Sector Update | 1 February 2025

@

Automobiles

In January, we are not seeing any signs of pick-up on the ground for any of the

auto segments. 2W sales are likely to post 1-3% YoY growth, driven by steady

rural demand. PV retails are also likely to post low-single-digit growth YoY.

Discounts in PVs, although low MoM, are higher by 20-25% on a YoY basis,

according to our checks. CV goods demand remained muted, with fleet

utilization moderating, but the bus segment showed strength with expected

mid-teens YoY growth in retails. Tractor sales are likely to see 3-4% YoY

increase, with non-agri demand improving and regional trends varying.

Overall, we expect Jan’25 dispatches for PV/2W/tractors/CVs to grow

~1.5%/4%/8%/1% YoY.

2Ws:

Retails during the month are expected to grow 1-3% YoY, reflecting a

modest pace of growth. However, rural markets continue to outperform urban

areas, driven by improved agricultural sentiments and seasonal marriage

demand, leading to stronger sales in states like MP and UP. Growth has been

observed across both scooters and premium motorcycles, positioning OEMs like

TVS and RE for outperformance. Demand for entry-level models continues to

remain weak. TVS is expected to outperform its peers this month. This is mainly

driven by outperformance in scooters, particularly due to the strong response to

the new Jupiter, which currently has a waiting period of ~3 weeks. The company

has also implemented a minor price hike. For Hero MotoCorp, Xtreme125R

continues to be its key growth driver, while scooter sales fail to revive despite

new launches. Inventory levels are likely to be normal at ~4-5 weeks for 2Ws. All

discounts offered during the festive season have now been withdrawn. For

Jan’25, we expect dispatches for HMCL/BJAUT/TVSL/RE to grow 1%/3%/8%/12%

YoY.

PVs:

We expect PV retails to continue to grow in low-single digits, led by steady

demand in the North, West, and Central regions, while growth in the South

remained relatively subdued. However, cars continue to see weak demand. A

notable trend we observed was the continued strength in rural demand. The

growth in PV volumes was supported by attractive discounts and strong traction

from new model launches, with our feedback indicating that discounts are ~20-

25% higher YoY. Stronger retail sales have brought inventory levels below the

normal range of 3-4 weeks, creating room for inventory push. Feedback for the

new Dzire has been positive, with customers particularly appreciating its

mileage. The LXi variant has no waiting period, while other variants have a

waiting period exceeding six weeks. Similarly, the waiting period for the Creta EV

stands at four months. Despite elevated discounts, demand in the Southern

markets remained lackluster, with no significant growth observed. We expect

dispatches for MSIL/Hyundai/TTMT PV to decline 1% YoY each, while the same

for M&M to grow ~11% YoY during the month.

Demand revival remains elusive

Most sub-segments to post low- to mid-single-digit retail growth in Jan



“With very good reservoir

levels and higher MSP for

key rabi crops, farmer

sentiments are positive

and cash flows healthy.

Good progress in rabi

sowing and a good rabi

crop are expected to

further boost demand for

tractors in coming

months.”

Mr. Hemant Sikka

President, Farm

Equipment Sector - M&M





Research analyst - Aniket Mhatre

(Aniket.Mhatre@MotilalOswal.com)

Research analyst - Amber Shukla

(Amber.Shukla@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.

Automobiles







CVs:

Driven by a slight pickup in replacement demand, we anticipate CV retail

sales to grow 2-3% YoY. However, overall CV demand remains subdued, and

contrary to expectations of a recovery, we did not observe any meaningful

improvement. Our checks indicate that freight rates remained stable MoM,

while fleet utilization softened to 65-70% (75-80% in Oct-Nov). Demand

weakness persisted in segments like white goods and construction, though this

was partially offset by growth in agriculture and auto categories. Additionally,

we noted some pressure on return loads in states such as Rajasthan and MP.

