Review of Indian Market - India Infolinecontent.indiainfoline.com/wc/research/researchreports/Diwali_Dhamaka_2020.pdftariff hikes. New store opening and scale up of JioMart along with

DIWALI DHAMAKA 2020

2019

IIFL DIWALI DHAMAKAPERFORMANCE

2

2019 Diwali Dhamka Performance

Sr No Stock Reco Price (`)

CMP*(`)

Dividend(`)

P&L w/ Dividend (%)

Large Caps

1 Kotak Mahindra Bank 1,606 1,594 0.0 (0.8)

2 Axis Bank 693 534 0.0 (22.9)

3 ICICI Bank 435 444 0.0 2.0

4 Reliance Industries 1,372 1,850 7 35.3

5 Larsen & Toubro 1,424 948 18 (32.2)

Mid Caps

6 ABB India 1,520 1,063# 5 (29.7)

7 Gujarat Gas 175 296 1 69.7

8 Deepak Nitrite 302 719 5 139.6

9 Atul Ltd 3,967 6,038 28 52.9

Avg. Return % 23.8

Nifty 50 Return % 3.0

*Price as on November 03, 2020; # ABB India price adj. for APPSIL

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TOP 10 STOCKS

RECOMMENDATIONS FOR2020

Stock Recommendations

Sr. No. Stock CMP (`) Target Price

(`) Upside (%)

Large Caps

1 Reliance Industries 1,850 2,054 11

2 Infosys 1,063 1,400 32

3 ICICI Bank 444 530 19

4 HCL Technologies 814 1,000 23

5 Dr Reddy‘s Laboratories 4,877 5,800 19

Mid & Small Caps

6 Tube Investments of India 668 751 13

7 Apollo Tyres 143 175 22

8 Persistent Systems 1,115 1,470 32

9 JB Chemicals & Pharmaceuticals 983 1,125 14

10 Security & Intelligence Services (India) 383 560 46

*Price as on November 03, 2020

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LARGE CAPS

• Reliance Industries, India’s largest company by market capitalization, has major presence acrosspetroleum refining & marketing, petrochemicals, retail and telecom & technology.

• The scale and complexity of its refinery enables it to maximize its margins by capitalizing on light-heavy differential and altering its product slate. High level of downstream integration and complexprojects like ROGC provide an added advantage while also safeguard the business during volatileperiods. Gradual recovery in middle distillates cracks (4QFY21 onwards) from decade low levels arelikely to help O2C margins in FY22E.

• The Retail and Jio businesses have enabled significant deleveraging and are turning in solidperformance which is offsetting weakness in refining segment. Factors like entry in post paid &enterprise segments and collaboration with Google for entry-level smart phone would drive growthfor Jio. Moreover, a market move towards 2-player configuration has accelerated with likely delay intariff hikes. New store opening and scale up of JioMart along with inorganic opportunities are maindrivers for R-Retail.

• We expect Reliance to register 18% pa PAT growth over FY21-23E largely driven by B2C businesses.Our SOTP value ascribes `709, `569 and `617 per share for O2C, Jio and Retail, respectively.

Consolidated (`Cr) Revenue EBITDA

Margin EPS (`) EPS growth (%) P/E (x) RoE (%) RoCE (%)

FY21E 6,06,888 12.2 65.3 (5.5) 28.3 8.7 7.6

FY22E 6,89,424 13.5 73.1 11.9 25.3 9.0 9.3

Financial Summary

Reliance Industries

*Price and valuations ratios as on November 03, 2020

CMP: `1,850 BUY TP: `2,054 Upside: 11%

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• Infosys, with USD ~13bn revenues, is the second largest listed IT Services company in India withdigital accounting for ~47% of its revenues in FY20. We believe that Infosys is well placed to gainwallet share within clients led by its cloud offerings, automation-led solutions and aninstitutionalized large deals team with focus on higher win rates.

