Motilal Oswal Financial Services

1QFY22

August 2021

India Strategy

BSE Sensex: 52,951

Motilal Oswal values your support

in the Asiamoney Brokers Poll 2021

for India Research, Sales, Corporate

Access and Trading team.

request your ballot.

S&P CNX: 15,885

1QFY22 interim earnings review

In-line; management commentaries indicate recovery is setting in



Refer to our June’21

Quarter Preview



Key 1QFY22 result highlights



108 MOFSL Universe and 31 Nifty companies have announced their results as of 31

July’21. Companies that have reported earnings thus far comprise (a) 62% of est. PAT

for the MOFSL Universe, (b) 68% of est. PAT for the Nifty, (c) 56% of India's market

capitalization, and (d) 77% of the Nifty 50 index weight.

The 1QFY22 earnings season has been in-line, benefitting from the lower base of

1QFY21, as lockdowns in 1QFY22 were localized and less stringent v/s 1QFY21. Nifty

profits for the 31 companies that have posted their results have grown 70% YoY (v/s

exp. 64% growth). On the other hand, for the 108 companies in the MOFSL Universe,

profit growth stood at 71% YoY (v/s exp. 70% growth). Among the sectors, Cement,

Metals, Healthcare, and O&G have outperformed; Autos, NBFC, and Capital Goods have

underperformed; and the performances of IT, Consumer, and Private Banks have been

in line with expectations. 25 companies from our Coverage Universe have seen

downgrades of >5%, while 22 have seen upgrades of >5%, leading to a 1:1 downgrade

to upgrade ratio.

Marginal downward revision in Nifty EPS: Nifty EPS for FY22E/FY23E has seen a

marginal 1.1%/0.7% downgrade to INR725/INR862 (from INR733/INR868). 70% of the

FY22 downgrade has been driven by Tata Motors.

Key drivers of 1QFY22 performance: [1] IT – This sector has reported one of the best

sequential performances, led by strong sequential revenue growth of 4.5% (USD) and

the highest ever deal pipeline, providing earnings visibility going forward. Management

commentaries have indicated a strong tech spending environment with an elevated

focus on cloud migration / digital transformation deals. [2] Cement – Strong price

realization and better cost control have driven performance in this sector. The volume

decline in northern/central India was lower than expected vis-à-vis southern India,

which had stricter lockdowns. [3] Autos – High RM inflation and operating deleverage

have impacted most of the results in 1QFY22. OEMs (MSIL, BJAUT, TTMT, and TVS) have

reported a commodity cost impact of 3–4pp QoQ.

KEY SECTORAL INSIGHTS: [1] Technology: 1QFY22 marks the fourth quarter of robust

QoQ revenue growth; 8 of 13 companies have beaten our earnings expectations. Strong

demand has led to one of the highest ever headcount additions of 71k in 1Q in recent

history. [2] Cement: Cement companies’ earnings have been aided by strong price

realizations. Companies have offset higher power, fuel, and freight costs with higher

price realization and cost control. [3] Consumer: Most companies have reported

double-digit sales growth, albeit on a soft base, as companies were better prepared to

deal with the lockdowns. The performances of APNT, JUBI, UNSP, and UBBL have been

particularly robust despite the limitations

[4] Banks: Fresh slippage from the Retail

segment has impacted most private banks, although the impact on asset quality has

been less severe than that seen during the first wave. Banks, however, are carrying

additional provision buffers, which should limit the impact on credit cost.

Nifty: Sales/EBITDA/PBT/PAT has come in at 48%/32%/70%/70% YoY (v/s est.

45%/29%/63%/64% YoY). 12 of 31 companies have beaten our PAT expectations, while

11 have missed.

Gautam Duggad – Research Analyst

(Gautam.Duggad@MotilalOswal.com)

Research Analyst: Deven Mistry

(Deven@MotilalOswal.com) |

Jayant Parasramka

(Jayant.Parasramka@MotilalOswal.com)

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Investors

October 2018

are advised to refer through important disclosures made at the last page of the Research Report.

India Strategy | Review 1QFY22



Refer to our 1QFY22

Ownership analysis report



MOFSL Universe: Sales/EBITDA/PBT/PAT growth stands at 48%/40%/74%/71% YoY (v/s

est. 45%/36%/71%/70% YoY).

The earnings downgrade/upgrade ratio is almost even at 1:1. 25 MOFSL Universe

companies have reported downgrades of more than 5% (of which 18 companies have

seen downgrades of more than 10%), while 22 have posted upgrades of more than 5%

v/s our FY22 estimates.

Among the Nifty constituents, UltraTech Cement, Asian Paints, ICICI Bank, IndusInd

Bank, Sun Pharma, JSW Steel, IOC, Reliance Industries, Tech Mahindra, and Wipro have

exceeded our profit estimates. On the flip side, Bajaj Auto, Maruti Suzuki, Tata Motors,

L&T, ITC, Nestlé, SBI Life, Bajaj Finance, and Dr Reddy’s have missed our expectations.

