Kotak Mahindra Bank
BSE SENSEX
33,043
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,295
KMB IN
Steady quarter; loan growth gaining momentum
1,839
Standalone results:
PAT grew 22% YoY to INR9.94b (3% miss). Operating
1,853 / 28.5
profit increased 20% YoY, led by healthy NII growth (+16% YoY, even as NIM
1114 / 692
shrunk 17bp QoQ to 4.33%), steady fee income growth (+29% YoY) and
-5/0/11
controlled operating expenses. Asset quality remains healthy, with the GNPL
2103
ratio declining by 11bp QoQ to 2.47% and the coverage ratio by 260bp QoQ
69.9
25 October 2017
2QFY18 Results Update | Sector: Financials
CMP: INR1,010
TP: INR1,179(+17%)
Buy
Financials & Valuations (INR b)
Y/E MARCH
2018E 2019E
NII
93.4 112.0
OP
71.3
90.4
Cons. NP
61.0
79.1
Cons. EPS (INR)
32.1
41.6
EPS Gr. (%)
19.4
29.7
Cons. BV. (INR)
232
272
Cons. RoE (%)
14.8
16.5
RoA (%)
1.8
1.9
Payout (%)
4.7
4.7
Valuations
P/E(X) (Cons.)
31.5
24.3
P/BV (X) (Cons.)
4.3
3.7
Div. Yield (%)
0.1
0.1
2020E
134.6
114.6
98.8
51.9
25.0
323
17.4
2.0
4.7
19.4
3.1
0.1
to 49.7%. The bank received RBI inspection report and no divergence was
reported as of March 2017.
Loan growth gained momentum, coming in at 21% YoY (+7% QoQ), led by
strong traction in CV, small business and personal banking segments.
Deposit growth stood at 17% YoY/1% QoQ.
Other highlights: a) CASA growth remained strong at 44% YoY (62% YoY
growth in SA deposits). CASA ratio thus increased 390bp QoQ to 47.8%. b)
SMA2 advances declined to 16bp of loans v/s 21bp in 1QFY18, while OSRL
declined to INR650m (4bp of loans).
Other businesses:
a) Profitability in the securities business improved to
INR1.18b, up 23% YoY, while Kotak Life Insurance also reported strong
earnings growth. b) K-Sec market share stood at 1.9% (stable QoQ). c) Asset
management business average AUM increased 9% QoQ (+57% YoY), led by
strong inflows in equity AUM (+102% YoY).
Valuation and view:
The bank’s share in consolidated profits now stands at
~69% (67.6% in 2QFY17), and we expect this to increase further as synergy
benefits show up fully in FY18. Among subsidiaries, KM Securities, KM Life
Insurance and Kotak AMC reported healthy earnings growth. We expect ~26%
earnings CAGR over FY17-19, led by a revival in loan growth and controlled opex.
Strong presence across geographies/products and healthy capitalization (Tier1 of
~19%) place the bank in a sweet spot to capitalize on growth opportunities and
gain market share. Comfort on asset quality remains high, with no SDR/5:25,
negligible SMA2 (16bp) and OSRL (4bp). At our SOTP based TP of INR1,179, KMB
will trade at 4.0x Sep19E consolidated BV.
Buy.
FY17
2Q
FY18E
2Q
23,127
15.9
17,248
19.8
9,943
22.3
FY17
3Q
23,530
14.8
18,501
21.1
10,554
20.0
4Q
24,334
12.6
19,613
15.2
11,715
20.0
1,619
811
250
1,333
295
507
0
1,041
-129
17,441
24.2
81,261
17.8
59,848
48.1
34,115
63.2
5,150
1,960
460
3,610
860
560
125
3,030
-385
49,485
43.0
93,445
15.0
71,316
19.2
41,340
21.2
6,014
2,461
490
5,002
1,032
1,163
0
4,091
-600
60,991
23.3
FY18E
Quarterly Performance
Y/E March
1Q
3Q
4Q
1Q
Kotak Bank (standalone)
Net Interest Income
19,191
19,954
20,503
21,614
22,456
% Cha nge (Y-o-Y)
20.1
18.9
16.1
16.4
17.0
Operating Profit
13,150
14,401
15,277
17,020
15,954
% Cha nge (Y-o-Y)
120.3
37.8
26.8
42.5
21.3
Net Profit
7,420
8,133
8,798
9,765
9,127
% Cha nge (Y-o-Y)
291.0
42.8
38.6
40.3
23.0
Other Businesses
Kota k Pri me
1,200
1,300
1,330
1,330
1,320
Kota k Ma h. Inves tments
400
530
480
560
450
Kota k Ma h. Ca pi ta l Co
230
50
70
110
50
Kota k Securi ti es
600
960
850
1,210
1,250
Interna ti ona l s ubs
130
310
220
210
170
Kota k Ma h. AMC & Trus tee Co.
