Kotak Mahindra 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)
KMB IN
1,907
2269.8 / 29.4
1740 / 1000
-9/-6/-1
5295
13 May 2020
4QFY20 Results Update | Sector: Financials
CMP: INR1,187 TP: INR1,350 (+14%)
Neutral
Liability franchise strengthens; Well-positioned to navigate
through uncertainty
Continued caution on loan growth
Financials & Valuations (INR b)
Y/E MARCH
FY20 FY21E FY22E
NII
135.1 149.0 169.6
OP
100.2 108.4 123.8
NP
59.5
58.4
74.6
Cons. NP
85.9
85.5 106.2
NIM (%)
4.3
4.2
4.2
EPS (INR)
31.1
30.5
39.0
EPS Gr. (%)
22.0
(2.0)
27.8
ABV. (INR)
234.0 253.6 286.8
Cons. BV. (INR)
348.3 392.2 446.8
Ratios
Cons. RoE (%)
RoE (%)
RoA (%)
Valuations
P/BV (X) (Cons.)
P/ABV (X) (Adj.)
P/E(X) (Adj.)
12.8
13.1
1.8
3.4
3.1
23.6
11.4
11.4
1.5
3.1
2.9
24.1
12.4
12.9
1.7
2.7
2.6
18.9
Loan growth remains muted as KMB continues to be cautious in a weak
macro environment, further aggravated by the COVID-19 crisis. On the
other hand, deposit growth remains strong, with the CASA ratio scaling new
heights. On the asset quality front, 26% of the portfolio availed moratorium.
Moreover, the standstill benefit enabled 90dpd loans worth INR6.6b to
continue as standard. Overall, operating performance stood healthy, with
PPOP growing at 19% YoY, although provisions for COVID-19 affected
earnings.
We cut our PAT estimate for FY21/22 by 14%/8%, primarily as we factor in
higher credit cost. Maintain
Neutral.
COVID-19 provision drags earnings; moratorium book stands at 26%,
comparable with larger peers
*Adjusted for Investment subs
Shareholding pattern (%)
As On
Mar-20 Dec-19
Promoter
29.9
30.0
DII
12.6
12.4
FII
39.2
39.8
Others
18.3
17.9
FII Includes depository receipts
Mar-19
30.0
11.5
40.3
18.2
KMB reported 10% YoY decline in 4QFY20 standalone PAT at INR12.67b,
affected by higher provisions toward COVID-19 of INR6.5b @ 10% of
overdue loans, against which the standstill benefit is availed.
NII grew at ~17% YoY to INR35.6b, supported by stable margins at 4.72%
(26bp YoY increase). Opex growth stood at 14% YoY (~2% QoQ decline) to
INR23.2b. The C/I ratio thus improved by ~400bp QoQ and came in at 46%.
In FY20, NII/PPoP grew at 20% YoY each and PAT 22% YoY.
Loan growth moderated ~7% YoY to INR2.2t, reflecting slowdown in the
business environment, further aggravated due to lockdown in 2H Mar’20.
On the other hand, deposits witnessed strong traction at 16.4% YoY / 9.8%
QoQ to INR2.6t. CASA deposits grew at ~24% YoY, with the CASA mix thus
improving to 56.2% (53.7% in 3QFY20). CASA + TDs (below INR50m) form
~86% of the total deposits. The current account opening run-rate stands
comparable with FY20, led by continued momentum through the 811
strategy.
On the asset quality front, slippages came in at INR4.9b as the standstill
benefit aided 90dpd loans worth INR6.6b to continue being counted as
standard. The GNPA/NNPA ratio thus declined 21bp/18bp QoQ to
~2.3%/0.7%, while the PCR ratio consequently improved 460bp QoQ to
~69%. SMA-2 advances stood at ~INR1b (4bp of loans).
Moratorium update:
26% of borrowers by value at the account level had
availed moratorium as of 30
th
Apr’20.
Subsidiaries:
They reported mixed performances, with PAT declining 2%
YoY (14% QoQ decline) for Kotak Prime, and increasing 20% YoY for Kotak
Life as well as 47% YoY for Kotak Securities.
