Telecom | Update
Sector Update | 14 July 2020
Telecom
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Industry loses gross subscribers
Glimpse of COVID-19 lockdown
The Telecom Regulatory Authority of India (TRAI) has released subscriber data for Mar’20
with some glimpses of the lockdown impact. Key insights highlighted below:
The Telecom industry lost 2.9m gross subscribers in Mar’20 (v/s 4-5m monthly
subscriber adds in Jan-Feb’20) to reach subscriber base of 1,158m. Bharti/VIL lost
1.3m/6.4m subscribers while RJio added 4.7m subscribers. Active subscriber base
increased by 2.2m (v/s adds of 0.5m in Feb’20) to reach 989m as VIL lost 0.8m
subscribers and Bharti/RJio added 0.9m/2.5m active subscribers. We are certain that
the lower addition has been hit by restrictions from mid-Mar’20 and the nationwide
lockdown during the latter half of Mar’20.
Bharti lost 1.3m gross subscribers (after adding 0.9m in Feb’20) to reach 328m. The
company gained 0.9m active subscribers (v/s 1.5m in Feb’20) to reach 315m. Bharti
remains the #1 player in terms of active subscriber market share with share of 31.9%.
RJio added the highest number of gross subscribers with 4.7m adds (6.3m in Feb’20).
RJio’s pace, however, has reduced from the peak addition of 12-14m monthly
subscribers and average addition of ~6.5m monthly subscribers in Jan-Feb’20, even as
it continues to grow. It has reached 33.5% gross market share while maintaining its
top position.
VIL continues to lose its subscriber base with 6.4m/0.8m reduction in gross/active
subscribers to 319m/294m. Subsequently, VIL’s gross/active subscriber market share
declined to 27.6%/29.7% (v/s 28%/29.8% in Feb’20). VIL stands at the last spot in both
gross and active subscriber market share.
Industry MBB subscriber adds stood at 6.2m (v/s 7.7m increase in Feb’20) to reach
668m. Currently, MBB subscribers account for 67.5% (+50bp MoM) of total active
subscribers, rising continuously from 53% in Mar’19.
Bharti’s MBB subscriber adds at 2.4m were stronger than the previous month addition
of 1.3m. RJio added 4.7m MBB subscribers, lower than the previous month adds of
6.3m. VIL lost 0.8m MBB subscribers. Bharti/RJio’s MBB subscriber market share rose
by 20bp/10bp MoM to 21.9%/58%. RJio’s MBB adds also includes Jiophones
(excluding which, we estimate it to be similar to Bharti).
Our earlier telecom update
Subscriber loss majorly driven by VIL
The Telecom industry lost 2.9m gross subscribers in Mar’20 to reach subscriber base of
1,158m. This is in contrast to the gross addition of 4-5m monthly subscriber adds seen in
Jan-Feb’20, possibly on account of the nationwide lockdown measures and rise in tariff
plans. RJio’s gross subscriber base increased by 4.7m (v/s 6.6m/6.3m adds in
Jan/Feb’20) to reach 388m, while Bharti saw loss of 1.3m after 5 months of continuous
subscribers adds. VIL lost huge 6.4m gross subscribers during the same period.
Industry’s active subscriber addition stood at 2.2m in Mar’20 (v/s 0.5m in Jan’20) to
reach 989m. Bharti/RJio continue to add active subscribers (despite the lockdown in
the second half on Mar’20) by 0.9m/2.5m, while VIL lost 0.8m active subscribers in
Mar’20. VIL’s pace of active subscriber loss has reduced from losing ~1.4m/month,
since the tariff hikes in Dec’19 (lost 2.8m in Feb’20).
Research Analyst: Aliasgar Shakir(Aliasgar.Shakir@motilaloswal.com)
Suhel Shaikh
(Suhel.Ahmad@MotilalOswal.com) /
Anshul Aggarwal
(Anshul.Aggarwal@motilaloswal.com)
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
Telecom | Update
Bharti continues to be at top spot in active subscriber market
Bharti’s active subscriber addition stood at 0.9m in Mar’20. Bharti continues to
retain its top spot in active subscriber base market with 31.9% market share (flat
MoM). This was followed by RJio with 31.7% share (the gap between RJio and Bharti
has reduced to mere 1.7m subscribers). VIL stood at the third spot with 29.7% share.
