Research Disclaimer

Published in 2024, © IIFL Capital Services Limited (Formerly known as IIFL Securities Limited)

IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) is registered with the Securities & Exchange Board of India (SEBI) as “Research Analyst” with SEBI-registration number INH000000248

Disclosure / Disclaimer:

The following disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations)

IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) [IIFLCAP] is engaged in diversified financial services business including equity, currency & commodity broking, DP services, merchant banking, portfolio management services, distribution of Mutual Fund and other investment products. IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) is a listed public company. We submit that no material disciplinary action has been taken on IIFLCAP by any regulatory authority impacting Equity Research Analysis. IIFLCAP is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading member of the National Stock Exchange of India Limited (“NSE”), the BSE Limited (“BSE”), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities and is Depository Participant registered with National Securities Depository Limited (NSDL) & Central Depository Services Limited (CDSL), a SEBI registered Merchant Banker, a SEBI registered Portfolio Manager and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products. IIFLCAP is a large broking house catering to retail, HNI, institutional clients, trust, foreign portfolio investors, mutual funds, insurance companies and alternative investment funds. It operates through its branches and authorised persons spread across the country and the clients are provided online trading through internet and offline trading through AP’s, branches and Customer Care.

• This research report (“Report”) is prepared for the personal information of the authorized recipient(s) and is not for public distribution and should 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 and the same shall be void where prohibited. The information provided in the Report is from publicly available data, which we believe, are reliable. While reasonable endeavors have been made to present reliable data in the Report so far as it relates to current and historical information, but IIFLCAP does not guarantee the accuracy or completeness of the data in the Report.
• Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Information, opinions and estimates contained in this report reflect a judgment of its original date of publication by IIFLCAP and are subject to change without notice. The price, value of and income from any of the securities or financial instruments mentioned in this report can fall as well as rise. The value of securities and financial instruments is subject to exchange rate fluctuation that may have a positive or adverse effect on the price or income of such securities or financial instruments.
• The Report also includes analysis and personal views of our research team. The Report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed in the Report are our current opinions as of the date of the Report and may be subject to change from time to time without notice.
• Investors should not solely rely on the information contained in this Report and must make investment decisions based on their own investment objectives, judgment, risk profile and financial position. The recipients of this Report may take professional advice before acting on this information.
• IIFLCAP has other business segments / divisions with independent research teams separated by 'Chinese walls' catering to different sets of customers having varying objectives, risk profiles, investment horizon, etc and therefore, may at times have, different and contrary views on stocks, sectors and markets.
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• As IIFLCAP along with its associates, are engaged in various financial services business and so might have financial, business or other interests in other entities including the subject company (ies) mentioned in this Report. However, IIFLCAP encourages independence in preparation of research report and strives to minimize the conflict in preparation of research report. IIFLCAP and its associates did not receive any compensation or other benefits from the subject company (ies) mentioned in the Report or from a third party in connection with preparation of the report, accordingly IIFLCAP and its associates do not have any material conflict of interest at the time of publication of this Report.
• In the last 12 month period ending on the last day of the month immediately preceding the date of publication of this research report IIFLCAP or any of its associates may have: -
  • Received any compensation (except in connection with the preparation of this Report) from the subject company;
  • Managed or co-managed public offering of securities for the subject company;
  • Received any compensation for investment banking or merchant banking or brokerage services from the subject company;
  • Received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company;
  • Engaged in market making activity for the subject company.
• IIFLCAP and its associates collectively may own (in their proprietary position) 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month immediately preceding the date of publication of the research report
• The Research Analyst engaged in preparation of this Report or his/her relatives: -
  • does not have any financial interests in the subject company (ies) mentioned in this report;
  • does not collectively own 1% or more of the equity securities of the subject company mentioned in the report as of the last day of the month immediately preceding the date of publication of the research report;
  • does not have any other material conflict of interest at the time of publication of the research report.
• The Research Analyst engaged in preparation of this Report: -
  • has not received any compensation from the subject company in the past twelve months;
  • has not managed or co-managed public offering of securities for the subject company in the past twelve months;
  • has not received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
  • has not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;
  • has not received any compensation or other benefits from the subject company or third party in connection with the research report;
  • has not served as an officer, director or employee of the subject company in the past twelve months;
  • is not engaged in market making activity for the subject company.

This report is for the personal information of the authorized recipient and is not for public distribution. This should not be reproduced or redistributed to any other person or in any form. This report is for the general information of the investors and should not be construed as an offer or solicitation of an offer to buy/sell any 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. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in the document. The opinions expressed in the report are our current opinions as of the date appearing in the material and may be subject to change from time to time without 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.

IIFLCAP or any persons connected with it do not accept any liability arising from the use of this document. Neither IIFLCAP, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including but not limited to loss of capital, revenue or profits that may arise from any inadvertent error in the information contained, views and opinions expressed in this publication.

IIFLCAP and/or its affiliate companies may deal in the securities mentioned herein as a broker or for any transaction as a Maker, Investment Advisor, to issuer persons. 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. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein.

We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges, Clearing Corporations and Depositories etc have conducted the routine inspection and based on their observations may have issued advise/warning/show cause notices/deficiency letters/ or levied penalty or imposed charges for certain deviations observed in inspections or in normal course of business, as a Stock Broker / Depository Participant/ Merchant banking. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time. There has been no adverse material findings towards our research activities

Our research should not be considered as an advertisement or advice, professional or otherwise. The investor is requested to take into consideration all the risk factors including their financial condition, suitability to risk return profile and the like and take professional advice before investing. Derivatives are a sophisticated investment device. The investor is requested to take into consideration all the risk factors before actually trading in derivative contracts.