Inventory level has declined to 2-3 weeks (vs 3-4 weeks MoM). On a positive

note, the bus segment showed some growth, with retail volumes expected to

rise ~15-17% YoY. We expect dispatches for TTMT/AL/VECV to grow

~1.5%/3%/3% YoY in Jan’25

Tractors:

We expect tractor retail volumes to grow 3-4% YoY this month, with an

average inventory at around 40 days. Non-agri tractor demand is also showing

improvement, with a smaller YoY decline of 3-4% YoY. Demand across key

regions reflects a healthy growth trend, with regional variations influencing

overall market performance. Punjab is seeing strong demand. No price hikes

have been reported, and discounts are around INR30k. Gujarat also shows good

growth, with a price increase of about 2%, while discounts are higher at ~INR60k

but show a declining trend. Inventory in this region is about 1.5 months, across

key players like MM, TAFE, and Escorts. In Maharashtra, growth is slower, with

Johwar prices between INR 2,500-2,800, and discounts increasing to INR40k-50k.

Inventory levels are around 60 days, with Swaraj and John Deere having higher

inventory. Our interaction in MP too suggested healthy sales, with expectations

for demand to improve once wheat harvesting begins. We expect volumes for

MM and ESCORTS to grow by 8%/9% YoY in Jan’25.

Valuation and view:

Except for the tractor segment, which is experiencing a

healthy demand uptick, we are not seeing any signs of pick-up in growth in any

other key auto segments at the moment. MSIL is our top pick among auto OEMs

as its upcoming new launches are expected to continue to help improve the mix

and drive healthy earnings growth. We also like MM given the upcycle in tractors

and healthy growth in UVs. Among ancillaries, we prefer MOTHERSO, ENDU, and

HAPPYFORG.

1 February 2025

2

Automobiles

Snapshot of volumes for Jan-25

YoY

Company Sales

Maruti Suzuki

Domestic

Export

Hyundai Motor

Domestic

Exports

Mahindra & Mahindra

UV (incl. pick-ups)

LCV & M&HCV

Three-Wheelers

Tractors

Tata Motors

HCV's

LCV's

CV's

Cars

UV's

Hero MotoCorp

Bajaj Auto

Two-Wheelers

Three-Wheelers

Domestic

Exports

Ashok Leyland

M&HCV

LCV

TVS Motor

Motorcycles

Scooters

Mopeds

Three-Wheelers

Domestic

Exports

Eicher Motors

Royal Enfield

VECV

Escorts Kubota

Jan-25

1,97,315

1,67,315

30,000

66,649

54,259

12,390

1,07,286

73,226

1,700

6,496

25,864

85,922

15,122

17,462

32,584

12,778

40,560

4,37,934

3,67,215

3,15,760

51,456

2,13,841

1,53,374

16,460

10,625

5,835

3,65,912

1,54,055

1,61,394

42,036

8,427

2,81,313

84,598

85,329

7,267

6,721

Jan-24

1,99,225

1,75,304

23,921

67,615

57,115

10,500

97,892

65,969

2,326

5,649

23,948

86,125

14,972

17,120

32,092

15,033

39,000

4,33,598

3,56,010

3,08,248

47,762

2,30,043

1,25,967

15,937

10,216

5,721

3,39,513

1,55,611

1,32,290

42,036

9,576

2,70,170

69,343

76,187

7,066

6,185

YoY (%)

