February 2024
India Strategy
BSE Sensex: 73,158
Nifty 50 and Nifty 500: 3QFY24
performance
3QFY24 YoY growth(%)
Nifty50
NSE500
24.5
Nifty-50: 22,217
Nifty 500: 3QFY24 earnings review
BFSI and Auto in charge again; the Metals sector posts healthy earnings
17.3
14.4
9.9
6.2
4.1
Sales
EBITDA
PAT
Nifty 500 earnings performance
3QFY24 Adj. PAT growth
(YoY, %)
NSE 500
Ex-BFSI
Ex-Metals and O&G
27.3
25.0
20.5
The Nifty 500 companies delivered strong performance and reported an
earnings growth of 25% YoY in 3QFY24.
The earnings growth was again fueled by the healthy earnings performance of
the BFSI and Auto sectors, which reported 22% and 59% YoY earnings growth,
respectively. O&G reported healthy 40% YoY earnings growth fueled by OMC's
soaring profitability due to strong marketing margins.
The Nifty 500 aggregate sales/EBITDA/adj. PAT grew 5%/15%/25% YoY
to
~INR32.5t/INR6.3t/INR3.4t in 3QFY24.
The Nifty 500 (ex-BFSI)
registered an aggregate earnings growth of 27% YoY (-
2% QoQ) in 3QFY24. However,
ex-global commodities,
aggregate earnings grew
21% YoY (+6% QoQ) during the quarter.
Sales/EBITDA/adj. PAT for Nifty 500 grew ~3%/24%/38% YoY in
9MFY24.
EBITDA margin expansion continues:
Nifty 500 (ex-BFSI) margin expanded
220bp YoY to 15.7% in 3QFY24;
however, it moderated 110bp sequentially after
hitting an eight-quarter high of 16.8% in 2QFY24. EBITDA margin, ex-
commodities (Metals and O&G), expanded ~140bp YoY and scaled a 12-quarter
high to 18.7% YoY in 3QFY24.
Heavyweights propel earnings; broader markets’ share improves
NSE 500
Ex-BFSI
Ex-Metals
and O&G
Heavyweights drive earnings:
The earnings performance of the Nifty 500
companies was propelled by just a few heavyweights. The top five companies,
i.e., IOC, HDFC Bank, TTMT, GAIL, and Adani Power contributed 33% to the
incremental YoY accretion in earnings during the quarter.
Of the 496 companies within the Nifty 500 that have declared their Dec’23
quarter results, 329 companies recorded earnings growth, while 167 posted an
earnings decline/loss in 3QFY24. Among the companies that declared profits,
251 posted an earnings growth of over 15% YoY for the quarter.
Earnings for Nifty 500/Nifty 50/Nifty 100/Nifty Midcap 100/Nifty Smallcap 100
jumped 25%/17%/25%/36%/27% YoY in 3QFY24.
Key sectoral highlights
Of the 18 sectors (incl. BFSI) within the Nifty 500,
13 sectors reported profit
growth,
while five posted a decline during the quarter.
Auto
reported a 59% YoY jump in earnings in 3QFY24. While most of the
companies delivered healthy earnings growth, heavyweights such as TTMT,
MSIL, and Bajaj Auto drove the earnings significantly. Healthy Auto volumes,
with a recovery in 2Ws, and strong margins drove sector profitability.
Financials:
BFSI clocked 22% YoY earnings growth in 3QFY24. Both Private and
PSU banks continued to lead with ~25% YoY earnings growth. The quarter
witnessed healthy business growth, controlled provisions, persistent NIM
Gautam Duggad – Research Analyst
(Gautam.Duggad@MotilalOswal.com)
Research Analyst: Deven Mistry
(Deven@MotilalOswal.com)
|
Aanshul Agarawal
(aanshul.agarawal@motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
India Strategy
pressure, and high opex. Most of the banks witnessed stagnant or a slight dip in
margins, barring select PSU banks.
Consumer:
Earnings improved 15% YoY (+4% QoQ) during the quarter. Muted
volume growth led to weak cumulative sales growth; however, moderating
input prices continued to drive profitability.
Technology:
Earnings growth moderated to ~1% YoY due to continued weakness
in key verticals and geographies, with BFSI, Consumer, and Communications
reporting muted growth. The mid- and small-cap IT services companies
continued to outperform large caps in 3QFY24 as well.