• Underpinned by higher visibility, Infosys has guided for 2-3% cc YoY growth in FY21E, a year whenmost peers will likely witness revenue declines. With ~60% of revenue coming from lesser impactedverticals including Communications and Hi-Tech, we forecast +3.5%/+12% cc YoY revenue growth inFY21E/22E

• Infosys had invested in building digital skills and increasing localization over the past two years.With the investment phase now behind, margins should start to improve. It is focused on strategicmargin levers including pyramid optimization, improved onsite mix, lower subcontracting costs andautomation. As a result, we expect margins to expand ~200bps over FY20-23E.

• We believe Infosys will outperform TCS on revenue growth by 500bps+ in FY21E, for the first time in15 years. It trades at 21x FY22E PE, at 18% discount to TCS. Consistent outperformance in growthvs. TCS should lead to a convergence of the valuation gap.



FY21E 99,760 27.2 44.8 15.1 23.7 27.7 37.8

FY22E 1,12,346 26.9 50.4 12.5 21.1 28.7 39.1

Financial Summary

Infosys


CMP: `1,063 BUY TP: `1,400 Upside: 32%

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• ICICI Bank, India’s second-largest private bank has surplus liquidity (current LCR of 150%) andstrong capitalization (Tier 1 CAR at 14.9%). It has healthy CASA ratio of 42.5% and has lower cost offunds vs. peers.

• We believe that ICICI Bank is well placed in the current scenario to gain market share across loans,deposits and revenues on the back of its funding position and product offerings. We expect loangrowth of 12% CAGR over FY20-23E aided by higher growth in the retail loans. Gradual run-down ofexcess liquidity and increase in retail loan mix would aid NIMs going forward

• RoA improvement will likely be driven by better operating profitability (PPoP RoA) and a sharpdecline in provisions. PPoP ROA will be aided by lower cost of funds and reduction in operatingexpenses, while high PCR (78.5%)/ other provisions would cushion earnings.

• Profitability of life insurance, general insurance, asset management and securities companiesremains robust. Almost all group businesses will end up on a stronger footing versus peers in themedium term. The bank will likely deliver an RoA/RoE of ~1.5/13% by FY22E. The stock is trading at1.8x FY22E BVPS (1.3x core PB) and offers value.

Standalone (`Cr) NII PPOP EPS (`) EPS growth (%) P/BV (x) RoA (%) RoE (%)

FY20E 37,850 32,330 17.2 40.3 2.0 1.3 11.6

FY21E 43,480 37,890 28.3 64.4 1.8 1.5 12.9

Financial Summary

ICICI Bank


CMP: `444 BUY TP: `530 Upside: 27%

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• HCL Tech is India’s third largest listed IT services company by revenue and is the only company withmajor presence across services and products. It also has a leadership position in IMS. The companyhas been witnessing solid traction in deal wins and the pipe line remains robust which providesgood revenue visibility.

• We believe that HCL’s portfolio is relatively insulated vs. peers as it has lower concentration toverticals like travel, energy, hospitality, etc. and higher exposure to low-impact verticals like BFSI,healthcare and technology. Moreover, it has ~37% exposure to IMS (resilient service line) where ithas strong partnerships and capabilities that can enable it to capitalize on opportunities in areas ofcloud migration and network security.

• HCL Tech has been successful in strengthening its Products & Platform segment by acquiring IBMproducts, which have yielded positive results in the first year. This BU too has shown resilience andprovides recurring revenue stream.

• Aided by a healthy mix of recurring product revenue & managed services, we expect HCL Tech topost US revenue CAGR of 6% over FY20-22E with earnings CAGR of 12%. The stock is tradingreasonably at 16x FY22E P/E, at 15%/35% discount to peers/TCS.



