Sector Update| 1 November 2017
Automobiles
Maruti Suzuki
CMP: INR8,235
Stock Info
Bloomberg
Equity Shares (m)
M.Cap. (INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
TP: INR9,466 (+15%)
Buy
MSIL IN
302.1
Domestic sales grew 9.9% YoY to 136k
2488/38.5
8283/4770
MSIL’s Sep-17 wholesales came in at 146,446 units (+9.5% YoY), marginally lower than
-4/13/20
our estimate of 150,456 units. YTD growth was at 14.7%, with a residual monthly run-
Volumes up 9.5% YoY to 146.4k units (below est. of 150.5k)
Financials Snapshot (INR b)
Y/E MARCH 2018E 2019E 2020E
Sales
800.4 956.2 1,103.0
EBITDA
124.8 159.1 183.8
Adj. PAT
85.3 113.3 133.3
Adj. EPS
(INR)*
288.1 381.0 447.8
EPS Gr. (%)
15.8 32.3
17.5
BV/Sh. (INR) 1,378 1,632 1,930
RoE (%)
20.5 23.0
22.9
RoCE (%)
28.6 31.7
31.4
Payout (%)
36.2 32.1
32.7
Valuations
P/E (x)
28.6 21.6
18.4
P/CE (x)
21.7 17.0
14.6
EV/EBITDA (x) 17.3 13.1
10.9
Div. Yield (%)
1.0
1.2
1.5
*Cons.
Snapshot of volumes for Oct-17
YoY
Company Sales
Maruti Suzuki
LCVs
Vans
Mini Segment
Compact (incl
Dzire Tour)
Mid Size - CIAZ
UVs
Total Domestic
Export
Oct-17 Oct-16
146,446 133,793
872
80
12,669 12,790
32,490 33,929
62,480 52,597
4,107 6,360
23,382 18,008
136,000 123,764
10,446 10,029
rate of 153k units.
Domestic volumes grew 9.9% YoY to 136k (est. of 139.5k), led by growth in the
compact (+18.8% YoY) and UV (+29.8% YoY) segments.
Growth in the compact segment was led by Baleno and new Dzire, while that in UVs
was led by Brezza and new S-cross.
Ciaz sales declined 35.4% YoY to 4.1k (est. of 4.8k).
Export volumes increased 4.2% YoY to 10,446 units (est. of 11,000 units).
The stock trades at 28.6x/21.6x FY18E/19E consol. EPS of ~INR281/375. Maintain Buy.
MoM
YoY (%)
MoM
Sep-17
FY18YTD FY17YTD
chg
(%) chg
9.5
163,071 -10.2 1,033,135 900,706
879
-0.8
4,229
163
-0.9
13,735 -7.8
91,788 90,545
-4.2
38,479 -15.6 252,217 241,588
18.8
-35.4
29.8
9.9
4.2
72,804
5,603
19,900
151,400
11,671
-14.2
-26.7
17.5
-10.2
-10.5
427,726
38,242
147,630
961,832
71,303
348,901
37,970
109,967
829,134
71,572
(%)
chg
14.7
1.4
4.4
22.6
0.7
34.2
16.0
-0.4
FY18
estimate
1,798,133
8,000
161,802
432,948
760,103
63,159
245,218
1,671,231
126,902
Residual
Growth
Gr. (%)
(%)
14.6
14.5
6.4
4.6
30.0
-2.0
25.3
15.7
2.3
13.9
4.8
40.9
-5.9
13.8
15.3
5.9
Residual FY18 YTD
Monthly Monthly
Run rate Run rate
153,000 147,591
754
604
14,003 13,113
36,146 36,031
66,475
4,983
19,518
141,880
11,120
61,104
5,463
21,090
137,405
10,186
Jinesh Gandhi - Research analyst
(Jinesh@MotilalOswal.com); +91 22 3982 5416
Research analyst: Deep Shah
(Deep.S@MotilalOswal.com); +91 22 6129 1533 /
Suneeta Kamath
(Suneeta.Kamath@MotilalOswal.com); +91 22 6129
1534
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.

