Motilal Oswal Financial Services

14 October 2021

COPE

What are India’s excess household savings…

…and how does it compare with other nations?



The Economy Observer



One of the most important features of CY20 was the build-up of household (HH) savings due to many different factors.

This characteristic has continued in 1HCY21. In our recently released

note,

we had emphasized that while HH savings rate

has increased globally, the rise has been the slowest in India compared to other major nations.

The savings rate, however, can surge due to two factors: the rise in savings (the numerator) and/or the fall in the

personal disposable income (PDI, the denominator). The former indicates a likely pick-up in private demand and thus,

inflationary pressures, while the latter reflects the weak financial position of households, pointing towards a muddled

growth trajectory. Since these two factors have very different implications, it is important to understand the extent and

the primary driver of a higher savings rate.

Even with or without the COVID-19 pandemic, assuming an unchanged savings rate, nominal savings would have

increased globally in CY20/CY21 in line with HH income. What matters are the ‘excess savings’, the additional savings

that would not have occurred in the absence of the pandemic. In this note, we discuss and estimate India’s excess

savings and compare it with other major nations.

Based on our assumptions, India’s cumulative excess HH savings (since 1QCY20 to 2QCY21) ranged from -1.0% to +1.6%

of CY20 PDI, compared to as high as 8-19% of PDI in advanced nations. India is the only nation in our sample, where

cumulative excess savings have declined in 2QCY21, while it is still rising in other economies.

Apart from precautionary motives and forced savings, fiscal support played a very important role in the build-up of the

excess HH savings. A cross-country comparison suggests that India’s low excess HH savings are a clear result of much

lower fiscal support.

We reiterate that the financial position of the Indian HH sector has weakened considerably during the past 18 months,

which is in stark contrast to most rich nations. The households incurred the maximum share of COVID-led income losses

in India, while governments suffered the most in other economies. Overall, it indicates that the economic growth is likely

to remain subdued over the next few years.

Excess HH savings and its determinants:

A large part of the world economy was

under physical lockdown in 2QCY20 on account of the COVID-19 outbreak. Such

restrictions led to a huge buildup of ‘forced savings’ among households across the

world. They are called ‘forced’ because whether one wants it or not, the absence of

an opportunity to spend on many goods and services led to higher savings among

the general population.

Further, as the world economy witnessed a collapse in economic activity, risk

perception of households made them save more than usual on account of

‘precautionary savings’ – to prepare for a rainy day. This is true during each

slowdown and every uncertain period leads to such an increase in HH savings.

Third, unlike a general economic slowdown, the fiscal response during COVID-19

was very swift and coordinated across the globe. According to the International

Monetary Fund (IMF)

Fiscal Monitor,

global fiscal deficit rose to ~11.5% of GDP in

CY20 from about 3.5% of GDP in CY19. Moreover, the quality of fiscal support has

also been different as a significant part was directed towards individuals to help

replace lost income and/or support minimum spending.

Nikhil Gupta – Research Analyst

(Nikhil.Gupta@MotilalOswal.com)

Yaswi Agarwal

– Research Analyst

(Yaswi.Agarwal@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.

A comparison of actual HH

savings vis-à-vis non-COVID

savings (counterfactual

scenario) will reveal the

level of excess savings

Although it is difficult to segregate the impact of each of these factors in higher HH

savings in CY20, savings have been undoubtedly much more than usual. A

comparison of actual HH savings vis-à-vis non-COVID savings (counterfactual

scenario) will reveal the level of excess savings. The accumulation of such excess

savings over a period of time is ‘cumulative excess savings’.

We make an assumption on the likely path of PDI (or HH income) in the absence of

the COVID-19 outbreak and find out the savings, assuming the unchanged savings

rate from the pre-COVID years. We then compare it with the actual HH savings since

the beginning of CY20 and add the differences (from 1QCY20 to 2QCY21) to

estimate ‘cumulative excess savings’ in an economy.

