25 October 2017
2QFY18 Results Update | Sector: Financials
RBL Bank
Buy
BSE SENSEX
33,043
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg. Val, INR m
Free float (%)
S&P CNX
10,295
RBL IN
Strong growth with improving profitability and healthy asset quality
361.7
RBL’s 2QFY18 PAT increased 68% YoY (7% below estimate), mainly due to
1,33.1 /2.1
opex missing estimates by 5% (higher expansion costs), despite total income
600 / 320
(INR6.6b, +4%/+40% QoQ/YoY) being largely in line with estimates. Key
-2/-15/35
positives are: a) Loan growth of 8% QoQ and 35% YoY. b) Fee income growth
983
of 38% YoY, driven by a 150% increase in distribution/CC fees. c) Margin
100.0
CMP: INR524
TP: INR665 (+27%)
Financials & Valuations (INR b)
Y/E March
2018E 2019E
NII
17.2
21.8
OP
13.4
17.8
NP
6.7
9.4
NIM (%)
3.4
3.2
EPS (INR)
16.4
23.0
BV/Sh. (INR)
159.0
178.0
ABV/Sh. (INR)
154.3
171.7
RoE (%)
12.4
13.7
RoA (%)
1.2
1.3
Valuations
P/E(X)
32.1
22.8
P/BV (X)
3.3
2.9
P/ABV (X)
3.4
3.1
Div. Yield (%)
0.5
0.7
2020E
28.8
23.6
12.6
3.2
30.8
203.4
195.9
16.2
1.3
17.0
2.6
2.7
0.9
improvement of 20bp QoQ to 3.7%, driven partly by a reduction in cost of
funds from CASA inflows and partly by capital from QIP.
Absolute GNPAs increased 6% QoQ (+77% YoY) to 1.44% of loans (-2bp
QoQ). Sequential decline in asset quality was caused by a 30%/20% increase
in DB&FI/BBB portfolios, where GNPA ratios stood at 2.81%/1.49%
(+42bp/+8bp QoQ), while asset quality in Commercial Banking improved
with a decline in GNPA to 2% from 2.6% in the earlier quarter.
Loan growth was led by non-wholesale book growth of 41% YoY, increasing
the share of non-wholesale to 40.4% from 38.8% a year ago. Strong CASA
growth of 56% YoY (ahead of deposit growth of 31% YoY) led to CASA ratio
improving 380bp YoY (+160bp QoQ) to 23.7%.
Other highlights:
a) PAR>90 dpd in micro-banking stood at 4.68% (the bank
maintained PAR guidance of 5% and credit cost guidance of 2.5% on this
book). b) Post QIP in August 2017, Tier 1 ratio stood at 13.87%. c) Fees to
assets improved 10bp QoQ to 1.6%. d) Cost to core income ratio stood at
57% v/s 58% in 1Q.
Valuation view:
With a diverse product portfolio, no legacy issues, highly
capable management and low market share, we expect RBL to report industry-
leading loan CAGR of ~35% over FY17-20. We expect stable/improving margins
due to a changing loan mix toward high-yielding loans, a sharp fall in cost of bulk
deposits and an improvement in the CD ratio. Strong balance sheet growth is
expected to drive operating leverage. We cut FY18E PAT by ~5% to account for
continued high expansion costs, and maintain
Buy
with a TP of INR665 based on
3.5x Sept-19E BV.
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.

