02 SEP 2016 Company Update

BAJAJ FINANCE SELL

BANKS & FINANCIAL SERVICES Target Price: Rs 9,500

‘Kaizen’ at work
CMP : Rs 11,020
We hosted key business vertical heads of Bajaj Finance (BAF) as a part
Potential Upside : -14%
of our ‚Bajaj Finance Day‛. Discussions with these heads suggest that
although competitive intensity has gone up in certain businesses, BAFwill
grow at 25-27% for next 3 years led bystrong customer acquisition and MARKET DATA
cross-sells. Tailwinds from operating leverage will follow. No. of Shares : 54mn
A diversified loan book (20+ products)insulates it from asset quality and Free Float : 43%
growth shocks, while continuously improving data-analytic models and Market Cap : Rs 594 bn
nuanced customer segments mitigate adverse-selection risk. 52-week High / Low : Rs 11,760 / Rs 4,678
Avg. Daily vol. (6mth) : 144,167 shares
Bloomberg Code : BAF IB Equity
We admire BAF as a business and a franchise, but downgrade the
Promoters Holding : 57%
stock to SELL owing to the 45% run-up in last 3 months. BAF is a long-
FII / DII : 20% / 6%
term compounding story, but near-term valuations are stretched.

*Kaizen - A Japanese business philosophy of continuous improvement of working practices and personal efficiency

Bajaj Finance is like a well-oiled machine, consistently delivering across all important metrics – growth, asset quality,
profitability. It has superior management quality, visible longevity in growth and operating leverage gains to harvest.

Assuming it is able to maintain a 20%+ ROE performance in FY18-20, its book value would rise to ~Rs 3,026 per share
in FY20E. We believe that efficient businesses like BAF will continue to remain expensive as consistent performance
delivery will support valuations.Even if the stock trades at ~4.8x FY20 P/ABV (from 5.2x FY18 P/ABV currently –i.e.
10% drop in valuations), it would imply an intrinsic price of ~Rs 14,500.

We downgrade the stock to SELL (with no change in TP)on rich valuations and will review our estimates after the
Q2FY17 results. Although the stock is technically a ‚SELL‛ based on our1-yearforward TP, we believe BAF is an earnings
compounder worth ‘HOLDing’ onto for investors with a longer time horizon.

Financial summary (Standalone) Key drivers (%)

Y/E March FY15 FY16 FY17E FY18E Q2’16 Q3’16 Q4’16 Q1’17
PAT (Rs bn) 9 13 19 25 AUM (Rs bn) 380 435 442 496
EPS (Rs) 180 239 358 471 Loan growth 37 41 37 41
EPS chg (%) 24.3 33.0 50.0 31.3 Net NPA 0.5 0.3 0.3 0.4
Book value (Rs) 960 1,387 1,702 2,127
Adj. BV (Rs) 941 1,371 1,683 2,101
Price performance
PE (x) 61.4 46.2 30.8 23.4
220
P/ABV (x) 11.7 8.0 6.5 5.2 BANKEX Bajaj Finance
180
RoE (%) 20.4 20.9 23.3 24.6
140
RoA (%) 3.1 3.2 3.6 3.7
100
Net NPA (%) 0.5 0.3 0.3 0.3
60
Source: Company, Axis Capital Jul-15 Oct-15 Jan-16 Apr-16 Jul-16

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BANKS & FINANCIAL SERVICES

Summary of takeaways from interactions with heads of product verticals:

♦ Operating leverage to kick in: The management expects significant productivity
gains from existing sales force over two years with extensive usage of
technology analytics and cross selling, reducing costs and turn-around times
♦ Focus on self-sourcing: In segments like mortgages and LAP,the management
has moved towards direct sourcing mainly though mining of internal database.
This has significantly brought down the costs
♦ Proactive in assessing geo-political risk: BAF’s internal assessment checks
ensure that it is proactive in identifying areas of potential stress. A conscious
slowdown in lending in northern states of Delhi/NCR and Punjab is the
outcome of such meticulous checks and balances
♦ Focus on cross-selling: Management has invested heavily on developing
technology and analytical models, which is driving higher cross selling and
operating leverage
♦ The management believes that innovation, disruption and technology will
change the landscape of financial services in the coming years. The company is
in the process of changing the architecture of consumer durable business, which
will take them few steps ahead of the competition
♦ Competition increasing in certain segments: Newer and established players are
gaining ground in certain segments like LAP, salaried loans, and SME
financing. However, expect 25-27% YoY growth to continue mainly due to
addition of newer products, geographies, and cross-selling capabilities

