27th March 2019
Management Meet Update I Industry: Auto Anci.
Subros Ltd.
BSE SENSEX
38,137
S&P CNX
11,434
CMP: INR251 TP: INR386(+54%)
Buy
Stock Info
M.Cap. (INR b)
Avg. Turnover, INR m
Equity Shares (m)
Face value
52-Week Range (INR)
1, 6, 12m Rel. Per* (%)
*Relative to BSE sensex
^Stock price as on 27
th
March, 2019
16
7
65
2
379/206
-2/-31/-30
Our recent plant visit to Subros at Manesar reinforces our confidence
in the company, as its MD, Ms. Shradha Suri Marwah elaborated on
the progress and growth potential of Subros’ different businesses, key
organizational changes and several other initiatives. Despite the near
term sluggishness in the auto industry, the long term growth story
remains attractive, given its (i) upcoming new capacity, (ii) focus on
newer product and technology development like roof circulators etc.,
(iii) rising market share, (iv) positive impact of implementation of BS-
VI, CAFE norms, EVs etc. and (v) robust pick up in the truck and radiator
business. Additionally, deleveraging of balance sheet, consistent free
cash flow generation and improving return ratios, strengthens our
narrative. However, we believe the stock would remain lackluster in
the near term until the auto sector revives. The stock is trading at 14.4x
FY20E and 11.8x FY21E EPS. We retain Buy with a target price of INR386
(20x Sep’20E EPS).
Some of the key takeaways from our plant visit and management
interaction are as below:
Market leadership in key segments to continue:
Subros remains the
market leader with ~42% market share in the PV AC segment and ~60%
in Truck AC segment. Within PV AC, its products mainly cater to petrol
variants, thus benefiting from the ongoing industry shift towards petrol
variants (petrol:diesel mix of 42:58 in FY13; to 64:36 in FY19E; to 76:24
in FY22E). Apart from this, the upcoming BS-VI norms will increase the
prices of diesel vehicles compared to petrol which will also support
Subros’ revenue mix.
In case of Truck AC segment, management expects strong demand for
ACs (>3.5 tonne) post the tightening of Corporate Average Fuel
Efficiency (CAFÉ) norms. Thus the mix of Blower:AC in trucks would likely
change from current 70:30 to 10:90 going forward. With AC prices being
higher by ~4x to that of Blower, higher realization and margin would
drive Subros’ overall growth.
Currently, ~90% of Subros’ revenue comes from PV segment including
Engine Cooling Module (ECM) and balance from non-PV segment. Going
ahead, management targets to reduce its PV segment contribution to
~83% by FY21E in order to de-risk its business.
Increasing focus on non PV segments to drive growth:
In order to
diversify its revenue base, Subros aims at capturing various
opportunities arising in the non PV segments such as 1) fetching an
Annual Maintenance Contract (AMC) from railway coaches apart from
supplying ACs for driver’s cabin, 2) capturing increasing requirement of
refrigerated vehicles in order to reduce food wastage (currently >20%
wastage in food products), 3) acquiring new clients in home AC segment
where it supplies condensers, and 4) grabbing new orders arising from
increasing governments focus on electric buses (AC penetration in the
same is >80% vs. ~12% in conventional buses). It aims to clock a revenue
of INR1.5bn from railway AC segment, INR0.3bn from Reefer AC
segment and INR0.75-1bn from home AC segment over next 3-4 years.
Financials Snapshot (INR bn)
Y/E Mar
FY19E
21.5
12.4
2.4
0.9
13.1
38.1
105.3
0.6
19.1
2.4
8.3
15.7
14.6
FY20E
23.9
11.0
2.7
1.1
17.4
32.6
120.4
0.8
14.4
2.1
7.0
15.4
19.4
FY21E
26.9
12.8
3.1
1.4
21.2
21.6
138.8
0.9
11.8
1.8
5.9
16.3
21.3
Net Sales
Growth (%)
EBITDA
PAT
EPS (INR)
Gr. (%)
BV/sh. (INR)
Div. Yield (%)
P/E (x)
P/BV (x)
EV/EBITDA (x)
RoE (%)
RoCE (%)
Shareholding pattern (%)
As On
Jun-18 Sept-18
40.0
40.0
Promoter
MFs
6.7
6.7
FPIs
0.6
0.6
Others
52.7
52.7
Dec-18
36.8
6.0
0.6
56.6
Investors are advised to refer
through disclosures made at the end
of the Research Report.