At the sector level within the MOFSL Universe, Retail, Cement, Consumer Durables,

Metals, and Oil & Gas have seen earnings upgrades of 10%, 6%, 5%, 5%, and 3%,

respectively. On the contrary, Automobiles, NBFC, Life Insurance, Utilities, Consumer

and Private Banks have seen earnings downgrades.

View: After a strong FY21, earnings for FY22 have begun on a healthy note. 1QFY22

earnings are progressing in-line thus far. The damage from the second COVID wave and

the consequent lockdowns in April’21/May’21 has been much lesser than that from the

1QFY21 national lockdown. Management commentaries across the board suggest an

improved demand environment post June’21, led by the easing of restrictions, lower

active COVID-19 cases, and a pickup in vaccinations. However, the impact of rising

commodity costs and, in general, higher inflation is reflected in the P&L. Asset quality in

Financials has expectedly weakened sequentially. We estimate corporate earnings to

continue to recover, as the underlying economy opens up, with progressively higher

vaccination trends. That said, the Nifty now trades at 12M forward P/E of 20.5x and P/B

of 3x, above LPA. Thus, the risk-reward is relatively less lucrative in the near term. We

remain OW on BFSI, IT, Metals, Cement, and Capital Goods; Neutral on Consumer,

Auto, and Healthcare; and UW on Telecom, Energy, and Utilities.

Key sectoral trends from 1QFY22 earnings



Technology:

1QFY22 has seen one of the best quarterly performances by Indian

IT services companies, with sequential revenue growth of 4.5% (USD).

Moreover, mid-tier IT companies have reported the highest ever growth

(aggregate growth >6%) during the quarter. Most companies have reported

moderately strong deal wins, with one of the highest ever pipelines, which

offers visibility on growth going forward. Furthermore, after a long gap, IT

services companies have started indicating pricing as a lever for specific skill

sets, which is very encouraging. Management commentaries have also

highlighted a strong tech spending environment, with a high focus on cloud

migration / digital transformation deals. The cumulative EBIT margin for our IT

Services Universe has dipped 80bps QoQ on account of wage hikes, employee

additions, and ramp-ups in deal wins. However, on a YoY basis, margins are still

up 120bps on account of lower travel expenses, increased offshoring, and

relatively higher utilization. The total headcount additions for 1Q stand at 71k –

the highest increase in recent history, despite a higher base. This provides

further assurance on sustained growth momentum in our IT Services Universe.

However, given the demand-led supply pressure in the lateral job market,

attrition in most of the companies has increased by more than 200bps

sequentially. We have seen an increase in guidance from some of the IT

companies. However, we believe that none of them are reflecting the growth

August 2021

India Strategy | Review 1QFY22



momentum for FY22 and would revise their guidance through the course of the

year. We are confident that the sector would report growth in the high teens for

FY22. We have upgraded our earnings estimates for most of the tier 2 IT

companies by 3–15% for FY22/FY23 as we build in higher growth rates. Tier 1 IT

firms have seen downgrades in their estimates (barring Wipro and TechM) on

some moderations in margins – led by increasing supply pressures in the

industry and elevated operating metrics.

Banks:

While fresh slippage has spiked across banks, sluggish disbursements

have further resulted in muted trends in loan growth, particularly in Retail.

Although, deposit growth remains healthy. NII growth has been subdued, with

margins exhibiting mixed trends, impacted by weak loan growth, interest

reversals, and higher liquidity. Most banks have reported higher slippage driven

by Retail – AXSB/IIB/ICICBC saw ~84%/85%/94% slippage from the Retail

segment. However, while banks have reported sequential deterioration in their

asset quality ratios, the impact has been curtailed and much lower v/s the first

wave. Therefore, the GNPA ratio has increased in the range of 15–31bp across

banks. We expect gradual recovery in the growth momentum as economic

activity recovers. Collection efficiencies have also shown steady improvement

over Jun–Jul'21 and would help moderate the slippage run-rate, largely from

2HFY22. The restructuring book also remains controlled. Banks are carrying

additional provision buffers, which should limit the impact on credit cost. We

largely maintain our earnings estimate (+/-5% change) and maintain our

preference for ICICIBC and SBIN.

NBFCs:

Barring Shriram Transport, all other vehicle financiers have reported

sharp QoQ decline in new business volumes. After the deterioration witnessed

in May’21, collection efficiencies improved sharply for all lenders in Jun’21. The

quarterly repayment rate in 1QFY22 has moderated from the trend rate due to

the lockdowns and high delinquencies, leading to a lower loan-book run-off.

