SELL

Mahindra CIE Automotive (MACA)

https://ultraviewer.et/en/own Automobiles & Components APRIL 30, 2021
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RESULT
Sector view: Cautious

Margin improvements continue. Mahindra CIE reported 1QCY21 consolidated CMP (`): 171
EBITDA of Rs3.1 bn, 26% above our estimates due to strong revenue performance and Fair Value (`): 150
cost-cutting initiatives. We expect EU business revenue growth to remain muted due to
BSE-30: 48,782
weak economic growth; however, with the company’s focus on cost control, we expect
margins to improve. Also, faster adoption of EVs in the EU region and inferior return
ratios remain a concern. Maintain SELL with revised FV of Rs150.

Mahindra CIE Automotive

Stock data Forecasts/valuations 2021 2022E 2023E
CMP(Rs)/FV(Rs)/Rating 171/150/SELL EPS (Rs) 2.8 7.8 14.7
52-week range (Rs) (high-low) 235-81 EPS growth (%) (70.2) 178.0 87.6
Mcap (bn) (Rs/US$) 65/0.9 P/E (X) 60.7 21.8 11.6
ADTV-3M (mn) (Rs/US$) 109/1 P/B (X) 1.3 1.3 1.2
Shareholding pattern (%) EV/EBITDA (X) 15.3 7.7 6.1
Promoters 71.6 RoE (%) 2.2 5.9 10.4
FPIs/MFs/BFIs 14.6/3.3/0.1 Div. yield (%) 0.0 0.0 0.0
Price performance (%) 1M 3M 12M Sales (Rs bn) 61 77 84
Absolute 5.9 5.3 79.7 EBITDA (Rs bn) 5 10 11
Rel. to BSE-30 7.4 (0.1) 24.2 Net profits (Rs bn) 1 3 6

1QCY21: EBITDA margin above our estimates on strong revenue growth

Mahindra CIE reported consolidated EBITDA of Rs3.1 bn, 26% above our estimates largely due
to (1) better-than-expected revenue growth in India and European businesses and (2) better-
than-expected margin in European businesses. Consolidated revenues increased by 30% yoy led
by (1) 41% yoy increase in India business revenues and (2) 21% yoy increase in revenues in
Europe business (in INR terms). As a result, consolidated EBITDA margin improved by 100 bps
on a yoy basis to 14.7% mainly due to (1) operating leverage benefits and (2) cost-cutting
initiatives in 1QCY21. India business revenues increased by 8% qoq, 11% above our estimates
led by (1) 2-3% qoq increase in production volumes in the automotive segment and (2) 4.5%
qoq increase due to higher realization of RM pass-through. EBITDA margin came in at 15.5%
(+240 bps yoy), which was in line with our estimates. European business revenues in EUR terms
increased by 11-12% yoy led by (1) 50% yoy increase in Metalcastello business, (2) >10% yoy
increase in PV forging segment and (3) 2-3% yoy increase in CV forging segment. EBITDA
margin stood at 13.9% in 1QCY21 (+340 bps yoy), 240 bps above our expectations due to
cost-cutting initiatives and operating leverage benefits.

Increase our CY2022-23E consolidated EPS estimates by 12-15%; maintain SELL

We have increased our CY2022-23E consolidated EPS estimates by 12-15% due to (1) 5-6%
higher revenue assumptions, (2) 110-120 bps expansion in EBITDA margin assumptions for
Indian business and (3) 10-20 bps expansion in EBITDA margin assumptions for European
business. We have cut our CY2021E consolidates EPS by 21% baking in one-time tax expense
of Rs1.4 bn as goodwill of a business will not be considered as a depreciable asset. We expect
Hitesh Goel
Indian and European operations to remain under pressure in 2QCY21 led by supply-chain
disruptions and concerns related to the second wave of Covid. However, the company expects
strong recovery from 2HCY21 onwards. The company derives 25-27% of the European Rishi Vora
business revenues from powertrain products, which are at risk due to shift towards EV and
currently the company’s order book for the EV segment is very small. Also, inferior return ratio
restricts multiple re-rating of the company in our view despite it reporting strong margin
performance over the past two quarters. Maintain SELL with revised FV of Rs150 (from Rs135
earlier) based on 10X March 2023E EPS.