FY21E 75,523 25.8 45.6 12.0 17.9 22.0 25.2

FY22E 83,513 25.2 51.1 11.9 15.9 21.4 24.8

Financial Summary

HCL Technologies


CMP: `814 BUY TP: `1,000 Upside: 23%

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• Dr Reddy’s Laboratories (DRL) is India’s second-largest pharmaceutical company in terms ofrevenue with US Formulations accounting for 39% of the revenue in FY20. DRL has recently had astring of good new launches in the US market (generic versions of Ciprodex, Faslodex, Precedex,Kuvan), and the momentum is likely to sustain, with anticipated launches for generic Nuvaring &Vascepa in FY22E and generic Revlimid in FY23E.

• Additionally, DRL can drive improved growth in the acquired Wockhardt India portfolio throughinvestments in branding and expanding doctor-reach, while the company’s API business wouldbenefit from structural tailwinds owing to de-risking of China-linked manufacturing supply chains.

• We expect DRL’s base business EPS (excluding gRevlimid) to register 21% CAGR over FY20-23E, ledby 13% revenue CAGR and 350bps margin expansion (new US launches, cost control) over the next 3years, while gRevlimid can incrementally add annualised EPS of `100 from FY23. With significantcash flows expected from gRevlimid, we expect Dr Reddy’s’ RoCE to improve, from 12% in FY20 to>25% by FY23E/FY24E.



FY21E 19,380 24.3 165.6 44.7 29.5 16.6 18.2

FY22E 21,650 24.4 184.8 11.6 26.4 18.2 18.0

Financial Summary

Dr Reddy's Laboratories


CMP: `4,877 BUY TP: `5,800 Upside: 19%

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MID AND SMALL CAPS

• Tube Investments of India (TI), a part of Murugappa Group, has a strong established franchiseacross the auto and industrial sectors in India and overseas. With ~56% of consolidated revenueslinked to the auto sector, we believe that TI is a direct play on domestic auto recovery on account ofits strong leadership position in the auto components segment (2W and PV), supported by well-spread manufacturing capacities.

• TI has taken a conscious call to lower dependence on auto sector and made tremendous progressover the past four years in the non-auto business. The outlook is strong for rail section supplies forcoach building. The large-diameter tubes segment, driven by import substitution, should see healthygrowth as demand revives in FY22-23E.

• The CG Power acquisition, which is expected to close in the current quarter would enable TI todiversify away from the domestic auto segment and strengthen in industrial manufacturingportfolio.

• As a result of strong focus, the company has witnessed meaningful improvement across threebusinesses thereby improving margins while lowered W/C has improved RoIC and cash flows overthe past four years. On account of recovery across business and margin expansion, we expect 17%revenue CAGR and 31% EPS CAGR over FY21-23E.



FY21E 4,076 12.6 14.1 (14.2) 47.3 14.6 16.5

FY22E 4,731 13.5 19.1 16.1 34.9 17.6 21.1

Financial Summary

Tube Investments of India



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• Apollo Tyres is the largest CV tyre manufacturer in India, with ~25% market share in the Truck andBus segment and ~15% market share in PV segment. We believe that FY21E is likely to be a toughyear due to continued fall in OE sales (more so in MHCVs). The situation is likely to improve sharplyin FY22E, with strong rebound in OE sales and normalization of replacement demand (alreadyevident).

• EU EBITDA margin came off from mid-teens during FY14-16 to 8-9%, corresponding with a sharp risein employee costs. Apollo recently announced plans to cut the Netherlands headcount by 528(savings of ~€50mn). This, on a revenue base of ~€500mn in EU, will be a big margin/earnings driverfrom FY22E onwards.

• A sharp rise in depreciation and interest cost (result of high capex phase) hurt earnings over thepast few years and resulted in negative FCFF. The expansion phase is nearing its end, which impliesthat both earnings and FCFF should start improving. We expect Apollo to be FCFF-positive overFY21-24E.

• As the new capacities start generating commensurate revenue there would be a multi-fold growth inearnings over FY21-23E. We expect positive FCFF would assist in bringing down debt and resultingin lower interest outgo.