RBL Bank
Exhibit 1: Quarterly performance v/s our estimates and reasons for deviation (INR m)
Y/E March
Interest Income
Interest Expense
Net Interest Income
% Change (YoY)
Other Income
Net Income
Operating Expenses
Operating Profit
% Change (YoY)
Other Provisions
Profit before Tax
Tax Provisions
Net Profit
% Change (YoY)
2QFY18A
10,913
6,711
4,202
39
2,411
6,612
3,581
3,032
38
749
2,283
776
1,506
68
2QFY18E
11,079
6,777
4,302
39
2,495
6,796
3,407
3,390
49
950
2,440
817
1,622
44
Var. (%)
-1
-1
-2
-3
-3
5
-11
-21
-6
-5
-7
Comments
Retail expansion leading to opex growth
Provisions were lower than expected
Opex miss drove PAT miss
Source: MOSL
Robust loan growth of 8%
QoQ was broad-based
across segments; retail
share steady QoQ at 40%
Robust loan growth; share of retail loans increases
Loan growth of 8% QoQ was spread evenly across retail and wholesale, keeping
retail share stable at ~40% sequentially.
Retail growth was driven by BBB with 13% sequential growth (+59% YoY). DB&FI
grew 10% QoQ led largely by 13% QoQ growth in micro-banking; management is
cautious on growth in micro-banking division owing to asset quality concerns.
Agri book declined 9% sequentially (+23% YoY).
Corporate loans grew 6% QoQ (+31% YoY) led by higher working capital
financing in large corporate lending. CB segment grew +12% QoQ and 32% YoY.
Exhibit 3: Strong growth across retail segments (%)
C&IB
14
8
17
23
15
8
16
22
39
14
8
17
21
40
CB
15
7
17
19
43
BBB
14
7
18
19
43
Agri
14
7
18
19
42
DB & FI
13
7
20
18
42
14
6
21
18
41
Exhibit 2: Share of retail business stable QoQ
Wholesale business
Retail Business
39
61
39
61
39
61
39
61
38
62
39
61
40
60
40
60
38
Source: MOSL, Company
Source: MOSL, Company
Strong CASA deposit inflows
continued; CASA ratio
increased to 23.7% v/s
22.1% in 1Q
Margins improve 20bp QoQ to 3.7%
Bank reported 20bp QoQ improvement in margins to 3.7% (+34bp YoY). NIMs
were aided by a) reduced leverage post QIP, and b) re-pricing of bulk deposits
and c) healthy CASA inflows.
CASA deposits increased 56% YoY (+11% QoQ) led by robust 95% increase in SA
deposits (+17% QoQ). CASA ratio increased 380bp YoY to 23.7% v/s 19.9% in
2QFY17.
During the quarter the cost of funds declined 10bp QoQ to 6.6%, while yield on
loans stayed stable at 10.6%.
25 October 2017
2

RBL Bank
Exhibit 4: NIMs improved 20bp QoQ to 3.7%
NIMs (%)
11.7
Exhibit 5: COF declined 10bp QoQ (-60bp YoY)
YOF (%)
11.5
11.2
COF (%)
11.3
11.3
YOL (%)
10.8
10.6
9.8
6.8
6.7
COD (%)
11
10.4
7.8
3.0
3.2
3.2
2.8
3.4
3.4
3.5
3.5
3.7
7.4
10.2
7.6
7.3
9.9
7.5
7.3
10.2
7.5
7.1
10.1
7.2
6.9
9.9
6.9
6.7
10
7
Source: MOSL, Company
Source: MOSL, Company
Asset quality stable, DB&FI
and BBB books continue to
witness elevated stress
Asset quality stable, micro-banking stress stays elevated
GNPAs increased 6.4% QoQ in absolute terms, but slippages moderated to
1.48% from 2.48% in the prior quarter. GNPA in % terms declined 2bp to 1.44%
v/s 1.46% in 1Q.
Recoveries came in at INR370m, driving net slippages lower at 0.88% compared
to 2.43% in 1Q.
Commercial banking witnessed improvement in asset quality with decline in
GNPA to 2% (-60bp QoQ), but stress in the DB&FI/BBB/Agri portfolios (farm loan
waiver related) stayed elevated as the 3 segments reported GNPA of
2.81%/1.49%/1.28%.
Provision coverage ratio increased 28bp QoQ to 58.27% v/s 57.99% in the
previous quarter.