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)
14 January 2020
1
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Highlights from management commentary
Customers are availing moratorium even for May.
The Financial sector would see a consolidation phase over the next 12–24
months.
The SME / Business Banking loan portfolio stands at INR210b. A large proportion
of business banking customers have outstanding loans below INR250m.
Valuation and view
KMB continues to report steady progress in building a strong liability franchise, with
the CASA ratio scaling a new peak at ~56%. A strong CASA mix and healthy margins
further aided healthy growth in operating earnings. However, loan growth remains
muted as KMB remains cautious in a weak macro environment, further aggravated
by the COVID-19 crisis. We estimate KMB to maintain a cautious stance on lending,
although a reduction in SA/TD rates would aid margins. On the asset quality front,
we expect NPL formation to increase due to rising stress in the CV and Unsecured
segments; however, we estimate KMB to deliver controlled credit cost v/s peers,
even as the moratorium book is quite the same. Maintain
Neutral,
with a target
price of INR1,350 (3.0x FY22E ABV + INR451 for subs).
Quarterly performance
Y/E March
Net Interest Income
% Change (Y-o-Y)
Other Income
Total Income
Operating Expenses
Operating Profit
% Change (Y-o-Y)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (Y-o-Y)
Deposits (INR b)
Loans (INR b)
Deposit growth (%)
Loan growth (%)
Asset Quality
Gross NPA (%)
Net NPA (%)
PCR (%)
E:MOFSL Estimates
1Q
25,829
15.0
11,646
37,475
17,150
20,325
27.4
4,696
15,629
5,380
10,249
12.3
1,897
1,769
16.0
24.3
2.2
0.9
60.8
FY19
2Q
3Q
26,891 29,391
16.3
22.8
12,053
9,639
38,944 39,030
17,994 19,646
20,950 19,384
21.5
6.5
3,538
-323
17,412 19,707
5,995
6,798
11,417 12,909
14.8
22.6
2,058
2,138
1,849
1,964
24.2
18.2
21.2
23.5
2.2
0.8
62.8
2.1
0.7
66.2
4Q
30,479
18.1
12,703
43,182
20,359
22,823
13.1
1,713
21,110
7,032
14,078
25.2
2,259
2,057
17.3
21.2
2.1
0.8
65.4
1Q
31,730
22.8
13,047
44,778
20,789
23,989
18.0
3,168
20,822
7,220
13,602
32.7
2,329
2,080
22.8
17.6
2.2
0.7
67.0
FY20
2Q
3Q
33,496 34,295
24.6
16.7
12,244 13,414
45,740 47,710
20,654 23,829
25,086 23,881
19.7
23.2
4,079
4,440
21,006 19,441
3,762
3,482
17,245 15,959
51.1
23.6
2,331
2,394
2,133
2,168
13.2
12.0
15.3
10.4
2.3
0.9
64.0
2.5
0.9
64.4
FY19
4Q
35,597 112,590
16.8
18.1
14,894 46,040
50,490 158,630
23,238 75,148
27,253 83,482
19.4
16.6
10,475
9,624
16,778 73,858
4,112
25,205
12,666 48,653
-10.0
19.1
2,628
2,259
2,197
2,057
16.4
17.3
6.8
21.2
2.3
0.7
69.0
2.1
0.8
65.4
FY20
135,118
20.0
53,600
188,718
88,509
100,208
20.0
22,162
78,047
18,575
59,472
22.2
2,628
2,197
16.4
6.8
2.3
0.7
69.0
(INR m)
FY20E
V/s
4QE Our Est
34,775
2%
14.1
11,939
25%
46,714
8%
21,361
9%
25,352
7%
11.1
833
4,425
20,927
-20%
5,591
-26%
15,336
-17%
8.9
2,629
0%
2,195
0%
16.4
-5
6.7
13
2.5
0.9
63.9
-27
-21
507
13 May 2020
2
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Consolidated earnings snapshot
Y/E March (INR m)
Kotak Bank
Kotak Prime
Kotak Securities
KMCC
Kotak Life
AMC & Trustee
Intl. subs
KIL
Others
Kotak Consol.