Additional Disclaimer for U.K.: This report is prepared by IIFL Capital Services Limited (Formerly known as IIFL Securities Limited) of Mumbai, India which is regulated by the Securities and Exchange Board of India and is registered as a Research Entity under the SEBI (Research Analysts) Regulations, 2014. IIFLCAP is an appointed representative of Connexion Capital which is authorized and regulated by the Financial Conduct Authority. In the UK, this report is directed at and is for distribution only to persons who fall within Article 19(5) (persons who have professional experience in matters relating to investments) or Article 49(2)(a) to (d) (high net worth companies, unincorporated associations etc.) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (as amended). THIS DOCUMENT IS INTENDED SOLELY TO PROVIDE INFORMATION TO THE QUALIFIED INSTITUTIONAL INVESTORS ONLY AND IS NOT MEANT FOR RETAIL INVESTORS. If you are not the intended recipient you must not copy, distribute, or take

Additional Disclaimer for U.S.: This report was prepared, approved, published and distributed by IIFLCAP, a company located outside of the United States (a “non-US Company”). This report is distributed in the U.S. by IIFL Capital INC. - 1120 Avenue of the Americas, 4th Floor, New York, NY 10036.Tel: 212 221 6800, a U.S. registered broker-dealer, which assumes responsibility for this research report and its dissemination in the United States. This report is meant only for U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in this report must be effected through IIFL Capital INC. rather than with or through the non-US Company.

Neither the report nor any analyst who prepared or approved the report is subject to U.S. legal requirements or the Financial Industry Regulatory Authority, Inc. (“FINRA”) or other regulatory requirements pertaining to research reports or research analysts. The non-US Company is not registered as a broker-dealer under the Exchange Act or is a member of the Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization. The non-US Company is the employer of the research analyst(s) responsible for this research report. The research analysts preparing this report are resident outside the United States and are not associated persons of any US regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a US broker-dealer, and are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with US rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account. The non-US Company will refrain from initiating follow-up contacts with any recipient of this research report that does not qualify as a Institutional Investor, or seek to otherwise induce or attempt to induce the purchase or sale of any security addressed in this research report by such recipient.

A graph of daily closing prices of securities is available at http://www.nseindia.com, www.bseindia.com (Choose a company from the list on the browser and select the “three years” period in the price chart).

IIFL Capital Services Limited (Formerly known as IIFL Securities Limited), CIN No.: L99999MH1996PLC132983, Corporate Office – 24th Floor, One Lodha Place, Senapati Bapat Marg, Lower Parel, Mumbai – 400013 Tel: (91-22) 4249 9000 Fax: (91-22) 4060 9049, Regd. Office – IIFL House, Sun Infotech Park, Road No. 16V, Plot No. B-23, MIDC, Thane Industrial Area, Wagle Estate, Thane – 400604 Tel: (91-22) 39294000. Fax: (91-22) 25806654 Website: www.indiainfoline.com, Details of associate entities of IIFL Capital Services Limited (Formerly known as IIFL Securities Limited)and Investor Charter are available on the website at https://ttweb.indiainfoline.com/trade/frmInformation2customer.aspx

Compliance Officer: Ms. Chaitali Shah, email id - chaitali.shah@iiflcap.com, contact no. +91-22-46464658

Grievance Redressal Cell: email id - cs@iiflcapital.com, contact no. +91-22-40071000

If not satisfied with the response of the research analyst, you can lodge your grievances with SEBI at https://scores.sebi.gov.in or you may also write to any of the offices of SEBI. (In absence of response/complaint not addressed to your satisfaction, you may lodge a complaint with SEBI at SEBI, NSE, BSE, Investor Service Center | NCDEX, MCX. Please quote your Service Ticket/Complaint Ref No. while raising your complaint at SEBI SCORES/Exchange portal at https://scores.sebi.gov.in and for online dispute Resolution platform please visit - Smart ODR- https://smartodr.in/login. For more information related to investments in the securities market, please visit the SEBI Investor Website https://investor.sebi.gov.in/ and the SEBI Saarthi Mobile App

For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575.

Registration Details: Stock Broker SEBI Regn: INZ000164132(BSE/NSE/MCX/NCDEX), CDSL & NSDL SEBI Regn.: IN-DP-185-2016, PMS SEBI Regn. No. INP000002213, IA SEBI Regn. No. INA000000623, RA SEBI Regn. No. INH000000248, Merchant Banking SEBI Regn. No. INM000010940, AMFI Regn. No. ARN - 47791

Key to our recommendation structure

BUY- Stock expected to give a return 10%+ more than average return on a debt instrument over a 1-year horizon

SELL- Stock expected to give a return 10%+ below the average return on a debt instrument over a 1-year horizon.

Add- Stock expected to give a return 0-10% over the average return on a debt instrument over a 1-year horizon.

Reduce- Stock expected to give a return 0-10% below the average return on a debt instrument over a 1-year horizon.

Price Target:

Unless otherwise stated in the text of this report, target prices in this report are based on either a discounted cash flow valuation or comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst's views on the likely course of investor sentiment. Whichever valuation method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for the company's products. Such demand variations may result from changes in technology, in the overall level of economic activity or, in some cases, in fashion. Valuations may also be affected by changes in taxation, in exchange rates and, in certain industries, in regulations. Investment in overseas markets and instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, and political and social conditions. This discussion of valuation methods and risk factors is not comprehensive - further information is available upon request.

• Investments in securities market are subject to market risks. Read all the related documents carefully before investing.
• Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.
• Registration granted by SEBI, membership of BASL (in case of IAs) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors