J K Lakshmi Cement

27 October 2016
2QFY17 Results Update | Sector: Cement
J K Lakshmi Cement
BSE SENSEX
S&P CNX
27,916 8,615
Bloomberg
JKLC IN
Equity Shares (m) 117.7
M.Cap.(INRb)/(USDb) 56.5 / 0.9
52-Week Range (INR) 514 / 253
1, 6, 12 Rel. Per (%) 0/28/24
Avg Val, INRm 40
Free float (%) 54.1
Financials & Valuations (INR b)
Y/E Mar 2016 2017E 2018E
Sales 26.2 31.0 37.9
EBITDA 2.7 4.6 7.8
NP 0.0 1.0 3.6
Adj EPS (INR) 0.4 8.7 30.3
EPS Gr. (%) -97.1 2,230.2 249.2
BV/Sh. (INR) 113.3 117.9 139.5
RoE (%) 0.3 7.5 23.6
RoCE (%) -0.9 7.3 14.4
EV/EBITDA (x) 26.2 15.0 8.4
EV/Ton (USD) 117 115 99
Estimate change
TP change
Rating change
CMP: INR480 TP: INR606 (+26%) Buy
Realization improvement in a seasonally weak quarter
• Strong beat led by sequentially higher realization: JK Lakshmi Cement’s (JKLC)
volumes fell 2% YoY to 1.72m tons (ex-east, volume declined 8% YoY) due to
heavy rains in its focus markets. Realizations rose 3.5% YoY (+4.7% QoQ) as
price hikes in June-16 largely sustained through 2QFY17. EBITDA increased
37% YoY to INR0.94b (margin: 14.3%; +3.7pp YoY, -0.8pp QoQ), translating
into EBITDA/ton of INR546 (+INR154/t YoY, flat QoQ) due to higher prices and
cost savings. Revenue grew 2% YoY to INR6.6b, while net profit was INR249m.
• Cost-reduction initiatives at eastern unit to improve profitability: The Durg
plant, despite operating at ~90-95% utilization, has been only breaking even at
EBITDA level. Management has planned various cost-saving initiatives like (a)
Setting up of waste heat recovery system; (b) Relocating captive power plant
from north; and (c) Laying of conveyor belt to reduce cost of operations over
next 18 months. Total capex toward cost-reduction effort would be INR4b.
• Consolidated capacity to increase to 13m tons by FY18: JKLC’s consolidated
capacity has increased to 10m tons with commissioning of its Surat grinding
unit in 2QFY17. It is further increasing its Durg capacity by 0.9m tons at
estimated capex of INR300m. Integrated capacity of 1.6m tons at its subsidiary
Udaipur unit should be commissioned by Dec-16 at estimated capex of INR8b.
• Market mix favorable: We continue remaining positive on the company due to
its higher exposure to north/central markets, which we believe are likely to see
highest realization increase due to utilization improvement. However,
turnaround of eastern operations would be a key monitorable. The stock
trades at 15x/8x FY17/18E EV/EBITDA and 115/99 USD/ton. We value JKLC at
EV of 10x FY18 EV/EBITDA (implied EV of USD 130), translating to
INR606/share. Maintain Buy.
Abhishek Ghosh (Abhishek.Ghosh@motilaloswal.com); +91 22 3982 5436
Varun Gadia (Varun.gadia@motilaloswal.com); +91 22 3982 5446
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.

J K Lakshmi Cement
Exhibit 1: Volume declined by 2% due to heavy rains
Volume (mt) Growth (%)
Exhibit 2: Realizations improved QoQ by 4.7% (INR/ton)
1.26
4QFY11
11 19 23
13 13
7 7 14 19 18 13 15 20 18
2 6
1
-9
-10
-12
1.13
1.13
1.23
1.42
1.39
1.21
1.25
1.43
2QFY12
4QFY12
2QFY13
4QFY13
1.22
1.29
1.42
1.70
1.44
1.46
1.50
2QFY14
4QFY14
2QFY15
4QFY15 1.55
39
29
-2
1.66
1.75
1.77
2.16
2.13
1.72
2QFY16
4QFY16
2QFY17
3,269
3,467
3,134
3,582
3,707
3,837
4,075
3,949
3,744
3,745
3,482
3,539
3,809
4,170
3,931
3,706
3,729
3,569
3,694
3,663
3,411
3,649
3,822
4QFY11
2QFY12
4QFY12
2QFY13
4QFY13
2QFY14
4QFY14
2QFY15
4QFY15
2QFY16
4QFY16
2QFY17
Source: Company, MOSL
Source: Company, MOSL
Exhibit 3: OPM marginally declined QoQ due to increase in
P&F and Freight costs
EBITDA (INR m) Margin (%)
Exhibit 4: Trend in EBITDA/ton (INR)
19 19
21 23 23 23 20 18 15
13 13
17 19 16 14 12
9 11 10 11 15 14
12
4QFY11
2QFY12
4QFY12
2QFY13
4QFY13
2QFY14
4QFY14
2QFY15
4QFY15
2QFY16
4QFY16
2QFY17
4QFY11
2QFY12
4QFY12
2QFY13
4QFY13
2QFY14
4QFY14
2QFY15
4QFY15
2QFY16
4QFY16
2QFY17
767
738
412
929
1,208
1,218
1,128
981
953
702
563
634
1,121
1,135
892
754
714
505
684
669
843
1,175
937
609
653
364
758
851
876
936
785
666
576
436
447
658
788
612
503
461
305
391
378
391
552
546
Source: Company, MOSL
Source: Company, MOSL
Exhibit 5: Key performance indicator
INR/Ton 2QFY17 2QFY16 YoY (%) 1QFY16 QoQ (%)
Net realization 3,822 3,694 3.5 3,649 4.7
Expenditure
RM Cost 978 1,072 -6.6 1,001 -2.5
Employee Expenses 301 273 10.5 252 19.2
Power, Oil & Fuel 679 751 -9.6 616 10.2
Freight 914 871 4.9 857 6.6
Other Expenses 404 336 30.5 370 9.1
Total Expenses 3,276 3,303 -0.6 3,097 5.8
EBITDA 546 391 39.5 552 -1.0
Management commentary
• Capacity expansion: The consolidated capacity of the company has increased to
10m tons with the recent commissioning of its Surat grinding unit in 2QFY17. It
is further increasing its Durg capacity by 0.9m tons at an estimated capex of
INR300mn. The integrated capacity of 1.6mtons at its subsidiary Udaipur unit is
likely to get commissioned by December-16 at an estimated capex of INR8bn
• Cost reduction initiatives at Easter unit: JKLC eastern unit has been only
breaking even at EBITDA level despite operating at close to 100% utilization due
to cost inefficiencies. In order to improve cost efficiencies, management is
putting up a conveyor belt for limestone transportation, Waste Heat Recovery
System to meet 30% of its power requirement, relocating the captive power
27 October 2016 2

J K Lakshmi Cement
plant from its Northern operations. The combined capex towards the cost
reduction programs would be INR4bn.
• Management expects cost savings for its eastern units to the extent of INR200/t
‣ INR 70 to INR 80/ton from WHRs unit that will be operational from
September 2017
‣ INR 80 to 90/ton from thermal power unit that will be operational from
March 2017
‣ INR 30 to 40/ton from conveyor belt that will increase productivity
• Demand expected to grow 8 to 10% due to pre Diwali spending, government
initiatives and good monsoons
• North Trade mix at 50% vs. 50% Non-Trade and East Trade mix at 20% vs. 80%
Non-Trade
• The impact of higher power and fuel costs will not be completely seen in
December quarter; Most of the power and fuel impact will be seen in 4QFY17
• Standalone net debt at ~15b at the end of 2QFY17.
• Estimate capex for FY17 would be INR 2bn for standalone operations.
Fundamental strength getting stained by rising concerns in east operations
• JKLC has a strong market-mix with 75% of its sales in North markets . It has also
diversified itself by adding capacity in the east. Capacity addition in Surat and
east offer further growth potential for the company.
• The company has a superior cost structure due to (a) consistently improving
fuel efficiency (in top quartile among industry players), (b) 100% self-sufficiency
in power in north, and (c) competitive fuel mix with pet coke (85%).
• However the eastern operations profitability is impacted due to cost
inefficiencies in form of higher power and fuel cost. Management is taking
prudent measure to improve profitability of the unit in next 1-2 years.
• Net debt likely to have peaked out with the conclusion of large part of ongoing
expansion; Company expects to refinance loans taking benefit of lower interest
rates.