Insights from business vertical heads

DevangMody – President (Consumer business)

♦ Mr. Mody runs the consumer lending vertical, which is key engine of customer BAF has ~80%
acquisition. He stated the current business is largely on an auto-pilot, and the market share in the
focus is on adding new product lines like lifecare finance and Retail & Fashions financed CD
finance (REMI – Retail EMI cards) segment. It sees no
♦ He believes average ticket size within sub-segments has remained largely stable material threat
though it would come down for the consumer segment as a whole due to from competitors in
addition of retail &fashions business (ATS of ~Rs 6,000-10,000) the space
♦ Around 22-26% of all Consumer Durable (CD)purchases in India are
financed.BAF has ~80% market share in the financed CD segment. The
company sees no material threat from competitors in the space

Sub-segments and demand drivers

♦ Within the Consumer Durables segment, TV’s (dependent on product
innovations from OEMs) account for the largest sub-segment, followed by
air conditioners and refrigerators (dependent on electricity availability).
Broad sub-segment split:
 TV – 40%
 Refrigerators – 20%
 Air Conditioners – 18%
 Mobile Phones – 12%
 Washing Machines – 10%

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♦ As for TV’s and refrigerators, Mr. Mody stated that there have not been many
product innovations in the flat screen TV and refrigerator segments; hence, sales
growth has not been as rapid as it was during the LCD to LED migration.
Increased competition amongst OEMs leading to product innovation would be
the next driver for growth in this segment
♦ Air conditioners have high replacement cycles and is the biggest driver for
growth in the sub-segment along with the vagaries of weather and availability
of continuous electricity supply

New products
♦ Lifecare financing
 Involves financing of ‚discretionary‛ spends which are typically not covered
under medical insurance like dental treatment, hair treatment, and knee
replacement etc. (tie-up with MyDentist, RichFeel, and other eminent doctors
and cosmetologists) under the subvention model
 According to Mr. Mody, this is a large fast-growing segment (~Rs 50 bn
market size)
 Average ticket size – Rs 40k for hair treatment and Rs 27k for dental work
with a typical tenure of 8-9 months

♦ Retail &Fashions Finance (REMI)

 The Retail EMI card (REMI) business is targeted at mass-affluent and affluent
BAF has ~6.1 mn
class,where ~45% of customers have credit cards as well. Convenience
REMI cards
offered through the ease of transacting is BAF’s USP for the customer though
the primary value proposition of increased sales velocity for retailers is the
outstanding and it
key stronghold adds a minimum of
~150,000 new
 BAF has ~6.1 mn REMI cards outstanding and it adds a minimum of
cards every month.
~150,000 new cards every month. Around 60% of all new customers to
BAF also take REMI cards Around 60% of all
new customers to
 Mr. Mody sees no regulatory headwinds to the business and mentioned that
BAF also take
the RBI has already conducted a satisfactory audit earlier
REMI cards
 BAF has tie-ups with Flipkart for ‚kart financing‛ (invoice finance); Future
group and Arvind for retail invoice finance
 He stated that ‘fashions’ is a significantly larger market than furniture,
consumer durables, and mobiles combined and believes that that the
segment has huge potential
BAF has a very
wide spread in its
Geographic spread
customer-sourcing
♦ BAF has a very wide spread in its customer-sourcing pool. The top 3 retailers pool. The top 3
combined account for less than 10% of BAF’s CD volumes retailerscombined
♦ Top 25 retailers contribute less than 20% to BAF’s CD volumes. BAF has many account for less
regionally-large retailers that account for ~Rs 1bn of BAF’s monthly than 10% of BAF’s
disbursements CD volumes

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Customer segmentation and data centricity