In order to make the data comparable across nations, we assume that in the

absence of the pandemic, the PDI growth in CY20 and 1HCY21 would have been the

same as the average of the preceding two years (CY18-CY19) and the savings rate (as

a percentage of PDI) would also have been the average of the preceding two years

To simplify, we reveal our estimates of excess HH savings in the US, which is then

repeated for other nations, including India (IN).

Exhibit 1:

A comparison of actual personal savings with its

counterfactual path suggests…

Actual savings

600

(USD b)

450

300

Non-COVID savings

Exhibit 2:

…that the cumulative excess personal savings in

the US stood at USD2.5t by Aug’21

Cumulative excess savings

3,000

(USD b)

2,000

1,000

150

Jan/18 Aug/18 Mar/19 Oct/19 May/20 Dec/20

Jul/21

Dec/19

May/20

Oct/20

Mar/21

Aug/21

Non-COVID savings is the counterfactual path for personal savings

Source: US Bureau of Economic Analysis (BEA), CEIC, MOFSL

The average growth in nominal PDI in the US was 4.7% in the pre-COVID period

(CY18-19) and the personal savings rate was 7.6%. Assuming these ratios remained

intact in the absence of the pandemic, provides the non-COVID (counterfactual)

trend path of personal savings in the US

(Exhibit 1).

The peaks seen in Apr’20 and

Mar’21 pertains to the first and third tranches of the transfer of USD1,200 and

USD1,400 to eligible adults under the support package

The cumulative excess

savings in the US stood at

USD1.6t in CY20 and surged

to USD2.5t by Aug’21

The difference between actual and non-COVID savings is equal to the excess savings

in the US, which are then added up to estimate the cumulative excess (personal)

savings

(Exhibit 2).

The cumulative excess savings stood at USD1.6t in CY20 and

surged further to USD2.5t by Aug’21. Although there are still excess savings every

month in the US, they have fallen since May’21 and are likely to move into negative

territory very soon.

The IMF assumes the average of the preceding three years to prepare counterfactual estimates. However, these differences do not change the

conclusions

The federal response to the economic crisis in the US, caused by the COVID-19 pandemic, has included a ayment of USD3,200 to eligible adults: USD1,200

under the CARES (Coronavirus Aid Relief and Economic Security) Act in Mar’20; USD600 in a Dec’20 relief measure; and USD1,400 under the American

Rescue Plan signed in Mar’21 by President Joe Biden

14 October 2021

While the savings rate in

most rich nations increased

by 1.5x to 3x, the surge in

IN’s HH savings rate was

only 1.1x

Excess savings are a direct result of a number of factors mentioned above. As noted

in our recent

report,

the HH savings rate has increased globally in the post-COVID

period. However, the rise in IN’s HH savings rate is the slowest compared to major

global economies

(Exhibit 3).

While the savings rate in most rich nations increased

by 1.5x to 3x (with the exception of 6.4x increase in Japan), the surge in IN’s HH

savings rate was only 1.1x to 27.8% of PDI in the post-COVID period v/s 24.6% of PDI

in pre-COVID years.

Exhibit 4:

…as the jump in savings was also the slowest in

the post-COVID# period

Savings

1.1x

1.5x

(% of PDI)

PDI

Both

Total

Exhibit 3:

Rise in IN’s HH savings rate is the least compared

to other nations…

HH/Personal savings rate (% of PDI)

Pre-COVID*

Post-COVID#

1.6x

3.0x

6.4x

3.0x

2.1x

-7

JP@

IN~

*CY18-19 average

@up to 1QCY21

#CY20-1HCY21 (Ann.) average

Arranged in descending order of the surge

JP@

IN~

~IN are MOFSL estimates, the rest is official data

Source: RBI, MoF, CAG, Bloomberg, company reports, CEIC, MOFSL

The decomposition of the rise in the savings rate across nations suggests that the

increase in savings (the numerator) was the primary driver

(Exhibit 4)

and the surge

in IN’s HH savings was the least. This rise in nominal savings, however, should not be

surprising as it would have grown in line with income to keep the savings rate intact,

even in the absence of the pandemic. What matters are ‘excess savings’, the

additional savings that would not have occurred in the absence of the pandemic.

