6 June 2024
E
CO
S
COPE
The Economy Observer
Capex Tracker: Corporate investments grow very slowly in FY24
Government and household capex healthy
For the sixth consecutive quarter in 4QFY24, real investments in India grew much faster than consumption. After a 6.9%
growth in FY23, real investments jumped 6.4%/8.9% YoY in 4Q/FY24, much higher than the growth of 3.4%/3.8% YoY in
real consumption (private + government). Further, nominal investments stood at a nine-year high of 33.3% of GDP in
FY24, compared to 33.0% of GDP in FY23. This regular
update
is intended to track India’s capex/investment trend and its
key drivers. Here are the key highlights:
Firstly,
the growth in government investments (Center + states) moderated to 12.0% YoY in 4QFY24, implying 26.7%
growth in FY24. The Center’s investments were largely flat in 4Q (vs. 15.6% YoY growth in 4QFY23), while states’ capex
rose 21.6% YoY in 4QFY24 (vs. +11.4% YoY in 4QFY23). Compared to an average of 3.6% of GDP in the 2010s decade, fiscal
investments were 5.2% of GDP in FY24, with a new peak for both the Center (at 2.7% of GDP) and states’ capex (at 2.6%
of GDP).
Accordingly, the government sector accounted for 16.5% of total investments in FY24, the highest since FY90 and up from
an average share of 11.6% in the 2010s decade. It also means that private investments (including public sector
enterprises, PSEs) grew only 6.1%/7.0% YoY in 4Q/FY24 vs. 10.2% in the 2010s decade.
Secondly,
using data on stamp duty and registration fees collected by states, our estimates suggest that household
investment (primarily residential real estate) contracted 1.2% YoY in 4QFY24, marking its first decline in 14 quarters. It,
however, grew 10.7% YoY in FY24, following an average growth of 29% during the past two years.
Lastly, as a residual, we find that corporate investment (including PSEs) picked up and reported 15.5% YoY growth in
4QFY24, the highest in five quarters. It, however, was much weaker at just 3.4% YoY in FY24 vs. ~21% growth in the last
two years. The share of the corporate sector, thus, likely contracted to a two-decade low of 42% of total investments in
FY24, compared to >50% in the pre-Covid years.
Overall, a strong residential property market holds the potential to boost economic activity, and the government’s focus
on infrastructure is commendable. However, weak personal income growth, high interest rates, fiscal consolidation, and
high economic uncertainties create vulnerabilities about the durability of the strong growth in investments.
For the sixth consecutive quarter in 4QFY24, India’s real investments (the sum of
fixed investments, change in inventories, and valuables) grew much faster than
consumption (private + government). After a 6.9% growth in FY23, real investments
jumped 6.4%/8.9% YoY in 4Q/FY24, much higher than the growth of 3.4%/3.8% YoY
in real consumption. Further, nominal investments stood at a nine-year high of
33.3% of GDP in FY24, compared to 33.0% of GDP in FY23
(Exhibit 1).
Exhibit 1: India’s investment rate at a nine-year high of
33.3% of GDP in FY24
Total investments* (% of GDP)
34.3
32.1
30.2
31.0
32.3
30.1
28.9
56.3
51.8
49.7
49.0
48.5
47.3
43.4
32.1
33.0 33.3
7.9
5.4
30.5
8.8
5.6
33.9
Exhibit 2: Share of corporate sector slid in FY24; that of
government picked up
Sectoral investments# (% of total)
Corporate
7.8
4.8
37.7
Household
7.5
4.7
7.1
5.3
39.1
Center
7.6
5.8
39.3
7.4
7.4
41.7
States
7.0
7.3
8.1
8.4
41.8
41.7
38.7
41.5
44.3
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
* GFCF + Change in inventories + Valuables
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
# GFCF + Change in inventories
MOFSL estimates
Source: Various national sources, CEIC, MOFSL
Nikhil Gupta
– Research analyst
(Nikhil.Gupta@MotilalOswal.com)
Tanisha Ladha
– Research analyst
(Tanisha.Ladha@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
Our estimates suggest that the government sector was the key driver of India’s
investments in FY24, as corporate investment growth remained muted and
household maintained its share
(Exhibit 2).
To provide a comprehensive and succinct
analysis of India’s investments, we present a compilation of 13 monthly and 6
quarterly indicators in this note. We further segregate the indicators by sectors to
provide an insight into the drivers of investments (Exhibit
3
on the next page).
