Crompton Gr. Con
BSE SENSEX
33,157
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
10,323
CROMPTON IN
Robust all-round performance
627
Results meaningfully above estimates:
CG Consumer Electricals (CGCEL) reported a
135.4 / 2.1
strong set of numbers. 2QFY18 sales stood at INR9.6b (+9.8% YoY, +15.9% YoY
246 / 135
adjusted for excise duty on manufactured and sourced products), meaningfully
-1/-12/0
208
above our estimates, led by market share gains in the Fans segment and healthy
65.6
growth in the Lighting division (+16% YoY, +25% YoY adjusted for excise duty on
27 October 2017
2QFY18 Results Update | Sector: Capital Goods
CMP: INR219
TP: INR260(+19%)
Buy
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
Net Sales
39.8
41.8
EBITDA
4.9
5.2
PAT
2.9
3.3
EPS (INR)
4.7
5.2
Gr. (%)
146.1
10.9
BV/Sh (INR)
8.6
11.7
RoE (%)
76.4
51.0
RoCE (%)
32.5
28.7
P/E (x)
46.4
41.8
P/BV (x)
25.2
18.5
manufactured and sourced products). EBITDA improved 19.3% YoY to INR1.2b, with
2019E
47.2
6.3
4.1
6.5
24.7
14.3
49.6
30.7
33.6
15.2
EBIDTA margin improving 100bp YoY to 12.6%, led by close to zero spending on
advertising & promotion. Net profit of INR0.7b was above our estimate of INR0.6b.
Margin improvement led by lower adspend and focus on premiumization:
Gross
margin expanded 90bp YoY to 30.3%, led by premiumization initiatives taken by the
company. EBITDA of INR1.2b (13% YoY) was meaningfully above our estimate.
Operating margin stood at 12.6% v/s 11.6% in 2QFY17. Margin improvement was on
account of close-to-zero ad spend during the quarter, as against INR120m in
2QFY17. Lighting business contributed 35% of revenue (v/s 32% in 2QFY17), while
Electrical consumer durables accounted for 65% (v/s 68% in 2QFY17). Excluding non-
cash ESOP expenditure of INR141m, the operating margin stood at a healthy 14%.
Valuation view:
We marginally increase our earnings estimates by 4/1% for FY18/19
to adjust for better-than-expected margins. We like CGCEL for its strong product
portfolio, established brand, market leadership, wide distribution network and a
robust RoCE profile (29%/31% in FY18/19). We maintain our
Buy
rating on the stock,
with a revised target price of INR260 (33x its FY20E EPS of INR7.9).
Estimate change
TP change
Rating change
Quarterly Performance
Y/E March
Sales
Change (%)
EBITDA
Change (%)
As of % Sales
Depreciation
Interest
Other Income
PBT
Tax
Effective Tax Rate (%)
Adjusted PAT
Change (%)
Extra-ordinary Income (net)
Reported PAT
Change (%)
1Q
10,962
1,573
14.4
28
180
34
1,400
465
33.2
935
-
935
FY17
2Q
3Q
8,737 8,889
9.7
1,012
993
19.9
11.6 11.2
27
26
161
162
41
50
865
855
286
33.1
579
(4.5)
574
281
32.9
574
35
-
574
39
4Q
10,762
7.4
1,386
9.0
12.9
29
153
69
1,273
388
30.5
885
16.6
(20.7)
864
29.8
1QE
10,554
-3.7
1,294
-17.8
12.3
32
162
97
1,198
395
33.0
802
(14.2)
-
802
(14.2)
FY18
2QE
3QE
9,597 9,700
9.8
9.1
1,207 1,210
19.3
21.9
12.6
12.5
32
30
157
150
35
80
1,054 1,110
346
32.8
708
22.3
-
708
23.3
350
31.5
760
32.5
-
760
32.5
FY17
4QE
11,348
5.5
1,651
19.2
14.5
22
133
114
1,609
497
30.9
1,112
25.7
-
1,112
28.7
39,759
119.5
4,902
134.0
12.3
110
655
195
4,331
1,399
32.3
2,932
138.7
2,907
166.9
FY18
41,454
4.3
5,362
9.4
12.9
116
658
326
4,914
1,588
32.3
3,327
13.5
3,327
14.4
(INR Million)
Vs Est.