190
70
160
130
150
Kota k Inves tment Advi s ors
110
10
0
0
0
Kota k OM Li fe Ins ura nce
710
630
680
1,010
1,030
Con.a dj a nd MI
-240
30
80
-280
-80
Conso. PAT
10,750
12,023
12,668
14,045
13,467
% Cha nge (Y-o-Y)
108.0
27.4
33.9
33.2
25.3
E: MOSL Es ti ma tes , Qua rterl y numbers va ry from ful l yea r number due to di fference
1,500
1,575
550
650
-10
200
1,180
1,239
280
287
230
276
0
0
1,000
1,020
-266
-125
14,407
15,676
19.8
23.7
i n reporti ng
Research Analyst: Nitin Aggarwal
(Nitin.Aggarwal@MotilalOswal.com); +91 22 3982 5540|Anirvan
Sarkar
(Anirvan.Sarkar@MotilalOswal.com); +91223982 5505
Alpesh Mehta
(Alpesh.Mehta@MotilalOswal.com); +91 22 3982 5415
| Piran Engineer
(Piran.Engineer@MotilalOswal.com); +91 22 3980 4393
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.

Kotak Mahindra Bank
Exhibit 1: Quarterly performance v/s our estimates and reasons for deviations (INRm)
Kotak Bank (standalone)
Net Interest Income
% Change (Y-o-Y)
Operating Profit
% Change (Y-o-Y)
Net Profit
% Change (Y-o-Y)
Other Businesses
Kotak Prime
Kotak Mah. Investments
Kotak Mah. Capital Co
Kotak Securities
International subs
Kotak Mah. AMC & Trustee Co.
Kotak Investment Advisors
Kotak OM Life Insurance
Con.adj and MI
Consol. PAT
% Change (Y-o-Y)
2QFY18A
23,127
15.9
17,248
19.8
9,943
22.3
1,500
550
-10
1,180
280
230
0
1,000
-260
14,413
19.9
2QFY18E
23,037
15.5
17,662
22.6
10,259
26.1
1,452
650
150
1,000
300
250
0
756
-50
14,767
22.8
v/s Est.
0
-2
-3
Comments
3
-15
-107
18
-7
-8
32
-2
Sharp decline in profitability
Sharp improvement in profitability
Sharp decline in profitability
Source: MOSL, Company
Lending business: Healthy loan growth and strong key operating
metrics; Stable asset quality maintained
Overall CASA ratio
improved to 47.8% from
43.9% in 1QFY18
Healthy loan growth; robust CASA growth continues
Loans grew 21% YoY and 7% QoQ led by 33% YoY / 7% QoQ growth in CV loans
while small business and personal banking grew 14% QoQ and 32% YoY. Home
loan and LAP grew 7% QoQ and 20% YoY.
KMPL’s PAT grew ~14% QoQ (+15% YoY). Consolidated loan growth was at 22%
YoY.
SA deposits grew 62% YoY / 10% QoQ. SA deposits as a proportion of overall
deposits stood at 32% (23% a year ago). Overall CASA ratio improved 390bp
QoQ to 47.8%.
Strong emphasis on digital
initiatives is driving down
cost structure of the bank
Strong revenue growth coupled with controlled opex drives healthy core
performance
NIMs declined 17bp QoQ however healthy loan growth still enabled 16% YoY
growth in NII.
Contribution of fee income to profitability remained high (+54% YoY). Coupled
with strong cost control (opex growth at 12% YoY) this led to healthy operating
profit growth of 20% YoY
Net stress loans including
SMA2 accounts at ~146bp
Net stress loans remain one of the lowest in the system
While the challenges continue in the economy, KMB reported strong asset
quality performance with decline in GNPLs, restructured loans and SMA-2
advances.
The bank has negligible stress in the book in terms of OSRL (4bp) and SMA2
accounts (16bp), demonstrating the robust risk management of the bank.
25 October 2017
2

Kotak Mahindra Bank
Proportion of equity AUM
increased to 24% of overall
AUM v/s 16% in 1QFY17
Healthy performance in non-lending business
Profitability in securities business improved to INR1.18b, a 23% YoY growth
K-Sec market share stood at 1.9% (stable QoQ)
Asset management business reported >3x increase in PAT at Rs230mn while the
average AUM increased 9% QoQ (+57% YoY) – led by strong inflows in Equity
AUM which grew 102% YoY
Life insurance profit increased 59% YoY to INR 1b.
Exhibit 3: Domestic AUM increased 40% YoY (+11% QoQ)
Debt
Offshore Funds
Equity
Alternate assets
PMS
Insurance
12
17
1
24
42
Exhibit 2: Growth in auto loans picked up in the quarter
Auto Loans (INR b)
Other Loans (INR b)
17 18 20 18 19 18 18 15 15 15 14 14 14 15 14 13
5 4
10 10 10 9 9 9 7 6 6 6 11 10 9 6
17 16
16 17 18 18 19 22 26 23 25 22 21 19 17 22 1 2
1 1 1 1
1
1 1 1
1
5 6 6 7 1 1 1 14 1 14 1 15 16 14 20 21
9 10 12
14
14
51 48 45 47 43 40
36 41 39 42 39 41 43 42 43 44
4
Source: MOSL, Company
Source: MOSL, Company
Exhibit 4: K-Sec: PAT grew 23% YoY (INR b)
Tot. Inc.