♦ Apart from geographic (rural, semi-urban, urban) and income (affluent, mass
affluent etc) classifications, BAF segments its customers on various other
parameters. As per Mr. Modi, they classify customers on the basis of frequency
of their interaction with BAF:
 Loyalists – at least 1 interaction p.a. -- 7% of customers
 Active – at least 1 interaction past 2 years -- 20% of customers
 Semi-active – less frequent transactions -- 23%of customers
 Inactive – no transaction after first transaction -- 40% of customers
♦ However, most of the ‚Inactive‛ customers are primarily new-to-BAF customers
and have had lower vintage with the company

Atul Jain – President (Rural & Collections)

Rural segment to form ~7% of assets and ~8-10% of overall PAT

♦ Rural segment contributes ~3% to BAF’s total assets and ~5-6% to the PAT
♦ In the next 3 years, rural segment will form ~7% of the assets and will
contribute 8-10% to the total PAT

Branches to more than double in next 3 years In the next 3 years,

♦ BAF has 132 rural branches at 500 locations (1:4 locations in 50 km radius in rural segment will
hub-spoke arrangements) in 7 states of Maharashtra, Gujarat, Madhya form ~7% of the
Pradesh, Rajasthan, Andhra Pradesh, Tamil Nadu and Karnataka assets and will
contribute 8-10%
♦ Branches are typically in tier 2 locations near highway with self-
employed/trading population. Farmers are not their customer segment
to the total PAT

♦ In the next 3 years, the management plans to increase the number of branches
to 300-320. Further, rural presence will be spread to Chhattisgarh and Odisha

Break-up of rural segment book – Consumer Durables form ~25%

♦ Consumer Durables form ~25% of the total rural book. Other products such as
Operating
doctor’s loan, salaries loan, gold loan, business loan, mortgage, personal loans
leverage will kick
and cross-sell more or less contribute equally to the remaining rural loan book
in next 2-3 years
♦ Management plans to enter into two new spaces in the near term when good
 Warehousing receipts (only to agri processors and traders; not to farmers) number of
 Rural home loan branches will
break even and
Operating leverage to kick in next 2-3 years consequently
♦ Opex in rural is very high, as productivity level islow, primarily due to lower majority of
vintage of branches. It takes 5-7 months on an average for a branch to break branches turn
even and each branch has an average 9 employees profitable
♦ Employees in rural branches are locally sourced; however, the management
believe retention of talent is a key challenge
♦ Management expects operating leverage will kick in next 2-3 years when good
number of branches will break even and consequently majority of branches
turn profitable
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Deepak Bagati – Group Head SME Lending

♦ In Mr. Bagati’s opinion, overall competitive scenario in the segment has
intensified with the entry of new players, and banks shying away from large
corporate loans

♦ He believes certain geographic pockets in northern markets and product

segments witnessing intense competition may see stress going ahead, but also
Wide
that BAF has been proactive in identifying and mitigating such potential risks
diversification of
♦ Wide diversification of product portfolio thorough data mining and selective product portfolio
slowdown in potentially-stressed segments will insulate BAF from any thorough data
meaningful deterioration of asset quality and growth shocks mining and
♦ SME and mortgage book of Bajaj is divided into 5 sub-segments selective slowdown
 LAP is the largest sub-segment within mortgages: ~Rs 86 bn of loans o/s in potentially-
 Home loans is an increasing focus: ~Rs 32 bn stressed segments
 Business loans comprise ~Rs 45 bn of loans, driven by unique product
will insulate BAF
offerings and vast data mining for underwriting from any
meaningful
 Professional loans (loans to doctors and Chartered Accountants) is a
growing segment, where BAF is the second largest player after HDFC Bank.
deterioration of
Loans o/s worth ~Rs 11 bn asset quality and
growth shocks
 Developer financing(~Rs 2.5-3 bn) is currently in a pilot mode, where BAF is
testing out the profitable scalability of the model in 4 locations