Bharti’s gross subscriber base stood at 328m after the company lost 1.3m
subscribers in Mar’20 (after continuously adding average of 0.7m subscribers in the
previous five months). Bharti continues to maintain its market share at 28.3% as
VIL’s share has slipped.
RJio continued to add gross subscribers
RJio’s gross subscribers grew 4.7m to 388m with its market share growing to 33.5%
(+50bp MoM). RJio’s pace, however, has reduced from the peak of adding 12-14m
subscribers monthly to ~6.5m average monthly addition in Jan-Feb’20. The company
continues to expand its market share (and the pace would was impacted due to the
lockdown). RJio’s total active subscribers stand at 314m, gaining 2.5m subscribers in
Mar’20. RJio’s active subscriber market share has improved by 20bp MoM to 31.7%
– the gap is now a mere 20bp from Bharti for RJio to gain the top position.
VIL continues to see subscriber loss
VIL lost 6.4m/0.8m gross/active subscribers to reach 319m/294m. VIL’s pace of
reduction in gross subscribers has increased from loss of ~3.5m subscribers to loss
of 6.4m in Mar’20. Its active market share is continuously declining and now stands
at 29.7% (v/s 36% in Mar’19). In terms of gross subscribers, its market share shrank
40bp MoM to 27.6%. VIL stands at the last spot in both active and gross subscriber
market share. VIL’s continuous loss of subscribers is majorly due to its sub-par
network qualities along with its survival uncertainty, which is hinging on the
Supreme Court’s decision to grant an extended moratorium period on the AGR
liability.
Broadband subs data – MBB net adds at 6.2m
Industry MBB subscribers increased by 6.2m:
Industry MBB subscribers stood
at 6.2m in Mar’20 (v/s 7.7m in Feb’20), reaching a total of 668m subscribers.
MBB subscribers now account for 67.5% (+50bp MoM) of total active
subscribers in the market, rising continuously from 53% in Mar’19. The strong
subscriber addition has been led by Bharti/RJio adding 2.4m/4.7m subscribers.
Bharti – MBB subscriber adds strengthen:
Bharti added strong 2.4m MBB
subscribers (1.3m in Feb’20) to reach total subscriber base of 146m. Bharti’s
subscriber market share expanded by 20bp to 21.9%. However, Bharti’s
incremental market share stood at 39% from 17% in Feb’20. Of the 4.7m of
RJio’s MBB adds, we expect a higher proportion to be from Jiophone adds. Thus,
excluding Jiophone, Bharti’s subs adds would be similar to RJio.
RJio – MBB addition highest:
RJio registered 4.7m MBB subscriber adds (v/s +6.3m
in Feb’20), which is still lower than its previous 12-month average of 7m subs. This
takes RJio’s total subscriber base to 388m with a market share of 58% (+10bp
MoM). A higher proportion of this addition could be attributed to low ARPU
subscriber, and thus, RJio’s bundle customer adds is much lower (excl. Jiophone
adds).
Vodafone-Idea loses MBB subscribers:
VIL lost 0.8m MBB subscribers in Feb’20,
taking the total subscriber base to 117m. VIL’s market share shrank 30bp MoM to
17.6% from 20% in Mar’19, probably on account of its drop in network quality.