2Q
9,000
1.1
990
1.7
11.0
30
155
80
885
290
32.8
595
7.4
-
595
7.4
Var.
(%)
6.6%
21.9%
19.1%
19.0%
19.0%
Ankur Sharma – Research Analyst
(Ankur.VSharma@MotilalOswal.com); +91 22 6129 1556
Amit Shah – Research Analyst
(Amit.Shah@MotilalOswal.com); +91 22 6129 1543
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.

Crompton Gr. Con
Revenue growth driven by market share gains and focus on premiumization
CG Consumer Electricals (CGCEL) reported a strong set of numbers. 2QFY18
sales stood at INR9.6b (+9.8% YoY, +15.9% YoY, adjusted for excise duty on
manufactured and sourced products), meaningfully above our estimates, led by
market share gains in the fans segment and healthy growth in the lighting
division (+25% YoY). EBITDA rose 19.3% YoY to INR1.2b, and EBIDTA margin
improved 100bp YoY to 12.6% led by close to zero spending on advertising and
promotion. Net profit of INR0.7b was above our estimate of INR0.6b.
Electrical Consumer segment registered growth of 2.4% YoY, (+11% YoY
adjusting for excise duty on the manufactured and sourced products), led by
market share gains in the fans segment. Crompton gained 4% market share
during the quarter, despite Fans market declining by 4% during the quarter.
Premium fans has been the key growth driver of fans category, and its share in
the overall fans segment sales now stands at 18% as compared to 7% earlier.
Electrical consumer durables constitute 65% of overall sales for the company.
Lighting segment witnessed robust growth of 15.5% YoY (25% YoY adjusting for
excise duty on the manufactured and sourced products) to INR3.4b. EESL sales
formed 16% of the lighting sales. LED sales now forms 71%. During the quarter,
B2C sales increased 30% YoY.
Exhibit 2: Electrical consumer durables segment registered
2.4% improvement
3,378
2,748
Electrical consumer durables(Fans,Pumps,Appliance) (INR m)
8,816
7,694 8,061
7,107
6,219
6,075 6,045
5,383
Exhibit 1: Lighting sales registered growth of 15.5%
Lighting (INR m)
2,717
2,910
2,924
2,844
3,068
2,491
Source: MOSL, Company
Source: MOSL, Company
Margin improvement led by saving on advertising spends and focus on
premiumization
Gross margin expanded 90bp YoY to 30.3%, led by premiumization initiatives
taken by the company. EBITDA of INR1.2b (13% YoY) was meaningfully above
our estimate. Operating margin was 12.6% v/s 11.6% in 2QFY17. Margin
improvement was on account of close to zero ad spend during the quarter as
against INR120m in 2QFY17.
Electrical Consumer durables segment margins improved by 120bps to 17.8%
YoY. margin improvement was led by focus on premiumization
Lighting Segment margins improved by 90bp to 12.6% YoY. EESL sales stood at
INR530m as compared to INR380m in 2QFY17. GST implementation has led to
lower cost as Octroi, service tax credit have been taken out and has led to lower
other expenses.
27 October 2017
2

Crompton Gr. Con
Exhibit 4: Electrical consumer durables segment EBIT margin
improved 120bp YoY to 17.8%
Electrical consumer durables(Fans,Pumps,Appliance) (%)
18.1
7.5
8.0
12.8
18.2
14.4
19.3
16.1
17.5
17.8
Exhibit 3: Lighting segment EBIT margins improved 90bp YoY
Lighting (%)
11.2
6.4
11.7
11.2
12.6
5.9
Source: MOSL, Company
Source: MOSL, Company
Concall highlights
Revenue: Growth led by market share gains
Revenue growth (adjusted for excise on manufactured and sourced products)
stands at 15.9%. ECD segment registered 11% growth, whereas lighting segment
registered 25% growth.
Revenue growth led by product innovation, focused distribution network
expansion and provision of quality products at a right price.
Primary sales growth during the quarter is similar to secondary sales growth,
implying low level of restocking in the channel.
