Sector Update | Technology
Technology
USD revenue growth for largecap
IT services rearview mirror: 3QFY21
IT (QoQ)
Strongest third quarter in the past five years
earnings review
The Indian IT services industry reported one of its strongest third quarters in
FY21, delivering USD revenue growth of 4.9% QoQ, helped by increased
technology spends across all key industries (despite adverse seasonality), pick
up in deal sizes, and faster conversion from pipeline to orders.
The outlook for CY21 continue to improve, with an increase in deal TCV (median
book-to-bill at 1.2x v/s 0.9x in 3QFY20, Exhibit 6) and pipeline across companies.
Managements (Exhibit 16, 17) further highlighted that clients are rolling out
multi-year Digital and Cloud transformation projects, further improving long-
term visibility in this space.
Total headcount addition for 3QFY21 stood at 39k as against a net decline of 3k
employees in the past nine months. This came in on the back of the highest ever
utilization reported by IT Services companies.
Attrition for 3QFY21 was the lowest ever at 11.3% (average for our IT coverage
universe) v/s 16.2% in 3QFY20. This is expected to rise over the next few
quarters, despite wage hikes in 4QFY21/1QFY22. This remains a key worry for
margin performance as a rapid rise in attrition may require intervention.
With utilization levers at a historical high (Exhibit 11), margin improvement will
be driven more by operating leverage going forward.
The COVID-19 lockdown continues to act as a tailwind on margin in 3QFY21,
with higher offshore mix and lower travel expense (Exhibit 10) aiding operating
margin. Our largecap coverage has also seen a ~150bp YoY drop (Exhibit 8) in
sub-contracting expense, partially helped by higher share of offshore effort.
Recent acquisitions (TCS – Postbank and Pramerica, Infosys – Rolls Royce and
Daimler, and Wipro – Metro AG) suggests higher offshoring intensity and cost
take out, indicating higher comfort with offshore delivery at large clients.
Tier I margin for 3QFY21 (Exhibit 7), on the back of high utilization and offshore
mix, stood at 24.1%, an increase of 90bp QoQ and 270bp YoY.
We continue to see Cloud migration, Digital transformation, and user
experience as multi-year opportunities for Indian IT companies. These will be
complimented by cost takeout deals as clients normalize their budgets to
increase spending on Digital transformation. Led by robust order book and
decent deal conversion, we expect mid-teens growth for the sector in FY22E.
We expect margins to be rangebound as some cost pertaining to travel,
normalization of utilizations, and wage hikes will now gradually return.
However, this impact should be mostly offset by operating leverage due to
higher growth and ongoing pyramid rationalization.
Despite valuations running at the upper end of the historical range (Exhibit 14),
we retain our attractive stance on the sector and continue to prefer INFO and
HCLT as our preferred picks among Tier I and PSYS, LTTS, and MPHL among Tier
II IT companies.
Source: Company, MOFSL
Robust headcount addition on back of record high utilization…
High-low v/s current P/E
…with continuously increasing offshore mix
Source: Bloomberg, MOFSL
Expect mid-teen growth and rangebound margin for FY22E
Mukul Garg – Research analyst
(Mukul.Garg@MotilalOswal.com)
Research analyst: Anmol Garg
(Anmol.Garg@MotilalOswal.com) /
Heenal Gada
(Heenal.Gada@MotilalOswal.com) /
17
Investors are advised to refer through important disclosures made at the last page
February 2021
1
of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 1:
USD revenue growth for largecap IT (QoQ)
FY16
3% 3%
3%
1%
1%
1%
FY17
3% 2%
FY18
6%
FY19
FY20
FY21
5%
1% 0% 1%
2% 2%
2% 2%
3% 2%
2%
2%
-2%
-6%
1Q
2Q
3Q
4Q
Source: Company, MOFSL
Exhibit 2:
USD revenue growth for midcap IT (QoQ)
FY17
5%
FY18
5%
3% 3%
1%
FY19
FY20
4%
FY21
5%
2%
5%
2% 1%
3%
3%
1%
1%
2%
3% 3%
-6%
1Q
2Q
3Q
4Q
Note: Does not include ZENT. Source: Company, MOFSL
Exhibit 3:
USD revenue growth for largecap IT (YoY)
FY16
FY17
FY18
FY19
FY20
FY21
10%
7%
6%
8%
8%
7%
8% 7% 7% 8%
7% 7%
9% 8% 8%
3%
9%
7%
10%
8%
3%
-4%
0%
1Q
2Q
3Q
4Q
Source: Company, MOFSL
17 February 2021
2
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 4:
USD revenue growth midcap IT (YoY)
FY17
17%
10%
7%
8%
1%
1Q
2Q
6%
10%
FY18
FY19
FY20
FY21
17%
14% 13%
9%
6%
9%
10%
4%
6%
9%
15%
