27December 2019_India_Daily - Kotak Securities

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Contents

Daily Alerts

Sector alerts

Consumer Staples: Month in review—Nov 2019

Pricing and promotions - HUVR tweaks prices (corrections/increases) in a

few categories

RM trends - food and oil commodities see some inflationary pressure

Real Estate: Real estate—state of the market

Sales and launches remained weak amid general slowdown in economy;

flat realizations

Strong show continues from listed players

INDIA DAILY December 27, 2019 India 26-Dec 1-day 1-mo 3-mo

Sensex 41,164 (0.7) 0.3 6.0

Nifty 12,127 (0.7) 0.2 5.3

Global/Regional indices

Dow Jones 28,621 0.4 1.6 6.7

Nasdaq Composite 9,022 0.8 3.6 13.6

FTSE 7,632 0.1 3.2 4.7

Nikkei 23,912 (0.1) 2.0 9.3

Hang Seng 28,164 1.1 4.3 8.6

KOSPI 2,205 0.3 3.6 7.5

Value traded – India

Cash (NSE+BSE) 303 367 411

Derivatives (NSE) 25,533 13,957 15,72

3

Deri. open interest 4,036 3,716 3,747

Forex/money market

Change, basis points

26-Dec 1-day 1-mo 3-mo

Rs/US$ 71.3 5 (18) 44

10yr govt bond, % 7.0 1 5 -

Net investment (US$ mn)

24-Dec MTD CYTD

FIIs (2) 975 14,347

MFs (216) 293 7,416

Top movers – 3mo basis

Change, %

Best performers 26-Dec 1-day 1-mo 3-mo

TTMT IN Equity 175 (0.5) 5.2 45.6

NMDC IN Equity 126 1.2 24.0 38.0

MSS IN Equity 147 0.1 9.8 36.6

TTMT/A IN Equity 73 (1.1) (1.9) 33.2

BIOS IN Equity 290 0.3 4.7 32.8

Worst performers

IHFL IN Equity 297 (4.2) 10.8 (23.8)

ARBP IN Equity 460 (1.1) 1.4 (23.0)

HPCL IN Equity 259 (1.5) (9.7) (15.4)

BHEL IN Equity 43 (2.3) (20.3) (15.0)

IOCL IN Equity 125 (1.8) (4.6) (14.1)

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


Pricing and promotions—HUVR tweaks prices (corrections/increases) in a few categories

Please refer to Exhibits 2 for pricing activity.

Home care. We did not witness any major pricing action/incremental promotional activity in

detergents, dish wash and home care categories. Key observations—HUVR has increased

price of Ala liquid breach by 4% and Vim dish wash gel by 9%. In case of detergents, HUVR

and P&G continue to provide free grammage on bulk packs (4+2, 3+1, etc.).

Personal care. Key pricing actions—(1) HUVR has reduced the price of Dove soap multi-pack

(3*100 gm SKU) by 10% to Rs155 (from Rs172); we haven’t seen any reduction in the 75

gm SKU. We note that HUVR management had indicated price cut of 6% in personal wash

segment of which 3-4% was taken in 2QFY20 (Lifebuoy and Lux) and rest on Dove and Pears

in 3QFY20, (2) about 8% price cut by Wipro consumers on 4x100 gm multi-pack of Santoor

soap, (3) HUVR has cut price of Lifebuoy hand wash 750 ml refill by 32% to Rs119, revised

price is at 4-20% premium to competition as against 60-77% premium earlier, (4) HUVR has

increased price of Lever Ayush toothpaste by about 7% and Colgate has increased price of

Colgate Barbie (Strawberry) toothpaste by about 5%, (5) Nivea has increased price of 100 ml

SKU of Nivea Crème by 19% to Rs149, and (6) in hair oils category, Marico’s price reductions

on Parachute CNO haven’t yet landed in the outlets we surveyed. Dabur has increased price

of Almond oil by 3%, now priced at par with Bajaj ADHO.

Food/beverages. (1) Dairy—we witnessed 4-5% price increase in select milk SKUs of Amul

(Amul Lite 1L SKU) and Nestle (Nestle Toned A+ 1L SKU), 3-4% increase in Amul butter/cheese

and 12% increase in Go Cheese by Parag, (2) HUVR has increased price of Tajmahal tea by

about 3%, (3) Nestle has increased price of Nanpro formula by 2-3%, (4) ITC has increased

price of Yippee Magic masala noodles variant to Rs12 from Rs10 and reduced price of

Yippee Mood masala noodles variant to Rs12 from Rs15, and (5) Hector beverages has

increased price of Paperboat Aamras juice by 9% to Rs120 for 1L.

RM trends—food and oil commodities see some inflationary pressure

Refer to Exhibit 3 for detailed RM inflation impact. Price data for a few commodities are for

October; refer to the note to Exhibit 4 for details.

Agri-inputs. Agri-commodities saw some flat to inflationary trends in November. Global

coffee prices were up 7-12% mom—harvests in Latin America slowed while global demand

continues to grow. Barley and cocoa bean prices were 4-5% mom with milk prices

continuing to be on a boil. Some of the commodities like sugar, India tea, wheat and corn

prices were broadly flat for the month.

Oil commodities basket. Crude prices were up 6% mom with prices continuing to edge

higher with Russia indicating that cooperation with OPEC to support the oil market will

continue. Palm oil and PFAD prices were up 15% mom each led by reports of lower

production. Copra edged marginally higher while prices for groundnut, rice bran and linseed

oil were up 3-5% mom.

Consumer Staples India

Month in review—Nov 2019. The KIE consumer universe underperformed the

broader markets, down 2% over the past one month. Launch activity has picked up,

focused at the premium-end. On the in-market activity front, key highlights are some

price reductions by HUVR in personal wash category (as guided) and price increases in

dairy category, led by Amul. Commodity trends were broadly flat to slightly inflationary.

The sector remains expensive despite some recent underperformance; top picks: JUBI,

ITC, CLGT and MRCO.

CAUTIOUS

DECEMBER 26, 2019

UPDATE

BSE-30: 41,164

Rohit Chordia

Jaykumar Doshi

Aniket Sethi

India Consumer Staples

2 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Other commodities. Gold prices were flat mom (up 20% in the past six months). Prices

fell for caustic soda (down 3% mom), HDPE (down 8% mom), styrene (down 6% mom)

and Chinese VAM (down 5% mom).

Who benefits? (1) Lower VAM price benefits paint companies and PIDI, (2) lower HDPE

will help most consumer names save on packaging costs, and (3) lower caustic soda

prices will benefit HUL, GCPL and JYL.

Who gets impacted? (1) Rise in liquid milk prices could hurt Nestle, JUBI and BRIT, (2)

rise in PFAD prices to hurt HUVR and GCPL, (3) higher crude prices to hurt HUL, GCPL,

JYL, APNT and PIDI, and (3) higher barley prices will negatively impact GSK-CH and UBBL.

Sector (KIE consumer universe) underperformed the broader markets

Our overall consumer coverage universe underperformed the broader markets over the past

month posting decline of 2% while the broader market was up 1%.

Key stocks that outperformed were—APNT (up 6% mom), TGBL, Page and UBBL (up 4%

mom each). Key underperformers were JYL (down 17% mom), HUVR (down 6% mom),

Bajaj Consumer (down 6% mom), and ITC (down 5% mom).

On a 12-month basis, the sector is underperforming the broader markets posting 4%

absolute gain (7% ex-ITC) versus 16% gain for the broader markets. Our preferred picks –

JUBI, ITC, CLGT and MRCO.


KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

New launches/re-launches

UBBL ventures into the alternate beer category with the rollout of specialty beer –

Ultra Witbier – under its flagship Kingfisher brand. It has been rolled out in Karnataka and

Goa. Available in 3SKUs – a 330ml bottle, a 500ml can and a 650ml bottle – the brew is

priced at Rs110, Rs150 and Rs185, respectively in Karnataka. UBBL plans to launch the

product in Maharashtra, Delhi and Haryana next.

Colgate launches a new kids range. The range includes three products – 0-2 years, 3-5

years and 6-9 years. The product does not contain any artificial flavours, preservatives,

sweeteners or colours. It is priced at Rs150 for 70-80 grams.

Dabur launches a new anti-dandruff shampoo variant under the Vatika brand. It

contains seven nutritional ingredients including methi and lemon and is priced at Rs80 for

180 ml.

Mondelez launches three special edition flavours of Dairy Milk. The three flavours

are tropical mango, very strawberry and butterscotch crunch. They are priced at Rs40 for

36 grams.

Santoor has launched deo pocket perfumes. It is available in three floral fragrances –

Grace, Gold and Poise offering 250 sprays at an affordable price of Rs65 per pack.

Deodorant is a Rs27 bn primarily-urban category in India with pocket perfumes making

up 10% of the portfolio.

Sunfeast by ITC has launched a new variant of Marie biscuit – Sunfeast Veda

Marie Light. It is enriched with the goodness of ginger, tulsi, ashwagandha, Cardamom

and mulethi. The 75g pack is priced at Rs10 and 250g family pack is priced at Rs30.

Tata Tea launches a blend of tulsi leaves with green tea. The product contains 65%

green tea and 35% tulsi leaves. It is available in a 100 gram pouch and is priced at Rs174.

Baggry’s launches peanut butter. It claims to be all natural, containing just roasted

peanuts and nothing else. The product is priced at Rs425 for a jar of 1kg. It is available in

both crunchy and creamy variants.

Reckitt Benckiser launches six variants of Body Wash. It is a soap-free formula body

wash made from naturally derived ingredients and plant-derived cleaners. The six variants

are cool, revitalize, nourish, refresh, energize and soothe. The product is priced at Rs200

for 250 ml.

Pond’s launches a face gel for men. It is a non-sticky, light weight gel which soothes

and hydrates skin along with protecting the skin from dust and pollution. The product is

priced at Rs165 for 55 grams.

Colgate launches a new variant of its soft toothbrush – Colgate Slim Soft Advanced

Ultra Soft toothbrush. It has 0.01mm ultra soft dual core slim tip bristles which have a

deeper reach. It is priced at Rs120 for a toothbrush.

Pond’s launches a new skin cream. It contains honey and milk protein. The product is

priced at Rs140 for 100 ml.

HUL launches two hand creams under two brands - Dove and Vaseline. Dove

contains coconut oil and almond milk and is part of the Dove nourishing secrets range.

The product is priced at Rs299 for 50 grams. Vaseline also offers the proposition of

stronger nails. The product is priced at Rs249 for 50 grams.



Fair and Lovely (HUL) launches an ayurvedic face wash. It contains of a blend of 14

natural ingredients and is infused with turmeric and kumkumadi tailam. It is priced at

Rs130 for 100 grams.

Fair and Lovely (HUL) launches a new anti-marks cream. The product is an effective

hyper-pigmentation solution and is clinically proven to reduce pimple markets, dark spots

and blemishes. The product is priced at Rs120 for 25 grams.

Marico’s Coco Soul introduces preservative-free vegan coconut spreads. Marico’s

Cold Pressed Virgin Coconut Oil brand Coco Soul has launched a range of Coconut

Spreads under their vegan gourmet food range. These are available in two flavours –

Original and Cacao. The variants are priced at Rs349 for a 265 grams jar.

Veet has launched a hair removal cream for men. It comes in two variants of normal

skin and sensitive skin. It removes unwanted body hair without and nicks and cuts. The

product is priced at Rs120 for 50 grams.

Coco Soul has launched two spreads. One is a coconut spread made using natural

coconuts and contains no added sugar. It is priced at Rs279 for 265 grams. The other is a

peanut almond coconut butter (crunchy) priced at Rs549 for 250 grams.

Other launches. (1) Starbucks India launched limited edition Christmas special beverages

and food offerings. (2) Parachute has launched a new variant of coconut hair oil

(Parachute Advansed Gold) priced at Rs200 for 400 ml. (3) Titan has launched a new

perfume under its Fastrack brand priced at Rs995 for 100 ml. (4) Vaseline has launched

new variants of skin moisturizer – calming lavender and revitalizing green tea. (5) Ponds

has launched vitamin micellar water range (three variants) priced at Rs299 for 250ml. (6)

Indelukha (by HUL) has launched a new anti-dandruff variant. It is priced at Rs234 for 50

ml. (7) Amul has expanded its offerings in the cookies segment with launch of chocolate

cookies, nuts and raisins cookies, and oats and honey cookies. (8) Patanjali has launched

new variants of its atta noodles while Nestle launched a ‘desi cheesy’ variant of Maggi.

Nestle also launched poha and upma RTE breakfast products under the Maggi brand.

Other newsflow

TGBL has announced appointment of Mr Sunil D’Souza as its MD and CEO. He is

currently the MF of consumer durable firm Whirlpool India and will assume his new role

from April 4, 2020, subsequent to the retirement of Ajoy Mishra.

Bajaj Consumer Care appoints Mr. Jaideep Nandi as CEO. He has held various senior

management positions at Asian Paints prior to this.

Profiteering charges against Nestle India. The National Anti-profiteering Authority

(NAA) has charged Nestle India of profiteering from cut in GST rate and slapped about

Rs900 mn penalty, giving the company three months to comply. The authority has also

directed the company to reduce prices ‘commensurately’ and mandated that the Director

General Anti-Profiteering (DGAP) issues a show-cause notice seeking explanation on why

the penalty should not be applied.

Ecommerce to contribute 5% or US$4 bn to FMCG sales by 2022. Nielsen expects

ecommerce to contribute about 5% to overall fast moving goods market, and treble sales

to reach US$4 bn sales by 2022. At present, online sales account for 2% of FMCG sales

at US$1.2 bn and while the market researcher anticipates all channels to grow, general

trade contribution could shrink by 400 bps, almost entirely taken by online sales.



ITC to step up focus on frozen food. ITC is extending its nascent frozen foods business

to a range of new products and smaller towns and cities to compete with more

established rivals such as McCain Foods and Godrej Yummiez. The company has rolled

out a range of vegetarian and non-veg frozen snacks under its ITC Master Chef franchise

to add to its frozen prawns.

Mamy Poko catching up with leader P&G in diaper biz in India. Japanese sanitary

goods maker Unicharm that outpaced P&G in several Asian countries in disposable

diapers segment over the past decade is now within striking distance in India, too.

Unicharm, maker of the Mamy Poko pants, generated Rs19.8 bn from the diaper

segment in FY2019 in India, against P&G that gets about Rs20.7 bn from the category, as

per filings with the Registrar of Companies.

Dabur has ‘war chest’ to buy companies, expand in rural India. Dabur India is willing

to spend part of its cash reserve to acquire companies and revive sales that grew at the

slowest pace in two years. The company is exploring options in the health care, foods and

personal care segment. Dabur has identified potential targets and is looking to buy

companies in the Rs1-10 bn range.

Future Consumer appoints Rajnikant Sabnavis as CEO. Future Group company Future

Consumer has named former Jyothy Labs chief operating officer Rajnikant Sabnavis as its

new chief executive officer, effective January 1, 2020.

ITC acquires minority stake in FMCG vending machine start-up. ITC is going to

acquire up to 33.4% stake in home grown start-up Delectable Technologies which is in

the business of fabricating vending machines and application based sale of FMCG

products through such machines. The size of the deal is Rs75 mn which will be paid in

four tranches over a period of 12 months.

Patanjali Ayurved posts Rs35.6 bn revenue for 1HFY20. Patanjali Ayurved has

achieved a revenue of Rs35.6 bn in 1HFY20. This comprised revenue of Rs17.9 bn in

1QFY20 and Rs17.7 bn in 2QFY20.