MMFS and CIFC have reported a fair share of restructuring (outstanding

between 3.5–5.0%), while restructuring has been minimal in SHTF (<1%

restructuring). Asset quality pains have also been more pronounced for MMFS

and CIFC relative to SHTF. Stress has also been seen in the 2W/3W Auto Finance

segment of Bajaj Finance. MSME lending has been impacted in 1QFY22 and

would recover to normal levels by Sep’21. Among the large HFCs, LICHF has seen

moderation in disbursements and loan-book growth. Asset quality pains have

been particularly pronounced for LICHF across product segments (including

Individual Home Loans). Affordable housing financiers have also resorted to

restructuring during the quarter, and the outstanding restructured pool for

them stands at 0.7–1.2%. While deterioration has been observed in the 1+dpd

metrics reported by the financiers, it is not alarming as such, especially

considering the sharp improvement seen in collection efficiencies in the second

half of Jun’21. Continuing decline in incremental cost of borrowings has led to

lower blended cost of funds; with no major yield pressure, this has translated

into stable to improving margins. The asset quality impact from the second

COVID wave has been the key monitorable, and some NBFCs have reported QoQ

decline in PCR on their Stage 3 assets. 1Q credit costs suggest FY22 credit costs

are likely to be higher than earlier estimated. However, it is reasonable to

August 2021

India Strategy | Review 1QFY22



expect steady improvement in asset quality over the remainder of the fiscal

year. HDFC, CIFC, and MUTH remain our top picks.

Consumer:

Among the results declared thus far, consumer companies have

delivered sales growth either above or in line with our expectations. None have

posted a miss. APNT, ITC, BRIT, UNSP, UBBL, and JYL have delivered sales beats,

while HUVR, NEST, MRCO, CLGT, and JUBI have delivered in-line sales

performances. All of the companies have reported double-digit sales growth,

albeit on a soft base (due to COVID-led lockdowns). With the second COVID

wave impacting both rural and urban markets in 1QFY22, the consequent

lockdowns and somber consumer sentiment have halted the strong recovery

trend of the previous two quarters. While demand for essentials has remained

intact, discretionaries have been affected amid reduced consumer mobility due

to the lockdowns. Nevertheless, the companies are much better prepared to

handle the disruption this year vis-à-vis last year. The performances of APNT,

JUBI, UNSP, and UBBL have been particularly robust despite the limitations.

With high commodity inflation during the quarter, most companies’ gross

margins have contracted despite some price hikes taken. Additionally, the

revival of ad spends means there has been considerable pressure on EBITDA

margins. This has been partially offset by cost savings undertaken in the

previous quarters due to COVID. With the number of COVID cases steadily

dwindling as well as focused vaccination drives, the managements are optimistic

about recovery trends and the upcoming festive season. With the better-than-

sales performance observed, we have raised our earnings estimates for some of

the companies. However, commodity inflation trends lead us to maintain or cut

our earnings estimates for the other companies.

Auto:

RM cost inflation and operating deleverage have impacted most of the

results in 1QFY22. OEMs (MSIL, BJAUT, TTMT, and TVS) have reported a

commodity cost impact of 3–4pp QoQ, partially offset by price hikes (of 1–2%)

and cost-cutting initiatives. As a result, gross margins (ex-JLR) have contracted

35bp and EBITDA margins (ex-JLR) 370bp sequentially. Most of the OEMs’

commentaries have been focused on demand revival from Jun’21. The

resumption of economic activities pan-India, aided by vaccinations drives and

normal monsoons, would support demand recovery for Autos. PVs continue to

remain in a sweet spot due to the order books. Currently, domestic 2W demand

is seeing slow recovery; however, it is expected to improve with the upcoming

festive season. 2W exports would sustain the momentum. Commodity cost

pressure is likely to remain elevated for 2QFY22, but would normalize from

2HFY22. OEMs are walking a thin line with passing on the increase in costs as

price increases and managing the current demand situation.

Cement:

1QFY22 results have been impressive thus far on the margin front, led

by strong realization and better cost control. Sequential volume de-growth has

been lower than expected in companies with high exposure to northern/central

India. On the other hand, volume decline in companies with high exposure to

southern India has been higher than expected. Among the companies that have

reported thus far, ACC / Ambuja / UltraTech / JK Lakshmi has stood out, clocking

EBITDA growth of 50–67% YoY on higher realization and strong cost control.