Minority/associate adjustments
Kotak Cons. (after minority/associates)
Contribution of bank in total profits
1Q
10,250
1,390
1,300
250
1,170
510
330
480
280
15,960
(220)
15,740
65%
2Q
11,420
1,570
1,120
140
1,270
520
470
450
130
17,090
380
17,470
65%
FY19
3Q
12,910
1,390
990
30
1,250
760
370
400
110
18,210
230
18,440
70%
4Q
14,080
1,640
1,110
210
1,380
750
320
730
150
20,370
10
20,380
69%
1Q
13,600
1,530
1,100
450
1,340
730
290
630
170
19,840
(520)
19,320
70%
2Q
17,240
1,720
1,490
10
1,440
850
340
670
220
23,980
90
24,070
72%
FY20
3Q
15,960
1,870
1,280
400
1,660
910
260
640
300
23,280
210
23,490
68%
4Q
12,670
1,610
1,630
(70)
1,650
880
300
770
70
19,510
(460)
19,050
67%
Highlights from management commentary
Economic package
The measures announced for the MSME segment would be a big boost for
banks/NBFCs in terms of lending as they provide govt. guarantee. Overall, this is
a very good package announced by the government.
Business strategy
The near-term focus would be on preserving the balance sheet and continuing
to build a strong liability franchise.
The lending strategy would remain conservative; the bank is likely to exercise
caution in lending to companies with a high fixed cost, high leverage, etc.
The focus would be more on digital infrastructure and building customer
franchise in non-credit risk businesses, such as Asset Management and Advisory.
The post-COVID-19 world would require less office space, and the work-from-
home culture would gain popularity. Digital infrastructure and the non-credit
risk business would gain considerable attention.
The Financial sector would undergo a consolidation phase over the next 12–24
months.
COVID-19 related
Sectors such as Hospitality, Malls, Entertainment, and Airlines would be under
pressure.
Unsecured Personal Loans and Credit Cards, MFI, and CV would see higher
delinquencies.
Customers are availing moratorium even for May.
Operating metrics
Cost of funds is highly attractive owing to a high CASA ratio.
The benefit of interest rate cut on the savings deposits would flow into the
current year.
Salary cut:
Some revenue impact would be witnessed in the near term. The
focus would be on building a sustainable firm, while controlling opex.
13 May 2020
3
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Provision breakup for FY20:
INR14b is toward loan loss provisions, while
INR7.3b is toward standard and COVID-19 provisions.
Balance sheet related
Thus far in May’20, the bank has been opening 14k customer accounts daily.
Savings deposit growth in April remains strong despite an interest rate cut in SA
deposits.
The SME / Business Banking loan portfolio stands at INR210b. A large proportion
of business banking customers have outstanding loans below INR250m.
Overdue accounts stood at ~INR65b.
The avg. SA balance of 811 customers is lower than that of other customers.
The Home Loan portfolio
is largely given to customers with internal liabilities.
Key exhibits
Loan growth moderates to ~7% YoY, affected by cautious stance
Corporate Banking and
Business Banking form
38.6% of the overall book
Loan growth moderated to 6.8% YoY (+1.4% QoQ), led by moderation across
segments such as Corporate and Business Banking, CV/CE, and Consumer
Banking. Corporate and Business Banking grew 5.9% YoY, while the CV/CE book
de-grew by 2.3% YoY.
Retail loan growth was led by growth in Home Loan and LAP of 15% YoY (+1.8%
QoQ). On the other hand, Personal Loan, Credit Cards, and Small Business grew
3.4% YoY (-3.8% QoQ). The Agri book grew 6.5% YoY (+3.7% QoQ) to INR287b.
Loans in Personal Loan, Credit Cards, and Small Business formed 15.6% of
overall loans v/s 16.1% in 4QFY19, while Home Loan constituted 21.3% of the
total book.
Healthy traction deposits continue; CASA ratio improves 250bp QoQ to
56.2%
Avg. SA balances grew 21%
YoY and avg. CA balances
17% YoY
SA deposits grew 31.3% YoY / 14.0% QoQ to ~INR1t. Similarly, CA deposits rose
at 10.6% YoY / 16.9% QoQ to INR430b. SA deposits as a proportion of overall
deposits improved to 39.8% v/s 35.3% in 4QFY19.