FY21E 14,706 12.7 4.1 (50.6) 34.9 2.3 4.5

FY22E 17,284 14.1 10.8 163.4 13.2 5.9 7.0

Financial Summary

Apollo Tyres


CMP: ` 143 BUY TP: `175 Upside: 22%

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• Persistent Systems, a mid-size IT services company, would benefit on account of large deal wins inthe past few quarters, vendor consolidation and increased focus on client mining.

• Led by a restructured sales-force and driven senior management, we believe Persistent couldwitness double-digit revenue CAGR over the next three years. The BFSI vertical and its Salesforcepractice are likely to be key revenue drivers for Persistent.

• We forecast EBIT margins to expand by 380bps over FY20-23E. While there could be pressure in thenear term, due to large-deal transition costs and Covid-linked donation (~100bps), it will reverse inFY22E. Lower amortization related to the IBM deal signed in the past and strong execution coupledwith revenue growth will also act as margin tailwinds.

• Persistent trades at 16x FY22E P/E, at a slight discount to its mid-cap peers despite a combinationof revenue growth and margin expansion, which is likely to drive sector leading earnings CAGR of24% over FY20-23E.



FY21E 4,114 15.4 55.7 25.4 20.0 17.0 22.6

FY22E 4,566 15.6 70.9 27.4 15.7 19.5 25.8

Financial Summary

Persistent Systems


CMP: ` 1,115 BUY TP: `1,470 Upside: 32%

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• JB Chemicals & Pharmaceuticals (JBCP) is a 40-year old pharma company with several wellestablished brands in the domestic market and wide geographical presence in the both regulatedand semi-regulated markets.

• JBCP has been outperforming the Indian pharma market and we expect this outperformance tosustain on account of new launches and strong growth in focused-products group (especiallycardiac), which consist of cardiac brands (Cilacar and Nicardia) and acute brands (Rantac andMetrogyl).

• We believe that KKR would also look to accelerate growth in various business segments of JBCP by:(a) further expanding the company’s presence in the high-growth branded formulations markets, (b)entry into newer therapeutic areas in the domestic market and (c) potentially scaling-up JBCP’shighly profitable CMO business over the next 3-4 years.

• We believe KKR can extract cost savings of 250-300bps which, along with improving India repproductivity and higher growth in the CMO business, can expand JBCP’s overall EBITDA marginsfrom 22% in FY20 to 27% in FY23E. We forecast JBCP’s EPS to log 18% CAGR over FY20-23E.Despite similar earnings growth profile as other India focused companies like Alkem, IPCA andTorrent, JBCP trades at 10-20% discount on FY21E EV/EBITDA.



FY21E 2,005 24.6 45.0 26.8 21.8 22.3 20.4

FY22E 2,232 24.5 48.9 8.8 20.1 28.4 26.3

Financial Summary

JB Chemicals & Pharmaceuticals


CMP: `983 BUY TP: `1,125 Upside: 14%

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• Security and Intelligence Services (SIS) is one of the leading providers of private security and facilitymanagement services in India. We believe that SIS can benefit from weakening of informal andmarginal competitors in the current environment and expect SIS to be the least-impacted amongbusiness services companies. Moreover, the new set of labour reforms will enable SIS to gainmarket share in the fragmented industry.

• Apart from India, SIS has strong positioning in developed markets like Australia (leadershipposition), New Zealand and Singapore. The growth momentum is quite strong in these regions,particularly in Australia, where ad hoc contracts are driving growth and are offsetting pricingpressure. Moreover, the overall security services business has high ROCE and generates strongcash flow, thus providing opportunities to invest in its incubation portfolios.

• We expect SIS to post ~7% revenue CAGR over FY20-22E aided by ~10% CAGR growth inInternational Security Services business. Aided by strong operating performance, we expect EPS toimprove from `14.4 in FY21E to `20.2 in FY22E. At 19x FY22E P/E, valuations are not demanding,while our estimates suggest that EPS could nearly double over FY21-23E.