14 July 2020
2
 Motilal Oswal Financial Services
Telecom | Update
Exhibit 1: Active subscriber base — Bharti has highest active subscribers (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Apr-19 May-19
324
320
342
334
265
268
931
922
68
68
1,000
989.6
Jun-19
316
322
278
916
68
983.8
Jul-19
312
311
282
905
67
972.4
Aug-19
306
308
289
904
66
970.2
Sep-19
303
302
290
895
66
960.9
Oct-19
310
302
304
916
66
981.2
Nov-19
313
299
302
914
65
979.1
Dec-19
315
298
305
917
66
982.6
Jan-20 Feb-20 Mar-20
313
314
315
297
294
294
310
311
314
920
920
923
66
67
67
986.4
986.9
989.1
Source: TRAI, MOFSL
Exhibit 2: Active subscriber net adds subscribers – RJio leads (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Apr-19 May-19
-3.7
-4.2
-26.0
-8.6
7.2
3.1
-22.5
-9.7
0.5
-0.3
-22.1
-10.1
Jun-19
-4.4
-11.2
10.2
-5.4
-0.4
-5.8
Jul-19
-3.6
-11.1
4.0
-10.8
-0.7
-11.4
Aug-19
-5.7
-2.9
7.2
-1.5
-0.8
-2.2
Sep-19
-3.5
-5.9
0.5
-8.9
-0.4
-9.3
Oct-19
6.8
-0.7
14.3
20.4
-0.1
20.3
Nov-19
3.7
-3.1
-2.4
-1.7
-0.4
-2.1
Dec-19
1.4
-1.1
3.0
3.2
0.2
3.5
Jan-20 Feb-20 Mar-20
-1.7
1.5
0.9
-0.3
-2.8
-0.8
4.9
1.3
2.5
2.9
0.0
2.5
0.9
0.5
-0.3
3.8
0.5
2.2
Source: TRAI, MOFSL
Exhibit 3: Active subscriber market share —Bharti at top position (%)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Apr-19 May-19
32.4
32.3
34.2
33.7
26.5
27.1
93.2
93.1
6.8
6.9
100.0
100.0
Jun-19
32.1
32.8
28.3
93.1
6.9
100.0
Jul-19
32.1
32.0
29.0
93.1
6.9
100.0
Aug-19
31.6
31.8
29.8
93.2
6.8
100.0
Sep-19
31.5
31.5
30.2
93.2
6.8
100.0
Oct-19 Nov-19
31.5
32.0
30.8
30.5
31.0
30.8
93.3
93.3
6.7
6.7
100.0
100.0
Dec-19
32.0
30.3
31.0
93.3
6.7
100.0
Jan-20
31.7
30.1
31.4
93.3
6.7
100.0
Feb-20 Mar-20
31.9
31.9
29.8
29.7
31.5
31.7
93.2
93.3
6.8
6.7
100.0
100.0
Source: TRAI, MOFSL
Exhibit 4: Trend in gross subscriber base (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Apr-19 May-19
322
320
393
388
315
323
1030
1031
132
131
1,162
1,162
Jun-19
320
383
331
1035
130
1,165
Jul-19
329
380
340
1048
120
1,168
Aug-19
328
375
348
1051
120
1,171
Sep-19
326
372
355
1053
120
1,174
Oct-19
326
373
364
1063
121
1,183
Nov-19
327
336
370
1033
121
1,155
Dec-19
327
333
370
1030
122
1,151
Jan-20 Feb-20 Mar-20
328
329
328
329
326
319
377
383
388
1034
1037
1034
123
123
123
1,156
1,161
1,158
Source: TRAI, MOFSL
Exhibit 5: Gross subscriber net adds (m)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Apr-19 May-19
-3.3
-1.5
-1.6
-5.7
8.1
8.2
3.2
1.0
-2.7
-1.4
0.5
-0.4
Jun-19
0.0
-4.1
8.3
4.1
-0.5
3.6
Jul-19
8.2
-3.4
8.5
13.3
-10.5
2.9
Aug-19
-0.6
-5.0
8.4
2.9
-0.3
2.6
Sep-19
-2.4
-2.6
7.0
2.0
0.8
2.8
Oct-19 Nov-19
0.1
1.7
0.2
-36.4
9.1
5.6
9.4
-29.2
0.3
0.3
9.7
-28.8
Dec-19
0.0
-3.6
0.1
-3.6
0.4
-3.2
Jan-20
0.9
-3.6
6.6
3.8
1.2
5.0
Feb-20 Mar-20
0.9
-1.3
-3.5
-6.4
6.3
4.7
3.7
-2.9
0.5
0.0
4.2
-2.9
Source: TRAI, MOFSL
Exhibit 6: Gross subscriber market share (%)
Bharti
Vodafone Idea
RJio
Top 3 players
Other players
Total
Apr-19 May-19
27.7
27.6
33.8
33.4
27.1
27.8
88.6
88.7
11.4
11.3
100.0
100.0
Jun-19
27.5
32.9
28.4
88.8
11.2
100.0
Jul-19
28.1
32.5
29.1
89.7
10.3
100.0
Aug-19
28.0
32.0
29.7
89.8
10.2
100.0
Sep-19
27.7
31.7
30.3
89.7
10.3
100.0
Oct-19 Nov-19
27.5
28.3
31.5
29.1
30.8
32.0
89.8
89.5
10.2
10.5
100.0
100.0
Dec-19
28.4
28.9
32.1
89.4
10.6
100.0
Jan-20
28.4
28.4
32.6
89.4
10.6
100.0
Feb-20 Mar-20
28.4
28.3
28.0
27.6
33.0
33.5
89.4
89.4
10.6
10.6
100.0
100.0
Source: TRAI, MOFSL
14 July 2020
3
 Motilal Oswal Financial Services
Telecom | Update
Exhibit 7: Trend in MBB subscriber base (m)