Exhibit 1: A snapshot of new launches

Source: Company, Kotak Institutional Equities



Exhibit 1: A snapshot of new launches (continued)




Exhibit 2: KIE Consumer Pricing monitor (continued)

MRP (Rs)

Category/Brand/SKU Company Nov-19 Norm Wt Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 1M 3M 6M 1Y

Soaps

Dove Moisturising Cream 3*100gm HUVR 155 100g 57 57 57 57 57 57 57 57 57 57 57 52 (10) (10) (10) (10)

Dove Moisturising Cream 75gm HUVR 49 100g 65 65 65 65 65 65 65 65 65 65 65 65 — — — —

Hamam 150gm HUVR 44 100g 29 29 29 29 29 29 29 29 29 29 29 29 — — — —

Lifebuoy Total 125gm HUVR 20 100g 24 24 24 24 24 24 24 16 16 16 16 16 — — (33) (31)

Lifebuoy Total 3*90gm HUVR 54 100g 24 24 24 24 19 19 19 19 19 19 19 20 4 4 4 (17)

Lux Creamy White 125gm HUVR 50 100g 40 40 40 40 40 40 40 40 40 40 40 40 — — — —

Pears Pure Gentle 3*125gm HUVR 164 100g 44 44 44 44 44 44 44 44 44 44 44 44 — — — —

Fiama Di Wills Mild Dew 3*115gm ITC 180 100g 52 52 52 52 52 52 52 52 52 52 52 52 — — — —

Cinthol Original 4*100gm GCPL 135 100g 33 33 33 33 33 33 34 34 34 34 34 34 — — 3 8

Cinthol Soap Lime Fresh 4*75gm GCPL 75 100g 25 25 25 25 25 25 25 25 25 25 25 25 — — — —

Godrej No 1 Lime & Aloevera (3+1) *100gm GCPL 68 100g 16 16 16 16 16 16 18 17 17 17 17 17 — — 6 —

Godrej No 1 Saffron & Milk Cream (3+1) *150gm GCPL 102 100g 17 17 17 17 17 17 17 17 17 17 17 17 — — — —

Ayush Purifying Turmeric Soap - 100 g HUVR 30 100g 30 30 30 30 30 30 30 30 30 30 30 30 — — — —

Dettol soap Original 125 g Reckitt B. 50 100g 40 40 40 40 40 40 40 40 40 40 40 40 — — — —

Santoor soap Sandal & Turmeric 4*100 g Wipro Cons 96 100g 26 26 26 26 26 26 26 26 26 26 26 24 (8) (8) (8) (11)

Patanjali soap Neem Kanti 75 g Patanjali 15 100g 20 20 20 20 20 20 20 20 20 20 20 20 — — — —

Margo soap Original neem 2*100 gm Jyothy Labs 60 100g 28 28 28 28 28 28 30 30 30 30 30 30 — — 7 7

Shower Gels/Facewash/Handwash/Bodywash

Facewashes

Pears Pure & Gentle 60gm HUVR 140 100g 208 208 208 208 225 225 225 233 233 233 233 233 — — 4 12

Lakme Blush and Glow Strawberry gel 50ml HUVR 105 100ml 210 210 210 210 210 210 210 210 210 210 210 210 — — — 6

Lakme Face Clnsr Deep Pore Cleanser 120ml HUVR 230 100ml 192 192 192 192 192 192 192 192 192 192 192 192 — — — —

Dove Beauty Moisture 50gm HUVR 160 100g 270 270 270 280 280 280 280 320 320 320 320 320 — — 14 28

Ponds Face Wash Daily 100G HUVR 149 100g 140 140 140 140 140 140 140 150 150 150 150 149 (1) — 6 6

Fair & Lovely Fairness 50gm HUVR 63 100g 120 120 120 120 120 120 120 126 126 126 126 126 — — 5 5

Olay Cleanser Total Effects Anti Ageing 100gm P&G 269 100g 269 269 269 269 269 269 269 269 269 269 269 269 — — — —

Himalaya Face Wash - Purifying Neem 100 ml Himalaya 120 100ml 120 120 120 120 120 120 120 120 120 120 120 120 — — — —

Clean & Clear Natural Bright 100ml J&J 117 100ml 117 117 117 117 117 117 120 120 120 120 120 117 (3) (3) — —

Garnier- Power White, Double Action 100ml L'Oreal 180 100ml 180 180 180 180 180 180 180 180 180 180 180 180 — — — —

Handwash

Lifebuoy Total 10 Pump 190ml HUVR 99 100ml 43 43 43 43 43 43 43 43 43 43 43 52 21 21 21 21

Dettol - Germ Protection, Original Pump 200ml Reckitt B. 99 100ml 50 50 50 50 50 50 50 50 50 44 44 50 14 — — —

Godrej Protekt Masterblaster Pump 300ml GCPL 89 100ml 30 30 30 30 30 30 30 30 30 30 30 30 — — — —

Savlon Double Strength Pump 220ml ITC 95 100ml 36 36 36 40 40 40 40 40 40 48 48 48 — 20 20 31

Lifebuoy Total 10 Refill 750ml HUVR 119 100ml 23 23 23 23 23 23 23 23 23 23 23 16 (32) (32) (32) (32)

Dettol - Germ Protection, Original Refill 750ml Reckitt B. 109 100ml 15 15 15 15 15 15 15 15 15 15 15 15 — — — —

Godrej Protekt Masterblaster Refill 750ml GCPL 115 100ml 13 13 13 15 15 15 15 15 15 15 15 15 — — — 16

Savlon Double Strength Pump Refill 750ml ITC 99 100ml 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Bodywash/ Shower Gels

Palmolive Absolute Relaxing 250ml Colgate P. 190 100ml 72 72 72 72 72 72 72 72 72 76 76 76 — 6 6 6

Fiama Di Wills Lemongrass & Jojoba (Clr Sprng) 250ml ITC 199 100ml 80 80 80 80 80 80 80 80 80 80 80 80 — — — —

Lux Velvet Touch Moisturising 235ml HUVR 99 100ml 42 42 42 42 42 42 42 42 42 42 42 42 — — — —

Pears Pure & Gentle 250M HUVR 135 100ml 72 72 72 72 72 72 72 72 72 54 54 54 — (25) (25) (25)

Cinthol Cool wave head to toe 190ml GCPL 150 100ml 75 75 75 75 75 75 79 79 79 79 79 79 — — 5 5

Dove Deeply Nourishing 190ml HUVR 115 100ml 74 74 74 74 74 74 74 74 74 61 61 61 — (18) (18) (18)

Nivea - Lemon & Oil 250ml Nivea 199 100ml 78 78 78 80 80 80 80 80 80 80 80 80 — — — —

Detergents

Detergent Bars

Wheel Active 120gm HUVR 5 100g 4 4 4 4 4 4 4 4 4 4 4 4 — — — —

Rin Advance 75gm HUVR 5 100g 7 7 7 7 7 7 7 7 7 7 7 7 — — — —

Rin Advance 140gm HUVR 10 100g 7 7 7 7 7 7 7 7 7 7 7 7 4 4 4 4

Rin Advance 250gm HUVR 17 100g 7 7 7 7 7 7 7 7 7 7 7 7 — — — —

Surf Excel Bar 100gm HUVR 10 100g 10 10 10 10 10 10 10 10 10 10 10 10 — — — —

Surf Excel 250gm HUVR 25 100g 11 11 11 11 11 11 11 11 11 11 11 10 (7) (7) (7) (7)

Surf Excel Det Bar 400gm HUVR 50 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Sunlight 150gm HUVR 20 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Change (%)Normalised price in Rs (adjusted for grammage changes)

Source: Kotak Institutional Equities




MRP (Rs)

Category/Brand/SKU Nov-19 Norm Wt Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 1M 3M 6M 1Y

Detergent Powders

Wheel Active Lemon & Jasmine 1Kg HUVR 53 100g 5 5 5 5 5 5 5 5 5 5 5 5 — — — —

Ghadi detergent 3Kg Ghari 162 100g 5 5 5 5 5 5 5 5 5 5 5 5 — — — —

Rin Advance 1Kg HUVR 75 100g 8 8 8 8 8 8 8 8 8 8 8 8 — — — —

Rin Advance 4Kg HUVR 338 100g 8 8 8 8 8 8 8 8 8 8 8 8 — — — 2

Tide Plus 1Kg P&G 106 100g 10 10 10 11 11 11 11 11 11 11 11 11 — — — 4

Surf Excel Easy Wash 1.5Kg HUVR 180 100g 12 12 12 12 12 12 12 12 12 12 12 12 — — — 3

Henko Stain Champion 1Kg Jyothy Labs 112 100g 11 11 11 11 11 11 11 11 11 11 11 11 — — — —

Surf Excel Quickwash 1Kg HUVR 180 100g 17 17 17 18 18 18 18 18 18 18 18 18 — — — 6

Ariel Complete 1.5Kg P&G 280 100g 25 25 25 26 26 26 18 18 18 18 18 19 4 4 (28) (25)

Rin Matic 1Kg HUVR 115 100g 12 12 12 12 12 12 12 12 12 12 12 12 — — — —

Henko Lintelligent Matic - Top Load 1Kg Jyothy Labs 225 100g 22 22 22 23 23 23 23 23 23 23 23 23 — — — —

Henko Lintelligent Matic - Front Load 1Kg Jyothy Labs 250 100g 21 21 21 25 25 25 25 25 25 25 25 25 — — — 18

Surf Excel Matic Top Load 1Kg HUVR 225 100g 23 23 23 23 23 23 23 23 23 23 23 23 — — — —

Surf Excel Matic Front Load 1Kg HUVR 250 100g 25 25 25 25 25 25 25 25 25 25 25 25 — — — —

Ariel Matic Top Load 1 Kg P&G 199 100g 20 20 20 20 20 20 20 20 20 20 20 20 — — — —

Ariel Matic Front Load 1 Kg P&G 219 100g 22 22 22 22 22 22 22 22 22 22 22 22 — — — —

Liquid detergents/Fabric Conditioners/Dishwash/ Floor Cleaners

Fabric Conditioners/Liquid detergents

Surf Excel Liquid Matic Top Load 1L HUVR 209 100ml 20 20 20 20 21 21 21 21 21 21 21 21 — — — 5

Surf Excel Liquid Matic Front Load 1L HUVR 235 100ml 23 23 23 23 24 24 24 24 24 24 24 24 — — — 4

Ariel Matic Liquid Detergent 750ml P&G 225 100ml 35 35 35 35 35 35 35 35 35 23 23 23 — (35) (35) (35)

Ujala Supreme 250ml Jyothy Labs 65 100ml 26 26 26 26 26 26 26 26 26 26 26 26 — — — —

Comfort Fabric Conditioner Anti Bacterial 200ml HUVR 56 100ml 25 25 25 25 25 25 25 25 25 25 25 25 — — — —

Ala Liquid Bleach Fabric Whitener 200ml HUVR 29 100ml 14 14 14 14 14 14 14 14 14 14 14 15 4 4 4 7

Ezee Detergent Liquid 500gm GCPL 90 100g 18 18 18 18 18 18 18 18 18 18 18 18 — — — —

Dishwashing Bar/Gels/Powder

Vim Drop Dishwash Green Lime 500ml HUVR 120 100ml 22 22 22 22 22 22 22 22 22 22 22 24 9 9 9 9

Pril Dishwash Liquid - Lime Green 500ml Jyothy Labs 107 100ml 21 21 21 21 21 21 21 21 21 21 21 21 — — — —

Dettol Dish/slab Gel, Lemon Splash 400ml Reckitt B. 131 100ml 33 33 33 33 33 33 33 33 33 33 33 33 — — — —

Giffy D/W Liquid - Green Lime & Active salt 500ml Wipro Cons 119 100ml 21 21 21 21 21 21 21 21 21 24 24 24 — 13 13 13

Vim Utensil Bar 300gm HUVR 20 100g 7 7 7 7 7 7 7 7 7 7 7 7 — — — —

Pril Dishwash Bar - Lime 3*400gm Jyothy Labs 102 100g 8 8 8 8 8 8 8 8 8 9 9 9 — 3 3 3

Exo Dish Wash Bar- Touch & Shine 700gm Jyothy Labs 65 100g 9 9 9 9 9 9 9 9 9 9 9 9 — — 3 3

Floor Cleaners/Other Cleaners

Harpic toilet cleaner Original 1L Reckitt B. 168 100ml 16 16 16 16 16 17 17 17 17 17 17 17 — — — 5

Domex Floor Cleaner Thick 500ml HUVR 95 100ml 18 18 18 18 18 18 19 19 19 19 19 19 — — 7 7

Sanifresh Toilet Cleaner Shine 1L Dabur 154 100ml 14 14 14 14 15 15 15 15 15 15 15 15 — — — 10

Oral Care

Toothpaste

Colgate Cdc 150gm Colgate P. 65 100g 43 43 43 43 43 43 43 43 43 43 43 43 — — — —

Colgate Cibaca 175gm Colgate P. 50 100g 29 29 29 29 29 29 29 29 29 29 29 29 — — — —

Colgate Active Salt 100gm Colgate P. 52 100g 49 49 49 49 49 49 49 52 52 52 52 52 — — 6 6

Colgate Herbal 200G Colgate P. 98 100g 47 47 47 47 47 47 47 47 47 49 49 49 — 5 5 5

Colgate Maxfresh Blue 150gm Colgate P. 92 100g 61 61 61 61 61 61 61 61 61 61 61 61 — — — —

Colgate Sensitive Pro Relief 70gm Colgate P. 115 100g 164 164 164 164 164 164 164 164 164 164 164 164 — — — —

Colgate Sensitive 80gm Colgate P. 99 100g 124 124 124 124 124 124 124 124 124 124 124 124 — — — —

Colgate Total Adv Health 120gm Colgate P. 98 100g 77 77 77 77 77 77 77 81 81 81 81 82 1 1 7 7

Colgate Toothpaste Strawberry Barbie 80gm Colgate P. 86 100g 103 103 103 103 103 103 103 103 103 103 103 108 5 5 5 5

Pepsodent 2 In 1 150gm HUVR 97 100g 63 63 63 65 65 65 65 65 65 65 65 65 — — 0 3

Pepsodent Germicheck 200gm HUVR 85 100g 41 41 41 41 41 41 41 41 41 43 43 43 — 4 4 4

Pepsodent Gum Care 140gm HUVR 98 100g 70 70 70 70 70 70 70 70 70 70 70 70 — — — —

Pepsodent Exp Prot Complete 150gm HUVR 114 100g 81 81 81 81 81 81 81 81 81 81 81 81 — — — —

Close Up Red 150gm HUVR 82 100g 55 55 55 55 55 55 55 55 55 55 55 55 — — — —

Babool 180gm Dabur 45 100g 23 23 23 23 23 23 23 23 23 25 25 25 — 10 10 10

Dabur Red 200gm Dabur 95 100g 48 48 48 48 48 48 48 48 48 48 48 48 — — — —

Meswak 200gm Dabur 96 100g 48 48 48 48 48 48 48 48 48 48 48 48 — — — —

Sensodyne Fresh Gel 75gm GSK CH 105 100g 140 140 140 140 140 140 140 140 140 140 140 140 — — — (1)

Sensodyne Toothpaste Rapid Relief 80gm GSK CH 150 100g 188 188 188 188 188 188 188 188 188 188 188 188 — — — 7

Lever Ayush Anti-cavity clove oil 150gm HUVR 80 100g 50 50 50 50 50 50 50 50 50 50 50 53 7 7 7 7

Colgate Swarna Vedshakti Natural 200gm Colgate P. 92 100g 45 45 45 45 46 46 46 46 46 46 46 46 — — — 3

Patanjali Dant Kanti 200gm Patanjali 75 100g 38 38 38 38 38 38 38 38 38 38 38 38 — — — —

Vicco Vajradanti 200gm Vicco 115 100g 55 55 55 55 55 55 55 55 55 58 58 58 — 5 5 5

Himalaya complete care 100gm Himalaya 50 100g 48 48 48 48 48 48 50 50 50 50 50 50 — — 4 4

Toothpowders

Colgate 200gm Colgate P. 75 100g 35 35 35 35 35 35 35 35 35 35 35 38 9 9 9 4

Dabur Lal Dant Manjan 100gm Dabur 68 100g 43 43 43 43 43 43 43 43 43 45 45 45 — 6 6 13

Mouthwashes

Colgate Plax Complete Care 250ml Colgate P. 120 100ml 48 48 48 48 48 48 48 48 48 48 48 48 — — — 14

Colgate Plax Freshmint 250ml Colgate P. 120 100ml 48 48 48 48 48 48 48 48 48 48 48 48 — — — 14






MRP (Rs)


Shampoo bottles

Clear Active Care Anti Dandruff 80ml HUVR 65 100ml 81 81 81 81 81 81 81 81 81 81 81 81 — — — —

Clinic Plus Anti Dandruff 80ml HUVR 45 100ml 56 56 56 56 56 56 56 56 56 56 56 56 — — — —

Dove Dandruff Care 80ml HUVR 68 100ml 85 85 85 85 85 85 85 85 85 85 85 85 — — — —

Patanjali Kesh Kanti Anti-Dandruff 200ml Patanjali 110 100ml 55 55 55 55 55 55 55 55 55 55 55 55 — — — —

Tresemme Hair Fall Defense 185ml HUVR 105 100ml 55 55 55 55 55 55 55 55 55 55 55 55 — — — —

Head & Shoulders Anti Hair Fall 170ml P&G 145 100ml 81 81 81 81 81 81 81 81 81 81 81 81 — — — —

Pantene Hair Fall Control 340ml P&G 220 100ml 65 65 65 65 65 65 65 65 65 65 65 65 — — — —

Clinic Plus Shmp Strong & Long 80ml HUVR 45 100ml 50 50 50 50 50 50 50 50 50 50 50 50 — — — —

Dove Daily Shine 80ml HUVR 62 100ml 78 78 78 78 78 78 78 78 78 78 78 78 — — — —

Sunsilk Black Shine 80ml HUVR 50 100ml 63 63 63 63 63 63 63 63 63 63 63 63 — — — —

Head & Shoulders Smooth & Silky 180ml P&G 145 100ml 81 81 81 81 81 81 81 81 81 81 81 81 — — — —

Pantene Long Black 180ml P&G 115 100ml 64 64 64 64 64 64 64 64 64 64 64 64 — — — —

Dabur Shmp Vatika Black Shine Amla 180ml Dabur 108 100ml 60 60 60 60 60 60 60 60 60 60 60 60 — — — —

Loreal Paris Total Repair 5 175ml L'oreal 135 100ml 77 77 77 77 77 77 77 77 77 77 77 77 — — — —

Himalaya Protein- Gentle Daily Care 200ml Himalaya 130 100ml 64 64 64 64 64 64 64 65 65 65 65 65 — — 2 2

Patanjali Kesh Kanti Natural Cleanser 200ml Patanjali 75 100ml 38 38 38 38 38 38 38 38 38 38 38 38 — — — —

Skin Creams/Lotions/Talcs

Face Creams/Fairness Creams/Facial Cleanser

Fair & Lovely Advanced Multi Vitamin 50gm HUVR 98 100g 190 190 196 196 196 196 196 196 196 196 196 196 — — — 3

DABUR Gulabari Premium Rose water 120ml Dabur 199 100g 38 38 38 38 38 38 38 38 38 38 38 38 — — — —

Nivea Crème 100ml Nivea 45 100ml 129 129 129 129 129 129 129 129 129 129 129 149 16 16 16 16

Nivea Soft Light Moisturiser 100ml Nivea 149 100ml 150 150 150 150 150 150 160 160 160 160 160 160 — — 7 7

Ponds Light Light Moisturiser 150ml HUVR 160 100ml 133 133 133 133 133 133 133 133 133 133 133 133 — — — —

Fair & Handsome Whitening Cream, Laser 12 15g Emami 55 100g 333 333 333 333 367 367 367 367 367 367 367 367 — — — 10

Anti-Ageing/Special Creams

Ponds Age Miracle Day Cream 50g HUVR 669 100g 1,298 1,298 1,298 1,298 1,298 1,298 1,298 1,338 1,338 1,338 1,338 1,338 — — 3 3

Olay Age Protect Anti Ageing Cream 40gm Olay 329 100g 823 823 823 823 823 823 823 823 823 823 823 823 — — — —

Olay Skin Total Effect Normal Cream 50gm Olay 849 100g 1,698 1,698 1,698 1,698 1,698 1,698 1,698 1,698 1,698 1,698 1,698 1,698 — — — —

