26 February 2021

ASIAMONEY Brokers Poll 2020 (India) Today’s top research idea

Automobiles: Momentum sustained for PVs, CVs and Tractors
❖ Wholesales in Feb’21 are expected to grow YoY on a low base for all segments,
excluding 3Ws. In Feb’21, wholesale volumes are estimated to grow at 13% for
2Ws, largely driven by exports, and 20% for PVs, restricted by supply-side issues.
CV volumes are likely to grow by 37% (LCVs: 58%, M&HCVs: 17%). Wholesale
volumes for Tractors are expected to grow by 27% YoY on robust demand.
❖ Retail demand momentum has sustained across all segments, except 2Ws. The
Market snapshot Premium 2W segment is doing relatively better than Entry/Executive segment,
resulting in higher discounts in the Entry/Executive segment. Demand has been
Equities - India Close Chg .% CYTD.% impacted by a delayed wedding season (one day in Feb’21 v/s 10 days in Feb’20).
Sensex 51,039 0.5 6.9 March doesn’t have a single auspicious day v/s six days last year. RE’s waiting
Nifty-50 15,097 0.8 8.0
Nifty-M 100 23,647 1.5 13.5
period has fallen to 1-2 weeks for Classic/Bullet and 8-12 weeks for Meteor.
Equities-Global Close Chg .% CYTD.% ❖ CVs: Strong traction was seen in Tippers used in the Construction segment,
S&P 500 3,829 -2.4 2.0 whereas the recovery in Haulage has been slower than expected. Financing is
Nasdaq 13,119 -3.5 1.8 easing gradually, LTV has increased to 85-90% from 80-85%, and credit terms
FTSE 100 6,652 -0.1 3.0
DAX 13,879 -0.7 1.2
have eased.
Hang Seng 11,717 1.8 9.1 ❖ PVs and Tractors continues to see good demand and lower than desired
Nikkei 225 30,168 1.7 9.9 inventory. MSIL’s waiting period remains similar at 4-6 weeks and inventory
Commodities Close Chg .% CYTD.% remains very low at under 10 days.
Brent (US$/Bbl) 66 -0.5 29.1
Gold ($/OZ) 1,771 -1.9 -6.7
Cu (US$/MT)
Almn (US$/MT)
9,456
2,237
1.2
3.0
22.0
13.4
Research covered
Currency Close Chg .% CYTD.%
USD/INR 72.4 0.1 -0.9 Cos/Sector Key Highlights
USD/EUR 1.2 0.1 -0.3
USD/JPY 106.2 0.3 2.9 Automobile Momentum sustained for PVs, CVs and Tractors
CYTD
YIELD (%) Close 1MChg NTPC MoP issues rules on late payment surcharge
chg
10 Yrs G-Sec 6.2 0.04 0.3
10 Yrs AAA Corp 7.2 0.04 0.6
Flows (USD b) 25-Feb MTD CY21 Piping hot news
FIIs 0.03 4.00 5.95
DIIs -0.10 -2.48 -4.02 Carlyle emerges sole bidder to acquire Mphasis from Blackstone
Volumes (INRb) 25-Feb MTD* YTD* Private equity Carlyle Group has emerged as the sole bidder to acquire Blackstone
Cash 919 869 822 Group-owned Mphasis Ltd., in what would be the largest buyout in the Indian IT
F&O 86,158 43,666 39,713 industry, said multiple people involved in the deal…
Note: *Average

Chart of the Day: NTPC (MoP issues rules on late payment surcharge)
Amount overdue from DISCOMs (INR b)

Amount overdue (INR b)

177 172
156 164 156
141 144 137
114 113 109 107 107 107 110
90 91 96
82
INR b

Jul-19

Jul-20
Jun-19

Jun-20

Aug-20
Nov-19

Apr-20

May-20

Nov-20
Aug-19

Sep-19

Dec-19

Jan-20

Feb-20

Mar-20

Sep-20

Dec-20
Oct-19

Oct-20

Source: CEA, MOFSL

Research Team (Gautam.Duggad@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.
 In the news today
Kindly click on textbox for the detailed news link

1 2
Carlyle emerges sole bidder Subsidised, non-subsidised LPG price hiked by Rs 25 per
to acquire Mphasis from cylinder, third increase this month
Blackstone Cooking gas LPG price on Thursday was hiked by Rs 25 per cylinder
Private equity Carlyle Group has across all categories, including subsidised fuel and those availed by
emerged as the sole bidder to Ujjwala scheme beneficiaries. This is the third increase in rates this
acquire Blackstone Group-owned month on the back of spiralling international rates as demand
Mphasis Ltd., in what would be recovered…
the largest buyout in the Indian
IT industry, said multiple people
involved in the deal. The offer to
buy Blackstone’s controlling
56.12% stake is believed…

3 4
Ola aims to operationalise
Omega Seiki to invest Rs 100
mega two-wheeler factory in
crore to set up production
Tamil Nadu in next few
months
base in Bangladesh
Electric vehicle maker Omega Seiki
5
India's ride-hailing company Ola
on Thursday said it plans to invest Country will have few PSUs
Cabs on Thursday announced that
Rs 100 crore to set up a but with solid presence, says
it aims to operationalise its
manufacturing plant near Dhaka, FM Nirmala Sitharaman
massive two-wheeler factory in
Bangladesh. The set up would be Finance minister Nirmala
Tamil Nadu on its 500-acre site
known as OSM-Bangladesh, the Sitharaman on Thursday said the
soon, the company stated. Ola, in
company, which is a part of the government's privatisation policy
a statement, said it was "racing
Anglian Omega Group, said in a of bare minimum public sector
ahead to operationalise two-
statement. Currently, Omega Seiki presence will mean that the
wheeler factory in the southern
has two manufacturing plants… remaining state-owned
state of Tamil Nadu in next…
companies are scaled up and
large with a significant presence
6 7 in their areas of operation. “In
the sense, even if there are one
Kalrock-Jalan consortium to Mahindra Lifespace acquires or two or three (PSUs)...it will be
nearly 8 acres of land in a public sector undertaking of a
invest Rs 1,375 crore in debt-
good solid presence,” Sitharaman
laden Jet Airways Bengaluru
said at a conference hosted by
Kalrock-Jalan consortium will Realty firm Mahindra Lifespace
Indian Institute of Management,
invest around Rs 1,375 crore in Developers Ltd on Thursday said it
Ahmedabad…
Jet Airways over two years. The has acquired 7.89 acres of land to
consortium which won the bid to develop a residential project in
revive the grounded airline last Bengaluru. The project will offer
October plans to start with about 5 lakh sq ft of carpet area.
domestic services using 5-7 new The launch of the project is
aircraft and will fund the planned for FY 2022, the company
investment through mix… said in a regulatory filing…

26 February 2021 2
 Sector Update | 25 February 2021

Automobiles
Momentum sustained for PVs, CVs and Tractors…
… 2W OEMs increase discounts to push volumes
“Kharif sowing is up 3% on a
◼ Demand momentum in Jan’21 sustained in Feb’21 across segments. Discounts were
YoY basis and 7% higher
lower as Feb’20 had BS-VI transition-related discounts. Inventory is much lower than
than the average of the
normal for PVs and Tractors, leaving headroom to fill inventory in the coming months.
past 10 years. We expect
Wholesales are expected to grow for replenishing abnormally low inventory for PVs
the Tractor industry to do
and Tractors.
well even in FY22.” – Mr.
Hemant Sikka, President - ◼ Our interaction with leading industry channel partners reflects optimism (excluding
Farm Equipment Sector, 2Ws). Weak demand results in higher 2W inventory (30-45 days). However, PV
M&M inventory remains at minimal levels (less than 10 days), with a waiting period of 4-6
weeks in fast-selling models. M&HCVs continue to grow on the back of strong demand
from Infrastructure/Construction, while the Cargo segment is recovering slowly with
an increase in capacity utilization. Demand for Tractors remains strong, with inventory
at 10-30 days.
◼ Wholesales in Feb’21 are expected to grow YoY on a low base for all segments,
excluding 3Ws. In Feb’21, wholesale volumes are estimated to grow at 13% for 2Ws,
largely driven by exports, and 20% for PVs due to supply-side issues. CV volumes are
likely to grow by 37% (LCV growth of 58%, M&HCVs by 17%). Wholesale volumes for
Tractors are expected to grow by 27% YoY on robust demand.
◼ 2Ws: Demand for Entry-level models remained subdued, whereas the Premium
segment saw some recovery. Feb’21 had just one auspicious day for weddings v/s 10
days in Feb’20. The pain will continue till mid-April. OEMs increased discounts for
Entry-level models to push sales. BJAUT offered discounts of INR3k/INR5k/INR2k on
CT100/Platina/Pulsar Drum brake model. The same for HMCL stood at INR1-2k.
Dealers are holding inventory of 1-1.5 months. The waiting period for REs has reduced
to 1-2 weeks for Classic/Bullet, while Meteor has a waiting period of 8-12 weeks. We
expect ~18.6% growth in wholesales for BJAUT’s 2Ws (6% growth in domestic 2Ws),
14% for TVSL, 10% for HMCL, and 7.5% for RE.
◼ PVs: The strong demand momentum continues in PV. However, retail sales were
restricted by supply-side challenges. PVs have a higher waiting period across OEMs.
TTMT continues to benefit from a refreshed product portfolio and recent launches.
There is increased interest in its fitted CNG models due to higher petrol prices.
Volumes for MSIL/MM/TTMT are expected to grow by ~13.4%/30%/120%.
◼ CVs: Demand for M&HCVs from the Infrastructure segment remains strong. The Cargo
segment is also recovering, albeit slower than expected. Discounts have fallen by 2-3%
to 13-15% due to strong demand and a shortage of certain models (in the high
tonnage segment). Moreover, our channel check suggests that OEMs are refraining
from a price war to increase sales. Financiers have relaxed credit terms and increased
LTV to 85-90%, leading to an increase in inquiries and conversions. Higher tonnage
segments continue to dominate due to greater demand from the Infrastructure
segment. LCV and SCV demand continue their growth momentum. Launch of AL’s
Bada Dost in the remaining parts of India would further boost LCV sales. We expect
AL’s wholesales to grow by 21.7% YoY (6% for M&HCVs) and that for TTMT to grow by
31% (25% for M&HCVs and 35% for LCV).