Average SA balance grew 21% YoY to INR86k. The weighted-average SA rate for
the quarter was 5.23% v/s 5.66% in 4QFY19.
TD growth stood at 7.4% YoY (+3.9%% QoQ) to INR1.15t. TD sweep accounts
form ~6.6% of the total deposits (INR635b).
CASA and Retail TDs constituted 86% of the total deposits v/s 81% in 4QFY19.
Asset quality improves sequentially; SMA-2 declines 9bp QoQ to 0.04%
KMB reported fresh slippages of INR4.9b (four-quarter low), resulting in decline
in absolute GNPA/NNPA by 7%/19% QoQ to INR50b/INR15b. The GNPA/NNPA
ratio thus declined 21bp/18bp QoQ to 2.25%/0.71%, while PCR consequently
improved 457bp QoQ to 69%.
The bank has created a COVID-19-related provision of INR6.9b (~10% at the
account level) for accounts that were overdue on 29
th
Feb’20 and availed
moratorium up to 30
th
Apr’20. The total provisions, including specific, standard,
and COVID-19-related, stand higher than the GNPA of the bank.
13 May 2020
4
 Motilal Oswal Financial Services
Kotak Mahindra Bank
The bank further highlighted ~26% of the loans by value had availed moratorium
up to 30
th
Apr’20. Had the moratorium not been availed, GNPA would have been
higher by ~INR6.6b. SMA-2 outstanding for the bank stood at INR960m, which
corresponds with 4bp on advances (v/s 13bp in 3QFY20).
Mixed performances from subsidiaries; decline in auto loan growth
Proportion of equity AUM
stood at 42.0% of overall
AUM v/s 41.6% in 4QFY19
Profitability in the Securities business stood at INR1.6b (+47%/27% YoY/QoQ).
K-Sec’s market share remains stable at ~1.7% sequentially.
Profitability in the Prime business moderated to INR1.6b (-1.8% YoY/-13.9%
QoQ), while NNPA declined 1bp to 0.60% and Auto Loans fell 14%/3% YoY/QoQ.
Profitability in the Asset Management business came in at INR880m (-3.3%
QoQ), while average AUM increased 24% YoY (+5.3% QoQ), led by strong inflows
in equity AUM (+25% YoY), constituting 42.0% of the total AUM.
Life Insurance profit increased 20% YoY to INR1.65b, led by 13% growth in
premium income. 13
th
month persistency stood stable QoQ at 87.8%. EV came in
at INR83.9b, with VNB at INR6.43b. VNB margins stood at 28.8%.
Exhibit 1: Kotak Prime – Loan growth declines 12%/4%
YoY/QoQ
Auto Loans (INR b)
Other Loans (INR b)
Exhibit 2: Domestic AUM comes in largely flat YoY
Debt
Offshore Funds
13
4
16
2
21
44
12
4
17
1
24
42
12
3
18
2
26
39
13
3
19
2
27
37
Equity
PMS
Alternate assets
Insurance
17 12 12 12 12 12 13
3
3
3
5
5
3
6
17 17 16 14 13 17 12
2
1
1
2
2
2
1
26 27 29 28 29 27 30
40
39
39
39
39
39
38
14
7
10
1
26
42
Source: MOSL, Company
Source: MOSL, Company
Exhibit 3: K-Sec: PAT grows 47% YoY to INR1.6b
Tot. Inc.
33
25
PAT
30
31
28 27
PATM (%)
28 27
33 34 34 33
37
31
35
Exhibit 4: K-Sec’s market share stands stable at 1.7%
Source: MOSL, Company
Source: MOSL, Company
13 May 2020
5
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Exhibit 5: Investment Banking reports loss of INR70m
Tot Inc.
PAT
Exhibit 6: Kotak AMC: AUM mix (INR b)
Offshore AUM
799
679 725
581 626
592
510 543
469 490
406
320
330 318 319 316 312 317 224
329 345 347
244 288
36
39 38 35 34 34 40 36 36
17
26
30
Eq. AUM
PMS AUM
Source: MOSL, Company
Source: MOSL, Company
Valuation view
KMB has exhibited a strong performance across cycles, with stable
loan/earnings growth and asset quality. Even in the current challenging times,
the bank is demonstrating stable overall performance. A strong presence across
products and healthy capitalization (Tier 1 of 17.3%) places the bank in a sweet
spot to capitalize on growth opportunities and gain market share as the
economy starts to recover.