chg

-1.0

-4.6

25.4

-1.4

-5.0

18.0

9.6

11.0

-26.9

15.0

8.0

-0.2

1.0

2.0

1.5

-15.0

4.0

1.0

3.1

2.4

7.7

-7.0

21.8

3.3

4.0

2.0

7.8

-1.0

22.0

0.0

-12.0

4.1

22.0

12.0

2.9

8.7

MoM

MoM

Dec-24

(%) chg

1,78,248 10.7

1,40,829 18.8

37,419 -19.8

55,078 21.0

42,208 28.6

12,870

-3.7

92,711 15.7

63,064 16.1

954

78.2

5,750

13.0

22,943 12.7

78,164

9.9

16,604

-8.9

17,271

1.1

33,875

-3.8

7,595

68.2

36,694 10.5

4,04,983 8.1

3,23,125 13.6

2,72,173 16.0

50,952

1.0

1,62,420 31.7

1,60,705 -4.6

16,957

-2.9

11,474

-7.4

5,483

6.4

3,21,687 13.7

1,44,811 6.4

1,33,919 20.5

33,272 26.3

9,685

-13.0

2,17,294 29.5

1,04,393 -19.0

79,466

8,324

5,472

7.4

-12.7

22.8

FY25YTD

18,26,946

15,49,450

2,77,496

6,37,051

4,99,375

1,37,676

11,31,996

6,75,172

23,604

70,733

3,62,487

7,66,446

1,42,637

1,61,207

3,03,844

1,03,377

3,59,225

50,36,653

39,15,247

33,54,506

5,60,742

23,88,278

15,26,969

1,52,381

96,748

55,633

38,93,262

17,85,201

15,63,079

4,38,498

1,06,484

29,52,687

9,40,574

8,11,519

68,753

95,642

FY24YTD

17,50,516

15,22,268

2,28,248

6,51,774

5,11,519

1,40,255

10,15,073

6,01,524

16,707

66,152

3,30,690

7,90,375

1,45,128

1,73,370

3,18,498

1,58,388

3,13,489

46,62,630

36,38,367

31,19,354

5,19,013

22,87,436

13,50,931

1,54,183

97,782

56,401

34,67,978

16,34,709

13,06,326

4,01,533

1,25,410

26,45,653

8,22,325

7,61,246

66,894

82,671

(%)

chg

4.4

1.8

21.6

-2.3

-2.4

-1.8

11.5

12.2

41.3

6.9

9.6

-3.0

-1.7

-7.0

-4.6

-34.7

14.6

8.0

7.6

7.5

8.0

4.4

13.0

-1.2

-1.1

-1

12.3

9.2

19.7

9.2

-15.1

11.6

14.4

6.6

2.8

15.7

FY25E

21,96,631

18,73,150

3,23,481

7,68,402

6,01,116

1,67,286

13,33,813

8,14,255

25,043

80,693

4,13,823

9,30,735

1,77,284

2,00,306

3,77,590

1,17,899

4,35,246

59,48,607

44,21,040

37,50,254

6,70,786

25,47,945

18,73,095

1,88,278

1,20,952

67,326

47,07,236

21,61,146

18,86,919

5,27,521

1,31,649

35,63,374

11,43,862

9,71,190

87,158

1,17,426

Gr.

(%)

2.9

1.1

14.3

-1.2

-2.2

2.5

11.3

12.6

30.5

4.0

9.4

-4.0

-2.1

-6.7

-4.6

-36.1

11.9

5.8

4.7

4.2

7.7

-1.5

14.5

-3.3

-3.1

-3.5

12.3

8.4

20.4

8.9

-9.9

12.1

12.9

6.4

1.9

22.5

Residual

Monthly

Run rate

1,84,842

1,61,850

22,992

65,675

50,870

14,805

1,00,909

69,541

719

4,980

25,668

82,144

17,324

19,549

36,873

7,261

38,011

4,55,977

2,52,896

1,97,874

55,022

79,833

1,73,063

17,948

12,102

5,846

4,06,987

1,87,973

1,61,920

44,512

12,583

3,05,343

1,01,644

79,835

9,202

10,892

FY25 YTD

Monthly

Run rate

1,82,695

1,54,945

27,750

63,705

49,938

13,768

1,13,200

67,517

2,360

7,073

36,249

76,645

14,264

16,121

30,384

10,338

35,922

5,03,665

3,91,525

3,35,451

56,074

2,38,828

1,52,697

15,238

9,675

5,563

3,89,326

1,78,520

1,56,308

43,850

10,648

2,95,269

94,057

81,152

6,875

9,564

Source: Company, MOFSL

1 February 2025

3

Automobiles

Comparative valuations

Auto OEM's

Bajaj Auto

Hero MotoCorp

TVS Motor

Eicher Motors

Maruti Suzuki

M&M

Tata Motors

Hyundai

Ashok Leyland

Escorts

Auto Ancillaries

Bharat Forge

Exide Industries

Amara Raja

BOSCH

Endurance Tech

SAMIL

CIE Automotive

CEAT

Balkrishna Ind

MRF

Apollo Tyres

Sona BLW

Tube Investments

MSUMI

CRAFTSMAN

Happy Forgings

Rating

Neutral

Buy

Neutral

Sell

Buy

Buy

Neutral

Buy

Buy

Neutral

Neutral

Neutral

Neutral

Neutral

Buy

Buy

Buy

Buy

Neutral

Sell

Buy

Neutral

Buy

Buy

Neutral

Buy

CMP

(INR)