26 February 2021 3
 ◼ Tractors: Demand has sustained due to good rabi sowing and preference for farm
mechanization. Both MM and ESC are operating at full capacity. Sales remains skewed
towards higher HP Tractors due to higher demand from the Agriculture segment and
low base. Commercial use of Tractors is also picking up. Dealers are holding lower
inventory (10-30 days). We expect Tractor volumes to grow by 30%/18% YoY for
MM/ESC due to higher demand.
◼ Valuation and view: Feb’21 saw sustained demand across segments (excluding 2W).
Current valuations are largely factoring in sustained recovery (our base case), leaving a
limited margin of safety for any negative surprises. We prefer companies with: a)
higher visibility in terms of a demand recovery, b) a strong competitive positioning, c)
margin drivers, and d) Balance Sheet strength. MSIL and MM are our top OEM picks.
Among auto component stocks, we prefer ENDU and MSS.

Volume snapshot for Feb’21

YoY MoM Residual Residual
Change Change Change FY21 Growth growth monthly
Company Feb’21 Feb’20 Jan-21 FY21 YTD FY20 YTD
(%) (%) (%) estimate (%) (%) run-rate
Maruti Suzuki 1,66,786 1,47,110 13.4 1,60,752 3.8 12,93,164 14,79,505 -12.6 14,72,199 -5.8 115.4 1,79,035
Domestic 1,57,551 1,36,849 15.1 1,48,307 6.2 12,10,873 13,82,046 -12.4 13,84,152 -5.2 121.0 1,73,279
Export 9,235 10,261 -10.0 12,445 -25.8 82,291 97,459 -15.6 88,047 -13.8 22.3 5,756
Mahindra & Mahindra 69,386 55,037 26.1 73,927 -6.1 6,47,869 7,56,944 -14.4 7,27,948 -6.4 281.1 80,079
UV (incl. Pick-ups) 36,098 27,768 30.0 35,757 1.0 3,02,595 3,95,691 -23.5 3,42,193 -15.0 474.8 39,598
LCV and M&HCV 692 865 -20.0 551 25.6 3,589 11,185 -67.9 4,711 -58.2 1133.1 1,122
Three-Wheelers 3,267 3,843 -15.0 2,841 15.0 16,974 61,766 -72.5 21,765 -65.0 1038.2 4,792
Tractors 29,329 22,561 30.0 34,778 -15.7 3,24,711 2,88,302 12.6 3,59,279 19.0 153.9 34,568
Tata Motors 64,286 40,634 58.2 59,959 7.2 417,879 460,383 -9.2 485,759 2.6 422.4 67,880
HCVs 14,128 11,302 25.0 12,756 10.7 72,377 120,766 -40.1 92,038 -26.0 434.3 19,661
LCVs 22,658 16,784 35.0 20,153 12.4 152,604 212,741 -28.3 180,277 -16.6 687.7 27,673
CVs 36,786 28,086 31.0 32,909 11.8 224,981 333,507 -32.5 272,315 -20.1 558.1 47,335
Cars 17,000 7,761 119.0 16,382 3.8 121,498 69,800 74.1 133,289 84.5 386.2 11,791
UVs 10,500 4,787 119.3 10,668 -1.6 71,400 57,076 25.1 80,155 32.6 159.3 8,755
Hero MotoCorp 5,48,066 4,98,242 10.0 4,85,889 12.8 52,57,338 60,75,072 -13.5 58,33,535 -9.0 72.2 5,76,197
Bajaj Auto 4,08,269 3,54,913 15.0 4,25,199 -4.0 36,36,718 43,72,637 -16.8 40,21,271 -12.9 58.5 3,84,552
Two-Wheelers 3,68,038 3,10,222 18.6 3,84,936 -4.4 33,11,235 37,36,592 -11.4 36,55,580 -7.4 63.2 3,44,344
Three-Wheelers 40,231 44,691 -10.0 40,263 -0.1 3,25,483 6,36,045 -48.8 3,65,691 -45.2 27.2 40,208
Ashok Leyland 13,971 11,475 21.7 13,126 6.4 83,765 1,23,076 -31.9 1,05,532 -15.7 905.9 21,768
CV (excluding LCV) 7,810 7,368 6.0 7,374 5.9 40,727 76,778 -47.0 55,013 -30.0 686.7 14,286
LCV 6,161 4,107 50.0 5,752 7.1 43,038 46,298 -7 50,519 8.3 2049.9 7,482
TVS Motor 2,83,672 2,53,261 12.0 3,07,149 -7.6 27,15,105 31,18,729 -12.9 29,81,856 -8.6 84.3 2,66,752
Eicher Motors
Royal Enfield 68,301 63,536 7.5 68,887 -0.9 5,44,644 6,60,025 -17.5 6,17,149 -11.3 101.8 72,505
VECV 5,303 4,586 15.6 5,673 -6.5 34,074 47,222 -27.8 40,695 -16.5 341.7 6,621
Escorts 10,149 8,601 18.0 9,021 12.5 93,323 80,574 15.8 1,05,372 22.5 121.3 12,049
Domestic 9,649 8,049 19.9 8,510 13.4 89,077 77,024 15.6 1,00,626 22.3 120.9 11,549
Exports 500 552 -9.4 511 -2.2 4,246 3,550 20 4,746 26.0 131.5 500

26 February 2021 4
 25 February 2021
Company Update | Sector: Utilities

NTPC
BSE SENSEX S&P CNX CMP: INR108 TP: INR141 (+31%) Buy
51.039 15,097
MoP issues rules on late payment surcharge
◼ The Ministry of Power (MoP) has issued a notification on Late Payment
Surcharge (LPS). As per the new rules, LPS would be based on one-year SBI
MCLR v/s a fixed rate of 18% p.a. specified in the tariff regulations issued by
CERC. In the current scenario, this would imply a LPS of 12-15% p.a.
Bloomberg NTPC IN
Equity Shares (m) 9,895 ◼ We note that: a) despite the 18% p.a. CERC specified rate, NTPC is currently
M.Cap.(INRb)/(USDb) 1046.8 / 13.8 charging 12% p.a. on overdue, which are settled under the Atmanirbhar
52-Week Range (INR) 112 / 74 scheme, and b) NTPC’s WC borrowing cost has also declined ~300bp over
1, 6, 12 Rel. Per (%) 10/-27/-29 the past one year, thereby softening the impact of lower LPS rate. The
12M Avg Val (INR M) 2685
impact on P&L is therefore not significant. We had already baked in lower
LPS income (based on 12% p.a.) for FY22E/FY23E and hence leave
Financials & Valuations (INR b)
Y/E MARCH 2020 2021E 2022E unchanged our estimates.
Sales 1,143 1,116 1,275 ◼ The overdue and LPS situation is a key monitorable, particularly with the
EBITDA 364.1 371.3 415.8 Ministry now stepping in to supersede the regulations set by CERC. The new
Adj. PAT 136.6 149.0 163.3
EBITDA Margin (%) 31.8 33.3 32.6
rules lay emphasis on reducing overdue as well, the addressing of which is
Adj. EPS (INR) 13.8 15.4 16.8 of prime importance.
EPS Gr. (%) 19.2 11.3 9.6
BV/Sh. (INR) 120.1 126.8 135.5
MoP’s notification links LPS to MCLR
Ratios ◼ The MoP’s notification has linked the LPS rate to SBI’s MCLR. As per the new
Net D:E 1.7 1.6 1.5 rules, the rate of LPS would be equal to the one-year SBI MCLR + 500bp.
RoE (%) 11.9 12.3 12.8
This rate would increase 50bp for every month of delay, with a cap of
RoCE (%) 6.5 7.3 7.5
Payout (%) 22.8 39.0 41.6 300bp. The LPS will be in the range of one-year MCLR + 500bp to 800bp.
Valuations Currently, SBI’s one-year MCLR stands at 7%, thereby implying a LPS rate of
P/E (x) 7.8 7.0 6.4
12-15% p.a. This is lower than the fixed rate of 18% p.a. specified under
P/BV (x) 0.9 0.9 0.8
EV/EBITDA(x) 8.4 8.2 7.4 CERC’s tariff regulations.
Div. Yield (%) 2.9 5.6 6.5 ◼ The above does not impact our estimate for NTPC. The company is currently
FCF Yield (%) 6.2 12.3 15.7 charging 12% p.a. on its overdue (settled under the Atmanirbhar scheme).
We had built in LPS income at a lower rate for FY22E/FY23E. The company’s
Shareholding pattern (%)
As On
WC borrowing cost has also declined ~300bp over the past one year,
Dec-20 Sep-20 Dec-19
Promoter 51.1 51.0 54.1
thereby softening the impact of a lower LPS rate.
DII 33.6 35.0 30.6 ◼ The MoP has laid emphasis on reducing overdue. The notification calls for:
FII 12.3 11.4 12.8 a) settling the LPS amount first during bill payments, (which means
Others 3.0 2.6 2.5 DISCOMs cannot shy away from their LPS payments), and b) restriction on
FII Includes depository receipts short-term purchases in case of overdue of more than seven months. The
Stock Performance (1-year) intent over here appears to provide a mechanism to control the rise in
180
NTPC Sensex - Rebased overdue, which is important.