27 28
21
8
PAT
33
30 29
27
27 29
24 23 25
PATM (%)
33
33 34 34
30
Exhibit 5: K-Sec market share was flat QoQ at 1.9%
Source: MOSL, Company
Source: MOSL, Company
Exhibit 6: Investment banking earnings trend (INRm)
Tot Inc.
PAT
Exhibit 7: Kotak AMC: Equity AUMs trending higher (INRb)
Eq. AUM
500
400
300
200
100
0
PMS AUM
Offshore AUM
Source: MOSL, Company
Source: MOSL, Company
25 October 2017
3

Kotak Mahindra Bank
2QFY18 Conference call highlights
P&L Related
Credit costs guidance: Credit costs will trend down from 61bp.
The bank has made some income reversals during the quarter on the agri
portfolio.
Sustainable margins: 4.25% due to risk adjusted returns. Fixed rate: 30% , MCLR
linked: 70%
Cost to income: 47% in the quarter (cost on 811, and cost of PLCs). Cost to
income should trend down from here onwards.
Yields: Wholesale lending has witnessed competition from bonds and the CP
market, leading to pressure on yields.
Balance sheet related
RBI inspection report received; no divergence for the bank as of March 2017.
SA growth was supported by some government deposits.
KMCC did equity offerings for SBI, Infy, GIC, Godrej Agrovet.
Growth of CASA due to customer acquisition approx. 1.5m for the quarter; it is
adding to the granularity of the deposits.
Core SA growth (without govt. deposits) is above 40%.
Asset quality
Settlement of the 4 A/Cs in the bank’s books: Bank hopes to resolve soon due to
Recap announcements.
Exposure to 2nd List: Exposure is relatively small, and adequate provisions have
been made by the bank on all the A/Cs.
The bank did not sell to ARCs during the quarter.
Other highlights
ING branches have started to contribute to revenues by cross selling to the
existing customers, attracting deposits from the nearby areas.
Recap of Bonds: 1) Will give potential boost to the economy. 2) Potential
outcomes: aggressive write-offs of loans by PSU, ability to take haircut will
improve, resolutions will pick up speed; will throw up opportunity for valuation
of distressed assets.
Insurance will get consolidated from next quarter.
B2C segments are highly vulnerable to avoid GST, as compared to B2B and also
the cash in and cash out at the branches has not fallen (suggesting that cash is
still used for transaction).
Bank will buy PSL certificates as far as they find it attractive as compared to
investing in RIDF bonds.
Net worth to see the positive impact post implementation of IFRS.
25 October 2017
4

Kotak Mahindra Bank
Maintain Buy with a TP of
INR1,197 (4.0x Consol. Sept
19E BV)
Valuation and view
The share of bank in consolidated profits now stands at ~69% (67.6% in 2QFY17)
and we expect this to increase further as synergy benefits show up fully in FY18.
Strong presence across geographies/ products and healthy capitalization (Tier1
of ~19%), places the bank in a sweet spot to capitalize on growth opportunities
and gain market share.
Emerging opportunities for mid-size private banks post demon coupled with
healthy capitalization leaves KMB in a strong position to capitalize. To leverage
on its geographical expansion, the management is focusing on product
penetration, with higher emphasis on Agriculture (will help in priority sector
loans), small business loans (untapped opportunity; creating niche for itself) and
mortgage loan. Post initial merger related hiccups most products have started
witnessing healthy traction.
Operating leverage is expected to kick in the expanded underutilized capacity.
Higher refinancing opportunities, increased product offering on the combined
network and product penetration to eIVBL customers, will keep loan growth
healthy. On a lower base we are factoring loan CAGR of ~24% over FY17-20E.
We expect PPoP (adjusted) CAGR of ~23% over FY17-20E, largely driven by
stable/marginally decline in margins and operating leverage. Large part of
current year credit cost was driven by eIVBL portfolio, and the credit cost has
normalized and is expected to remain under check. With just 21bp of SMA2
accounts, No 5:25 and SDR on balance sheet comfort on asset quality remains
the highest.
Comfort on asset quality remains high with no SDR/5:25, negligible SMA2 (16bp)
and OSRL (4bp).
Post-merger with eIVB, share of lending business in steady state profitability is
likely to increase to ~84% - providing much needed stability to earnings. Capital
light nature of capital market and asset management businesses can provide
upside to ROE if there is a strong improvement in business cycle. Green shoots
of the same are visible post demon. We expect consolidated ROEs to improve to
~15-16% by FY18xx on back strong improvement in banking business ROAs to
~1.8%.
Backed by higher capitalization, diversified business loan book, strong risk
management and presence across financial services KMB historically traded at a
premium multiples to peers despite relatively lower ROE. We are positive on the
business with the expected operating leverage from eIVBL. We expect KMB to
deliver ~26% earnings CAGR over FY17-19E led by revival in loan growth and
controlled opex. At our SOTP of INR1,179, KMB will trade at 4.0x Sept 19
Consolidated BV. Buy.
