12 July 2013
1QFY14 Results Update | Sector:
Technology
Infosys
BSE Sensex
S&P CNX
19,958
6,009
Bloomberg
INFO IN
Equity Shares (m)
571.4
M.Cap. (INR b)/(USD b) 1,602/26.8
52-Week Range (INR) 3,010/2,102
1,6,12 Rel. Perf. (%)
11/2/8
CMP: INR2,803
TP: INR3,050
Buy
Financials & Valuation (INR b)
Y/E March
Sales
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div Yield (%)
2013 2014E 2015E
403.5
115.6
94.2
164.9
13.3
695.8
25.7
28.5
25.5
17.0
4.0
11.8
1.5
473.6
124.4
98.1
171.7
4.1
814.6
22.7
25.8
26.2
16.3
3.4
10.5
1.6
519.6
135.9
108.7
190.2
10.8
946.2
23.2
24.4
26.3
14.7
3.0
9.1
1.8
Significant beat to Constant currency revenue estimate:
Infosys' 1QFY14 USD
revenue growth of 2.7% QoQ (v/s estimate of 1.2%) and Constant Currency
revenue growth of 3.4% QoQ (v/s estimate of 1.7%) were key positive
surprises, driving expectation of double digit revenue growth despite
retaining 10% guidance at the upper end. EBIT margin at 23.6% (flat QoQ) was
in line despite higher utilization and favorable currency; given revenue mix
shift in favor of onsite and greater impact from hikes than expected. PAT at
INR23.7b was in line despite revenue beat, due to lower other income.
Guidance unchanged despite impressive growth:
Infosys needs to grow its
USD revenues at a CQGR of 1.45% to meet the upper end of 6-10% guided
band. However, the management has refrained from increasing its guidance,
citing that it is too early to increase the same.
Change in focus yielding results, levers on margins could offset headwinds:
Infosys announced 7 large deal wins in 1QFY14, with a total TCV of USD600m+.
Over the past three quarters, Infosys has bagged USD1.6b worth of large
deals, largely in outsourcing (BITS), which could drive growth in Business IT
Service (BITS) as these ramp up going forward. There remains room to increase
utilization, and revenue proportion from offshore, two key margin levers.
Upgrading revenue and EPS estimates:
We have upgraded our FY14/15 USD
revenue estimates by 2.7%/3.8%, as Infosys' aggressive pursuit of improving
its growth rates through large outsourcing deals in the past few quarters has
yielded healthy deals. Our margin estimates are unchanged post the result,
and consequently our EPS estimates are higher by 2.7%/3.8%.
Valuation view:
Our target price of INR3,050 discounts FY15E EPS by 16x.
While upside in the near-term could be limited following a sharp up move in
the stock, we believe that the recovery in growth going forward, coupled
with the room to improve margins could drive further returns. Maintain
Buy.
Ashish Chopra
(Ashish.Chopra@MotilalOswal.com); +91 22 3982 5424
Siddharth Vora
(Siddharth.Vora@MotilalOswal.com); +91 22 3982 5585
Investors are advised to refer through disclosures made at the end of the Research Report.
1

Infosys
1QFY14 Revenue: Constant Currency revenue significantly beat estimates
Infosys' 1QFY14 USD revenues grew 2.7% QoQ to USD1991m v/s our estimate of
USD1,961m (+1.2% QoQ). Growth in constant currency was even better, at 3.4%
QoQ, v/s our estimate of 1.7% QoQ. Cross currency movements impacted revenue
growth by 70bp in 1QFY14, v/s our estimate of 50bp.
USD revenue grew 2.7% QoQ and 3.4% QoQ in constant currency terms
Source: Company, MOSL
Volume growth in IT services was 4.1% QoQ, and revenue growth was 3.4% QoQ,
with cross currency impact of 70bp on pricing. In constant currency, offshore pricing
declined 1.6% QoQ, however, proportion of efforts at onsite increased 60bp QoQ
and revenue proportion increased 110bp QoQ, driving flat blended realization in
CC.
Rupee revenue was INR112.7b grew 7.8% QoQ (v/s estimate of INR109.8b, +5%
QoQ). Realized currency rate during the quarter was INR56.56/USD v/s our
assumption of INR56/USD.
Profitability: EBIT margin in line, despite better utilization and marginally
by currency; PAT in line despite revenue beat, due to lower other income
EBIT margin during the quarter was 23.6%, flat QoQ and in line with our estimate
of 23.5% QoQ. However, SGA was 11.4%, flat QoQ, v/s our estimate of 12% (+60bp
QoQ, factoring 40bp impact from 2 months of wage hikes).
In line EBIT margin was despite 150bp QoQ improvement in utilization including
trainees to 72.4%, v/s our estimate of 60bp increase to 71.5%. The same is explained
by higher impact from 1 month wage hikes that flowed through in 1Q and
promotions to employees.
Despite significant beat to revenues, PAT at INR23.7b declined 1% QoQ and was in
line with our estimate, on lower other income (INR5.77b v/s estimate of INR6.41b).
12 July 2013
2