140
Receivables may hold the key; Maintain Buy
◼ The MoP’s move to step in and cut the LPS rate, prima facie, does not instill
100 confidence as it reduces the penalty on DISCOMs on such dues. The
60 notification also calls for measures to address the overdue situation.
Apr-20

Jun-20

Aug-20

Dec-20
Feb-20

Feb-21
Oct-20

Reduction of these overdue, even at the cost of lower LPS income for NTPC,
would be taken positively as it reduces the risk of receivables ballooning.
LPS is largely a non-core income for the company and a reflection of the
stretch in WC/receivables.

26 February 2021 5
 ◼ Over the past one-year, NTPC’s receivables have increased significantly due to
impact on DISCOMs’ revenues on account of the COVID-19 outbreak. Power
demand continues to recover, which should improve DISCOMs’ revenues. Funds
from the Atmanirbhar scheme is flowing through, with NTPC receiving ~INR80b
from the scheme. We expect the situation with respect to receivables to
improve, which would help ease investor concerns. We remain positive on the
stock with valuations at 0.8x FY22E BV and 6% dividend yield. Maintain Buy with
a DCF-based target price of INR141 per share.

Amount overdue from DISCOMs (INR b)

Amount overdue (INR b)

177 172
156 164 156
141 144 137
114 113 109 107 107 107 110
96
82 90 91
INR b

Jul-19

Jul-20
Jun-19

Apr-20
Nov-19

May-20
Jun-20

Nov-20
Aug-19
Sep-19

Dec-19

Feb-20
Mar-20

Aug-20
Sep-20

Dec-20
Oct-19

Jan-20

Oct-20
Source: CEA, MOFSL

Amount sanctioned and disbursed under the Atmanirbhar scheme (INR b)

State Appl. sanctioned Loans disbursed Disbursed to sanctioned
INR b INR b amount (%)
Andhra Pradesh 84 33 39
Punjab 40 10 25
Rajasthan 65 20 31
Telangana 127 63 50
Uttar Pradesh 339 105 31
Maharashtra 143 25 17
Karnataka 72 0 0
J&K 110 60 55
Tamil Nadu 302 112 37
Others 72 34 47
Total 1,355 461
Source: REC, Industry, MOFSL

26 February 2021 6
 In conversation

Apollo Hospitals: Roping in private hospitals a positive step

towards COVID vaccination drive; Sangita Reddy, Jt. MD
 Roping in private hospitals is a positive step towards vaccination drive, have
adequate vaccines available
 If vaccine is procured at the same price as the Government, then Rs. 400 would be
adequate
 Anything that covers cost when it comes to vaccines is adequate to move ahead
 All 20,000 private facilities will be ready by March 1
 Expect around 30,000 centres to be undertaking vaccinations from March 1
 500 m vaccinations in 60 days is a doable objective
 Seeing a few pockets where COVID-19 occupancies have risen, but not significant
 Gone back to pre-COVID occupancies for non-COVID patients

Crompton Greaves: Demand looks robust; will pass on GST

benefits to consumers; Shantanu Khosla, MD
 Reducing the GST slabs is important
 Company will pass on GST benefits to the consumers as and when it comes
 Demand looks robust right now
 Commodity costs have gone up significantly and is now a headwind
 Managing the rise of commodity prices by cost reductions and better
management

Dixon Technologies: Will pursue PLI scheme for IT hardware

aggressively; Atul Lall, MD
 Studying the details of PLI scheme for laptops and other IT products
 Total cost of the PLI scheme for IT hardware is approx. Rs. 7350 crore
 Will be pursuing it very aggressively
 Investment required for PLI scheme is just Rs. 20 crore
 Will be able to put plans in place in next few weeks
 Looking at the 1st category definitely and might also consider 2nd

Raymond: Will not get direct benefit from the PLI scheme;
Amit Agarwal, Group CFO
 PLI scheme brings importance to the textile industry
 Will not get direct benefit from the PLI scheme
 NCDs were allotted to 3rd party & not related to promoters
 Have managed to reduce debt by Rs. 234 crore; NCDs to deleverage the balance
sheet
 Recoveries been good in Q3

26 February 2021 7
 Karnataka Bank: FM’s decision to include private banks in
government business a game-changer; Mahabaleshwara MS,
MD & CEO
 FM’s decision to include private banks in Government business is a game-
changer
 Dependence on PSU Banks will reduce hereafter; it will benefit pensioners
 Our CASA is going to increase substantially
 Expect state Governments to be proactive and treat private banks as their
partners

Mahindra Lifespaces: Consumer demand for housing remains

strong; Arvind Subramanian, MD & CEO
 Consumer demand for housing remains strong
 Received over 600 responses for Happinest Thatwade
 Many customers are wanting to register before March 31 to take advantage of
the stamp duty cut
 If stamp duty does go back to historical level there will be a temporary pause in
the market in the first couple of weeks
 Realisation of the project is on an average at Rs. 8000 on carpet area

Cosmo Films: Even though prices are moving up, demand is getting
stronger; Pankaj Poddar, CEO
 Seeing supply shortages in industry and so spreads have improved
 Expect raw material shortages to remain, at least for the next three months
 Specialty division has grown by 14% and expect to keep this momentum going
 Even though prices are moving up, demand is getting stronger
 Expect margin to continue to improve on better product mix
 Expect 10% growth in FY21

Kalyani Steels: Contract rates with auto companies hiked by Rs.

6200/tonne; RK Goyal, MD
 We have renegotiated contracts with auto companies
 Have hiked contract rates by Rs. 6200/tonne with auto companies
 This is the average increase in prices for various grades of steel
 We were asking for Rs. 7500/mt increase
 Will ask for further price hike in prices from April 1
 Crude and Ferro Alloys prices are up and the increase is due to input costs
 Coke oven will be commissioned in July