Automobiles | Update
Mahindra & Mahindra
CMP: INR1,350
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
MM IN
592.6
800/12.4
1460/1142
0/-10/-18
TP: INR1,585 (+17%)
Buy
Volumes down 5.9% YoY to 91.4k units (above est. of 85.3k)
Tractor volumes in-line at 40.3k units; UV, 3W sales above estimates
Financials Snapshot (INR b)
Y/E MARCH 2018E 2019E 2020E
Sales
EBITDA
NP (incl.
MVML)
Adj. EPS INR *
EPS Gr. (%)
Cons. EPS INR
BV/Sh. (INR)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div. Yield (%)
*incl. MVML
496.4 567.8 639.0
54.8
39.2
65.5
4.8
69.5
474
13.5
12.6
20.6
2.8
14.2
1.5
63.5
46.0
76.9
17.4
81.7
525
14.3
13.3
17.6
2.6
12.1
1.5
73.3
53.0
88.5
15.1
91.9
587
14.8
13.9
15.3
2.3
8.8
1.5
MM’s volumes declined 5.9% YoY to 91.4k units (est. of 82.3k units), led by a decline in
tractor and UV volumes.
Tractors sales of 40.3k (-10.9% YoY) were in line with estimate, as domestic sales and
exports declined 10% YoY and 23% YoY, respectively.
UV sales (incl. pick-ups) stood at 43.8k units (-3.1% YoY), above estimate of 39k.
Momentum in pick-ups continued with 5% YoY growth, while passenger utility
vehicles reported a decline of 6% YoY.
LCV (>3.5t) sales grew by 17% YoY and M&HCV sales by 59% YoY.
3W volumes increased 3% YoY to 6,1k units (est. of 5k units).
Speaking on the monthly performance, Rajan Wadhera, President, Automotive Sector,
M&M Ltd. said, “The auto industry has had a mixed month. The build up to Dhanteras
& Diwali was good, but the demand tapered off subsequently. Last year all festivals
were in the month of October and the industry volumes had a high base. This year,
September and October combined, we have grown by 7.9% in Auto Division. Going
forward we enter into a year-end period of lower sales. Our refreshes & new variants,
that have been launched, will carve out a niche and we expect to sustain the growth
momentum for the remaining period of the current financial year.”
Rajesh Jejurikar, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said,
"We have sold 39,226 tractors in the domestic market during October 2017. In the
combined season of September and October 2017, we achieved record sales of 83,226
units. Our revised growth outlook for the domestic industry is 12%-14% for this year.
In the exports market, we sold 1,036 tractors."
The stock trades at 20.6x/17.6x FY18E/19E. Maintain Buy
Snapshot of volumes for Oct-17
YoY
Company Sales
M&M
UV (incl. pick-ups)
LCV
Three-Wheelers
Tractors
Oct-17 Oct-16
91,411
43,801
1,222
6,126
40,262
97,185
45,198
877
5,933
45,177
MoM
YoY (%)
MoM
Sep-17
FY18YTD FY17YTD
chg
(%) chg
-5.9
99,226 -7.9 511,349 481,147
-3.1
46,337 -5.5 267,569 258,853
39.3
1,398 -12.6 8,282
7,513
3.3
5,928
3.3
29,792 33,351
-10.9
45,563 -11.6 205,706 181,430
(%)
chg
6.3
3.4
10.2
-10.7
13.4
FY18
estimate
853,081
477,857
16,279
53,875
305,071
Gr. (%)
20.5
9.3
13.5
3.0
16.0
Residual Residual FY18 YTD
Growth Monthly Monthly
(%)
Run rate Run rate
50.8
17.8
17.1
27.1
21.8
68,346
42,058
1,599
4,817
19,873
73,050
38,224
1,183
4,256
29,387
1 November 2017
2

Automobiles | Update
Tata Motors
CMP: INR437
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/ (USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
TTMT IN
3396.6
1484/23.0
599 / 376
1/-11/-38
TP: INR562 (+29%)
Buy
Volumes grow 0.7% YoY to 53.2k units (below est. of 55k)
CV sales grew 1.2% YoY, while PV sales declined 0.4% YoY
Financials Snapshot (INR b)
Y/E MARCH 2018E 2019E 2020E
Net Sales
2,970 3,726 4,135
EBITDA
357.1 573.2 612.0
NP
68.0 208.2 214.3
Adj. EPS (INR) 20.0 61.3
63.1
EPS Gr. (%)
1.1 206.1
2.9
BV/Sh. (INR) 192.3 254.8 319.2
RoE (%)
11.0 27.4
22.0
RoCE (%)
6.5 16.7
14.8
Payout (%)
1.6
0.5
0.5
Valuations
P/E (x)
21.8
7.1
6.9
P/BV (x)
2.3
1.7
1.4
EV/EBITDA (x)
5.0
2.9
2.5
Div. Yield (%)
0.1
0.1
0.1
Tata Motors’ Sep-17 sales volumes increased 0.7% YoY to 53.2k units (est. of 55k
units).