Key highlights using proxy indicators:
Government’s capex growth
moderated to 12.0% YoY in
4QFY24, led by stagnant
Center’s capex but 21.6%
growth in the states’ capex
Private capex (including
PSEs) grew only 6.1%/7.0%
YoY in 4Q/FY24 vs. an
average growth of 10.2% in
the 2010s decade
Corporate investments
grew at a five-quarter high
of 15.5% YoY in 4QFY24,
implying just 3.4% growth in
FY24 vs. ~25% growth in the
last two years
Using monthly (preliminary) data available for 25 states, our calculations suggest
that the government’s capex growth moderated to 12.0% YoY in 4QFY24, led by
stagnant Center’s capex but 21.6% growth in the states’ capex. It means that
government investments (excluding loans & advances) grew 26.7% YoY in FY24;
following an average growth of 14.1% in the past four years (FY20-FY23), slightly
better than the 13.1% average growth in the previous four years (FY16-FY19).
Government capex surged to 5.2% of GDP in FY24, compared to an average of
3.6% of GDP in the 2010s decade and 4.5% of GDP each in the last two years.
Both Center and states’ capex were at all-time highest levels of ~2.6% of GDP in
FY24, up from an average of 1.5%/2.3% of GDP in the pre-Covid years
(Exhibits
4-5).
The government, thus, accounted for 16.5% of total investments in FY24,
the highest since FY90 and up from 11.6% in the 2010s decade.
With the total nominal investment growing 7.3%/9.8% YoY in 4Q/FY24, such strong
growth in government investments suggests that private capex (including PSEs)
grew only 6.1%/7.0% YoY vs. an average growth of 10.2% in the 2010s decade.
Within the private sector, using data on stamp duty & registration fees collected
by states, our estimates suggest that household investment (largely residential
real estate) declined for the first time in 14 quarters in 4QFY24. It, thus, grew
10.7% YoY in FY24, following an average growth of 29% in the past two years.
If so, it confirms that corporate investment grew at a five-quarter high of 15.5%
YoY in 4QFY24, implying just 3.4% growth in FY24 vs. ~25% growth in the last
two years
(Exhibit 6).
Accordingly, the share of the household sector was stable at ~42% of total
investments for the third year in FY24, much higher than the pre-Covid levels
(Exhibit 7).
It also means that corporate investment fell to 13.3% of GDP in FY24,
close to the two-decade lowest level of 12.9% seen in FY21 and lower than 15-
17% of GDP in the pre-Covid decade
(Exhibit 8).
Lastly, notwithstanding the decent growth in household investment, the growth
in non-mortgage household debt outpaced mortgage debt growth for the eighth
successive quarter in 4QFY24. Based on SCBs’ data, non-mortgage debt grew
18.7% vs. 17.2% growth in mortgage debt
(Exhibit 9).
The combination of strong
growth in non-mortgage debt and weak consumption is interesting.
The growth in non-
mortgage household debt
outpaced mortgage debt
growth for the eighth
successive quarter in
4QFY24
Overall, a strong residential property market holds the potential to boost economic activity,
and the government’s focus on infrastructure is commendable. However, weak personal
income growth, high interest rates, fiscal consolidation, and high economic uncertainties
create vulnerabilities about the durability of the strong growth in investments.
6 June 2024
2
 Motilal Oswal Financial Services
Exhibit 3: Tracking India’s investments through various indicators
Indicator
Unit
4QFY23 1QFY24
Total real investments
% YoY
3.3
7.5
GFCF + Change in inventories
% YoY
4.2
8.3
Government investments
Total (general) government
% YoY
13.2
49.0
Central government
% YoY
15.6
45.3
State governments*
% YoY
11.4
57.1
Household (HH) investments
Household investments@
% YoY
12.2
15.9
SD&RF collection*
% YoY
16.1
13.7
SCBs household debt $
% YoY
19.0
20.4
ow:
Mortgage
% YoY
15.3
15.0
ow:
Non-mortgage debt
% YoY
20.3
22.3
Corporate investments
Corporate investments @
% YoY
11.8
-6.2
SCBs Corporate debt ^
% YoY
10.2
11.2
Infrastructure loans
% YoY
2.3
1.7
IIP: Capital goods
% YoY
10.5
5.1
Nominal imports of capital goods
% YoY
8.7
-0.8
Manufacturing capacity utilization@
%
76.3
73.6
Current assessment for production capacity@
%
11.6
20.1
Expected assessment for production capacity@
%
39.4
21.5
Corporate bonds@
% YoY
7.4
10.5
Some other common indicators
IIP: Construction ~
% YoY
9.1
13.2
Cement production
% YoY
3.7
12.7
Steel consumption
% YoY
12.9
10.4
Memo items
Total investments (including valuables)
% of GDP
34.2
33.0
GFCF + Change in inventories
% of GDP
33.4
32.4
General government investments*
% of GDP
6.4
4.9
Corporate investments
% of GDP
11.8
14.2
Household investments
% of GDP
15.1
13.3
SCBs Corporate debt
% of GDP
22.0
22.7
Corporate bonds
% of GDP
16.0
15.9
SCBs HH debt
% of GDP
28.8
29.6
* Based on data of 25 states up to Mar’24
$ Including agricultural, transport operators, trade and personal loans
# Available from 1QFY11 (% YoY from 1QFY12)
2QFY24
10.7
11.6
23.3
14.9
33.8
19.4
17.8
16.3
10.8
18.3
3.4
24.6
3.0
8.8
8.4
74.0
19.3
39.5
9.6
12.8
10.4
19.3
34.8
32.4
5.0
13.4
14.0
24.7
15.7
29.2
3QFY24
11.5
9.6
36.9
65.1
16.5
12.6
11.7
18.4
14.4
19.8
3.6
21.9
5.8
7.5
-6.4
74.7
20.4
39.5
11.3
6.5
5.1
14.5
4QFY24 FY10-19 FY20-24
8.0
7.3
4.7
6.4
7.3
4.9
12.0
0.1
21.6
-1.2
-1.6
18.3
17.2
18.7
15.5
22.6
6.5
3.7
-3.2
n.a.