26 February 2021 8
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21E FY22E FY23E FY21E FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Automobiles
Amara Raja Neutral 890 957 7 37.4 42.5 47.9 -3.3 13.7 12.6 20.9 18.6 3.3 3.0 16.8 16.9
Ashok Ley. Buy 131 160 22 -0.6 4.0 7.1 -149.9 LP 77.4 32.6 18.4 4.9 4.1 15.8 24.1
Bajaj Auto Neutral 3941 4000 2 165.2 206.9 223.6 -8.3 25.2 8.0 19.0 17.6 4.6 4.1 25.7 24.6
Bharat Forge Buy 621 742 19 4.4 16.3 26.5 -52.1 269.9 62.3 38.1 23.4 4.8 4.2 13.3 19.1
Bosch Neutral 15092 15650 4 291.0 469.7 558.7 -30.5 61.4 19.0 32.1 27.0 4.2 3.8 13.8 14.8
CEAT Buy 1657 1575 -5 99.5 113.0 131.3 74.4 13.5 16.2 14.7 12.6 1.8 1.6 13.3 13.7
Eicher Mot. Buy 2552 3275 28 51.0 97.6 122.4 -23.7 91.1 25.4 26.2 20.9 5.3 4.3 22.1 22.9
Endurance Tech. Buy 1438 1750 22 33.1 51.1 62.3 -13.1 54.4 22.0 28.2 23.1 5.3 4.6 20.0 21.2
Escorts Neutral 1309 1470 12 85.7 91.8 98.1 58.8 7.1 6.8 14.3 13.4 2.3 2.0 17.2 15.7
Exide Ind Buy 208 233 12 8.6 10.6 13.0 -12.9 22.6 22.6 19.6 16.0 2.4 2.2 12.4 13.7
Hero Moto Buy 3436 4000 16 147.8 188.9 213.1 -3.4 27.9 12.8 18.2 16.1 4.2 3.9 24.0 24.9
M&M Buy 859 1040 21 35.8 42.8 52.6 19.5 19.5 22.9 20.1 16.3 2.4 2.3 13.2 14.4
Mahindra CIE Buy 181 223 23 2.8 11.4 14.4 -70.1 302.9 26.7 15.9 12.6 1.3 1.2 8.4 9.7
Maruti Suzuki Buy 6927 9000 30 164.5 269.9 333.4 -12.5 64.1 23.5 25.7 20.8 3.6 3.3 14.0 15.5
Motherson Sumi Buy 218 225 3 2.8 7.1 9.3 -25.4 157.7 31.2 30.6 23.4 5.1 4.5 17.8 20.4
Tata Motors Buy 333 390 17 -7.7 20.4 30.0 -69.6 LP 47.0 16.3 11.1 1.8 1.6 11.8 15.2
TVS Motor Neutral 597 585 -2 11.4 21.0 26.6 -12.5 84.7 26.9 28.4 22.4 6.0 4.9 23.0 24.2
Aggregate 22.1 111.1 26.5 22.0 17.4 3.3 2.9 15.0 16.7
Banks - Private
AU Small Finance Buy 1166 1050 -10 42.5 40.0 53.3 87.8 -6 33.3 29.2 21.9 5.2 4.2 19.5 21.2
Axis Bank Buy 771 750 -3 23.3 43.0 61.5 285.9 85 42.9 17.9 12.5 2.1 1.8 12.3 15.4
Bandhan Bank Neutral 342 370 8 17.3 29.6 39.7 -19.7 70 34.3 11.6 8.6 2.6 2.1 24.9 27.0
DCB Bank Neutral 118 110 -7 10.2 12.1 16.4 -6.4 18.5 35.9 9.7 7.2 0.9 0.8 10.2 12.5
Equitas Hold. Buy 89 65 -27 10.3 13.8 17.7 43.8 34.8 28.0 6.4 5.0 1.0 1.0 15.7 19.7
Federal Bank Buy 86 100 16 8.0 11.2 14.3 3.3 39.9 27.8 7.7 6.0 1.0 0.8 13.2 14.8
HDFC Bank Buy 1606 1720 7 57.1 69.1 82.5 18.8 21.1 19.4 23.2 19.5 3.8 3.3 17.8 18.2
ICICI Bank Buy 628 700 11 25.8 31.0 39.0 109.9 20.3 25.7 20.3 16.1 2.6 2.3 13.8 15.2
IndusInd Buy 1110 1200 8 43.4 86.9 108.2 -36.4 100.2 24.6 12.8 10.3 1.8 1.6 15.3 16.5
Kotak Mah. Bk Neutral 1895 1800 -5 49.8 59.6 71.3 10.8 19.6 19.7 31.8 26.6 4.3 3.7 13.0 13.7
RBL Bank Buy 249 270 8 9.5 16.8 25.3 -4.8 77.8 50.1 14.8 9.9 1.1 1.0 7.7 10.7
Aggregate 36.5 34.0 25.6 21.3 16.9 3.1 2.7 14.5 15.7
Banks - PSU
BOB Neutral 90 75 -17 5.9 10.3 17.3 397.7 75.5 67.5 8.7 5.2 0.6 0.5 6.3 9.8
SBI Buy 407 475 17 31.4 42.1 53.9 41.8 34 28.0 9.7 7.6 1.2 1.1 12.6 14.5
Aggregate 51.3 38 32 10 7.2 1.1 1.0 11.7 13.8
NBFCs
AAVAS Financiers Neutral 2255 2000 -11 35.4 43.4 55.5 11.3 22.7 27.8 51.9 40.7 6.5 5.6 13.4 14.8
Aditya Birla Cap Buy 121 140 16 4.5 6.1 7.6 17.3 36.4 24.6 19.8 15.9 1.9 1.7 10.2 11.4
Bajaj Fin. Neutral 5530 5000 -10 73.2 147.0 186.7 -16.6 100.8 27.0 37.6 29.6 7.5 6.1 21.9 22.7
Can Fin Homes Buy 489 650 33 35.3 36.2 40.3 25.1 2.6 11.3 13.5 12.1 2.1 1.8 17.2 16.4
Cholaman.Inv.&Fn Buy 526 530 1 22.1 28.7 32.6 71.8 30.3 13.4 18.3 16.1 3.6 3.0 21.7 20.3
HDFC Buy 2684 3300 23 54.6 63.2 72.7 11.0 15.7 15.2 42.5 36.9 4.0 3.7 12.4 13.1
HDFC Life Insur. Neutral 734 650 -11 7.0 8.4 9.7 8.9 20.2 15.1 87.3 75.9 5.0 4.3 17.5 17.4
ICICI Pru Life Buy 478 575 20 8.3 9.5 11.0 11.8 14.2 16.1 50.3 43.3 2.1 1.9 14.8 14.6
IIFL Wealth Mgt Buy 1194 1250 5 41.5 49.4 61.7 79.6 19.1 25.0 24.2 19.3 5.1 4.8 19.1 25.6
IndoStar Neutral 339 355 5 9.5 12.4 17.6 -127.1 29.7 42.6 27.4 19.2 1.0 1.0 3.7 5.1
L&T Fin Holdings Buy 106 90 -15 4.7 10.8 15.2 -57.0 130.7 40.8 9.8 7.0 1.2 1.1 13.5 16.5
LIC Hsg Fin Buy 451 520 15 60.7 67.6 72.7 27.5 11.4 7.5 6.7 6.2 1.0 0.9 15.7 14.9
Manappuram Fin. Buy 179 210 17 20.7 24.6 28.7 18.2 18.7 16.8 7.3 6.2 1.7 1.4 25.6 24.2
MAS Financial Buy 834 1020 22 26.4 32.4 38.0 -20.3 22.5 17.4 25.8 21.9 3.7 3.3 15.2 15.8
Max Financial Buy 889 1000 12 14.6 16.6 18.7 0.6 13.6 12.9 53.6 47.5 2.8 2.3 17.9 18.1
M&M Fin. Buy 219 185 -16 6.5 9.5 14.6 -55.8 46.4 53.2 23.0 15.0 1.7 1.5 7.5 10.7
Muthoot Fin Buy 1330 1500 13 93.4 111.9 131.2 24.1 19.8 17.2 11.9 10.1 2.9 2.4 27.5 26.0
Piramal Enterp. Buy 1950 2170 11 119.6 127.2 156.6 -587.6 6.4 23.1 15.3 12.5 1.2 1.2 8.4 9.5