PV segment remained flat, as the car segment volumes declined 22.5% YoY, while the
UV segment registered volume growth of 163% YoY due to healthy initial response to
the recently launched Tata Nexon.
Total CV volumes increased 1.2% YoY to 36.5k units, led by a rise in LCV sales.
M&HCV sales declined 2.8% YoY to 15.2k units (est. of 16k units), while LCV sales
increased 4.4% YoY to 21.3k units (est. of 22k units).
The stock trades at 21.8x/7.1x FY18E/19E consol. EPS. Maintain Buy.
Snapshot of volumes for Oct-17
YoY
Company Sales
Tata Motors
HCV's
LCV's
CV's
Cars
UV's
Oct-17 Oct-16
53,197
15,183
21,319
36,503
11,426
5,268
52,813
15,628
20,430
36,058
14,751
2,004
MoM
(%)
YoY (%)
MoM
Sep-17
FY18YTD FY17YTD
chg
(%) chg
chg
0.7
-2.8
4.4
1.2
-22.5
162.9
58,117
17,007
23,559
40,566
12,333
5,218
-8.5 316,210 311,411 1.5
-10.7 87,428 95,761 -8.7
-9.5 128,994 123,921 4.1
-10.0 216,423 219,682 -1.5
-7.4 79,558 81,376 -2.2
1.0
20,229 10,353 95.4
FY18
estimate
593,588
179,304
229,893
409,197
143,846
40,544
Gr. (%)
9.5
2.0
10.0
6.3
5.0
98.3
Residual Residual FY18 YTD
Growth Monthly Monthly
(%)
Run rate Run rate
20.1
14.7
18.6
16.7
15.5
101.3
55,476
18,375
20,180
38,555
12,858
4,063
45,173
12,490
18,428
30,918
11,365
2,890
1 November 2017
3

Automobiles | Update
Eicher Motors
CMP: INR30,930
Stock Info
Bloomberg
EIM IN
Equity Shares (m)
27.2
M.Cap.(INR b)/(USD b)
841.6/12.6
52-Week Range (INR) 33484/19571
1, 6, 12 Rel. Per (%)
-8/9/2
Financials Snapshot (INR b)
Y/E MARCH 2018E 2019E 2020E
Net Income
90.6 111.4 132.6
EBITDA
28.8
37.4
45.9
Net Profit
22.5
30.5
38.0
Adj. EPS (INR) 826.7 1,119.2 1,395.8
EPS Gr. (%)
34.9
35.4
24.7
BV/Sh. (INR) 2,614 3,531 4,696
RoE (%)
36.1
36.4
33.9
RoCE (%)
32.6
33.5
31.9
Payout (%)
0.5
0.6
0.6
Valuations
P/E (x)
37.4
27.6
22.2
P/BV (x)
11.8
8.8
6.6
EV/EBITDA
(x)
23.7
17.8
14.0
TP: INR36,487 (+18%)
Buy
RE (+17.5% YoY) below est; VECV (+16.1% YoY) in-line.