12.1
34.9
9.6
6.9
8.0
10.7
12.6
13.9
11.9
11.4
12.7
14.0
15.5
13.5
10.8
13.0
14.5
1.1
4.3
75.0
5.0
6.1
16.8
5.1
6.1
5.4
16.6
23.1
11.5
11.2
12.9
15.5
14.7
15.8
6.2
6.5
4.5
-0.4
5.0
68.8
8.9
21.0
9.1
4.5
4.8
6.7
FY24
9.4
8.9
26.7
26.1
27.3
10.7
9.4
18.3
17.2
18.7
3.4
22.6
6.5
6.2
-0.5
74.1
18.0
33.9
9.6
9.7
9.0
13.6
31.6
33.9
35.1
31.5
33.3
30.0
32.6
33.3
30.1
31.8
4.4
6.5
3.8
4.4
5.2
13.1
12.5
16.5
13.7
13.3
12.5
13.6
12.3
12.4
13.3
24.8
24.6
30.0
24.2
24.6
15.8
16.0
13.7
16.6
16.0
30.6
31.0
22.0
28.5
31.0
@ Quarterly in frequency, Monthly otherwise
^ SCBs loans excluding household and NBFCs loans
~ Available from Apr’12 (% YoY from Apr’13)
Source: Various national sources, CEIC, MOFSL
6 June 2024
3
 Motilal Oswal Financial Services
Exhibit 4: Fiscal capex surged to 5.2% of GDP in FY24…
(% of GDP)
Government investments
Exhibit 5: …led by both the Center and states’ capex
(% of GDP)
Center
States
FY06
FY09
FY12
FY15
FY18
FY21
FY24
FY06
FY09
FY12
FY15
FY18
FY21
FY24
Source: CGA, CAG, CEIC, MOFSL
Exhibit 6: Household investments continue to grow faster
than corporate investments
(% YoY)
60
40
20
0
-20
FY12
FY14
FY16
FY18
FY20
FY22
FY24
Corporate capex
Household capex
Exhibit 7: Household investments likely inched up to 13.3%
of GDP in FY24
(% of GDP)
Household investments
10.7
3.4
FY06
FY09
FY12
FY15
FY18
FY21
FY24
* Almost two-thirds of HH investments are residential real estate
Exhibit 8: Corporate capex has picked up from its FY21 low,
but remained subdued
(% of GDP)
Exhibit 9: Non-mortgage debt continued to grow faster than
mortgage debt in FY24
Mortgage debt
25
20
15
10
5
(% YoY)
18.7
Non-mortgage debt
Corporate investments
17.2
FY06
FY09
FY12
FY15
FY18
FY21
FY24
FY12
FY14
FY16
FY18
FY20
FY22
FY24
FY24 data is MOFSL estimates
Based on only SCBs’ exposure
Source: Various national sources, CEIC, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
6 June 2024
4
 Motilal Oswal Financial Services
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 service transactions. Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
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 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”) (UEN 201129401Z), which is a holder of a capital markets services license
and an exempt financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures
Act of Singapore (“SFA”) or (b) are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA.
Accordingly, if a recipient is neither an “institutional investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by
MOCMSPL write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
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
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
6 June 2024
5
 Motilal Oswal Financial Services
-
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.
-
received compensation/other benefits from the subject company in the past 12 months
-
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.
-
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.
-
Served subject company as its clients during twelve months preceding the date of distribution of the research report.
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.
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.
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.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263;
www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of
Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Contact No.
Email ID
Ms. Hemangi Date
022 40548000 / 022 67490600
query@motilaloswal.com
Ms. Kumud Upadhyay
022 40548082
servicehead@motilaloswal.com
Mr. Ajay Menon
022 40548083
am@motilaloswal.com
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: ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs
and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal
Oswal
Financial Services Limited
(MOFSL) write to grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
6 June 2024
6