26 February 2021 9
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21E FY22E FY23E FY21E FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
PNB Housing Neutral 457 400 -12 63.0 70.5 87.7 64.0 11.9 24.3 6.5 5.2 0.8 0.7 12.8 14.2
Repco Home Fin Buy 347 430 24 49.7 51.3 55.6 10.9 3.2 8.4 6.8 6.2 0.9 0.8 14.4 13.7
SBI Life Insurance Buy 872 1050 20 13.5 19.2 24.2 -5.3 42.2 26.4 45.5 36.0 2.4 2.0 18.0 18.7
Shriram City Union Buy 1610 1400 -13 146.0 182.3 224.7 -3.7 24.9 23.2 8.8 7.2 1.2 1.0 13.9 15.1
Shriram Trans. Buy 1380 1575 14 103.7 131.3 149.8 -6.0 26.6 14.1 10.5 9.2 1.4 1.2 14.2 14.3
Aggregate 18.6 31.0 20.1 22.7 18.9 3.1 2.7 13.5 14.4
Capital
Goods/Consumer
Durables
ABB Buy 1537 1565 2 11.9 20.6 27.1 -28.4 73.7 31.4 74.5 56.7 8.3 7.5 11.1 13.2
Bharat Elec. Buy 142 150 6 6.8 8.6 9.4 -7.2 25.4 9.7 16.5 15.1 2.8 2.5 17.1 16.9
BHEL Sell 47 26 -45 -2.5 1.3 1.9 -41.3 LP 43.5 35.8 24.9 0.6 0.6 1.6 2.3
Blue Star Buy 430 450 5 22.0 26.3 30.0 0.0 19.5 14.2 16.4 14.3 2.9 2.4 17.5 16.9
CG Cons. Elec. Buy 1507 1625 8 81.2 66.0 77.7 19.4 -18.7 17.7 22.8 19.4 2.6 2.4 11.4 12.2
Cummins Sell 839 680 -19 9.2 18.0 25.3 -39.8 95.8 40.5 46.5 33.1 9.1 8.2 19.6 24.8
Engineers India Buy 383 485 27 8.4 10.6 12.1 19.9 27.1 13.7 36.1 31.7 11.0 9.1 30.5 28.7
Havells Neutral 1907 1640 -14 21.3 35.0 36.9 -32.6 64.5 5.5 54.5 51.7 6.5 5.9 11.9 11.4
K E C Intl Sell 805 515 -36 19.0 22.5 25.8 -18.2 18.3 14.4 35.8 31.3 4.8 4.6 13.5 14.8
L&T Buy 75 85 13 5.6 7.5 7.6 -17.0 32.6 1.2 10.1 9.9 2.1 2.0 19.3 19.1
Siemens Neutral 1175 1100 -6 16.5 19.6 22.0 40.7 18.8 12.2 60.0 53.5 12.7 11.0 21.2 20.6
Thermax Neutral 1291 1100 -15 22.4 33.2 39.6 18.7 48.3 19.1 38.9 32.6 4.3 3.9 11.0 12.0
Voltas Neutral 1049 1125 7 14.3 20.8 24.1 -14.7 45.9 15.9 50.4 43.5 6.8 6.1 13.5 14.1
Whirlpool India Buy 2423 3020 25 27.3 45.5 54.9 -27.4 66.8 20.8 53.3 44.1 9.3 7.9 17.4 17.8
Aggregate -15.9 51.5 16.1 30.6 26.4 3.5 3.2 11.3 12.0
Cement
Ambuja Cem. Neutral 280 275 -2 9.0 8.8 10.4 24.2 -2.1 18.1 31.7 26.8 2.6 2.4 8.4 9.2
ACC Buy 1802 2100 17 78.4 93.0 98.4 8.5 18.6 5.8 19.4 18.3 2.4 2.2 13.1 12.4
Birla Corp. Buy 863 900 4 71.7 79.6 93.3 9.2 11.1 17.2 10.8 9.3 1.1 1.0 11.0 11.7
Dalmia Bhar. Buy 1443 1495 4 44.6 45.1 66.7 288.3 1.2 47.7 32.0 21.6 2.3 2.1 7.3 10.0
Grasim Inds. Neutral 1272 1215 -4 82.3 97.4 112.8 -6.8 18.3 15.9 13.1 11.3 2.1 2.0 3.9 5.1
India Cem Neutral 167 160 -4 6.1 5.1 7.2 785.5 -15.7 39.7 32.4 23.2 0.9 0.9 2.8 3.8
J K Cements Buy 2622 2640 1 81.3 100.6 124.1 30.0 23.7 23.4 26.1 21.1 4.9 4.0 20.3 20.9
JK Lakshmi Ce Buy 375 440 17 25.4 26.1 32.6 12.7 2.7 24.7 14.4 11.5 1.9 1.7 14.3 15.4
Ramco Cem Neutral 984 805 -18 33.1 32.6 38.7 29.6 -1.5 18.9 30.2 25.4 3.7 3.3 12.9 13.7
Shree Cem Neutral 27463 24300 -12 663.0 702.8 784.7 52.4 6.0 11.6 39.1 35.0 5.7 5.0 15.6 15.1
Ultratech Buy 6401 6650 4 189.0 225.6 277.8 42.2 19.4 23.2 28.4 23.0 3.5 3.2 13.8 14.9
Aggregate 22.9 13.2 18.8 23.3 19.6 2.9 2.7 12.6 13.6
Consumer
Asian Paints Neutral 2374 2790 18 34.8 40.1 46.4 20.2 15.1 15.9 59.2 51.1 17.6 15.7 31.4 32.4
Britannia Buy 3406 4120 21 82.1 79.4 91.5 40.0 -3.3 15.2 42.9 37.2 16.9 15.5 41.1 43.5
Colgate Buy 1572 1810 15 36.1 40.0 45.3 20.4 10.7 13.3 39.3 34.7 25.8 25.8 65.6 74.3
Dabur Buy 509 640 26 9.9 11.4 13.3 15.0 14.4 17.0 44.8 38.3 11.2 10.0 26.2 27.5
Emami Buy 463 560 21 16.9 17.0 18.7 36.5 0.2 10.1 27.3 24.8 9.7 9.7 35.5 39.0
Godrej Cons. Neutral 696 800 15 16.8 17.8 20.6 18.7 5.7 15.9 39.2 33.8 8.1 7.8 21.2 23.6
HUL Buy 2164 2690 24 34.1 41.7 48.9 9.3 22.1 17.3 51.9 44.3 10.0 10.0 19.7 22.6
ITC Neutral 209 220 5 10.3 13.1 14.8 -17.0 27.1 12.6 16.0 14.2 3.8 3.6 24.2 26.2
Jyothy Lab Neutral 149 151 1 5.7 5.9 6.2 25.7 3.8 4.9 25.2 24.0 4.3 4.2 17.2 17.6
Marico Buy 410 490 20 8.7 9.8 11.4 6.4 13.1 16.2 41.8 36.0 12.9 12.0 31.5 34.5
Nestle Neutral 16114 17500 9 217.4 253.7 291.8 5.2 16.7 15.0 63.5 55.2 71.1 65.4 116.4 123.4
Page Inds Neutral 28793 28800 0 303.7 457.3 523.0 -1.3 50.6 14.4 63.0 55.0 35.5 34.4 56.4 62.5
Pidilite Ind. Neutral 1721 1635 -5 22.7 25.5 29.7 -1.6 12.3 16.4 67.4 57.9 13.4 11.6 21.3 21.4
P&G Hygiene Buy 13021 14000 8 180.8 232.9 280.4 32.5 28.8 20.4 55.9 46.4 31.8 28.0 60.3 64.1
Tata Consumer Buy 629 680 8 10.5 13.3 15.5 32.1 26.3 16.5 47.3 40.6 3.8 3.6 8.2 9.1
United Brew Sell 1197 975 -19 7.2 15.3 20.6 -55.8 113.9 34.5 78.2 58.1 8.0 7.4 10.6 13.2
United Spirits Buy 545 725 33 5.7 12.9 17.1 -47.6 126.8 32.5 42.1 31.8 7.8 6.3 18.5 19.7