Body Lotions

Lakme Peach Milk Moisture 200ml HUVR 325 100ml 155 155 155 155 155 155 163 163 163 163 163 163 — — 5 5

Dove Go Fresh Normal Skin 400ml HUVR 430 100ml 108 108 108 108 108 108 108 108 108 108 108 108 — — — —

Ponds Drm Flower / Triple Vitamin 100ml HUVR 87 100ml 87 87 87 87 87 87 87 87 87 87 87 87 — — — 7

Vaseline Healthy White 100ml HUVR 95 100ml 115 115 115 115 115 115 115 115 115 95 95 95 — (17) (17) (17)

Talcs

Navratna Cool, Active Deo 100gm Emami 82 100g 68 68 68 68 72 72 72 72 72 72 72 82 14 14 14 21

AXE Talc Dark Temptation 100gm HUVR 70 100g 65 65 65 65 65 65 65 70 70 70 70 70 — — 8 8

Ponds Talc Dream Flower Pink 100gm HUVR 85 100g 80 80 80 80 80 80 80 80 80 85 85 85 — 6 6 9

Cinthol Talc Original 100gm GCPL 55 100g 55 55 55 55 55 55 55 55 55 55 55 55 — — — —

Deodorants / Air Freshners

Deodorants

Axe Dark Temptation 150ml HUVR 200 100ml 127 127 133 133 133 133 133 133 133 133 133 133 — — — 5

Axe Deo Pulse 150ml HUVR 200 100ml 127 127 127 127 133 133 133 133 133 133 133 133 — — — 5

Cinthol Deo Spray Dive 150ml GCPL 195 100ml 130 130 130 130 130 130 130 130 130 130 130 130 — — — —

Set Wet Deospray Rave 150ml Marico 149 100ml 99 99 99 99 99 99 99 99 99 99 99 99 — — — —

Fogg Fresh Spicy Block 150ml Vini 275 100ml 183 183 183 183 183 183 183 183 183 183 183 183 — — — —

Engage Deo Spray - Urge 150ml ITC 190 100ml 127 127 127 127 127 127 127 127 127 127 127 127 — — — —

Wild Stone Deo Red 150ml McNROE 199 100ml 133 133 133 133 133 133 133 133 133 133 133 133 — — — —

Air Fresheners

Aer Freshner Car Cool Surf Blue Bx 45ml GCPL 379 100ml 842 842 842 842 842 842 842 842 842 842 842 842 — — — —

Aer Freshner Cool Surf Blue Cn 240ml GCPL 149 100ml 50 50 50 50 50 50 50 50 50 62 62 62 — 25 25 25

Godrej aer Pocket Bathroom Fragrance 10gm GCPL 55 55 55 55 55 55 55 55 55 55 55 55 55 — — — —

Odonil Zipper Bathroom Air Freshener 10gm Dabur 52 50 50 52 52 52 52 52 52 52 52 52 52 — — — 4

Odonil Room Spray Home Freshener 200gm Dabur 149 100g 70 70 75 75 75 75 75 75 75 75 75 75 — — — 6

Home Insecticides

Coils/Machine/Mats

GK Mosquto Coil Low Smoke 12Hrs - 10 Coils GCPL 34 33 33 33 33 34 34 34 34 34 34 34 34 — — — 3

Goodknight (GK) Machine Activ Combi GCPL 85 85 85 85 85 85 85 85 85 85 85 85 85 — — — —

Goodknight (GK) Mat Silver Power 30P GCPL 60 60 60 60 60 60 60 60 60 60 60 60 60 — — — —

Mortein PowerGard 12 Hrs 10 Coils Reckitt B. 32 32 32 32 32 32 32 32 32 32 32 32 32 — — — —

GK Activ + Liquid Ref - Lavender 45 ml (45 nights) GCPL 72 72 72 72 72 72 72 72 72 72 72 72 72 — — — —

All Out Floral Refill - Power Plus 45 ml (45 nights) SC Johnson 72 72 72 72 72 72 72 72 72 72 72 72 72 — — — —

Maxo Mosquito Repellent liquid 45 ml (45 nights) Jyothy Labs 67 67 67 67 67 67 67 67 67 67 67 67 67 — — — —

Sprays/Aerosols

Hit Spray Cockroach Champion 320ml GCPL 175 100ml 50 50 50 50 50 50 50 50 50 54 54 55 2 9 9 9

Creams/Lotions

Good Knight Cool Gel 50gm GCPL 45 90 90 90 90 90 90 90 90 90 90 90 90 — — — —

Odomos Mosquito Cream Natural 50gm Dabur 50 100g 96 96 96 100 100 100 100 100 100 100 100 100 — — 0 4






MRP (Rs)


Hair Oils

Coconut Oils

Parachute coconut oil 100ml Marico 39 100ml 39 39 39 39 39 39 39 39 39 39 39 39 — — — —

Parachute coconut oil 250ml Marico 105 100ml 42 42 42 42 42 42 42 42 42 42 42 42 — — — —

Dabur Vatika hair oil 75ml Dabur 42 100ml 56 56 56 56 56 56 56 56 56 56 56 56 — — — —

Dabur Anmol Gold 175ml Dabur 65 100ml 38 38 38 38 38 38 37 37 37 37 37 37 — — (3) (3)

Patanjali Coconut Oil 200ml Patanjali 72 100ml 36 36 36 36 36 36 36 36 36 36 36 36 — — — —

Perfumed Hair Oils

Parachute Advansed hot oil 190ml Marico 110 100ml 58 58 58 58 58 58 58 58 58 58 58 58 — — — —

Parachute Advansed 80ml Marico 55 100ml 73 73 73 73 73 73 73 73 73 73 73 73 — — — —

Parachute Jasmine 200ml Marico 83 100ml 46 46 46 46 46 46 46 46 46 42 42 42 — (10) (10) (10)

Hair & Care 100ml Marico 60 100ml 60 60 60 60 60 60 60 60 60 60 60 60 — — — —

Shanti Badam Amla 190ml Marico 50 100ml 26 26 26 26 26 26 26 26 26 26 26 26 — — — —

Dabur Amla hair oil 100ml Dabur 44 100ml 49 49 49 49 49 49 49 49 49 49 49 49 — — — —

Dabur Almond Hair Oil- Damage Free Hair Dabur 65 100ml 63 63 63 63 63 63 63 63 63 63 63 65 3 3 3 3

Bajaj Almond hair oil 100ml Bajaj Corp 65 100ml 63 63 63 63 65 65 65 65 65 65 65 65 — — — 3

Navratna Cooling oil 100ml Emami 75 100ml 75 75 75 75 75 75 75 75 75 75 75 75 — — — —

Patanjali Kesh Kanti 120ml Patanjali 130 100ml 108 108 108 108 108 108 108 108 108 108 108 108 — — — —

Bajaj Coco Jasmine 180ml Bajaj Corp 75 100ml 42 42 42 42 42 42 42 42 42 42 42 42 — — — —

Mens Grooming

Gillette Guard Razor P&G 23 1 pc 23 23 23 23 23 23 23 23 23 23 23 23 — — — —

Gillette Guard Cartridge pack (6 pcs) P&G 50 1 pc 8 8 8 8 8 8 8 8 8 8 8 8 — — — —

Gillette Vector Plus Razor P&G 60 1 pc 60 60 60 60 60 60 60 60 60 60 60 60 — — — —

Gillette Vector Plus Cartridge pack (6 pcs) P&G 150 1 pc 25 25 25 25 25 25 25 25 25 25 25 25 — — — —

Gillette Mach 3 Razor P&G 250 1 pc 250 250 250 250 250 250 250 250 250 250 250 250 — — — 39

Gillette Mach 3 Cartridge pack (4 pcs) P&G 475 1 pc 112 112 119 119 119 119 119 119 119 119 119 119 — — — 6

Gillette Fusion Razor P&G 350 1 pc 350 350 350 350 350 350 350 350 350 350 350 350 — — — —

Gillette Fusion Cartridge pack (4 pcs) P&G 900 1 pc 225 225 225 225 225 225 225 225 225 225 225 225 — — — —

Gillette Foam - Classic Regular 418gm P&G 199 100g 48 48 48 48 48 48 48 48 48 48 48 48 — — — —

Godrej Shaving Cream Lime Fresh 60 gm GCPL 65 100g 108 108 108 108 108 108 108 108 108 108 108 108 — — — —

Feminine hygiene

Whisper Sanitary Pads- Ultra Clean XL+ Wings (15 pcs) P&G 165 1 pc 11 11 11 11 11 11 11 11 11 11 11 11 — — 3 3

Whisper - Choice Wings Regular P&G 78 1 pc 4 4 4 4 4 4 4 4 4 4 4 4 — — — —

Whisper - Choice Ultra Wings XL P&G 123 1 pc 6 6 6 6 6 6 6 6 6 6 6 6 — 4 4 4

Stayfree SPs- Dry-Max All Night Ultra Xl Wings (14 pcs) J&J 175 1 pc 12 12 12 12 12 12 12 12 12 12 12 13 2 2 2 2

Sofy Sanitary Pads - Body Fit Antibacteria, XL (15 pcs) Unicharm 125 1 pc 8 8 8 8 8 8 8 8 8 8 8 8 — — — —

Carefree Sanitary Pads - Regular (10pcs) J&J 74 1 pc 7 7 7 7 7 7 7 7 7 7 7 7 — — — 0

Baby Diapers

Pampers Diaper Pants - L (44 pcs) P&G 699 1 pc 15 15 15 15 15 15 15 15 15 16 16 16 — 5 5 5

Mamypoko Diaper Pants- L (44 pcs) Unicharm 699 1 pc 15 15 15 15 15 15 15 15 15 16 16 16 — 5 5 5

Huggies Diaper Pants- L (46 pcs) HUVR 699 1 pc 15 15 15 15 15 15 15 15 15 15 15 15 — — — —






MRP (Rs)


Edible Oils

Saffola Kardi Oil - 1L Marico 200 100ml 20 20 20 20 20 20 20 20 20 20 20 20 — — — —

Saffola Tasty Blend - 1L Marico 135 100ml 14 14 14 14 14 14 14 14 14 14 14 14 — — — —

Saffola Gold - 1L Marico 159 100ml 16 16 16 16 16 16 16 16 16 16 16 16 — — — —

Saffola Active - 1L Marico 125 100ml 14 14 14 14 14 14 14 14 14 13 13 13 — (7) (7) (7)

Sundrop Heart - 1L Agrotech 210 100ml 21 21 21 21 21 21 21 21 21 21 21 21 — — — —

Sundrop Nutrilite - 1L Agrotech 135 100ml 14 14 14 14 14 14 14 14 14 14 14 14 — — — 0

Sundrop Superlite Advanced -1L Agrotech 195 100ml 16 16 16 16 16 16 16 16 16 16 16 16 — — — —

Sundrop Goldlite -1L Marico 140 100ml 14 14 14 14 14 14 14 14 14 14 14 14 — — — —

Fortune Vivo- 1L Adani Wilmar 150 100ml 15 15 15 15 15 15 15 15 15 15 15 15 — — — —

Emami Rice bran oil- 1L Emami 110 100ml 11 11 11 11 11 11 11 11 11 11 11 11 — — — 0

Tea/ Coffee

Tea

Red Label ctc 1kg HUVR 430 100g 43 43 43 43 43 43 43 43 43 43 43 43 — — — 0

Society Tea 1kg Amar Tea 415 100g 42 42 42 42 42 42 42 42 42 42 42 42 — — — —

Red Label Natural Care Box 500gm HUVR 260 100g 52 52 52 52 52 52 52 52 52 52 52 52 — — — 0

Tajmahal Ctc Box 250gm HUVR 150 100g 57 57 57 57 57 57 58 58 58 58 58 60 3 3 6 7

Agni Ctc Leaves 1kg TGBL 222 100g 22 22 22 22 22 22 22 22 22 22 22 22 1 1 1 1

Tata Ctc Gold 1kg TGBL 457 100g 44 44 44 44 44 44 44 44 44 46 46 46 — 4 4 4

Wagh Bakri Leaf Tea - Premium 1kg pouch Wagh Bakri 415 100g 41 41 41 41 41 41 41 42 42 42 42 42 — 0 1 1

Iced Tea

Lipton Instant Mix Ice Tea Lemon Pp 500gm HUVR 130 100g 52 52 52 52 52 52 52 52 52 52 52 52 — — — —

Nestea Ice Tea Lemon 500gm Nestle 165 100g 33 33 33 33 33 33 33 33 33 33 33 33 — — — —

Coffee

Bru Gold Jar 100gm HUVR 275 100g 245 245 245 265 265 275 275 275 275 275 275 275 — — 0 12

Bru Instant Jar 100gm HUVR 180 100g 165 165 165 175 175 175 175 180 180 180 180 180 — — 3 9

Nescafe Classic Box 200gm Nestle 475 100g 230 230 230 230 230 238 238 238 238 238 238 238 — — — 8

Nescafe Classic 50gm Nestle 140 100g 270 270 270 280 280 280 280 280 280 280 280 280 — — — 8

Sunrise Premium Jar 50gm Nestle 90 100g 170 170 170 170 180 180 180 180 180 180 180 180 — — — 13

Dairy

Milk/Condensed Milk/ Milk Powder

Nestle Condmilk Milkmaid 400gm Nestle 119 100g 28 28 28 29 29 29 29 30 30 30 30 30 — 0 2 5

Nestle Milk Slim 1L Nestle 85 100ml 8 8 8 8 8 8 8 8 8 9 9 9 — 6 6 6

Nestle Milk Toned A+ 1L Nestle 79 100ml 8 8 8 8 8 8 8 8 8 8 8 8 5 5 5 5

Amul Taaza 1L Amul 62 100ml 6 6 6 6 6 6 6 6 6 6 6 6 — 3 3 3

Amul Gold 1L Amul 66 100ml 6 6 6 6 6 6 6 7 7 7 7 7 — 0 3 3

Amul Lite 1L Amul 75 100ml 7 7 7 7 7 7 7 7 7 7 7 8 4 4 4 4

Everyday Milkpow Dairy Whitener Pouch 400gm Nestle 190 100g 42 42 42 44 44 44 44 46 46 48 48 48 — 4 8 12

Yoghurt/Dahi

Nestle Dahi Slim 200gm Nestle 35 100g 18 18 18 18 18 18 18 18 18 18 18 18 — — — —

Britannia Dahi Daily Fresh 150gm Britannia 20 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Britannia Dahi Low Fat 200gm Britannia 30 100g 15 15 15 15 15 15 15 15 15 15 15 15 — — — —

Butter/Cheese

Britannia Cheese Block 400gm Britannia 260 100g 63 63 63 63 63 63 63 65 65 65 65 65 — — 4 4

Britannia Cheese Spread Classic 180gm Britannia 120 100g 47 47 47 47 47 47 47 47 47 47 47 67 41 41 41 41

Amul Butter 500gm Amul 235 100g 45 45 45 45 45 45 45 45 45 45 45 47 4 4 4 4

Amul Lite Butter 500gm Amul 145 100g 29 29 29 29 29 29 29 29 29 29 29 29 — — — —

Nutrilite Butter 500gm Zydus Cadila 180 100g 36 36 36 36 36 36 36 36 36 36 36 36 — — — —

Amul cheese slice plain 200 gm Amul 122 59 59 59 59 59 59 59 59 59 59 59 61 3 3 3 3

Go cheese slice 200 gm Parag milk 140 63 63 63 63 63 63 63 63 63 63 63 70 12 12 12 12

Britannia cheese slice 200 gm Britannia 145 60 60 60 60 60 60 65 73 73 73 73 73 — 0 21 21

Cakes/ Desert Mixes

Britannia Cake Fruity Fun 60gm Britannia 15 100g 25 25 25 25 25 25 25 25 25 25 25 25 — — — —






MRP (Rs)

Nov-19 Norm Wt Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 1M 3M 6M 1Y

Health Drinks/ Juices/ Health Supplements/ OTCs

Health Drinks

Horlicks Chocolate Jar 500gm GSK CH 215 100g 42 42 42 42 42 42 43 43 43 43 43 43 — — 3 3

Horlicks Protein+ Chocolate, 400gm Jar GSK CH 520 100g 130 130 130 130 130 130 130 130 130 130 130 130 — — — 5

Horlicks Standard Jar 500gm GSK CH 242 100g 47 47 47 47 47 47 47 47 47 47 47 48 3 3 3 6

Bournvita Chocolate 500gm Jar Mondelez 217 100g 43 43 43 43 43 43 43 43 43 43 43 43 — — — 1

Complan Chocolate 500gm Jar Kraft Heinz 280 100g 60 60 62 62 62 62 62 62 62 56 56 56 — (10) (10) (7)

Horlicks Mother's Vanilla 500 gm Jar GSK CH 515 100g 100 100 100 103 103 103 103 103 103 103 103 103 — — — 3

Horlicks Womens Chocolate Jar 330gm GSK CH 295 100g 74 74 74 74 74 74 74 74 74 74 74 74 — — — 4

Boost Jar 450gm GSK CH 230 100g 50 50 51 51 51 51 51 51 51 51 51 51 — — — 3

Horlicks Growth+ Vanilla, 400gm Jar GSK CH 520 100g 130 130 130 130 130 130 130 130 130 130 130 130 — — — —

Protinex- Chocolate 400gm Danone 535 100g 130 130 134 134 134 134 134 134 134 134 134 134 — — — 3

Pediasure- Complete & Balanced 400gm Abbott 520 100g 130 130 130 130 130 130 130 130 130 130 130 130 — — — —

Juices

Real fruit power Orange 1L (Conc + added sugar) Dabur 105 100ml 10 10 10 10 11 11 11 11 11 11 11 11 — — — 6

Real Activ 100% Orange 1L (from Conc | No added sugar) Dabur 130 100ml 12 12 13 13 13 13 13 13 13 13 13 13 — — — 8

Tropicana- Orange, 1 L (Conc + added sugar) Pepsi Co. 110 100ml 10 10 11 11 11 11 11 11 11 11 11 11 — — — 11