Infosys
EBITDA margin remains flat on back of currency gains, expected to remain under pressure (%)
Source: Company, MOSL
Guidance of 6-10% USD revenue growth unchanged, implies 7.4-11.4% if
restated for currency impacts
Infosys retained its full year USD revenue growth guidance of 6-10%. Even flat
revenues from 2Q-4Q imply 7.7% growth, and a CQGR of 1.45% over 2Q-4Q will
suffice to meet the higher end of the guidance.
Restated for cross currency impacts, the revenue guidance is actually higher by
1.4pp to 7.4-11.4%. Also, the company cited that it will not discern one quarter as
a revenue trend, and will wait to see the trends for another quarter before
revisiting the guidance.
Offshore wage hikes of 8% and onsite wage hikes of 3% (to those not covered in
the February cycle) will be effective from July. Also, the hikes to sales personnel
was effective from May and one month impact of the same will be felt in the next
quarter. These are together expected to drag the margins down by 300bp QoQ.
Segment-wise performance: Manufacturing, Retail & CPG in verticals,
Consulting in services and America in geography drive growth
Among verticals, Manufacturing and Retail & CPG grew 4.1% QoQ / 5.4%QoQ and
contributed 33.5%/30.5% to incremental revenues respectively. Energy & Utilities
(-3.2%) and Telecom (-6.1%) declined sequentially. BFS (2.0%), Insurance (2.7%)
and Travel Logistics (2.7%) showed steady growth this quarter while Healthcare
grew 29.8% QoQ on small base and contributed 20.7% to incrementally revenues
due to public sector healthcare deal recently won by the company.
Contribution to rev (%)
27.0
6.7
22.5
15.8
1.8
4.7
2.4
4.9
8.5
5.7
Growth - QoQ (%)
Contr to incr rev (%)
2.0
19.7
2.7
6.7
4.1
33.5
5.4
30.4
2.7
1.8
0.6
1.0
29.8
20.7
-3.2
-6.1
-6.1
-20.8
6.5
13.0
Source: Company, MOSL
Manufacturing, Retail and CPG drove growth among verticals
Verticals
BFS
Insurance
Manufacturing
Retail and CPG
Transport and Logistics
Life Sciences
Healthcare
Energy and Utilities
Telecom
Others
12 July 2013
3

Infosys
Among services, Consulting / Package Implementation grew fastest 7.1% QoQ,
followed by Business IT Services 3.2%. Products, Platforms and Solutions declined
1.3% QoQ
Consulting drives growth among services, PPS weak
Services
Contribution to rev (%)
Business IT Services
61.0
Consulting Package Impl & Others
33.6
Products, Platforms and Solutions
5.4
Growth - QoQ (%)
Contr to incr rev (%)
3.2
70.4
7.1
83.2
-1.3
-2.7
Source: Company, MOSL
Among geographies, America (6.3% QoQ) and RoW (4.2% QoQ) drove growth while
Europe showed weakness (-1.6%QoQ) and is expected to remain soft in coming
quarters. India remained strong, growing 12.9% QoQ, on a small base.
Weakness in Europe expected to continue
Geographies
North America
Europe
India
Rest of the world
Contribution to rev (%)
61.4
23.6
2.6
12.4
Growth - QoQ (%)
Contr to incr rev (%)
6.3
135.9
-1.6
-14.9
12.9
11.1
4.2
18.7
Source: Company, MOSL
Change in focus yielding results; Deal ramp-ups, utilization hold potential
to drive further performance surprise
Infosys set its intent on pursuing growth aggressively at the beginning of FY13,
with the necessary pricing aggression and active participation in the traditional
commoditized BITS services. In 5 out of the last 6 quarters Infosys' offshore pricing
has declined in Constant Currency, and the volatility in volume growth seems to
have been arrested, with the last sequential decline 5 quarters earlier.
During this period, Consulting and Systems Integration (CSI) at Infosys grew at
2.2% CQGR, while the growth CQGR at BITS in the past 5 quarters is lower at 1.8%.
This is interesting given the fact that the company has won deals worth USD1.6b
in the past 3 quarters, majority of which is in the BITS space. The ramp ups in these
deals have been slow and uncertain, and we believe that there is a likelihood of
this potentially driving traction in BITS and overall revenues going forward.
Volume growth increase with aggression in pricing in traditional BITS business
Source: Company, MOSL
12 July 2013
4

