29th January 2018
3QFY18 Result Update I Sector: Capital Goods
KEI Industries Ltd
BSE SENSEX
36,050
S&P CNX
11,070
CMP: INR 399
TP: INR 537 (+34%)
Buy
Q3 marks strong revenue and PAT growth driven by increasing contribution
from retail segment with high other income and low interest burden
Strong revenue growth driven by wires and cables segment:
For 3QFY18,
KEI's revenue grew 24.1%/18.7% on YoY/QoQ basis to INR 8.9bn, driven by
strong 19.8% YoY growth in cables segment. Within wires and cables
segment, low tension grew at 23.3% on YoY basis, followed by high tension
(17.3%), extra high voltage cables (18.8%) and house wires (39.6%).
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Turnover, INR m
Free float (%)
Financials Snapshot (INR b)
Y/E Mar
Net Sales
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/Sh (INR)
P/E (x)
P/BV (x)
EV/E (x)
Div. PO (%)
RoE (%)
RoCE (%)
2018E
33.0
3.3
1.3
17.0
34.1
77.0
23.5
5.2
11.5
5.0
24.7
16.9
KEII IN
77.8
423 / 133
4 / 62 / 159
31.0
0.49
260
Robust PAT growth led by low interest cost and high other income:
For
51
3QFY18, KEI's PAT grew 43.6%/36.9% on YoY/QoQ basis to INR 0.4bn, driven
by increase in other income and low interest burden. Decline in interest cost
2020E
46.8
4.9
2.3
29.8
33.9
126.5
13.4
3.2
7.8
5.0
26.5
19.4
Increasing contribution from retail segment:
For 3QFY18, retail segment
revenue grew at 71.0% YoY to INR 3.1bn. The contribution stood at 35.2% in
3QFY18 vs. 25.1% in 3QFY17 and 33.3% in 2QFY18. Management expects
the contribution to increase to 40% by FY20. Company added 61 new dealers
in 9MFY18 taking total dealer strength to 1,208. Going ahead it targets to
grow its existing dealers in size and at the same time add 11% new dealers
every year.
2019E
39.5
3.9
1.7
22.3
30.9
98.2
17.9
4.1
9.7
4.9
25.4
18.0
was driven by low bank guarantee charges and low interest rate. Other
income was driven by forex gain (INR 69.8mn) mainly on account of import of
raw material. However, EBITDA margins declined by 139bps/70bps YoY/QoQ
to 9.5% due to higher expense incurred on R&D and testing of EHV cables
(400 kV). The same would start contributing to the topline from 1QFY19.
Key con-call highlights:
9MFY18 cables volume growth stood at 19.0% and
is expected to be maintained at similar levels. Management is positive on
EHV cables growth due to strong bidding in various state transmission utilities
(L1 in INR 2bn). In 9MFY18, EPC revenue stood at INR 7.1bn and is likely to be
maintained at INR ~10-11bn for the next 2 financial years. Export segment
revenue is expected to grow by 10-15% over FY18-20E.
Valuation:
We have tweaked our estimates in-line with the management
guidance; however, we continue maintain our earnings estimates for FY19
and FY20. KEI is likely to be a major beneficiary of key government initiatives
in power, infrastructure and real estate sector. It has high return ratios, free
cash flows and low debt to equity. Given the high growth expectation along
with healthy financials, we continue to maintain BUY rating with a TP of INR
537/share (at 18x FY20EPS).
Quarterly Standalone Performance (INR mn)
3QFY18
8,887
843
EBITDA Margins (%)
9.5
Depreciation
82
Interest
251
Adj. Net Profit
390
3QFY17
7,162
779
10.9
70
341
272
YoY (%)
24.1
8.2
-139bps
16.7
(26.2)
43.6
2QFY18
7,488
763
10.2
81
274
285
QoQ (%)
18.7
10.6
-70bps
1.8
(8.1)
36.9
* Closing price as on 25th Jan , 2018
Shareholding pattern (%)
As On
Promoter
MFs
FPIs
Others
Dec-17 Sept-17
46.3
46.3
12.4
13.5
6.4
5.5
34.9
34.7
Jun-17
46.6
18.4
4.0
31.0
Investors are advised to refer through
Y/E December
disclosures made at the end of the Research
Revenue
Report.
EBITDA
Siddhartha Khemka
siddhartha.khemka@motilaloswal.com
Pooja Doshi
pooja.doshi@motilaloswal.com
Source: Company, MOSL

KEI Industries Ltd.
Story in Charts
Exhibit 1: Strong revenue growth of 18.7% in 3QFY18
Exhibit 2: R&D and testing for EHV impacted margins
Source: Company, MOSL
Exhibit 3: Strong PAT growth due to low interest cost
Exhibit 4: 3QFY18 orderbook break-up (INR mn)
Source: Company, MOSL
Exhibit 5: Segment wise revenue mix for 3QFY18
Exhibit 6: Product-wise revenue mix for 3QFY18
Source: Company, MOSL
29 January 2018
November 2017
2