• We continue to remain positive on the company due to its higher exposure to
North and Central markets which we believe is likely to see highest realization
increase on back of utilization improvement. However the turnaround of
eastern operations would be a key monitorable. The stock trades at 15x/8x
FY17/18E EV/EBITDA and 115/99 USD/ton. We value JKLC at EV of 10x FY18
EV/EBITDA (implied EV of USD 130), translating to INR606/share. Maintain Buy
27 October 2016 3

J K Lakshmi Cement
Exhibit 6: Capacity expansion aids volume levers
Capacity (mt)
Dispatch (mt)
Effective Utilization (%)
105 103
100
91
92
94
88
88
83
78
4.7
4.0
4.7
4.6
4.7
4.3
4.7
4.9
5.3
5.3
5.9
5.6
8.3
5.9
7.3
8.2
9.3
9.3
10.3
9.2
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E
Source: Company, MOSL
Exhibit 7: Market mix improves (%)
North East West
20 15 22
35
26
27
80
64 65
51
Cap mix FY14 Cap mix FY17 Vol mix FY14 Vol mix FY17
Source: Company, MOSL
Exhibit 8: end in EBITDA/ton (INR)
Exhibit 9: RoE to improve FY17 onwards (%)
963
771
925
431
686
812
536
588
369
564
850
30
20
10
RoE
RoCE
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: Company, MOSL
0
-10
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
Source: Company, MOSL
27 October 2016 4

J K Lakshmi Cement
Financials and valuations
Income Statement
(INR Million)
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Net Sales 13,168 17,177 20,550 20,566 23,071 26,199 30,984 37,875
Change (%) -11.7 30.4 19.6 0.1 12.2 13.6 18.3 22.2
Total Expenditure 11,314 13,824 16,262 17,546 19,576 23,497 26,357 30,057
% of Sales 85.9 80.5 79.1 85.3 84.9 89.7 85.1 79.4
EBITDA 1,854 3,353 4,287 3,020 3,495 2,701 4,628 7,817
Margin (%) 14.1 19.5 20.9 14.7 15.1 10.3 14.9 20.6
Depreciation 846 1,297 1,489 1,352 1,119 1,629 1,797 1,792
EBIT 1,008 2,056 2,798 1,668 2,376 1,073 2,831 6,025
Int. and Finance Charges 605 874 835 772 907 1,923 1,920 1,638
Other Income - Rec. 385 638 555 443 282 603 530 375
PBT bef. EO Exp. 788 1,820 2,517 1,339 1,750 -248 1,440 4,762
EO Expense/(Income) 0 392 163 185 633 107 0 0
PBT after EO Exp. 788 1,427 2,354 1,154 1,118 -355 1,440 4,762
Current Tax 45 179 696 132 87 0 418 1,190
Deferred Tax 151 161 -99 92 75 -418 0 0
Tax Rate (%) 25.0 23.8 25.3 19.4 14.5 117.7 29.0 25.0
PAT Adj for EO items 591 1,387 1,879 1,079 1,497 44 1,023 3,571
Change (%) -75.5 134.5 35.5 -42.6 38.7 -97.1 2,230.2 249.2
Margin (%) 4.5 8.1 9.1 5.2 6.5 0.2 3.3 9.4
Balance Sheet
0 0.2193 0.17610428
(INR Million)
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Equity Share Capital 612 612 589 589 589 589 589 589
Total Reserves 9,851 11,140 12,010 12,444 12,719 12,746 13,287 15,825
Net Worth 10,463 11,752 12,598 13,032 13,307 13,334 13,875 16,413
Deferred Liabilities 1,458 1,233 1,134 1,226 1,284 867 867 867
Total Loans 8,483 11,004 13,370 16,042 18,992 19,201 19,201 17,201
Capital Employed 20,404 23,989 27,101 30,300 33,584 33,402 33,943 34,481
Gross Block 23,186 24,486 26,782 29,305 40,946 47,417 47,167 47,167
Less: Accum. Deprn. 9,376 11,193 12,436 13,590 15,121 16,749 18,547 20,339
Net Fixed Assets 13,810 13,293 14,346 15,715 25,825 30,668 28,621 26,828
Capital WIP 409 2,941 6,881 9,080 2,000 0 2,000 4,000
Total Investments 5,278 4,538 4,065 4,477 4,228 4,005 4,005 4,005
