TeamLease Services
BSE SENSEX
33,219
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
10,303
TEAM IN
A
17.1
31.3 / 0.5
1,953 / 828
10/56/61
20.2
56.8
8 November 2017
Q2FY18 Results Update | Sector: Others
CMP: INR1,831
TP: INR2,300 (+26%)
Buy
clear reflection of business model strengths
Margin improvement, tax benefits boost PAT:
Revenue grew 21.2% YoY to
INR8.8b (4pp miss). Slowdown in hiring, led by an inward focus of customers
post GST, led to 18% YoY growth in general staffing (v/s 20% in the previous
quarter), which is also visible from the QoQ decline in headcount of ~2,000.
However, EBITDA margin expansion of 20bp YoY to 1.7% and a near-zero tax
rate drove 94% YoY growth in PAT to INR176m (21% beat).
Up on profitability, cash generation:
We deem scale-related margin
benefits and high cash generation to be the key positives of the staffing
business model. Margin expansion in 2Q was a function of [1] associate/core
employee ratio of 210 v/s 186 in the previous year, [2] rise in average mark-
up per employee per month to INR735 (+5% YoY) and [3] 3.2% contribution
of IT staffing v/s 0.7% in 2QFY17; further improvement here could result in a
sustained upward trajectory. In 1HFY18, TEAM generated INR420m of cash
from operations (152% of EBITDA) v/s INR289m in FY17 (65% of EBITDA).
Acquired 40% stake in Schoolguru:
TEAM acquired a 40% stake in
Schoolguru, an online content provider for students, valuing the entity at
INR430m. The acquisition would complement the training business of TEAM,
which includes NETAP, the Skills University and other training services. With
revenue of INR40m, the transaction implies a price of 11x; the entity is
currently not making any profits. With six recent transactions, the pace of
acquisitions has been encouraging.
Valuation view:
We value TEAM using DCF to arrive at a TP of INR2,300,
(26% upside); our TP is up 16% led by higher-than-expected tax benefits. At
37/28x FY18/19E earnings, valuations are rich; we expect a CAGR of
23/33/34% over FY18-20. Sustained superiority of financial performance
because of industry trends, business model and operational excellence
continue strengthening our positive long-term view on TEAM.
Buy.
FY18
2Q
3Q
4Q
8,756 9,382 10,784
21.2
15.2
32.0
8,605 9,215 10,606
151
167
178
1.7
1.8
1.7
20
12
12
3
0
0
44
66
66
173
220
232
-3
0
0
-1.5
0.0
0.0
176
220
232
176
220
232
94.4
91.5 -39.6
2.0
2.3
2.1
FY17
30,418
21.4
29,976
442
1.5
43
11
224
612
-50
-8.2
663
663
167.3
2.2
FY18E
37,452
23.1
36,825
627
1.7
63
6
234
791
0
-0.1
792
792
19.4
2.1
(INR m)
Est. Var. (% /
2QFY18
bp)
9,121
-4.0
26.2
8,983
-4.2
137
10.2
1.5
12
68.3
0
669.1
70
-36.5
195
-11.3
49
-105.2
25.3
146
20.5
146
20.5
61.3
1.6
Financials & Valuations (INR b)
2017
2018E
Y/E Mar
30.4
37.5
Net Sales
0.4
0.6
EBITDA
0.7
0.8
PAT
38.8
49.2
EPS (INR)
167.6
26.7
Gr. (%)
222.9
272.0
BV/Sh (INR)
19.2
19.9
RoE (%)
19.0
19.8
RoCE (%)
47.2
37.2
P/E (x)
8.2
6.7
P/BV (x)
2019E
45.9
0.8
1.1
66.4
35.1
338.5
21.8
21.7
27.6
5.4
Estimate change
TP change
Rating change
Cons. - Quarterly Earning Model
Y/E March
Net Sales
YoY Change (%)
Total Expenditure
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT
Tax
Rate (%)
Reported PAT
Adj PAT
YoY Change (%)
Margins (%)
E: MOSL Estimates
1Q
6,878
21.4
6,816
62
0.9
10
2
61
110
37
33.4
74
74
48.7
1.1
FY17
2Q
3Q
4Q
7,226 8,147 8,168
12.3
29.1
23.0
7,140 7,999 8,022
86
148
146
1.2
1.8
1.8
10
10
13
3
3
3
70
37
57
143
171
188
52
56
-196
36.7
32.7 -103.9
90
115
384
90
115
384
57.9 132.1 318.7
1.2
1.4
4.7
1Q
8,530
24.0
8,399
130
1.5
20
2
58
166
2
1.3
164
164
122.7
1.9
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.
Sagar Lele – Research analyst
(Sagar.Lele@MotilalOswal.com); +91 22 6129 1531
Ashish Chopra – Research analyst
(Ashish.Chopra@MotilalOswal.com); +91 22 6129 1530