Metals:
The sector reported 88% YoY earnings growth (+40% QoQ) in 3QFY24.
Better operating performance on a YoY basis, led by lower input costs, led to a
strong earnings recovery for the sector.
Infra/Cement/Healthcare/Utilities/Capital Goods posted strong earnings growth
of 39%/35%/28%/26%/12% YoY. Conversely, Chemicals/Media/ Retail recorded
an earnings decline of 70%/18%/5% YoY, during the quarter.
Exhibit 1:
Sector-wise performance of Nifty 500 companies in 3QFY24 (INR b)
Net Sales
(INR b)
3QFY24
Sectors
3,122
Automobiles
5,105
BFSI
1,040
Banks-Private
1,078
Banks-PSU
971
NBFC
2,017
Insurance
1,235
Capital Goods
849
Cement
606
Chemicals & Fertilizers
970
Consumer
226
Consumer Durables
961
Healthcare
302
Infrastructure
64
Media
2,663
Metals
9,184
Oil & Gas
127
Real Estate
1,150
Retail
2,017
Technology
635
Telecom
187
Textiles
1,408
Utilities
1,720
Others
32,531
Nifty 500 total
Nifty 500 Ex-BFSI
27,426
Nifty 500 Ex-O&G
23,347
Nifty 500 Ex-Metal, O&G 20,684
Nifty 50
14,268
Nifty 500 Ex-Nifty 50
16,494
Nifty 100
22,518
Nifty Midcap 100
4,782
Nifty Small cap 100
1,859
Change (%)
YoY
19.1
13.2
23.0
6.2
25.1
7.6
13.5
9.0
-23.4
4.7
25.7
10.6
20.7
8.7
1.6
-0.7
4.9
-15.0
3.4
6.4
8.8
4.0
5.5
4.5
3.1
6.7
7.4
6.2
3.0
5.5
7.1
3.9
QoQ
2.0
5.3
3.5
1.6
8.2
6.9
4.9
5.4
-8.7
-0.2
7.9
-0.2
5.2
-14.2
-4.2
8.6
7.4
43.2
2.1
2.7
-0.9
-1.9
10.1
4.9
4.9
3.6
4.7
2.3
6.4
4.3
4.9
5.4
EBITDA
(INR b)
3QFY24
459
1997
738
598
531
130
159
171
61
223
15
211
75
11
423
989
36
57
437
288
26
476
201
6,315
4,318
5,326
4,903
3,572
2,824
4567
955
320
Change (%)
YoY
38.8
5.7
14.8
-15.5
12.5
97.7
10.1
57.3
-49.2
9.8
23.5
16.3
35.8
0.6
35.6
30.0
0.2
9.1
-0.4
21.8
12.7
10.5
31.1
14.9
19.6
12.4
10.8
9.9
23.6
15.7
11.5
20.8
QoQ
5.9
-1.6
4.8
-12.1
-1.9
24.9
2.4
24.7
-28.8
-1.0
6.1
-1.3
20.9
-24.8
15.4
-20.8
8.3
20.6
2.1
7.0
-1.5
-2.0
40.8
-1.6
-1.6
3.0
2.1
1.8
-3.5
-1.0
-8.0
-1.9
Adj. PAT
(INR b)
3QFY24
236
1325
476
381
335
134
92
62
21
162
9
135
36
6
155
499
24
25
305
-40
11
246
121
3,430
2,105
2,931
2,776
1,848
1,511
2539
458
160
Change (%)
YoY
58.8
21.6
24.7
24.4
14.2
23.0
12.2
35.0
-70.0
14.9
9.7
27.9
38.6
-17.8
88.4
39.6
-0.9
-5.4
1.4
-35.3
7.1
26.1
40.0
25.0
27.3
22.9
20.5
17.3
38.2
24.5
36.2
27.2
QoQ
16.8
5.6
1.8
5.8
6.4
17.7
-2.4
38.5
-54.1
4.4
1.4
1.6
3.0
-30.8
40.2
-25.5
-15.1
28.6
4.6
-25.4
-8.1
-13.2
94.0
0.7
-2.1
7.2
5.8
0.7
-0.5
4.3
-14.9
-10.6
EBITDA
Change (bp)
Margin (%)
3QFY24
YoY
QoQ
210
50
14.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-40
-30
12.9
620
310
20.2
-510
-280
10.0
110
-20
23.0
-10
-10
6.6
110
-30
22.0
280
320
24.9
-140
-250
17.7
400
270
15.9
250
-400
10.8
-130
30
28.8