KEI Industries Ltd.
Company Profile
Company description
Established in 1968, KEI is engaged in manufacturing
and marketing of Power Cables. It has a significant
presence in domestic and international markets. It
services retail and institutional segments and caters
to both private and public sector clients. It has built its
manufacturing facilities at Bhiwadi and Chopanki (both
in Rajasthan) and Silvassa (Dadra and Nagar Haveli).
Its prudent foray into the EHV cable and EPC Services
for Power Sector Projects has further expanded the
opportunity horizon.
Exhibit 7: 1-year stock performance rebased to 100
Source: Company, MOSL
Exhibit 8: Top holders as on 3QFY18
Holder Name
Franklin Templeton Mutual Fund - FBIF
% Holding
6.57
Exhibit 9: Top management
Name
Mr. Anil Gupta
Mr. Akshit Diviaj Gupta
Mr. Rajeev Gupta
Designation
Chairman & M.D.
Whole Time Director
E.D. (Fin.) & CFO
Sundaram MF - Select Micro Cap Series - XVI 1.38
HDFC Retirement Savings Fund-Equity Plan
Ashish Kacholia
Ashish Agarwal
Madhulika Agarwal
Ajay Upadhyaya
1.02
3.18
1.69
1.45
1.28
Source: Company, MOSL
Exhibit 10: Directors
Name
Mr. Anil Gupta
Mrs. Archana Gupta
Mr. Akshit Diviaj Gupta
Mr. Pawan Bholusaria
Name
Mr. K.G. Somani
Mr. Vijay Bhushan
Mr. Vikram Bhartia
Mr. Rajeev Gupta
Exhibit 11: Auditors
Name
M/s. Pawan Shubham & Co
Mr. Baldev Singh Kashtwal
M/s. S Chander & Associates
Type
Statutory
Secretarial Auditor
Cost Auditor
Source: Company, MOSL
29 January 2018
November 2017
3

KEI Industries Ltd.
Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Fin. Charges
Other Income
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY12
17,223
15,722
91.3
1,501
8.7
195
1,305
962
16
360
117
32.4
243
243
NA
1.4
FY13
16,584
-3.7
14,878
89.7
1,705
10.3
204
1,501
1,094
24
431
167
38.9
263
263
8.3
1.6
FY14
16,189
-2.4
14,659
90.5
1,530
9.5
210
1,321
1,115
13
218
102
46.8
116
116
-56.0
0.7
FY15
20,310
25.5
18,381
90.5
1,929
9.5
246
1,683
1,204
24
529
186
35.2
342
326
180.7
1.6
FY16
23,256
14.5
20,833
89.6
2,423
10.4
253
2,170
1,270
53
953
331
34.8
622
622
91.0
2.7
FY17
26,691
14.8
23,948
89.7
2,743
10.3
280
2,463
1,229
104
1,338
351
26.3
986
986
58.6
3.7
FY18E
33,039
23.8
29,786
90.2
3,253
9.8
324
2,929
1,093
109
1,946
623
32.0
1,323
1,323
34.1
4.0
(INR Million)
FY19E
FY20E
39,496 46,798
19.5
18.5
35,547 41,878
90.0
89.5
3,949
4,920
10.0
10.5
341
387
3,608
4,533
1,117
1,173
75
75
2,566
3,435
834
1,116
32.5
32.5
1,732
2,319
1,732
2,319
30.9
33.9
4.4
5.0
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Debt
Deferred Tax (Net)
Total Capital Employed
Gross Fixed Assets
Less: Accum. Depri.
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash and Bank Bal.
Loans and Adv. & OCA
Curr. Liab. & Prov.
Account Payables
Current Liabilities
Other LT Liab. & Provs.
Net Current Assets
Appl. of Funds
FY12
134
2,137
2,271
4,872
23
7,166
4,022
841
3,181
2
31
8,735
2,922
4,826
44
943
4,783
4,093
629
62
3,952
7,166
FY13
140
2,415
2,556
4,732
106
7,394
4,124
1,036
3,089
26
31
8,626
3,582
4,212
156
676
4,378
3,948
363
67
4,248
7,394
FY14
147
2,539
2,731
5,104
160
7,995
4,357
1,216
3,141
2
31
9,261
4,031
4,286
46
898
4,440
3,872
498
70
4,821
7,995
FY15
154
2,884
3,039
4,520
235
7,794
4,451
1,470
2,981
44
31
10,361
4,403
4,798
47
1,113
5,623
4,810
692
122
4,738
7,794
FY16
154
3,512
3,666
4,972
362
9,001
4,995
1,716
3,279
293
31
11,266
4,225
5,674
59
1,309
5,869
4,323
1,395
151
5,397
9,001
FY17
156
4,579
4,735
7,118
427
12,280
6,044
1,990
4,054
32
31
13,993
4,989
7,392
370
1,242
5,830
4,805
921
103
8,163
12,280
FY18E
157
5,836
5,993
6,540
511
13,044
6,049
2,314
3,735
600
31
15,496
5,522
8,328
108
1,539
6,817
5,612
1,086
119
8,678
13,044
FY19E
157
7,484
7,641
7,382
511
15,534
6,664
2,655
4,009
1,100
31
18,305
6,601
9,739
126
1,840
7,910
6,709
1,082
119
10,395
15,534
FY20E
157
9,686
9,842
7,282
511
17,636
7,779
3,042
4,737
1,400
31
20,819
7,693
10,898
48
2,180
9,350
7,949
1,282
119
11,468
17,636
29 January 2018
November 2017
4