Curr. Assets, Loans&Adv. 4,880 7,085 6,145 6,392 8,819 7,746 8,076 9,599
Inventory 1,199 1,201 1,148 1,024 2,235 2,406 2,647 3,120
Account Receivables 280 382 501 555 705 965 947 1,157
Cash and Bank Balance 888 890 127 356 1,768 118 39 469
Loans and Advances 2,514 4,612 4,369 4,457 4,112 4,258 4,443 4,853
Curr. Liability & Prov. 4,359 3,868 4,335 5,364 7,289 9,017 8,758 9,951
Account Payables 4,127 3,513 3,896 4,950 6,815 8,804 8,508 9,475
Provisions 232 355 439 415 473 213 251 476
Net Current Assets 521 3,218 1,810 1,028 1,531 -1,271 -683 -352
Appl. of Funds 20,404 23,989 27,101 30,300 33,584 33,402 33,943 34,481
E: MOSL Estimates; * Adjusted for treasury stocks
27 October 2016 5

J K Lakshmi Cement
Financials and Valuations
Ratios
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Basic (INR) *
EPS 4.8 11.3 16.0 9.2 12.7 0.4 8.7 30.3
Cash EPS 11.7 21.9 28.6 20.7 22.2 14.2 24.0 45.6
BV/Share 85.5 96.0 107.0 110.7 113.1 113.3 117.9 139.5
DPS 1.2 1.9 2.5 2.0 2.0 2.0 3.5 7.5
Payout (%) 30.1 25.3 19.5 29.6 28.8 437.9 47.1 28.9
Valuation (x) *
P/E 42.4 52.4 37.8 1,288.1 55.3 15.8
Cash P/E 21.9 23.3 21.6 33.8 20.0 10.5
P/BV 5.0 4.3 4.2 4.2 4.1 3.4
EV/Sales 3.4 2.9 3.0 2.7 2.2 1.7
EV/EBITDA 17.7 19.8 19.8 26.2 15.0 8.4
EV/Ton (USD) 192 155 128 117 115 99
Dividend Yield (%) 0.4 0.4 0.4 0.4 0.7 1.6
Return Ratios (%)
RoE 5.7 12.5 15.4 8.4 11.4 0.3 7.5 23.6
RoCE 5.4 9.8 10.3 6.2 7.4 -0.9 7.3 14.4
RoIC 6.0 10.4 10.6 5.7 7.6 -0.7 6.6 14.7
Working Capital Ratios
Asset Turnover (x) 0.6 0.7 0.8 0.7 0.7 0.8 0.9 1.1
Inventory (Days) 33.2 25.5 20.4 18.2 35.4 33.5 31.2 30.1
Debtor (Days) 7 7 8 9 10 12 10 10
Creditor (Days) 114 75 69 88 108 123 100 91
Growth (%)
Sales -11.7 30.4 19.6 0.1 12.2 13.6 18.3 22.2
EBITDA -56.3 80.8 27.8 -29.6 15.7 -22.7 71.3 68.9
PAT -75.5 134.5 35.5 -42.6 38.7 -97.1 2,230.2 249.2
Leverage Ratio (x)
Current Ratio 1.1 1.8 1.4 1.2 1.2 0.9 0.9 1.0
Interest Cover Ratio 2 2 3 2 3 1 1 4
Debt/Equity 0.8 0.9 1.1 1.2 1.4 1.4 1.4 1.0
* Adjusted for treasury stocks
Cash Flow Statement
(INR Million)
Y/E March 2011 2012 2013 2014 2015 2016 2017E 2018E
Oper. Profit/(Loss) before Tax 1,854 3,353 4,287 3,020 3,495 2,701 4,628 7,817
Interest/Dividends Recd. 385 638 555 443 282 603 530 375
Depreciation 0 0 0 0 0 0 0 0
Direct Taxes Paid -45 -179 -696 -132 -103 0 -418 -1,190
(Inc)/Dec in WC 1,253 -2,693 644 1,012 909 1,151 -667 99
CF from Operations 3,446 1,119 4,790 4,342 4,582 4,455 4,073 7,101
EO expense 123 127 -163 -185 -633 -107 0 0
CF from Operating incl EO 3,569 1,246 4,627 4,157 3,950 4,348 4,073 7,101
(inc)/dec in FA -2,739 -3,831 -6,236 -4,723 -4,560 -4,472 -1,750 -2,000
Free Cash Flow 830 -2,585 -1,610 -565 -610 -124 2,323 5,101
(Pur)/Sale of Investments -472 740 473 -413 249 223 0 0
CF from investments -3,212 -3,091 -5,763 -5,135 -4,311 -4,249 -1,750 -2,000
Issue of Shares -157 476 -569 -220 -406 240 0 0
(Inc)/Dec in Debt -734 2,521 2,366 2,673 2,950 209 0 -2,000
Interest Paid -605 -874 -835 -772 -907 -1,923 -1,920 -1,638
Dividend Paid -178 -275 -342 -275 -275 -275 -482 -1,033
CF from Fin. Activity -1,674 1,848 619 1,405 1,361 -1,749 -2,402 -4,671
Inc/Dec of Cash -1,317 3 -518 427 1,000 -1,650 -79 430
Add: Beginning Balance 2,204 888 890 127 356 1,768 118 39
Closing Balance 887 890 372 554 1,356 118 39 469
E: MOSL Estimates; * Adjusted for treasury stocks
