22 March 2016
Update
| Sector:
Textiles
SRF Ltd
Buy
BSE SENSEX
25,330
S&P CNX
7,715
CMP: INR1,227
TP: INR1,500 (+22%)
New client wins in Specialty Chemicals; re-rating imminent
Raising estimates and target price; maintain Buy
In our recent interaction, the management indicated two new client wins in the
Agrochemicals part of the Specialty Chemicals business.
These are US-based global agrochemical giants, who would not only contribute to
growth, but also help SRF achieve client diversification.
In light of this development, we raise our estimates and target price. Buy.
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val ( INR m)
Free float (%)
SRF IN
57.4
1,496/876
4/11/45
70.3
1.1
215
47.6
Financials Snapshot (INR b)
Y/E Mar
2016E 2017E 2018E
Net Sales
45.9
51.9
59.8
EBITDA
9.8
11.1
12.6
PAT
4.3
5.2
6.2
EPS (INR)
74.2
90.0 107.2
Gr. (%)
40.6
21.3
21.2
BV/Sh (INR)
449.3 518.6 603.7
RoE (%)
17.3
18.3
19.1
RoCE (%)
15.1
16.9
18.7
P/E (x)
16.5
13.6
11.4
P/BV (x)
2.7
2.4
2.0
Shareholding pattern (%)
As on
Promoter
DII
FII
Others
Dec-15 Sep-15 Dec-14
52.4
12.6
16.1
19.0
52.4
13.0
15.2
19.5
52.4
12.6
12.7
22.3
Specialty Chemicals growing bigger and better:
SRF has won two new clients in
the Agrochemicals part of the Specialty Chemicals business, which has grown at a
CAGR of 62% over FY12-15 and enjoys high EBIT margin of 35%. These new clients
are US-based global agrochemical giants, who would not only contribute to
growth, but also help SRF achieve client diversification. Currently, SRF receives
most of its business from Bayer Crop Science, BASF and Syngenta. Additionally, SRF
has become wiser in terms of planning and efficiency, as it progresses through the
learning curve. In view of the client wins, we raise our Specialty Chemicals revenue
growth estimate from 25% to 34% in FY18.
Enhancement in R&D capabilities to aid growth:
SRF has expanded its R&D team
by 30-40% from 200 people last year. It has added new complex chemistry, which
adds to its capabilities. The R&D funnel is strong, with 30 molecules at various
stages of development and substantial number of molecules expected to achieve
success (track record of 50-60% conversion). SRF has already commercialized 40-50
molecules, with 15-20 molecules under production in FY16. The R&D team has also
been involved in developing new generation refrigeration gases.
Pace of adding dedicated plants to increase:
Given the new developments, we
expect SRF to now add 3-4 dedicated plants per year against its previous guidance
of two per year. Currently, it has 8 dedicated plants and two flexible manufacturing
plants. Each dedicated plant requires an investment of INR250m-400m and we
expect SRF to invest INR2b-3b every year. At peak utilization, which usually takes
2-3 years to achieve, the plants can generate asset turnover ratio of 2-2.5x.
Packaging business to remain stable; Technical Textiles impacted by Chennai
floods:
EBIT margins in the Packaging business are likely to remain stable at ~13%
QoQ, as the spreads remain largely unchanged. The Technical Textiles unit in
Chennai, which has started ramping up, is likely to register EBIT loss to the extent
of ~INR70m in 4QFY16 and INR40m in 1QFY17. In 3QFY16, the Technical Textiles
division recorded EBIT margin of 5.3%, a decline of 310bp.
FII Includes depository receipts
Stock Performance (1-year)
SRF Ltd
Sensex - Rebased
1,600
1,350
1,100
850
600
Valuation and view:
We view these developments as structurally positive and
raise our Specialty Chemicals revenue growth estimate for FY18 from 25% to 34%
and we believe it will continue to see strong growth of ~30% for 2-3 years beyond
FY18. Accordingly we increase our overall earnings estimates by 3% for FY18 to
INR6,263m while keeping FY17 estimates unchanged as these developments will
fully fructify in FY18. Over FY15-18, we expect SRF to post 10% revenue CAGR (to
INR59.8b), 520bp EBITDA margin expansion (to 21%) and 27% PAT CAGR, along
with strong FCF generation (INR3.4b in FY17, INR6b in FY18) and significant
improvement in RoCE from 12% to 19%. We maintain
Buy
with a revised target
price of INR1,500 (earlier INR1,460) valuing it at blended PE of 14x FY18E EPS.
