02nd July 2024

IPO NOTE

Emcure Pharmaceuticals Limited

Subscribe for Long Term Price Band: ₹ 960-1008
ISSUE SUMMARY 13th largest Indian Pharma company with strong position in many
Issue Opens 03-July-24 Therapeutic Areas: Emcure Pharma, 13th largest in India in terms of MAT
Issue Closes 05-July-24 FY24 domestic sales, is present in major therapeutic areas across Chronic
& acute. It is largest in gynecology and HIV market in India. It has a proven
Offer Price (₹ per share) 960-1008
track record with 26 brands having domestic sales of >₹500mn for FY24.
Bid Lot 14 shares
Six of its brands is ranked among 300 highest selling brands in IPM, while
Face Value (₹) 10 16 of top 20 brands were each ranked among three highest selling brands
Pre Issue Shares o/s (mn) 181.2 in their respective areas in Indian Pharmaceutical Market (IPM).
Offer for Sale (No of sh. mn) 11.4 Domestic Formulation (DF) market to continue its healthy growth with
Fresh Issue (No of sh. mn) 7.9 women healthcare witnessing tailwinds: As per Crisil, DF is expected to
Post Issue shares o/s (mn) 189.1
grow at 8-9% CAGR over FY24-29; with Chronic expected to grow faster
at 12% CAGR vs Acute therapies (8% CAGR). Further Women’s Healthcare
^Issue Size (₹ bn) 19.5
Industry in India is growing faster given tailwinds like increasing women
QIB =>50% population and higher spend on healthcare services as per hospitalization
Non-institutional <15% case vs men. Emcure enjoys 13.5% mkt share in gynecology area in IPM.
Retail <35% Strong track record in export market: Emcure has diversified presence in
^ Issue Size (@ ₹1008) over 70 countries with strong presence in Europe/Canada. It undertook
inorganic expansion to enter and grow new markets, while focusing on

IPO Note
developing differentiated products with less competition. As of FY24,
POST ISSUE DETAILS Emcure had filed over 1,800 dossiers globally including 209 in EU and 142
M.Cap @ ₹1008/sh. (₹ bn) 190.6 in Canada. It had been granted 220 patents and had 30 pending patent
Shareholding pattern applications, & has submitted 102 drug master files for APIs with USFDA.
Promoters 73.7% Financials: Emcure revenue grew 7% CAGR over FY22-24, with domestic
Non-Promoters 26.3% contributing 48% (10% CAGR) and outgrowing IPM growth. Exports grew
much faster at 20% CAGR, exceeding industry exports (12% CAGR). It
struggled to boost its profit due to planned expansion using borrowed
funds. With four new facilities now operational & expected reduction in
debt, PAT & return ratio are likely to improve going forward.
Issue Size: ₹19.5bn IPO consists of fresh issue of ₹8bn and OFS of ₹11.5bn
by promoters & investor selling shareholder. The proceeds from the fresh
issue will be used for repayment of debt.
View: Emcure with leading position in the domestic therapeutic area,
plans to increase its market share in both India & globally by focusing on
its key brands, launching new differentiated products, increased focus on
hospitals/pharmacy chains and persuing organic/inorganic growth. The
IPO is reasonably priced at 36.1x FY24 P/E (on diluted basis). We believe
commencement of new capacities and potential debt reduction post-IPO
would aid recovery in profitability. Recommend Subscribe for Long Term.
Exhibit 1: Financials & Valuations (₹ mn)
Y/E March FY22 FY23 FY24
Revenue 58,554 59,858 66,583
Growth (%) - 2.2 11.2
Adj PAT 7,026 5,618 5,276
Growth (%) - -20 -6
EPS (INR) 37.2 29.7 27.9
RoE (%) 35.3 25.0 16.9
P/E (x) 27.1 33.9 36.1
*Calculated on Diluted basis at upper price band of ₹1008; Source: RHP, MOFSL

Sneha Poddar – Research Analyst (Sneha.poddar@motilaloswal.com)

alysRidhi Mehta – Research Analyst (ridhi.mehta@motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Emucre

Peer Comparison
Exhibit 2: Key Matrix as on Mar’24

M.Cap. Rev. CAGR EBITDA CAGR PAT CAGR EBITDA M ROE P/E
FY22-24
Company INR Bn (%) FY22-24 (%) FY22-24 (%) FY24 (%) FY24 (x) FY24 (x)
Emcure Pharma 1,906 6.6 -3.8 -13.3 18.5 16.9 36.1
Cipla 1,191 9.0 15.7 22.2 24.4 15.9 28.2
Dr Reddy's 1,039 14.7 32.1 34.4 28.1 20.7 20.2
Torrent pharma 938 12.3 17.7 17.1 31.4 24.4 59.2
Mankind Pharma 856 15.2 12.9 15.5 24.5 22.8 44.6
Alkem laboratories 588 9.1 4.6 7.5 17.7 19.7 31.3

Source: Company RHP, MOFSL

*Price Data as on 28th Jun, 2024
*Calculated on diluted basis at upper price band of ₹1008;
Source: Company RHP, Bloomberg, MOFSL

Risk and Concerns

 The company is subject to government regulations in India and in international
markets.