Exhibit 6: QoQ Rise in GNPA led by BBB and DB&FI segment
GNPA
C&IB
CB
BBB
Agri
DB&FI
FY16
2,081
171
1,384
378
66
82
1QFY17
2,527
266
1,589
472
102
98
1HFY17
2,746
378
1,592
550
107
119
9MFY17
2,847
378
1,604
617
117
131
FY17
3,573
1,038
1,394
763
181
197
1QFY18
4,578
1,030
1,438
865
234
1,012
1HFY18
4,872
1,028
1,236
1,037
264
1,307
Source: Company, MOSL
Exhibit 7: GNPA (%) increased the most for DB&FI
GNPA %
C&IB
CB
BBB
Agri
DB&FI
FY16
0.98
0.21
2.96
1.09
0.38
0.26
1QFY17
1.13
0.30
3.42
1.26
0.56
0.31
1HFY17
1.10
0.36
3.44
1.26
0.64
0.33
9MFY17
1.06
0.33
3.29
1.29
0.67
0.36
FY17
1.20
0.84
2.53
1.42
0.86
0.48
1QFY18
1.46
0.78
2.60
1.41
1.03
2.39
1HFY18
1.44
0.74
2.00
1.49
1.28
2.81
Source: MOSL, Company
25 October 2017
3

RBL Bank
Valuation and View
Post management change in FY10, RBL has turned around the corners in key
operating parameters. Bank reported loan CAGR of 58% over FY10-17, earnings
CAGR of 57%, RoA improved to 1% v/s 0.2% in FY11 and Tier I stood at 11.4%.
RBL has adopted a unique business model whereby a) the bank has adopted a
linkages based approach to agricultural lending, b) has used large corporate
accounts as an entry strategy to gain access to their supply chain ecosystem,
and c) has strategically acquired business banking clients in the emerging sectors
(primary bankers to gain lion’s share of their wallet).
RBL’s business transformation has coincided with significant investments in
human capital (senior management), service offering (product suite), customer
acquisition (including inorganic portfolios), technology and brand building
(branch expansion and re-branding). With significant capacity already in place,
RBL is now primed to sweat its investments and benefit from improving
operating efficiencies. We expect gradual improvement in CI ratio to result from
digital initiatives.
We expect strong benefits to accrue to RBL from its partnership with Bajaj
Finance in co-branded credit cards. The bank has already booked around
130,000 cards since the launch in 4QFY17. RBL aims to be amongst the top 5
credit card payers in the next 3 years and strives to achieve 2m+ cards over the
next 5 years. We expect RBL to leverage on BAFs vast customer base (~12m;
60% don’t have credit cards), strong distribution scale, excellent risk and
analytics infrastructure. This would enable fast paced credit card customer
acquisition at lower operating costs and lower credit costs (as these are tested
customers of BAF).
We have cut our FY18 PAT estimates by ~5% to account for continued high
expansion costs. We strongly believe RBL has a potential to generate significant
returns in the next three years led by (1) pedigreed leadership team, which is
driving high-quality loan growth (CAGR of 35% over FY17-20E), (2) niche
business model, (3) improvement in core income, driving down cost-to-income
(C/I) ratio. We expect robust EPS CAGR of 40%, with RoA improving by ~30bp to
1.3%. Maintain Buy with a TP of INR665 based on 3.5 Sept 19 BV.
