1 June 2017
Update
| Sector:
Capital Goods
Voltas
SELL
BSE SENSEX
31,146
S&P CNX
9,621
CMP: INR509
TP: INR400 (-21%)
Voltas-BEKO JV: Targeting 10% market share in 10 years
BEKO to bring technology, european brand, product range
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, INRm
Free float (%)
VOLT IN
331
512 / 287
20/48/36
160.9
2.5
570
69.7
We interacted with the senior management team of Arcelik on its plans for the
Voltas-BEKO JV in India. Our key takeaways:
10-year targets: USD1b sales, 10% market share, 11% margin
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
Net Sales
60.3
67.4
75.5
EBITDA
5.8
5.9
6.7
PAT
5.1
5.3
6.0
EPS (INR)
15.5
16.0
18.1
Gr. (%)
30.1
3.6
13.2
BV/Sh (INR)
100.0 111.8 125.2
RoE (%)
18.0
15.1
15.3
RoCE (%)
16.5
15.0
15.1
P/E (x)
32.9
31.7
28.0
P/BV (x)
5.1
4.5
4.1
Shareholding pattern (%)
As On
Mar-17 Dec-16 Mar-16
Promoter
30.3
30.3
30.3
DII
26.5
27.1
29.2
FII
20.7
22.4
19.5
Others
22.5
20.2
21.1
FII Includes depository receipts
Stock Performance (1-year)
Voltas
Sensex - Rebased
600
500
400
300
200
The Voltas-BEKO JV targets USD1b sales in 10 years, with 10-11% margin and
10% share in the Indian consumer durables market.
All sales would be routed though the JV – would look at introducing air
conditioners as well post four years.
The JV would be incorporated by September-October 2017 after all approvals
and start seeding the market with imported products from the BEKO
manufacturing facilities globally.
Could do USD300-500m sales in 3-5 years, and then scale to USD1b in 10 years.
Entry to India through tie-up with the Tatas
Arcelik has been looking at the Indian market for the last five years and finally
agreed to a JV with the Tata Group. The company had looked at greenfield
expansion, but it would take a lot of time to establish a brand and distribution
in India. An acquisition did not make economic sense.
Arcelik brings the BEKO brand, technology, product range and global sourcing,
while Voltas has local knowledge, strong brand, and wide distribution network.
Arcelik has been focused on SE Asia. It started a refrigeration plant in
Thailand in 2015 and recently entered Indonesia, Malaysia and Pakistan.
Voltas-BEKO JV to price products in line with the Koreans
The JV plans to start local production of refrigerators by the end of CY18, with
an investment of USD85m for local manufacturing, and scale this up to
USD155m in 10 years.
It intends to price products in line with the Korean brands, LG and Samsung.
The products would be positioned in the popular category.
With the Koreans/Japanese already present in India, competition would be
intense – not looking at price cuts/entry level strategy to take share.
The Koreans/Japanese brands have a lower cost base. BEKO intends to
leverage its premium European brand image, international experience,
technology and product range, while using the Voltas brand and trust to gain
market share in India.
In Europe, BEKO has taken share due to its association with football, and would
like to step up advertising in India, as well.
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.
Ankur Sharma
(Ankur.VSharma@MotilalOswal.com); +91 22 6129 1556
Amit Shah
(Amit.Shah@MotilalOswal.com); +91 22 6129 1543

Voltas
Manufacturing facility / capex of USD155m over 10 years
The Voltas-BEKO JV plans to invest USD85m over CY17-18 to establish the
refrigeration unit. Most of the money would go into buying land and setting up
the factory.
The JV is currently not looking at local manufacturing of compressors – will
source from Turkey and also from nearby countries.
Over the next 10 years, the JV plans to invest USD155m (INR9.9b), of which
USD85m would be invested in the next two years. The target is to produce 3m
units in 10 years.
With local production starting from the end of CY18, sales should ramp up.
Proforma P/L of the Voltas BEKO JV in FY22
Voltas BEKO targeted sales by FY22
Sales in INR
EBITDA
Margin (%)
Depreciation on $100m of capex
PBT
Voltas - BEKO JV PAT in FY22
Voltas share in JV PAT (49%)
Incremental EPS from the JV to Voltas in FY22
Voltas FY19 EPS
Voltas FY22 EPS (assuming a 15% CAGR over FY19-22)
Incremental EPS
USD500
32,000
3,200
10
325
2,875
2,013
986
3.0
18.1
28
11%
Source: MOSL
Valuation and view
Maintain Sell, with a target price of INR400:
Our cautious view on VOLT is driven
by: (a) threat to margins from increasing competition in the AC segment, (b) industry
convergence to inverter ACs, where VOLT is weak, and (c) inventory destocking prior
to GST implementation and BEE rating changes in January 2018.
1 June 2017
2