TeamLease Services
Strong revenue growth, but 4pp miss
TEAM’s 2QFY18 revenues grew 21.2% YoY to INR8.8b, 4pp below our estimate
of INR9.1b.
Staffing services grew 18% YoY (95.4% of revenues), while IT Staffing
contributed 3.1% to revenues, up from 0.7% on the back of integration of ASAP
and NichePro.
Other HR services grew 26% YoY to 1.6% of revenues.
Exhibit 1: Strong organic growth traction seen in 2Q
Revenue (INRm)
29%
21%
12%
Growth (YoY, %)
23%
24%
21%
6,878
1QFY17
7,226
2QFY17
8,147
3QFY17
8,168
4QFY17
8,530
1QFY18
8,756
2QFY18
Source: Company, MOSL
Exhibit 2: Segment revenue (INRm)
Staffing and allied services
IT staffing services
Other HR services
2QFY17
7,064
52
109
2QFY18
8,350
268
137
YoY (%)
18.2%
412.8%
25.7%
Source: Company, MOSL
EBITDA margin up 20bp YoY
EBITDA margin expanded 20bp QoQ to 1.7%, compared to our estimate of 1.5%.
This drove 10% EBITDA beat despite the revenue miss – INR151m v/s estimate
of INR137m.
The margin expansion was led by scale in the general staffing business and a
higher composition from IT staffing.
Exhibit 3: Margins seeing a strong upward trend
EBITDA (INRm)
1.8%
0.9%
62
1.2%
EBITDA margin (%)
1.8%
1.5%
1.7%
86
148
146
130
151
Source: Company, MOSL
8 November 2017
2

TeamLease Services
Exhibit 4: Temporary profitability disturbance in Other HR Services
Staffing and allied services
IT staffing services
Other HR services
EBITDA
(INRm)
135
41
(3)
EBITDA
margin (%)
1.6%
15.3%
-2.5%
Change
(YoY, bp)
30
120
(630)
Source: Company, MOSL
PAT boosted by 80JJAA deduction
PBT at INR173m, however, came below our estimate of INR195m, on lower
other income of INR44m (estimate of INR70m).
This was offset by near-zero tax during the quarter, arising out of Section 80JJAA
benefit. PAT was INR176m, up 94% YoY v/s estimate of INR146m.
Acquired 40% stake in Schoolguru
TeamLease acquired 40% stake in Schoolguru, which is a technology-led
specialized academic services organization. It partners with universities in order
to help them provide online and virtual courses for students.
It partners only with state/central universities that are either an open university
or have a significant distance education activity.
The company was established in 2012 and has now grown to 125 employees
across 11 locations. It services 70,000 students through 18 universities by
helping universities launch, run and manage their online learning offerings and
services.
The acquisition would create new product offerings for TeamLease, complement
its existing training business (NETAP, Skills University and other training
services).
The purchase price implies an enterprise value of INR430m pre-money.
Acquisition of further stake would be contingent to profit landmarks.
Schoolguru, in the previous year, had revenue of INR40m, implying a price of
~11x. The entity isn’t currently making any profits.
Change in estimates
To account for the slight miss in the quarter, and the softness expected in the
market in 3Q, we have adjusted our revenue estimates downwards by
1.3/3.4/4.0% for FY18/19/20E.
Our EBITDA margin estimates remain intact as factors of profitability continue
translating into higher margins. Higher scale and higher proportion of IT in the
overall business should continue driving margins higher.
The PAT beat during the quarter was a function of a near-zero tax rate, driven by
80JJAA deductions. This drives our estimate of a near-zero tax rate for as long as
the provision continues to be part of the Income Tax Act; thereby driving a 45%
increase in estimates for FY18E.
Since our FY19/20E estimates had already factored these benefits in, they aren’t
changing to a large extent.
8 November 2017
3

