3.65
1.59
1.59
0.00
2.11
0.59
1.52
9.6
14.7
FY21E
9.16
5.25
3.91
2.31
0.05
2.36
6.27
2.85
0.98
1.86
3.43
3.38
1.37
1.32
0.05
2.06
0.52
1.54
8.6
13.3
FY22E
8.80
5.06
3.74
2.44
0.05
2.49
6.22
2.90
1.00
1.90
3.32
3.27
0.95
0.90
0.05
2.37
0.60
1.77
8.4
14.9
28 April 2020
9
 Motilal Oswal Financial Services
IndusInd Bank
Financials and Valuations
Income Statement
Y/E March
Interest Income
Interest Expense
Net Interest Income
Growth (%)
Non-Interest Income
Total Income
Growth (%)
Operating Expenses
Pre Provision Profits
Growth (%)
Core PPP
Growth (%)
Provisions (excl. tax)
PBT
Tax
Tax Rate (%)
PAT
Growth (%)
Balance Sheet
Y/E March
Equity Share Capital
Reserves & Surplus
Net Worth
Deposits
Growth (%)
of which CASA Dep
Growth (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Growth (%)
Loans
Growth (%)
Fixed Assets
Total Assets
Asset Quality
GNPA
NNPA
GNPA Ratio
NNPA Ratio
Slippage Ratio
Credit Cost
PCR (Excl. Tech. write off)
FY15
96.9
62.7
34.2
18.3
25.5
59.7
24.8
28.7
31.0
19.3
29.8
20.9
3.9
27.1
9.2
33.8
17.9
27.4
FY16
115.8
70.6
45.2
32.1
33.0
78.1
30.9
36.7
41.4
33.7
39.9
33.8
6.7
34.7
11.8
34.1
22.9
27.5
FY17
144.1
83.4
60.6
34.2
41.7
102.3
31.0
47.8
54.5
31.6
51.7
29.7
10.9
43.6
14.9
34.2
28.7
25.4
FY18
172.8
97.8
75.0
23.7
47.5
122.5
19.7
55.9
66.6
22.1
62.9
21.6
11.8
54.8
18.7
34.2
36.1
25.7
FY19
222.6
134.1
88.5
18.0
56.5
144.9
18.3
64.0
80.9
21.5
79.7
26.7
31.1
49.8
16.8
33.7
33.0
-8.5
FY20
287.8
167.2
120.6
36.3
69.5
190.1
31.2
81.8
108.3
33.9
106.9
34.1
46.5
61.8
17.2
27.8
44.6
35.0
FY21E
296.3
169.8
126.5
4.9
76.5
203.0
6.8
92.0
110.9
2.4
109.3
2.2
44.4
66.5
16.8
25.2
49.8
11.6
(INRb)
FY22E
319.4
183.7
135.7
7.3
90.2
225.9
11.3
105.4
120.5
8.6
118.7
8.6
34.5
86.0
21.7
25.2
64.3
29.2
FY15
5.3
101.0
106.3
741.3
22.5
253.0
28.5
206.2
63.9
1,117.9
107.8
228.8
6.1
687.9
24.8
11.6
1,117.9
FY16
5.9
170.9
176.8
930.0
25.4
327.2
29.3
221.6
72.1
1,400.6
101.1
312.1
36.4
884.2
28.5
12.6
1,400.6
FY17
6.0
200.3
206.3
1,265.7
36.1
466.5
42.5
224.5
89.8
1,786.5
186.3
367.0
17.6
1,130.8
27.9
13.4
1,786.5
FY18
6.0
232.3
238.3
1,516.4
19.8
667.3
43.1
382.9
78.6
2,216.3
132.2
500.8
36.4
1,449.5
28.2
13.4
2,216.3
FY19
6.0
260.7
266.7
1,948.7
28.5
840.7
26.0
473.2
89.4
2,778.2
147.8
592.7
18.4
1,863.9
28.6
17.1
2,778.2
FY20
6.9
340.5
347.5
2,020.3
3.7
815.6
-3.0
607.5
97.0
3,072.3
160.5
599.4
1.1
2,067.8
10.9
18.7
3,072.3
FY21E
7.1
402.1
409.2
2,222.3
10.0
882.3
8.2
657.5
108.6
3,397.6
161.0
689.3
15.0
2,212.6
7.0
22.4
3,397.6
FY22E
7.1
456.0
463.1
2,533.4
14.0
1,018.4
15.4
738.9
127.1
3,862.6
196.0
792.7
15.0
2,456.0
11.0
25.1
3,862.6
5.6
2.1
0.8
0.3
1.43
0.55
62.6
7.8
3.2
0.9
0.4
1.08
0.64
58.6
10.5
4.4
0.9
0.4
1.42
0.70
58.4
17.0
7.5
1.2
0.5
2.58
0.70
56.3
39.5
22.5
2.1
1.2
3.25
1.64
43.0
51.5
18.9
2.5
0.9
2.97
2.37
63.3
76.2
21.4
3.4
1.0
3.80
2.00
72.0
85.3
26.2
3.4
1.1
3.00
1.40
69.2
28 April 2020
10
 Motilal Oswal Financial Services
IndusInd Bank
Financials and Valuations
Ratios
Y/E March
Yield and Cost Ratios (%)
Avg. Yield-Earning Assets
Avg. Yield on loans
Avg. Yield on Investments
Avg. Cost-Int. Bear. Liability
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Capitalization Ratios (%)
CAR
Tier I
Tier II
Business and Efficiency Ratios (%)
Loans/Deposit Ratio
CASA Ratio
Cost/Assets
Cost/Total Income
Cost/Core Income
Int. Expense/Int. Income
Fee Income/Total Income
Non Int. Inc./Total Income
