DISCLAIMER
Analyst ceication: The following analyst(s), Vivek Ranjan Misra who is (are) primarily responsible for this repo and whose name(s)
is/are mentioned therein, ceify (ies) that the views expressed herein accurately reect his (their) personal view(s) about the subject
security (ies) and issuer(s) and that no pa of his (their) compensation was, is or will be directly or indirectly related to the specic rec-
ommendation(s) or views contained in this research repo.
y Disclaimer: Karvy Stock Broking Limited [KSBL] is registered as a research analyst with SEBI (Registration No INH200003265). KSBL is
also a SEBI registered Stock Broker, Depository Paicipant, Pofolio Manager and also distributes nancial products. The subsidiaries
and group companies including associates of KSBL provide services as Registrars and Share Transfer Agents, Commodity Broker,
Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, nancial
consultancy and advisory services, realty services, data management, data analytics, market research, solar power, lm distribution
and production, proling and related services. Therefore associates of KSBL are likely to have business relations with most of the
companies whose securities are traded on the exchange plaorm. The information and views presented in this repo are prepared
by Karvy Stock Broking Limited and are subject to change without any notice. This repo is based on information obtained from
public sources , the respective corporate under coverage and sources believed to be reliable, but no independent verication has
been made nor is its accuracy or completeness guaranteed. The repo and information contained herein is strictly condential and
meant solely for the selected recipient and may not be altered in any way, transmied to, copied or distributed, in pa or in whole,
to any other person or to the media or reproduced in any form, without prior wrien consent of KSBL. While we would endeavor to
update the information herein on a reasonable basis, KSBL is under no obligation to update or keep the information current. Also,
there may be regulatory, compliance or other reasons that may prevent KSBL from doing so. The value and return on investment may
vary because of changes in interest rates, foreign exchange rates or any other reason. This repo and information herein is solely
for informational purpose and shall not be used or considered as an oer document or solicitation of oer to buy or sell or subscribe
for securities or other nancial instruments. Though disseminated to all the customers simultaneously, not all customers may receive
this repo at the same time. KSBL will not treat recipients as customers by viue of their receiving this repo. Nothing in this repo
constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate
to your specic circumstances. This material is for personal information and we are not responsible for any loss incurred based upon
it. The investments discussed or recommended in this repo may not be suitable for all investors. Investors must make their own
investment decisions based on their specic investment objectives and nancial position and using such independent advice, as they
believe necessary. While acting upon any information or analysis mentioned in this repo, investors may please note that neither
KSBL nor any associate companies of KSBL accepts any liability arising from the use of information and views mentioned in this
repo. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities
markets. Past peormance is not necessarily a guide to future peormance. Forward-looking statements are not predictions and
may be subject to change without notice. Actual results may dier materially from those set foh in projections.
y Associates of KSBL might have managed or co-managed public oering of securities for the subject company or might have been mandated
by the subject company for any other assignment in the past twelve months.
y Associates of KSBL might have received compensation from the subject company mentioned in the repo during the period preceding twelve
months from the date of this repo for investment banking or merchant banking or brokerage services from the subject company in the past
twelve months or for services rendered as Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant
banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data
processing, proling and related services or in any other capacity.
y KSBL encourages independence in research repo preparation and strives to minimize conict in preparation of research repo.
y Compensation of KSBL’s Research Analyst(s) is not based on any specic merchant banking, investment banking or brokerage service
transactions.
y KSBL generally prohibits its analysts, persons repoing to analysts and their relatives from maintaining a nancial interest in the securities or
derivatives of any companies that the analysts cover.
y KSBL or its associates collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the repo
as of the last day of the month preceding the publication of the research repo.
y KSBL or its analysts did not receive any compensation or other benets from the companies mentioned in the repo or third pay in connection
with preparation of the research repo and have no nancial interest in the subject company mentioned in this repo.
y Accordingly, neither KSBL nor Research Analysts have any material conict of interest at the time of publication of this repo.
y It is conrmed that KSBL and Research Analysts, primarily responsible for this repo and whose name(s) is/ are mentioned therein of this
repo have not received any compensation from the subject company mentioned in the repo in the preceding twelve months.
y It is conrmed that Vivek Ranjan Misra, Research Analyst did not serve as an ocer, director or employee of the companies mentioned in
the repo.
y KSBL may have issued other repos that are inconsistent with and reach dierent conclusion from the information presented in this repo.
y Neither the Research Analysts nor KSBL have been engaged in market making activity for the companies mentioned in the repo.
y We submit that no material disciplinary action has been taken on KSBL by any Regulatory Authority impacting Equity Research Analyst activities.