Tropicana 100% Orange 1L (from Conc; no added sugar) Pepsi Co. 135 100ml 13 13 14 14 14 14 14 14 14 14 14 14 — — — 4

B Natural Juice- Orange 1L (No Conc; incl added sugar) ITC 105 100ml 10 10 10 10 10 10 11 11 11 11 11 11 — — 6 6

B Natural 100% pomegranate 1L (No Conc; no added sugar) ITC 199 100ml 20 20 20 20 20 20 20 20 20 20 20 20 — — — —

Real Fruit power pomegranate 1L (Conc + added sugar) Dabur 110 100ml 11 11 11 11 11 11 11 11 11 11 11 11 — — — 1

Paper Boat drink- Aamras 1L Hector Bev. 120 100ml 10 10 11 11 11 11 11 11 11 11 11 12 9 9 9 21

Health Supplements/OTCs

Dabur Chyawanprash 1kg Dabur 325 100g 31 31 31 31 31 33 33 33 33 33 33 33 — — — 5

Dabur Digestive Hajmola Regular 120 P Dabur 35 35 35 35 35 35 35 35 35 35 35 35 35 — — — —

Dabur Glucose-D Jar 1kg Dabur 190 100g 19 17 17 17 17 17 17 19 19 19 19 19 — — 12 3

Dabur Honey 500gm Dabur 199 100g 31 31 31 31 31 31 31 31 31 31 31 31 — — — —

Patanjali Honey 500gm Patanjali 135 100g 27 27 29 29 29 29 29 29 29 29 29 29 — — — 7

Soft drinks (excl. juices)

Pepsi bottle 600ml Pepsi Co 38 100ml 5 5 5 5 5 5 6 6 6 6 6 6 — — 19 19

Pepsi bottle 2.25L Pepsi Co 90 100ml 4 4 4 4 4 4 4 4 4 4 4 4 — — — —

Coca Cola bottle 750ml Coca-Cola 40 100ml 5 5 5 5 5 5 5 5 5 5 5 5 — — — —

Coca Cola bottle 1.75L Coca-Cola 80 100ml 5 5 5 5 5 5 5 5 5 5 5 5 — — — 7

Thums up bottle 750ml Coca-Cola 40 100ml 5 5 5 5 5 5 5 5 5 5 5 5 — — — —

Sprite bottle 750ml Coca-Cola 40 100ml 5 5 5 5 5 5 5 5 5 5 5 5 — — — —

Sprite bottle 1.75L Coca-Cola 80 100ml 5 5 5 5 5 5 5 5 5 5 5 5 — — — 7

Maaza bottle 600ml Coca-Cola 38 100ml 6 6 6 6 6 6 6 6 6 6 6 6 — — — 3

Tropicana Mango Slice 600ml Pepsi Co 35 100ml 6 6 6 6 6 6 6 6 6 6 6 6 — — (5) (5)

Frooti bottle 300ml Parle Agro 20 100ml 7 7 7 7 7 7 7 7 7 7 7 7 — — — —

7 Up Nimbooz 350ml Pepsi Co 20 100ml 7 7 7 7 7 7 6 6 6 6 6 6 — — (20) (20)

Baby Food

Cerelac Babycereal Rice S1 300gm Nestle 177 100g 57 57 57 59 59 59 59 59 59 59 59 59 — — — 4

Cerelac Babycereal Wheat S1 300gm Nestle 175 100g 56 56 56 56 58 58 58 58 58 58 58 58 — — — 4

Cerelac Babycereal Mltgrn 5 Fruit 300G Nestle 245 100g 80 80 80 82 82 82 82 82 82 82 82 82 — — — 3

Cerelac Babycereal Multigrain Dal Veg 300gm Nestle 243 100g 77 77 77 81 81 81 81 81 81 81 81 81 — — — 6

Cerelac Babycereal Mixed Fruit 300G Nestle 235 100g 76 76 76 78 78 78 78 78 78 78 78 78 — — — 3

Lactogen Babycereal Nan 1 Frml 400gm Nestle 595 100g 140 140 140 140 140 140 145 145 145 145 145 149 3 3 6 6

Lactogen Babycereal No1 Rf 400G Nestle 325 100g 76 76 79 79 79 79 79 80 80 80 80 81 2 2 4 8






MRP (Rs)


Biscuits/Atta

CreamBiscuits

Sunfeast Dark Fantasy Chocolate 100gm ITC 30 100g 40 40 40 40 40 40 40 40 40 40 40 40 — — — —

Britannia Cream Jim Jam 150gm Britannia 35 100g 23 23 23 23 23 23 23 23 23 23 23 23 — — — 17

Britannia Cream Pure magic vanilla 150gm Britannia 30 100g 30 30 30 30 30 30 30 30 30 30 30 30 — — — —

Britannia Cream Treat Bourbon 150gm Britannia 28 100g 19 19 19 19 19 19 19 19 19 19 19 19 — — — —

Sunfeast Cream Bourbon 150gm ITC 28 100g 17 17 17 17 17 17 17 19 19 19 19 19 — — 8 8

Parle Cream Hide & Seek Bourbon 100gm Parle 30 100g 25 25 25 25 25 25 25 30 30 30 30 30 — — 20 20

Parle Crm Bis Bourbon Kream 150gm Parle 30 100g 17 17 17 17 20 20 20 20 20 20 20 20 — — — 20

Oreo Choco Creme Biscuits 120gm Mondelez 30 100g 24 24 25 25 25 25 25 25 25 25 25 25 — — — 3

Britannia Tiger Cream Biscuits - Chocolate 43gm Britannia 5 100g 12 12 12 12 12 12 12 12 12 12 12 12 — — — —

Sunfeast Special-bounce Cream Biscuits 60gm ITC 10 100g 12 12 12 12 12 12 12 12 12 17 17 17 — 38 38 38

Cookies/Healthy biscuits

Sunfeast Mom's Magic Cookie Butter 150gm ITC 20 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Britannia Good Day Butter 150gm Britannia 20 100g 15 15 15 15 15 15 15 13 13 13 13 13 — — (9) (9)

Britannia Cookies Good Day Cashew 100gm Britannia 20 100g 20 20 20 20 20 20 20 20 20 20 20 20 — — — —

Britannia NutriChoice Digestive 100gm Britannia 20 100g 20 20 20 20 20 20 20 20 20 20 20 20 — — — (20)

Sunfeast Farmlite - Oats & Almonds 75gm ITC 25 100g 33 33 33 33 33 33 33 33 33 33 33 33 — — — —

Marie/Glucose/Salted/Nice Biscuits

Sunfeast Marie Light 100gm ITC 10 100g 12 12 12 12 12 12 12 12 12 12 12 12 — — — —

Britannia Vita Marie Gold 150gm Britannia 20 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Parle Makesmith Marie 100gm Parle 10 100g 11 11 11 11 11 11 11 11 11 11 11 11 — — — —

Sunfeast Bisccuits Glucose 80gm ITC 5 100g 6 6 6 6 6 6 6 6 6 6 6 6 — — — —

Britannia Tiger 124gm Britannia 10 100g 8 8 8 8 8 8 8 8 8 8 8 8 — — — —

Parle Glucose 130gm Parle 10 100g 8 8 8 8 8 8 8 8 8 8 8 8 — — — —

Sunfeast Snacky Salted 80gm ITC 10 100g 16 16 16 16 16 16 16 16 16 16 16 16 — — — —

Parle Salted Krackjack 80gm Parle 10 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Parle Salted Monaco Classic 80gm Parle 10 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Britannia 50-50 Maska Chaska 50gm Britannia 10 100g 20 20 20 20 20 20 20 20 20 20 20 20 — — — —

Sunfeast Plain Nice 150gm ITC 25 100g 17 17 17 17 17 17 17 17 17 17 17 17 — — — —

Britannia Nice Time 150gm Britannia 25 100g 17 17 17 17 17 17 17 17 17 17 17 17 — — — —

Breakfast snacks

Marico Saffola Oats 1Kg Marico 190 100g 19 19 19 19 19 19 19 19 19 19 19 19 — — 3 3

Kelloggs Corn Flakes Original 475gm Kelloggs 180 100g 38 38 38 38 38 38 38 38 38 38 38 38 — — — 3

Bagrrys Muesli - Crunchy 500gm Bagrrys India 305 100g 61 61 61 61 61 64 64 64 64 64 64 64 — — — 5

Quaker Oats 1kg Pepsi Co. 190 100g 19 19 19 19 19 19 19 19 19 19 19 19 — — — 2

Atta

Aashirvaad Atta Multigrain 5kg ITC 305 100g 6 6 6 6 6 6 6 6 6 6 6 6 — 2 3 7

Aashirvaad Atta Whole Wheat 5kg ITC 245 100g 5 5 5 5 5 5 5 5 5 5 5 5 — — — 4

Soups/Sauces/Spreads

Ketchup/Sauces/Spreads

Maggi Ketchup Tomato 1kg Nestle 147 100g 15 15 15 15 15 15 15 15 15 15 15 15 — — — —

Maggi Sauce Tomato 1kg Nestle 152 100g 14 14 14 14 14 14 14 15 15 15 15 15 — — 7 7

Kissan Ketchup Fresh Tomato Bt 1kg HUVR 130 100g 13 13 13 13 13 13 13 13 13 13 13 13 — — — —

Kissan Sauce no onion no garlic 1K HUVR 155 100g 15 15 15 15 15 15 15 16 16 16 16 16 — — 5 5

Spreads/Jams

Nutella Hazelnut Spread with Cocoa 160gm Jar Ferrero 200 125 125 125 125 125 125 125 125 125 125 125 125 — — — —

Kissan Jam Mixed Fruit 200gm HUVR 62 100g 31 31 31 31 31 31 31 31 31 31 31 31 — — — 3

Sundrop Peanut Butter Creamy 508gm Jar Agro tech 215 42 42 42 42 42 42 42 42 42 42 42 42 — — — —

Soups

Knorr Classic Thick Tomato 53gm HUVR 55 100g 90 90 90 90 90 90 90 90 90 104 104 104 — 15 15 15

Knorr Sweet Corn Vegetable 44gm HUVR 55 100g 125 125 125 125 125 125 125 125 125 125 125 125 — — — —

Chocolate bars

Nestle Kit Kat 76.8gm Nestle 60 100g 78 78 78 81 81 81 81 81 81 81 81 81 — — — 4

Nestle Munch Home Pk 72gm Nestle 60 100g 83 83 83 83 83 83 83 83 83 83 83 83 — — — —

Nestle Milk 19.8gm Nestle 10 100g 51 51 51 51 51 51 51 51 51 51 51 51 — — — —

Nestle Bar One 22gm Nestle 10 100g 45 45 45 45 45 45 45 45 45 45 45 45 — — — —

Nestle Munch crunchiest ever 20.1g Nestle 10 100g 50 50 50 50 50 50 50 50 50 50 50 50 — — — —

Cadbury Dairy Milk 12gm Mondelez 10 100g 76 76 76 76 76 76 76 76 76 76 76 76 — — — —

Cadbury Dairy Milk Silk 60gm Mondelez 65 100g 108 108 117 117 117 117 117 117 117 117 117 117 — — — 8

Cadbury 5 Star 19.5gm Mondelez 10 100g 51 51 51 51 51 51 51 51 51 51 51 51 — — — —

Cadbury Perk 28gm Mondelez 10 100g 36 36 36 36 36 36 36 36 36 36 36 36 — — — —

Kinder Joy 20gm Ferrero 40 100g 200 200 200 200 200 200 200 200 200 200 200 200 — — — —

Ferrero Rocher 16pcs 200gm box Ferrero 499 100g 250 250 250 250 250 250 250 250 250 250 250 250 — — — 0

Noodles

Noodles

Maggi Masala 70gm Nestle 12 100g 17 17 17 17 17 17 17 17 17 17 17 17 — — — —

Maggi Masala 140gm Nestle 23 100g 16 16 16 16 16 16 16 16 16 16 16 16 — — — —

Maggi Masala 280gm Nestle 45 100g 16 16 16 16 16 16 16 16 16 16 16 16 — — — 2

Maggi oats noodles 290gm Nestle 98 100g 32 32 33 33 33 33 33 33 33 34 34 34 — 3 3 7

Maggi Chicken 284gm Nestle 56 100g 19 19 19 20 20 20 20 20 20 20 20 20 — — 0 2

Maggi Cuppa Mania Yo Masala 70gm Nestle 45 100g 57 57 57 57 57 57 57 57 57 64 64 64 — 13 13 13

Maggi Atta masala 290gm Nestle 78 100g 25 25 26 26 26 27 27 27 27 27 27 27 — — — 8

Sunfeast Yippee Classic Masala 70gm ITC 10 100g 14 14 14 14 14 14 14 14 14 14 14 14 — — — —

Sunfeast Yippee Magic Masala 70gm ITC 12 100g 14 17 17 17 17 17 17 17 17 17 17 20 20 20 20 40

Sunfeast Yippee Mood Masala 65gm ITC 12 100g 23 23 23 23 23 23 23 23 23 23 23 18 (20) (20) (20) (20)

Knorr Soupy Mast Masala Pp 75gm HUVR 15 100g 20 20 20 20 20 20 20 20 20 20 20 20 — — — —





Exhibit 3: Monthly raw material trends for November 2019

No Commodity Unit Current MoM 3M 6M YoY MoM 3M 6M YoY Companies impacted

Agri Commodities

1 Tea - India Avg. Rs/Kg 138 (0) (7) (3) (5) (0) (7) (3) (5) HUL, TGBL

2 Tea - World Avg. USD/MT 2,610 1 (1) (4) (3) 1 (0) (2) (4) HUL, TGBL

3 Tea - Mombassa/Kenya USD/Kg 3 (3) 6 (5) (4) (3) 7 (3) (5) HUL, TGBL

4 Coffee Arabica - Intl. US cents/Pound 149 12 11 16 5 12 11 19 4 HUL, Nestle, TGBL

5 Coffee Robusta - Intl. US cents/Pound 83 7 6 7 (5) 7 6 10 (5) HUL, Nestle, TGBL

6 Sugar - domestic Rs/Quintal 3,663 (0) (0) 3 7 (0) (0) 3 7 HUL, Nestle, GSKCHL, ITC, Dabur, Britannia

7 Wheat Rs/Quintal 2,850 — (1) (2) 6 — (1) (2) 6 ITC, Nestle, GSKCHL, Britannia

8 Barley Rs/Quintal 2,130 5 14 14 12 5 14 14 12 GSKCHL

9 Maize (corn) USD/MT 166 (0) 2 (3) 4 0 2 (0) 3 Colgate, HUL, Dabur (Sorbitol)

10 Liquid Milk - domestic Rs/Ltr 47 7 — 15 42 7 — 15 42 Nestle, GSKCHL, Jubilant Foodworks, Britannia

11 Milk Powder - domestic Rs/Kg 356 1 3 20 48 1 3 20 48 Nestle, GSKCHL, Britannia

12 Cocoa Bean USD/MT 2,584 4 14 9 13 4 15 11 13 Nestle

Oil Commodities

13 Crude Oil - Brent USD/Barrel 63 6 6 (11) (4) 6 6 (9) (4) HUL, GCPL, Jyothy Labs, Asian Paints, Pidilite

14 Palm oil Rs/MT 64,014 15 18 23 21 15 18 23 21 HUL, GCPL, Jyothy Labs

15 PFAD USD/MT 508 15 21 22 41 16 22 25 40 HUL, GCPL, Jyothy Labs

16 Light liquid paraffin (LLP) Rs/Ltr 44 (1) (2) (8) (21) (1) (2) (8) (21) Marico, Dabur, Bajaj Corp

17 Copra Rs/Quintal 10,342 1 (2) 9 8 1 (2) 9 8 Marico, Dabur

18 Coconut oil Rs/Quintal 14,590 0 0 8 8 0 0 8 8 Marico, Dabur

19 Rice Bran oil Rs/10Kg 640 5 4 11 1 5 4 11 1 Marico

20 Kardi oil/ Safflower oil Rs/MT 1,971 - 26 26 46 - 26 26 46 Marico

21 Sunflower oil Rs/MT 78,810 2 (2) 9 7 2 (2) 9 7 Marico

22 Groundnut oil Rs/MT 101,524 3 (2) (2) 4 3 (2) (2) 4 Marico

23 Linseed oil Rs/MT 84,429 4 (0) (0) (6) 4 (0) (0) (6) Marico, Dabur, Bajaj Corp, Asian Paints

24 Castor oil Rs/MT 92,500 (3) (20) (22) (21) (3) (20) (22) (21) Marico, Dabur, Bajaj Corp, Asian Paints

25 Mentha oil Rs/Kg 1,687 — 2 (12) (21) — 2 (12) (21) Emami, Colgate, HUL, Dabur

Chemicals/Paints/Other Commodities

26 Caustic soda Rs/ 50Kg 1,318 (3) (19) (37) (41) (3) (19) (37) (41) HUL, GCPL, Jyothy Labs

27 Soda ash Rs/ 50Kg 1,226 (1) (6) (11) (13) (1) (6) (11) (13) HUL, GCPL, Jyothy Labs

28 LAB Rs/Kg 104 (1) (1) (3) (15) (1) (1) (3) (15) HUL, Jyothy Labs

29 HDPE - domestic Rs/Kg 85 (0) (7) (14) (32) (0) (7) (14) (32) All companies

30 PAN Rs/Kg 77 — — — (4) — — — (4) Asian Paints

31 PENTA Rs/Kg 115 — — — — — — — — Asian Paints

32 Tio2 Anatese Rs/Kg 167 — (3) (3) (1) — (3) (3) (1) Asian Paints

33 Tio2 Rutile Rs/Kg 185 — (3) (15) (17) — (3) (15) (17) Asian Paints

34 Tio2 Dupont Rs/Kg 258 (1) (2) (6) (7) (1) (2) (6) (7) Asian Paints

35 Turpentine oil Rs/Ltr 114 (1) (9) (6) 14 (1) (9) (6) 14 Asian Paints

36 Formaldehyde Rs/Kg 22 (4) (15) (19) (24) (4) (15) (19) (24) Asian Paints

37 Acrylic acid Rs/Kg 119 — — — (5) — — — (5) Asian Paints

38 Vinyl Acetate - Domestic Rs/Kg 64 (2) (5) (6) (18) (2) (5) (6) (18) Asian Paints

39 Vinyl Acetate - China US$/MT 909 (5) 0 (13) (22) (5) 1 (11) (22) Pidilite, Asian Paints

40 Styrene - domestic Rs/Kg 66 (6) (9) (15) (25) (6) (9) (15) (25) Asian Paints

41 Gold Rs/10gm 38,125 (0) 2 20 23 (0) 2 20 23 Titan, Jewellery companies

42 Diamond price index USD/Carrat 115 (0) (2) (4) (5) 0 (1) (2) (5) Titan, Jewellery companies

% chg - local currency % chg - currency Adj.