FY21E 8,835 5.7 14.4 (23.6) 26.6 14.4 17.4

FY22E 9,781 6.1 20.2 40.7 19.0 17.9 16.2

Financial Summary

Security & Intelligence Services (India)



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TOP MUTUAL FUNDSRECOMMENDATIONS

Scheme Name NAV(₹) Category AUM

(₹cr) 1 Y(%)

3 Y(%)

5 Y(%)

10 Y(%) Riskometer

SBI Magnum Equity ESG Fund(G) 107.1 Thematic 2,731 (4.0) 4.1 7.6 8.7 High

ICICI Prudential Manufacture In India Fund(G) 9.8 Thematic 640 (6.7) -- -- -- High

Mirae Asset Healthcare Fund(G) 17.0 Thematic 1,006 61.1 -- -- -- High

UTI Equity Fund(G) 162.6 Multi Cap 11,386 11.2 9.3 10.0 10.9 Moderately High

Kotak Low Duration Fund(G) 2,593.2 Low Duration Debt 8,418 8.3 7.8 8.1 8.6 Moderate

Mutual Fund Schemes

Note: Return for 1 year is absolute; Returns greater than 1 year are CAGR; AUM as on September 2020; Returns as on October 30, 2020Source: ACE MF

19

SBI Magnum Equity ESG Fund

87%

8%5%

Large Cap

Mid Cap

Other

4.1

7.6 8.7

3 Years 5 Years 10 Years

Fund Basic DetailsBenchmark Nifty 100 ESG – TRI AUM (₹cr) 2,731Inception Date January 1991 Exit Load 1% on or before 1Y, Nil after 1YFund Manager Ruchit Mehta Expense Ratio 2.1%

Asset Allocation

Returns (%)

This scheme invests in companies which score across parameters fromGovernance, Social & Environmental (ESG) aspects of the company’smanagement of its affairs

It invests 80-100% in equity & equity related instruments following ESGcriteria and 0-20% is invested in other equities and/or debt & moneymarket instruments

Active weights of a security are determined by the ESG scores

As of September 2020, the fund had invested 87% of AUM in large capstocks while 8% was invested in mid cap stocks. The fund had highestallocation to Banks (20.0%) followed by IT (16.7%)

Its top stock holdings comprise of Infosys (9.8%), HDFC Bank (8.6%) andReliance Industries (7.9%)

Investors who prefer to invest in emerging themes rapidly gaining widerpreference among the seasoned investors

This scheme is suitable for investors with high risk appetite and aninvestment horizon of 8-10 years


20

ICICI Pru Manufacture In India Fund

68%19%

10% 3% Large Cap

Mid Cap

Small Cap

Other

15.8

-6.7

12.7

-7.76 Month 12 Month

Fund Benchmark

Fund Basic DetailsFund Benchmark S&P BSE India Manufacturing AUM (₹cr) 640Inception Date October 2018 Exit Load 1% on or before 1Y, Nil after 1YFund Manager Anish Tawakley Expense Ratio 2.5%

Asset Allocation

Returns (%)

The scheme aims to generate long term capital appreciation by creatinga portfolio that is invested predominantly in equity and equity relatedsecurities of companies engaged in manufacturing theme

The Scheme endeavors to invest in companies that are likely to benefitfrom the Government’s Make in India initiative

Adopts bottom-up approach to identify companies with long termsustainable competitive advantage

As of September 2020, the fund had invested 68% of AUM in large capstocks while 19% was invested in mid cap stocks. The fund had highestallocation to Refineries (22.5%) followed by Pharma (9.6%) andAluminum (8.7%)

Its top stock holdings comprise of BPCL (9.5%), Reliance (8.8%), andHindalco (6.3%)

This thematic yet diversified fund brings India’s Make In India story in theportfolio

Since thematic funds carry high risk, the scheme is suitable only forthose investors who have high risk appetite and an investment horizon of8-10 years