Volume de-growth has been slower v/s our estimates. However, players with

higher exposure to the southern region (Dalmia Bharat and The Ramco

August 2021

India Strategy | Review 1QFY22



Cements) have reported higher sequential volume decline of 25–35% due to

more stringent lockdowns in the region, thus missing our EBITDA estimate of

10–19%. Hence, aggregate EBITDA growth of 52% YoY has been driven by a) 43%

YoY volume growth, driven by lower-than-anticipated sequential decline in

volumes in the eastern, central, and northern regions, b) ~3% YoY realization

growth on strong pricing across regions, and c) beats on margins, driven by

higher realization and continued cost control – partially offset by negative

operating leverage, higher power and fuel costs, and freight costs. Cash flow

generation has been impacted by (a) 21% QoQ decline in volumes due to the

second wave of the pandemic and (b) inventory buildup, as companies have

positioned themselves for the monsoons. However, the deleveraging has

continued as UltraTech has reduced its net debt by INR7b to INR59.8b; Dalmia

has reduced its gross debt by INR4.8b and is virtually a net-debt-free company

(with net debt of just INR2.3b at 1QFY22-end).

Metals:

Only JSW Steel, Hindustan Zinc, and Vedanta have thus far reported

results among the steel/non-ferrous companies. Steel volumes have been weak,

as expected, due to local lockdowns impacting demand and congestion at ports

limiting exports. However, the realization growth (+20% QoQ) reported by JSW

Steel came in higher than expected. JSW Steel has reported a 9%/15% beat on

our EBITDA/PAT estimates, with 22%/38% QoQ growth to INR102.7b/INR59.0b.

EBITDA/t, on the other hand, has jumped 33% QoQ to a record-high of

INR26,291/t. However, deleveraging has been restricted by an increase in

working capital and higher capex spending. On the non-ferrous front, while

Hindustan Zinc has reported in-line results, its profitability has been impacted by

a lower volume off-take and cost inflation. Vedanta has also reported in-line

results. However, VEDL’s Aluminum segment has been the standout with

record-high margins of 945/t (+36% QoQ). We expect other steel companies and

aluminum companies to also report strong margins. The near-term outlook for

the sector remains strong, driven by higher prices of steel and base metals such

as aluminum and zinc.

In-line performances; commentaries getting better



Aggregate performance for MOFSL Universe:

Sales/EBITDA/PBT/PAT growth

stands at 48%/40%/74%/71% YoY (v/s est. 45%/36%/71%/70% YoY).

Top companies that have beaten MOSL estimates:

UltraTech Cement, Asian

Paints, ICICI Bank, Sun Pharma, JSW Steel, IOC, Reliance Industries, Tech

Mahindra, and Wipro.

Top companies that have missed MOSL estimates:

Bajaj Auto, Maruti Suzuki,

Tata Motors, L&T, ITC, Nestlé, SBI Life, Bajaj Finance, and Dr Reddy’s .

Top FY22E upgrades:

IOC (22%), JSW Steel (13%), UltraTech Cement (6%), Wipro

(6%), and Sun Pharma (5%).

Top FY22E downgrades:

Tata Motors (-77%), Maruti (-13%), Bajaj Finance (-

11%), SBI Life (-8%), and Axis Bank (-5%).

August 2021

India Strategy | Review 1QFY22

Exhibit 1:

Sector-wise 1QFY22 performances of MOFSL Universe companies (INR b)

Sector

Var.

Chg. % Chg. %

over

QoQ YoY

Exp. %

Automobiles (7)

1,019 -23.9 131.6 8.2

Capital Goods (4)

362 -40.9 36.9 -3.0

Cement (6)

241 -15.5 48.2 -0.6

Chemicals-Spec. (4) 33

3.9 86.7

7.9

Consumer (10)

435

-6.1 28.8 10.0

Cons. Durables (3)

-28.0 71.5 17.6

Financials (22)

834 -17.4 12.5 -3.4

Banks-Private (9) 481

2.5 10.4 -1.4

Life Insurance (3) 225 -44.3 19.0 -6.0

NBFC (10)

128

-6.7

9.8

-6.2

Healthcare (11)

263

7.4 19.3

6.1

Media (1)

-73.2 1,096.3 299.7

Metals (3)

638

2.8 101.1 1.0

Oil & Gas (5)

2,712 -6.0 73.8

2.3

Ex OMCs (4)

1,525 -7.5 62.9

1.7

Retail (4)

-35.4 51.8

4.0

Staffing (2)

-0.8 13.7 -1.2

Technology (13)

1,365 5.5 17.4

0.5

Telecom (1)

4.7 11.7

2.0

Utilities (3)

286

2.5

9.6

-3.2

Others (9)

220 -23.5 32.5 -0.8

MOFSL Univ. (108) 8,626 -10.4 48.3

1.9

MOFSL Ex Metals 7,988 -11.3 45.3

2.0

Nifty (31)

7,053 -9.7 47.9

1.9

Sensex (23)

4,453 -7.4 34.4

0.7

Note: LP: Loss to Profit; PL: Profit to Loss

(no of companies) Jun-21

Sales

Jun-21

103

512

410

-1

237

353

241

337

1,951

1,713

1,662

1,329

Var.