25 October 2017
5

Kotak Mahindra Bank
Exhibit 8: Kotak Mahindra FY19 SOTP Valuation
Value
(INR B)
1,896
1,682
164
49
106
70
14
22
141
131
10
102
2,244
1,922
17
Value
(USD
B)
28.1
25.0
2.4
0.7
1.6
1.0
0.2
0.3
2.1
1.9
0.2
1.5
33.3
28.5
17
INR
per
share
996
884
86
26
56
37
12
7
74
69
5
54
1,179
1,010
17
% To
Total
84
75
7
2
5
3
1
1
6
6
0
5
100
Rationale
4x FY19E Core NW, ~1.8% RoA and ~16% Core RoE
3x FY19E Net Worth, ~14% Core RoE
3x FY19E Net Worth; ~25% ROE
5% of FY19E Avg. AUM of INR1.25T
12% of FY19E AUM of INR116b
7% of FY19E AUM of INR318b
20x FY19E Earnings; Implied ~2.5x Core BV
3x FY19E Free Networth
Implied 4.0x PBV; ROE of ~16.5%
Lending Business
Kotak Mahindra Bank
Kotak Prime (Car and other loans)
Kotak Investment Company (LAS)
Asset Management Business
Domestic Mutual Fund
Alternative Assets
Offshore Funds
Capital Markets related Business
Kotak Securities
Kotak Investment Banking (KMCC)
Kotak Life Insurance
Target Value
Current market cap.
Upside (%)
Source: Company, MOSL
Exhibit 9: Strong non interest income performance compensates for marginally higher opex revision
INR b
Net Interest Income
Other Income
Total Income
Operating Expenses
Operating Profits
Provisions
PBT
Tax
Standalone PAT
Consolidated PAT
Loans
Deposits
Margins (%)
SA RoA (%)
Core RoE (%)
FY18
93.8
41.7
135.5
62.5
73.0
8.0
65.0
22.1
42.9
62.0
1,660
1,732
4.47
1.85
13.2
Old Est.
FY19
111.0
50.9
161.9
71.9
90.0
7.8
82.3
28.0
54.3
77.7
2,075
2,182
4.47
1.99
13.5
FY20
133.8
62.2
196.0
83.7
112.3
9.6
102.7
34.9
67.8
95.9
2,594
2,749
4.39
2.03
14.8
FY18
93.4
41.1
134.6
63.3
71.3
8.5
62.8
21.5
41.3
61.0
1,660
1,747
4.39
1.77
12.7
Revised Est.
FY19
112.0
51.2
163.1
72.8
90.4
8.6
81.8
27.8
54.0
79.1
2,059
2,184
4.40
1.95
13.5
FY20
134.6
63.7
198.3
83.7
114.6
10.7
103.9
35.3
68.6
98.8
2,573
2,774
4.32
2.03
15.0
Change (%)
FY18
FY19
FY20
-0.3
0.9
0.6
-1.4
0.5
2.4
-0.6
0.8
1.2
1.2
1.2
-0.1
-2.3
0.4
2.1
6.3
10.8
11.3
-3.3
-0.6
1.2
-2.8
-0.6
1.2
-3.6
-0.6
1.2
-1.7
1.8
3.0
0.0
-0.8
-0.8
0.9
0.1
0.9
Source: Company, MOSL
25 October 2017
6

Kotak Mahindra Bank
Exhibit 10: Old v/s Revised Estimates
INR b
Kotak Mahindra Bank (Standalone)
Kotak Mahindra Prime
Kotak Mahindra Investments
Lending Business
International subsidiaries
Kotak Mahindra AMC & Trustee Co
Kotak Investment Advisors
Asset Management Business
Kotak Securities
Kotak Mahindra Capital Company
Capital Market Business
Consol. PAT excluding Kotak Life
Kotak OM Life Insurance
Consolidation Adjust.
Consol. PAT Including Kotak Life
FY18
42.6
6.0
2.6
51.2
1.1
1.0
0.2
2.3
4.3
0.6
4.9
58.5
3.5
-0.1
61.8
Old Est.
FY19
54.7
7.0
3.6
65.3
1.5
1.3
0.2
3.0
5.3
0.7
6.0
74.3
4.0
-0.1
78.2
FY20
68.4
8.0
4.6
81.0
1.9
1.6
0.3
3.8
6.5
0.8
7.3
92.2
4.6
-0.1
96.7
FY18
41.3
6.0
2.5
49.8
1.0
1.2
0.0
2.2
5.0
0.5
5.5
57.5
4.1
-0.5
61.1
Revised Est.