Growth driven by the company’s implementation of go-to-market strategy.
GST: Still work in progress
Crompton has witnessed gradual improvement in sales every month post GST
implementation.
GST transition still in progress and expect the transition to complete by March
2018.
Focus on retail distribution; assurance to dealers on protecting them from losses
arising on account of input tax credit denial led to less volatility in sales for
Crompton.
Trade now operating at lower inventory levels and is expected to operate at
similar levels given system efficiency.
Shift from unorganized to organized segment category has not been witnessed
during the quarter.
Fans Segment: Market share gain led growth despite decline in overall market size
Fans market has been declining over the last 8-9 months impacted by GST,
demonetization and a decline in new housing projects.
During the quarter, Fans market has registered decline of 4%; however
Crompton gained 4% market share.
In ceiling fans segment, Crompton’s market share stands at 27%.
Premium fans share in the overall fans segment sales has reached 18%, as
compared to 7% earlier. Focus continues to remain on increasing
premiumization category sales. Anti-dust fans has seen huge success.
27 October 2017
3

Crompton Gr. Con
Lighting: B2C segment showing strong traction
Strong growth in the B2C segment sales (+30% YoY).
EESL sales during the quarter stood at INR530m, as against INR380m in 2QFY17.
LED now forms 71% of the Lighting category sales. 60% of LED sales comes from
fixtures and balance 40% from LED lights.
Do not expect much change in revenue mix and expect the margins to remain
stable going ahead.
Pumps: Weak quarter impacted by seasonality
Agri pump business has witnessed slowdown given seasonality factors.
Crompton is a market leader in residential segment, and demand in segment
continues to remain strong.
In the solar pump segment, Crompton does not provide solar panels and
accessories.
Margins: Margins improvement led by premiumization and lower ad spend
Margins improvement led by a focus on premiumization and a reduction on ad
spend activity during the quarter.
There was close to zero ad spend during the quarter (given GST implementation)
as against average quarterly spend of INR100m.
In 3QFY18, ad spend has come back to normal levels.
New product category plans
New product introduction highly urgent, but expansion will be done on data
analytics basis so as to have assurance on growth potential of the new market
they enter into.
Have sent EOI for the Kenstar acquisition.
Valuation and view
We marginally increase our earnings estimates by 4/1% for FY18/19 to adjust for
better-than-expected margins. We like CGCEL for its strong product portfolio,
established brand, market leadership, wide distribution network, and a robust RoCE
profile (29%/31% in FY18/19). We maintain our Buy rating on the stock, with a
revised target price of INR260 (33x its FY20EPS of INR7.9).
Exhibit 5: Change in Estimates
Description
Sales
EBITDA
Margin
PAT
EPS
FY17
39,759
4,902
12.3%
2,932
4.7
New estimates
FY18
41,792
5,249
12.6%
3,250
5.2
FY19
47,209
6,343
13.4%
4,053
6.5
Old estimates
FY18
FY19
42,654
48,714
5,106
6,301
12.0%
12.9%
3,153
4,022
5.0
6.4
Change in estimates
FY18
FY19
-2%
-3%
3%
1%
0.6%
0.5%
3%
1%
4%
1%
27 October 2017
4

Crompton Gr. Con
Financials and valuations
Income Statement
Y/E March
Total Revenues
Change (%)
Raw Materials
Staff Cost
Other Expenses
EBITDA
% of Total Revenues
Depreciation
Other Income
Interest
PBT
Tax
Rate (%)
Adjusted PAT
Extra-ordinary Income (net)
Reported PAT
Change (%)
Adj. Consolidated PAT
Change (%)
FY16
18,117
-
12,702
1,005
2,315
2,095
11.6
63
39
355
1,716
525
30.6
1,191
-139
1,052
-96.7
1,052
-96.7
FY17
39,759
119.5
27,349
2,252
5,257
4,902
12.3
110
195
655
4,331
1,399
32.3
2,932
-25
2,907
176.3
2,907
176.3
FY18E
41,792
5.1
28,948
2,854
4,741
5,249
12.6
116
326
658
4,801
1,551
32.3
3,250
0
3,250
11.8
3,250
11.8
FY19E
47,209
13.0
32,401
3,129
5,336
6,343
13.4
126
401
658
5,960
1,908
32.0
4,053
0
4,053
24.7
4,053
24.7
(INR Million)
FY20E
53,459
13.2
36,740
3,394
5,900
7,425
13.9
136
484
506
7,266
2,326
32.0
4,940
0
4,940
21.9
4,940
21.9
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Goodwill
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Assets
Current Liab. & Prov.