26 February 2021 10
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21E FY22E FY23E FY21E FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Varun Beverages Buy 1035 1150 11 13.7 28.7 38.1 -15.7 109.4 32.8 36.1 27.2 7.0 5.7 21.3 23.0
Aggregate 1.6 21.1 15.4 39.0 33.8 9.2 8.7 23.5 25.7
Healthcare
Alembic Phar Neutral 898 1070 19 59.4 52.4 57.3 35.1 -11.8 9.4 17.1 15.7 3.1 2.7 20.1 19.0
Alkem Lab Buy 2737 3430 25 129.2 137.0 152.9 35.4 6.0 11.6 20.0 17.9 3.8 3.3 20.5 19.6
Ajanta Pharma Buy 1748 2030 16 69.6 78.1 90.5 36.1 12.2 15.9 22.4 19.3 4.3 3.7 20.6 20.4
Aurobindo Buy 863 1100 27 54.5 61.1 68.6 10.9 12.0 12.3 14.1 12.6 2.0 1.7 15.1 14.7
Biocon Neutral 398 385 -3 6.0 9.3 12.0 -2.5 54.4 29.2 42.8 33.1 6.0 5.3 14.7 16.9
Cadila Buy 438 550 26 20.0 23.3 24.7 36.1 16.4 6.0 18.8 17.7 2.9 2.5 16.2 15.2
Cipla Neutral 809 900 11 33.6 36.6 41.8 71.1 9.0 14.3 22.1 19.4 3.1 2.7 14.0 13.9
Divis Lab Buy 3439 4530 32 76.4 99.5 129.3 56.2 30.2 29.9 34.6 26.6 8.3 6.6 26.5 27.7
Dr Reddy’s Neutral 4479 5070 13 158.1 180.0 210.6 20.3 13.9 17.0 24.9 21.3 3.6 3.2 15.6 15.9
Gland Pharma Buy 2412 2700 12 57.7 72.6 92.3 15.9 25.7 27.1 33.2 26.1 5.6 4.6 18.5 19.4
Glenmark Neutral 473 540 14 34.3 35.6 40.7 39.4 3.8 14.3 13.3 11.6 1.7 1.5 13.6 13.7
GSK Pharma Neutral 1472 1500 2 29.8 36.0 40.8 5.7 20.7 13.5 40.9 36.1 11.7 10.2 28.6 28.4
Granules India Buy 327 460 41 22.5 26.3 30.3 72.5 17.1 15.1 12.4 10.8 2.9 2.4 26.0 24.2
IPCA Labs Buy 1866 2420 30 95.2 95.5 102.7 85.2 0.3 7.6 19.5 18.2 4.2 3.5 23.3 20.8
Jubilant Pharmova Buy 758 1120 48 58.7 60.3 69.1 -1.9 2.8 14.6 12.6 11.0 2.5 2.1 21.6 20.5
Laurus Labs Buy 357 470 32 18.3 22.5 27.4 282.5 23.4 21.4 15.8 13.1 5.3 3.9 38.7 34.5
Lupin Buy 1023 1180 15 25.3 39.4 45.6 8.6 55.4 15.7 26.0 22.5 3.2 2.9 12.8 13.4
Strides Pharma Buy 854 980 15 25.8 44.1 54.4 70.0 70.9 23.2 19.4 15.7 2.5 2.2 13.6 15.1
Sun Pharma Buy 610 740 21 25.7 26.8 29.9 56.5 4.4 11.6 22.8 20.4 2.8 2.5 12.9 12.9
Torrent Pharma Neutral 2465 2520 2 73.8 88.5 100.4 31.6 19.9 13.4 27.8 24.6 6.3 5.4 24.6 23.9
Aggregate 38.0 14.0 15.2 22.7 19.7 3.5 3.1 15.6 15.7
Infrastructure
Ashoka Buildcon Buy 113 145 28 13.2 11.2 12.8 -4.6 -15.0 14.6 10.1 8.8 1.0 0.9 10.2 10.7
IRB Infra Neutral 107 122 14 3.9 5.9 9.7 -79.2 51.2 64.0 18.0 11.0 0.5 0.5 3.1 4.9
KNR Constructions Buy 209 265 27 9.1 12.8 16.5 26.0 40.4 28.4 16.3 12.7 2.7 2.2 17.8 19.1
Aggregate 14.4 11.0 1.0 1.0 7.2 8.8
Media
PVR Neutral 1414 1620 15 -89.1 17.1 36.7 -376.7 LP 113.8 82.4 38.6 4.0 3.6 5.0 9.9
Sun TV Buy 513 640 25 38.6 39.8 40.0 10.9 3.1 0.6 12.9 12.8 3.0 2.8 23.9 22.5
Zee Ent. Neutral 209 265 27 7.3 17.1 19.4 32.5 135.2 13.8 12.2 10.7 1.8 1.6 15.9 15.9
Aggregate -21.6 70.0 10.7 14.5 13.1 2.4 2.2 16.6 16.6
Metals
Hindalco Buy 351 390 11 23.1 32.9 36.9 31.9 42.6 12.2 10.7 9.5 1.7 1.4 16.8 16.2
Hind. Zinc Neutral 304 268 -12 18.8 27.2 26.7 16.6 44.7 -1.7 11.2 11.4 3.5 3.2 33.3 29.2
JSPL Buy 345 385 12 54.5 33.8 35.3 -801.9 -38.1 4.7 10.2 9.8 1.0 0.9 10.6 10.0
JSW Steel Buy 422 435 3 30.7 43.9 40.2 239.7 43.1 -8.6 9.6 10.5 1.9 1.6 21.8 16.7
Nalco Buy 57 59 3 3.4 5.1 5.4 357.1 49.8 5.5 11.3 10.7 1.0 1.0 9.3 9.6
NMDC Buy 128 140 9 20.9 21.8 18.7 36.8 4.2 -14.5 5.9 6.9 1.1 1.1 20.6 16.0
SAIL Buy 73 81 11 12.9 11.2 9.0 ###### -13 -20.1 6.5 8.2 0.6 0.6 9.8 7.3
Tata Steel Neutral 743 708 -5 64.6 85.7 89.0 613.3 33 3.8 8.7 8.3 1.0 0.9 12.7 11.9
Vedanta Neutral 208 182 -12 24.4 24.4 24.1 177.9 0 -0.9 8.5 8.6 1.2 1.2 14.8 14.1
Aggregate 159.7 16.7 -2.4 9.0 9.2 1.3 1.2 14.7 13.1
Oil & Gas
Aegis Logistics Buy 304 330 9 6.2 10.7 13.3 107.7 72.3 25.1 28.4 22.7 5.0 4.4 18.7 20.6
BPCL Buy 462 520 13 42.6 34.0 41.5 67.9 -20.1 22.1 13.6 11.1 2.1 1.9 15.8 17.6
Castrol India Buy 128 170 33 5.9 8.5 8.5 -29.6 44.4 -0.3 15.1 15.1 8.0 7.2 56.2 50.3
GAIL Buy 151 165 9 9.9 15.6 16.6 -39.8 58.0 6.2 9.6 9.1 1.2 1.1 14.3 13.9
Gujarat Gas Buy 496 560 13 17.8 19.9 23.3 2.9 11.8 17.0 24.9 21.3 6.2 5.0 28.0 26.1
Gujarat St. Pet. Buy 253 350 38 14.8 16.8 17.9 -24.5 13.3 6.3 15.1 14.2 1.7 1.6 12.1 11.6
HPCL Neutral 252 277 10 55.5 40.6 42.4 132.1 -26.8 4.5 6.2 5.9 1.1 1.1 18.6 18.7
IOC Buy 101 142 41 15.8 15.6 19.0 53.6 -1.0 21.8 6.5 5.3 0.9 0.8 13.8 15.9
IGL Neutral 511 520 2 14.9 17.6 18.8 -8.2 17.7 7.3 29.1 27.2 5.2 4.5 19.3 17.9

26 February 2021 11
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21E FY22E FY23E FY21E FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Mahanagar Gas Buy 1198 1290 8 67.2 78.5 80.6 -16.3 16.8 2.7 15.2 14.9 3.1 2.8 21.9 20.0
MRPL Neutral 39 38 -3 -2.2 4.0 7.2 -85.5 LP 81.2 9.9 5.5 0.9 0.8 9.0 14.8
Oil India Buy 128 140 10 27.9 17.7 20.5 22.2 -36.7 15.7 7.2 6.2 0.5 0.5 7.7 8.6
ONGC Buy 119 115 -3 9.5 18.7 20.2 -27.9 98.0 8.0 6.4 5.9 0.7 0.6 10.7 10.7
PLNG Buy 259 340 31 18.2 22.5 24.8 -1.5 23.8 10.3 11.5 10.4 3.0 2.8 27.5 27.9
Reliance Ind. Buy 2145 2325 8 68.2 100.7 121.9 2.5 47.8 21.0 21.3 17.6 2.4 2.2 12.0 13.0
Aggregate 10.0 32.2 16.9 14.2 12.1 1.7 1.5 12.0 12.8
Retail
Avenue Supermarts Neutral 3087 2850 -8 17.6 30.5 38.4 -12.4 73.5 25.8 101.1 80.4 13.6 11.5 15.0 16.1
Aditya Birla Fashion Buy 182 220 21 -2.2 -0.1 0.3 1,107.2 Loss LP NM 573.4 20.8 20.1 -1.8 3.6
Jubilant Food. Neutral 3057 2920 -4 15.8 38.3 53.1 -30.1 143.1 38.5 79.8 57.6 26.2 20.6 32.8 35.8
Shoppers Stop Neutral 208 220 6 -34.1 -15.4 -15.0 131.8 Loss Loss NM NM -66.2 -11.5 -338.3 141.0
Titan Company Buy 1436 1800 25 9.7 23.0 30.0 -43.0 136.6 30.1 62.4 47.9 16.2 14.3 27.8 31.6
Trent Neutral 819 660 -19 -3.5 4.5 8.0 -218.0 LP 79.8 183.4 102.0 11.2 10.1 6.8 11.1
V-Mart Retail Buy 2708 2870 6 -10.6 25.0 43.4 -139.0 LP 73.8 108.5 62.4 10.1 8.7 9.8 15.0
Westlife Develop Neutral 496 480 -3 -6.3 1.6 6.1 ###### LP 274.8 302.9 80.8 15.2 12.8 5.1 17.2
Aggregate -67.7 351.5 37.3 91.5 66.7 14.0 12.2 15.3 18.3
Technology
Cyient Buy 656 660 1 33.2 43.7 47.3 -1.5 31.5 8.3 15.0 13.9 2.3 2.0 16.1 15.6
HCL Tech. Buy 928 1300 40 48.0 56.5 65.0 18.0 17.5 15.1 16.4 14.3 3.9 3.6 24.6 25.9
Infosys Buy 1275 1600 26 46.4 56.9 67.2 19.3 22.6 18.0 22.4 19.0 7.6 7.3 34.8 39.2
L & T Infotech Neutral 3658 3780 3 107.3 128.2 151.1 23.9 19.5 17.8 28.5 24.2 7.9 6.5 30.6 29.7
L&T Technology Buy 2620 2830 8 64.3 91.0 109.0 -17.0 41.5 19.7 28.8 24.0 7.2 6.0 27.3 27.4
Mindtree Neutral 1605 1765 10 65.9 75.3 84.1 71.9 14.2 11.7 21.3 19.1 5.7 4.8 29.3 27.2
Mphasis Buy 1652 1950 18 65.1 79.5 91.8 3.1 22.1 15.4 20.8 18.0 4.3 3.8 22.0 22.7
Coforge Neutral 2517 2690 7 78.9 102.1 116.9 4.4 29.4 14.5 24.7 21.5 4.8 4.2 20.9 20.7
Persistent Sys Buy 1638 1800 10 56.5 70.0 81.9 26.8 23.9 17.1 23.4 20.0 4.2 3.7 19.4 19.8
TCS Neutral 2993 3175 6 87.9 111.9 127.0 2.0 27.3 13.5 26.7 23.6 12.2 11.5 47.6 50.8
Tech Mah Neutral 958 1095 14 52.6 60.4 68.6 8.8 14.8 13.6 15.9 14.0 3.0 2.6 20.1 20.0
Wipro Neutral 421 450 7 18.5 21.6 23.9 12.5 17.1 10.6 19.5 17.6 4.5 4.5 23.2 25.8
Zensar Tech Neutral 297 265 -11 15.6 17.9 20.3 33.6 14.7 13.4 16.6 14.6 2.5 2.2 16.3 16.3
Aggregate 10.3 22.4 14.6 22.9 20.0 7.1 6.7 31.1 33.3
Telecom
Bharti Airtel Buy 579 720 24 0.8 4.6 8.2 -110.6 483.5 76.2 125.1 71.0 4.8 4.5 3.9 6.5
Indus Towers Neutral 274 245 -10 18.2 20.8 20.0 17.6 14.5 -3.8 13.1 13.6 4.5 4.2 35.8 32.1
Vodafone Idea 12 -8.5 -7.3 -6.8 12.2 Loss Loss NM NM -0.8 -0.6 72.8 39.6
Tata Comm Neutral 1096 950 -13 48.1 58.7 68.8 355.4 22.0 17.2 18.7 15.9 18.5 8.6 196 73.4
Aggregate Loss Loss Loss -38 -55.8 9.7 13.3 -25.4 -23.8
Utiltites
Coal India Buy 156 178 14 18.0 24.7 29.5 -33.7 37.2 19.8 6.3 5.3 2.2 1.8 34.5 33.9
CESC Buy 613 873 42 97.3 96.9 103.9 -0.5 -0.4 7.2 6.3 5.9 0.7 0.7 12.1 12.2
Indian Energy Exchange Buy 301 280 -7 6.9 8.3 9.3 16.5 19.4 11.6 36.3 32.5 17.1 14.7 50.6 48.6
JSW Energy Buy 73 84 15 4.8 5.9 6.9 -5.8 22.2 18.4 12.5 10.6 1.0 0.9 7.7 8.8
NHPC Neutral 24 26 7 2.9 2.9 3.4 -0.2 1.0 19.0 8.4 7.1 0.7 0.7 8.6 9.8
NTPC Buy 108 141 31 15.4 16.8 18.1 11.5 9.1 7.7 6.4 5.9 0.8 0.8 12.8 13.1
Power Grid Buy 228 248 9 23.9 25.9 27.2 13.0 8.5 5.0 8.8 8.4 1.6 1.5 18.7 18.2
Torrent Power Buy 393 437 11 22.6 30.9 31.7 -19.4 37.1 2.3 12.7 12.4 1.7 1.5 14.0 13.0
Tata Power Buy 96 105 9 3.9 5.4 5.6 4.3 37.2 4.0 17.9 17.2 1.3 1.3 7.7 7.6
Aggregate -6.4 15.9 11.5 7.1 6.4 1.2 1.1 16.2 16.7
Others
Brigade Enterpr. Buy 292 324 11 -0.8 7.9 6.0 -111.4 LP -24.1 37.1 48.9 2.5 2.4 7.0 5.1
BSE Buy 582 750 29 31.8 45.9 52.1 27.7 44.3 13.5 12.7 11.2 1.0 1.0 8.2 8.9
Concor Buy 575 555 -4 13.4 15.9 19.7 -19.5 19.0 24.0 36.1 29.1 3.2 3.1 9.1 10.9
Coromandel Intl Buy 779 1071 37 49.5 55.1 59.5 36.2 11.2 8.0 14.1 13.1 3.6 3.1 27.8 25.3
EPL Buy 226 333 47 8.6 11.3 13.3 25.8 31.4 18.4 20.1 16.9 3.7 3.3 20.0 20.5