FY19
54.0
7.0
3.6
64.6
1.3
1.5
0.0
2.8
6.5
0.7
7.2
74.6
4.7
-0.1
79.2
FY20
68.6
8.0
4.6
81.2
1.7
1.8
0.0
3.6
8.0
0.8
8.8
93.6
5.4
-0.1
98.9
Change (%)
FY18 FY19 FY20
-3.0
-1.3
0.3
0.2
0.2
0.4
-2.7
-1.1
0.3
-5
-7
-6
12.1
-1.7
20.2
0.4
20.9
1.5
-1.1
1.3
2.3
Source: Company, MOSL
Exhibit 11: KMB Group Earnings
Kotak Mahindra Bank (Standalone)
Kotak Mahindra Prime
Kotak Mahindra Investments
Lending Business
International subsidiaries
Kotak Mahindra AMC & Trustee Co
Kotak Investment Advisors
Asset Management Business
Kotak Securities
Kotak Mahindra Capital Company
Capital Market Business
Consol. PAT excluding Kotak Life
YoY Growth (%)
Kotak OM Life Insurance
Consolidation Adjust.
Consol. PAT Including Kotak Life
YoY Growth (%)
FY11
11,367
3,179
240
14,786
509
173
327
1,009
1,819
519
2,338
18,133
22
1,014
-294
18,853
23
FY12
15,414
3,849
153
19,415
-110
154
361
405
1,258
59
1,318
21,137
17
2,030
-282
22,885
21
FY13
19,737
4,307
336
24,380
60
35
307
401
1,145
167
1,312
26,093
23
1,900
21
28,014
22
FY14
21,603
4,907
420
26,930
70
410
180
660
1,600
140
1,740
29,330
12
2,390
-492
31,228
11
FY15E
24,776
5,077
1,060
30,913
520
-290
250
480
2,900
130
3,030
34,423
17
2,290
-142
36,571
17
FY16
20,898
5,025
1,540
27,463
1,050
720
50
1,820
2,510
320
2,830
32,113
-7
2,510
-34
34,589
-5
FY17
34,115
5,150
1,960
41,225
860
560
125
1,545
3,610
460
4,070
46,840
46
3,030
-466
49,404
43
FY18E
41,340
6,014
2,461
49,815
1,032
1,163
0
2,195
5,002
490
5,491
57,501
23
4,091
-600
60,991
23
FY19E
53,970
7,013
3,604
64,587
1,342
1,453
0
2,795
6,533
677
7,210
74,591
30
4,704
-200
79,095
30
Source: Company, MOSL
Exhibit 12: KMB group earnings (% of total)
Kotak Mahindra Bank (Standalone)
Kotak Mahindra Prime
Kotak Mahindra Investments
Lending Business
International subsidiaries
Kotak Mahindra AMC & Trustee Co
Kotak Investment Advisors
Asset Management Business
Kotak Securities
Kotak Mahindra Capital Company
Capital Market Business
Consol. PAT excluding Kotak Life
Kotak OM Life Insurance
Consol. PAT Including Kotak Life
FY11
60
17
1
78
3
1
2
5
10
3
12
96
5
100
FY12
67
17
1
85
0
1
2
2
5
0
6
92
9
100
FY13
70
15
1
87
0
0
1
1
4
1
5
93
7
100
FY14
69
16
1
86
0
1
1
2
5
0
6
94
8
100
FY15E
68
14
3
85
1
-1
1
1
8
0
8
94
6
100
FY16
60
15
4
79
3
2
0
5
7
1
8
93
7
100
FY17
69
10
4
83
2
1
0
3
7
1
8
95
6
100
FY18
68
10
4
82
2
2
0
4
8
1
9
94
7
100
FY19E
68
9
5
82
2
2
0
4
8
1
9
94
6
100
Source: Company, MOSL
25 October 2017
7

Kotak Mahindra Bank
Exhibit 13: Valuation metrics
Rating
66
ICICIBC*
HDFCB
AXSB
KMB*
YES
IIB
IDFC Bk
FB
DCBB
JKBK
SIB
Equitas
RBL
Private Aggregate
SBIN (cons)*
PNB
BOI
BOB
CBK
UNBK
OBC
INBK
Public Aggregate
Banks Aggregate
HDFC*
LICHF
IHFL
PNBHF
GRHF
REPCO
DEWH
Housing Finance
SHTF
MMFS
BAF
CIFC
SCUF
LTFH
MUTH
CAFL
SKSM
Asset Finance
FY19E
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
CMP
Mcap
EPS (INR)
P/E (x)
FY19E
12.2
21.2
15.8
24.6
14.3
20.3
17.8
18.2
16.9
10.0
8.2
24.9
23.3
10.8
18.3
28.5
9.1
9.3
9.2
7.1
8.6
P/BV (x)
FY18E
1.49
4.71
1.92
4.35
3.02
4.12
1.27
1.91
2.11
0.74
1.14
2.23
3.28
1.29
1.10
0.87
1.18
0.88
0.58
0.40
1.00