Sneha Poddar – Research Analyst (Sneha.poddar@motilaloswal.com
Pooja Doshi – Research Analyst (Pooja.doshi@motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.

Subros Ltd.
Management meet highlights
Subros’ capex plans in-line with Suzuki Motors Gujarat (SMG) plans:
The Company
has lowered its overall capacity addition at Gujarat plant to 0.75mn units from the
earlier guidance of 1.5mn, in line with MSIL production plans to Gujarat.
Arrangement with Denso for direct supply of radiators to OEMs:
Until now Subros
had an agreement with Denso under which it manufactured and supplied radiator to
Denso only. However, in order to strengthen its relationship with Subros, Denso has
now allowed Subros to directly supply radiators to auto OEMs. This would help Subros
in expanding its radiator market and improve margins in this segment.
Fund infusion from Denso to help deleverage balance sheet:
Subros completed the
preferential equity allotment of INR2.1bn to Denso (their Japanese partner), taking
latter’s stake to 20% from current 13%. Funds received would be used in repaying
debt of ~INR0.5bn in FY20E (current debt of INR2.5bn), new product development
and funding the future capex. Moreover, management believes that lower interest
cost due to debt repayment will boost the profitability.
Strong management guidance:
Management targets revenue growth of ~13% with
EBITDA margin expansion of 100-150bps over the next 2 years. It is taking various cost
control measures such as increase in localization and in-house tool development in
order to reduce logistics cost. Along with this, it is also focusing on improving
operational efficiency in order to support EBITDA margin expansion. Apart from this,
it targets lower working capital requirement of ~6-10 days (Inventory of 40 days,
Debtor of 31 days and Creditors of 65 days) due to realignment of its terms with the
suppliers.
Key Risks
Subros is highly dependent on the growth of PV segment in India, especially
Maruti (~70% turnover comes from Maruti Suzuki). Any further slowdown
in the automobile industry, would adversely affect Subros’ revenue
growth.
Volatility in raw material prices (Polypropylene, steel and aluminum) and
currency fluctuations would impact margins and profitability.
Much anticipated growth in the non-PV segment is highly dependent on
the demand pickup in the truck, rail, bus and Home AC segments
27 March 2019
2

Subros Ltd.
Story in Charts
Exhibit 1: Increasing contribution from non-PV segment
PV segment (incl. ECM)
100.0%
4.0%
Non PV segment
Exhibit 2: EBITDA margins expansion
4,000
EBITDA (INR mn)
Margins (%)
15.0%
7.6%
7.9%
10.2%
11.5%
13.1%
3,000
11.4%
11.6%
11.4%
10.9% 11.0% 11.0% 11.2%
10.0%
80.0%
2,000
96.0%
60.0%
92.4%
92.1%
89.8%
88.5%
86.9%
1,000
40.0%
-
5.0%
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: Robust 27% PAT CAGR over FY19-21E
Adj. PAT (INR mn)
1,600
53.7%
38.1%
800
18.1%
400
0.3%
-
0.0%
21.6%
68.2%
Growth (%)
80.0%
Exhibit 4: Improving net debt to equity post prefrential issue
1.5
1.2
0.9
0.9
40.0%
0.6
0.3
-
0.5
0.3
0.2
1.3
1.2
1.1
1,200
32.6%
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Strong free cash flow in future
4,000
Free cash flow (INR mn)
Operating cash flow (INR mn)
Exhibit 6: Improving return ratios
ROE (%)
30.0%
ROCE(%)
3,000
20.0%
2,000
10.7%
10.0%
1,000
6.4%
-
0.0%
7.3%
8.9%
6.6%
7.3%
16.5%
15.7%
19.4%
21.3%
15.4% 16.3%
12.7%
14.6%
Source: Company, MOSL
Source: Company, MOSL
27 March 2019
3

Subros Ltd.
Company Profile
Company description
Exhibit 7: 1-year stock performance rebased to 100
Subros Ltd is the leading manufacturer of air
conditioning systems (ACs) for the passenger vehicles
(PV) in India with Maruti Suzuki India Ltd. (MSIL)
being its major client. It also supplies its products to
the Commercial Vehicles (CVs) segment i.e. Trucks,
Buses, Reefer transports and Off-roaders. Recently it
forayed into the Railways and Home AC segment to
diversify further. It has an annual capacity of 1.5mn
units p.a. along with a tool manufacturing centre in
Noida. It also has a technical centre in collaboration
with Denso.