3%
3Q
4Q
Note: Does not include ZENT. Source: Company, MOFSL
Exhibit 5:
Deal wins (USD m) are higher than last year due to increased technology spends
22,300
18,100
12,020
7,374
3,195
1,166
TCS
Infosys
TechM
838 1,006
Mindtree
514 866
Mphasis
569 579
Coforge
450 525
Zensar
YTDFY20
YTDFY21
Source: Company, MOFSL
Exhibit 6:
Book-to-bill ratio
3QFY19
2.0
1.1 1.1
1.2
0.5 0.6
0.3
1.1
0.8
3QFY20
3QFY21
0.9
1.0
1.2
0.6
0.8 0.9
1.4
1.6
1.2
1.2
0.3
TCS
Infosys
TechM
Mindtree
Mphasis
Coforge
Zensar
Note: FY19 not available for ZENT due to reclassification. Source: Company, MOFSL
17 February 2021
3
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 7:
EBIT margin expands on increased operational efficiencies and reduced costs
Tier-1
25.0%
20.0%
15.0%
10.0%
Tier-2
Source: Company, MOFSL
Exhibit 8:
Subcontracting expenses fall as companies replace them with own employees…
Avg. Sub-con expenses (as % of sales)
Note: Average of TCS, INFO, WPRO and TECHM. Source: Company, MOFSL
Exhibit 9:
…leading to strong net additions despite the COVID-19 pandemic in most cases
30,000
20,000
10,000
-
-10,000
YTDFY19
YTDFY20
YTDFY21
Source: Company, MOFSL
17 February 2021
4
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 10:
After a steep dip in travel expenses in 1QFY21, the levels stay largely the same
4.0%
3.0%
2.0%
1.0%
0.0%
Avg. Travel expenses (as % of sales)
Note: Average of TCS, INFO and WPRO. Source: Company, MOFSL
Exhibit 11:
Utilizations increase for most companies compared to previous years
90.0%
85.0%
80.0%
75.0%
70.0%
65.0%
3QFY19
3QFY20
3QFY21
Source: Company, MOFSL
Exhibit 12:
Companies report lowest attrition levels compared to previous years
25.0%
20.0%
15.0%
10.0%
5.0%
3QFY19
3QFY20
3QFY21
Source: Company, MOFSL
17 February 2021
5
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 13:
Upgrade/downgrade of our EPS estimates show sector’s resilience despite COVID-related disruptions
Company
TCS
INFO
WPRO
HCLT
TECHM
LTI
MTCL
MPHL
COFORGE
PSYS
CYL
ZENT
1Q
FY22E
1%
12%
6%
12%
17%
3%
13%
1%
-1%
17%
25%
0%
FY23E
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
2Q
FY22E
6%
12%
2%
2%
-11%
11%
3%
7%
3%
-4%
8%
5%
FY23E
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
3Q
FY22E
4%
3%
15%
4%
7%
1%
10%
1%
6%
9%
14%
-2%
FY23E
6%
7%
16%
7%
10%
2%
11%
0%
8%
8%
7%
1%
Source: MOFSL
Exhibit 14:
High-low v/s current P/E
40.0
30.0
20.0
10.0
0.0
High-low band (P/E)
1 year fwd P/E
Source: Bloomberg, MOFSL
Exhibit 15:
Comparative valuation
Rating
Company
INFO
HCLT
MPHL
LTTS
PSYS
CYL
TCS
WPRO
TECHM
LTI
MTCL
COFORGE
ZENT
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
Neutral
CMP
(INR)
1297
961
1637
2622
1775
634
3216
440
977
4004
1725
2620
230
M-cap
(INR b)
5500
2600
305
275
132
70
11870
2400
944
699
285
159
52
FY21E
46.3
48
65.1
64.3
56.5
33.2
87.9
18.5
52.6
107.3
65.9
78.9
15.6
EPS (INR)
FY22E
56.9
56.5
79.5
91
70
43.7
111.9
21.6
60.4
128.2
75.3
102.1
17.9
EPS
Dividend
P/E (x)
RoE (%)
CAGR (%) yield (%)
FY23E FY20-23E FY21E FY21E FY22E FY23E FY21E FY22E FY23E
67.2
20.4
2.7
28
22.8
19.3
29.6
34.8
39.2
65
16.9
1.9
20
17
14.8
23.6
24.6
25.9
91.8
13.3
2
25.1
20.6
17.8
20.1
22
22.7
109
12
0.7
40.7
28.8
24.1
22.7
27.3
27.4
81.9
22.5
0.9
31.4
25.4
21.7
17.4
19.4
19.8
47.3
11.9
1.5
19.1
14.5
13.4
13.6
16.1
15.6
127
13.8
1.1
36.6
28.7
25.3
38.9
47.6
50.8
23.9
13.4
4.2
23.8
20.3
18.4
19.5
23.2
25.8
68.6
12.4
1.9
18.6
16.2
14.2
19.9
20.1
20
151.1
20.4
0.9
37.3
31.2
26.5
31.3
30.6
29.7
84.1
29.9
1.4
26.2
22.9
20.5
31.1
29.3
27.2
116.9
15.7
0.8
33.2
25.7
22.4
18.6
20.9
20.7
20.3
20.2
1.4
14.7
12.8
11.3
15.8
16.3
16.3
Source: MOFSL
17 February 2021
6
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 16:
Management commentaries on the demand environment
Company
Commentary
Due to the COVID-19 pandemic, earlier quarters had seen a large mix of smaller deals. As the recovery commences, the
proportion of large deals has returned to previous levels. Enterprises seek to grow and improve efficiency through leveraging
technology, which is driving IT spends. The strengthening of investments was observed in 2HCY20. Enterprises are leveraging
new-gen technology to enter newer markets, gain new revenue streams, or enhance customer experience. They are using the
Cloud to drive efficiency and productivity within the business. The addressable market for Cloud is huge, and a significant shift is
expected in coming years.