Professional loans
♦ Professional loans (loans to doctorsand Chartered Accountants) are a
lucrative product segment, in that they are cash-rich and are hedged from
business cyclicality
♦ Around 80% of the sub-segment comprises the doctor loans with almost all
product offerings (pre-approved unsecured business loans, LAP, small
equipment finance etc.); however, large equipment financing is avoided
♦ Doctors are cash-rich, have time paucity, limited understanding of loan products
and have large Keyman risks. However, BAF’s proprietary underwriting
capabilities enable it to access risk better and offer competitive products which
not many others in the market can
♦ Around 85% of the business is directly sourced from the leads generated in the
CD segment and is a relationship-driven model
♦ HDFC Bank is the market leader in Doctor Loans, whereas BAF is the second
largest at ~Rs 9 bn
♦ BAF’s current ticket size in the segment is ~Rs 1.2 mn. This will be brought
down below Rs 1 mn going ahead, as BAF expands the product from
92 locations currently to 300+ locations in 1-2 years

Developer loans
♦ Mr. Bagati believes that despite the presence of banks and other NBFCs, there
is enough room for growth in the space. BAF will be quite selective in lending
in this space. The model is in a pilot mode, and the company plans to scale it
up materially over the next 1-2 years. The segment has an IRR of at least 13%

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♦ BAF will restrict itself to four locations – Mumbai, Pune, Bangalore and Chennai
and to ~200 developers in the mid-size segment, a list identified after detailed
market research based on velocity of sales of previous projects, profitability and
a maximum D/E of ~1.5x
♦ Mr. Bagati also stated that they are working towards adding value to the
developers by creating a web-based portal (Experia) to help market flats to their
existing client pool based on detailed data collected by BAF

LAP and Unsecured business loans Competition in LAP

♦ Competition in LAP has increased significantly with some banks selectively has increased
offering LAP loans at 9.5-10% (lower than home loan rates) and the segment significantly with
has become highly commoditized some banks
selectively offering
♦ Due to incentive structures, DSAs can make more money by churning the
borrowers around.Average tenure fell from ~4.5 years to ~2.5 years
LAP loans at 9.5-
10% (lower than
♦ This led to ~500bps erosion in RoE in LAP and self-employed home loans,
home loan rates)
requiring a switch over to direct sourcing model and imposition of
and the segment
~200-400 bps prepayment penalty
has become highly
♦ Nonetheless, only 1 in 4 customers have actually been charged the penalty, as commoditized
it has been used primarily as a tool to engage the customersin discussions
rather than to let them slip away to a competitor
♦ Churn rates, nonetheless, which has risen to ~4.5-5% in the last couple of
years, normalized down back to 2.5-3%
♦ Rise of dozens of fintechs backed by PE-money looking to finance
unsecured business loans and LAP has caused the market to begin entering
bubble territory
♦ However, this potential stress will largely be contained in the top 8-9 locations
in India and is the primary reason for BAF’s geographic expansion

Sandeep Jain – Chief Financial Officer

♦ Mr. Jain focused on the larger picture, giving macro information about the
long-run targeted asset mix and liability structures

Assets
♦ On asset side, not much would change save for an increased mix of rural loans
and some conscious slowdown in LAP. SME as a segment however would still
be retained at ~40% of the balance sheet
Asset Segments Current 3-5 year targets
Consumer Finance 44% 35-38%
Small & Medium Enterprises 40% 40-45%
Commercial Finance 12% 17-18%
Rural Finance 3% 7-8%

Liabilities
♦ Structure of liabilities will also change, as BAF will replace costly bank
borrowings with more fixed deposits

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BANKS & FINANCIAL SERVICES

♦ FDs (despite added SLR drag and origination costs) are now working out
cheaper (landed costs of ~9.1-9.2%) than bank loans (~9.4-9.6%) and tend to
be stickier in nature. Mr. Jain stated that they are targeting ~60-65% revolve
rate in FDs
Liability Structures Current 3-5 year targets
Fixed Deposits 7% 15-16%
NCDs and other Money market instruments 44% 42-45%
Bank lines 45% 35-38%
Tier 2 Debt 3% 5-7%

♦ BAF is currently rated AA+ by CRISIL and ICRA and AAA by IndRa. A ratings
upgrade by CRISIL would enable BAF to tap large fund pools of foreign pension
funds and other sovereign institutions
BAF is currently
Product distribution rated AA+ by
CRISIL and ICRA
♦ BAF has undertaken a customer lifecycle study to better identify suitable
products to be marketed to the right clients based on their demographics. It has
and AAA by
a tie-up with BALIC, BAGIC, andHDFC Standard Life for insurance distribution. IndRa. A ratings
upgrade by CRISIL
would enable BAF
Exhibit 1: Consistent and robust AUM growth
to tap large fund
(Rs bn) Total AUM YoY growth (RHS) (%) pools of foreign
600 50 pension funds and
496
500 435 442 other sovereign
40
400 356 380 institutions
308 324 30
269 280
300
20
200
100 10