110
-90
4.9
-80
-
21.7
570
180
45.3
50
-10
13.8
200
-
33.8
230
250
11.7
-
-
-
220
-100
15.7
120
-10
22.8
70
-60
23.7
90
-60
19.6
290
-180
17.1
-
-
-
-
-
-
-
-
-
Source: MOFSL, Company
February 2024
2
 Motilal Oswal Financial Services
India Strategy
3QFY24: Sales, EBITDA, adjusted PAT, and EBITDA margin performance of Nifty 500 constituents
Exhibit 2:
Sales rose 5% YoY to
INR32.5t
Sales NSE500 (INR t)
YoY gr (%)
Exhibit 3:
Sales, sans BFSI, grew 3%
YoY to INR27.4t
Sales NSE500 Ex-BFSI (INR t)
YoY gr (%)
Exhibit 4:
Sales, excluding Metals and
O&G, increased 7% YoY to INR20.7t
Sales NSE500 Ex-Metals and O&G (INR t)
YoY gr (%)
41.1
27.7 23.8
29.5
18.3 12.0
4.5 0.7 4.5
24.7 25.3
45.9
31.6
18.4
12.1
2.6
-0.4 3.1
16.2 14.9
29.2 26.1
20.0 15.8
13.4
5.8
7.4
Exhibit 5:
EBITDA rose 15% YoY to
INR6.3t
EBITDA NSE500 (INR t)
YoY gr (%)
Exhibit 6:
EBITDA, barring BFSI, grew
20% YoY to INR4.3t
EBITDA Ex-BFSI (INR t)
YoY gr (%)
Exhibit 7:
EBITDA growth, sans Metals
and O&G, moderated at 11% YoY
EBITDA Ex-Metals and O&G (INR t)
YoY gr (%)
29 30
11
14 10
3
7
10
15
14 18 11
-9
25
-1
5
40
20
4
13
21
19
18
17
24
17
11
5.1 5.4 4.9 4.9 5.5 5.9 6.4 6.4 6.3
3.6 3.9 3.5 3.1 3.6 4.0 4.4 4.4 4.3
3.7 3.8 3.8 4.1 4.4 4.5 4.7 4.8 4.9
.
Rs
Exhibit 8:
PAT was up 25% YoY to
INR3.4t
Adj. PAT NSE 500 (INR t)
YoY gr (%)
Exhibit 9:
PAT growth, sans BFSI, was
strong at 27% YoY to INR2.1t
Adj. PAT NSE500 Ex-BFSI (INR t)
YoY gr (%)
Exhibit 10:
PAT, excluding Metals and
O&G, was also strong at 21% YoY
Adj. PAT NSE500 Ex-metals and O&G (INR t)
YoY gr (%)
50
41
25
20 14 14
42
56
25
25 24
-2
7
27
16
49
33
33 29 32
47
25 21
19
-22
-9
5
2.6 2.9 2.3 2.4 2.7 3.4 3.5 3.4 3.4
1.8 2.1 1.6 1.4 1.7 2.2 2.2 2.2 2.1
1.8 2.0 1.8 2.1 2.3 2.7 2.6 2.6 2.8
Exhibit 11:
EBITDA margin of Nifty 500 (ex-BFSI) expanded
220bp YoY to 15.7%; however, it moderated sequentially
EBITDA margin NSE500 Ex-BFSI (%)
Exhibit 12:
EBITDA margin (ex-global commodities)
improved 140bp YoY to 18.7%
EBITDA margin Ex-BFSI, Metals and O&G (%)
18.3
16.2
15.6
14.6
13.4
11.9
13.6
16.4
16.8
15.7
17.3
18.6
17.8
18.7
17.3
16.1
17.2
16.8
EBITDA margin of Nifty 500 is ex-BFSI
February 2024
3
 Motilal Oswal Financial Services
India Strategy
Earnings performance for 3QFY24: Broader markets continue to
outperform large caps
The quarter witnessed moderate sales growth across the benchmark
constituents; however, earnings of
Nifty 100/Nifty Midcap 100/Nifty Smallcap
100
surged
25%/36%/27% YoY
(+10%/-8%/-2% QoQ). The broader markets
continued to report higher earnings growth YoY; however, they witnessed
sharper sequential decline in earnings during the quarter.