Infosys
Secondly, Infosys' utilization uptick in 1QFY14 (290bp QoQ to 74.3% in IT services,
excluding trainees) was significant, and there yet remains a lot of room to increase
the same. That, along with gradual change in revenue mix in favor of offshore will
be significant margin levers for the company.
Utilization picked up ~200bp QoQ providing a margin gain of +90bps
Source: Company, MOSL
Takeaways from management commentary: Yet another quarter of healthy
large deal wins; too early to revise guidance upwards; 300bp margin
headwind from wage hikes in 2Q
Yet another quarter of healthy deal wins:
Infosys announced 7 large deal wins in
1QFY14, with a total TCV of USD600m+. This comes on the back of USD1b+ TCV of
outsourcing deals announced in 2HFY13. 6 of the 7 large deals were in the US, 3 in
Financial Services and 2 in Manufacturing.
US market picking up:
There are multiple indicators suggesting potential
improvement in spending within US. Inventory levels in semi conductor
companies are down, Retail market is getting better and Auto sales are improving.
All this has not translated into better dollar spends on IT, but are lead indicators
of better growth if they sustain.
"Too early to increase guidance", up in constant currency:
1QFY14 growth implies
required CQGR of 1.45% over 2Q-4QFY14 to meet the top-end of the guided band
of 6-10%. Even flat revenues from hereon will take the full year growth to 7.7%.
However, the management has retained its guidance for now citing that it is too
early to increase the guidance, and it would not want to call the performance in
1QFY14 a secular trend. In constant currency terms however, the restated USD
revenue growth guidance is 7.4-11.4%.
300bp margin impact from wage hikes in 2QFY14:
Offshore wage hikes of 8% and
onsite wage hikes of 3% (to those not covered in the February cycle) will be
effective from July. Also, the hikes to sales personnel was effective from May
and one month impact of the same will be felt in the next quarter. These are
together expected to drag the margins down by 300bp QoQ.
Pricing will be a headwind going forward:
A major proportion of large deals is in
the rebid space which is highly price sensitive. As a result, price point in the
large deals won by Infosys would be lower. Secondly, with discretionary spending
under pressure, higher growth in BITS will imply a mix-based impact on pricing.
5
12 July 2013