Chg. % Chg. %

over

QoQ YoY

Exp. %

-54.1 2,752.0 6.4

-47.4 278.5 -6.9

-8.5 52.4

8.2

-2.8 77.1

8.7

-11.7 29.9

4.8

-39.8 136.8 37.7

-3.9

3.1

-2.3

-0.7

6.0

0.1

-77.8 -78.2 -54.2

-5.9

4.1

-8.1

8.7

17.9

6.1

Loss Loss Loss

11.0 243.0 3.1

-7.5 59.9 16.2

-1.9 45.9

2.3

-82.6

104.0

0.9

3.7

-7.0

1.4

22.7 -0.4

3.0

15.0 -0.4

29.9 -3.6

-8.7

-49.4 53.9 -10.4

-8.2 39.9

2.6

-10.4 29.3

2.6

-8.3 31.6

2.0

-3.8 18.5 -1.8

EBIDTA

Jun-21

-2

258

242

-2

188

253

175

-4

317

-7

1,301

1,113

1,099

908

Var.

Chg. % Chg. %

over Jun-21

over

QoQ YoY

Exp. %

Loss

-26

Loss

-62

-14.7

-68.4

-27.4

-5.0 75.7

9.8

0.0

72.0

9.6

72.2

6.5

-0.5 76.6

6.2

-15.0 23.9

0.3

-17.1 24.3

0.1

-42 198.7 47.2

-41.4 202.9 46.5

-17.2 11.0 -13.6 195 -17.3 8.5 -13.0

-2

36.2

3.0

182

-2.8 34.7

4.3

-69.0 -71.8 -63.1

-62.8 -69.9 -60.1

-76 -69.8 -76.2

-75.2 -70.7 -76.3

13.4 24.4 10.0

13.0 27.5

9.3

Loss Loss Loss

-1

Loss Loss Loss

15.7 503.7 4.6

123

20.2 587.8 6.4

-8 149.5 29.1

184 -15.9 87.2 36.4

6.5 133.0 11.6

125

-4.9 57.4 17.9

Loss Loss

-3

Loss Loss

-37.0 3.1 -10.7

-35.7 2.9 -13.6

24.8 -0.1

239

5.3

26.3

0.7

4.5 24.9

2.4

3.8

26.3

3.2

15.0 -4.4

-11.3 -0.1

-3.3

Loss

-8

Loss Loss

-13.8 73.6

1.4

923 -19.2 71.2

0.5

-17.4 55.0

0.9

800 -23.0 53.4 -0.3

-11.8 69.7

4.2

789 -17.5 69.8

3.5

-4.2 43.3 -0.2

664

-7.1 35.2

1.1

Source: Company, MOFSL

PBT

PAT

1QFY22 aggregate performance of MOFSL Universe companies that have declared results thus far

Exhibit 2: Sales in-line; up 48% YoY (v/s est. 45% YoY)

Exhibit 3: PAT in-line ; up 71% YoY (v/s est. 70% YoY)

1 7

16 12 12 16 17

23 25 23

10 8

1 1

-3

-30

-8

-2

7 9

-5

-4

4 7

20 18

-24 -28

Exhibit 4: EBITDA in-line; up 40% YoY (v/s est. 36% YoY)

-5

16 19

3 6 4 3

-4

14 17

Exhibit 5: EBITDA margin (ex-Financials) up 80bp YoY to

18.5%

-11

Source: Company, MOFSL

August 2021

India Strategy | Review 1QFY22

Sectoral EBITDA margins

Exhibit 6: MOFSL Universe – sector-wise margin performance

Jun-20

Jun-21

27.6

26.6

26.2

50.2

35.8

23.5

23.7

8.9

12.3

25.7

25.4

21.8

37.1

23.6

14.1

13.0

24.7

51.7

31.4

25.9

2.9 8.2

0.7 8.0

Source: Company, MOFSL

Nifty 1QFY22 aggregate performance in line with estimates (31 companies)



31 Nifty companies have reported sales/EBITDA/PBT/PAT growth of

48%/32%/70%/70% YoY (v/s est. 45%/29%/63%/64% YoY).

Ex-Metals, Nifty PBT/PAT has increased by 55%/55% YoY respectively (v/s est. of

50%/51% YoY)

12 of 31 Nifty companies have beaten our PAT expectations, while 11 have

missed.

On the EBITDA front, 7 have exceeded, 10 have missed, and 13 have met our

expectations.

Exhibit 8: Nifty PAT up 70% YoY (v/s est. 64%)

Exhibit 7:

Nifty sales up 48% YoY (v/s est. 45%)

7 9

11 12 15

24 27 25

11 10

1 1

-3

-29

-8

-3

-8

-5

3 6

20 20

-18 -22

Exhibit 9: Nifty EBITDA up 32% YoY

(v/s est. 29%)

-8

6 8 4 8

-1 -5

Exhibit 10: Nifty EBITDA margin (ex-Financials) down 120bp

YoY to 19.6% YoY

Source: Company, MOFSL

August 2021

India Strategy | Review 1QFY22

Aggregate performance of Nifty Universe companies that have declared their 1QFY22 results

Exhibit 11: 1QFY22 performances of 31 Nifty companies that have declared results thus far (INR b)

Sales

EBITDA

PBT

PAT

Var.