Emp. Cost/Total Expense
Investment/Deposit Ratio
Profitability Ratios and Valuations
RoE
RoA
RoRWA
Book Value (INR)
Growth (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
Growth (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
FY15
10.4
12.5
7.5
7.4
7.7
2.7
3.9
FY16
10.0
11.8
7.2
6.7
6.8
3.1
4.0
FY17
9.7
11.4
7.2
6.3
6.3
3.3
4.2
FY18
9.2
10.6
6.6
5.8
5.8
3.4
4.2
FY19
9.5
11.0
7.3
6.2
6.1
3.4
4.0
FY20
10.6
12.2
7.1
6.6
5.9
4.7
4.6
FY21E
10.1
11.5
6.8
6.2
5.8
4.3
4.5
FY22E
9.8
11.3
7.2
6.0
5.6
4.2
4.4
12.1
11.2
0.9
15.5
14.9
0.6
15.3
14.7
0.6
15.0
14.6
0.5
14.2
13.7
0.5
15.0
14.6
0.5
14.7
14.3
0.4
13.7
13.3
0.4
92.8
34.1
2.6
48.1
49.0
64.7
40.8
42.7
34.2
30.9
95.1
35.2
2.6
47.0
47.9
61.0
40.2
42.2
33.7
33.6
89.3
36.9
2.7
46.74
48.0
57.9
38.1
40.8
31.8
29.0
95.6
44.0
2.5
45.7
47.1
56.6
35.8
38.8
31.8
33.0
95.7
43.1
2.3
44.2
44.5
60.3
38.2
39.0
28.9
30.4
102.4
40.4
2.7
43.0
43.4
58.1
35.8
36.6
34.5
29.7
99.6
39.7
2.7
45.3
45.7
57.3
36.9
37.7
34.6
31.0
96.9
40.2
2.7
46.7
47.0
57.5
39.1
39.9
34.5
31.3
19.0
1.8
2.0
197.0
17.3
2.1
194.2
2.1
34.0
26.6
12.0
4.8
1.2
16.6
1.8
2.0
293.9
49.2
1.4
290.1
1.4
40.7
19.6
10.0
5.9
1.5
15.3
1.8
2.0
341.7
16.3
1.2
336.6
1.2
48.1
18.2
8.5
0.0
0.0
16.5
1.8
2.1
393.9
15.3
1.0
385.2
1.1
60.2
25.2
6.8
7.2
1.8
13.2
1.3
1.5
439.8
11.7
0.9
413.7
1.0
54.9
-8.8
7.4
9.0
2.2
14.7
1.5
1.7
498.4
13.3
0.8
479.4
0.8
68.8
25.3
5.9
9.8
2.4
13.3
1.5
1.7
574.4
15.2
0.7
553.3
0.7
71.0
3.2
5.7
11.6
2.8
14.9
1.8
1.9
650.5
13.2
0.6
624.6
0.7
90.7
27.8
4.5
14.6
3.6
28 April 2020
11
 Motilal Oswal Financial Services
IndusInd Bank
NOTES
28 April 2020
12
 Motilal Oswal Financial Services
IndusInd Bank
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a
registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act as principal in, and
buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other
compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have
any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report
should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific
merchant banking, investment banking or brokerage service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the
website at
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research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not
located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
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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
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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
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL
in 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”,
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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
28 April 2020
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 Motilal Oswal Financial Services
IndusInd Bank
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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.
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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
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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
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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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