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY15 FY16 FY17

Source: Company, Axis Capital

Exhibit 2: Trend in loan mix Exhibit 3: Loan book composition as of Q1FY17

Consumer SME Commercial Rural Rural
4%
600 Commercial
(Rs bn) 17
500 13 12%
12
7 60
400 5 48 52
3
35 38 Consumer
300 18 33 200
29 30 191 187 44%
166 178
200 171 156
132 138
100 184 190 219
107 111 118 132 149 157
0
SME
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 40%
FY15 FY16 FY17

Source: Company, Axis Capital Source: Company, Axis Capital

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BANKS & FINANCIAL SERVICES

Exhibit 4: Granular loan mix

Q2FY16 Q3FY16 Q4FY16 Q1FY17 Comments
Consumer lending 41% 42% 43% 44%
SME 47% 44% 42% 40% Consumer loans gain traction, leading to a rise in
Commercial lending 10% 11% 12% 12% yields; rural loans grow faster off a small base
Rural lending 2% 3% 3% 3%
Break-up of consumer
2W & 3W finance 22% 20% 20% 19%
Consumer durable finance 31% 32% 29% 31%
Digital product finance 3% 3% 3% 4%
Lifestyle finance 2% 2% 2% 2% Strong growth across all product streams; digital loans
Personal loans cross sell 20% 19% 20% 20% set to Scale up materially in next few years
Salaried Personal loans 16% 16% 14% 13%
Homes loans salaried 7% 7% 8% 8%
BFS Direct (HL, PL) 0% 0% 3% 3%
Break-up of SME
Business loans 19% 22% 23% 24%
Professional loans 5% 5% 6% 6%
LAP and self-employed home loan business continues
Loan against property 50% 46% 45% 43%
to lag as move to direct-sourcing plays out
Home loans self employed 17% 17% 17% 16%
SME cross sell 9% 10% 10% 11%
Company, Axis Capital

Exhibit 5: Healthy asset quality

GNPA NNPA PCR (RHS)

2.0 100
(%) (%)
80
1.5
60
1.0
40
0.5
20

0.0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY15 FY16 FY17

Source: Company, Axis Capital

Exhibit 6: 2W/3W loans & personal loans comprise most Exhibit 7: GNPA is highest for 2W/3W, Infra and personal
of GNPA loans; LAP has 0.7% GNPA
Others 2W/3W
(%)
18% Fin. 6
27% 4.7
5
4 3.5
3 2.3
LAP 1.8 1.8
12% 2
0.9 1.0 0.8
1 0.6 0.6
PL cross
0
sell
Infra

Other PL

CD Finance
2W & 3W

Bus. Loans

LAP

Prof. Loans
Salaried PL

Bus. Loans
Lifestyle Fin.

Rural Loans

14%
12%
CD
finance
17%
Source: Company, Axis Capital Source: Company, Axis Capital

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BANKS & FINANCIAL SERVICES

Exhibit 8: Trend in NIMs, yields and cost of funds

NIM (RHS) Yields Cost of funds (%)

25 13.2 13.2 15
(%) 12.4
11.8 11.5
20 10.5 10.5 10.9 10.6 12

15 9

10 6

5 3

0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY15 FY16 FY17

Source: Company, Axis Capital

Exhibit 9: Cost to income ratio will keep improving, as operating leverage kicks in
50
(%) BAF is systematically
48
moving towards direct
46 46 origination of LAP
46
46 45 (excl. LRD) and self-
44 44 44 employed home loans.
44 This is expected to
42 41 reduce commission
42
payments materially,
40 while incurring only
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ~30% higher
marketing expenses
FY15 FY16 FY17

Source: Company, Axis Capital

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BANKS & FINANCIAL SERVICES

Financial summary (Standalone)