Chg. % Chg. %

Company

Sector

Jun-21

over Jun-21

over

YoY QoQ

Exp. %

Bajaj Auto

Automobiles

74 139.9 -14.1 0.9

11 174.1 -26.5 -10.4 14 102.8 -20.5 -5.8

11 101.0 -20.3 -5.0

Maruti Suzuki Automobiles 178 332.7 -26.0 2.1

LP -58.8 -8.9

LP -56.9 -28.8

LP -62.2 -28.9

Tata Motors

Automobiles 664 107.6 -25.1 10.6 53 727.2 -58.7 13.5 -26 Loss

Loss -45 Loss

Loss

Axis Bank

Banks-Private 78 11.1 2.7 -1.2

9.8 -6.5 -2.8

29 102.0 -19.2 -0.6

22 94.2 -19.3 -0.5

HDFC Bank

Banks-Private 170 8.6 -0.6 -4.1 151 18.0 -2.5 0.8 103 15.3 -4.9 -3.0

77 16.1 -5.6 -1.6

ICICI Bank

Banks-Private 109 17.8 4.8

1.9

89 -17.5 4.2 -2.6

60 89.9 6.8 11.0 46 77.6 4.8 11.6

IndusInd Bank Banks-Private 36

7.7

0.8 -0.9

8.8

1.8

4.9

13 100.6 6.2 14.4 10 99.1 9.7 15.5

Kotak Mah. Bk Banks-Private 39

5.8

2.6 -1.8

31 19.0 -8.4 -0.4

22 31.6 -1.9 0.5

16 31.9 -2.4 5.0

HDFC Life Insur. Life Insurance 75 31.7 -41.4 -10.2

-76.5 -86.4 -62.9

-32.0 -0.8 -1.8

-33.0 -4.9 -1.7

SBI Life Insu. Life Insurance 83

9.5 -46.6 -6.9

-81.6 -78.0 -59.4

-39.8 -62.5 -27.4

-42.9 -58.1 -29.8

Bajaj Finance NBFC

37 12.3 -3.6 -5.4

4.0

2.1 -7.1

4.3 -25.1 -26.3 10

4.2 -25.6 -27.0

Bajaj Finserv NBFC

139 -1.7 -9.3 -12.8 139 -1.7 -9.3 -12.8 18 -31.2 -25.1 -40.8

-31.5 -14.9 -43.7

L&T

Capital Goods 293 38.0 -39.0 -3.1

32 95.7 -50.4 -4.8

23 239.6 -60.4 -10.1 12 878.0 -65.6 -19.1

UltraTech Cem. Cement

118 54.2 -17.9 -0.9

33 59.2 -10.4 9.4

25 92.7 -5.6 11.4 17 91.7 -6.2 8.8

Asian Paints

Consumer

56 91.1 -16.0 56.6

88.7 -30.7 34.1

8 144.1 -32.1 46.4

6 161.5 -34.0 43.9

Britannia

Consumer

-0.5 8.7

9.3

-22.8 9.6

1.4

-28.0 7.9

0.5

-28.7 7.6 -2.1

Hind. Unilever Consumer

119 12.8 -1.8 4.0

7.7 -3.7 4.8

5.1 -5.3 2.6

4.8 -6.7 2.3

ITC

Consumer

122 37.1 -8.1 7.0

40 50.8 -10.8 0.0

40 28.4 -17.3 -9.5

30 28.6 -19.6 -9.3

Nestle

Consumer

35 14.0 -3.7 -2.6

9.9 -10.3 -4.6

8.0 -11.8 -5.8

5.4 -12.9 -7.8

Dr Reddy’s Labs Healthcare

49 11.4 4.0

1.2

-18.9 -10.5 -15.2

-15.5 -7.1 -10.0

-1.5 21.4 -6.5

Sun Pharma

Healthcare

97 29.5 14.7 12.6 27 63.5 36.8 29.0 24 71.9 48.5 31.2 20 74.1 37.0 33.4

JSW Steel

Metals

289 145.3 7.3

1.7 103 666.1 21.7 9.2

LP 30.8 13.1 59

LP 37.9 14.0

IOC

Oil & Gas

1,187 90.2 -4.1 3.0 111 101.8 -17.6 65.0 78 196.7 -28.8 99.9 59 210.9 -32.3 103.5

Reliance Inds. Oil & Gas

1,399 58.6 -6.4 2.3 234 38.5 0.1

2.5 173 110.5 11.1 12.2 123 46.7 -1.8 18.6

HCL Tech.