RoA (%)
RoE (%)
(INR) (USDb) FY18E FY19E FY18E
306
26.3
14.5 16.6
15.0
1,795 73.6
68.7 84.7
26.1
473
16.7
18.1 29.9
26.1
1,010 30.2
32.4 41.0
31.1
328
12.2
18.5 22.9
17.8
1,594 15.3
60.9 78.6
26.2
58
3.0
2.8
3.2
20.7
121
3.3
5.5
6.6
21.8
177
0.9
8.5
10.5
20.8
83
0.6
3.9
8.3
21.5
31
0.7
1.9
3.8
16.7
151
0.8
1.7
6.1
88.6
524
3.1
17.2 22.5
30.5
325
202
188
188
438
176
151
328
33.8
4.5
2.3
5.1
2.7
1.4
0.6
2.0
14.6
5.8
-11.2
9.5
30.1
9.0
17.1
34.4
26.8
11.0
6.6
20.8
47.0
19.1
21.4
38.3
20.1
34.6
-16.7
19.7
14.6
19.5
8.9
9.5
FY19E FY18E FY19E FY18E FY19E
1.28
1.14 1.15
8.6
9.3
3.99
1.86 1.92 18.8
20.4
1.74
0.67 0.97
7.6
11.6
3.71
1.84 1.99 15.0
16.3
2.59
1.78 1.80 18.3
19.5
3.52
1.82 1.89 16.9
19.0
1.20
0.74 0.71
6.3
6.9
1.75
0.81 0.86
9.6
10.0
1.89
0.98 1.00 11.5
11.8
0.70
0.23 0.44
3.5
7.2
1.03
0.42 0.75
6.7
12.6
2.06
0.58 1.65
2.5
8.6
2.94
1.28 1.28 13.0
13.3
1.16
1.05
0.86
1.08
0.81
0.55
0.37
0.92
0.36
0.17
-0.19
0.31
0.29
0.14
0.22
0.73
0.60
0.30
0.10
0.61
0.41
0.27
0.26
0.72
7.0
3.2
-5.2
6.1
6.2
3.0
4.6
10.9
11.4
5.9
3.0
12.4
9.1
6.1
5.4
11.2
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
1,678
618
1,276
1,394
518
616
577
1,090
409
1,727
1,094
2,069
196
487
711
949
41.8
4.9
8.7
3.7
2.8
0.6
2.9
3.9
3.6
16.1
2.8
2.2
5.9
3.1
1.1
2.1
39.9
41.6
83.6
48.1
9.9
33.7
37.6
45.4
48.9
105.1
65.1
12.0
38.4
46.0
23.5
14.9
15.3
29.0
52.5
18.3
15.3
13.6
29.5
37.8
19.6
17.5
28.7
12.6
21.6
31.8
18.3
12.6
12.1
21.4
43.0
16.0
12.6
10.6
23.0
27.1
16.1
13.3
19.4
11.0
16.8
17.3
4.12
2.52
3.98
3.79
15.64
2.90
2.05
1.95
3.41
6.06
3.37
2.41
3.88
2.53
2.70
4.34
2.89
2.17
3.50
3.33
12.83
2.49
1.80
1.69
3.13
5.09
2.85
2.09
3.32
2.15
2.35
3.50
1.79
1.44
3.16
1.52
2.40
2.18
1.23
2.67
1.73
3.45
2.85
3.34
1.61
4.82
1.74
3.24
1.81
1.51
3.09
1.48
2.40
2.14
1.28
3.06
1.90
3.55
2.94
3.84
2.09
4.94
1.80
4.03
18.6
18.2
27.6
13.8
32.8
17.1
14.1
15.0
12.0
20.2
18.6
14.6
14.7
21.8
13.2
15.1
17.8
18.5
30.7
16.6
32.8
16.7
15.3
16.9
14.2
20.4
19.2
16.8
18.5
21.2
15.0
22.4
80.0 102.4
13.9 17.8
45.7 63.7
56.0 68.1
118.3 155.3
6.8
10.1
38.7 44.4
32.8 42.4
29.9 54.9
Source: MOSL, Company
25 October 2017
8

Kotak Mahindra Bank
Financials and valuations (KMB+EIVBL - Proforma-merged)
Income Statement
Y/E March
Interest Income
Interest Expense
Net Interest Income
Change (%)
Non Interest Income
Net Income
Change (%)
Operating Expenses
Pre Provision Profits
Change (%)
Provisions (excl tax)
PBT
Tax
Tax Rate (%)
PAT
Change (%)
Consolidated PAT (incl VYSB)
Change (%)
2011
68,838
37,798
31,040
15.5
14,355
45,395
15.3
25,793
19,602
1.1
2,887
16,715
5,347
32.0
11,367
41.5
18,853
23.3
2012
100,370
63,162
37,208
19.9
16,471
53,679
18.2
29,450
24,229
23.6
1,688
22,541
7,127
31.6
15,414
35.6
22,885
21.4
2013
129,041
81,598
47,443
27.5
18,875
66,318
23.5
34,825
31,493
30.0
2,758
28,735
8,998
31.3
19,737
28.0
28,014
22.4
2014
139,722
84,991
54,731
15.4
22,668
77,399
16.7
40,353
37,046
17.6
4,545
32,501
10,898
33.5
21,603
9.5
31,228
11.5
2015
155,677
93,876
61,800
12.9
29,119
90,919
17.5
48,711
42,208
13.9
4,723
37,486
12,710
33.9
24,776
14.7
36,571
17.1
2016
163,842