RE dispatches at 69.49k units (est. 72k units)
RE volumes increased 17.5% YoY to 69,492 units (below est. of 72,000 units).
VECV's overall volumes increased 16.1% YoY to 5.16k units (est. of 5.28k units).
Domestic LMD and HD segments grew 11.2% YoY and 47.8% YoY, respectively.
However, buses volumes declined 4.3% YoY.
VECV exports grew 18.2% to 703 units (est. of 800 units).
The stock trades at 37.4x/27.6x FY18E/FY19E EPS. Maintain Buy.
Snapshot of volumes for Oct-17
YoY
Company Sales
Oct-17 Oct-16
YoY (%)
chg
17.5
16.1
11.2
47.8
-4.3
15.8
18.2
MoM
MoM
Sep-17
(%) chg
70,431
5,934
3,341
1,131
612
5,084
850
FY18
YTD
FY17
YTD
(%)
chg
FY18
estimate
828,730
60,662
27,989
10,887
11,700
50,576
8,922
Gr.
(%)
24.3
3.9
8.0
-2.0
-4.6
0.2
11.0
Residual Residual FY18 YTD
Growth Monthly Monthly
(%)
Run rate Run rate
27.1
17.4
15.7
14.5
12.4
8.5
38.1
74,475
5,845
2,488
1,120
1,109
4,717
895
65,194
4,491
2,221
755
879
3,856
635
Eicher Motors
Royal Enfield
69,492 59,127
VECV
5,166 4,449
Domestic LMD
2,903 2,611
Domestic HD
1,051
711
Domestic Buses 509
532
Total Domestic
4,463 3,854
Exports
703
595
-1.3 456,357 373,551 22.2
-12.9 31,438 33,512 -6.2
-13.1 15,550 15,165 2.5
-7.1
5,287
6,217 -15.0
-16.8 6,155
7,336 -16.1
-12.2 26,992 28,718 -6.0
-17.3 4,446
4,794 -7.3
1 November 2017
4

Automobiles | Update
Ashok Leyland
CMP: INR126
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/ (USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
AL IN
2,845.9
370/5.7
133/34
-5/40/20
TP: INR145 (+14%)
Buy
Vols. up 3% to 12.9k (below est. of 13.6k)
MHCVs declined 3%, while LCVs grew 28.6% YoY
Financials Snapshot (INR b)
Y/E MARCH 2018E 2019E 2020E
Sales
248.4 292.2 343.9
EBITDA
26.5 32.4
39.9
NP
15.6 20.6
26.9
Adj. EPS (INR)
5.3
7.0
9.2
EPS Gr. (%)
17.2 31.6
31.0
BV/Sh. (INR)
23.8 28.1
34.3
RoE (%)
23.8 27.0
29.5
RoCE (%)
21.0 24.7
27.3
Payout (%)
37.5 32.0
27.2
Valuations
P/E (x)
23.7 18.0
13.7
P/BV (x)
5.3
4.5
3.7
EV/EBITDA (x) 13.1 10.2
7.7
Div. Yield (%)
1.6
1.8
2.0
AL’s Oct-17 wholesale dispatches were at 12,914 units (+3% YoY).
M&HCV volumes, which account for 70.5% of total volumes, declined 4.8% YoY (-
22.8% MoM) to 9,110 units (est. of 10,200 units).
LCVs (Dost) grew 28.6% YoY to 3,804 units (est. of 3,400 units).
The stock trades at 23.7x/18x FY18E/FY19E EPS, and at 11.7/9.0x EV/EBITDA. Maintain
Buy.