Exhibit 4: KIE Consumer universe valuation summary

FV 26-Dec-19 EPS Sales

Company Rating (Rs) Price (Rs) (Rs bn) (US$ m) 2019 2020E 2021E 2019 2020E 2021E 2019 2020E 2021E

Asian Paints REDUCE 1,800 1,810 (1) 1,736 24,447 22.5 29.6 35.3 9.7 31.7 19.1 80.4 61.0 51.3 25.2 12.3

Bajaj Consumer Care BUY 350 233 50 34 483 15.0 16.0 16.4 5.0 6.5 2.2 15.5 14.5 14.2 4.4 7.3

Britannia Industries REDUCE 3,050 3,062 (0) 735 10,351 48.3 58.5 68.4 15.4 21.1 16.9 63.4 52.3 44.8 19.0 9.6

Colgate-Palmolive (India) ADD 1,700 1,459 17 397 5,589 26.8 31.9 38.1 12.5 19.2 19.5 54.5 45.8 38.3 19.3 9.5

Dabur India REDUCE 425 458 (7) 806 11,353 8.1 9.7 11.0 4.6 18.7 14.1 56.3 47.4 41.5 16.4 10.1

GlaxoSmithKline Consumer RS — 8,361 NM 352 4,952 233.7 296.1 332.9 40.4 26.7 12.4 35.8 28.2 25.1 19.4 11.0

Godrej Consumer Products REDUCE 715 683 5 698 9,834 14.5 15.8 18.2 2.0 8.9 15.7 47.2 43.4 37.5 12.3 7.2

Hindustan Unilever REDUCE 1,850 1,945 (5) 4,210 59,290 28.1 33.9 40.7 18.4 20.6 20.1 69.2 57.4 47.8 20.3 9.9

ITC BUY 320 237 35 2,894 40,766 10.1 12.2 13.6 13.3 20.7 11.8 23.4 19.4 17.4 16.2 8.6

Jubilant Foodworks BUY 1,600 1,598 0 211 2,969 24.1 28.6 40.0 65.6 18.6 39.9 66.3 55.9 40.0 28.8 15.3

Jyothy Laboratories ADD 200 149 34 54 761 5.6 6.2 7.0 25.6 10.6 13.6 26.6 24.1 21.2 12.0 9.8

Marico ADD 385 339 13 438 6,166 7.2 8.2 9.3 14.3 13.6 13.8 47.1 41.4 36.4 13.7 7.8

Nestle India SELL 13,200 14,599 (10) 1,408 19,826 166.7 205.8 238.5 31.2 23.5 15.9 87.6 70.9 61.2 19.6 11.8

Page Industries REDUCE 22,900 22,285 3 249 3,501 353.2 434.0 527.1 13.5 22.9 21.5 63.1 51.3 42.3 22.2 13.0

Pidilite Industries REDUCE 1,280 1,390 (8) 713 10,038 17.5 24.2 28.0 (3.0) 38.3 15.8 79.4 57.4 49.6 26.5 9.0

S H Kelkar BUY 145 109 33 16 222 6.1 5.7 7.5 (17.3) (6.4) 31.7 17.8 19.0 14.4 11.1 9.5

Tata Global Beverages ADD 335 313 7 197 2,781 7.0 9.0 10.5 (4.8) 29.0 16.5 44.7 34.7 29.8 22.6 6.4

Titan Co. REDUCE 1,175 1,193 (1) 1,059 14,911 16.8 19.1 25.2 33.9 13.7 31.8 71.0 62.5 47.4 22.5 15.7

United Breweries ADD 1,400 1,274 10 337 4,744 21.3 18.7 29.3 42.7 (12.1) 56.2 59.8 68.0 43.5 17.2 10.7

United Spirits REDUCE 650 583 11 424 5,971 9.4 13.4 16.9 24.0 41.6 26.5 61.9 43.7 34.5 33.9 8.1

KIE universe 17,164 241,750 15.5 20.9 17.7 49.6 41.0 34.8 19.3 10.8

KIE universe (ex-ITC) 14,080 198,310 16.7 20.9 20.9 63.4 52.4 43.3 20.9 11.3

1-mo 3-mo 6-mo 1-yr 2019 2020E 2021E 2019 2020E 2021E 2019 2020E 2021E 2020E 2021E

Asian Paints 6 2 33 33 49.0 38.9 33.5 8.9 8.0 7.0 0.6 1.5 1.9 0.8 1.0

Bajaj Consumer Care (6) (7) (29) (36) 11.6 11.3 11.0 3.5 3.3 2.9 5.2 6.6 6.5 4.3 4.3

Britannia Industries 0 (1) 12 (1) 42.0 38.8 33.5 6.6 6.1 5.4 1.0 1.6 2.0 0.7 0.8

Colgate-Palmolive (India) (2) (4) 29 13 31.8 29.3 25.0 8.8 8.3 7.3 1.7 2.5 2.7 1.8 2.1

Dabur India (1) 2 16 8 46.1 39.4 34.5 9.4 8.6 7.6 1.7 2.1 2.1 1.0 1.2

GlaxoSmithKline Consumer (5) (4) 12 12 27.2 23.4 20.2 6.5 5.8 5.0 2.1 2.7 3.4 1.4 1.6

Godrej Consumer Products (3) 0 2 (15) 34.0 30.0 26.0 7.0 6.7 6.0 2.1 2.4 2.8 0.9 1.1

Hindustan Unilever (6) (4) 10 9 48.0 39.4 33.8 10.8 10.0 8.9 1.2 1.7 2.0 1.2 1.4

ITC (5) (5) (15) (14) 15.7 14.0 12.4 5.9 5.4 4.8 3.4 4.7 5.3 2.7 3.2

Jubilant Foodworks (2) 14 28 30 34.5 21.4 17.6 5.8 5.1 4.4 1.4 1.2 1.5 0.4 0.7

Jyothy Laboratories (17) (10) (4) (25) 19.6 16.6 14.7 3.0 2.7 2.4 4.8 4.3 4.7 2.4 2.7

Marico (3) (13) (9) (8) 33.7 28.0 24.8 5.9 5.6 5.0 2.0 2.7 2.6 1.6 1.8

Nestle India 1 5 26 38 51.4 47.5 41.1 12.2 11.1 9.8 1.4 1.7 2.0 2.2 1.1

Page Industries 4 1 9 (5) 40.4 35.1 29.6 8.7 7.8 6.7 0.8 1.9 1.9 0.9 1.1

Pidilite Industries 6 (4) 13 26 51.2 42.1 36.7 9.9 9.2 8.1 0.9 1.7 1.6 0.6 0.7

S H Kelkar (3) (16) (15) (36) 14.3 11.7 9.5 1.8 1.8 1.7 (2.0) 4.8 3.9 1.8 2.5

Tata Global Beverages 4 12 15 43 24.5 19.9 17.6 2.7 2.5 2.3 (1.2) 2.1 2.3 1.0 1.1

Titan Co. 2 (7) (9) 34 49.1 41.0 32.3 5.3 4.7 3.9 0.9 1.1 1.2 0.5 0.6

United Breweries 4 (6) (5) (6) 29.6 34.9 25.1 5.2 4.8 4.1 0.6 1.3 2.1 0.2 0.3

United Spirits (4) (13) 3 (6) 34.9 27.5 22.8 5.0 4.6 4.0 1.8 1.2 2.4 0.3 0.4

KIE FMCG universe (2) (3) 5 4 32.9 28.3 24.4 7.3 6.7 5.9 1.5 2.1 2.6 1.2 1.3

KIE universe (ex-ITC) (2) (4) 9 7 41.4 34.8 29.6 7.7 7.0 6.1 1.1 1.7 2.1 1.1 1.3

Sensex 1 7 4 16

Price performance (%)

Upside /

(downside)

(%)

Dividend yield (%)EV/EBITDA (x) EV/Sales (x) FCF yield (%)

CAGR - (2019-21E), %

Mkt cap. EPS (Rs) EPS growth (%) PER (x)

Source: Bloomberg, Company, Kotak Institutional Equities estimates



Exhibit 5: P/E multiples are fairly high for the earnings profile One-year forward PE (based on consensus estimates)

10

20

30

40

50

60

70

80

Nov-

09

Nov-

10

Nov-

11

Nov-

12

Nov-

13

Nov-

14

Nov-

15

Nov-

16

Nov-

17

Nov-

18

Nov-

19

Nestle Dabur Asian Paints

ITC HUL GCPL

Source: Bloomberg, Company, Kotak Institutional Equities

Exhibit 6: P/E multiples are fairly high for the earnings profile One-year forward PE (based on consensus estimates)

-

10

20

30

40

50

60

70

Nov-

09

Nov-

10

Nov-

11

Nov-

12

Nov-

13

Nov-

14

Nov-

15

Nov-

16

Nov-

17

Nov-

18

Nov-

19

Marico TitanColgate GSK Consumer


Exhibit 7: Consumer sector P/E rich at 37X One-year forward P/ E based on consensus estimates (X)

5

10

15

20

25

30

35

40

45

50

Nov-

99

Nov-

01

Nov-

03

Nov-

05

Nov-

07

Nov-

09

Nov-

11

Nov-

13

Nov-

15

Nov-

17

Nov-

19


Exhibit 8: Consumer sector (ex-ITC) is trading at 49X One-year forward P/E based on consensus estimates (X)

5

15

25

35

45

55

65

Nov-

99

Nov-

01

Nov-

03

Nov-

05

Nov-

07

Nov-

09

Nov-

11

Nov-

13

Nov-

15

Nov-

17

Nov-

19




Exhibit 9: Most FMCG stocks continue to trade at expensive valuations One-year forward PE based on consensus estimates (X)

HUL ITC Nestle Colgate GSKCHL APNT GCPL Marico Dabur Titan TGBL Britannia Pidilite Sector

Average P/E (X)

3-Yr 47.5 26.2 48.8 39.8 28.9 50.2 43.9 44.1 41.5 49.1 27.3 52.1 47.9 38.8

5-Yr 46.0 27.0 53.3 41.1 32.4 48.6 40.4 41.8 40.0 46.8 25.8 46.5 43.4 38.4

10-Yr 37.8 26.6 47.0 36.2 30.5 39.7 34.2 34.2 34.0 37.8 24.9 34.9 34.0 33.6

Current P/E 45.7 19.1 60.0 44.7 29.7 53.1 41.4 39.1 45.4 54.1 29.4 56.6 50.5 37.1

Current Prem/Disct to Avg (%)

Prem/Disc to 3-Yr Avg (4) (27) 23 12 3 6 (6) (11) 9 10 8 9 5 (4)

Prem/Disc to 5-Yr Avg (1) (29) 12 9 (8) 9 3 (6) 14 16 14 22 16 (3)

Prem/Disc to 10-Yr Avg 21 (28) 28 23 (2) 34 21 14 33 43 18 62 48 10

5-year P/E variables (X)

Median 46.3 27.1 51.7 41.2 31.1 48.5 39.9 42.3 39.0 46.3 24.5 44.6 42.9 38.3

Average 46.0 27.0 53.3 41.1 32.4 48.6 40.4 41.8 40.0 46.8 25.8 46.5 43.4 38.4

STD 4.8 3.5 8.2 2.8 4.7 4.4 6.1 4.5 4.0 8.1 5.7 9.8 7.3 19.0

Max 57.5 34.1 75.5 46.3 40.2 58.1 57.9 49.8 51.4 65.1 41.7 66.4 58.5 44.1

+1 STD 50.8 30.5 61.6 43.9 37.2 52.9 46.5 46.3 44.0 54.9 31.5 56.3 50.8 40.5

Min 36.6 18.8 42.0 35.2 25.4 39.0 30.4 31.5 33.5 28.4 17.6 29.1 33.0 33.5

-1 STD 41.2 23.5 45.1 38.3 27.7 44.2 34.3 37.2 35.9 38.7 20.1 36.7 36.1 36.3

Difference versus current P/E (%)

Median (1) (29) 16 9 (4) 10 4 (7) 17 17 20 27 18 (3)

Average P/E (1) (29) 12 9 (8) 9 3 (6) 14 16 14 22 16 (3)

Max (21) (44) (21) (3) (26) (9) (28) (21) (12) (17) (30) (15) (14) (16)

+1 STD (10) (37) (3) 2 (20) 0 (11) (15) 3 (2) (7) 1 (1) (8)

Min 25 2 43 27 17 36 36 24 36 90 67 95 53 11

-1 STD 11 (19) 33 17 7 20 21 5 26 40 46 54 40 2


Exhibit 10: Relative valuation (to Sensex) One-year forward premium to Sensex based on consensus estimates (X)

HUL ITC Nestle Colgate GSKCHL APNT GCPL Marico Dabur Titan TGBL Britannia Pidilite Sector

Average Relative P/E (X)

3-Yr 2.2 1.2 2.2 1.8 1.3 2.3 2.0 2.0 1.9 2.2 1.2 2.4 2.2 1.8

5-Yr 2.2 1.3 2.5 2.0 1.6 2.3 1.9 2.0 1.9 2.2 1.2 2.2 2.1 1.8

10-Yr 2.0 1.5 2.5 2.0 1.7 2.1 1.8 1.8 1.8 2.0 1.3 1.8 1.8 1.8

Current Relative P/E 2.3 0.9 3.0 2.2 1.5 2.6 2.1 1.9 2.3 2.7 1.5 2.8 2.5 1.8

Current Prem/Disct to Avg (%)

Prem/Disc to 3-Yr Avg 5 (20) 33 22 12 15 3 (3) 19 20 18 18 15 4

Prem/Disc to 5-Yr Avg 4 (26) 17 13 (5) 14 8 (2) 19 21 20 28 22 1

Prem/Disc to 10-Yr Avg 13 (35) 17 13 (12) 25 13 6 24 34 8 55 40 2

5-year relative P/E variable (X)

Median 2.2 1.3 2.4 1.9 1.5 2.3 1.9 2.0 1.9 2.2 1.2 2.2 2.0 1.8

Average 2.2 1.3 2.5 2.0 1.6 2.3 1.9 2.0 1.9 2.2 1.2 2.2 2.1 1.8

STD 0.2 0.2 0.5 0.2 0.3 0.2 0.2 0.2 0.2 0.3 0.2 0.4 0.3 0.1

Max 2.6 1.5 3.4 2.4 2.1 2.9 2.4 2.3 2.3 3.1 1.7 2.9 2.8 2.0

+1 STD 2.4 1.5 3.0 2.2 1.9 2.5 2.1 2.2 2.1 2.6 1.4 2.6 2.3 1.9

Min 1.8 0.9 1.8 1.6 1.1 1.9 1.4 1.5 1.6 1.5 0.9 1.4 1.6 1.7

-1 STD 2.0 1.1 2.1 1.7 1.2 2.1 1.7 1.8 1.7 1.9 1.0 1.8 1.8 1.7

Difference versus current relative P/E (%)

Median 4 (28) 23 14 1 17 8 (1) 20 20 22 30 24 2

Average P/E 4 (26) 17 13 (5) 14 8 (2) 19 21 20 28 22 1

Max (12) (38) (13) (9) (31) (8) (14) (17) (2) -13— (16) (4) (9) (9)

+1 STD (4) (35) (1) 2 (21) 4 (3) (11) 8 5 3 9 8 (4)

Min 26 - 65 39 31 40 44 31 41 79 58 106 55 10

-1 STD 13 (14) 43 28 19 27 21 10 32 43 45 56 41 6


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


Sales and launches remained weak amid general slowdown in economy; flat realizations

All-India real estate sales across major cities in India clocked sales of 40.4 mn sq. ft in October

2019, a decline of 15% yoy from 47.4 mn sq. ft in October 2018. Launches across India had

declined by a staggering 30% yoy in October 2019. Decline in launch activity was visible across

all key metro cities—particularly in MMR which saw a sharp decline of 61% yoy in October

2019. Declining launches and improving sales momentum have continued to aid draw-down of

inventory, with all-India inventory declining 11% yoy to ~1.27 bn sq. ft from 1.4 bn sq. ft in

October 2018. On trailing twelve months basis, outstanding inventory is expected to be

liquated in 33 months. Prices across India increased 3% yoy to Rs5,880 per sq. ft in October

2019 from Rs5,700 per sq. ft in October 2018.

National Capital region. Sales activity in NCR increased by an impressive 45% mom in

October 2019 with sales of 5.3 mn sq. ft (+9% yoy) with major contribution coming from

Gurugram (1.9 mn sq. ft) and Greater Noida (1.3 mn sq. ft). Overall launches in NCR at 2.4

mn sq. ft remained weak against average of 3 mn sq. ft launches in the trailing twelve

months. We highlight launches have been tepid in 2QFY20 in NCR at 6.4 mn sq. ft. Launches

in NCR were concentrated in Gurugram and Noida only at 0.8 mn sq. ft and 1.6 mn sq. ft

respectively with no new launches seen in Greater Noida and Faridabad market. Net unsold

residential inventory in NCR stood at 220 mn sq. ft as of October 2019 declining by 6% yoy

and is equivalent to 53 months of sales (based on average of trailing 12 months).

Realizations in NCR increased by yoy in October 2019 at Rs6,300 per sq. ft owing to change

in sales mix with higher contribution coming from high realization markets of Gurugram and

Greater Noida even as prices remained weak on an overall basis.