Profit & loss (Rs bn) Key ratios
Y/E March FY15 FY16 FY17E FY18E Y/E March FY15 FY16 FY17E FY18E
Interest earned 51 70 94 118 Per share data
Interest expended (22) (29) (37) (46) FDEPS (Rs.) 180 239 358 471
Net interest income 29 40 56 72 BV (Rs.) 960 1,387 1,702 2,127
Non interest income 3 4 5 6 Adj. BV (Rs.) 941 1,371 1,683 2,101
Net income 32 45 61 78 DPS (Rs.) 18 25 35 45
Operating expenses (14) (19) (24) (30) Dividend payout (%) 10 11 10 10
Staff expenses (5) (6) (9) (11) Yields & Margins (%)
Other operating expenses (10) (13) (16) (19) Yield on advances 18.9 18.8 19.0 18.8
Operating profit 17 25 37 48 Cost of deposit - - - -
Provisions & contingencies (4) (5) (8) (9) Net interest margin 10.3 10.5 10.8 10.9
Pre-tax profit 14 20 29 38 Asset quality (%)
Tax expense (5) (7) (10) (13) Gross NPAs 1.6 1.3 1.4 1.5
Profit after tax 9 13 19 25 Net NPAs 0.5 0.3 0.3 0.3
Extraordinary item - - - - Credit cost 1.4 1.5 1.6 1.5
Minority interest/Associates - - - - Provisioning coverage 70.6 77.2 80.0 80.0
Adj. PAT 9 13 19 25 Capital (%)
Tier-I 14.2 16.1 13.8 13.1
Balance sheet (Rs bn) CAR 18.0 19.5 17.3 16.1
Y/E March FY15 FY16 FY17E FY18E Efficiency (%)
Total assets 328 465 603 760 ROA 3.1 3.2 3.6 3.7
Cash & Balances with RBI 2 13 18 24 ROE 20.4 20.9 23.3 24.6
Investments 3 10 11 12 Cost to income 45 44 40 39
Advances 312 428 557 703 CASA - - - -
Fixed assets 2 3 3 4 Effective tax rate 34 35 34 34
Other assets 6 8 10 13 Growth (%)
Total liabilities 328 465 603 760 Net interest income 30 40 39 28
Equity capital 1 1 1 1 Fee income - - - -
Preference capital - - - - Operating expenses 24 36 25 24
Reserves & surplus 47 74 91 114 Profit after tax 25 42 51 31
Networth 48 74 92 115 Advances 36 37 30 26
Borrowings 267 370 475 594 Deposits - - - -
Deposits - - - - Total assets 33 42 30 26
Other liabilities & prov. 13 20 36 52 Source: Company, Axis Capital
Source: Company, Axis Capital

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1 Sunil Shah Head of Research sunil.shah@axissecurities.in
2 PankajBobade Research Analyst pankaj.bobade@axissecurities.in
3 Priyakant Dave Research Analyst priyakant.dave@axissecurities.in
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5 BuntyChawla Research Analyst bunty.chawla@axissecurities.in
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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. ASL will not treat recipients as customers by virtue of their receiving this report.

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 02 SEP 2016 Company Update
BAJAJ FINANCE
BANKS & FINANCIAL SERVICES

Disclaimer:

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This report may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this report 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 report
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including those involving futures, options and other derivatives as well as non-investment grade securities involve substantial risk and are not suitable for
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the investments made or any action taken on basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the
currency rates, diminution in the NAVs, reduction in the dividend or income, etc. Past performance is not necessarily a guide to future performance.
Investors are advise necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated
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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. The Company reserves the right to make modifications and alternations to this document as may be
required from time to time without any prior notice. The views expressed are those of the analyst(s) and the Company may or may not subscribe to all the
views expressed therein.

Copyright in this document vests with Axis Securities Limited.

Axis Securities Limited, Corporate office: Unit No. 2, Phoenix Market City, 15, LBS Road, Near Kamani Junction, Kurla (west), Mumbai-400070, Tel No. –
18002100808/022-61480808, Regd. off.- Axis House, 8th Floor, Wadia International Centre, PandurangBudhkarMarg, Worli, Mumbai – 400 025. Compliance
Officer: AnandShaha, Email: compliance.officer@axisdirect.in, Tel No: 022-42671582.

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