TeamLease Services
Exhibit 5: Change in estimates
FY18E
Revenue (m)
Rev. growth (%)
EBITDA Margin (%)
EPS (INR)
EPS Growth (%)
37,452
23.1
1.7
49.2
26.7
Revised
FY19E
45,920
22.6
1.8
66.4
35.1
FY20E
57,001
24.1
2.0
88.7
33.6
FY18E
37,964
24.8
1.6
36.8
(5.2)
Earlier
FY19E
47,546
25.2
1.8
56
52.2
FY20E
59,352
24.8
1.9
78.3
39.8
FY18E
-1.3%
-170bp
10bp
45.3%
8646bp
Change
FY19E
-3.4%
-260bp
0bp
4.6%
-4084bp
FY20E
-4.0%
-70bp
10bp
1.0%
-483bp
Source: MOSL
Takeaways from management commentary
GST still more inward looking:
The positive impact of GST on formalization
hasn’t started playing out yet as customers move their focus on sorting out their
operations and systems. This is resulting in a temporary weakness in hiring,
which reflected in 2Q performance; and is expected to show itself in 3Q as well.
Focusing on verticalization:
TEAM’s focus on verticalization has been playing
out in the focus of acquisitions. While the three acquisitions in the last year
added capabilities in IT staffing, this quarter’s acquisition of Evolve added
presence in the Telecom vertical. The promoter of Evolve is expected to stay for
a year to make sure the transition is smooth and seamless.
Invested in Schoolguru:
Schoolguru is a technology platform that enables
universities to deliver content to students. This would complement TEAM’s
training business, which is spread across NETAP, the Skills University and its
other training business.
Profitability improvement levers in place:
Profitability for the company
continues to be driven by [1] Higher productivity led by a higher associate/core
employee ratio, [2] Higher pricing on new contracts through the provision of
value added services, and [3] Pruning of customers with a low-yield.
Temporary issue in Other HR Services:
Other HR Services saw a loss in the
quarter; however, this is an aberration, led by delayed collections. There have
been no additional costs or investments in the business, and it should bounce
back to profitability 3Q onwards.
8 November 2017
4

TeamLease Services
Valuation view
TeamLease is a market leader in the highly fragmented temporary staffing
industry, with a 6% market share. Its extensive geographic reach, presence in
multiple industries and functions, scale, ability to fill positions, and sourcing
capabilities reflect in its operational prowess, which is a key determinant of
success in this industry.
Temporary staffing across the globe has gained prominence in the last few
years, as companies seek flexibility and better cost management. This segment
constitutes 2-4% of the total workforce for developed countries, and averages at
1.6% for the world, v/s 0.5% in India. A convergence to the global average itself
can triple the industry.
A further impetus would be provided by formalization; which would be
catalyzed by GST implementation, erasing the 15% pricing benefit that
unorganized players could give customers by evading the tax net. However, for a
full-fledged movement towards organized, reforms in labor laws would be
necessary; so the loopholes in statutory payment to employees are also
plugged.
Together, growth in the industry and formalization can together ensure a
sustained >20% growth in the sector (and for TeamLease) over the next decade.
For TeamLease, performance would be further driven by profitability
improvement, led by [1] operational leverage because of an improvement in the
Associate/Core Employee ratio, and [2] higher proportion of revenue from IT
staffing, training and other HR solutions, which command better margins. We
expect a cumulative 40bp margin expansion for TeamLease over FY18-20.
Add to this the benefits of Section 80JJAA of the Income Tax Act, and a
consequent near-zero tax rate; and a revenue CAGR of 23% and EBITDA CAGR of
33% translates into 34% PAT CAGR.
TeamLease will be a key beneficiary to industry trends, and expect it to
demonstrate a high-growth trajectory over the next three years. Consequently,
prospective improvement in return ratios and cash generation, led by the
business model, would be a key driver of value creation for TeamLease.
We value TeamLease using DCF to reach a price target of INR2,300, implying an
upside of 26%. Valuations are rich; but sustained financial performance
expectations because of industry trends, business model and operational
excellence continue strengthening our positive long-term view on the stock.
Buy.
Key triggers
GST-related pick-up driving higher growth in the general staffing business
Significant scaling up of the IT staffing business
Continued profitability expansion
Key risks
Economic downturn leading to a proportionate and direct impact on business
Loss of business or issues with a top client (top-5 contribute 14% of revenue;
top-10 contribute 20% of revenue)
8 November 2017
5