Mumbai Metropolitan Region (MMR). Launches in MMR market seems to have been

worst affected by the ongoing slowdown in the economy with launches declining 61% yoy

to 3.8 mn sq. ft meaningfully lagging behind trailing twelve month average of 5 mn sq. ft

even as sales remained weak at 6.5 mn sq. ft (-26% yoy) in October 2019. MMR is

witnessing a sharper decline in inventory among all regions, although outstanding inventory

still remains the highest at 272 mn sq. ft in October 2019 (from 300 mn sq. ft in October

2018), which is expected to be absorbed in 40 months, basis prevailing past 12-month sales.

Bengaluru. Performance of Bengaluru real estate market has remained insulated from the

ongoing crisis in the economy with sales as well as launching maintaining pace with trailing

twelve month averages at 5.2 mn sq. ft and 4.9 mn sq. ft respectively. Unsold inventory at

154 mn sq. ft continues to be the lowest across regions in India. Realizations in October

2019 increased 8% yoy to Rs5,570 per sq. ft.

Strong show continues from listed players

Sales growth for the coverage universe was 5% yoy at Rs45 bn in 2QFY20, compared to decline

of 12% yoy for the industry with aggregate sales of Rs590 bn.

Real Estate India

Real estate—state of the market. Residential real estate across India showed 15%

yoy decline in sales at 40.4 mn sq. ft reflective of the ongoing slowdown in the

economy. New launches too declined 30% yoy to 28.7 mn sq. ft in October 2019. All-

India residential inventory dropped 9% yoy to 1.2 bn sq. ft in October 2019. Sales

activity for listed players grew by 5% yoy in 2QFY20 demonstrating continued market

share gains in a weak macro environment.

NEUTRAL

DECEMBER 27, 2019

UPDATE

BSE-30: 41,164

Murtuza Arsiwalla

Samrat Verma

India Real Estate


Exhibit 1: Launch and sales activity remained weak across country amid slowdown Sales, launches and inventory across India, March fiscal year-ends, October 2018 – October 2019 (mn sq. ft)

Source: PropEquity, Kotak Institutional Equities

Exhibit 2: Market share of listed players has improved significantly Market share of listed real estate players, March fiscal year-ends, 2QFY15–2QFY20 (%)

Source: Companies, PropEquity, Kotak Institutional Equities

Change (%) TTM

Oct-19 Oct-18 Sep-19 Oct-18 Sep-19 Oct-19 Oct-18 Chg. (%)

All India

Launch 28.7 40.9 21.8 (30) 32 346.2 397.7 (13)

Sales 40.4 47.4 34.6 (15) 17 467.2 465.0 0

Inventory 1,271 1,392 1,283 (9) (1) 1,271 1,392 (9)

Prices (Rs/sq. ft) 5,880 5,697 5,837 3 1 5,752 5,560 3

NCR

Launch 2.4 2.7 2.1 (12) 13 36 30 22

Sales 5.3 4.9 3.7 9 45 50 49 2

Inventory 220 233 223 (6) (1) 220 233 (6)

Prices (Rs/sq. ft) 6,300 5,148 6,108 22 3 5,533 5,228 6

MMR

Launch 3.8 9.9 2.0 (61) 91 53 62 (14)

Sales 6.5 8.7 5.7 (26) 13 81 80 1

Inventory 272 300 275 (9) (1) 272 300 (9)

Prices (Rs/sq. ft) 10,469 10,381 10,357 1 1 10,297 10,505 (2)

Bengaluru

Launch 4.9 5.2 2.1 (6) 135 52 57 (9)

Sales 5.2 5.9 4.6 (12) 11 62 59 5

Inventory 154 164 155 (6) (0) 154 164 (6)

Prices (Rs/sq. ft) 5,569 5,180 5,453 8 2 5,465 5,227 5

0

2

4

6

8

10

12

14

2Q

FY15

3Q

FY15

4Q

FY15

1Q

FY16

2Q

FY16

3Q

FY16

4Q

FY16

1Q

FY17

2Q

FY17

3Q

FY17

4Q

FY17

1Q

FY18

2Q

FY18

3Q

FY18

4Q

FY18

1Q

FY19

2Q

FY19

3Q

FY19

4Q

FY19

1Q

FY20

2Q

FY20

Mkt share (Top-3 metros, %) Mkt share (All India, %)

RERA

DeMon NBFC Crisis

GST

Real Estate India


Exhibit 3: Unsold inventory of 1.2 bn sq. ft will take almost 2.7 years to absorb at current rate of sales Sales, launches and inventory across India, March fiscal year-ends, October 2017 – October 2019 (mn sq. ft)


Exhibit 4: Real estate prices across India have remained largely flat Real estate prices across India, March fiscal year-ends, October 2017 – October 2019 (Rs/ sq. ft)


1,150

1,200

1,250

1,300

1,350

1,400

1,450

1,500

5

10

15

20

25

30

35

40

45

50

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

All-India

Launch [LHS) Sales [LHS] Inventory [RHS]

200

210

220

230

240

250

260

0

1

2

3

4

5

6

7

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

NCRLaunch [LHS) Sales [LHS] Inventory [RHS]

240

250

260

270

280

290

300

310

320

330

0

2

4

6

8

10

12

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

MMR


145

150

155

160

165

170

0

1

2

3

4

5

6

7

8

9

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

Bengaluru


5,3

34

5,4

57

5,4

23

5,5

89

5,4

75

5,4

96

5,7

61

5,4

44

5,4

61

5,5

93

5,5

92

5,6

59

5,6

97

5,6

09

5,6

45

5,7

06

5,6

78

5,6

65

5,8

62

5,7

99

5,8

05

5,8

21

5,7

82

5,8

37

5,8

80

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

All India

Prices (Rs/sq. ft)

4,8

16

5,4

97

5,3

00

5,9

43

5,8

54

5,7

51

4,8

99

4,9

31

4,8

90

4,7

03

5,0

07

5,1

76

5,1

48

4,9

93

5,0

50

5,2

30

5,1

54

5,4

88

5,4

72

5,7

95

5,6

85

5,7

08

5,4

59

6,1

08

6,3

00

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

NCR

Prices (Rs/sq. ft)

10

,07

5

10

,33

4

10

,16

8

10

,48

8

9,7

39

10

,20

8

11

,82

1

10

,40

0

10

,38

0

10

,85

6

10

,74

8

10

,446

10

,38

1

10

,03

7

10

,16

9

10

,50

3

10

,06

8

10

,38

0

10

,59

5

10

,23

4

10

,20

1

10

,22

2

10

,35

9

10

,35

7

10

,46

9

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

13,000

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

MMR

Prices (Rs/sq. ft)

5,2

31

5,0

81

5,2

19

5,3

94

5,3

12

5,2

94

5,1

45

5,2

39

5,2

52

5,2

56

5,1

38

5,2

08

5,1

80

5,2

41

5,4

26

5,5

00

5,4

22

5,4

99

5,5

44

5,4

07

5,5

15

5,5

53

5,4

64

5,4

53

5,5

69

3,000

3,500

4,000

4,500

5,000

5,500

6,000

Oct

-17

Nov-

17

Dec

-17

Jan-1

8

Feb-1

8

Mar-

18

Apr-

18

May-

18

Jun-1

8

Jul-18

Aug-1

8

Sep-1

8

Oct

-18

Nov-

18

Dec

-18

Jan-1

9

Feb-1

9

Mar-

19

Apr-

19

May-

19

Jun-1

9

Jul-19

Aug-1

9

Sep-1

9

Oct

-19

Bengaluru

Prices (Rs/sq. ft)

India Real Estate


Exhibit 5: Coverage companies saw sales grow 5% yoy in 2QFY20, compared to 15% yoy decline for industry in October 2019 Operational performance of our coverage companies, march fiscal year-ends, 3QFY18-2QFY20 (Rs mn)


3QFY18 4QFY18 1QFY19 2QFY19 3QFY19 4QFY19 1QFY20 2QFY20

Sales

Oberoi 4,063 2,633 6,235 5,675 2,416 3,191 4,011 3,228

Sunteck 1,040 1,860 1,816 4,211 3,106 2,890 1,858 1,016

Godrej 12,200 10,530 8,200 8,070 15,280 21,610 8,960 14,460

Brigade 2,621 2,347 2,185 4,597 4,458 5,198 5,933 5,288

Sobha 6,105 6,558 6,118 6,166 6,002 7,115 6,606 5,610

Prestige 5,231 10,482 7,638 7,974 9,368 11,222 8,614 8,296

DLF 4,800 7,500 6,000 6,250 5,630 6,500 7,050 7,250

Sales (Rs mn) 36,060 41,910 38,192 42,943 46,260 57,726 43,032 45,148

Sales growth (%)

Oberoi 52 (24) 117 61 (41) 21 (36) (43)

Sunteck (18) 6 42 148 199 55 2 (76)

Godrej 76 210 (44) (40) 25 105 9 79

Brigade 41 7 19 112 70 121 172 15

Sobha 64 30 9 4 (2) 8 8 (9)

Prestige 51 100 69 51 79 7 13 4

DLF NM 88 NM NM 17 (13) 18 16

Sales growth (%) 59 67 29 37 28 38 13 5

Collections

Oberoi 4,301 5,466 5,666 5,637 3,487 4,024 4,083 6,842

Sunteck 1,006 1,542 1,611 1,405 1,529 2,065 1,892 1,854

Godrej 9,020 12,770 11,280 11,100 9,180 12,250 8,850 8,590

Brigade 4,230 4,714 4,622 6,082 5,527 6,185 5,025 5,814

Sobha 4,874 5,980 5,030 5,396 5,583 5,767 5,208 5,113

Prestige 9,469 8,363 7,546 8,493 9,334 9,906 9,058 8,679

Collections (Rs mn) 32,900 38,835 35,755 38,113 34,640 40,197 34,116 36,892

Sales (mn sq. ft)

Oberoi 0.15 0.13 0.29 0.24 0.15 0.15 0.24 0.14

Sunteck 0.04 0.07 0.09 0.72 0.33 0.27 0.16 0.08

Godrej 1.43 1.47 1.17 1.07 2.80 3.72 1.35 2.26

Brigade 0.46 0.43 0.43 0.80 0.78 0.96 1.13 1.00

Sobha 0.93 1.02 0.96 1.03 0.91 1.13 1.06 1.04

Prestige 0.78 1.55 1.11 1.33 1.21 2.08 1.25 1.18

Sales (mn sq. ft) 3.80 4.67 4.04 5.19 6.17 8.30 5.20 5.69

Realizations (Rs/sq. ft)

Oberoi 26,775 20,092 21,739 23,791 16,407 21,982 16,714 23,148

Sunteck 26,306 25,727 20,350 5,867 9,438 10,604 11,384 13,480

Godrej 8,532 7,155 7,012 7,551 5,452 5,811 6,641 6,407

Brigade 5,661 5,509 5,117 5,725 5,745 5,426 5,241 5,304

Sobha 6,541 6,457 6,372 5,977 6,604 6,301 6,211 5,413

Prestige 6,706 6,763 6,881 5,995 7,742 5,395 6,868 7,031

Realizations (Rs/sq. ft) 8,232 7,373 7,963 7,070 6,581 6,169 6,916 6,666

Real Estate India


Exhibit 6: Bank exposure to housing sector continues to inch up with lending to commercial real estate increasing by Rs22 bn in Oct 2019 Outstanding loans in residential and commercial real estate in India, March fiscal year-ends, October 2016 – October 2019 (Rs bn)

Source: RBI, Kotak Institutional Equities

Exhibit 7: Cement prices have been on a declining trajectory since the past seven months Monthly cement prices across regions in India, December 2017 – 2019 (Rs/ bag)

Source: Industry, Kotak Institutional Equities

HDFC's new home-loan rates versus 10 year AAA bond yield, Dec 2009 - Dec 2018 (%)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Oct

-16

Dec

-16

Feb-1

7

Apr-

17

Jun-1

7

Aug-1

7

Oct

-17

Dec

-17

Feb-1

8

Apr-

18

Jun-1

8

Aug-1

8

Oct

-18

Dec

-18

Feb-1

9

Apr-

19

Jun-1

9

Aug-1

9

Oct

-19

Housing (Including Priority Sector)

-

500

1,000

1,500

2,000

2,500

Oct

-16

Dec

-16

Feb-1

7

Apr-

17

Jun-1

7

Aug-1

7

Oct

-17

Dec

-17

Feb-1

8

Apr-

18

Jun-1

8

Aug-1

8

Oct

-18

Dec

-18

Feb-1

9

Apr-

19

Jun-1

9

Aug-1

9

Oct

-19

Commercial real estate

250

270

290

310

330

350

370

390

Dec

-16

Feb-1

7

Apr-

17

Jun-1

7

Aug-1

7

Oct

-17

Dec

-17

Feb-1

8

Apr-

18

Jun-1

8

Aug-1

8

Oct

-18

Dec

-18

Feb-1

9

Apr-

19

Jun-1

9

Aug-1

9

Oct

-19

Dec

-19

North West East South All India

India Real Estate


Exhibit 8: Re-bar prices have remained softened in recent months Primary rebar prices in Mumbai, December 2014 – December 2019 (Rs/ton)

Source: Industry, Kotak Institutional Equities

-

10,000

20,000

30,000

40,000

50,000

Dec

-14

Mar-

15

Jun-1

5

Sep-1

5

Dec

-15

Mar-

16

Jun-1

6

Sep-1

6

Dec

-16

Mar-

17

Jun-1

7

Sep-1

7

Dec

-17

Mar-

18

Jun-1

8

Sep-1

8

Dec

-18

Mar-

19

Jun-1

9

Sep-1

9

Dec

-19

Rebar prices (Rs/ton)


Ind

ia D

aily

Su

mm

ary

- Dece

mb

er 2

7, 2

019

9

KO

TA

K IN

STIT

UTIO

NA

L EQ

UIT

IES R

ESEA

RC

H

Kotak Institutional Equities: Valuation summary of KIE Universe stocks

Source: Company, Bloomberg, Kotak Institutional Equities estimates

Fair O/S ADVT

Price (Rs) Value Upside Mkt cap. shares EPS (Rs) EPS growth (%) P/E (X) EV/EBITDA (X) 3mo

Company Rating 26-Dec-19 (Rs) (%) (Rs bn) (US$ bn) (mn) 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E 2020E 2021E 2022E (US$ mn)

Automobiles & Components

Amara Raja Batteries ADD 711 800 13 121 1.7 171 42 45 51 46.7 8.9 13.0 17 15.7 13.9 10.1 8.8 7.6 3.2 2.8 2.4 19.8 18.8 18.7 1.5 1.6 1.8 7.1

Apollo Tyres ADD 161 175 9 92 1.3 572 10.4 11.0 14.7 (27.7) 6.2 33.4 15.6 14.7 11.0 7.6 6.8 5.5 0.9 0.9 0.8 5.8 5.9 7.5 1.9 1.9 1.9 6.8

Ashok Leyland BUY 79 95 20 233 3.3 2,936 3.9 3.3 7.0 (43.7) (15.4) 110.9 20.3 24.0 11.4 12.5 12.2 6.7 2.6 2.4 2.1 13.3 10.5 20.0 1.5 1.3 2.6 30

Bajaj Auto SELL 3,230 2,925 (9) 935 13 289 171 173 208 11.3 1.5 20.4 18.9 18.7 15.5 14.6 14.1 11.0 3.8 3.5 3.1 21 19.5 21 2.1 2.1 2.6 19.1

Balkrishna Industries REDUCE 961 850 (12) 186 2.6 193 42 44 50 5.3 4.8 14.9 23.0 22.0 19.1 14.1 12.2 10.1 3.5 3.2 2.8 16.3 15.2 15.6 0.9 1.0 1.1 8.4

Bharat Forge SELL 492 375 (24) 229 3.2 466 17 18 24 (25.0) 9.1 32.6 29.6 27.1 20.4 16.1 15.3 12.5 3.9 3.6 3.2 13.8 13.9 16.6 1.1 1.2 1.2 11.4

CEAT REDUCE 987 870 (12) 40 0.6 40 63 65 80 2.7 2.6 23.5 15.6 15.2 12.3 8.9 8.3 7.1 1.3 1.3 1.2 8.9 8.5 9.8 1.2 1.2 1.2 2.1

Eicher Motors SELL 22,046 17,000 (23) 602 8.4 27 755 717 973 (7.5) (5.0) 35.8 29.2 30.8 22.6 22.3 22.1 17.1 6.9 5.8 4.9 26 21 24 0.1 — — 45

Endurance Technologies SELL 1,045 915 (12) 147 2.1 141 47 52 62 30.3 10.4 18.8 22 20.1 16.9 11.1 9.9 8.1 4.7 3.9 3.3 21 19.6 19.5 0.7 0.8 1.0 0.3

Escorts BUY 617 1,030 67 55 1.1 89 52 63 75 (4.5) 21.1 18.6 11.9 9.8 8.3 8.3 6.5 5.0 1.6 1.4 1.2 13.6 14.5 15.1 1.3 1.5 1.8 24

Exide Industries SELL 178 180 1 151 2.1 850 9.7 10.4 11.3 7.2 7.5 8.3 18.4 17.1 15.8 10.3 9.3 8.3 2.3 2.2 2.0 13.2 13.2 13.3 2.0 2.2 2.2 6.9

Hero Motocorp SELL 2,441 2,500 2 488 6.8 200 158 144 196 (6.7) (8.6) 35.3 15.4 16.9 12.5 9.2 10.0 7.1 3.3 3.1 2.8 23 19.1 24 3.2 3.0 4.0 32

Mahindra CIE Automotive ADD 171 170 (0) 65 0.9 378 11.9 13.5 15.9 (18.2) 14.0 17.8 14.4 12.6 10.7 7.6 6.5 5.4 1.4 1.2 1.1 10.0 10.3 10.9 — — — 1.0

Mahindra & Mahindra BUY 528 820 55 657 9.2 1,138 40 42 47 (16.0) 5.9 10.8 13.2 12.5 11.3 9.2 8.4 7.4 1.5 1.4 1.3 12.2 11.6 11.7 1.5 1.6 1.8 31