Infosys
Multiple levers to offset margin headwinds - utilization and onsite-offshore
mix:
Revenue proportion from onsite at Infosys has increased to 53.2% in 1QFY14,
up 370bp over the past 6 quarters. Taking more revenues to offshore is one of
the levers to improve margins going forward. Additionally, utilization excluding
trainees in IT Services improved 290bp QoQ to 74.3%. This is still far below the
company's aspiration of ~80%. Gradual uptick in the same will drive better
margins.
Semblance of improvement in discretionary spending:
While 1Q growth was
driven by healthy show in Consulting and System's integration, company
refrained from citing any secular uptick in discretionary spending. However,
there is some improvement on the margin, as seen in the pipeline. Sentiment
in the US is definitely positive. Europe however, is still soft.
Change in estimates: 2.7% / 3.8% upgrade in FY14/15 USD revenue
estimates; 2.3% / 5% upgrade in EPS
Following the growth in 1QFY14, to meet the upper end of 6-10% guided band,
Infosys needs to grow its USD revenues at a CQGR of 1.45%. Given yet another
quarter of healthy deal wins and expectation of gradual ramp up in deals won in
2HFY13, we see a substantial likelihood of the same being exceeded.
We have upgraded our FY14/15 USD revenue estimates by 2.7% / 3.8%, as Infosys'
pursuit of improving its growth rates over the past few quarters has yielded healthy
deals. We now expect 11% growth in USD revenues in FY14 and FY15.
Our margin estimates are largely unchanged post the result, as the benefits from
better growth and consequently utilization are largely offset by impact from wage
hikes, which is guided for to be higher than our earlier expectation. Consequently,
our EPS estimates for FY14/FY15 are higher by 2.3% / 4.9%.
Change in Estimates
Revised
INR/USD
USD Revenue (m)
USD revenue gr.(%)
EBIT Margin (%)
EPS (INR)
EPS Growth (%)
FY14E
57.7
8,213
11.0
23.6
171.7
4.1
FY15E
57.0
9,115
11.0
23.7
190.2
10.8
Earlier
FY14E
FY15E
57.5
57.0
7,994
8,780
8.1
9.8
23.5
23.3
167.8
181.4
1.8
8.1
Change (%)
FY14E
FY15E
0.3
0.0
2.7
3.8
296bp
116bp
10bp
37bp
2.3
4.9
232bp
273bp
Source: Company, MOSL
Valuation and view
Infosys' operating performance in the last three quarters exemplifies the nature
of volatility in its business portfolio. Visibility remains poor, which has held the
management back from upgrading its revenue growth guidance despite a meager
CQGR required to achieve higher end of guided band.
Infosys now trades at 16.3x FY14E and 14.7x FY15E EPS. We expect Infosys to grow
its USD revenues at a CAGR of 11% over FY13-15 and EPS at a CAGR of 7.4% during
this period. Our EPS CAGR, however, is at the currency assumption of INR57/USD.
At INR59/USD, the EPS CAGR would be 10% (and FY15 EPS would be INR200).
12 July 2013
6

Infosys
Pricing continues to remain under pressure as the company pursues growth in
traditional commoditized businesses amid a challenged environment for
discretionary spending. Having said that, Infosys has significant room to up
utilization rates further, and that can cushion the headwinds from increased
business aggression. Additionally, any uptick in discretionary spending will benefit
the company much more than peers.
Our target price of INR3,050 discounts FY15E EPS by 16x. While upside in the near-
term could be limited following a sharp up move in the stock, we believe that the
recovery in growth going forward, coupled with room to improve margins, could
drive further returns. Maintain Buy.
Other Result Highlights
Utilization (IT Services and Consulting) including trainees increased 220bp QoQ to
70.7% and Utilization excluding trainees was 74.3%, +290bp QoQ
Utilization (Total) including trainees increased 150bp QoQ to 72.4% and Utilization
excluding trainees was 75.9%, +200bp QoQ
The company won seven large deal wins total TCV signings worth USD600+m in
the quarter.
Cumulative TCV in PPS increased to USD734m (v/s USD684m in 4QFY13)
Offshore mix shifted -110bp QoQ to 46.8%
Headcount addition at 575 (net) and 10,138 (gross). Total employee headcount
was 157,263
Attrition was 16.9% (v/s 16.3% in 4QFY13). Of this, involuntary attrition rate was
1.4%, v/s 1.3% in 4QFY13
Proportion of revenues from fixed price (excluding products) declined by 10bp
QoQ to 40.1% v/s 40.2% in 4QFY13
The company has USD1.17b hedges as at end of 1QFY14 (similar to 4QFY13).
Account receivable days deteriorated marginally to 65 in 1QFY14, v/s 64 in 4QFY13
The company closed the quarter with cash and equivalents of USD4.1b
12 July 2013
7