8,851

4,341

2,457

5,197

12,308

2,992

716

1,678

217

3,627

1,225

374

1,035

28,735

1,990

141

464

2,858

2,768

1,13,603

437

504

3,323

56

4,190

1,001

P/E (x)

FY26E

FY27E

26.9

23.4

18.1

16.7

38.1

31.9

29.6

26.6

24.0

21.5

24.8

21.2

11.6

11.9

23.7

20.8

19.2

16.1

31.9

25.8

31.0

26.4

17.4

36.6

26.4

20.3

19.1

16.8

26.9

22.5

14.4

47.1

51.7

32.3

27.2

27.5

66.5

43.3

128.9

111.0

58.3

37.7

12.7

113.2

53.0

22.8

8.1

394.5

0.0

63.9

0.0

22.4

EV/EBITDA (x)

FY26E

FY27E

19.1

16.7

11.6

10.6

24.0

20.7

27.1

24.4

15.6

13.4

17.8

15.2

4.6

4.1

13.1

11.2

11.5

9.5

22.9

17.8

17.0

14.6

9.7

32.0

15.4

8.4

11.4

7.7

16.9

9.5

6.5

27.1

29.0

21.8

12.8

18.9

44.6

25.0

44.0

6.9

34.8

20.5

9.4

56.0

24.8

11.8

4.2

214.4

0.0

30.2

0.0

15.7

PB (x)

FY26E FY27E

8.1

7.4

4.2

4.0

9.5

7.6

5.9

5.2

3.7

3.3

2.5

2.1

2.0

1.8

7.1

5.8

5.5

4.7

3.9

3.5

6.4

2.1

2.2

5.9

4.3

2.6

2.4

2.3

4.6

2.4

1.4

5.3

9.1

10.4

4.4

5.1

12.3

9.9

8.7

24.2

7.8

16.6

6.9

22.1

10.1

4.4

1.3

49.0

0.0

8.2

3.8

5.1

FY25E Yield (%) EPS CAGR

Div

FCF (%) FY25-27E

2.3

2.4

9.2

3.8

4.5

8.4

0.4

1.6

21.2

1.1

4.5

9.6

1.2

1.3

10.4

0.8

2.9

16.6

0.6

2.3

2.7

1.0

2.0

9.5

2.3

7.1

11.2

0.5

3.6

9.5

0.9

0.7

0.9

1.1

0.6

1.1

0.9

0.9

0.7

0.5

1.1

0.7

0.1

1.3

0.5

0.5

2.2

1.9

5.0

1.2

1.9

3.1

2.3

1.8

1.9

3.3

7.9

1.0

1.5

1.8

-5.1

1.8

41.4

7.0

9.7

12.5

26.3

37.0

7.3

0.2

15.9

0.5

1.8

9.4

36.7

9.7

3.3

44.6

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

1 February 2025

4

Automobiles

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 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 Ltd. 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 relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have 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.

MOFSL

and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of public

appearance, 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.

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

a)

received any compensation/other benefits from the subject company of this report

b)

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

c)

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

d)

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



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.



Subject Company may have been a client of MOFSL or its associates during twelve months preceding the date of distribution of the research report.



Research Analyst may have served as director/officer/employee in the subject company.



MOFSL and research analyst may engage in market making activity for the subject company.

MOFSL and its associate company(ies), and Research Analyst and their relatives from time to time may have:

a) 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.

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.

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.

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.

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

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For Hong Kong:

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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

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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

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.Accordingly, if a Singapore person is not, or ceases to be, such an investor, they must immediately discontinue any use of this Report and inform MOCMSPL .

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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

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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

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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

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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, speci al or consequential including lost revenue or lost profits that may arise from or in

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Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.

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Ms. Hemangi Date

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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:

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.

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