Voltas
Operating metrics
INR M
Order Book
Domestic
International
YoY
Order Inflows
Segmental Revenues
Electro mechanical projects
Engineering Products
Unitary Cooling products
Others
Total Revenues
EMP, % YoY
Engg Products, % YoY
UCP, % YoY
Segmental PBIT
Electro mechanical projects
Engineering Products
Unitary Cooling products
Others
Total PBIT
EPS (INR/sh)
NWC (Days)
EPS Composition (INR/sh)
Electro mechanical projects
Engineering Products
Unitary Cooling products
FY12
42,920
19,560
23,360
-12.2%
25,882
31,832
4,121
15,388
427
51,768
4.7%
-26.9%
-1.4%
-1,042
687
1,298
42
985
9.5
55.9
FY13
37,190
21,610
15,580
-13.4%
26,265
31,995
4,311
18,356
502
55,163
0.5%
4.6%
19.3%
-491
821
1,655
3
1,988
5.9
53.4
FY14
36,120
20,200
15,920
-2.9%
22,410
26,924
4,482
20,524
520
52,451
-15.8%
4.0%
11.8%
-396
1,414
2,567
6
3,592
6.8
52.5
6.8
-2.0
2.7
6.1
FY15
38,930
20,220
18,710
7.8%
22,380
22,085
3,601
25,105
661
51,452
-18.0%
-19.7%
22.3%
231
1,081
3,491
70
4,874
10.2
40.7
10.2
-0.7
2.4
8.4
FY16
39,140
25,441
13,699
3.6%
20,110
28,288
3,706
25,209
0
57,088
28.1%
2.9%
0.4%
550
1,127
3,381
0
5,058
11.0
40.8
11.0
0.4
2.4
8.2
FY17
45,371
30,247
15,124
15.7%
24,531
26,550
3,318
30,469
0
65,626
-6.1%
-10.5%
20.9%
849
956
4,403
0
6,208
15.4
35.5
15.4
2.8
2.0
10.7
FY18E
46,772
31,181
15,591
9.6%
27,438
29,300
3,484
35,039
0
80,352
10.4%
5.0%
15.0%
1,523
1,003
4,713
0
7,239
16.0
30.9
16.0
3.2
2.1
10.7
FY19E
51,710
34,473
17,237
13.9%
32,425
32,060
3,658
40,295
0
94,789
9.4%
5.0%
15.0%
1,731
1,054
5,420
0
8,204
18.1
35.9
18.1
3.6
2.2
12.3
1 June 2017
3

Voltas
Financials and Valuations
Income Statement
Y/E March
Total Revenues
Change (%)
Raw Materials
Staff Cost
Other Expenses
EBITDA
% of Total Revenues
Other Income
Depreciation
Interest
Exceptional Items
PBT
Tax
Rate (%)
Adjusted PAT
Extra-ordinary Income (net)
Reported PAT
Change (%)
Adj. Consolidated PAT
Change (%)
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Minority Intetest
Loans
Deferred Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Goodwill
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Current Liab. & Prov.
Creditors
Other Liabilities
Net Current Assets
Application of Funds
E: MOSL Estimates
2013
55,310
6.7
41,670
6,325
4,934
2,380
4.3
901
278
326
121
2,798
728
26.0
2,070
-
2,070
27.8
1,955
(37.5)
2014
52,660
(4.8)
38,543
5,947
5,515
2,656
5.0
1,002
248
225
215
3,399
941
27.7
2,458
-
2,458
18.7
2,238
14.5
2015
51,831
-2
35,974
5,899
5,857
4,100
7.9
1,087
280
233
462
5,136
1,276
25
3,860
0
3,860
57
3,381
51
2016
57,198
10
40,871
6,351
5,646
4,330
7.6
1,367
264
158
289
5,275
0
0
3,642
0
3,931
2
3,931
16
2017
60,328
5
42,359
6,184
5,994
5,791
9.6
1,998
245
160
11
7,395
2,089
28
5,114
0
5,114
30
5,114
30
2018E
67,419
12
48,521
6,732
6,240
5,925
8.8
2,066
252
110
0
7,629
2,212
29
5,317
0
5,317
4
5,297
4
(INR Million)
2019E
75,525
12
55,285
7,035
6,537
6,668
8.8
2,299
262
93
0
8,611
2,497
29
6,014
0
6,014
13
5,994
13
(INR Million)
2019E
331
41,069
41,400
285
1,709
(198)
43,197
5,444
3,529
1,916
-
22,679
723
54,846
11,355
18,204
10,412
1,170
37,009
22,901
14,108
17,837
43,197
2013
331
15,926
16,256
118
2,612
(222)
18,765
4,678
2,568
2,110
0
4,074
888
38,352
9,784
21,927
3,498
3,142
26,658
17,191
9,186
11,694
18,766
2014
331
17,862
18,193
138
2,629
(239)
20,721
4,198
2,113
2,086
18
7,320
798
36,974
9,010
22,039
2,818
3,108
26,476
16,267
10,208
10,499
20,721
2015
331
20,690
21,021
161
1,217
(349)
22,049
4,114
2,223
1,891
44
10,939
798
34,844
8,671
21,051
2,516
2,606
26,466
15,414
11,051
8,378
22,050
2016
331
27,780
28,111
267
2,707
(311)
30,775
4,805
2,770
2,035
-
19,458
723
35,863
7,247
13,672
1,855
935
27,610
17,488
10,122
8,253
30,775
2017
331
32,735
33,066
285
1,709
(198)
34,863
5,018
3,015
2,004
-
22,679
723
38,808
9,070
14,541
3,314
935
29,628
19,946
9,682
9,180
34,863
2018E
331
36,645
36,976
285
1,709
(198)
38,773
5,231
3,266
1,965
-
22,679
723
47,204
10,136
16,250
7,539
1,045
33,960
21,366
12,594
13,244
38,773
1 June 2017
4