Chintan Modi
(Chintan.Modi@MotilalOswal.com); +91 22 3982 5422
Niket Shah
(Niket.Shah@MotilalOswal.com); +91 22 3982 5426
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.

SRF Ltd
Story in charts
Exhibit 1: Share of Chemicals in revenues increasing
Technical Textiles
16
30
16
27
22
24
Chemicals
27
28
29
34
37
FY16E
Packaging Films
27
38
27
41
18
21
32
9
20
FY12
Exhibit 2: Contribution
Chemicals on uptrend
of
Specialty
Chemicals
within
Specialty chemicals
HFC-134a
Chloromethanes
Dymel
Other commodity chemcials
Engineering plastics
35
14
24
7
20
FY13
44
11
20
7
18
FY14
45
1
12
19
8
15
FY15
47
3
17
17
6
11
FY16E
49
3
17
15
5
10
FY17E
53
3
17
13
5
10
FY18E
53
56
54
45
FY15
35
FY17E
32
FY18E
FY12
FY13
FY14
Source: MOSL, Company
Source: MOSL, Company
Exhibit 3: PAT to post a CAGR of 26% over FY15-18
PAT
9.5
6.7
4.0
3,788
FY12
2,530
FY13
1,625
FY14
3,028
FY15
4,141
FY16E
5,167
FY17E
6,263
FY18E
6.7
Margin %
9.0
9.9
10.5
Exhibit 4: Debt-to-equity to reduce to 0.5x
Debt
1.1
0.9
0.7
1.1
0.9
0.7
0.5
21,753 24,349 22,349 20,849
18,349
17,040
Debt to equity
12,284
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: MOSL, Company
Source: MOSL, Company
Exhibit 5: RoCE to improve to 18.4%
23.6
RoCE
16.9
18.7
Exhibit 6: Strong free cash flow generation (INR m)
FCF
5,960
3,428
1,021
579
6,081
13.3
7.7
15.1
12.0
-2,517
-4,430
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: MOSL, Company
Source: MOSL, Company
22 March 2016
2

SRF Ltd
Exhibit 7: Key assumptions
Revenues (INRm)
Technical Textile
Chemicals
Packaging
Revenue gr (% %
Technical Textile
Chemicals
Packaging
PBIT (INR m)
Technical Textile
Chemicals
Packaging
PBIT margins (%)
Technical Textile
Chemicals
Packaging
FY12
40,010
21,375
12,034
6,601
15.0
14.8
61.2
-24.2
7,339
1,145
5,941
252
18.3
5.4
49.4
3.8
FY13
37,829
21,283
10,348
6,199
-5.5
-0.4
-14.0
-6.1
4,760
1,234
3,465
60
12.6
5.8
33.5
1.0
FY14
40,181
21,802
9,561
8,817
6.2
2.4
-7.6
42.2
3,494
1,631
1,913
-50
8.7
7.5
20.0
-0.6
FY15
45,398
20,319
12,634
12,445
13.0
-6.8
32.1
41.1
5,576
1,957
2,983
636
12.3
9.6
23.6
5.1
FY16E
45,930
17,088
15,615
13,227
1.2
-15.9
23.6
6.3
7,313
1,623
3,904
1,786
15.9
9.5
25.0
13.5
FY17E
51,934
18,167
19,571
14,197
13.1
6.3
25.3
7.3
8,420
1,726
4,991
1,704
FY18E
59,824
18,916
24,682
16,226
15.2
4.1
26.1
14.3
9,837
1,797
6,417
1,623
16.2
16.4
9.5
9.5
25.5
26.0
12.0
10.0
Source: Company, MOSL
22 March 2016
3

SRF Ltd
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2011
34,735
39.0
9,009
25.9
1,701
7,308
897
459
0
6,869
2,027
29.5
0
4,842
4,842
49.3
2012
40,010
15.2
8,314
20.8
1,837
6,478
1,172
312
0
5,617
1,829
32.6
0
3,788
3,788
-21.8
2013
37,830
-5.4
6,143
16.2
2,089
4,054
998
420
0
3,476
946
27.2
0
2,530
2,530
-33.2
2014
40,181
6.2
5,053
12.6
2,248
2,806
961
235
0
2,080
455
21.9
0
1,625
1,625
-35.8
2015
45,398
13.0
7,175
15.8
2,450
4,724
1,376
646
0
3,994
966
24.2
0
3,028
3,028
86.4
2016E
45,930
1.2
9,829
21.4
2,878
6,951
1,331
294
-163
5,751
1,610
28.0
0
4,141
4,258
40.6
2017E
51,934
13.1
11,114
21.4
3,060
8,054
1,231
353
0
7,176
2,009
28.0
0
5,167
5,167
21.3
(INR Million)
2018E
59,824
15.2
12,623
21.1
3,231
9,392
1,117
424
0
8,699
2,436
28.0
0
6,263
6,263
21.2
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2011
615
16,365
16,980
9,731
2,007
28,718
37,882
17,554
20,328
1,131
1,162
12,835
5,041
4,918
903
1,973
6,766
6,554
213
6,068
28,718
2012
584
17,931
18,515
12,284
2,128
32,927
41,463
20,713
20,750
4,175
1,405
13,321
4,877
4,837
1,401
2,206
6,753
6,500
253
6,568
32,927
2013
584
19,105
19,689
17,040
2,503
39,232
47,566
24,197
23,369
5,654
1,512
15,181
5,632
5,087
1,910
2,552
6,513
6,240
273
8,668
39,232
2014
584
20,082
20,667
21,753
2,752
45,172
61,072
25,657
35,415
1,121
366
17,693
7,464
6,915
825
2,489
9,516
9,173
343
8,177
45,172
2015
584
22,379
22,963
24,349
3,386
50,698
66,773
27,585
39,188
1,041
943
17,624
7,635
6,107
1,073
2,810
8,133
7,850
283
9,491
50,698
2016E
584
25,673
26,257
22,349
3,386
51,992
70,273
30,463
39,810
1,053
943
19,213
6,972
6,543
2,855
2,842
9,062
7,876
1,187
10,150
51,992
(INR Million)
2017E
584
29,721
30,305
20,849
3,386
54,540
75,423
33,522
41,901
1,191
943
21,145