Source: Company, MOSL
Source: Bloomberg
Exhibit 8: Key shareholding above 1% as on Dec-18
Holder Name
Denso Corp.
Suzuki Motor Corp.
DSP Blackrock Small Cap Fund
Responsible Builders Pvt. Ltd.
SHS Transport Pvt. Ltd.
Sundaram Select Micro Cap Series Iii
Canara HSBC Oriental Bank Of Commerce
Life Insurance Company Ltd
Coldform Engineering Private Limited
Barclays Wealth Trustees India Pvt. Ltd.
% Holding
20.0%
11.9%
3.6%
2.7%
1.5%
1.4%
1.2%
1.2%
1.1%
Source: Company, MOSL
Exhibit 9: Top management
Name
Mr. Ramesh Suri
Ms. Shradha Suri Marwah
Dr. Y. Makino
Mr. Manoj Kumar Sethi
Designation
Promoter & Chairman
MD
Representative of Denso Corp.
Sr. VP & CFO
Source: Company, MOSL
Exhibit 10: Directors
Name
Mr. Ramesh Suri
Dr. Jyotsna Suri
Ms. Shradha Suri
Mr. Y. Iida
Name
Exhibit 11: Auditors
Name
M/S Price Waterhouse C.A. LLP
M/s. RSM & Co.
M/s. Chandra Wadhwa & Co.
Type
Statutory
Secretarial Auditor
Cost Auditor
Mr. G.N. Mehra
Mr. Shailendra Swarup
Mr. K.R. Ramamoorthy
Mrs. Meena Seth
Mr. M A Pathan
Source: Company, MOSL
Mr. K. Ayukawa
Source: Company, MOSL
27 March 2019
4

Subros Ltd.
Financials and valuations
Standalone - Income Statement
Y/E March
Net Sales
Change (%)
Total Expenditure
% of Sales
EBITDA
Margin (%)
Depreciation
EBIT
Int. and Finance Charges
Other Income
PBT bef. EO Exp.
Extraordinary Items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
Margin (%)
FY15
11,972
2.2
10,604
88.6
1,368
11.4
787
581
387
10
204
0
204
1
0.4
0
203
203
0.3
1.7
FY16
13,069
9.2
11,548
88.4
1,521
11.6
864
657
417
24
264
0
264
24
9.2
0
240
240
18.1
1.8
FY17
15,348
17.4
13,672
89.1
1,677
10.9
879
798
479
73
392
-310
81
-52
-63.4
0
133
369
53.7
2.4
FY18
19,129
24.6
17,029
89.0
2,100
11.0
920
1,180
412
74
842
-18
824
218
26.4
0
606
620
68.2
3.2
FY19E
21,508
12.4
19,150
89.0
2,358
11.0
781
1,577
434
99
1,242
-33
1,208
375
31.0
0
834
857
38.1
4.0
FY20E
23,879
11.0
21,194
88.8
2,686
11.2
842
1,843
304
157
1,696
0
1,696
560
33.0
0
1,137
1,137
32.6
4.8
(INR Million)
FY21E
26,939
12.8
23,863
88.6
3,076
11.4
911
2,165
242
140
2,063
0
2,063
681
33.0
0
1,382
1,382
21.6
5.1
Standalone - Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Debt
Deferred Tax (Net)
Total Capital Employed
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash and Cash Equivalent
Bank Balance
Loans and Advances & OCA
Curr. Liability & Provisions
Account Payables
Current Liabilities
Other Long Term Liab. & Provs.
Net Current Assets
Appl. of Funds
FY15
120
3,051
3,171
4,197
270
7,638
5,363
885
25
3,454
1,734
776
14
55
874
2,089
1,103
895
90
1,365
7,638
FY16
120
3,285
3,405
3,955
-81
7,279
5,631
541
25
3,468
1,766
986
9
46
661
2,386
1,805
531
50
1,082
7,279
FY17
120
3,358
3,478
4,044
-153
7,369
4,972
1,491
25
4,615
2,052
1,302
20
18
1,222
3,734
2,399
1,272
63
881
7,369
FY18
120
3,928
4,048
3,851
-114
7,785
6,697
898
25
5,244
2,396
1,614
150
49
1,036
5,080
4,099
839
142
165
7,785
FY19E
130
6,739
6,870
3,201
-114
9,957
7,137
869
25
6,801
2,593
1,768
61
1,349
1,031
4,874
4,007
749
118
1,927
9,957
FY20E
130
7,725
7,856
2,701
-114
10,443
7,524
869
25
7,417
2,879
1,963
164
1,349
1,063
5,392
4,449
815
128
2,025
10,443
(INR Million)
FY21E
130
8,925
9,055
2,004
-114
10,945
7,993
869
25
7,986
3,247
2,214
160
1,000
1,365
5,927
4,871
915
142
2,059
10,945
27 March 2019
5

Subros Ltd.