94,838
69,004
11.7
26,122
95,126
4.6
54,715
40,411
-4.3
9,174
31,237
10,339
33.1
20,898
-15.7
34,589
-5.4
2017
176,989
95,728
81,261
17.8
34,772
116,033
22.0
56,185
59,848
48.1
8,367
51,481
17,366
33.7
34,115
63.2
49,404
42.8
2018E
192,743
99,297
93,445
15.0
41,140
134,585
16.0
63,269
71,316
19.2
8,490
62,826
21,487
34.2
41,340
21.2
60,991
23.5
(INR Million)
2019E
226,628
114,668
111,960
19.8
51,174
163,135
21.2
72,760
90,375
26.7
8,602
81,773
27,803
34.0
53,970
30.6
79,095
29.7
2020E
276,927
142,340
134,587
20.2
63,668
198,255
21.5
83,673
114,581
26.8
10,665
103,917
35,332
34.0
68,585
27.1
98,831
25.0
Balance Sheet
Y/E March
Net Worth
Deposits
Change (%)
of which CASA Dep
Change (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Current Assets
Investments
Change (%)
Loans
Change (%)
Fixed Assets
Other Assets
Total Assets
2011
2012
2013
2014
2015
2016
2017
98,261 123,309 144,646 197,401 220,521 239,625 276,179
594,552 737,319 923,628 1,002,891 1,240,148 1,386,430 1,574,258
19.5
24.0
25.3
8.6
23.7
11.8
13.5
192,491 244,498 283,534 325,865 412,995 527,764 692,646
21.1
27.0
16.0
14.9
26.7
27.8
31.2
158,709 222,920 269,219 225,641 205,411 209,753 234,269
47,124
43,125
47,809
54,053
67,119
86,790
85,836
898,646 1,126,673 1,385,301 1,479,986 1,733,198 1,922,598 2,170,542
49,924
58,651
65,226 118,060
97,457 108,797 225,720
281,797 342,823 471,517 422,053 513,313 512,602 450,742
22.6
21.7
37.5
-10.5
21.6
-0.1
-12.1
529,314 678,159 802,410 888,565 1,069,718 1,186,653 1,360,821
34.7
28.1
18.3
10.7
20.4
10.9
14.7
9,284
9,508
9,640
16,315
16,204
15,516
15,376
28,326
37,532
36,508
34,994
36,507
99,030
93,240
898,646 1,126,673 1,385,301 1,479,986 1,733,198 1,922,598 2,145,900
2018E
373,625
1,747,426
11.0
851,927
23.0
281,123
103,003
2,505,177
181,389
545,398
21.0
1,660,202
22.0
15,625
102,564
2,505,177
(INR Million)
2019E
425,080
2,184,282
25.0
1,048,253
23.0
316,263
113,304
3,038,929
224,378
627,207
15.0
2,058,650
24.0
15,873
112,820
3,038,929
2020E
490,469
2,774,039
27.0
1,290,328
23.1
332,076
118,969
3,715,553
280,728
721,288
15.0
2,573,313
25.0
16,121
124,102
3,715,553
25 October 2017
9

Kotak Mahindra Bank
Financials and valuations (KMB+EIVBL - Proforma-merged)
Asset Quality
GNPA (INR m)
NNPA (INR m)
GNPA Ratio
NNPA Ratio
Slippage Ratio
Credit Cost
PCR (Excl Tech. write off)
E: MOSL Estimates
11,567
3,029
2.15
0.57
1.15
0.56
73.8
11,771
2,899
1.71
0.43
0.90
0.21
75.4
13,283
3,205
1.63
0.40
0.97
0.33
75.9
17,037
6,756
1.90
0.76
1.58
0.27
60.3
22,884
10,722
2.12
1.00
2.51
0.62
53.1
28,381
12,620
2.36
1.06
2.68
0.63
55.5
35,786
17,181
2.59
1.26
1.51
0.48
52.0
41,884
20,942
2.49
1.26
1.50
0.40
50.0
48,373
21,768
2.32
1.06
1.40
0.35
55.0
(%)
57,845
26,030
2.22
1.01
1.40
0.35
55.0
Ratios
Y/E March
Spreads Analysis (%)
Avg. Yield-Earning Assets
Avg. Yield on loans
Avg. Yield on Investments
Avg. Cost-Int. Bear. Liab.
Avg. Cost of Deposits
Interest Spread
Net Interest Margin
Profitability Ratios (%)
RoE
RoA
Consolidated ROE
Other Ratios (%)
Int. Expense/Int.Income
Non Int. Inc./Net Income
Cost/Income
Empl. Cost/Op. Exps.