[email protected]
Contact: +91 22 6218 6427

For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES’ RATING SYSTEM AND OTHER DISCLOSURES, REFER TO THE END OF THIS MATERIAL.
Automobiles & Components Mahindra CIE Automotive

Conference call takeaways

 European business revenues in EUR terms increased by 11-12% yoy despite flattish yoy
increase in production of European light vehicles market and 6% yoy increase in EU
M&HCV market in 1QCY21. The growth was led by – (1) 50% yoy growth in
Metalcastello division, (2) >10% yoy growth in PV forgings segment and (3) 2-3% yoy
growth in CV forgings segment. EBITDA margin stood at 13.9% in 1QCY21 (+340 bps
yoy), which was 240 bps above our estimates due to cost-cutting initiatives and operating
leverage benefits. The company has downsized their EU operations and is also looking to
shift some of the overseas plants to India in order to improve their profitability. The
company has incurred total restructuring cost of Rs750-800 mn in CY2020 and expects
to save EUR4 mn annually from CY2021E onwards. The company will continue to
rationalize business portfolios to maintain margins of Europe business. The company
expects 2QCY21 to remain under pressure due to semi-conductor shortages; however, it
expects strong recovery from 2HCY21 onwards. The company also highlighted that 25-27%
of the European revenues is derived from powertrain products, which will be at risk if EU
PV industry shift to electric. The company highlighted that EV penetration is increasing in
Europe and MCIE’s mitigation plan is to maintain current utilization at its European
forgings plants by (1) increasing market share in crankshafts, (2) focusing on non-engine
parts with dual use in BEVs like knuckles and (3) introducing AL forgings. However, we
believe the company needs to significantly ramp up their product offerings for the EV
segment in European business in order to stay competitive in the EV segment.

 India business revenues increased by 41% yoy and 8% qoq, 11% above our estimates.
India business growth on a sequential basis was led by (1) 3-4% qoq growth led by
increase in production volumes of the customers and (2) 4.5% qoq impact due to higher
realizations on account RM pass-through. Indian business reported EBITDA of Rs1.6 bn
(KIE: Rs1.5 bn) in 1QCY21. EBITDA margin came in at 15.5% (+240 bps yoy), in line with
our estimates due to cost-cutting initiatives. As a result, the company reported PBT of
Rs1.2 bn in 1QCY21. The company expects Indian operations to remain under pressure in
2QCY21; however, it expects strong recovery from 3QFY21 onwards. The company
highlighted 20% of the Indian revenues is derived from powertrain products.

 Other key points. (1) Breakeven monthly revenue run-rate for Mahindra CIE
consolidated stood at around Rs0.8 bn (Rs0.5 bn for EU operations and Rs0.3 bn for
Indian business), (2) the company will incur capex of 5-6% of consolidated revenues in
CY2021E mostly on account of capacity addition for Indian operations (in the range of
Rs4-4.5 bn), (3) in accordance with the requirements of Ind-AS 12 – Income Taxes, the
company has recognized a one-time tax expense amounting to Rs1.4 bn as the outcome
of the difference between goodwill as per the books of account and its updated tax base
of nil resulting from the aforementioned amendment, in addition to the current tax
expense debited to the statement of profit and loss. This deferred tax liability is not
expected to be a cash outflow in the future and its reversal is deemed unlikely as the
value of its associated goodwill is expected by value in use, (4) consolidated tax rate will
be around 26-27%, (5) the company will invest EUR4 mn in Bill Forge Mexico to set up
the press in the plant and (6) the company will pay 25% of the consolidated PAT as
dividend going forward.

2 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Mahindra CIE Automotive Automobiles & Components