Snapshot of volumes for Oct-17
YoY
Company Sales
Ashok Leyland
CV (ex LCV)
LCV
Oct-17 Oct-16
12,914 12,533
9,110 9,574
3,804 2,959
MoM
YoY (%)
MoM
Sep-17
FY18YTD FY17YTD
chg
(%) chg
3.0
15,370 -16.0 82,383 77,139
-4.8
11,804 -22.8 60,373 58,942
28.6
3,566
6.7
22,010 18,197
(%)
chg
6.8
2.4
21
FY18
estimate
165,368
123,031
42,337
Gr. (%)
14.0
8.6
33.2
Residual Residual FY18 YTD
Growth Monthly Monthly
(%)
Run rate Run rate
22.2
15.3
49.7
16,597
12,532
4,065
11,769
8,625
3,144
1 November 2017
5

Automobiles | Update
TVS Motor
CMP: INR709
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INR b)/ (USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
TP: INR764 (+8%)
Neutral
TVSL IN
475.1
Healthy growth in scooters offsets fall in Mopeds
337/5.2
732/339
0/31/55
TVS Motor’s Sep-17 sales were at 317.4k units (2.8% YoY; in line with est. of 310.5k
At 317.4k (+2.8% YoY), volumes in line with est. of 310.5k
Financials Snapshot (INR b)
Y/E MARCH 2018E 2019E 2020E
Sales
149.8 186.6 223.7
EBITDA
11.6 18.9
24.7
Adj. PAT
7.1 12.3
16.6
EPS (INR)
14.9 25.8
34.9
EPS Gr. (%)
27.0 73.1
35.0
BV/Sh (INR)
62.0 83.0 111.9
RoE (%)
26.5 35.6
35.8
RoCE (%)
26.8 38.7
42.4
Payout (%)
24.2 18.6
17.2
Valuations
P/E (x)
47.5 27.4
20.3
P/BV (x)
11.4
8.5
6.3
EV/EBITDA (x) 29.9 18.0
13.4
Div. Yield (%)
0.4
0.6
0.7
units).
Domestic volumes declined marginally by 0.6% YoY, while exports (14% of volumes)
grew 29.3% YoY.
Scooter volumes increased by a healthy 15.7% YoY to 106.9k units (est. of 101k units).
Mopeds dispatches declined 15.4% YoY to 76k units (est. of 80k units).
However, motorcycle volumes grew 3.2% YoY to 125.4k units (est. of 121k units).
3Ws volumes increased 88.3% YoY, led by growth in domestic sales and exports.
Total exports grew 29.3% YoY, led by growth in 2W and 3W exports.
The stock trades at 47.5x/27.4x FY18E/FY19E EPS. Maintain Buy.
Snapshot of volumes for Oct-17
YoY
Company Sales
TVS Motor
Motorcycles
Scooters
Mopeds
Three-Wheelers
Total Domestic
Total Exports
Oct-17 Oct-16
317,411
125,409
106,910
76,045
9,047
271,974
45,437
308,690
121,550
92,417
89,918
4,805
273,556
35,134
MoM
YoY (%)
MoM
FY18YTD FY17YTD
Sep-17
chg
(%) chg
2,068,10
2.8
359,850 -11.8
3
1,839,216
3.2
143,923 -12.9 820,736 736,061
15.7 121,601 -12.1 692,815 518,186
-15.4
85,330 -10.9 503,220 542,426
88.3
8,996
0.6
51,332 42,543
-0.6
308,879 -11.9 1,749,907 1,588,567
29.3
50,971 -10.9 318,196 250,649
(%)
chg
12.4
11.5
33.7
-7.2
20.7
10.2
26.9
FY18
estimate
3,496,553
1,345,018
1,182,462
873,915
95,158
2,905,287
591,266
Residual Residual FY18 YTD
Growth Monthly Monthly
Gr. (%)
(%)
Run rate Run rate
19.6
25.4
35.8
-4.0
37.4
16.3
38.9
31.8
55.8
38.8
0.7
64.1
26.9
55.9
285,690
104,856
97,929
74,139
8,765
231,076
54,614
295,443
117,248
98,974
71,889
7,333
249,987
45,457
1 November 2017
6

Automobiles | Update
NOTES
1 November 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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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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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.
Automobiles | Update
Disclosure of Interest Statement
Analyst ownership of the stock
Companies where there is interest
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
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For Hong Kong:
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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
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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
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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
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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
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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
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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
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