Exhibit 8: We cut FY18 PAT estimates by 5% to account for expansion costs
Old Estimates
FY18
FY19
FY20
Net Interest Income 17.1
21.5
28.7
Other Income
11.0
14.6
18.4
Total Income
28.2
36.2
47.1
Operating Expenses 14.3
18.7
24.3
Operating Profits
13.9
17.5
22.8
Provisions
3.4
3.8
4.9
PBT
10.6
13.7
18.0
Tax
3.5
4.5
5.9
PAT
7.0
9.2
12.0
Loans
398
537
725
Deposits
432
614
866
Margins (%)
3.39
3.23
3.21
Credit Cost (%)
0.97
0.82
0.77
RoA (%)
1.28
1.28
1.26
RoE (%)
13.03 13.29 15.50
INR b
Revised Estimates
FY18
FY19
FY20
17.2
21.8
28.8
10.9
14.8
18.0
28.1
36.6
46.8
14.7
18.8
23.2
13.4
17.8
23.6
3.4
3.8
4.9
10.0
14.0
18.7
3.4
4.6
6.2
6.7
9.4
12.6
398
537
725
432
614
866
3.39
3.23
3.21
0.85
0.70
0.65
1.22
1.32
1.31
12.42 13.67 16.15
Change (%)
FY18 FY19 FY20
0.5
1.3
0.3
-1.3 1.1 -1.9
-0.2 1.2 -0.5
3.3
0.5 -4.3
-3.8 2.0
3.4
0.0
0.0
0.0
-5.0 2.5
4.4
-5.0 2.5
4.4
-5.0 2.5
4.4
0.0
0.0
0.0
0.0
0.0
0.0
Source: MOSL, Company
25 October 2017
4

RBL Bank
Exhibit 9: DUPONT Analysis - Return ratios to go up driven by strong core operating profitability
Y/E MARCH
Interest Income
Interest Expended
Net Interest Income
Fee income
Core Income
Operating Expenses
Employee cost
Others
Core Operating Profit
Non Interest income
Trading and others
Operating Profit
Provisions
PBT
Tax
Tax Rate
RoA
Leverage (x)
RoE
FY13
8.72
6.16
2.55
0.98
3.54
2.22
1.23
0.99
1.31
1.25
0.27
1.58
0.22
1.36
0.44
32.2
0.92
7.3
6.75
FY14
8.67
6.48
2.19
1.40
3.60
2.72
1.19
1.53
0.88
1.67
0.27
1.15
0.30
0.85
0.26
30.1
0.59
8.6
5.12
FY15
8.62
6.17
2.46
1.53
3.98
2.65
1.33
1.32
1.33
1.78
0.25
1.59
0.27
1.32
0.41
30.9
0.91
10.7
9.76
FY16
8.28
5.81
2.47
1.30
3.77
2.32
1.12
1.20
1.46
1.48
0.18
1.64
0.35
1.29
0.41
31.7
0.88
12.7
11.21
FY17
8.45
5.67
2.78
1.45
4.23
2.41
1.02
1.39
1.82
1.72
0.27
2.10
0.54
1.55
0.54
34.5
1.02
12.1
12.32
FY18E
8.28
5.14
3.14
1.71
4.85
2.68
1.04
1.65
2.16
1.98
0.27
2.44
0.61
1.83
0.61
33.5
1.22
10.2
12.42
FY19E
7.99
4.94
3.05
1.79
4.85
2.63
1.00
1.63
2.22
2.07
0.28
2.50
0.54
1.96
0.65
33.0
1.32
10.4
13.67
FY20E
7.95
4.95
3.00
1.70
4.70
2.43
0.91
1.52
2.27
1.88
0.19
2.46
0.51
1.96
0.65
33.0
1.31
12.3
16.15
Source: MOSL, Company
25 October 2017
5

RBL Bank
Financials and Valuations
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 (%)
Profits for Equity SH
Change (%)
Equity Dividend (Incl tax)
Core PPP*
Change (%)
*Core PPP is (NII+Fee income-Opex)
2013
8,793
6,218
2,575
37.9
1,264
3,840
51.2
2,244
1,596
40.1
226
1,370
442
32.2
929
42.6
929
42.6
178
1,318
26.6
2014
13,516
10,100
3,416
32.6
2,610
6,026
56.9
4,239
1,787
12.0
462
1,325
398
30.1
927
-0.2
927
-0.2
288
1,334
1.2
2015
19,531
13,967
5,564
62.9
4,034
9,598
59.3
5,997
3,601
101.5
602
2,999
928
30.9
2,072
123.6
2,072
123.6
438
2,880
116.0
2016
27,443
19,251
8,192
47.2
4,905
13,097
36.5
7,673
5,424
50.6
1,144
4,280
1,355
31.7
2,925
41.2
