7 September 2017
Annual Report Update | Sector: Cement
BSE SENSEX
31,663
S&P CNX
9,930
Shree Cement
Buy
CMP: INR18,480
TP: INR22,360 (+21%)
Expanding footprint in new regions
On capacity expansion spree for the next 2-3 years
We went through Shree Cement's (SRCM) annual report for FY17. Our key
takeaways:
Diversification strategy continues; adding capacity in newer markets:
SRCM
continues its endeavor to diversify its end markets by adding capacity in newer
markets of East and South India over the next two years. It will be adding up to
6.4m tonnes in the East and 3m tonnes in the South over the next couple of years.
This will reduce its dependence on the North from 100% in 2014 to less than 65%
in FY20; currently, the North accounts for ~78% of SRCM’s capacity.
Aggressive capacity addition program continues:
SRCM has increased capacity at
a CAGR of 17% over FY12-17 by debottlenecking and diversifying into newer
markets. Capacity addition far ahead of the industry has resulted in strong market
share gains for SRCM. It is likely to increase capacity by ~32% over the next two
years, which will result in continued trend of market share gains.
Capex cost remains lowest in the market:
In FY17, SRCM increased capacity by
~14% to 29.3m tonnes. The associated capex for the expansion was INR7.6b. This
translates into capex per tonne of USD32 as against the industry standard of
USD50-70/tonne. Of the total capacity addition of 3.7m tonnes, 2.1m tonnes was
by way of debottlenecking, which typically entails lower capex cost.
Cost leadership maintained:
SRCM has been able to mitigate the impact of sharp
increase in petcoke prices in FY17 by building low cost inventory and improving
power consumption norm. Petcoke prices increased ~21% in FY17, while SRCM’s
unitary cost of power and fuel declined by ~6%. We expect the lag impact of
increase in petcoke prices to be seen in SRCM’s unitary power and fuel cost.
Sweating assets to optimal utilization:
SRCM has been known to utilize assets to
optimal level to improve profitability and return ratios. It has seen lower plant load
factor for its merchant power at Ras due to weak merchant power demand.
Additionally, it is facing captive power deficit for its eastern operations. It shifted
the idle boiler unit, and subsequently, the turbine from Ras to its eastern unit, thus
saving significantly on capital cost.
Securing resources for sustainable growth in the East:
SRCM has secured fuel
requirement for expanded operations in Raipur unit by bidding for and winning
three coal linkages from multiple fields, which will ensure uninterrupted supply of
fuel with no major price volatility. Additionally, to support line-3 of clinker unit in
Raipur, it has secured limestone deposit adjacent to the present unit; this can
support operations of ~2.5m tonnes of clinker capacity.
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 (%)
SRCM IN
34.8
20560 / 12477
4/7/-5
643.8
9.6
292.0
35.2
Financials Snapshot (INR b)
Y/E Mar
2017 2018E 2019E
Sales
84.3
98.9 123.0
EBITDA
23.7
25.0
31.9
NP
13.4
16.0
19.1
Adj EPS (INR)
384.4 460.4 547.8
EPS Gr. (%)
5.4
19.8
19.0
BV/Sh. (INR)
2,210 2,623 3,125
RoE (%)
18.4
19.1
19.1
RoCE (%)
17.5
17.7
18.0
Payout (%)
35.1
10.1
8.5
Valuation
P/E (x)
48.1
40.1
33.7
P/BV (x)
8.4
7.0
5.9
EV/EBITDA (x)
26.0
23.6
18.1
Shareholding pattern (%)
As On
Jun-17 Mar-17 Jun-16
Promoter
64.8
64.8
64.8
DII
14.6
14.7
15.4
FII
14.7
14.6
13.8
Others
5.9
6.0
6.0
FII Includes depository receipts
Abhishek Ghosh – Research analyst
(Abhishek.Ghosh@motilaloswal.com); +91 22 3982 5436
Pradnya Ganar – Research analyst
(Pradnya.Ganar@motilaloswal.com); +91 22 3980 4322
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