Bharti
Vodafone Idea
RJio
Top 3 total
Other players
Total
Apr-19 May-19
111
118
110
109
315
323
536
550
12
12
548
563
Jun-19
121
111
331
563
12
576
Jul-19
124
111
339.8
575
10
585
Aug-19
127
111
348
586
11
597
Sep-19
125
112
355
593
13
606
Oct-19
130
116
364
611
14
624
Nov-19
138
120
370
627
14
642
Dec-19
138
118
370
626
16
642
Jan-20
142
118
377
637
17
654
Feb-20 Mar-20
144
146
118
117
383
388
645
651
17
17
661
668
Source: TRAI, MOFSL
Exhibit 8: Trend in MBB subscriber net adds (m)
Bharti
Vodafone Idea
RJio
Top 3 total
Other players
Total
Apr-19 May-19
-0.8
6.9
-0.5
-0.6
8.1
8.2
6.7
14.4
-3.1
0.1
3.6
14.5
Jun-19
3.1
1.5
8.3
12.9
0.2
13.1
Jul-19
2.5
0.4
8.5
11.4
-2.0
9.4
Aug-19
2.8
0.2
8.4
11.4
0.1
11.5
Sep-19
-1.3
1.1
7.0
6.8
2.5
9.3
Oct-19
5.0
3.6
9.1
17.7
0.8
18.6
Nov-19
7.1
4.1
5.6
16.8
0.4
17.1
Dec-19
0.5
-1.4
0.1
-0.9
1.5
0.7
Jan-20
4.4
-0.5
6.6
10.4
1.1
11.5
Feb-20 Mar-20
1.3
2.4
0.3
-0.8
6.3
4.7
7.9
6.3
-0.1
-0.1
7.7
6.2
Source: TRAI, MOFSL
Exhibit 9: Trend in MBB subscriber market share (m)
Bharti
Vodafone Idea
RJio
Top 3 total
Other players
Total
Apr-19 May-19
20.3
21.0
20.0
19.4
57.4
57.4
97.8
97.8
2.2
2.2
100.0
100.0
Jun-19
21.1
19.2
57.5
97.9
2.1
100.0
Jul-19
21.2
19.0
58.1
98.2
1.8
100.0
Aug-19
21.2
18.6
58.4
98.2
1.8
100.0
Sep-19
20.7
18.5
58.6
97.8
2.2
100.0
Oct-19
20.9
18.5
58.3
97.8
2.2
100.0
Nov-19
21.4
18.7
57.7
97.8
2.2
100.0
Dec-19
21.5
18.4
57.6
97.5
2.5
100.0
Jan-20 Feb-20 Mar-20
21.8
21.7
21.9
18.0
17.9
17.6
57.6
57.9
58.0
97.4
97.5
97.5
2.6
2.5
2.5
100.0
100.0
100.0
Source: TRAI, MOFSL
Exhibit 10: Incremental MBB subscriber market share (m)
Bharti
Vodafone Idea
RJio
Total
Apr-19 May-19
-12.0
47.8
-8.0
-4.5
120.0
56.7
100.0
100.0
Jun-19
24.4
11.7
64.0
100.0
Jul-19
21.5
3.5
75.0
100.0
Aug-19
24.2
1.7
74.1
100.0
Sep-19
-18.9
15.7
103.3
100.0
Oct-19 Nov-19
28.3
42.1
20.3
24.4
51.3
33.4
100.0
100.0
Dec-19
-53.4
163.6
-10.2
100.0
Jan-20 Feb-20 Mar-20
41.9
16.6
38.6
-4.8
3.8
-12.6
62.9
79.5
74.0
100.0
100.0
100.0
Source: TRAI, MOFSL
14 July 2020
4
 Motilal Oswal Financial Services
Telecom | Update
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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
14 July 2020
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 Motilal Oswal Financial Services
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The associates of MOFSL may have:
- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the
specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the
company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and
may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent
of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in
nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty,
representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The
report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial
instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as
customers by virtue of their receiving this report.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for
informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing
in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances.
The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this
document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views
expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in
all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* 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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