26 February 2021 12
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY21E FY22E FY23E FY21E FY22E FY23E FY22E FY23E FY22E FY23E FY22E FY23E
Indiamart Inter. Buy 8690 9000 4 105.1 120.4 145.3 104.9 14.5 20.7 72.2 59.8 18.6 12.9 49.8 40.4
Indian Hotels Buy 119 143 20 -6.8 0.8 2.0 -348.7 LP 165.4 154.6 58.3 3.9 3.7 2.5 6.5
-
Interglobe Neutral 1660 1525 -8 45.2 95.3 2,122.5 LP 111 37 17.4 34.0 12.5 156.3 105.0
143.5
Info Edge Neutral 4958 5440 10 21.5 28.6 39.1 28.6 33.0 36.5 173.3 127.0 13.8 12.9 8.1 10.5
Godrej Agrovet Buy 484 645 33 16.4 20.2 23.8 23.8 23.0 17.8 24.0 20.4 4.1 3.7 18.2 19.0
Kaveri Seed Buy 509 633 24 52.2 53.2 57.6 21.1 2.1 8.1 9.6 8.8 2.5 2.3 27.9 27.4
Lemon Tree Hotel Buy 41 50 22 -1.7 0.0 0.6 1,306.7 LP 9,400.7 6,224.8 65.5 4.7 4.3 0.1 6.9
MCX Buy 1520 2050 35 46.6 48.3 64.2 0.4 3.8 32.8 31.4 23.7 5.4 4.8 17.9 21.5
Oberoi Realty Buy 554 648 17 20.0 32.2 40.0 5.3 61.2 24.4 17.2 13.8 1.9 1.7 11.9 13.2
Phoenix Mills Buy 800 983 23 3.4 18.5 32.4 -84.2 446.2 75.1 43.3 24.7 2.4 2.2 5.7 9.4
Quess Corp Buy 783 745 -5 13.3 34.1 43.9 -27.0 156.3 28.7 22.9 17.8 3.0 2.5 17.9 19.2
PI Inds. Buy 2217 2659 20 51.0 66.8 80.6 69.6 31.0 20.6 33.2 27.5 5.4 4.6 17.7 18.1
SIS Buy 437 620 42 22.7 23.4 29.1 40.6 3.1 24.5 18.7 15.0 1.4 1.2 18.4 18.9
SRF Buy 5540 6315 14 193.0 233.3 282.3 24.4 20.9 21.0 23.7 19.6 4.1 3.4 18.6 19.0
S H Kelkar Buy 120 152 27 9.2 10.9 12.6 118.9 18.8 15.5 11.0 9.5 1.7 1.5 16.1 16.9
Tata Chemicals Buy 733 547 -25 16.1 34.7 44.3 -49.0 115.0 27.7 21.1 16.5 1.4 1.3 6.7 8.2
Team Lease Serv. Buy 3428 3090 -10 52.6 84.0 113.6 7.6 59.7 35.3 40.8 30.2 7.3 5.9 19.6 21.5
Trident Buy 14 19 36 0.7 1.0 1.3 5.6 52.0 22.0 13.5 11.1 1.8 1.6 14.2 15.3
UPL Neutral 592 574 -3 41.4 49.0 57.4 19.0 18.2 17.2 12.1 10.3 1.4 1.2 18.8 18.9