27 October 2016 6

J K Lakshmi Cement
Corporate profile
Company description
JK Lakshmi Cement (JKLC), promoted by the HS
Singhania group, is a North India-based cement
company. It has a cement capacity of 5.3mtpa and a
CPP capacity of 66MW, which makes it selfsufficient
in energy. While the North and the West
account for 90-95% of its current dispatch mix,
ongoing greenfield expansion of 2.7mtpa at Durg in
Chhattisgarh would enhance its presence in the
central and eastern markets, raising total capacity
to 9.2mtpa by FY15.
Exhibit 1: Sensex rebased
Source: MOSL/Bloomberg
Exhibit 2: Shareholding pattern (%)
Sep-16 Jun-16 Sep-15
Promoter 45.9 45.9 45.9
DII 21.0 19.8 18.4
FII 12.2 12.6 14.4
Others 20.9 21.7 21.3
Note: FII Includes depository receipts Source: Capitaline
Exhibit 3: Top holders
Holder Name
% Holding
Sachin Bansal & Vivek Bansal 4.0
Hdfc Standard Life Insurance Company
Limited 3.8
Goldman Sachs India Fund Limited 2.5
Life Insurance Corporation Of India 2.5
Government Pension Fund Global 2.3
Source: Capitaline
Exhibit 4: Top management
Name
Bharat Hari Singhania
Vinita Singhania
Brijesh K Daga
Designation
Chairman & Managing
Director
Vice Chairman & M.D.
Company Secretary
Exhibit 5: Directors
Name
B V Bhargava
N G Khaitan
Raghupati Singhania
S K Wali
Name
K N Memani
Pradeep Dinodia
Ravi Jhunjhunwala
Shailendra Chouksey
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Lodha & Co
Namo Narain Agarwal
R J Goel & Co
Type
Statutory
Secretarial Audit
Cost Auditor
Exhibit 7: MOSL forecast v/s consensus
EPS
MOSL Consensus
(INR) forecast forecast
Variation (%)
FY17 8.7 11.6 -25.3
FY18 30.3 25.2 20.2
Source: Capitaline
Source: Bloomberg
27 October 2016 7

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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.
Motilal Oswal Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. SEBI Reg. No. INH000000412
Pending Regulatory inspections against Motilal Oswal Securities Limited:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and
adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have requested
to SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.
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receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues
Disclosure of Interest Statement
JK LAKSHMI CEMENT
• Analyst ownership of the stock No
• Served as an officer, director or employee - No
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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 Hong Kong: This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412)
has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of
Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of
these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting
Research Analysis in Hong Kong.
For U.S.
Motilal Oswal 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:
Varun Kumar
Kadambari Balachandran
Varun.kumar@motilaloswal.com
kadambari.balachandran@motilaloswal.com
Contact : (+65) 68189232 (+65) 68189233 / 65249115
Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931
Motilal Oswal Securities Ltd
Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025
27 October 2016 Phone: +91 22 3982 5500 E-mail: reports@motilaloswal.com
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