Estimating IN’s excess savings…:

Unlike all other economies in this study, there are

no official estimates of HH savings and PDI in IN. We had explained our methodology

of HH physical savings and PDI

here

and

here.

We have reproduced the

methodology in the appendix section at the end of this report.

The actual HH savings in IN

in CY20/1HCY21 are almost

similar to the

counterfactual (no-COVID)

savings trajectory

Using the same methodology as discussed above for the US, we estimate IN’s excess

savings. Assuming the same PDI growth (11.5%) and HH savings rate (24.5%) as in

the preceding two years, our calculations suggest that there are no ‘excess savings’

in IN. It means that the actual HH savings in IN in CY20/1HCY21 are almost similar to

the counterfactual (no-COVID) savings trajectory

(Exhibit 5).

On the cumulative

basis, excess HH savings were negligible at the end of Mar’21 (or FY21), and there

were lower (not excess) savings of USD20b (or -1% of CY20 PDI) as of Jun’21.

However, is it correct to assume the counterfactual trajectory based on the average

of the two preceding years (CY18-19) for IN? Unlike rich nations, the Indian

economy had weakened before COVID-19. Therefore, it is very likely that PDI growth

would have been lower even in the absence of the pandemic. We prepare some

alternate scenarios based on slower PDI growth to estimate IN’s cumulative excess

savings as of 2QCY21

(Exhibit 6).

14 October 2021

Exhibit 5:

IN’s HH savings didn’t see any major additional

jump due to COVID-19…

Actual HH savings

17,000

14,000

(INR b)

Counter-factual HH savings

Exhibit 6:

…and therefore the cumulative excess savings

ranged between -1% and +1.6% of CY20 PDI

India's cumulative excess savings (as a percentage of PDI)

At 7%

2.2

1.1

At 9.5%

At 12% (Avg of 2 years)

1.6

0.3

-1.0

Q1CY20 Q2CY20 Q3CY20 Q4CY20 Q1CY21 Q2CY21

11,000

8,000

5,000

Q2CY18

Q1CY19

Q4CY19

Q3CY20

Q2CY21

Considering the trend of the preceding two years

0.0

-1.1

-2.2

Source: RBI, MoF, CAG, Bloomberg, company reports, CEIC, MOFSL

Assuming 7% growth in PDI in the absence of the pandemic, the cumulative excess

savings would have amounted to USD34b in 2QCY21, equivalent to 1.6% of PDI.

Depending on assumptions,

the cumulative excess

savings in IN were between

-1% (or -USD20b) and +1.6%

(USD34b) as of 2QCY21

In any case, our calculations suggest that: a) depending on the assumptions, the

cumulative excess savings in IN were between -1% (or -USD20b) and +1.6%

(USD34b) in 2QCY21, and b) the cumulative excess savings peaked out in 1QCY21

and fell in 2QCY21.

…and comparing it with other nations:

These estimates of cumulative excess

savings and its trend in IN are very different compared to other major nations in the

world. Adopting the same methodology for the US, we estimate the cumulative

excess HH savings for other nations

(Exhibit 7).

Cumulative excess savings

ranged between 10.4% of

PDI in EZ to 18.6% of PDI in

As mentioned above, the cumulative excess savings in the US increased to USD2.4t

in 2QCY21 (and further to USD2.5t till Aug’21) from USD1.6t in CY20. It means it was

13.7% of CY20 PDI as of 2QCY21. The corresponding estimates for other major

nations were 10.4% of PDI for EZ, 11.8% of PDI (as of 1QCY21) for Japan (JP), 12.5%

in Australia (AU), 13.6% in the UK, and at 18.6% (the highest) of PDI in Canada (CA).

This is how wide the difference between IN and major rich nations in the world is in

terms of the excess HH savings on account of COVID-19.