Note: Returns less than 1 year are absolute; Returns greater than 1 year are CAGR; AUM as on September 2020; Returns as on October 30, 2020Source: ACE MF

21

Mirae Asset Healthcare Fund

62%

26%

7%

5% Large Cap

Mid Cap

Small Cap

Other

27.3

61.1

25.9

48.0

6 Month 12 Month

Fund Benchmark

Fund Basic DetailsBenchmark S&P BSE Healthcare Index (TRI) AUM (₹cr) 1,006Inception Date July 2018 Exit Load 1% on or before 1Y (365D), Nil after 1Y (365D)Fund Manager Vrijesh Kasera Expense Ratio 2.3%

Asset Allocation

Returns (%)

The investment objective of the scheme is to seek to generate long termcapital appreciation through investing in equity and equity relatedsecurities of companies benefitting directly or indirectly in Healthcareand allied sectors in India

Thus it aims to drive benefits from healthcare theme which hastremendous growth potential and includes businesses in hospitals,diagnostics, specialty chemicals, medical equipment, insurance andother allied sub sectors

The scheme endeavors to maintain a concentrated portfolio of 30-40stocks

As of September 2020, the fund had invested 62% of AUM in large capstocks while 26% was invested in mid cap stocks

Its top stock holdings comprise of Dr. Reddy’s Labs (11.3%), Sun Pharma(9.8%) and Divis Labs (8.0%)

The scheme is suitable for seasoned investors having high risk appetiteand at least 7-8 years of investment horizon


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63%

29%

6% 2%Large Cap

Mid Cap

Small Cap

Other

9.3 10.0 10.9

2.7

8.5 8.0

3 Years 5 Years 10 YearsFund Benchmark

UTI Equity Fund

Fund Basic DetailsBenchmark Nifty 500 – TRI AUM (₹cr) 11,386

Inception Date August 2005 Exit Load Nil upto 10% of investment and 1% for

remaining investment on or before 1Y, Nil after 1Y

Fund Manager Ajay Tyagi Expense Ratio 2.1%

Asset Allocation

Returns (%)

The fund aims to generate long term capital appreciation by investingpredominantly in equity and equity related securities of companies acrossthe market capitalization

The scheme focuses on high quality businesses that have an ability toshow strong growth for a long period of time and are run by seasonedmanagements

The fund follows a bottom up stock selection with well defined metrics offree cash flows, capital efficiency and ability to compound earnings

As of September 2020, the fund had invested 63% of AUM in large capstocks while 29% was invested in mid cap stocks. The fund had highestallocation to IT (15.0%) followed by Banks (12.9%)

Its top stock holdings comprise of Bajaj Finance (6.0%), HDFC Bank(5.7%) and L&T Infotech (4.5%)

Investors who prefer to invest in a diversified portfolio of stocks caninvest in this fund to create wealth in the long term

This scheme is suitable for investors with moderately high risk appetiteand at least 5 years of investment horizon


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Kotak Low Duration Fund

The fund’s objective is to generate income through investment primarilyin low duration debt & money market securities

The scheme invests in debt instruments such that the Macaulay Durationof the portfolio is between 6 months to 12 months

The investments in fixed income securities are done in such a mannerthat the modified duration of the constructed portfolio is 1.1 years

The average yield to maturity (YTM) of the fund is 5.0%

As of September 2020, the fund had invested 61% of the total AUM in AAArated debt instruments, 20% in Sovereign debt securities and 19% in AArated papers

The fund is suitable for the investors who are looking for:

Regular income over the short period of time

Attractive risk-adjusted returns through active management ofcredit risk and interest rate risk in the portfolio

Suitable for investors with moderately low risk appetite & horizon of up to12 months

61%19%

20%AAA & Eq.

AA & Eq.