8,098
7,399
2,433
3,214
10,674
9,148
1,526
10,471
54,540
2018E
584
34,696
35,280
18,349
3,386
57,015
78,423
36,753
41,670
1,372
943
25,370
9,382
8,523
3,609
3,857
12,375
10,598
1,777
12,995
57,015
22 March 2016
4

SRF Ltd
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
0.5
0.5
0.7
1.0
1.0
0.7
0.6
0.4
1.2
48
101
131
1.2
41
77
103
1.0
46
95
106
0.9
58
114
140
0.9
46
110
113
0.9
49
108
122
0.9
49
108
122
1.0
48
108
122
32.6
31.2
21.3
23.6
13.2
13.3
8.1
7.7
13.9
12.0
17.3
15.1
18.3
16.9
19.1
18.7
43.2
18.5
3.5
2.3
18.3
0.8
23.2
13.0
3.1
2.1
13.2
0.8
16.5
10.0
2.7
2.0
9.3
1.0
13.6
8.7
2.4
1.7
8.1
1.4
11.4
7.5
2.0
1.4
6.8
1.6
78.7
106.4
276.0
14.5
20.4
64.8
96.3
316.8
13.9
24.9
44.1
79.0
336.9
10.0
26.4
28.3
66.3
353.6
10.0
41.3
52.7
93.7
392.9
10.0
22.5
74.2
122.1
449.3
12.7
20.5
90.0
140.8
518.6
16.8
21.6
107.2
162.5
603.7
19.0
20.6
2011
2012
2013
2014
2015
2016E
2017E
2018E
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2011
9,009
432
-1,301
-1,943
-104
6,093
-2,178
3,915
-1,097
76
-3,199
0
-530
-903
-1,463
-2,895
-1
904
902
2012
8,314
857
-64
-1,658
-802
6,648
-5,627
1,021
-243
256
-5,614
-900
2,336
-1,028
-944
-536
498
902
1,401
2013
6,143
394
-1,445
-632
-232
4,227
-6,744
-2,517
-63
92
-6,716
0
4,547
-889
-660
2,998
509
1,401
1,910
2014
5,053
182
-1,199
-413
-156
3,467
-7,897
-4,430
1,156
144
-6,597
0
3,911
-1,198
-668
2,045
-1,085
1,910
825
2015
7,175
616
-1,011
-850
-507
5,423
-4,845
579
-632
482
-4,994
0
1,889
-1,392
-678
-181
248
825
1,073
2016E
9,829
294
960
-1,610
0
9,472
-3,512
5,960
0
0
-3,512
0
-2,000
-1,331
-847
-4,178
1,782
1,073
2,855
2017E
11,114
353
-742
-2,009
0
8,716
-5,288
3,428
0
0
-5,288
0
-1,500
-1,231
-1,119
-3,850
-422
2,855
2,433
(INR Million)
2018E
12,623
424
-1,349
-2,436
0
9,261
-3,181
6,081
0
0
-3,181
0
-2,500
-1,117
-1,288
-4,905
1,175
2,433
3,609
22 March 2016
5

This document has been prepared by Motilal Oswal Securities Limited (hereinafter referred to as Most) to provide information about the company(ies) and/sector(s), if any, covered in the report and may be distributed by it and/or its
affiliated company(ies). This report is for personal information of the selected recipient/s and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an
SRF
invitation or
offer,
Ltd
inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to
you solely for your general information and should not be reproduced or redistributed to any other person in any form. This report does not constitute a personal recommendation or take into account the particular investment
objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, investors should consider whether it is suitable for their particular circumstances and, if necessary, seek
professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for
future performance, future returns are not guaranteed and a loss of original capital may occur.
MOSt and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We and our affiliates have investment banking and other business relationships with a some
companies covered by our Research Department. Our research professionals may provide input into our investment banking and other business selection processes. Investors should assume that MOSt and/or its affiliates are
seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may educate investors
on investments in such business . The research professionals responsible for the preparation of this document may interact with trading desk personnel, sales personnel and other parties for the purpose of gathering, applying and
interpreting information. Our research professionals are paid on twin parameters of performance & profitability of MOSt.
MOSt generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, MOSt
generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals or affiliates
may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment
decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing among other things, may give rise to real or potential conflicts of interest.
MOSt and its affiliated company(ies), their directors and employees 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 affiliates of MOSt even though there might exist an inherent