Margins (ex-BFSI) continued to remain strong across benchmarks; however,
they were higher for large caps, with sequential moderation in mid and small
caps.
Exhibit 14:
Nifty Midcap 100 sales rose
7% YoY to INR4.8t
Nifty Midcap100 (INR t)
YoY gr (%)
Exhibit 13:
Nifty 100 sales grew 6% YoY
to INR22.5t
Nifty100 (INR t)
YoY gr (%)
Exhibit 15:
Nifty Smallcap 100 sales
increased 4% YoY to INR1.9t
Nifty Smallcap 100 (INR t)
YoY gr (%)
43
30
23
31
18
12
3
1
6
38
23 25
22
15 10
52
5
3
7
30 29
30
22
14
1
4
4
Exhibit 16:
Nifty 100 EBITDA grew 16%
YoY to INR4.6t
Nifty100 (INR t)
34
15 13
YoY gr (%)
29
Exhibit 17:
Nifty Midcap 100 EBITDA
was up 11% YoY to INR1t
Nifty Midcap100 (INR t)
YoY gr (%)
45
28
Exhibit 18:
Nifty Smallcap 100 EBITDA
increased 21% YoY to INR 0.3t
Nifty Smallcap 100 (INR t)
YoY gr (%)
30
29
24
21
-3
-2
5
10
7
7
12
16
-2
11
-5
-13
8
3
11
14 15
3.7 3.8 3.5 3.6 3.9 4.2 4.6 4.6 4.6
0.8 0.9 0.8 0.7 0.9 0.9 1.0 1.0 1.0
0.3 0.3 0.3 0.3 0.3 0.4 0.3 0.3 0.3
February 2024
4
 Motilal Oswal Financial Services
India Strategy
Exhibit 19:
Nifty 100 PAT rose 25% YoY
to INR2.5t
Nifty100 (INR t)
YoY gr (%)
52
27
33
17 21
8
-2
1.9 2.0 1.7 1.8 2.0 2.5 2.5 2.4 2.5
23
25
18
-3
-14
56
36
3
15
Exhibit 20:
Nifty Midcap 100 PAT
surged 36% YoY to INR0.5t
Nifty Midcap100 (INR t)
YoY gr (%)
121
106
Exhibit 21:
Nifty Smallcap 100 PAT
jumped 27% YoY to INR 0.2t
Nifty Smallcap 100 (INR t)
YoY gr (%)
93
64
39
-1
-3
0
6
65
27
0.3 0.4 0.3 0.2 0.3 0.5 0.5 0.5 0.5
0.1 0.2 0.2 0.1 0.1 0.2 0.2 0.2 0.2
Exhibit 22:
EBITDAM of Nifty 100
expanded 70bp YoY to 21.8%
Nifty100 EBITDA margin (%)
21.8
21.4
21.1
20.5
19.8
21.2 21.0
Exhibit 23:
EBITDAM of Nifty Midcap
100 improved 340bp YoY to 19.5%
Nifty Midcap100 EBITDA margin(%)
20.0
18.2
16.2
18.4
17.5
Exhibit 24:
EBITDAM of Nifty Smallcap
100 expanded 170bp YoY to 11.7%
Nifty Smallcap 100 EBITDA margin (%)
13.3
13.4
12.8
11.6
10.0
11.4
12.4 12.4
11.7
19.4
18.3
19.5
19.4 19.3
15.5
EBITDA margins excluding BFSI companies
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
February 2024
5
 Motilal Oswal Financial Services
REPORT GALLERY
RECENT STRATEGY/THEMATIC REPORTS
India Strategy
February 2024
6
 Motilal Oswal Financial Services
India Strategy
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
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
*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 be within following 30 days take
appropriate measures to make the recommendation consistent with the investment rating legend.
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, Depository participant services & distribution of various financial products. 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/List%20of%20Associate%20companies.pdf
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.
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
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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.
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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 Securities (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.
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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The associates of MOFSL may have:
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financial interest in the subject company
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actual/beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public
appearance.
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received compensation/other benefits from the subject company in the past 12 months
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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.
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acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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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)
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received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
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Served subject company as its clients during twelve months preceding the date of distribution of the research report.
February 2024
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 Motilal Oswal Financial Services
India Strategy
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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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
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Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
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