An increased customer acquisition run-rate, aided by digital sourcing and cross-
selling to existing customers, should keep loan growth buoyant. The bank’s
CASA ratio remains the highest at ~56% and continues to surprise on the
positive side. This has enabled the bank to reduce its cost of funds, resulting in
all-time high margins of 3.72% in 4QFY20.
While the macro environment remains challenging, the bank’s conservative
stance on lending, coupled with the lower proportion of customers availing
moratorium and the smaller share of SMA-2 advances, places the bank in a
comfortable position. Furthermore, the capital-light nature of its Capital Market
and Asset Management businesses could present an upside to its RoE as macro
recovery takes place and the corporate earnings cycle improves.
Neutral, with a target price of INR1,350:
KMB continues to report steady
progress in building a strong liability franchise, with the CASA ratio scaling a new
peak at ~56%. A strong CASA mix and healthy margins have further aided
healthy growth in operating earnings. However, loan growth remains muted as
KMB remain cautious in a weak macro environment, further aggravated by the
COVID-19 crisis. We estimate KMB to maintain a cautious stance on lending,
although a reduction in SA/TD rates would aid margins. On the asset quality
front, we expect NPL formation to increase due to rising stress in the CV and
Unsecured segments; however, we estimate KMB to deliver controlled credit
cost v/s peers even as the moratorium book is quite the same. Maintain
Neutral,
with a target price of INR1,350 (3.0x FY22E ABV + INR451 for subs).
13 May 2020
6
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Exhibit 7: SOTP-based pricing
Value
(INR B)
Lending Business
2,062
Kotak Mahindra Bank
1,721
Kotak Prime (Car and other loans)
265
Kotak Investment Company (LAS)
76
Asset Management Business
218
Domestic Mutual Fund
184
Alternative Assets
13
Offshore Funds
21
Capital Markets related Business
136
Kotak Securities
115
Kotak Investment Banking (KMCC)
21
Kotak Life Insurance
382
Subs value @ 20% discount
862
Target Value (Post 20% holding discount)
2,583
- contribution of subs/associates to total PT
Value
(USD B)
29.0
24.2
3.7
1.1
3.1
2.6
0.2
0.3
1.9
1.6
0.3
5.4
12.1
36.3
INR per
share
1,078
899
139
40
114
96
7
11
71
60
11
200
451
1,350
33%
% To
Total
80
67
10
3
8
7
0
1
5
4
1
15
33
100
Rationale
3x FY22E Net-worth
3x FY22E Net-worth
3x FY22E Net-worth
6.4% of FY22E AUMs
17x FY22E PAT
2.5x FY22E Net-worth
3.3x FY22E EV
Exhibit 8: We cut our FY21/22 estimates by 14%/8% as we factor in lower business growth and higher credit cost
INR b
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
Standalone PAT
Consolidated PAT
Loans
Deposits
Margins (%)
SA RoA (%)
Core RoE (%)
EPS
BV
Consol BV
FY21
152.8
56.7
209.5
96.7
112.8
21.6
91.3
23.0
68.3
96.4
2,414
2,971
4.36
1.80
13.2
50.5
288.3
396.9
Old Est.
FY22
172.6
64.7
237.3
109.7
127.5
19.6
108.0
27.2
80.8
113.6
2,752
3,387
4.33
1.88
13.7
59.5
329.3
455.5
Revised Est.