Technology

201 12.5 2.2 -1.6

7.5 12.3 -7.8

6.7 19.8 -7.6

32 10.0 34.7 -4.4

Infosys

Technology

279 17.9 6.0

0.8

74 21.1 2.2 -3.5

72 23.6 3.5 -4.0

52 22.3 2.3 -5.9

TCS

Technology

454 18.5 3.9 -0.9 127 26.3 -1.1 1.0 122 28.0 -2.9 -2.4

90 28.1 -2.7 -3.4

Tech Mahindra Technology

102 12.0 4.8

1.7

19 44.3 -3.7 4.6

18 39.9 12.5 15.5 14 39.2 11.7 16.4

Wipro

Technology

183 22.4 12.4 4.3

41 23.7 -0.8 8.1

39 24.8 2.9 14.8 32 35.2 8.7 24.7

NTPC

Utilities

268 10.6 2.1 -2.0

-3.8 32.4 -8.9

43 16.9 23.7 -2.8

-0.4 -14.2 -1.9

UPL

Others

8.7 -33.5 0.2

4.7 -34.4 -7.0

-26.3 -61.0 -43.7 10 50.4 -14.7 18.3

Nifty Universe

7,053 47.9 -9.7 1.9 1,662 31.6 -8.3 2.0 1,099 69.7 -11.8 4.2 789 69.8 -17.5 3.5

Note: LP: Loss to Profit; PL: Profit to Loss

Source: Company, MOFSL

Exhibit 12:

Nifty companies’ PAT YoY change (%) – 24 stocks have posted YoY growth

LP LP 878

211 162

101 99 94 92

78 74

50 47

39 35 32 29 28 22

16 10 5

-1 -29 -33 -43

-50

August 2021

India Strategy | Review 1QFY22

Exhibit 13:

Nifty

companies’ PAT – actual v/s estimated variance (%)

104

44 33

25 19 18 16 15 14 12

-1

-2

-3

-4

-5

-6

-8

-9 -19

-27 -29 -30 Loss

Source: Company, MOFSL

Exhibit 14:

Nifty Universe – 4 upgrades of over 5% v/s 4 downgrades of over 5% for FY22E

Company Name

IOC

JSW Steel

UltraTech Cement

Wipro

Sun Pharma

ICICI Bank

Tech Mahindra

UPL

HDFC Life Insur.

Larsen & Toubro

Britannia

Asian Paints

Reliance Inds.

IndusInd Bank

HDFC Bank

NTPC

TCS

Hind. Unilever

Bajaj Auto

Infosys

Dr Reddy’ s Labs

HCL Technologies

Nestle

ITC

Kotak Mahindra Bank

Axis Bank

SBI Life Insurance

Bajaj Finance

Maruti Suzuki

Tata Motors

Sector

Oil & Gas

Metals

Cement

Technology

Healthcare

Banks-Private

Technology

Others

Life Insurance

Capital Goods

Consumer

Oil & Gas

Banks-Private

Utilities

Technology

Consumer

Automobiles

Technology

Healthcare

Technology

Consumer

Banks-Private

Life Insurance

NBFC

Automobiles

EPS

PREVIEW (INR)

FY22E

FY23E

14.2

17.6

82.6

78.8

223.4

288.5

19.8

23.8

28.2

31.7

29.6

38.6

59.4

68.2

58.5

68.0

7.2

8.7

64.9

80.4

75.8

89.2

36.6

43.6

89.3

114.7

65.7

94.3

67.5

81.8

16.5

18.1

110.0

127.8

39.5

48.4

201.8

233.9

54.4

66.7

198.4

226.5

51.1

61.1

249.2

291.9

12.7

14.3

58.1

70.3

47.3

63.8

15.8

17.6

132.5

176.6

216.1

314.6

14.0

34.3

EPS

REVIEW (INR)

FY22E FY23E

17.3

17.0

93.8

87.0

237.5 305.7

20.8

25.2

29.5

33.6

30.8

39.0

61.0

71.7

59.4

68.7

7.2

8.5

64.9

80.4

75.8

89.2

36.4

45.4

88.7

113.7

65.0

94.3

66.2

79.3

16.1

17.3

107.2 125.7

38.4

47.5

196.1 226.9

52.6

65.6

191.3 218.1

49.3

58.9

239.7 276.2

12.2

14.4

55.3

67.3

45.1

60.9

14.6

16.7

117.7 168.6

187.7 304.7

3.2

34.7

% Upgrade /

Downgrade

FY22E

FY23E

22.0

-3.4

13.5

10.5

6.3

6.0

5.5

5.6

4.7

5.8

3.9

0.9

2.7

5.0

1.6

1.0

0.1

-1.6

0.0

-0.6

4.2

-0.6

-0.9

-1.1

-0.1

-1.9

-3.0

-2.3

-4.2

-2.6

-1.6

-2.8

-1.9

-2.8

-3.0

-3.2

-1.6

-3.5

-3.7

-3.6

-3.8

-5.4

-3.8

0.3

-4.7

-4.2

-4.8

-4.5

-7.6

-5.1

-11.2

-4.6

-13.1

-3.1

-77.4

1.2

EPS

Growth (%)