Exhibit 8:

…and it continued to surge in 2QCY21 in all

nations except IN

Cumulative excess savings (as a percentage of CY20 PDI)

Exhibit 7:

Barring IN, the cumulative excess savings ranged

between 10% and 19% of CY20 PDI…

Excess savings as of Jun'21 (% of expected CY20 PDI)

-5

JP*

-1.0

1.6

*Data for JP as of 1QCY21

10.4

13.7

13.6

12.5

11.8

18.6

-5

Q1CY20 Q2CY20 Q3CY20 Q4CY20 Q1CY21 Q2CY21

Source: Various national sources, CEIC, MOFSL

14 October 2021

While cumulative excess

savings continued to

increase everywhere in the

world till 2QCY21, it had

already declined in IN

Besides this, while cumulative excess savings continued to increase globally till

2QCY21, it had already declined in IN

(Exhibit 8).

CY20 was an exceptional year, as

governments across the globe supported their citizens directly with cash

transfer/income support. The support continued in 1HCY21 in all advanced nations.

While the cumulative excess savings ranged between 6.4% (in EZ) to 13% of PDI (in

CA) in CY20, it has risen by an additional 2.8% of PDI in CY20 (in AU) to 5.7% of PDI

(in CA) in 1HCY21 as well. Even in Japan, for which data is available up to 1QCY21,

the cumulative excess savings increased by another 1.7% of PDI in 1QCY21.

In contrast, IN’s cumulative savings peaked in 1QCY21 (4QFY21) and declined in

2QCY21, irrespective of our PDI growth assumption

(see Exhibit 6 above).

This was

also the period when the second COVID wave swept IN. Therefore, it would be

interesting to watch if the trend reverses in 3QCY21, as things normalize. In any

case, it is amply clear that unlike most advanced economies, there are no large

cumulative excess savings in IN.

Fiscal support and excess savings

As discussed above, there are three key factors that have led to higher global

savings since CY20 – precautionary savings (like in any slowdown), forced savings

(due to physical restrictions), and direct cash transfers/income support from the

government. While it is difficult to decompose the cumulative excess savings into

these three factors, we provide an analysis to confirm that weak fiscal support was

one of the key factors driving IN’s negligible cumulative excess savings.

Similar to our exercise of estimating excess savings, we calculate cumulative fiscal

support in various nations. Unlike a normal economic slowdown, the fiscal support

since CY20 has not only been exceptional, but more direct as well, targeting citizens.

As the government transferred cash/income to citizens during the lockdowns, their

inability to spend it pushed savings higher automatically. Therefore, the greater the

fiscal support, higher could be the extent of excess savings in an economy. This is

exactly what is reflected through our analysis as well.

Exhibit 9:

Strong relationship between fiscal support and excess savings across nations

FI*

Cumulative fiscal support (as a percentage of CY20 GDP)

SW*

IN#

PT*

EZ* DE

NL*

NO*

JP*

DN*

*Data up to 1QCY21 (2QCY21 otherwise)

#Based on 7% nominal PDI growth since CY20

Source: Various national sources, CEIC, MOFSL

14 October 2021

In order to estimate the fiscal support, we prepare a counterfactual scenario

assuming that had there been no pandemic. Nominal GDP would have grown at the

preceding two years average, and the fiscal deficit would also have been the same

as in CY18-19. The difference between the actual fiscal deficit and the

counterfactual estimates reveals the extent of fiscal support in each economy.

When we add them up since 1QCY20 to 2QCY21, we get the cumulative fiscal

support in each nation.

The extremely low level of

cumulative excess savings in

IN is in line with the very

weak cumulative fiscal

support as of 2QCY21,

amounting to just 2.6% of

GDP in CY20

Comparing the cumulative fiscal support vis-à-vis cumulative excess HH savings

suggest a strong positive relationship. The higher the fiscal support, greater the

excess savings

(Exhibit 9).