TeamLease Services
Inability to have a higher proportion of revenue from other HR services and
professional staffing, leading to lower realizations and profitability
Exhibit 6: Fair value of INR2,300/share based on DCF
Discount rate
Terminal growth rate
PV FCF
PV of terminal value
NPV
Less: Debt
Add: Cash and cash equivalents
Total equity value
Per share
PV FCF
PV of terminal value
NPV
Less: Debt
Add: Cash and cash equivalents
Total equity value
NOSH m
CMP
Target price
Upside (%)
12.0%
5.0%
11,085
26,782
37,868
11
2,206
40,063
648
1,566
2,214
1
129
2,300
17
1,831
2,300
26%
Source: MOSL
Exhibit 7: We assume 12% WACC and 5% terminal growth rate
WACC/g
990
10%
11%
12%
13%
14%
3.0%
2,680
2,280
1,970
1,730
1,540
4.0%
3,000
2,500
2,130
1,850
1,630
Sensitivity analysis
5.0%
3,460
2,800
2,300
2,000
1,740
6.0%
4,140
3,220
2,620
2,200
1,880
7.0%
5,270
3,860
3,010
2,450
2,060
8 November 2017
6

TeamLease Services
Story in charts
Exhibit 8: Revenue growth momentum to remain intact
34.8% 35.1%
Revenue (INRm)
31.2%
22.3%
24.8%
24.1%
21.4% 23.1% 22.6%
-2.2%
-0.9%
Growth (YoY, %)
Exhibit 9: Margin expansion to be aided by scale and
business mix change
EBITDA (INRm)
EBITDA margin (%)
1.7% 1.8% 2.0%
1.2% 1.0% 1.5%
0.8%
Source: Company, MOSL
Source: Company, MOSL
Exhibit 10: Scale has resulted in higher efficiency
Associates / Full-time employee
165
166
203
Exhibit 11: Addition of higher-margin businesses expected
to further improve profitability
EBITDA margin (%) in FY17
15.0%
130
140
149
151
152
154
6.9%
1.3%
General staffing
Source: Company, MOSL
IT staffing
Other HR services
Source: Company, MOSL
Exhibit 12: Portfolio currently dominated by general staffing
IT staffing,
3.1%
Other HR
services,
1.6%
Exhibit 13: Well-diversified staffing portfolio (FY17)
4
5
1
Retail and consumer
Manufacturing
Others
BFSI
Telecom and ISPs
FMCG
Agri/Dairy
IT
Auto
E-commerce
Source: Company, MOSL
5
6
7
General
staffing,
95.4%
Source: Company, MOSL
9
24
20
19
8 November 2017
7