Loans/Deposit Ratio
CASA Ratio
Investment/Deposit Ratio
2011
9.5
11.4
6.3
5.6
5.2
3.9
4.3
2012
10.8
12.8
7.3
7.4
7.0
3.4
4.0
2013
11.0
13.1
7.8
7.6
7.1
3.5
4.1
2014
10.5
12.4
7.7
7.0
6.8
3.5
4.1
2015
10.5
12.0
7.7
7.0
6.8
3.4
4.2
2016
9.8
11.1
6.7
6.2
6.0
3.5
4.1
2017
9.6
10.5
7.6
5.6
5.6
3.9
4.4
2018E
9.1
9.6
7.7
5.2
5.1
3.9
4.4
2019E
8.9
9.3
7.5
5.1
5.0
3.8
4.4
2020E
8.9
9.3
7.5
5.1
5.0
3.8
4.3
13.5
1.4
15.5
14.0
1.5
14.8
14.8
1.6
15.0
12.7
1.5
13.4
11.9
1.5
13.0
9.1
1.1
10.9
13.2
1.7
13.8
12.7
1.8
14.8
13.5
1.9
16.5
15.0
2.0
17.4
54.9
31.6
56.8
53.9
89.0
32.4
47.4
62.9
30.7
54.9
51.7
92.0
33.2
46.5
63.2
28.5
52.5
52.4
86.9
30.7
51.1
60.8
29.3
52.1
51.4
88.6
32.5
42.1
60.3
32.0
53.6
48.9
86.3
33.3
41.4
57.9
27.5
57.5
51.5
85.6
38.1
37.0
54.1
30.0
48.4
49.3
86.4
44.0
28.6
51.5
30.6
47.0
45.9
95.0
48.8
31.2
50.6
31.4
44.6
45.9
94.2
48.0
28.7
51.4
32.1
42.2
45.9
92.8
46.5
26.0
Valuation
Standalone Book Value (INR)
Change (%)
Consolidated BV (INR)
Change (%)
Price-BV (x)
Consolidated EPS (INR)
Change (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
48.6
76.9
56.1
89.6
65.8
104.6
82.2
126.3
120.4
164.5
6.1
20.1
50.4
0.4
0.0
130.6
8.5
181.9
10.5
5.6
18.9
-6.0
53.6
0.5
0.0
150.0
14.8
207.7
14.2
4.9
26.8
42.3
37.6
0.0
0.0
196.3
30.9
232.2
11.8
4.3
32.1
19.4
31.5
0.9
0.1
223.4
13.8
272.5
17.4
3.7
41.6
29.7
24.3
1.1
0.1
257.7
15.4
322.8
18.5
3.1
51.9
25.0
19.4
1.4
0.1
10.6
12.4
14.7
16.0
0.1
0.2
0.2
0.2
25 October 2017
10

Kotak Mahindra Bank
Corporate profile
Company description
Kotak Mahindra Bank (KMB) is part of the larger Kotak
Mahindra Group led by Mr. Uday Kotak, Founder and
Managing Director of the Bank. The group has a strong
presence across financial services value chain. Notably,
KMB is the only bank in India’s corporate history to be
converted into a bank from a non-banking finance
company. The bank has pan-India presence with 1,333
branches and 2,032 ATMs as on March 31, 2016. In 2015,
KMB merged with EIVBL in an all-stock deal.
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Sep-17
Promoter
DII
FII
Others
30.1
8.5
39.9
21.6
Jun-17
30.1
8.2
40.2
21.5
Sep-16
33.7
5.7
35.1
25.6
Source: Capitaline
Exhibit 3: Top holders
Holder Name
CANADA PENSION PLAN INVESTMENT
BOARD - MANAGED BY IM2
EUROPACIFIC GROWTH FUND
ING MAURITUS INVESTMENTS I
FIRST STATE INVESTMENTS ICVC-STEWART
INVESTORS ASIA PACIFIC LEADERS FUND
SUMITOMO
MITSUI
BANKING
CORPORATION
% Holding
6.1
4.9
3.7
1.8
1.7
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Shankar Acharya
Dipak Gupta
Uday Kotak
Bina Chandarana
Designation
Chairman
Joint
Managing
Director
Executive
Vice
Chairman & MD
Company Secretary
Exhibit 5: Directors
Name
Amit Desai
Prakash Apte
Farida Khambata
S Mahendra Dev
Name
N P Sarda
C Jayaram
Mark Edwin Newman
Uday Chander Khanna
*Independent
Source: Capitaline
Exhibit 6: Auditors
Name
S R Batliboi & Co LLP
Type
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY18
FY19
FY20
MOSL
forecast
32.1
41.6
51.9
Consensus
forecast
26.7
32.6
40.2
Variation (%)
20.4
27.5
29.3
Source: Bloomberg
Source: Capitaline
25 October 2017
11

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
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited
(CDSL) & National Securities Depository Limited (NSDL) and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are
available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
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 requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice and also sought personal
hearing. The matter is currently pending.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in
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This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to,
copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are considered
true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not
been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to change without notice.
The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for the clients. Though
disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this 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.
Kotak Mahindra Bank
Disclosure of Interest Statement
Analyst ownership of the stock
Kotak Mahindra Bank
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
trading desk of MOSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOSL research activity and therefore it can have an independent view with regards to
subject company for which Research Team have expressed their views.
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 MOSL & 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
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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:
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. 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
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 MOSL. 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
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be contrary to law, regulation or which would subject MOSL 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 MOSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSL or any of its affiliates or
employees responsible for any such misuse and further agrees to hold MOSL 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.: 022-3980 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
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