Shree Cement
Stock Performance (1-year)
Valuation and view
SRCM is the most cost-efficient cement producer in India. Its superior execution
capability enables it to achieve RoIC of over ~50% (FY19E). SRCM’s gross-block-to-
capacity (GB/capacity) – currently at ~USD53/tonne – has been structurally trending
downward, as the proportion of brownfield expansion has increased. Its GB/capacity
is at 28% discount to peers, which is also reflected in its superior RoCE. We believe
SRCM deserves to trade at premium valuations; we value the cement business at
15x FY20E EV/EBITDA to arrive at a target price of INR22,360.
Buy.
Cement business:
Cement production grew 7.9% in FY17 to 20.3m tonnes, led by
strong growth from eastern operations on ramp up of newer assets. Cement and
clinker volumes grew 8.4% to 20.6m tonnes due to ramp up of eastern operations.
Cement revenue grew 19.4% to INR89.24b, led by increase in volume and
realization. SRCM maintained its cost leadership by maintaining raw material cost
and rationalizing power and fuel cost by 3% through better procurement. Logistics
cost was, however, up 14% mainly because of higher diesel prices and relatively
lower ex-factory dispatches. Cement EBITDA grew 37.3% to INR22.1b.
Power business:
As SRCM operates in the short-term power market, its power sales
depend on prevailing fuel prices. Fuel prices were soft in the first half of FY17 and
increased sharply during the second half. This coupled with a challenging market
environment led to overall power sales dropping to 1,658m units from 1,739m units
in FY16 (9 months). Power revenue/EBITDA was INR5.72b/INR1.56b as against
INR5.85b/INR1.99b in FY16 (9 months).
FY17 performance at a glance
Diversification strategy continues; adding capacity in newer markets
SRCM continues with its endeavor to diversify end markets. It is adding capacity
in newer markets of East and South India. It will be adding up to 6.4m tonnes in
the East and 3m tonnes in the South over the next couple of years. This will
reduce its dependence on the North from 100% in 2014 to less than 65% in
FY20; currently, the North accounts for ~78% of SRCM’s capacity.
During the year, the expansion project of grinding unit at Aurangabad in Bihar
was completed, raising its capacity to 3.6m tonnes from 2m tonnes.
The work on clinker capacity expansion project of 2.6m tonnes at Baloda Bazar
in Raipur District of Chhattisgarh is expected to be completed by 4QFY18.
Work on integrated cement project of 3m tonnes at Kodla in Gulbarga District of
Karnataka is on schedule and is expected to be completed by 3QFY19.
Exhibit 1: Dependence on northern market is reducing
Capacity share in the North
100%
78%
<65%
FY12
FY17
FY19E
Source: MOSL, Company
7 September 2017
2

Shree Cement
Aggressive capacity addition program continues
SRCM has increased capacity at a CAGR of 17% over FY12-17 by diversifying into
newer markets as also by way of debottlenecking.
Capacity of existing units has also increased as a result of debottlenecking,
process flow improvement, installation of balancing equipment, and other
productivity improvement measures. Accordingly, SRCM’s cement capacity
increased from 25.6m tonnes in FY16 to 29.3m tonnes in FY17.
Capacity addition far ahead of the industry has resulted in strong market share
gains for SRCM. It is likely to increase capacity by ~32% over the next two years,
which will result in continued trend of market share gains.
Also, given the slackening of demand and supply overhang in the industry, SRCM
has adopted measures like multi-brand strategy, faster delivery, and consistent
quality. This has helped it to become the market leader in Rajasthan, Delhi,
Haryana and Bihar.
Exhibit 2: Capacity to grow at a CAGR of 15% over FY17-19
Capacity (in mt)
39.0
29.3
13.5
FY12
FY17
FY19E
Source: Company, MOSL
Exhibit 3: Multi-brand strategy
Source: MOSL, Company
Capex cost remains lowest in the market
SRCM increased its capacity by ~14% to 29.3m tonnes in FY17.
The 3.7mt of expansion was done at a capex of INR7.6b, which translates into
capex per tonne of USD32.
This is much lower than the industry standard of USD50-70/tonne.
Of the total capacity addition of 3.7m tonnes, ~2.1m tonnes was by way of
debottlenecking, which typically entails lower capex cost.
7 September 2017
3