Exhibit 1: Consolidated EBITDA was 26% above our estimates due to strong revenue performance and cost-cutting initiatives
Mahindra CIE interim results summary, calendar year-ends
Consolidated % change
1QCY21 1QCY21E 1QCY20 4QCY20 1QCY21E 1QCY20 4QCY20 CY2021E CY2020 CY2022E CY2021E
Sales 20,863 17,743 16,033 18,653 17.6 30.1 11.8 77,152 60,501 27.5 84,114 77,152 9.0
EBITDA 3,062 2,424 1,871 2,549 26.3 63.7 20.1 10,256 5,565 84.3 11,983 10,256 16.8
EBIT 2,179 1,524 1,056 1,668 43.0 106.3 30.6 6,512 2,501 160.4 7,948 6,512 22.0
EBT 2,037 1,474 874 1,611 38.2 133.1 26.4 6,164 1,952 215.7 7,719 6,164 25.2
Margins
EBITDA margin incl. other income(%) 14.7 13.7 11.7 13.7 13.3 9.2 14.2 13.3
EBIT margin (%) 10.4 8.6 6.6 8.9 8.4 4.1 9.4 8.4
Europe business % change
1QCY21 1QCY21E 1QCY20 4QCY20 1QCY21E 1QCY20 4QCY20 CY2021E CY2020 CY2022E CY2021E
Sales 10,375 8,254 8,593 8,951 25.7 20.7 15.9 37,278 31,200 19.5 39,256 37,278 5.3
EBITDA 1,441 949 900 1,066 51.8 60.1 35.2 4,777 2,609 83.1 5,208 4,777 9.0
EBIT 1,009 499 528 636 102.1 91.1 58.6 3,077 923 233.4 3,408 3,077 10.7
EBT 922 449 440 587 105.2 109.5 57.1 2,777 605 359.0 3,108 2,777 11.9
Margins
EBITDA margin incl. other income(%) 13.9 11.5 10.5 11.9 12.8 8.4 13.3 12.8
EBIT margin (%) 9.7 6.0 6.1 7.1 8.3 3.0 8.7 8.3
India business (Standalone + Bill Forge + Gears India + Aurangabad Electricals) % change
1QCY21 1QCY21E 1QCY20 4QCY20 1QCY21E 1QCY20 4QCY20 CY2021E CY2020 CY2022E CY2021E
Sales 10,488 9,488 7,439 9,702 10.5 41.0 8.1 39,874 29,301 36.1 44,857 39,874 12.5
EBITDA 1,621 1,475 971 1,483 9.9 66.9 9.3 5,479 2,956 85.4 6,776 5,479 23.7
EBIT 1,170 1,025 528 1,032 14.2 121.6 13.4 3,435 1,578 117.8 4,540 3,435 32.2
EBT 1,115 1,025 435 1,024 8.8 156.3 8.9 3,387 1,347 151.4 4,612 3,387 36.2
Margins
EBITDA margin incl. other income(%) 15.5 15.5 13.1 15.3 13.7 10.1 15.1 13.7
EBIT margin (%) 11.2 10.8 7.1 10.6 8.6 5.4 10.1 8.6
PBT margin (%) 10.6 10.8 5.8 10.6 8.5 4.6 10.3 8.5

Source: Company, Kotak Institutional Equities estimates

Exhibit 2: We have increased our CY2022-23E consolidated EPS estimates by 12-15% led by increase in EBITDA margin assumptions
Earnings revision table, calendar year-ends, 2021-23E (Rs mn, %)
New estimates Old estimates % change
2021E 2022E 2023E 2021E 2022E 2023E 2021E 2022E 2023E
Consolidated
Net sales 77,152 84,114 89,360 73,708 80,145 84,412 4.7 5.0 5.9
EBITDA (incl. other income) 10,256 11,983 13,021 8,955 10,889 11,683 14.5 10.1 11.5
EBITDA margin incl. other income (%) 13.3 14.2 14.6 12.1 13.6 13.8 114 bps 66 bps 73 bps
Adjusted net profit 2,963 5,558 6,181 3,741 4,969 5,377 (20.8) 11.9 15.0
EPS 7.8 14.7 16.3 9.9 13.1 14.2 (20.8) 11.9 15.0
Europe
Net sales 37,278 39,256 40,298 35,529 37,543 38,787 4.9 4.6 3.9
EBITDA (incl. other income) 4,777 5,208 5,477 4,065 4,918 5,221 17.5 5.9 4.9
EBITDA margin incl. other income (%) 12.8 13.3 13.6 11.4 13.1 13.5 137 bps 17 bps 13 bps
Adjusted net profit 1,944 2,175 2,294 1,481 2,007 2,149 31.3 8.4 6.7
EPS 5.1 5.7 6.1 3.9 5.3 5.7 31.3 8.4 6.7
India business (Standalone + Bill Forge + Gears India + Aurangabad Electricals)
Net sales 39,874 44,857 49,061 38,179 42,602 45,625 4.4 5.3 7.5
EBITDA (incl. other income) 5,479 6,776 7,544 4,890 5,971 6,462 12.0 13.5 16.7
EBITDA margin incl. other income (%) 13.7 15.1 15.4 12.8 14.0 14.2 93 bps 109 bps 121 bps
Adjusted net profit 1,019 3,383 3,887 2,260 2,961 3,227 (54.9) 14.2 20.4
EPS 2.7 8.9 10.3 6.0 7.8 8.5 (54.9) 14.2 20.4