Infosys
Segment-wise growth
QoQ Growth (%)
Verticals
Banking and Financial Services
Energy & Utilities
Insurance
Manufacturing
Others
Retailing
Telecom
Transportation
Service Lines
Development
Maintainence
Infrastructure Management
Consulting & Package Implementation
Testing
Engg Services
Business process management
Others
Products
Geography
North America
Europe
India
RoW
Clients
Revenues from top client
Revenues from top 5 clients
Revenues from top 10 clients
Revenues from Non-Top 10 clients
Revenues from 2-5 client
Revenues from 6-10 clients
1QFY12
3.4
2.5
5.8
3.8
9.7
15.8
-7.1
-10.6
4.3
5.7
0.9
3.5
7.2
39.1
0.6
-4.4
-7.3
5.1
0.5
0.4
7.9
-0.1
7.7
5.6
3.9
11.1
2.1
2QFY12
4.2
4.5
1.6
4.0
14.8
1.2
2.5
-1.3
11.0
1.2
2.7
2.4
14.2
11.0
4.5
14.0
-8.6
6.3
0.6
-11.6
5.4
6.8
4.5
4.5
4.5
3.6
4.5
3QFY12
3.4
8.9
7.8
4.5
5.3
0.8
-2.5
21.7
3.4
4.4
8.8
28.1
-0.3
9.5
-0.4
-16.7
18.2
0.9
14.0
-1.3
0.0
-7.8
-2.4
0.6
4.4
-0.2
5.7
4QFY12
-4.7
-0.3
-8.6
2.4
-6.3
1.9
1.1
-21.6
-3.1
-6.0
-0.3
-0.3
-3.2
-7.4
-9.5
4.8
18.5
-3.9
0.2
-6.6
5.7
-1.9
0.7
-2.3
-1.8
1.7
-7.1
1QFY13
-1.0
-25.3
-5.3
2.3
-4.6
5.9
-1.0
5.2
0.2
-1.0
5.4
-4.8
5.4
1.9
1.1
-4.2
-1.0
1.7
-8.3
-1.0
-1.0
-1.1
4.1
2.6
-2.3
5.9
0.0
2QFY13
0.7
18.1
4.0
2.9
1.5
3.1
0.4
2.5
1.9
4.9
5.6
2.8
6.2
-0.4
-1.7
-11.2
-2.8
2.2
4.9
-18.0
3.3
0.1
1.3
3.0
2.4
1.7
5.9
3QFY13
6.3
8.3
9.5
4.4
21.8
0.1
3.1
12.6
-1.2
-0.6
7.9
15.5
3.9
0.1
17.6
-1.9
6.3
1.5
16.5
46.2
8.0
4QFY13 1QFY14E
2.0
-2.3
-1.5
3.8
4.9
-2.4
-1.7
1.4
-0.5
0.9
5.9
1.8
0.2
1.4
1.4
1.4
5.1
0.1
5.7
10.7
-1.7
2.1
-3.2
2.7
4.1
2.7
5.4
-6.1
2.7
4.0
-0.4
-0.1
5.5
3.9
2.7
0.7
-1.6
-2.7
4.8
-3.0
11.3
2.7
-4.3
1.4
11.3
-3.0
2.1
4.1
0.1
1.8
2.7
8.5
1.3
2.7
-2.5
2.3
1.8
5.2
1.4
0.5
Source: Company, MOSL
12 July 2013
8