Sov

8.3

7.88.1

7.1

7.47.5

1 Year 3 Years 5 Years

Fund Benchmark

Fund Basic DetailsBenchmark NIFTY Low Duration Debt Index AUM (₹cr) 8,418Inception Date March 2008 Exit Load Nil

Fund Manager Deepak Agrawal Expense Ratio (%) 1.1

Rating Profile

Returns (%)


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Disclosure

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.Nothing in this document constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to the investor'sspecific circumstances. The details included are based on information obtained from public sources and sources believed to be reliable, but no independent verification hasbeen made nor is its accuracy or completeness guaranteed.Investors should consult their financial advisers if in doubt about whether the product is suitable for them. The fund may or may not be suitable for all investors, who must maketheir own investment decisions, based on their own investment objectives, financial positions and needs. This document may not be taken in substitution for the exercise ofindependent judgment by any investor. The investor should independently evaluate the investment risks.India Infoline Ltd. or any of its director/s or principal officer/employees and associate companies (IIFL) does not assure/give guarantee for accuracy of any of thefacts/interpretations in this document, and shall not be liable to any person including the beneficiary for any claim or demand for damages or otherwise in relation to this opinionor its contents.The aimed returns mentioned anywhere in this document are purely indicative and are not promised or guaranteed in any manner. Returns are dependent on prevalent marketfactors, liquidity and credit conditions. Instrument returns depicted are in the current context and may be significantly different in the future.The group company of India Infoline Limited, IIFL Wealth Management Limited is the Sponsor of IIFL Mutual Fund and holding company of the Investment Manager & TrusteeCompany of IIFL Mutual Fund.IIFL or its subsidiaries & affiliates may be holding all or any of the units of the scheme(s), referred in the document. The information contained herein is strictly confidential andmeant 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 orreproduced in any form, without prior written consent of IIFL. While due care has been taken in preparing this document, IIFL and its affiliates accept no liabilities for any loss ordamage of any kind arising out of any inaccurate, delayed or incomplete information nor for any actions taken in reliance thereon.This document 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 otherjurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IIFL or its affiliates to any registration or licensingrequirement within such jurisdiction. IIFL and/or its associates receive compensation/ commission for distribution of Mutual Funds from various Asset Management Companies(AMCs).IIFL hosts the details of the commission rates earned by IIFL from Mutual Fund houses on our website https://ttweb.indiainfoline.com/trade/downloads/brokerage%20file.pdf.Hence, IIFL or its associates may have received compensation from AMCs whose funds are mentioned in the report during the period preceding twelve months from the date ofthis report for distribution of Mutual Funds or for providing marketing advertising support to these AMCs. IIFL group, associate and subsidiary companies are engaged inproviding various financial services and for the said services (including the service for acquiring and sourcing the units of the fund) may earn fees or remuneration in form ofarranger fees, referral fees, advisory fees, management fees, trustee fees, Commission, brokerage, transaction charges, underwriting charges, issue management fees and otherfees.Please refer to http://www.indiainfoline.com/research/disclaimer and http://www.indiainfoline.com/mf/disclaimer for additional recommendation parameter, analyst disclaimerand other disclosures.Please refer to http://www.indiainfoline.com/research/disclaimer for recommendation parameter, analyst disclaimer and other disclosures.IIFL Securities Limited (Formerly ‘India Infoline Limited’), CIN No.: U99999MH1996PLC132983, Corporate Office – IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel,Mumbai – 400013 Tel: (91-22) 4249 9000 .Fax: (91-22) 40609049, Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, WagleEstate, Thane – 400604 Tel: (91-22) 25806650. Fax: (91-22) 25806654 E-mail: [email protected] Website: www.indiainfoline.com, Refer www.indiainfoline.com for detail ofAssociates.Stock Broker SEBI Regn.: INZ000164132, PMS SEBI Regn. No. INP000002213, IA SEBI Regn. No. INA000000623, SEBI RA Regn.:- INH000000248For Research related queries, write at [email protected] Sales and Account related information, write to customer care: [email protected] or call on 91-22 4007 1000

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