KEI Industries Ltd.
Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout (%)
Valuation (x)
P/E
Cash P/E
P/BV
EV/Sales
EV/EBITDA
Dividend Yield (%)
FCF per share
Return Ratios (%)
RoE
RoCE
Working Capital Ratios
Asset Turnover (x)
Inventory (Days)
Debtor (Days)
Creditor (Days)
Leverage Ratio (x)
Net Debt/Equity
FY12
3.1
5.6
29.2
0.2
6.4
127.6
70.7
13.7
2.1
23.9
0.0
2.3
21.4
25.0
2.4
62
102
87
2.1
FY13
3.4
6.0
32.9
0.2
6.2
117.9
66.4
12.1
2.1
20.9
0.0
17.2
10.9
12.9
2.2
79
93
87
1.8
FY14
1.5
4.2
35.1
0.2
14.7
267.6
95.3
11.4
2.2
23.6
0.0
7.9
4.4
9.4
2.0
91
97
87
1.8
FY15
4.2
7.3
39.1
0.4
10.9
95.3
54.3
10.2
1.7
18.4
0.1
23.3
11.3
14.4
2.6
79
86
86
1.5
FY16
8.0
11.2
47.1
0.5
7.5
49.9
35.5
8.5
1.5
14.8
0.1
11.3
18.6
17.9
2.6
66
89
68
1.3
FY17
12.7
16.3
60.9
0.6
5.7
31.5
24.5
6.6
1.4
13.8
0.2
-7.5
23.5
18.5
2.2
68
101
66
1.4
FY18E
17.0
21.2
77.0
0.7
5.0
23.5
18.8
5.2
1.1
11.5
0.2
17.5
24.7
16.9
2.5
61
92
62
1.1
FY19E
22.3
26.6
98.2
0.9
4.9
17.9
15.0
4.1
1.0
9.7
0.2
3.9
25.4
18.0
2.5
61
90
62
0.9
FY20E
29.8
34.8
126.5
1.3
5.0
13.4
11.5
3.2
0.8
7.8
0.3
15.9
26.5
19.4
2.7
60
85
62
0.7
Cash Flow Statement
Y/E March
FY12
OP/(Loss) before Tax
360
Depreciation
195
Interest & Fin. Charges
962
Direct Taxes Paid
-51
(Inc)/Dec in WC
-1,181
CF from Operations
285
Others
37
CF from Oprt. incl EO
322
(Inc)/Dec in FA
-146
Free Cash Flow
176
(Pur)/Sale of Inv.
0
Others
2
CF from Investments
-145
Issue of Shares
0
Inc/(Dec) in Debt
484
Interest Paid
-962
Dividend Paid
-16
Others
235
CF from Fin. Activity
-258
Inc/Dec of Cash
-81
Opening Balance
124
Closing Balance
44
FY13
431
204
1,094
-90
-181
1,458
35
1,493
-151
1,341
0
1
-150
59
-122
-1,094
-16
-58
-1,230
113
44
156
FY14
218
210
1,115
-55
-711
777
57
835
-220
615
0
1
-219
49
-111
-1,115
-16
467
-727
-111
156
46
FY15
529
246
1,204
-92
47
1,933
46
1,979
-168
1,811
0
1
-166
5
148
-1,204
-18
-742
-1,811
1
46
47
FY16
953
253
1,270
-196
-508
1,772
81
1,853
-977
876
0
1
-975
0
448
-1,270
-37
-7
-866
12
47
59
FY17
1,338
280
1,229
-304
-2,588
-45
83
38
-624
-585
0
5
-618
20
-538
-1,229
-46
2,685
891
311
59
370
FY18E
1,946
324
984
-623
-777
1,854
84
1,938
-573
1,365
0
109
-464
1
-579
-1,093
-66
0
-1,736
-262
370
108
(INR Million)
FY19E
2,566
341
1,042
-834
-1,698
1,417
0
1,417
-1,115
302
0
75
-1,040
0
843
-1,117
-84
0
-359
18
108
126
FY20E
3,435
387
1,098
-1,116
-1,151
2,653
0
2,653
-1,415
1,238
0
75
-1,340
0
-100
-1,173
-117
0
-1,390
-78
126
48
29 January 2018
November 2017
5

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect
of which are available on www.motilaloswal.com. MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited
(BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is member of Association
of Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Pending Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and adjudge
violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice. The matter is currently pending.
MOSL, it's associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in the subject company
at the end of the month immediately preceding the date of publication of the Research Report. MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position
in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker
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even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report. Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/
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a) managed or co-managed public offering of securities from subject company of this research report,
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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.
Disclosure of Interest Statement
" Analyst ownership of 1% or more securities
KEI Industries Ltd.
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.
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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.: Motilal Oswal Securities Ltd. (MOSL): INZ000158836 (BSE/NSE/MSE); 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 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
November 2017