Source: Kotak Institutional Equities estimates

KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

Automobiles & Components Mahindra CIE Automotive

Exhibit 3: We forecast 33% CAGR in consolidated EBITDA over CY2020-23E

Key financials of different businesses and consolidated entity, calendar year-ends, 2016-23E (Rs mn, %)

CY2016 CY2017 CY2018 CY2019 CY2020 CY2021E CY2022E CY2023E

Consolidated
Revenues 53,199 64,279 80,315 79,078 60,501 77,152 84,114 89,360
Yoy growth (%) 20.8 24.9 (1.5) (23.5) 27.5 9.0 6.2
EBITDA (incl. other income) 5,625 8,411 10,898 10,008 5,565 10,256 11,983 13,021
EBITDA margin incl. other income (%) 10.6 13.1 13.6 12.7 9.2 13.3 14.2 14.6
Adjusted net profit 1,753 3,715 5,485 3,572 1,066 2,963 5,558 6,181
EPS (Rs) 4.6 9.8 14.5 9.4 2.8 7.8 14.7 16.3
Europe subsidiaries
Revenues 33,429 36,762 45,704 43,242 31,200 37,278 39,256 40,298
Yoy growth (%) 10.0 24.3 (5.4) (27.8) 19.5 5.3 2.7
EBITDA (incl. other income) 3,657 4,983 6,092 5,400 2,609 4,777 5,208 5,477
EBITDA margin incl. other income (%) 10.9 13.6 13.3 12.5 8.4 12.8 13.3 13.6
Adjusted net profit 957 2,205 3,225 1,808 424 1,944 2,175 2,294
EPS (Rs) 2.5 5.8 8.5 4.8 1.1 5.1 5.7 6.1
India business (Standalone + Bill Forge + Gears India + Aurangabad Electricals)
Revenues 19,770 27,517 34,611 35,836 29,301 39,874 44,857 49,061
Yoy growth (%) 39.2 25.8 3.5 (18.2) 36.1 12.5 9.4
EBITDA (incl. other income) 1,968 3,428 4,806 4,608 2,956 5,479 6,776 7,544
EBITDA margin incl. other income (%) 10.0 12.5 13.9 12.9 10.1 13.7 15.1 15.4
Net profit 796 1,510 2,260 1,764 642 1,019 3,383 3,887
EPS (Rs) 2.1 4.0 6.0 4.7 1.7 2.7 8.9 10.3

Source: Company, Kotak Institutional Equities estimates

4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Mahindra CIE Automotive Automobiles & Components

Exhibit 4: We expect consolidated earnings to improve significantly over CY2020-23E