Current Liabilities
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
FY16
1,254
1,034
2,287
6,445
-43
8,689
2,024
1,238
786
1
7,794
7,907
2,100
4,165
900
742
0
7,798
7,373
425
109
8,689
FY17
1,254
4,138
5,392
6,500
-182
11,710
2,147
1,326
821
1
7,794
3,185
9,167
2,348
5,434
700
685
0
9,258
8,448
811
-91
11,710
FY18E
1,254
6,101
7,355
6,500
-182
13,673
2,347
1,441
905
0
7,794
3,185
11,519
2,468
5,712
2,619
720
0
9,732
8,879
852
1,788
13,672
FY19E
1,254
7,722
8,976
6,500
-182
15,294
2,547
1,567
979
0
7,794
3,185
14,328
2,788
6,453
4,273
814
0
10,993
10,030
963
3,334
15,293
(INR Million)
FY20E
1,254
9,698
10,952
3,500
-182
14,270
2,747
1,703
1,043
0
7,794
3,185
14,695
3,157
7,307
3,310
921
0
12,449
11,358
1,090
2,247
14,270
27 October 2017
5

Crompton Gr. Con
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)
FY16
1.9
2.0
3.6
0.0
0.0
FY17
4.7
4.9
8.6
1.5
32.7
FY18E
5.2
5.4
11.7
1.7
33.0
FY19E
6.5
6.7
14.3
3.2
50.0
FY20E
7.9
8.1
17.5
3.9
50.0
114.2
108.5
67.6
7.8
59.5
-
46.4
44.7
28.9
3.6
25.2
0.7
41.8
40.4
26.6
3.3
18.5
0.8
33.6
32.5
21.8
2.9
15.2
1.5
27.5
26.8
18.3
2.5
12.4
1.8
52.1
27.4
18.0
42
21
68
2.1
76.4
32.5
40.5
50
22
66
3.4
51.0
28.7
43.2
50
22
66
3.1
49.6
30.7
52.7
50
22
66
3.1
49.6
35.3
62.3
50
22
66
3.7
2.8
1.2
0.9
0.7
0.3
Cash Flow Statement
Y/E March
PBT before EO Items
Depreciation
Interest
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
EO Income
CF from Oper. Incl. EO Items
(Inc)/Dec in FA
Free Cash Flow
Investment & Others
CF from Investments
(Inc)/Dec in Networth
(Inc)/Dec in Debt
Interest Paid
Dividend Paid
Others
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
FY16
1,716
63
355
-525
(229)
1,379
0
1,379
209
1,588
0
209
(18)
-316
-355
0
(689)
899
1
900
FY17
4,331
110
655
-1,399
(1)
3,697
0
3,697
(122)
3,575
(3,324)
-3,446
1,338
56
-655
-1,140
-49
(451)
(200)
900
700
FY18E
4,801
116
658
-1,551
40
4,064
0
4,064
(200)
3,864
0
-200
0
0
-658
-1,287
0
(1,945)
1,919
700
2,619
FY19E
5,960
126
658
-1,908
108
4,944
0
4,944
(200)
4,744
0
-200
0
0
-658
-2,432
(3,090)
1,655
2,619
4,273
(INR Million)
FY20E
7,266
136
506
-2,326
124
5,707
0
5,707
(200)
5,507
0
-200
0
-3,000
-506
-2,964
(6,471)
(963)
4,273
3,310
27 October 2017
6

Crompton Gr. Con
NOTES
27 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).
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Crompton Gr. Con
Disclosure of Interest Statement
Analyst ownership of the stock
Crompton Gr. Con
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
Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong 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:
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
directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would
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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