The management is seeing demand come in from cost takeout deals. Large enterprises are looking to invest in Digital
infrastructure. Its capabilities around Digital, Automation, and efficiency have become key. Going forward, growth should accrue
from next generation services like Data, Cloud, and Security, while pressure would remain in legacy services. The health of the
pipeline is extremely robust.
The strong performance during 3QFY21 was led by Digital, Cloud, and the P&P business. The demand environment remains
strong. Going forward, the pipeline remains strong and would accelerate. In the current environment, it is seeing deals around: 1)
commerce modernization; 2) customer experience, and 3) supply chain modernization. Application modernization plays a
significant role in the market as clients transform them to Cloud. The management sees better growth in the next five years than
the preceding five years.
The management stated that FY20 had been about the continuation and the resilience of the business, while FY21 is all about
Digital transformation. The key industry drivers currently are: 1) Data driven organizations, 2) adoption of Cloud infrastructure,
and 3) core business transformation. There is no pricing pressure currently and the management expects the pricing environment
to remain stable, with an upward bias. The proactive deal environment is helping in better pricing. The movement in wallet share
can be witnessed in the industry, with broad value migration coming in from India-centric providers. This is due to clients wanting
an increase in the offshoring mix.
Order book stood at USD501m, an increase of 18% YoY. This offers strong revenue growth visibility for FY22. The company is
currently chasing many large deals. Cloud and product engineering comprise three-fourth of all new deals coming to the market.
The management sees a 3-5 year technology upcycle. It is confident of PSYS’ ability to execute and ride this wave. The company
has built strong partnerships, which is supporting its growth trajectory.
Comparing GFC to the COVID-19 pandemic, the management stated that in this recovery there was a greater focus on newer
technologies and an increase in spends is expected going forward.
Source: Company, MOFSL
TCS
INFO
HCLT
MPHL
COFORGE
PSYS
CYL
Exhibit 17:
Management commentaries on verticals
Company
INFO
WPRO
HCLT
TECHM
Commentary
Within BFSI, 1) Cloud, 2) Data services, and 3) Digital Banking remain the key growth drivers.
While the management foresees a ramp-up in demand in the Oil and Gas sector,
Healthcare was driven by seasonality.
Deals in verticals like Manufacturing and Retail have returned, and clients in BFSI, Grocery, Telecom, etc. are now making golden
bets.
The Communications segment saw temporary postponements. However, the management expects strong growth in deals wins
and deals to ramp up.
The BFSI vertical posted a revenue growth of 8.4% QoQ (USD), with continued growth in its top client. This is on the back of
investments in core infrastructure to make it data driven. Manufacturing also reported strong growth during 3QFY21. Pass-
through revenue in the segment remain similar to those in 2QFY21. Despite a large win in Energy and Utilities, the segment
remained flat sequentially, and the management remains cautious on this vertical.
Among the verticals, Travel is still some quarters away from a full recovery. It has reached bottom levels and would only grow
from here on.
Within Travel, a meaningful pickup is expected post Nov-Dec’21 when volumes for Airlines are expected to pick up. The company
has gained a lot of wallet share in Travel, which has diluted the negative impact in the vertical. BFS continues to perform well. The
company has a good pipeline in BFS, which should help maintain the growth momentum in this vertical.
The BFS segment was soft due to ramp down in large customers, coupled with the seasonality factor. However, the management
stated that this was temporary, given that a number of clients are working on modernizations and ample work related to
compliance and security is cropping up.