Shree Cement
Exhibit 4: USD32/tonne of capex for adding 3.7m tonnes of capacity
Capex cost (INR b)
Capacity Added (mt)
1 USD
Capex per ton (USD/ton)
7.6
3.7
INR64
32.1
Source:MOSL,Company
Cost leadership maintained
SRCM has been able to mitigate the impact of sharp increase in petcoke prices
in FY17 by building low cost inventory and improving power consumption norm.
Petcoke prices increased by ~21% in FY17 while SRCM saw a decline in unitary
cost of power and fuel by ~6% over the same period.
It has invested in waste heat recovery power plants as a long-term environment
management plan, which helps it reduce dependence on fossil fuels and also cut
down carbon emission. It retains its distinction of having the largest waste heat
recovery capacity in the global cement industry excluding China.
SRCM has set up a 62KW solar PV power plant near its cement plant in Beawar.
The plant employs three different variants, including tracking system.
Exhibit 6: …despite ~21% increase in pet coke prices
Retail petcoke prices (INR/tonne)
5,815
4,790
Exhibit 5: SRCM’s P&F cost decreased by 6%…
Power and Fuel cost (INR/ton)
532
-6%
501
+21%
FY16
FY17
Source: MOSL, Company
FY16
FY17
Source: MOSL, Company
Sweating assets to optimal utilization
SRCM is known to utilize assets at optimal level to improve profitability. It has
seen lower plant load factor for its merchant power at Ras due to weak power
demand.
Ras had surplus power to the extent that a few power plants were lying idle,
while Raipur was in need of additional power.
SRCM shifted the idle boiler unit at Ras, and subsequently the turbine, to its
Raipur unit, saving on capital cost.
This led to increase in productivity and significant financial savings – the cost of
putting an entirely new plant at Raipur was eliminated.
Securing resources for sustainable growth in eastern market
SRCM has secured fuel requirement for expanded operations at Raipur unit by
bidding for and winning three coal linkages from multiple fields, which will ensure
uninterrupted supply of fuel, with no major price volatility. Additionally, to support
line-3 of clinker unit in Raipur, it has secured limestone deposit adjacent to the
present unit; this can support operations of present size.
7 September 2017
4

Shree Cement
Coal linkages:
To contain the impact of fluctuations in prices of imported coal and
pet coke, SRCM participated in the coal linkages auctions conducted by the
government and won three coal linkages for supply from New Kusumunda and
Dipka OC coal mines of South Eastern Coalfields (subsidiary of Coal India). This will
be used in the company’s plant at Raipur, Chhattisgarh. The supply will continue for
three years from the date of signing of fuel supply agreement(s).
Limestone block:
SRCM participated in an e-auction conducted by the government
of Chhattisgarh for a limestone deposit at Village Karhi Chandi, District Baloda Bazar
- Bhatapara, Raipur, adjacent to its Raipur cement plant. This deposit will augment
its limestone reserve availability, allowing it to scale up capacity.
Efficiency in procurement:
SRCM adopted the railway scheme for ‘empty flow
direction’ and devised an optimum rail:road mix to source slag from Central India.
This resulted in lower freight cost and also reduced its dependency on the local
suppliers in Bihar and adjoining states, which were witnessing increase in slag prices
due to strong demand.
Valuation and view
SRCM is the most cost-efficient cement producer in India. Its superior execution
capability enables it to achieve RoIC of over ~50% (FY19E). SRCM’s gross-block-to-
capacity (GB/capacity) – currently at ~USD53/tonne – has been structurally trending
downward, as the proportion of brownfield expansion has increased. Its GB/capacity
is at 28% discount to peers, which is also reflected in its superior RoCE. We believe
SRCM deserves to trade at premium valuations; we value the cement business at
15x FY20E EV/EBITDA to arrive at a target price of INR22,360. Maintain
Buy.
7 September 2017
5

Shree Cement
Story in charts
Exhibit 7: SRCM to increase capacity by 12m tonnes by FY19
110
88
Capacity (mt)
94 94
85
78
90 92
81
69
73 70 74 70 73
1,077 1,034
921
Utilization (%) RHS
62
Exhibit 8: SRCM’s cement EBITDA/tonne to grow by 30% till
FY19
Cement EBITDA/ton
200
47
79
143
Power EBITDA/ton
76
10
12
7
82
744
806
1,076 1,067 1,152 1,221
Source: MOSL, Company
Source: MOSL, Company
Exhibit 9: SRCM’s FCF to grow at a CAGR of 34% over FY17-20 Exhibit 10: Strong balance sheet to drive consistent growth
(INR b)
from internal accruals
40
25
10
-1
-5
3
3
OCF
Capex
FCF
26
17
10 11
2
1
2
-1 -2
17
26
3
4
Net debt (INR b)
5
0.9
3
2
1
3
-13 -14 -13 -12 -24 -29 -52 -66 -90
0.4
0.3 0.2
0.1
-1.0 -0.9 -1.0 -0.9
-1.4 -1.2
-2.1 -2.1 -2.2
DER (x)
1.7 1.6
Source: Company, MOSL
Source: Company, MOSL
Exhibit 11: Return on invested capital
RoIC(%)
65
22
34
58
42
24
61
32
15
19
27
38
49
63
Source: Company, MOSL
7 September 2017
6