Consolidated profit, balance sheet and cash model, calendar year-ends, 2015-23E (Rs mn)
FY2015 9MFY16 CY2016 CY2017 CY2018 CY2019 CY2020 CY2021E CY2022E CY2023E
Profit model (Rs mn)
Net sales 55,699 38,653 53,199 64,279 80,315 79,078 60,501 77,152 84,114 89,360
EBITDA 4,403 3,632 5,311 8,143 10,511 9,677 5,016 9,788 11,346 12,264
O ther income 429 287 314 268 387 331 549 467 637 757
Interest (1,197) (504) (594) (510) (502) (523) (548) (348) (228) (108)
Depreciation (2,375) (1,630) (2,325) (2,683) (2,867) (3,161) (3,064) (3,743) (4,036) (4,328)
Exceptionals (2,261) (779) (90) (69) — (46) — — — —
Profit before tax (1,001) 1,006 2,616 5,149 7,529 6,279 1,952 6,164 7,719 8,584
Tax 219 (239) (926) (1,483) (2,043) (2,741) (886) (3,201) (2,161) (2,404)
Net profit (782) 767 1,690 3,667 5,485 3,538 1,066 2,963 5,558 6,181
Adjusted net profit 801 1,312 1,753 3,715 5,485 3,572 1,066 2,963 5,558 6,181
Earnings per share (Rs) 2.5 4.1 4.6 9.8 14.5 9.4 2.8 7.8 14.7 16.3
Balance sheet (Rs mn)
Equity 18,865 20,066 32,663 37,156 42,891 46,338 49,080 51,302 55,471 60,106
Minority interest 155 — — — — — — — — —
Deferred tax liability 333 592 968 924 988 2,296 2,771 2,771 2,771 2,771
Total borrowings 15,491 10,847 13,917 11,969 16,134 14,691 16,476 15,476 12,476 9,476
O ther liabilities 12,633 17,500 18,279 22,221 21,876 19,515 22,499 25,297 27,350 29,079
Provisions 2,362 3,020 3,489 3,644 3,939 4,170 4,344 4,344 4,344 4,344
Total liabilities 49,839 52,024 69,316 75,915 85,828 87,011 95,170 99,190 102,411 105,776
Net fixed assets 32,501 15,774 18,801 19,741 20,901 25,717 29,982 30,739 31,203 31,375
Goodwill — 17,714 27,338 28,364 29,111 35,260 37,554 37,554 37,554 37,554
Investments 570 671 389 550 6,808 955 2,340 2,340 2,340 2,340
Cash 893 502 981 719 1,127 1,499 2,380 2,466 5,390 7,040
Inventories 6,850 7,189 8,352 9,898 12,286 10,566 10,062 11,536 11,425 12,099
Trade receivables 4,225 3,831 5,219 5,984 7,414 7,368 7,054 8,455 8,066 8,569
O ther current assets 4,801 6,344 8,237 10,657 8,181 5,645 5,798 6,100 6,433 6,799
Total assets 49,839 52,024 69,316 75,915 85,828 87,011 95,170 99,190 102,411 105,776
Free cash flow (Rs mn)
O perating cash flow excl. working capital 2,940 4,901 7,315 8,848 8,720 4,632 7,055 9,822 10,617
Working capital changes 3,857 (1,881) (2,193) (1,769) 1,554 761 (379) 2,220 186
Capital expenditure (2,006) (1,979) (3,105) (4,101) (4,238) (3,343) (4,500) (4,500) (4,500)
Free cash flow 4,790 1,041 2,017 2,978 6,036 2,051 2,175 7,542 6,303
Ratios
EBITDA margin (%) 7.9 9.4 10.0 12.7 13.1 12.4 8.3 12.7 13.5 13.7
PAT margin (%) (1.4) 2.0 3.2 5.7 6.8 4.5 1.8 3.8 6.6 6.9
Net debt/equity (X) 0.8 0.5 0.4 0.3 0.3 0.3 0.3 0.3 0.1 0.0
Book value (Rs/share) 58 62 86 98 113 122 130 136 147 159
RoE (%) 4.2 6.5 5.4 10.0 12.8 7.7 2.2 5.8 10.0 10.3
RoCE (%) 4.2 4.6 4.6 7.9 9.2 7.7 2.2 6.6 8.2 8.9

Source: Company, Kotak Institutional Equities estimates

KOTAK INSTITUTIONAL EQUITIES RESEARCH 5

Disclosures

Kotak Institutional Equities Research coverage universe

Distribution of ratings/investment banking relationships
Percentage of companies covered by Kotak Institutional
70%
Equities, within the specified category.

60%
Percentage of companies within each category for which Kotak
Institutional Equities and or its affiliates has provided
50%
investment banking services within the previous 12 months.

40% * The above categories are defined as follows: Buy = We

32.5% expect this stock to deliver more than 15% returns over the next
27.4% 12 months; Add = We expect this stock to deliver 5-15% returns
30%
23.6% over the next 12 months; Reduce = We expect this stock to
deliver -5-+5% returns over the next 12 months; Sell = We
20% 16.5% expect this stock to deliver less than -5% returns over the next
12 months. Our target prices are also on a 12-month horizon
basis. These ratings are used illustratively to comply with
10%
3.8% 4.7% applicable regulations. As of 31/12/2020 Kotak Institutional
2.8%
0.5% Equities Investment Research had investment ratings on 212
0% equity securities.
BUY ADD REDUCE SELL

Source: Kotak Institutional Equities As of March 31, 2021

Ratings and other definitions/identifiers

Definitions of ratings

BUY. We expect this stock to deliver more than 15% returns over the next 12 months.