FY21
149.0
58.4
207.4
99.1
108.4
30.3
78.0
19.7
58.4
85.5
2,373
3,049
4.17
1.53
11.4
44.7
283.0
392.2
FY22
169.6
66.6
236.2
112.4
123.8
24.1
99.7
25.1
74.6
106.2
2,682
3,537
4.21
1.73
12.9
55.5
320.7
446.8
Change (%)/bps
FY21
FY22
-2.5
-1.7
3.0
3.0
-1.0
-0.5
2.5
2.4
-3.9
-2.9
40.8
23.2
-14.5
-7.7
-14.5
-7.7
-14.5
-7.7
-11.3
-6.5
-1.7
-2.6
2.6
4.4
(18)
(13)
(27)
(15)
(183)
(79)
-11.5
-6.7
-1.8
-2.6
-1.2
-1.9
13 May 2020
7
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Story in Charts
Exhibit 9: Deposits grow 16% YoY to INR2.6t
Deposits (INRb)
20
14 14 14
21 22
16
24
18 17
YoY growth (%)
23
13 12
16
Exhibit 10: CASA ratio improves ~250bp to 56.2%
CASA Ratio (%)
17 17
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 11: Margins at all-time high of 4.72%
NIM(%)
4.5%
4.6%
4.5%
4.3%
4.7%
4.6%
4.5%
4.7%
Exhibit 12: Asset quality improves, while PCR stands at 69%
GNPA (%)
NNPA (%)
PCR (%)
4.4%
4.5%
4.4%
4.2%
4.3%
4.2%
4.5%
4.3%
66 65 67 64 64 69
61 63
52 52 57 52 52 50 53 56
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 13: Trend in composition of PAT
Kotak Bank
31%
32%
40%
31%
PAT from subsidiaries
34%
32%
31%
32%
30%
Exhibit 14:
Growth in standalone PAT v/s subsidiaries’ PAT
Kotak Bank
PAT from subsidiaries
69%
68%
60%
69%
66%
68%
69%
68%
70%
FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21E FY22E
Source: MOFSL, Company
Source: MOFSL, Company
13 May 2020
8
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Exhibit 15: One-year forward P/B
5.9
4.1
3.0
2.3
0.5
1.8
2.3
3.1
P/B (x)
Min (x)
Avg (x)
+1SD
3.8
Max (x)
-1SD
4.4
25.0
24.3
13.0
5.0
17.6
24.0
45.0
Exhibit 16: One-year forward P/E
P/E (x)
Min (x)
Avg (x)
+1SD
30.9
Max (x)
-1SD
36.9
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 17: DuPont Analysis: We expect KMB to deliver FY22 RoA/RoE of 1.7%/12.8%
Y/E March
Interest Income
Interest Expense
Net Interest Income
Fee income
Trading and others
Non-Interest income
Total Income
Operating Expenses
Employee cost
Others
Operating Profits
Core operating Profits
Provisions
NPA
Others
PBT
Tax
RoA
Leverage (x)
RoE
FY16
9.0
5.2
3.8
1.3
0.1
1.4
5.2
3.0
1.5
1.5
2.2
2.1
0.5
0.4
0.1
1.7
0.6
1.1
8.1
9.3
FY17
8.70
4.71
3.99
1.49
0.22
1.71
5.70
2.76
1.36
1.40
2.94
2.72
0.41
0.30
0.11
2.53
0.85
1.68
7.9
13.2
FY18
8.24
4.26
3.98
1.60
0.09
1.69
5.67
2.68
1.23
1.45
2.99
2.90
0.39
0.26
0.13
2.59
0.89
1.70
7.4
12.5
FY19
8.30
4.40
3.90
1.57
0.02
1.60
5.50
2.60
1.10
1.50
2.89
2.87
0.33
0.29
0.04
2.56
0.87
1.69
7.2
12.1
FY20
8.01
3.99
4.02
1.57
0.02
1.59
5.61
2.63
1.15
1.48
2.98
2.96
0.66
0.66
0.00
2.32
0.55
1.77
7.3
12.9
FY21E
7.81
3.90
3.91
1.52
0.02
1.53
5.45
2.60
1.12
1.48
2.85
2.83
0.80
0.78
0.02
2.05
0.52
1.53
7.3
11.3
FY22E
7.76
3.82
3.94
1.53
0.02
1.55
5.49
2.61
1.11
1.50
2.88
2.86
0.56
0.53
0.03
2.32
0.58
1.73
7.4
12.8
13 May 2020
9
 Motilal Oswal Financial Services
Kotak Mahindra Bank
Financials and valuations