 Any slowdown or shutdown in manufacturing or R&D operations could adversely

affect the business.

 The company is dependent on third parties for the distribution and marketing of
the products.

 Any disruptions to the supply, or increases in the pricing, of the raw materials may
adversely affect the business, cash flows, and financial condition of the company.

July 2024 2
 Emucre

About the Company

Exhibit 3: Emcure At Glance

Source: RHP, MOFSL

Exhibit 4: Strategic Focus

Source: RHP, MOFSL

July 2024 3
 Emucre

Exhibit 5: Therapeutic Area Wise Covered Market Rank and Covered Market Growth

Source: RHP, MOFSL

Exhibit 6: Outgrowing IPM across Acute & Chronic with a Strong Position in a Number of Therapeutic Areas

Source: RHP, MOFSL

Exhibit 7: Presence In International Market

Source: RHP, MOFSL

July 2024 4
 Emucre

About the Industry

Exhibit 8: Domestic formulations seg. (consumption) is expected to grow at 8-9% CAGR over the next five yrs.

Source: RHP, MOFSL

Exhibit 9: Both Acute and Chronic Segments Have Demonstrated Healthy Growth

Exhibit 10: Women’s Healthcare Industry in India is a Growing Market with Tailwinds

Source: RHP, MOFSL

July 2024 5
 Emucre

Financials
Exhibit 11: Segment wise Revenue Breakup Exhibit 12: Revenue growing consistently
Blood
related Oncology/ Anti-… Anti Diabetic (₹ mn)
Pain/ 3% Hormones
4%
Analgesics 2% 66,583
5% Neurology/…
Gastro
Intestinal Others
6% 2%
Respiratory 59,858
6% Gynecology
24% 58,554
HIV
Antivirals
7%
VMN
9% Anti- Cardiovascul
Infectives ar
FY22 FY23 FY24
11% 16%
Source: RHP, MOFSL Source: RHP, MOFSL

Exhibit 13: Margins impacted due to Capex Incurred Exhibit 14: Higher Dep. & Int. cost impacted PAT

EBITDA (₹ mn) Margins (%)

8,0 00

7,026
22.7
7,0 00

13, 500 25. 0

19.7 5,618
18.5
6,0 00

5,276
13, 000 20. 0

5,0 00

4,0 00
12, 500 15. 0

12, 000
13,299 10. 0
3,0 00

2,0 00

12,297
11,812
11, 500 5.0

1,0 00

0
11, 000 0.0

FY22 FY23 FY24 FY22 FY23 FY24

Source: RHP, MOFSL Source: RHP, MOFSL

Exhibit 15: Lower Profitability impacted Return Ratio Exhibit 16: Debt repayment to reduce Net D/E

ROE (%) ROCE (%) Debt/Equity (x)

0.9
35.3
0.7
25.0
19.7
16.1 16.9
13.7
0.3

FY22 FY23 FY24 FY22 FY23 FY24

Source: RHP, MOFSL Source: RHP, MOFSL

July 2024 6
 Emucre

Financials
Consolidated – Income Statement (₹ Mn)
Y/E March FY22 FY23 FY24
Net Sales 58,554 59,858 66,583
Change (%) - 2 11
Total Expenditure 45,255 48,046 54,285
% of Sales 77 80 82
EBITDA 13,299 11,812 12,297
Margin (%) 22.7 19.7 18.5
Depreciation 2,449 2,601 3,124
EBIT 10,851 9,211 9,173
Int. and Finance Charges 1,760 2,136 2,371
Other Income 635 459 570
Exceptional expense - 61 99
PBT 9,725 7,472 7,272
Tax 2,700 1,854 1,997
Tax Rate (%) 28 25 27
Minority Interest - - -
Reported PAT 7,026 5,618 5,276
Adjustments - - -
Adjusted PAT 7,026 5,618 5,276
Change (%) - -20 -6
Margin (%) 12 9 8
Source: Company RHP, MOFSL

Consolidated – Balance Sheet (₹ Mn)

Y/E March FY22 FY23 FY24
Share Capital 1,809 1,809 1,812
Reserves 18,067 23,203 27,711
Net Worth 19,875 25,011 29,523
Minority Interest 1,266 1,485 1,695
Debt 22,172 23,343 23,350
Total Capital Employed 43,740 50,229 55,942
Net Fixed Assets 20,443 21,469 31,245

Investments 250 250 3,181

Current Assets 35,582 39,901 41,076
Inventory 14,494 13,830 15,251
Debtors 13,085 16,483 18,588
Cash and Bank Balance 3,133 4,583 2,324
Loans and Advances & OCA 4,870 5,005 4,913
Curr. Liability & Provisions 16,895 16,497 22,120
Account Payables 11,252 10,861 13,094
Current Liabilities 4,071 4,180 4,036
Other Long Term Liab. & Provs. 1,572 1,456 4,990
Net Current Assets 18,687 23,404 18,956
Deferred Tax (Net) 1,161 991 968
Appl. of Funds 43,740 50,229 55,942
Source: Company RHP, MOFSL