Shree Cement
Financials and Valuations
Income Statement
Y/E June
Net Sales
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depriciation
EBIT
Int. and Finance Charges
Other Income - Rec.
PBT before EO Expense
EO Expense/(Income)
PBT after EO Expense
Tax
Tax Rate (%)
Reported PAT
Adj PAT for EO items
Change (%)
Margin (%)
2013
55,671
16.5
40,293
72.4
15,378
27.6
4,356
11,022
1,931
2,114
11,205
11
11,194
1,155
10.3
10,040
10,049
77.2
18.1
2014
58,759
5.5
44,975
76.5
13,784
23.5
5,499
8,285
1,292
1,964
8,957
-154
9,111
1,238
13.6
7,872
7,739
-23.0
13.2
2015
64,399
9.6
51,097
79.3
13,302
20.7
9,248
4,054
1,206
1,515
4,363
355
4,008
-255
-6.4
4,263
4,640
-40.0
7.2
2016
72,382
12.4
54,746
75.6
17,637
24.4
10,658
6,979
1,021
7,119
13,076
240
12,837
364
2.8
12,472
12,705
173.8
17.6
2017
84,292
16.5
60,619
71.9
23,672
28.1
12,147
11,525
1,294
5,077
15,308
0
15,308
1,917
12.5
13,391
13,391
5.4
15.9
2018E
98,950
17.4
73,905
74.7
25,045
25.3
10,678
14,366
1,318
7,000
20,048
0
20,048
4,010
20.0
16,039
16,039
19.8
16.2
(INR Million)
2019E
122,966
24.3
91,041
74.0
31,925
26.0
15,961
15,964
1,108
9,000
23,856
0
23,856
4,771
20.0
19,085
19,085
19.0
15.5
2020E
149,818
21.8
109,391
73.0
40,428
27.0
15,512
24,916
706
11,000
35,210
0
35,210
7,042
20.0
28,168
28,168
47.6
18.8
Balance Sheet
Y/E June
Equity Share Capital
Other Reserves
Total Reserves
Net Worth
Deferred Liabilities
Secured Loan
Unsecured Laon
Total Loans
Capital Employed
Gross Block
Less: Accum. Deprn.
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liability & Prov.
Account Payables
Provisions
Net Current Assets
Appl. of Funds
2013
348
38,088
38,088
38,436
-938
11,274
0
11,274
48,773
56,895
40,242
16,653
2,500
22,033
19,478
5,305
3,147
3,694
7,333
11,891
10,841
1,050
7,587
48,773
2014
348
46,760
46,760
47,109
-1429
10,783
0
10,783
56,463
66,764
45,741
21,023
8,500
22,444
19,892
8,098
2,966
1,593
7,236
15,396
14,209
1,186
4,496
56,463
2015
348
52,416
52,416
52,764
-1952
8,200
0
8,200
59,012
85,764
54,989
29,154
6,000
16,626
26,246
9,189
4,764
3,075
9,219
19,015
18,135
880
7,231
59,012
2016
348
68,107
68,107
68,455
-3718
7,265
0
7,265
72,002
38,689
8,187
29,647
3,500
30,305
27,463
8,152
3,286
830
15,195
18,913
18,835
78
8,551
72,002
2017
348
76,633
76,633
76,981
-5077
12,925
0
12,925
84,829
46,297
20,306
25,991
7,104
40,426
33,063
13,145
3,351
1,110
15,456
21,755
21,674
81
11,308
84,829
2018E
348
91,052
91,052
91,401
-5277
11,425
0
11,425
97,548
55,401
30,984
24,417
10,000
40,426
49,625
10,302
5,422
22,515
11,386
26,920
25,754
1,166
22,705
97,548
(INR Million)
2019E
348
108,518
108,518
108,866
-5516
9,925
0
9,925
113,275
75,401
46,945
28,456
10,000
40,426
66,039
11,454
5,727
35,382
13,476
31,646
30,320
1,326
34,393
113,275
2020E
348
135,066
135,066
135,415
-5868
8,425
0
8,425
137,971
98,401
62,457
35,944
4,000
40,426
93,842
13,545
6,978
57,722
15,598
36,241
34,889
1,352
57,601
137,971
7 September 2017
7