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
1.3
1.2
1.1
0.9
0.5
0.3
0.2
1.6
53
21
34
1.8
49
25
41
2.1
45
27
50
2.5
42
28
62
2.2
42
29
69
2.3
42
29
65
2.5
42
28
63
6.6
6.4
7.3
7.3
10.7
8.9
16.5
12.7
15.7
14.6
15.4
19.4
16.3
21.3
80.6
16.5
5.2
1.7
15.0
0.3
7.1
68.2
14.8
4.8
1.6
13.4
0.3
12.4
44.4
13.1
4.7
1.3
12.2
0.2
5.0
26.4
10.6
4.0
1.0
9.6
0.4
12.9
19.1
10.0
2.4
0.9
8.3
0.6
3.2
14.4
8.3
2.1
0.8
7.0
0.8
13.8
11.8
7.1
1.8
0.7
5.9
0.9
9.6
3.1
15.2
48.6
0.6
24.9
3.7
16.9
52.2
0.7
24.1
5.7
19.1
53.3
0.5
27.2
9.5
23.6
62.0
1.0
13.1
13.1
25.1
105.3
1.4
13.2
17.4
30.3
120.4
1.9
13.2
21.2
35.2
138.8
2.3
13.2
FY15
FY16
FY17
FY18
FY19E
FY20E
FY21E
Standalone - Cash Flow Statement
Y/E March
OP/(Loss) before Tax
Depreciation
Interest & Finance Charges
Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
Others
CF from Operating incl EO
(Inc)/Dec in FA
Free Cash Flow
(Pur)/Sale of Investments
Others
CF from Investments
Issue of Shares
Inc/(Dec) in Debt
Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Opening Balance
Closing Balance
FY15
204
787
387
-44
94
1,428
-7
1,420
-960
461
0
9
-951
0
61
-491
-49
-479
-9
23
14
FY16
264
864
417
-58
2
1,489
-3
1,486
-679
807
0
7
-672
0
-296
-472
-51
-818
-4
14
9
FY17
81
879
479
-22
-190
1,227
-119
1,108
-781
327
0
29
-751
0
186
-475
-58
-346
11
9
20
FY18
824
920
412
-140
1,075
3,091
64
3,155
-2,312
844
0
5
-2,306
0
-206
-477
-36
-719
130
20
150
FY19E
1,208
781
434
-375
-551
1,497
-99
1,399
-1,191
208
0
-1,201
-2,393
2,099
-650
-434
-110
905
-89
150
61
FY20E
1,696
842
304
-560
5
2,288
-157
2,131
-1,230
901
0
157
-1,073
0
-500
-304
-150
-954
104
61
164
(INR Million)
FY21E
2,063
911
242
-681
-387
2,148
-140
2,008
-1,380
628
0
489
-891
0
-697
-242
-183
-1,122
-5
164
160
27 March 2019
6

Subros Ltd.
This report is intended for distribution to Retail Investors.
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Disclosures
Expected return (over 12-month)
>=15%
< - 10%
< - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
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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 resear ch 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
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore.As per
the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons
in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom
may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such
Singapore Person must immediately discontinue any use of this Report and inform MOCMSPL.
Specific Disclosures
1 MOSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOSL has not received any compensation or other benefits from third party in connection with the research report
10 MOSL has not engaged in market making activity for the subject company
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The associates of MOSL may have:
financial interest in the subject company
actual/beneficial ownership of 1% or more securities in the subject company
received compensation/other benefits from the subject company in the past 12 months
other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s ), as the
recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company (ies) discussed herein or act as an advisor or lender/borrower to such
company(ies)
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of MOSL for
other purposes (i.e holding client securities, collaterals, error trades etc.). MOSL also earns DP income from clients which are not considered in above disclosures.
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.
Terms & Conditions:
This report has been prepared by MOSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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 of MOSL. The r eport is based on the facts, figures and information that are considered 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.
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 risk s 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.:022-38281085.
Registration details: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); 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 Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. *
Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National Company Law Tribunal, Mumbai Bench. The existing registration no(s)
of MOSL would be used until receipt of new MOFSL registration numbers.
27 March 2019
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