Income statement
Y/E March
Interest Income
Interest Expense
Net Interest Income
Non-Interest Income
Total Income
Growth (%)
Operating Expenses
Pre Provision Profits
Growth (%)
Core Operating Profits
Growth (%)
Provisions (excl. tax)
PBT
Tax
Tax Rate (%)
PAT
Growth (%)
Consolidated PAT
Growth (%)
FY16
163.8
94.8
69.0
26.1
95.1
4.6
54.7
40.4
-4.3
38.3
-1.6
9.2
31.2
10.3
33.1
20.9
-15.7
34.6
-5.4
FY17
177.0
95.7
81.3
34.8
116.0
22.0
56.2
59.8
48.1
55.4
44.8
8.4
51.5
17.4
33.7
34.1
63.2
49.4
42.8
FY18
197.5
102.2
95.3
40.5
135.8
17.1
64.3
71.6
19.6
69.5
25.3
9.4
62.2
21.3
34.3
40.8
19.7
62.0
25.5
FY19
239.4
126.8
112.6
46.0
158.6
16.8
75.1
83.5
16.6
82.8
19.2
9.6
73.9
25.2
34.1
48.7
19.1
72.0
16.2
FY20
269.4
134.3
135.1
53.6
188.7
19.0
88.5
100.2
20.0
99.5
20.2
22.2
78.0
18.6
23.8
59.5
22.2
85.9
19.3
FY21E
297.4
148.4
149.0
58.4
207.4
9.9
99.1
108.4
8.1
107.6
8.2
30.3
78.0
19.7
25.2
58.4
-1.9
85.5
-0.5
(INR b)
FY22E
333.8
164.2
169.6
66.6
236.2
13.9
112.4
123.8
14.2
123.0
14.3
24.1
99.7
25.1
25.2
74.6
27.8
106.2
24.2
Balance sheet
Y/E March
Equity Share Capital
Preference Share Capital
Reserves & Surplus
Net Worth
Of which Equity Net-worth
Deposits
Growth (%)
of which CASA Dep
Growth (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Growth (%)
Loans
Growth (%)
Fixed Assets
Other Assets
Total Assets
FY16
9.2
0.0
230.5
239.6
239.6
1,386.4
11.8
527.8
27.8
209.8
86.8
1,922.6
108.8
512.6
-0.1
1,186.7
10.9
15.5
99.0
1,922.6
FY17
9.2
0.0
267.0
276.2
276.2
1,574.3
13.5
692.6
31.2
211.0
84.5
2,145.9
225.7
450.7
-12.1
1,360.8
14.7
15.4
93.2
2,145.9
FY18
9.5
0.0
365.3
374.8
374.8
1,926.4
22.4
977.7
41.2
251.5
96.5
2,649.3
196.2
645.6
43.2
1,697.2
24.7
15.3
95.1
2,649.3
FY19
9.5
5.0
414.5
429.0
424.0
2,258.8
17.3
1,185.9
21.3
322.5
111.4
3,121.7
246.8
711.9
10.3
2,056.9
21.2
16.5
89.6
3,121.7
FY20
9.6
5.0
475.6
490.2
485.2
2,628.2
16.4
1,476.2
24.5
379.9
104.2
3,602.5
532.9
750.5
5.4
2,197.5
6.8
16.2
105.4
3,602.5
FY21E
9.6
5.0
531.8
546.3
541.3
3,048.7
16.0
1,734.7
17.5
302.2
112.5
4,009.7
475.8
1,028.2
37.0
2,373.3
8.0
17.2
115.2
4,009.7
FY22E
9.6
5.0
603.9
618.5
613.5
3,536.5
16.0
2,054.7
18.4
314.9
124.9
4,594.8
500.7
1,264.7
23.0
2,681.8
13.0
18.2
129.4
4,594.8
Asset Quality
Y/E MARCH
GNPA
NNPA
GNPA Ratio (%)
NNPA Ratio (%)
Slippage Ratio (%)
Credit Cost (%)
PCR (Excl. Tech. write off) (%)
FY16
28.4
12.6
2.36
1.06
2.46
0.76
55.5
FY17
35.8
17.2
2.59
1.26
1.15
0.48
52.0
FY18
38.3
16.7
2.23
0.98
1.00
0.41
56.5
FY19
44.7
15.4
2.14
0.75
0.89
0.45
65.4
FY20
50.3
15.6
2.25
0.71
1.34
1.04
69.0
FY21E
81.0
27.9
3.34
1.18
2.60
1.30
65.5
FY22E
86.0
28.4
3.14
1.06
1.80
0.90
67.0
13 May 2020
10
 Motilal Oswal Financial Services
Kotak Mahindra 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. Liabilities
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Capitalization Ratios (%)
CAR
Tier I
Tier II
Asset-Liability Profile (%)