ADD. We expect this stock to deliver 5-15% returns over the next 12 months.

REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months.

SELL. We expect this stock to deliver <-5% returns over the next 12 months.

Our Fair Value estimates are also on a 12-month horizon basis.

Our Ratings System does not take into account short-term volatility in stock prices related to movements in the market. Hence, a particular Rating may not
strictly be in accordance with the Rating System at all times.

Other definitions

Coverage view. The coverage view represents each analyst’s overall fundamental outlook on the Sector. The coverage view will consist of one of the following
designations: Attractive, Neutral, Cautious.

Other ratings/identifiers

NR = Not Rated. The investment rating and fair value, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s)
and/or Kotak Securities policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction
involving this company and in certain other circumstances.

CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.

NC = Not Covered. Kotak Securities does not cover this company.

RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and fair value, if any, for this stock, because there is not a sufficient
fundamental basis for determining an investment rating or fair value. The previous investment rating and fair value, if any, are no longer in effect for this stock
and should not be relied upon.

NA = Not Available or Not Applicable. The information is not available for display or is not applicable.

NM = Not Meaningful. The information is not meaningful and is therefore excluded.

6 KOTAK INSTITUTIONAL EQUITIES RESEARCH

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material, may from time to time have "long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Kotak
Securities Limited and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to
or immediately following its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or
income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies affectively assume currency risk. In addition
options involve risks and are not suitable for all investors. Please ensure that you have read and understood the current derivatives risk disclosure document before entering into any
derivative transactions.
Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India's largest brokerage and distribution house.
Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock
Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange(MCX). Our businesses include stock broking, services rendered
in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management.
Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited
is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor
registered with Association of Mutual Funds in India (AMFI). Kotak Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.
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 and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on KSL for certain operational
deviations. 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.
We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us
Details of Associates are available on website i.e. www.kotak.com
Research Analyst has served as an officer, director or employee of subject company(ies): No
We or our associates may have received compensation from the subject company(ies) in the past 12 months.
We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months. YES. Visit our website for more details
We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our
associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the
past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
Our associates may have financial interest in the subject company(ies).
Research Analyst or his/her relative's financial interest in the subject company(ies): No
Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: YES
Nature of Financial interest: Holding equity shares or derivatives of the subject company.
Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report.
Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of
publication of Research Report: No
Kotak Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report: No
Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
A graph of daily closing prices of securities is available at https://www.moneycontrol.com/india/stockpricequote/ and http://economictimes.indiatimes.com/markets/stocks/stock-quotes.
(Choose a company from the list on the browser and select the"three years" icon in the price chart).
Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22
43360000, Fax No.: +22 67132430. Website: www.kotak.com / www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg,
Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No. INZ000200137(Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024;
MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Manoj Agarwal.
Call: 022 - 4285 8484, or Email: [email protected]. Investments in securities market are subject to market risks, read all the related documents carefully before investing.
In case you require any clarification or have any concern, kindly write to us at below email ids:
Level 1: For Trading related queries, contact our customer service at ‘[email protected]’ and for demat account related queries contact us at [email protected] or call us on:
Toll free numbers 18002099191 / 1860 266 9191
Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at [email protected] or call us on 022-42858445 and if you feel you are
still unheard, write to our customer service HOD at [email protected] or call us on 022-42858208.
Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Name: Mr. Manoj Agarwal) at
[email protected] or call on 91- (022) 4285 8484.
Level 4 : If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach Managing Director / CEO (Mr. Jaideep Hansraj) at [email protected] or
call on 91-(022) 4285 8301.
First Cut notes published on this site are for information purposes only. They represent early notations and responses by analysts to recent events. Data in the notes may not have been
verified by us and investors should not act upon any data or views in these notes. Most First Cut notes, but not necessarily all, will be followed by final research reports on the subject.
There could be variance between the First cut note and the final research note on any subject, in which case the contents of the final research note would prevail. We accept no liability
for the contents of the First Cut Notes.