Voltas
Financials and Valuations
Ratios
Y/E March
Basic (INR)
Adj EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Inventory (Days)
Creditors. (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
Cash Flow Statement
Y/E March
PBT before EO Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(Inc)/Dec in FA
Free Cash Flow
Investment in liquid assets
CF from Investments
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2013
5.9
6.3
6.8
49.2
1.6
29.8
12.7
11.1
10.1
0.4
1.5
2.1
12.6
12.4
13.7
145
65
158
2.9
0.2
2014
6.8
7.4
7.5
55.0
1.9
29.2
23.8
34.2
20.0
1.0
2.9
1.1
13.0
12.0
15.0
153
62
164
2.5
0.1
2015
10.2
10.2
11.1
63.6
2.3
23.3
22.6
20.9
18.3
1.5
3.6
1.0
17.2
16.6
28.1
148.2
61.1
161.4
2.4
0.1
2016
11.9
11.9
12.7
85.0
2.6
27.1
46.1
42.9
38.9
2.9
6.0
0.5
14.8
13.9
29.4
87.2
46.2
111.6
1.9
0.1
2017
15.5
15.5
16.2
100.0
3.5
26.2
32.9
31.4
28.7
2.8
5.1
0.7
18.0
16.5
41.8
88.0
54.9
120.7
1.7
0.1
2018E
16.0
16.0
16.8
111.8
3.6
26.2
31.7
30.2
27.3
2.4
4.5
0.7
15.1
15.0
44.7
88.0
54.9
115.7
1.7
0.0
2019E
18.1
18.1
18.9
125.2
4.1
26.2
28.0
26.8
23.8
2.1
4.1
0.8
15.3
15.1
47.2
88.0
54.9
110.7
1.7
0.0
2013
2,798
278
326
(728)
(202)
2,472
(181)
2,291
(957)
(1,139)
399
(326)
(619)
(546)
787
2,710
3,497
2014
3,399
248
225
(941)
98
3,030
462
3,492
(3,247)
(2,785)
17
(225)
(716)
(925)
(679)
3,497
2,818
2015
5,136
280
233
(1,276)
1,425
5,798
58
5,856
(3,619)
(3,561)
(1,412)
(233)
(894)
(2,539)
(302)
2,818
2,516
2016
5,275
264
-
(1,696)
(537)
3,306
(213)
3,093
(4,214)
(4,427)
1,491
-
(988)
503
(618)
2,516
1,854
2017
7,384
245
-
(2,089)
533
6,073
(213)
5,860
(2,029)
(2,242)
(998)
-
(1,337)
(2,335)
1,497
1,817
3,314
2018E
7,629
252
-
(2,212)
161
5,829
(213)
5,616
-
(213)
-
-
(1,387)
(1,387)
4,229
3,310
7,539
2019E
8,611
262
-
(2,497)
(1,720)
4,656
(213)
4,443
-
(213)
-
-
(1,570)
(1,570)
2,873
7,539
10,412
1 June 2017
5

Disclosures
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
offer, invitation or 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
Pending Regulatory inspections against Motilal Oswal Securities Limited:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry
and adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have
requested to SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.
List of associate companies of Motilal Oswal Securities Limited -Click
here to access detailed report
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
Voltas
Disclosure of Interest Statement
Analyst ownership of the stock
No
Served as an officer, director or employee -
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)
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.
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 U.S.
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 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:
Varun Kumar
Varun.kumar@motilaloswal.com
Contact : (+65) 68189232
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
VOLTAS
Motilal Oswal Securities Ltd
1 June 2017
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
6