2,925
41.2
587
4,818
67.3
2017
37,132
24,918
12,213
49.1
7,555
19,768
50.9
10,564
9,204
69.7
2,389
6,815
2,354
34.5
4,460
52.5
4,460
52.5
813
7,965
65.3
2018E
45,440
28,216
17,223
41.0
10,879
28,102
42.2
14,720
13,382
45.4
3,354
10,029
3,360
33.5
6,669
49.5
6,669
49.5
1,170
11,882
49.2
(INR Million)
2019E
57,058
35,245
21,813
26.6
14,795
36,607
30.3
18,761
17,846
33.4
3,827
14,020
4,627
33.0
9,393
40.8
9,393
40.8
1,649
15,846
33.4
2020E
76,174
47,391
28,784
32.0
18,050
46,833
27.9
23,238
23,595
32.2
4,851
18,745
6,186
33.0
12,559
33.7
12,559
33.7
2,204
21,795
37.5
Balance Sheet
Y/E March
Share Capital
Equity Share Capital
Preference Share Capital
Reserves & Surplus
Net Worth
Of which Equity Networth
Deposits
Change (%)
of which CASA Dep
Change (%)
Borrowings
Other Liabilities & Prov.
Total Liabilities
Cash & Balances with RBI
Balances with Banks & money at Call & Short Notice
Investments
Change (%)
Loans
Change (%)
Fixed Assets
Other Assets
Total Assets
2013
2014
2015
2016
2017
2018E
2,529
2,720
2,935
3,247
3,752
4,078
2,529
2,720
2,935
3,247
3,752
4,078
0
0
0
0
0
0
13,538 17,427 19,370 26,645 38,791 60,763
16,067 20,148 22,304 29,892 42,543 64,841
16,067 20,148 22,304 29,892 42,543 64,841
83,405 115,986 170,993 243,487 345,881 432,351
76.0
39.1
47.4
42.4
42.1
25.0
16,444 23,697 31,574 45,378 76,027 116,548
61.3
44.1
33.2
43.7
67.5
53.3
27,373 38,955 69,627 105,362 79,798 90,506
2,787
6,892
8,123 12,870 18,526 23,234
129,634 181,981 271,047 391,611 486,748 610,933
2,908
9,807 14,557 13,397 29,479 17,456
3,977
2,115
7,147 11,102 12,457
10,457
55,160 64,770 97,923 144,360 134,817 165,825
143.6
17.4
51.2
47.4
-6.6
23.0
63,762 98,350 144,498 212,291 294,490 397,562
54.3
54.2
46.9
46.9
38.7
35.0
943
1,343
1,644
1,773
2,587
3,487
2,883
5,595
5,278
8,688 12,917 16,146
129,634 181,981 271,047 391,611 486,748 610,933
(INR Million)
2019E
2020E
4,078
4,078
4,078
4,078
0
0
68,508
78,863
72,586
82,941
72,586
82,941
613,939
865,653
42.0
41.0
177,969
261,770
52.7
47.1
101,376
114,084
29,161
36,624
817,062 1,099,303
27,563
46,548
14,306
19,595
213,914
278,089
29.0
30.0
536,709
724,557
35.0
35.0
4,387
5,287
20,182
25,228
817,062 1,099,303
Asset Quality
GNPA (INR m)
NNPA (INR m)
GNPA Ratio
NNPA Ratio
Slippage Ratio
Credit Cost
PCR (Excl Tech. write off)
E: MOSL Estimates
259
69
0.41
0.11
0.99
0.23
73.4
778
305
0.79
0.31
1.00
0.37
60.8
1,112
386
0.77
0.27
0.48
0.29
65.3
2,081
1,244
0.98
0.59
1.38
0.45
40.2
3,569
1,899
1.21
0.64
2.51
0.60
46.8
5,955
2,545
1.50
0.64
1.58
0.85
57.3
8,335
3,054
1.55
0.57
1.40
0.70
63.4
12,302
4,522
1.70
0.62
1.50
0.65
63.2
25 October 2017
6

RBL Bank
Financials and Valuations
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
Int. Expense/Int.Income
Fee Income/Net Income
Non Int. Inc./Net Income
Efficiency Ratios (%)
Cost/Income*
Empl. Cost/Op. Exps.