Infosys
Infosys: an investment profile
Company background
Infosys is the second-largest IT services company in
India with revenue of ~USD7.6b (LTM) and employing
over 157,000 people. It defines, designs and delivers
IT-enabled business solutions that help many Global
2000 companies win in a flat world. INFY has a global
footprint in over 30 countries and development centers
in India, China, Australia, the UK, Canada and Japan.
Company's service offerings span business and
technology consulting, ADM, SI, product engineering,
IT infrastructure services and BPO.
Recent developments
INFO won seven large deals totaling to a TCV of
USD600+m in 1QFY14. Over the past three quarters,
Infosys has bagged USD1.6b worth of large deals,
largely in outsourcing (BITS)
Company has a total TCV of USD734m in Products,
Platforms and Solutions, up from USD684m in 4Q.
Valuation and view
Revenue and EPS CAGR of 11% and 7.4% respectively
over FY13-15E.
Valuations at 16.3x FY14E and 14.7x FY15E EPS.
Maintain
Buy
with a target price of INR3,050, based
on 16x FY15E earnings.
Key investment arguments
Change in strategy to allow increased flexibility is
reflecting in better deals signing.
Slackness in utilization is highest among peers, thus
yielding potential to drive margins outperformance.
Sector view
Persistence of weak macroeconomic fundamentals
across geographies have been driving deceleration
in growth for Indian IT services. Indicators from US
are turning positive, but it is too early to be construed
as a trend
Demand fundamentals however, are being
overridden by the potential business model changes
that the industry will be compelled to undergo, if
the immigration bill is passed in current form.
We prefer companies with greater focus on services
in higher end of value chain and active towards
mitigating the risks from impending immigration bill.
Key investment risks
Continued pricing decline akin to FY13 could lead
to prolonged pain on the bottom line, despite offset
coming from improvement in volume growth.
Appreciation in INR could hamper profitability.
Macro headwinds impact the company more due to
higher discretionary mix in its portfolio.
Comparative valuations
P/E (x)
FY14E
FY15E
P/BV (x)
FY14E
FY15E
EV/Sales (x)
FY14E
FY15E
EV/EBITDA (x) FY14E
FY15E
Infosys
16.3
14.7
3.4
3.0
2.8
2.4
10.5
9.1
TCS
18.6
16.5
6.2
5.0
3.9
3.3
13.3
11.6
Wipro
13.1
12.0
2.8
2.4
1.9
1.7
10.0
8.9
EPS: MOSL forecast v/s consensus (INR)
MOSL
Forecast
171.7
190.2
Consensus
Forecast
168.3
185.3
Variation
(%)
2.0
2.6
FY14
FY15
Target price and recommendation
Current
Price (INR)
2,803
Target
Price (INR)
3,050
Upside
(%)
8.8
Reco.
Buy
Stock performance (1 year)
Shareholding pattern (%)
Jun-13
Promoter
Domestic Inst
Foreign
Others
12 July 2013
16.0
18.3
53.3
12.4
Mar-13
16.0
17.5
54.1
12.3
Jun-12
16.0
18.3
51.8
13.9
9

Infosys
Financials and Valuations
12 July 2013
10

Infosys
N O T E S
12 July 2013
11

Disclosures
This report is for personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. This research report does not constitute an offer, invitation or inducement
to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been
furnished to you solely for your information and should not be reproduced or redistributed to any other person in any form.
Unauthorized disclosure, use, dissemination or copying (either whole or partial) of this information, is prohibited. The person accessing this information specifically agrees to exempt MOSt or any of its affiliates
or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOSt or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOSt
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.
The information contained herein is based on publicly available data or other sources believed to be reliable. While we would endeavour to update the information herein on reasonable basis, MOSt and/or its
affiliates are under no obligation to update the information. Also there may be regulatory, compliance, or other reasons that may prevent MOSt and/or its affiliates from doing so. MOSt or any of its affiliates or
employees shall not be in any way responsible and liable for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report . MOSt or any of its affiliates
or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness
for a particular purpose, and non-infringement. The recipients of this report should rely on their own investigations.
This report is intended for distribution to institutional investors. Recipients who are not institutional investors should seek advice of their independent financial advisor prior to taking any investment decision
based on this report or for any necessary explanation of its contents.
MOSt and/or its affiliates and/or employees may have interests/positions, financial or otherwise in the securities mentioned in this report. To enhance transparency, MOSt has incorporated a Disclosure of Interest
Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report.
Disclosure of Interest Statement
1. Analyst ownership of the stock
2. Group/Directors ownership of the stock
3. Broking relationship with company covered
4. Investment Banking relationship with company covered
Infosys
No
No
No
No
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible
for preparation of MOSt research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.
For U.K.
This report is intended for distribution only to persons having professional experience in matters relating to investments as described in Article 19 of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (referred to as "investment professionals"). This document must not be acted on or relied on by persons who are not investment professionals. Any investment or investment activity to
which this document relates is only available to investment professionals and will be engaged in only with such persons.
For U.S.
Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States.
In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state
laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein
are not available to or intended for U.S. persons.
This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional
investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major
institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended
(the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into
a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within
the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst
account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors
Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore
to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.
In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
Nihar Oza
Kadambari Balachandran
Email: niharoza.sg@motilaloswal.com
Email : kadambari.balachandran@motilaloswal.com
Contact: (+65) 68189232
Contact: (+65) 68189233 / 65249115
Office address: 21 (Suite 31), 16 Collyer Quay, Singapore 049318
Motilal Oswal Securities Ltd
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com