Aerospace and Defense are still lagging. However, traction has picked up in the sector and spends should start coming in now.
The management continues to see momentum in Communications. It stated that Transportation was soft due to end of a project
and expects some pain in the vertical over the next few quarters.
3QFY21 was good for the Insurance vertical – a couple of deals were closed. Legacy to Cloud is becoming a big theme in this
space, and ZENT’s capability in Digital foundation is helping with this. It would lead to a growth revival in this vertical.
Source: Company, MOFSL
LTI
MTCL
COFORGE
PSYS
CYL
ZENT
17 February 2021
7
 Motilal Oswal Financial Services
Sector Update | Technology
Exhibit 18:
Management commentaries on margin
Company
TCS
INFO
Commentary
Going forward, operational efficiency arising from utilization and productivity levels would be closely monitored. Any opportunity
for improvement would be worked on to help sustain the current margin levels.
Efficiencies kicked in as a result of the management deploying strategic cost levers around offshore mix, pyramid rationalization,
and automation. Margin guidance to 24-24.5% (v/s 23-24% earlier). The management expects some cost to return as travel
resumes and the situation normalizes. A normalization in utilizations can also be expected.
Margin momentum was seen on the back of three levers: 1) revenue momentum, 2) significant offshoring, and 3) utilization
management within a tight range. The management expects some normalization in margin as the company plans to invest in its
sales team. However, some operational efficiency benefits are expected to continue.
The management expects margin in 4QFY21 to face a headwind of 80bp on account of salary increments. Going forward, higher
offshoring would result in margin tailwinds. However, this would be offset by travel resuming and the company’s investments in
sales and marketing.
The management expects some pressure on margin as costs return, but is confident that operational efficiency would be enough
to compensate for this. It is confident of sustaining margin in 4QFY21 and has guided at a 14-15% margin band for FY22.
As the company doles out wage hikes in 4QFY21 (6-7% for offshore and 2% for on-site), margin is expected to be impacted by
160bp. Decline in utilization is expected to have some impact in 4QFY21. The management said it would continue to invest in the
business (sales and marketing) to boost growth. Despite this, it reiterated its PAT margin guidance of 14-15%.
The management intends to invest in growth in the coming quarters, which would be a headwind to margin. The company
expects wage hikes to impact margin in the next quarter (-250bp). Despite this, the management is confident of sustaining
margin over 20% on a sequential basis.
The company has increased investments across the board. Investments in sales and marketing and in building competencies have
increased. There is an upward bias to margin due to improving offshore mix and utilizations, but these would be offset by
increasing investments to drive growth. The management has guided it would be able to maintain its EBIT margin in the current
range with an upward bias. For FY22, it would set a new margin band.
Margin is expected to remain range bound as COFORGE needs to hire more people. There is a talent crunch in the market for
highly skilled employees, therefore supply would only come at higher salaries.
The management alluded that it still has efficiency levers in place to aid further margin expansion going forward. Moreover, the
management is constantly working on optimizing the IP months.
Margin in FY21 is expected to be better than FY20 (50-100bp) and 4Q would see a 100-200bp improvement in margin. Dilution in
margin because of DLM is expected to be minimal.
The company started with 100 associates for the ‘Work from Anywhere’ program, which has now increased to 550. This has had a
massive positive impact on margin. The company intends to make certain investments. With wage hikes, margin is likely to be
pressured. However, they would remain in a narrow range. The management alluded that the current margin profile is not
sustainable going forward.
Source: Company, MOFSL
WPRO
HCLT
TECHM
LTI
MTCL
MPHL
COFORGE
PSYS
CYL
ZENT
Exhibit 19:
Commentary on IT spends by global Banks
Company
JP Morgan
Commentary
Technology represents roughly half of overall investment spends. These tech investments are across the board as the
management looks to better meet customer and client needs, improve customers' digital experience, strengthen fraud
detection capabilities, as well as modernize and improve its technology infrastructure, Cloud, and Data capabilities.
The management expects its tech budget to continue to grow by several USD100m YoY. It will do so for two reasons: a)
continued improvement at the core, and b) focus on particular initiatives, like transaction banking, consumer business, and
so forth.
The management is investing USD3.5b on technology next year.
Source: Company, MOFSL
Goldman Sachs
BoFA
17 February 2021
8
 Motilal Oswal Financial Services
Sector Update | Technology
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
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Specific Disclosures
1 MOFSL, 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 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, 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 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
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 Motilal Oswal Financial Services
Sector Update | Technology
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The associates of MOFSL 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 MOFSL 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 MOFSL 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 MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL 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.
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This report has been prepared by MOFSL 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
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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. MOFSL 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 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. MOFSL, 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 MOFSL. 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,
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The person accessing this information specifically agrees to exempt MOFSL or any of its
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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 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* 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.
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