Maruti Suzuki SELL 7,241 5,800 (20) 2,187 30.7 302 202 252 319 (18.4) 24.6 26.3 36 29 23 20.7 15.6 11.7 4.3 3.9 3.5 12.7 14.4 16.3 0.7 0.9 1.1 108

Motherson Sumi Systems SELL 147 110 (25) 463 6.5 3,158 5.4 7.0 8.0 6.2 29.2 14.6 27.0 20.9 18.3 9.8 7.4 6.4 3.8 3.4 3.0 14.9 17.2 17.5 1.0 1.2 1.4 19.8

MRF SELL 63,142 54,000 (14) 268 3.8 4 2,750 3,051 3,749 3.1 10.9 22.9 23 20.7 16.8 10.5 9.2 7.4 2.2 2.0 1.8 10.2 10.3 11.4 0.1 0.1 0.1 5.0

Schaeffler India REDUCE 4,578 3,800 (17) 143 2.0 31 120 150 186 (16.8) 25.0 24.0 38 31 25 20.9 17.6 14.1 4.7 4.1 3.6 13.0 14.3 15.5 — — — 0.6

SKF REDUCE 2,131 1,950 (8) 105 1.5 49 66 79 95 0.5 20.4 19.4 32 27 23 23.3 19.3 15.5 5.4 4.7 4.0 16.7 17.4 17.8 0.6 0.7 0.8 0.5

Tata Motors BUY 175 200 15 593 7.6 3,396 (8.4) 7.1 18.0 (54.9) 184.7 154.0 NM 24.7 9.7 4.0 3.5 3.0 1.0 0.9 0.8 NM 3.8 8.8 — — — 97

Timken SELL 893 825 (8) 67 0.9 75 29 34 40 45.6 17.0 18.9 31 27 22 18.2 15.3 12.6 4.3 3.7 3.2 15.0 15.2 15.5 0.1 0.1 0.1 0.5

TVS Motor SELL 461 315 (32) 219 3.1 475 13.8 12.8 20.8 (2.4) (6.9) 62.0 33 36 22 15.8 16.1 11.6 5.7 5.2 4.5 18.3 15.2 22 1.0 0.8 1.3 13.9

Varroc Engineering BUY 417 520 25 56 0.8 135 20 32 42 (41.5) 63.6 31.5 21.4 13.1 9.9 7.4 5.7 4.5 1.7 1.5 1.3 8.0 11.7 13.6 — — — 0.4

Automobiles & Components Neutral 8,102 113.2 (12.6) 27.2 33.7 27.6 21.7 16.2 9.9 8.6 6.9 2.8 2.5 2.3 10.1 11.7 14.0 1.1 1.1 1.4 469

Banks

AU Small Finance Bank SELL 820 550 (33) 241 3.4 302 22.3 25.7 32.6 71.1 15.2 26.8 37 32 25 — — — 5.7 4.8 4.0 17.5 15.8 17.0 0.0 — — 6.6

Axis Bank REDUCE 737 715 (3) 2,077 29.1 2,806 24.4 53 62 34.2 119.2 15.9 30 13.8 11.9 — — — 2.6 2.2 1.9 8.9 16.0 16.2 0.3 1.1 1.3 109

Bandhan Bank REDUCE 501 550 10 807 11.3 1,610 21.6 27.4 34.1 31.8 27.3 24.1 23.3 18.3 14.7 — — — 5.1 4.2 3.4 25.3 25 25 0.8 1.0 1.2 29

Bank of Baroda ADD 99 105 6 393 5.5 4,582 8.1 23.3 25 397.3 186.0 5.5 12 4.3 4.0 — — — 0.9 0.7 0.6 6.5 14.9 14.0 1.6 4.7 5.0 40

City Union Bank ADD 229 225 (2) 169 2.4 735 10.6 12.1 14.1 14.0 14.0 16.7 22 19.0 16.3 — — — 3.4 3.0 2.6 15.1 15.3 15.8 0.8 0.9 1.1 2.7

DCB Bank BUY 167 240 44 52 0.7 310 12.8 16.5 21.2 21.9 29.0 28.0 13.0 10.1 7.9 — — — 1.7 1.5 1.2 13.0 14.8 16.5 0.7 0.9 1.2 2.0

Equitas Holdings BUY 102 170 67 35 0.5 342 9.2 13.2 16.0 46.1 42.6 21.6 11.0 7.7 6.4 — — — 1.3 1.1 1.0 11.9 14.8 15.5 — — — 7.5

Federal Bank BUY 86 120 40 171 2.4 1,985 8.4 10.2 13.1 33.3 22.5 28.2 10.3 8.4 6.5 — — — 1.3 1.2 1.0 11.9 13.3 15.3 2.2 2.7 3.4 16.7

HDFC Bank ADD 1,270 1,300 2 6,956 97.6 5,447 47 56 68 22.5 18.8 20.9 27 23 19 — — — 4.1 3.6 3.2 16.2 16.9 17.9 0.7 0.9 1.0 117

ICICI Bank BUY 539 575 7 3,484 48.9 6,447 18.6 31 39 291.6 69.1 23.0 29 17.2 13.9 — — — 3.2 2.8 2.4 10.6 16.2 17.5 0.7 1.2 1.4 185

IndusInd Bank ADD 1,515 1,625 7 1,050 14.7 723 75 102 119 39.5 35.7 17.2 20 14.9 12.7 — — — 3.0 2.6 2.2 16.8 17.8 18.0 0.7 0.9 1.1 101

Karur Vysya Bank BUY 60 80 33 48 0.7 799 3.8 7 14 44.3 96.0 82.1 16 8.1 4.4 — — — 0.9 0.8 0.8 4.7 8.7 14.6 1.6 3.2 5.9 0.7

Punjab National Bank NR 63 NR — 423 5.9 7,067 6 8 10 129.2 25.9 19.6 10 7.9 6.6 — — — 1.0 0.9 0.7 8.7 10.4 9.9 0.0 0.0 0.0 21

RBL Bank ADD 333 375 13 162 2.3 509 9.4 30 39 (53.9) 221.4 29.7 36 11.1 8.5 — — — 1.7 1.5 1.3 5.2 13.4 15.3 0.4 1.2 1.6 85

State Bank of India BUY 330 400 21 2,944 41.3 8,925 27 45 54 2,650.6 70.1 18.5 12 7.3 6.2 — — — 1.7 1.3 1.1 10.2 15.3 15.5 0.1 0.1 0.1 187

Ujjivan Financial Services NR 337 NR — 41 0.6 121 25.1 30 40 52.3 20.1 32.0 13 11.2 8.5 — — — 1.9 1.6 1.4 14.6 15.4 17.6 0.7 0.9 1.3 13.6

Union Bank RS 54 — — 186 2.6 3,756 (2) 11 16 87.8 662.6 35.6 NM 4.8 3.5 — — — 0.8 0.7 0.5 NM 13.6 13.5 0.0 3.2 4.3 10.6

YES Bank SELL 49 55 13 124 1.7 2,546 (10.8) (2) 14 (245.3) 85.9 1,027.7 NM NM 3.4 — — — 0.7 0.7 0.6 NM NM 12.9 (5.8) (0.8) 7.6 253

Banks Attractive 19,591 274.7 209.9 73.7 23.1 22 12.6 10.2 2.0 1.7 1.5 9.2 13.3 14.4 0.5 0.9 1.2 1,211

P/B (X) RoE (%) Dividend yield (%)


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Building Products

Astral Poly Technik SELL 1,150 680 (41) 173 2.4 150 19.5 23 26 19.0 16.8 15.3 59 51 44 33.0 29.0 25.1 11.1 9.2 7.7 21 19.9 19.1 0.1 0.1 0.1 2.6

Building Products Cautious 173 2.4 48.8 16.8 15.3 59 51 44 33.0 29.0 25.1 11.2 9.3 7.7 18.8 18.2 17.5 0.1 0.1 0.1 2.6

Capital goods

ABB SELL 1,272 950 (25) 270 3.8 212 18 24 31 52.4 33.3 28.7 70 52 41 40.4 32.5 25.5 6.1 5.4 4.7 9.2 10.9 12.4 0.4 0.5 0.6 2.3

Ashoka Buildcon BUY 98 180 83 28 0.4 281 12.4 13.3 15.0 4.3 7.5 12.9 8.0 7.4 6.6 6.4 5.9 5.1 1.1 1.0 0.9 14.8 14.1 14.2 2.0 2.1 2.4 1.0

Bharat Electronics BUY 99 132 34 241 3.4 2,437 7.3 8.0 5.6 (6.2) 10.4 (30.6) 13.6 12.3 17.8 8.8 7.6 8.2 2.4 2.2 2.2 18.4 18.6 12.6 3.2 3.6 2.0 13.3

BHEL SELL 43 46 9 148 2.1 3,482 1.8 2.2 4.0 (49.8) 26.6 79.4 24 19.1 10.7 8.6 6.9 4.9 0.5 0.5 0.5 1.9 2.4 4.3 2.0 2.3 3.8 16.9

Carborundum Universal ADD 322 325 1 61 0.9 189 14.1 16.9 19.4 7.9 19.4 15.0 23 19.1 16.6 13.5 11.0 9.4 3.2 2.9 2.6 14.8 16.0 16.6 1.3 1.6 1.8 0.4

Cochin Shipyard BUY 396 600 51 52 0.7 132 44 48 38 21.1 7.9 (19.8) 8.9 8.3 10.3 3.7 5.1 4.8 1.4 1.2 1.2 16.5 15.9 11.6 2.8 3.0 3.3 0.9

Cummins India REDUCE 555 540 (3) 154 2.2 277 25 27 30 (6.2) 10.0 10.7 22 20 18.5 20.7 18.5 16.4 3.5 3.3 3.2 16.1 16.8 17.6 2.4 2.6 2.9 4.8

Dilip Buildcon BUY 398 645 62 54 0.8 137 39 45 54 (30.0) 15.2 19.7 10.2 8.9 7.4 5.2 4.8 3.8 1.5 1.3 1.1 15.4 15.2 15.5 0.2 0.2 0.3 1.8

IRB Infrastructure BUY 67 137 106 23 0.3 351 25 19 14 3.4 (24.0) (26.8) 2.7 3.5 4.8 6.7 6.9 6.7 0.3 0.3 0.3 13.1 9.1 6.2 4.1 3.6 3.0 1.5

Kalpataru Power Transmission BUY 400 625 56 62 0.9 153 35 40 50 16.2 12.3 26.6 11.3 10.1 8.0 5.5 4.5 3.6 1.7 1.5 1.3 16.2 15.8 17.3 1.0 1.1 1.3 0.7

KEC International BUY 295 322 9 76 1.1 257 24.0 27 31 26.6 13.2 14.4 12.3 10.9 9.5 7.1 6.2 5.4 2.5 2.1 1.8 23 21 20 0.9 1.0 1.1 1.2

L&T BUY 1,279 1,560 22 1,795 25.2 1,403 71 75 94 14.9 6.9 24.8 18.1 17.0 13.6 16.8 14.6 12.5 2.6 2.3 2.1 15.8 14.5 16.3 1.6 1.8 2.3 63

Sadbhav Engineering BUY 112 167 49 19 0.3 172 11.4 14.1 15.7 4.7 24.3 11.1 9.8 7.9 7.1 6.4 5.6 4.9 0.9 0.8 0.7 9.2 10.5 10.6 — — — 0.3

Siemens SELL 1,522 1,200 (21) 542 7.6 356 36 42 48 18.5 16.4 14.0 42 36 32 30.0 25.9 22.8 5.5 5.0 4.5 13.6 14.4 14.9 0.7 0.8 0.9 18.0

Thermax BUY 1,055 1,150 9 126 1.8 113 29 42 50 (20.2) 42.4 18.7 36 25 21 22.9 19.8 16.8 22.9 19.8 16.8 10.6 13.8 14.7 0.7 0.9 1.0 1.0

Capital goods Neutral 3,651 51.2 5.1 9.3 16.3 19.3 17.6 15.2 2.3 2.1 1.9 11.8 11.8 12.6 1.4 1.7 1.9 1,211

Commercial & Professional Services

SIS REDUCE 940 870 (7) 69 1.0 75 37 41 48 27.5 11.9 16.0 26 23 19.7 13.9 11.8 10.1 4.7 4.0 3.4 19.9 18.8 18.5 0.4 0.4 0.5 0.2

TeamLease Services SELL 2,483 2,300 (7) 42 0.6 17 68 89 112 18.6 29.8 26.9 36 28 22 31.8 24.0 18.2 6.5 5.3 4.2 19.5 21 21 — — — 0.8

Commercial & Professional Services Cautious 111 1.6 24.7 17.3 19.6 29 24 20 17.5 14.5 12.0 5.2 4.3 3.6 18.2 17.8 17.8 0.2 0.2 0.3 1.0

Commodity Chemicals

Asian Paints REDUCE 1,810 1,800 (1) 1,736 24.3 959 29.6 35.3 42.0 31.7 19.1 19.1 61 51 43 38.9 33.5 28.7 16.2 14.4 12.8 28 30 32 0.8 1.0 1.2 33

Berger Paints SELL 514 410 (20) 499 7.0 971 7.6 8.5 10.0 48.5 11.9 17.3 68 60 52 43.5 38.2 32.8 17.3 15.0 12.9 28 27 27 0.5 0.6 0.7 18.5

Kansai Nerolac REDUCE 520 545 5 280 3.9 539 11.5 12.8 15.2 32.0 12.1 18.0 45 40 34 30.0 26.6 22.5 7.4 6.7 6.0 17.1 17.4 18.5 0.8 0.9 1.0 1.5

Tata Chemicals BUY 669 720 8 170 2.4 255 43.9 47.5 50.7 2.4 8.0 6.9 15.2 14.1 13.2 6.5 5.7 5.2 1.3 1.2 1.2 8.8 9.0 9.0 1.8 2.0 2.1 5.8

Commodity Chemicals Neutral 2,686 37.7 26.1 14.9 16.3 50 44 38 29.9 26.2 22.8 8.8 8.0 7.3 17.5 18.3 19.3 0.8 1.0 1.2 59

Construction Materials

ACC REDUCE 1,452 1,500 3 273 3.8 188 79.9 81.4 86.0 50.1 1.9 5.7 18.2 17.8 16.9 9.3 9.0 8.3 2.4 2.2 2.0 13.6 12.6 12.2 1.4 1.4 1.5 16.4

Ambuja Cements REDUCE 194 200 3 385 5.4 1,986 10.9 11.9 13.1 50.5 8.9 9.5 17.7 16.3 14.9 6.3 5.9 5.1 1.6 1.5 1.4 9.3 9.4 9.5 0.8 0.8 0.8 8.2

Dalmia Bharat ADD 796 1,050 32 154 2.2 192 17.1 22.7 34.5 7.5 33.1 51.7 47 35 23 8.3 7.4 6.0 1.4 1.4 1.3 3.0 3.9 5.7 — — — 2.9

Grasim Industries ADD 737 950 29 485 6.8 657 81.4 85.4 97.3 30.1 4.9 14.0 9.0 8.6 7.6 5.1 3.9 3.0 0.8 0.7 0.7 9.2 8.9 9.3 1.0 1.0 1.0 27

J K Cement ADD 1,160 1,275 10 90 1.3 77 78.4 98.7 124.8 129.9 25.8 26.4 14.8 11.8 9.3 10.0 8.0 6.9 2.8 2.3 1.9 21 22 22 0.9 0.9 0.9 0.9

JK Lakshmi Cement ADD 273 350 28 32 0.5 118 22.7 24.7 28.8 460.9 8.7 17.0 12.1 11.1 9.5 5.2 4.8 4.4 1.9 1.6 1.4 16.7 15.7 15.9 0.7 0.7 0.7 0.4

Orient Cement ADD 71 95 34 15 0.2 205 4.9 7.1 7.7 113.0 42.8 9.3 14.3 10.0 9.2 6.7 5.4 4.6 1.3 1.2 1.1 9.4 12.5 12.6 2.8 2.8 2.8 0.1

Shree Cement SELL 20,334 15,200 (25) 734 10.3 36 431.6 542.9 672.6 33.5 25.8 23.9 47 37 30 19.5 16.8 14.1 5.5 4.9 4.3 13.6 13.8 15.1 0.3 0.3 0.3 6.7

UltraTech Cement SELL 4,063 3,550 (13) 1,173 16.4 289 144.3 168.2 196.6 57.7 16.6 16.9 28 24 21 12.7 11.4 10.1 3.1 2.8 2.5 11.7 12.2 12.7 0.3 0.3 0.3 31

Construction Materials Cautious 3,339 46.8 47.8 11.9 16.0 21 18.6 16.0 8.6 7.3 6.2 2.0 1.9 1.7 9.8 10.0 10.5 0.6 0.6 0.6 94



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Consumer Durables & Apparel

Crompton Greaves Consumer SELL 243 210 (14) 152 2.1 627 7.1 8.4 9.5 19.1 18.3 13.6 34 29 26 21 18 16 10.8 8.6 6.9 35 33 30 1.0 1.0 0.0 6.2

Havells India SELL 641 520 (19) 401 5.6 625 13.2 17.1 20.4 4.8 29.4 19.8 49 38 31 31 24 20 8.5 7.5 6.6 18.5 21 22 0.7 0.9 1.1 12.0

Page Industries REDUCE 22,285 22,900 3 249 3.5 11 434 527 629 22.9 21.5 19.3 51 42 35 35 30 25 26.2 20.3 16.1 56 54 51 0.9 1.1 1.4 9.0

Polycab BUY 960 700 (27) 143 2.0 149 37 44 49 9.0 19.1 11.3 26 22 19.8 15 12 11 3.9 3.3 2.9 16.6 16.3 15.7 0.4 0.5 0.5 3.6

TCNS Clothing Co. ADD 595 770 29 37 0.5 65 9 12 16 (54.3) 31.7 26.0 63 48 38 15 12 10.2 5.5 4.8 4.2 9.2 10.7 11.9 1.4 2.0 2.1 0.2