Shree Cement
Financials and Valuations
Ratios
Y/E June
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
EV (US$)
EV/ton (USD-Cap)
Dividend Yield (%)
Return Ratios (%)
RoIC
RoE
RoCE
Normalized RoE
Working Capital Ratios
Inventory (Days)
Debtor (Days)
Creditor (Days)
Working Capital Turnover (Days)
Leverage Ratio (x)
Current Ratio
Debt/Equity
2013
288.5
441.3
1,103.3
20.0
8.1
2014
222.2
427.5
1,352.3
22.0
11.4
2015
133.2
541.3
1,514.6
24.0
22.8
2016
364.7
863.8
1,965.0
24.0
7.8
2017
384.4
974.0
2,209.6
116.0
35.1
2018E
460.4
942.0
2,623.4
40.0
10.1
2019E
547.8
1,282.3
3,124.8
40.0
8.5
2020E
808.5
1,490.2
3,886.8
40.0
5.7
64.1
41.9
16.7
11.7
40.9
9,204
682
0.1
83.2
43.2
13.7
11.1
45.7
9,170
524
0.1
138.7
34.1
12.2
10.1
47.5
9,243
393
0.1
50.7
21.4
9.4
9.0
35.1
9,115
357
0.1
48.1
19.0
8.4
7.8
26.0
9,022
308
0.6
40.1
19.6
7.0
6.4
23.6
8,658
277
0.2
33.7
14.4
5.9
5.0
18.1
8,448
217
0.2
22.9
12.4
4.8
4.0
13.7
8,186
181
0.2
61.1
30.6
25.2
33.5
35
19
71
50
32.2
18.1
16.5
22.0
50
17
88
28
15.1
9.3
10.0
19.2
52
24
103
41
19.2
21.0
20.0
32.1
41
15
95
43
27.4
18.4
17.5
30.0
57
13
94
49
37.8
19.1
17.7
26.3
38
18
95
84
49.1
19.1
18.0
28.7
34
15
90
102
63.0
23.1
21.9
29.8
33
15
85
140
1.6
0.3
1.3
0.2
1.4
0.2
1.5
0.1
1.5
0.2
1.8
0.1
2.1
0.1
2.6
0.1
Cash Flow Statement
Oper. P/L before Tax
Interest/Dividends Recd.
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(inc)/dec in FA
Free Cash Flow
(Pur)/Sale of Investments
CF from investments
Issue of Shares
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
2013
15,368
2,114
-2,198
-5,957
9,326
-7,331
1,995
3,319
-4,012
1,867
-5,337
-1,931
-810
-6,211
-896
4,590
3,693
2014
13,938
1,964
-1,729
990
15,162
-15,869
-707
-411
-16,280
1,697
-491
-1,292
-897
-983
-2,101
3,694
1,592
2015
12,947
1,515
-268
-1,253
12,942
-14,879
-1,938
5,818
-9,062
2,364
-2,583
-1,206
-972
-2,398
1,482
1,593
3,075
2016
13,701
6,675
-1,221
-3,384
15,770
-6,268
9,502
-13,679
-19,947
5,232
-935
-758
-972
2,568
-1,609
3,075
1,706
2017
23,672
5,077
-3,241
-2,477
23,031
-12,096
10,935
-10,121
-22,217
-169
5,660
-1,294
-4,696
-499
314
830
1,145
2018E
25,045
7,000
-4,210
10,008
37,843
-12,000
25,843
0
-12,000
0
-1,500
-1,318
-1,619
-4,437
21,405
1,110
22,515
2019E
31,925
9,000
-5,010
1,179
37,094
-20,000
17,094
0
-20,000
0
-1,500
-1,108
-1,619
-4,227
12,867
22,515
35,382
(INR Million)
2020E
40,428
11,000
-7,394
-868
43,165
-17,000
26,165
0
-17,000
0
-1,500
-706
-1,619
-3,825
22,340
35,382
57,722
7 September 2017
8

Shree Cement
NOTES
7 September 2017
9

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
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Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have received any compensation from the subject company in
the past 12 months.
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N
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
a)
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Disclosure of Interest Statement
Analyst ownership of the stock
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No
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www.nseindia.com, www.bseindia.com.
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representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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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. MOSL, 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
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring
Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 3080 1000. Compliance Officer: Neeraj Agarwal, Email Id:
na@motilaloswal.com,
Contact No.:022-30801085.
Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers wealth
management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
7 September 2017
10