conflict of interest in some of the stocks mentioned in the research report .Reports based on technical and derivative analysis center on studying charts company's price movement, outstanding positions and trading volume, as
opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamental analysis. In addition MOST has different business segments / Divisions with independent research
separated by Chinese walls catering to different set of customers having various objectives, risk profiles, investment horizon, etc, and therefore may at times have different contrary views on stocks sectors and markets.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates or employees from,
any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt 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. The information contained herein is based on publicly available data or other
sources believed to be reliable. Any statements contained in this report attributed to a third party represent MOSt’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a
subscription service, and such use and interpretation have not been reviewed by the third party. This Report is not intended to be a complete statement or summary of the securities, markets or developments referred to in the
document. While we would endeavor to update the information herein on reasonable basis, MOSt and/or its affiliates are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons that
may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. MOSt or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the
implied warranties of merchantability, fitness for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision based on this report or for
any necessary explanation of its contents.
Most and it’s associates may have managed or co-managed public offering of securities, may have received compensation for investment banking or merchant banking or brokerage services, may have received any compensation
for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months.
Most and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of Most or its associates during twelve months preceding the date of distribution of the research report
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise of over 1 % at the end of the month immediately preceding the date of publication of the research in the securities mentioned in this
report. To enhance transparency, MOSt has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Motilal Oswal Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. SEBI Reg. No. INH000000412
There are no material disciplinary action that been taken by any regulatory authority impacting equity research analysis activities
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. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research receive
compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
Analyst ownership of the stock
Served as an officer, director or employee
SRF LTD
No
No
A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes
Regional Disclosures (outside India)
For U.S.
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 MOSt & its group companies to registration or licensing requirements within such jurisdictions.
Motilal Oswal Securities Limited (MOSL) 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 MOSL 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 MOSL, 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., MOSL 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 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 Kong 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 Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a
subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the
Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Kadambari Balachandran
Email : kadambari.balachandran@motilaloswal.com
Contact : (+65) 68189233 / 65249115
Office Address : 21 (Suite 31),16 Collyer Quay,Singapore 04931
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
Motilal Oswal Securities Ltd
22 March 2016
6