Busi. per Empl. (INR m)
NP per Empl. (INR lac)
* ex treasury and Recoveries from written off
accounts
Asset-Liability Profile (%)
Loans/Deposit Ratio
CASA Ratio
Investment/Deposit Ratio
G-Sec/Investment Ratio
CAR
Tier 1
2013
9.0
11.7
6.5
7.3
7.4
1.7
2.7
2014
9.0
11.4
6.9
7.6
7.7
1.4
2.4
2015
9.0
11.6
6.4
7.1
7.6
1.9
2.7
2016
8.5
10.9
6.2
6.5
7.3
2.0
2.7
2017
8.7
10.4
7.1
6.4
6.7
2.3
3.0
2018E
8.6
9.8
6.9
5.9
5.7
2.6
3.4
2019E
8.3
9.3
6.4
5.7
5.3
2.6
3.2
2020E
8.3
9.3
6.4
5.6
5.2
2.7
3.2
6.8
0.9
70.7
23.0
32.9
5.1
0.6
74.7
30.3
43.3
9.8
0.9
71.5
26.8
42.0
11.2
0.9
70.1
26.7
37.5
12.3
1.0
67.1
26.2
38.2
12.4
1.2
62.1
25.4
38.7
13.7
1.3
61.8
27.3
40.4
16.2
1.3
62.2
28.7
38.5
58.4
55.3
77.6
70.3
43.6
84.6
62.5
50.2
105.1
58.6
48.2
124.9
53.4
42.2
138.2
52.4
38.6
156.9
51.2
37.9
191.4
49.6
37.3
232.2
76.4
19.7
66.1
59.1
0.0
0.0
84.8
20.4
55.8
61.8
0.0
0.0
84.5
18.5
57.3
77.4
0.0
0.0
87.2
18.6
59.3
71.2
0.1
0.1
85.1
22.0
39.0
72.7
0.1
0.1
92.0
27.0
38.4
72.7
0.1
0.1
87.4
29.0
34.8
72.7
0.1
0.1
83.7
30.2
32.1
72.7
0.1
0.1
Valuation
Book Value (INR)
Change (%)
Price-BV (x)
Adjusted BV (INR)
Price-ABV (x)
EPS (INR)
Change (%)
Price-Earnings (x)
Dividend Per Share (INR)
Dividend Yield (%)
E: MOSL Estimates
63.5
19.5
63.2
3.7
21.2
0.6
0.1
74.0
16.6
72.9
3.4
-7.2
0.9
0.2
76.0
2.6
74.7
7.1
107.3
1.2
0.2
92.0
21.1
88.2
9.0
27.6
1.5
0.3
113.4
23.2
4.6
113.4
4.6
11.9
32.0
44.1
1.8
0.3
159.0
40.3
3.3
154.3
3.4
16.4
37.6
32.1
2.5
0.5
178.0
11.9
2.9
171.7
3.1
23.0
40.8
22.8
3.5
0.7
203.4
14.3
2.6
195.9
2.7
30.8
33.7
17.0
4.6
0.9
25 October 2017
7

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
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indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
RBL Bank
Disclosure of Interest Statement
Analyst ownership of the stock
RBL Bank
No
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www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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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:
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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
25 October 2017
8