July 2024 7
 Emucre

Ratios
Y/E March FY22 FY23 FY24
Basic (INR)
EPS 37.2 29.7 27.9
Cash EPS 50.1 43.5 44.4
BV/Share 105.1 132.3 198.4
DPS 2.9 1.9 1.9
Valuation (x)
P/E 27.1 33.9 36.1
Cash P/E 20.1 23.2 22.7
P/BV 9.6 7.6 5.1
EV/Sales 3.6 3.5 3.1
EV/EBITDA 15.8 17.7 16.6
Dividend Yield (%) 0.0 0.0 0.0
Return Ratios (%)
RoE 35.3 25.0 16.9
RoCE 19.7 16.1 13.7
Working Capital Ratios
Fixed Asset Turnover (x) 2.9 2.9 2.5
Asset Turnover (x) 1.3 1.3 1.2
Inventory (Days) 90 86 80
Debtor (Days) 82 90 96
Creditor (Days) 70 67 66
Leverage Ratio (x)
Net Debt/Equity 0.9 0.7 0.3
Source: Company RHP, MOFSL
*All ratios are calculated at the upper price band of INR1008

Consolidated – Cash Flow (₹ Mn)

Y/E March FY22 FY23 FY24
OP/(Loss) before Tax 9,725 7,472 7,272
Depreciation 2,449 2,601 3,124
Finance Cost 1,760 2,136 2,371
Income Taxes paid -2,700 -1,854 -1,997
(Inc)/Dec in WC -2,919 -2,922 505
CF from Operations 8,315 7,433 11,276
Others -633 35 -304
CF from Operating (Net) 7,682 7,469 10,972
(Pur)/Sale of FA -3,939 -4,021 -2,756
(Pur)/Sale of Investments - -807 -2,867
Interest/Dividend received 59 52 179
Bank Deposits -1,158 -710 1,769
Others 2,851 -808 3,451
CF from Investments -7,888 -4,677 -7,125
Proceeds from borrowings 1,006 1,125 1,677
Issue of equity shares - - 77
Interest Paid -1,553 -1,786 -2,082
Dividend Paid -624 -444 -624
Others 347 350 689
CF from Fin. Activity -1,519 -1,454 -1,642
Net Inc/Dec of Cash -1,724 1,338 2,205
Source: Company RHP, MOFSL

July 2024 8
 Emucre

Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation

Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services, Depository
participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on www.motilaloswal.com. MOFSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered
Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is
Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of Motilal Oswal Financial Services Ltd. are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
MOFSL, it’s associates, Research Analyst or their relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have actual beneficial ownership of 1% or more securities in the subject
company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance. MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential
conflict of interests at the time of publication of the research report or at the time of public appearance, however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the
analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report..
In the past 12 months, MOFSL or any of its associates may have:
a) received any compensation/other benefits from the subject company of this report
b) managed or co-managed public offering of securities from subject company of this research report,
c) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
d) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
• MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
• Subject Company may have been a client of MOFSL or its associates during twelve months preceding the date of distribution of the research report.
• Research Analyst may have served as director/officer/employee in the subject company.
• MOFSL and research analyst may engage in market making activity for the subject company.
MOFSL and its associate company(ies), and Research Analyst and their relatives from time to time may have:
a) a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein.
(b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies)
or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the
recommendations made by the analyst(s) are completely independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts which are opened in name of MOFSL for other purposes
(i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
To enhance transparency, MOFSL 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. MOFSL and / or its affiliates do and seek to do business including
investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL may have a potential conflict of interest that may affect the objectivity of this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any way, transmitted to, copied or distributed, in part or in
whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures and information that are considered true, correct, reliable and accurate. The intent of this report is not
recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to
its accuracy, completeness or correctness. All such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe
for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat recipients as customers by virtue of their receiving this report.
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.
Disclosure of Interest Statement
Analyst ownership of the stock No
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOFSL or its associates
maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have an independent view with regards to subject company for which Research Team have expressed their views.
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 MOFSL &
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 Financial Services Limited (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited
for distribution of research report in Hong 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 Financial Services Limited (MOFSL) 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 MOFSL 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 MOFSL, 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., MOFSL 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
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an exempt financial adviser in Singapore, as per the approved
agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact
MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional
investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of
this Report and inform MOCMSPL.
Disclaimer:
This report is intended for distribution to Retail Investors.
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in
any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for 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. This may not be taken in substitution for the exercise of independent judgment by any
recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and
should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative
products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained
in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without
any prior 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. MOFSL, its associates, their directors and the employees may from time to time, effect
or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from,
any company referred to in this report. 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. This report has been prepared on the basis of information
that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you
solely for your information and may 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. This report is not directed or intended for distribution to, or use by, any
person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing
requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to
observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in
connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of
its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL 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.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court
Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person Contact No. Email ID
Ms. Hemangi Date 022 40548000 / 022 67490600 query@motilaloswal.com
Ms. Kumud Upadhyay 022 40548082 servicehead@motilaloswal.com
Mr. Ajay Menon 022 40548083 am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI: ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal
Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to grievances@motilaloswal.com, for DP to
dpgrievances@motilaloswal.com.

July 2024 9