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 Expenses
Investment/Deposit Ratio
FY16
12.0
13.5
8.7
7.7
7.4
6.1
5.1
FY17
9.6
10.5
7.9
5.7
5.6
5.0
4.4
FY18
9.0
9.6
7.5
5.2
5.1
4.5
4.3
FY19
8.9
9.8
7.6
5.3
5.3
4.5
4.2
FY20
8.6
9.9
7.5
4.8
5.1
4.8
4.3
FY21E
8.3
9.6
7.3
4.7
4.7
4.9
4.2
FY22E
8.3
9.4
7.4
4.6
4.5
4.9
4.2
17.0
16.1
0.9
17.2
16.5
0.7
18.4
17.8
0.6
17.9
17.4
0.5
17.9
17.3
0.6
17.5
16.7
0.7
16.8
16.0
0.8
85.6
38.1
2.8
57.5
58.8
57.9
25.2
27.5
51.2
37.0
86.4
44.0
2.6
48.4
50.3
54.1
26.2
30.0
49.3
28.6
88.1
50.8
2.4
47.3
48.1
51.7
28.3
29.8
45.9
33.5
91.1
52.5
2.4
47.4
47.6
53.0
28.6
29.0
42.4
31.5
83.6
56.2
2.5
46.9
47.1
49.8
28.0
28.4
43.8
28.6
77.8
56.9
2.5
47.8
47.9
49.9
27.8
28.2
43.1
33.7
75.8
58.1
2.4
47.6
47.7
49.2
27.9
28.2
42.5
35.8
Profitability Ratios and Valuation
RoE (%)
RoA (%)
Consolidated ROE (%)
Consolidated ROA (%)
RoRWA (%)
Consolidated BV (INR)
Growth (%)
Price-Consol. BV (x)
Standalone Adjusted BV (INR)
Growth (%)
Price-ABV (x)
Standalone EPS (INR)
Growth (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
11.0
1.4
10.4
1.8
1.1
181.9
10.8
121.6
18.2
12.4
-9.0
0.6
0.1
13.2
1.7
12.8
1.9
1.5
209.1
15.0
5.7
138.8
14.2
5.3
18.6
50.1
39.6
0.0
0.0
12.5
1.7
12.3
2.0
1.5
264.9
26.7
4.5
177.6
28.0
4.1
21.8
17.4
33.8
0.7
0.1
12.2
1.7
12.4
2.0
1.6
302.7
14.3
3.9
203.2
14.4
3.6
25.5
17.0
28.8
1.0
0.1
13.1
1.8
12.8
2.1
1.7
348.3
15.1
3.4
234.0
15.1
3.1
31.1
22.0
23.6
0.0
0.0
11.4
1.5
11.4
1.8
1.5
392.2
12.6
3.1
253.6
8.4
2.9
30.5
-2.0
24.1
1.1
0.1
12.9
1.7
12.4
1.9
1.7
446.8
13.9
2.7
286.8
13.1
2.6
39.0
27.8
18.9
1.3
0.1
13 May 2020
11
 Motilal Oswal Financial Services
Kotak Mahindra Bank
NOTES
13 May 2020
12
 Motilal Oswal Financial Services
Kotak Mahindra 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
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental
research and Technical Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated
from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability
or use would be contrary to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong
Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of
research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these
securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not
located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as
"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which
this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange
Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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
13 May 2020
13
 Motilal Oswal Financial Services
Kotak Mahindra Bank
********************************************************************************************************************************
The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in
all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
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