26 February 2021 13
 Index and MOFSL Universe stock performance

Index 1 Day (%) 1M (%) 12M (%) Index 1 Day (%) 1M (%) 12M (%)
Sensex 0.5 5.6 26.7 Nifty 500 0.9 7.0 29.2
Nifty-50 0.8 6.0 28.0 Nifty Midcap 100 1.5 10.2 33.6
Nifty Next 50 0.7 5.8 25.6 Nifty Smallcap 100 1.4 12.2 35.2
Nifty 100 0.8 6.0 27.6 Nifty Midcap 150 1.4 10.7 35.4
Nifty 200 0.8 6.5 28.3 Nifty Smallcap 250 1.6 12.4 36.6
Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%)
Automobiles 0.9 0.6 42.5 IIFL Wealth Mgt 3.3 16.1 -22.7
Amara Raja Batt. -0.4 -8.3 25.0 PNB Housing 1.4 26.3 16.3
Ashok Leyland 3.2 11.8 62.8 Repco Home 0.1 38.7 18.0
Bajaj Auto 0.3 -5.4 33.6 SBI Life Insuran 0.1 1.1 -3.2
Bharat Forge 3.0 2.0 33.5 Shriram City Union 2.4 58.3 16.5
Bosch 0.7 -5.0 9.4 Shriram Trans. -0.2 14.9 7.2
CEAT 4.9 10.5 62.8 Capital Goods 0.0 10.8 36.1
Eicher Motors 0.5 -11.1 45.6 ABB -1.8 13.4 28.0
Endurance Tech. 1.8 3.7 45.1 Bharat Elec. 3.9 8.4 71.8
Escorts -0.2 6.9 57.7 BHEL 9.9 30.2 39.2
Exide Inds. 2.2 4.1 19.2 Cummins 1.3 32.1 50.3
Hero Motocorp -0.1 -1.1 57.3 Engineers India 3.3 2.2 -6.4
M&M 1.1 8.2 68.6 K E C Intl 2.9 20.5 26.0
Mahindra CIE 1.5 7.8 24.8 L&T -1.2 10.7 21.3
Maruti Suzuki -0.2 -13.2 8.0 Siemens 0.3 14.1 38.0
Motherson Sumi 0.1 43.3 87.0 Thermax 6.8 35.5 34.5
Tata Motors 3.4 19.4 122.3 Consumer Durables 1.0 4.5 21.1
TVS Motor Co. -0.6 9.9 36.8 Blue Star 2.4 11.0 0.8
Banks-Private 0.5 14.2 17.3 CG Cons. Elec. 0.8 -6.9 33.8
AU Small Fin. Bank -1.6 31.9 0.8 Havells 2.6 4.7 82.5
Axis Bank 2.9 17.0 5.7 Voltas 3.5 11.4 49.2
Bandhan Bank 1.9 10.6 -15.3 Whirlpool India
DCB Bank 2.6 2.9 -27.2 Cement 2.1 15.6 49.3
Equitas Holdings 2.2 23.3 -22.4 Ambuja Cem. 4.0 9.0 32.1
Federal Bank 2.0 21.1 -0.1 ACC 4.4 8.4 28.6
HDFC Bank 0.0 9.8 33.8 Birla Corp. 0.4 19.7 20.2
ICICI Bank -2.1 16.7 18.2 Dalmia Bhar. -0.3 25.4 76.9
IndusInd Bank 3.7 30.4 -3.8 Grasim Inds. 1.9 19.0 76.4
Kotak Mah. Bank -1.0 5.6 13.1 India Cem 3.3 -1.4 90.9
RBL Bank 1.0 11.8 -19.4 J K Cements -0.2 23.8 81.9
Banks-PSU 1.2 35.1 18.1 JK Lakshmi Ce 1.2 15.4 16.6
BOB 1.2 21.8 12.3 Ramco Cem 3.0 24.8 24.4
SBI 0.3 45.0 24.7 Shree Cem -0.5 18.2 16.6
Company 1 Day (%) 1M (%) 12M (%) Ultratech -0.2 19.3 47.3
NBFCs -0.2 11.7 18.8 Consumer -0.3 -3.4 9.4
Aditya Birla Cap -0.5 43.6 42.9 Asian Paints 0.2 -5.6 30.0
Bajaj Fin. -0.4 12.8 14.6 Britannia 0.1 -5.6 12.3
Cholaman.Inv.&Fn 4.1 24.7 61.6 Colgate 1.1 3.0 16.8
Can Fin Homes -1.4 1.6 -4.2 Dabur 0.9 -4.4 1.8
HDFC -0.8 5.2 16.5 Emami -1.2 -4.5 72.0
HDFC Life Insur. 2.0 7.8 28.6 Godrej Cons. 0.5 -10.7 13.1
Indostar Capital 3.7 8.2 20.8 HUL -0.7 -9.8 -3.1
L&T Fin.Holdings 3.1 18.4 -2.0 ITC 0.2 0.6 3.7
LIC Hsg Fin 1.8 8.6 28.7 Jyothy Lab 0.4 -5.5 13.0
M&M Fin. 2.9 23.0 -3.3 Marico -3.5 -0.1 34.0
Muthoot Fin 2.7 13.3 40.9 Nestle -1.5 -7.6 -1.5
Manappuram Fin. 4.5 11.9 0.9 Page Inds -0.5 -1.6 27.0
MAS Financial Serv. -2.1 -1.8 -22.2 Pidilite Ind. -0.1 -2.7 10.6
Max Financial 4.2 27.8 50.3 P&G Hygiene 0.6 15.6 16.5
ICICI Pru Life 0.1 -4.8 -0.7 Tata Consumer 0.1 9.6 70.1
ICICI Sec -0.1 -8.5 -19.2 United Brew 1.8 -4.2 -3.5
United Spirits -1.1 -14.2 -22.6
Note: Sectoral performance are of NSE/BSE Indices

26 February 2021 14
 Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%)
Varun Beverages -1.1 16.0 27.7 Jubilant Food -0.6 12.6 66.2
Healthcare 0.9 -4.8 52.9 Shoppers St. 0.6 3.8 -42.7
Alembic Phar 1.5 -6.5 38.9 Titan Co. -0.8 -4.2 13.9
Alkem Lab -1.0 -12.0 3.4 Trent 4.8 22.2 7.2
Ajanta Pharma -0.1 0.0 23.3 V-Mart Retail -0.1 8.5 12.2
Aurobindo 0.1 -13.5 71.2 Westlife Develop 1.7 9.9 4.6
Biocon 2.1 4.0 30.9 Technology 0.4 -4.4 50.2
Cadila 0.9 -6.2 60.8 Cyient 0.8 14.5 51.9
Cipla 2.5 -3.3 90.2 HCL Tech. 1.3 -2.1 59.3
Divis Lab -1.3 -3.7 62.4 Infosys 0.1 -3.6 59.7
Dr Reddy’s 0.8 -11.9 44.9 L&T Infotech -1.7 -6.1 83.9
Gland Pharma 1.9 7.2 L&T Technology 4.9 11.9 55.7
Glenmark 1.3 -3.8 61.8 Mindtree -0.2 -7.7 52.7
GSK Pharma 1.2 -1.1 7.8 Mphasis -2.9 3.7 86.8
Granules 0.3 -6.3 87.3 Coforge 0.8 5.2 33.2
IPCA Labs -0.1 -5.8 30.8 Persistent Sys -1.4 6.6 129.6
Jubilant Pharmo 0.3 -3.6 65.0 TCS 1.4 -9.0 38.8
Laurus Labs -0.7 -5.8 314.0 Tech Mah -0.2 -1.5 16.3
Lupin 1.6 -5.4 52.9 Wipro 0.3 -3.6 72.6
Strides Pharma 2.2 2.0 69.3 Zensar Tech 6.6 25.2 110.4
Sun Pharma 1.2 3.9 56.9 Telecom 0.8 3.3 20.1
Torrent Pharma -0.5 -6.5 11.5 Bharti Airtel 1.1 -0.4 8.2
Infrastructure 1.9 12.1 34.9 Indus Towers -1.4 14.7 26.4
Ashoka Buildcon -0.5 25.4 21.2 Idea Cellular 1.7 -1.3 194.7
IRB Infra.Devl. 0.9 -5.0 9.4 Tata Comm 4.6 6.4 185.1
KNR Construct. 0.4 14.5 53.8 Utiltites 1.8 18.7 35.4
Media 1.3 -0.7 -8.2 Coal India 8.2 18.7 -10.7
PVR 1.5 -3.4 -29.2 CESC 2.1 -2.3 -10.3
Sun TV 2.7 4.5 9.9 Indian Energy Ex -2.4 29.7 58.7
Zee Ent. 1.5 -6.7 -17.2 JSW Energy 0.4 0.9 19.2
Metals 4.0 21.4 59.0 NHPC Ltd 1.9 2.3 10.2
Hindalco 5.3 46.0 101.2 NTPC 4.6 15.9 -2.0
Hind. Zinc -0.4 13.5 71.2 Power Grid 2.3 19.7 22.3
JSPL 1.7 23.3 92.7 Tata Power 2.3 21.3 85.8
JSW Steel 2.6 10.3 60.5 Torrent Power 6.5 24.8 27.1
Nalco 4.1 23.8 56.3 Others
NMDC 3.4 16.3 26.4 Brigade Enterpr. 0.3 17.9 26.2
SAIL 2.2 25.7 86.5 BSE 0.2 -2.4 14.7
Tata Steel 1.8 13.9 76.3 Coromandel Intl 2.3 -7.1 25.7
Vedanta 1.6 25.6 56.5 Concor -0.7 36.5 6.2
Oil & Gas 3.5 13.7 20.4 EPL Ltd 1.8 -12.0 18.3
Aegis Logistics 7.8 7.4 27.0 Indiamart Inter. -2.3 11.4 235.4
BPCL 5.2 19.2 1.1 Godrej Agrovet -0.2 -10.5 -8.0
Castrol India 2.4 0.2 -16.7 Indian Hotels -0.5 -3.9 -14.5
GAIL 3.0 13.4 32.3 Interglobe 2.9 4.5 20.5
Gujarat Gas 0.2 38.7 71.2 Info Edge 0.4 -0.5 87.3
Gujarat St. Pet. 2.1 28.0 7.4 Kaveri Seed 0.1 -6.6 13.6
HPCL 3.2 14.6 19.6 Lemon Tree Hotel 1.0 0.7 -30.0
IOC 2.9 8.1 -8.7 MCX 0.0 -8.6 14.0
IGL 0.7 -4.7 12.8 Oberoi Realty -1.6 0.4 6.6
Mahanagar Gas 5.5 14.0 9.1 Piramal Enterp. 4.9 33.0 30.6
MRPL 2.9 5.7 -2.2 Phoenix Mills 1.6 9.5 -14.5
Oil India 2.6 15.8 8.7 PI Inds. -1.8 4.0 44.0
ONGC 4.7 30.3 22.0 Quess Corp 6.3 45.3 46.5
PLNG 2.6 7.0 -1.9 SIS 0.0 11.5 -26.0
Reliance Ind. 3.8 10.6 52.9 SRF 0.9 2.8 34.5
Aditya Bir. Fas. 1.6 11.3 -30.9 S H Kelkar 0.8 0.0 8.8
Retail Tata Chemicals 9.3 44.5 121.8
Avenue Super. -1.7 8.7 32.4 Team Lease Serv. 3.5 23.2 42.4
Trident -0.4 0.7 132.2
UPL 6.8 0.7 4.5

26 February 2021 15
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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.

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