TeamLease Services
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
12,507
35.1
-111
-0.9
36
-147
5
115
0
-37
0
0.0
0
-37
-37
-77.6
2013
5
1,005
1,010
121
0
1,131
282
205
77
0
0
2,135
5
618
780
732
1,111
981
130
1,023
1,131
2014
15,297
22.3
121
0.8
19
102
2
79
0
178
0
0.0
0
178
178
-581.9
2014
5
1,183
1,188
9
0
1,197
276
199
77
0
0
2,326
3
595
847
881
1,236
1,048
188
1,090
1,197
2015
20,071
31.2
241
1.2
27
214
2
114
0
326
18
5.5
0
308
308
72.6
2015
5
1,483
1,488
0
-57
1,431
221
222
-1
42
0
2,974
2
813
1,147
1,012
1,638
1,372
266
1,336
1,431
2016
25,049
24.8
259
1.0
30
229
5
154
0
378
130
34.4
0
248
248
-19.4
2016
171
2,945
3,116
194
-45
3,264
309
252
57
0
0
5,629
2
1,205
2,590
1,832
2,476
2,101
375
3,153
3,264
2017
30,419
21.4
446
1.5
43
403
14
224
0
613
-50
-8.2
0
664
664
167.6
2017
171
3,640
3,811
11
-149
3,673
349
302
47
0
103
5,641
2
1,872
1,593
2,174
3,101
2,573
528
2,540
3,673
2018E
37,452
23.1
627
1.7
47
580
2
262
0
841
0
0.0
0
841
841
26.7
2018E
171
4,481
4,652
11
-149
4,514
373
349
24
0
103
7,221
2
2,336
2,206
2,677
3,818
3,168
650
3,404
4,514
2019E
45,920
22.6
841
1.8
51
790
(INR Million)
2020E
57,001
24.1
1,116
2.0
55
1,061
2
347
0
1,136
0
0.0
0
1,136
1,136
35.1
2019E
171
5,617
5,788
11
-149
5,649
403
399
4
0
103
9,240
2
2,902
3,054
3,282
4,680
3,884
796
4,560
5,649
2
458
0
1,518
0
0.0
0
1,518
1,518
33.6
2020E
171
7,134
7,305
11
-149
7,167
440
454
-14
0
103
11,905
3
3,649
4,179
4,075
5,810
4,821
989
6,096
7,167
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
8 November 2017
8

TeamLease Services
Financials and Valuations
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
Ratios
2013
-2.2
0.0
59.1
0.0
0.0
2014
10.4
11.5
69.5
0.0
0.0
2015
18.0
19.6
87.0
0.0
0.0
101.8
21.0
1.5
124.9
0.0
2016
14.5
16.3
182.2
0.0
0.0
126.2
10.0
1.2
111.5
0.0
10.8
10.5
32.8
7.7
18
0
1
-0.8
2016
259
54
-150
-265
-3
-105
-47
-152
2
23
-22
1,500
0
-4
73
1,569
1,443
1,147
2,590
2017
38.8
41.3
222.9
0.0
0.0
47.2
8.2
1.0
66.6
0.0
19.2
19.0
32.9
8.3
22
0
1
-0.4
2017
446
53
-19
-191
43
332
-18
314
-85
-814
-917
0
0
-11
-401
-412
-997
2,590
1,593
2018E
49.2
51.9
272.0
0.0
0.0
37.2
6.7
0.8
46.4
0.0
19.9
19.8
27.7
8.3
23
0
1
-0.5
2018E
627
0
-250
0
0
377
-24
352
0
262
238
0
0
-2
0
-2
613
1,593
2,206
2019E
66.4
69.4
338.5
0.0
0.0
27.6
5.4
0.6
33.6
0.0
21.8
21.7
33.6
8.1
23
0
1
-0.5
2019E
841
0
-309
0
0
532
-30
502
0
347
317
0
0
-2
0
-2
848
2,206
3,054
2020E
88.7
92.0
427.2
0.0
0.0
20.6
4.3
0.5
24.3
0.0
23.2
23.2
39.5
8.0
23
0
1
-0.6
2020E
1,116
0
-411
0
0
705
-37
668
0
458
421
0
0
-2
0
-2
1,125
3,054
4,179
-3.6
-2.8
-44.8
11.1
18
0
0
-0.7
2013
-111
45
-17
-86
75
-93
-11
-104
1
26
16
0
40
-5
0
35
-42
822
780
16.2
15.5
29.1
12.8
14
0
2
-0.7
2014
121
8
58
-78
55
164
-26
137
2
43
19
0
-113
-2
0
-115
67
780
847
23.0
23.1
68.5
14.0
15
0
1
-0.8
2015
241
15
38
17
32
343
-37
306
3
0
-34
0
-8
-1
0
-10
300
847
1,147
Cash Flow Statement
(INR Million)
8 November 2017
9

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock
broking services, Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed
public company, the details in respect of which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
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TeamLease Services
Disclosure of Interest Statement
Analyst ownership of the stock
TeamLease Services
No
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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.
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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:
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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
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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
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
8 November 2017
10