Very low level of cumulative excess savings in IN is in line

with the weak cumulative fiscal support as of 2QCY21, amounting to just 2.6% of

CY20 GDP. At the other extreme is CA, where the cumulative fiscal support

amounted to the highest at 17.6% of GDP, leading to the highest cumulative excess

savings as well

(see Exhibit 7 above).

Conclusion: IN’s growth trajectory and challenges may not be similar to that in

advanced nations

Based on our assumptions, IN’s cumulative excess HH savings (since 1QCY20 to

2QCY21) ranged from -1.0% to +1.6% of CY20 PDI, compared to as high as 10-19% of

PDI in most advanced nations. IN is the only nation in our sample, where cumulative

excess savings declined in 2QCY21, while it continued to rise in other economies.

Apart from the precautionary motive and forced savings, fiscal support played a very

important role in the buildup of excess HH savings. A cross-country comparison

suggests that IN’s low excess HH savings are a clear result of much lower fiscal

support.

There are no such large

excess savings in IN, which

alleviate the potential fears

of over-heating and

inflationary concerns

Excess savings have become an extremely critical indicator to assess the likely surge

in private demand as things normalize and thus inflationary pressures. The debate

about the overheating of the economy and the re-birth of inflation in advanced

economies hinges over the fact that there is a large buildup in excess savings in such

nations. Nevertheless, there are no such large excess savings in IN, which alleviate

the potential fears of over-heating and inflationary concerns.

We reiterate that the financial position of IN’s HH sector has weakened considerably

during the past 18 months, which is in stark contrast to most rich nations.

Households incurred the maximum share of COVID-led income losses in IN, while

governments suffered the most in other economies. It indicates that IN’s economic

growth is likely to remain subdued over the next few years, alleviating inflationary

concerns.

14 October 2021

Appendix: Estimating IN’s HH savings and PDI

The Government of India publishes gross savings and income data on an annual

basis with a lag of 10 months. FY21 data, thus, will be available only at the end of

Jan’22. In order to make a timely assessment of the Indian economy, we conduct

certain proprietary analysis to prepare estimates of HH savings on a quarterly basis.

We had explained our methodology on HH’s savings and PDI

here

and

here.

have reproduced the methodology here for the convenience of our readers.

HH savings in India consist of two parts: (net) financial savings and physical savings.

Net financial savings is the difference between gross financial savings and financial

liabilities. Physical savings account for 60-70% of total HH savings.

Estimating HH’s financial savings:

The RBI has been providing quarterly estimates of

HH’s financial balance sheet (flows and stocks) for the past couple of years, which

includes financial savings estimates up to 3QFY21. Replicating the RBI’s

methodology, we have updated financial savings data for 1QFY22. Our estimates of

HH’s financial savings, however, differ slightly from the official estimates due to two

reasons: 1) information on HH deposits are not readily available; and 2) lending by

non-SCBs is defined differently (RBI seems to have taken personal loans of NBFCs as

‘HH liabilities’, while we have included agricultural and trade loans also).

Estimating HH’s physical savings:

Since physical savings are 1.5-2x financial savings,

it is difficult to comment on HH’s savings without a good understanding of physical

savings. In order to arrive at physical savings, we estimate HH’s investments using

‘stamp duties and registration charges’ (S&RCs) collected by states (available on a

monthly basis). The Construction (Real Estate) sector accounted for 65-70% of HH’s

investments in the past four years and S&RCs was ~8% of Construction investments

during this period. Using these ratios, we have arrived at HH’s investments, which

are equal to physical savings (by definition).

PDI is estimated using direct approach:

By adding private consumption final

expenditure (PFCE) from quarterly GDP data to our estimates of HH’s total savings,

we arrive at HH’s income (or PDI). This is the direct methodology and is adopted

across all advanced economies. However, the official agencies estimate PDI in India

from an indirect approach (as the residual). Our estimates of PDI, thus, are not

directly comparable with official estimates.

14 October 2021

NOTES

14 October 2021

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defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on

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.

14 October 2021

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.

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.

14 October 2021