FY21 FY22E FY23E

130.8 -27.1

-1.5

262.5 186.2

-7.2

31.0

24.7

28.8

14.3

11.1

20.8

52.6

17.9

13.8

97.0

27.2

26.7

6.9

18.0

17.5

29.9

30.9

15.7

4.8

6.5

18.8

21.2

-21.3

24.0

31.0

-1.3

17.7

15.4

8.9

24.8

1.1

30.9

28.2

-41.4

62.6

45.1

17.8

16.9

19.9

13.6

2.6

7.7

0.6

23.6

17.3

11.5

10.4

23.7

-6.8

16.8

15.7

17.1

15.5

24.7

9.3

33.3

14.0

7.5

12.5

19.6

7.6

10.2

15.3

-14.8

15.3

17.6

12.2

9.7

21.7

271.0 101.3

35.2

2.4

0.2

14.4

-16.3

60.2

43.3

-22.7

29.2

62.3

462.7 994.3

Source: Company, MOFSL

At the sector level within the MOFSL Universe, Retail, Cement, Consumer Durables, Metals, and Oil & Gas have seen earnings

upgrades of 10%, 6%, 5%, 5%, and 3%, respectively. On the contrary, Automobiles, NBFC, Life Insurance, Utilities, Consumer

and Private Banks have seen earnings downgrades.

August 2021

India Strategy | Review 1QFY22

Exhibit 15:

Sector-wise earnings estimates – revision from 1QFY22 preview

No of Cos.

Sector

Automobiles

Banks-Private

Life Insurance

NBFC

Capital Goods

Cement

Chemicals-Speciality

Consumer

Consumer Durables

Healthcare

Media

Metals

Oil & Gas

Retail

Staffing

Technology

Telecom

Utilities

Others

MOFSL Universe

108

Estimates at preview

EBIDTA (INR b)

PAT (INR b)

FY22E

612

207

1,818

956

463

230

197

241

129

493

362

294

189

-4

-6

844

464

1,447

722

1,460

1,020

146

436

172

196

8,810

4,751

Current estimates

EBIDTA (INR b)

PAT (INR b)

FY22E

580

155

1,780

939

428

187

197

250

137

486

355

290

186

-4

-6

883

485

1,489

743

1,440

1,006

146

433

168

192

8,756

4,649

% Revision FY22E

EBIDTA

PAT

-5.2

-24.9

-2.1

-1.7

-11.1

-7.6

-18.6

0.0

3.8

6.0

0.7

-1.0

-1.6

-1.9

4.9

5.4

-1.4

-1.3

-19.7

-10.3

4.6

2.9

3.0

8.7

10.4

-4.1

3.5

-1.4

-1.3

0.6

0.7

-0.7

-2.4

-2.3

-30.2

-0.6

-2.1

August 2021

India Strategy

THEMATIC/STRATEGY RESEARCH GALLERY

| Review 1QFY22

India Strategy | Review 1QFY22

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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, 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. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of

which are available on

www.motilaloswal.com.

MOFSL (erstwhile Motilal Oswal Securities Limited - 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), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited

(CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as

Corporate Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Limited are available on the website at

http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf

Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at

https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx

MOFSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst may have actual/beneficial ownership of 1% or more securities in the subject company in the

past 12 months.

MOFSL 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 in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to

such company(ies) or may have any 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.

Research

Analyst may have served as director/officer, etc. in the subject company in the past 12 months. MOFSL and/or its associates may have received any compensation from the subject company in the past 12 months.

In the past 12 months , MOFSL or any of its associates may have:

managed or co-managed public offering of securities from subject company of this research report,

received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,

received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.

Subject Company may have been a client of MOFSL or its associates in the past 12 months.

MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report. To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this

document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients

of this report should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service

transactions. 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. 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.

Terms & Conditions:

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 of MOFSL. The report 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. MOFSL will not treat recipients as customers by virtue of their receiving this report.

Analyst Certification

The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific

recommendations and views expressed by research analyst(s) in this report.

Disclosure of Interest Statement

Analyst ownership of the stock

Companies where there is interest

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 MOFSL or its

associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have expressed their

views.

Regional Disclosures (outside India)

This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL & its

group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong:

This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and

Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services Limited(SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong)

Private Limited for distribution of research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available

to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian

Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S:

Motilal Oswal Financial Services Limited (MOFSL) 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 MOFSL 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 MOFSL, 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., MOFSL 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:

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.

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, 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 MOFSL 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 MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees

responsible for any such misuse and further agrees to hold MOFSL 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 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.

August 2021