Vardhman Textiles ADD 962 1,000 4 55 0.8 56 92 120 130 (28.9) 30.0 8.5 10.5 8.0 7.4 7.3 5.7 5.1 0.9 0.9 0.8 9.0 11.0 11.0 3.1 3.1 3.1 0.2

Voltas SELL 651 500 (23) 215 3.0 331 16.9 20.7 24.2 7.8 22.3 16.7 38 31 27 28 25 21 4.8 4.3 3.8 13.0 14.3 14.9 0.5 0.6 0.8 12.1

Whirlpool SELL 2,432 1,260 (48) 309 4.3 127 38 44 52 17.9 16.8 18.6 64 55 46 40 34 30 12.3 10.8 9.6 21 21 22 0.3 0.5 0.9 3.4

Consumer Durables & Apparel Cautious 1,561 21.9 2.6 23.3 40 32 28 24 20 17 6.4 5.6 16.0 17.4 17.8 0.7 0.9 47

Consumer Staples

Bajaj Consumer Care BUY 233 350 50 34 0.5 148 16.0 16.4 18.4 6.5 2.2 12.6 14.5 14.2 12.6 11.3 11.0 9.6 6.5 5.8 5.2 48 43 43 4.3 4.3 4.7 3.6

Britannia Industries REDUCE 3,062 3,050 (0) 736 10.3 240 58 68 82 21.1 16.9 20.6 52 45 37 39 34 28 16.3 13.2 10.8 32 32 32 0.7 0.8 1.0 19.2

Colgate-Palmolive (India) ADD 1,459 1,700 17 397 5.6 272 32 38 44 19.2 19.5 15.0 46 38 33 29.3 25.0 21.9 26.3 24.9 23.3 59 67 72 1.8 2.1 2.3 16.7

Dabur India REDUCE 458 425 (7) 809 11.3 1,766 9.7 11.0 12.1 18.7 14.1 9.9 47 42 38 40 35 30 12.5 11.2 10.1 28 28 28 1.0 1.2 1.4 12.1

GlaxoSmithKline Consumer RS 8,361 — — 352 4.9 42 294 333 376 26 13.1 13.0 28 25 22 23 20 17 7.4 6.4 5.5 28 27 27 1.4 1.6 1.7 2.9

Godrej Consumer Products REDUCE 683 715 5 698 9.8 1,022 15.8 18.2 21.2 8.9 15.7 16.5 43 37 32 30 26 22 8.4 7.5 6.6 21 21 22 0.9 1.1 1.2 9.7

Hindustan Unilever REDUCE 1,945 1,850 (5) 4,211 59.1 2,160 34 41 47 20.6 20.1 14.8 57 48 42 39 34 30 46.1 36.8 29.5 87 86 79 1.2 1.4 1.5 47

ITC BUY 237 320 35 2,910 40.8 12,300 12.2 13.6 15.0 20.0 11.8 10.2 19.4 17.4 15.8 13.7 12.2 11.0 4.6 4.2 3.9 22 23 25 2.7 3.2 3.6 51

Jyothy Laboratories ADD 149 200 34 55 0.8 367 6.2 7.0 8.1 10.6 13.6 15.4 24 21 18.4 16.8 14.8 12.8 3.9 3.6 3.3 16.6 17.6 18.9 2.4 2.7 3.0 0.7

Marico ADD 339 385 13 438 6.1 1,290 8.2 9.3 10.7 13.6 13.8 14.8 41 36 32 28 25 22 13.7 12.7 11.7 34 36 38 1.6 1.8 2.1 10.5

Nestle India SELL 14,599 13,200 (10) 1,408 19.7 96 206 239 281 23.5 15.9 17.8 71 61 52 48 41 36 73.7 62.0 52.4 71 110 109 2.2 1.1 1.4 20.0

Tata Global Beverages ADD 313 335 7 197 2.8 631 9.0 10.5 11.6 29.0 16.5 9.9 35 30 27 20 18 16 2.6 2.4 2.3 7.6 8.4 8.8 1.0 1.1 1.4 14.5

United Breweries ADD 1,274 1,400 10 337 4.7 264 18.7 29.2 36.9 (12.1) 56.2 26.3 68 44 34 35 25 21 9.4 7.8 6.5 14.6 19.6 21 0.2 0.3 0.5 9.9

United Spirits REDUCE 583 650 11 424 5.9 727 13.4 16.9 21.1 41.6 26.5 25.1 44 35 28 27 23 19 9.6 6.6 5.2 26 23 21 0.3 0.4 0.5 11.1

Consumer Staples Cautious 13,206 185.2 19.9 16.3 13.8 38 32 28 26 23 20 10.6 9.4 8.4 28 29 29 1.6 1.7 1.9 233

Diversified Financials

Bajaj Finance REDUCE 4,187 3,800 (9) 2,519 35.3 599 103 137 165 49 33 21 41 31 25 — — — 7.4 6.1 5.0 23 22 22 0.2 0.3 0.4 87

Bajaj Finserv BUY 9,350 10,200 9 1,488 20.9 159 309 404 489 53 31 21 30 23 19.1 — — — 4.4 3.7 3.2 17.1 17.5 17.9 0.1 0.1 0.1 36

Cholamandalam ADD 301 340 13 235 3.3 782 17.8 22.2 26.6 17 25.2 19.8 16.9 13.5 11.3 — — — 3.3 2.7 2.3 20 21 21 0.6 0.8 1.0 7.5

HDFC BUY 2,414 2,600 8 4,173 58.5 1,721 71 70 80 24.1 (1) 14.3 34 34 30 — — — 4.9 4.6 4.2 15.1 13.8 14.6 1.1 1.1 1.2 124

IIFL Wealth REDUCE 1,113 1,125 1 97 1.4 85 35.3 46.7 67.2 (22) 32.1 44.1 32 24 16.6 — — — 3.1 3.0 2.8 10.1 12.8 17.3 1.6 2.1 3.0 1.4

L&T Finance Holdings ADD 114 105 (8) 229 3.2 1,999 8 12 16 (30.7) 52 36.3 14.8 9.7 7.1 — — — 1.6 1.4 1.2 11.0 15.0 17.7 1.1 1.3 1.4 18.2

LIC Housing Finance ADD 426 450 6 215 3.0 505 53.1 65.0 74.0 15 22.5 13.7 8.0 6.5 5.8 — — — 1.3 1.1 0.9 15.4 16.6 16.5 2.1 2.5 2.9 17.3

Mahindra & Mahindra Financial ADD 322 400 24 199 2.8 615 22.7 33.7 42.2 (10) 48.0 25.5 14.1 9.6 7.6 — — — 1.8 1.6 1.4 12.3 16.4 18.2 1.8 2.7 3.4 9.5

Muthoot Finance ADD 751 740 (1) 301 4.2 401 64 72 81 29.4 12 13.0 11.8 10.5 9.3 — — — 2.6 2.2 1.9 24 23 22 2.0 2.3 2.6 11.7

PNB Housing Finance NR 428 — — 72 1.0 169 66.9 77.6 88.6 (6) 16.0 14.2 6.4 5.5 4.8 — — — 0.9 0.8 0.7 14.1 14.6 14.8 1.7 2.0 2.3 6.5

Shriram City Union Finance BUY 1,370 1,900 39 90 1.3 66 171 197 237 14.4 15 20.4 8.0 7.0 5.8 — — — 1.3 1.1 1.0 16.5 16.4 17.1 1.6 1.8 2.2 0.2

Shriram Transport BUY 1,156 1,475 28 262 3.7 227 126.6 146.5 164.1 12 15.7 12.0 9.1 7.9 7.0 — — — 1.5 1.3 1.1 16.9 17.0 16.5 1.5 1.9 2.1 15.2

Diversified Financials Neutral 9,880 138.6 22.6 18.7 18.5 26 22 18.5 2.9 2.6 2.3 11.2 11.9 12.5 0.8 0.9 1.0 335



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Price (Rs) Value Upside shares 3mo


Electric Utilities

CESC BUY 731 840 15 97 1.4 133 87 104 114 (3) 18.4 9.9 8.4 7.1 6.4 5.3 4.8 4.3 0.7 0.7 0.6 9.2 10.1 10.3 2.0 2.1 2.1 3.9

JSW Energy ADD 70 80 14 115 1.6 1,640 5.9 5.9 5.7 41 0 (3.8) 11.9 11.9 12.3 5.3 4.7 3.9 0.9 0.8 0.8 7.8 7.3 6.5 — — — 0.9

NHPC ADD 24 27 12 242 3.4 10,045 3.1 3.3 3.5 24.1 5 7.1 7.7 7.3 6.8 6.0 6.2 5.7 0.8 0.7 0.7 10.1 10.2 10.5 7.3 7.6 8.2 0.8

NTPC BUY 116 160 37 1,152 16.2 9,895 12.4 13.6 15.6 10.9 9.5 14.2 9.4 8.5 7.5 9.6 7.9 6.7 1.0 0.9 0.9 11.1 11.3 11.9 3.2 3.5 4.0 16.4

Power Grid BUY 185 235 27 967 13.6 5,232 21.4 23 25 13 7.3 11.1 8.6 8.1 7.2 7.0 6.6 6.2 1.5 1.3 1.2 18.0 17.4 17.4 4.0 4.3 4.8 21

Tata Power BUY 55 75 36 149 2.1 2,705 3.7 5.3 6.9 74 45 28.8 15.0 10.3 8.0 7.9 7.8 7.1 0.8 0.8 0.7 5.8 7.8 9.2 — — — 7.8

Electric Utilities Attractive 2,721 38.2 14.1 9.4 12.3 9.1 8.4 7.4 1.1 1.0 0.9 11.6 11.8 12.2 3.5 3.8 4.2 51

Fertilizers & Agricultural Chemicals

Bayer Cropscience SELL 3,625 2,700 (26) 163 2.3 34 82.9 100.0 114.4 19.6 20.7 14.4 44 36 32 35 29 25 6.0 5.3 4.7 14.3 15.5 15.7 0.5 0.6 0.6 0.5

Dhanuka Agritech ADD 396 350 (12) 19 0.3 48 24.2 25.9 28.3 2.4 6.9 9.2 16.3 15.3 14.0 12.3 10.9 9.5 2.6 2.3 2.0 16.8 15.9 15.4 1.2 1.3 1.4 0.1

Godrej Agrovet SELL 504 450 (11) 97 1.4 192 12.4 17.0 20.3 8.6 37.0 19 41 30 25 21 17 14 4.3 3.8 3.4 11.1 13.7 14.6 0.7 0.8 1.0 0.4

PI Industries SELL 1,460 1,280 (12) 202 2.8 138 37.2 46.1 56.1 25.3 24 22 39 32 26 27 21 17 7.5 6.3 5.3 21 22 22 0.4 0.6 0.8 2.8

Rallis India ADD 169 180 7 33 0.5 195 8.8 10.6 11.9 5.0 19.5 12.4 19.1 16.0 14.2 12.5 10.4 9.3 2.4 2.1 2.0 12.8 14.1 14.4 1.6 1.8 2.0 0.5

UPL SELL 569 520 (9) 435 6.1 765 28.4 39.8 45.1 14.5 40.1 13.3 20 14.3 12.6 10.0 8.0 7.1 2.7 2.4 2.1 14.8 17.9 17.9 1.2 2.0 2.2 23

Fertilizers & Agricultural Chemicals Attractive 948 13.3 17.7 30.7 14.8 26 20 17.6 13.3 10.8 9.5 3.8 3.3 2.9 14.3 16.4 16.6 0.9 1.3 1.5 27

Gas Utilities

GAIL (India) BUY 118 175 48 533 7.5 4,510 13.5 14.8 15.9 (3.2) 9.9 7.4 8.7 8.0 7.4 6.2 5.5 5.0 1.1 1.0 1.0 13.3 13.5 13.4 3.8 4.2 4.7 18.9

GSPL SELL 215 200 (7) 121 1.7 564 17.7 16.2 14.9 25.8 (8.6) (7.8) 12.1 13.3 14.4 5.5 5.6 5.7 1.8 1.6 1.5 16.1 12.9 10.8 1.2 1.1 1.4 1.9

Indraprastha Gas SELL 428 320 (25) 300 4.2 700 16.6 18.5 20.9 38.0 11.5 13.0 25.8 23.1 20.5 19.0 16.6 14.5 6.1 5.2 4.5 26 24 24 0.9 1.0 1.3 11.7

Mahanagar Gas ADD 1,045 1,080 3 103 1.4 99 74.5 78.9 81.8 32.7 5.8 3.7 14.0 13.2 12.8 9.0 8.3 7.8 3.7 3.3 3.0 29 27 25 2.6 3.4 3.9 9.4

Petronet LNG BUY 270 320 19 405 5.7 1,500 18.5 21.0 23.3 22.8 14.0 10.7 14.6 12.8 11.6 8.5 7.4 6.7 3.5 3.2 2.9 28 26 26 3.1 3.9 4.7 11.9

Gas Utilities Attractive 1,461 20.5 12.6 7.1 7.5 12.2 11.4 10.6 8.0 7.2 6.5 2.0 1.8 1.7 16.3 15.9 15.7 2.7 3.2 3.7 54

Health Care Services

Apollo Hospitals ADD 1,380 1,560 13 192 2.7 139 27.0 34 48 59 27 41 51.1 40.3 28.5 13.9 13.8 11.9 5.4 5.0 4.5 10.9 12.9 16.7 0.7 0.9 1.2 14.9

Aster DM Healthcare BUY 155 240 55 78 1.1 505 6.6 9.1 10.8 (1) 38.7 18 23.5 16.9 14.3 8.0 6.8 6.0 2.8 2.5 2.1 12.8 15.6 16.0 — — — 0.3

Dr Lal Pathlabs SELL 1,496 1,060 (29) 125 1.7 83 31.8 37.5 43.2 33.5 17.6 15.2 47.0 39.9 34.7 31.0 26.0 22.3 11.0 9.2 7.8 26 25 24 0.5 0.6 0.7 2.7

HCG BUY 103 205 100 9 0.1 85 (7.1) (4.3) (3.4) (104) 39 21 NM NM NM 8.4 7.0 6.0 1.7 1.9 2.0 NM NM NM — — — 0.1

Metropolis Healthcare SELL 1,365 1,100 (19) 68 1.0 50 30.9 37.5 43.3 29.1 21.4 15 44.1 36.4 31.5 26.5 22.2 19.3 12.9 10.1 8.1 33 31 29 0.5 0.6 0.6 0.8

Narayana Hrudayalaya BUY 304 340 12 62 0.9 204 6.1 8.5 10.9 111.6 39 28 49.6 35.7 28.0 16.6 13.8 11.6 5.1 4.5 3.9 10.9 13.4 14.9 — — — 1.3

Health Care Services Attractive 534 7.5 30 32 26 44.8 33.9 26.9 14.4 12.9 11.2 5.5 4.9 4.3 12.3 14.5 16.1 0.4 0.5 0.7 20

Hotels & Restaurants

Jubilant Foodworks BUY 1,598 1,600 0 211 3.0 132 29 40 53 19 39.9 33 55.9 40.0 30.1 20.8 16.8 13.5 16.7 12.6 9.6 30 36 36 0.4 0.7 1.1 21

Lemon Tree Hotels BUY 64 70 9 51 0.7 789 1.0 1.8 2.2 44 83 23 66.6 36.4 29.6 22.1 15.3 11.7 5.3 4.9 4.5 8.3 14.0 15.7 — 0.8 1.2 1.8

Hotels & Restaurants Attractive 262 3.7 23 48 31 57.6 39.0 29.7 21.1 16.4 13.0 11.8 9.6 7.8 20 25 26 0.4 0.7 1.1 23

Insurance

HDFC Life Insurance ADD 636 605 (5) 1,283 18.0 2,009 7.4 8.5 9.4 16.0 14.6 11.6 86.2 75.2 67 — — — 20.4 18.4 16.6 25 26 26 0.3 0.3 0.4 46

ICICI Lombard SELL 1,424 800 (44) 647 9.1 454 28.1 33.6 81.2 21 20 142 50.8 42.4 17.5 — — — 10.3 8.7 3.7 22 22 46 0.4 0.5 1.3 27

ICICI Prudential Life ADD 494 580 17 709 9.9 1,436 8.2 9.0 10.3 4 9.0 15.3 60.0 55.0 48 — — — 9.1 8.0 7.1 16.1 15.5 15.7 0.3 0.3 0.4 21

Max Financial Services ADD 528 500 (5) 142 2.0 417 6.9 9.9 14.4 275 44 45 76.8 53.3 37 — — — — — — 13.7 17.9 23 0.5 0.7 1.0 9.8

SBI Life Insurance REDUCE 991 1,000 1 991 13.9 1,000 13.3 17.8 20.7 (0.1) 34.2 16.3 74.8 55.7 48 — — — 11.6 9.9 8.4 16.5 19.1 18.9 0.2 0.3 0.3 48

Insurance Attractive 3,772 52.9 14.6 20.9 45.3 68.0 56.2 39 12.1 10.6 7.6 17.8 18.8 19.5 0.2 0.2 0.3 151

Mkt cap. EPS (Rs) EPS growth (%) P/E (X) EV/EBITDA (X) P/B (X) RoE (%) Dividend yield (%)


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Internet Software & Services

Info Edge SELL 2,532 2,130 (16) 310 4.3 122.0 34.3 42.2 50.7 32.7 23.2 20.1 73.9 60.0 49.9 64.1 51.3 42.4 11.8 10.4 9.1 16.9 18.4 19.4 0.3 0.4 0.5 15.4

Just Dial REDUCE 573 640 12 37 0.5 64.8 38.4 38.5 40.8 20.3 0.2 5.9 14.9 14.9 14.1 8.3 7.2 6.1 3.0 2.6 2.2 22 18.8 17.0 0.7 0.7 0.7 22

Internet Software & Services Attractive 347 4.9 27.8 14.6 15.5 52.0 45.4 39.3 43.5 37.0 31.8 9.0 7.9 6.8 17.4 17.3 17.4 0.4 0.4 0.5 37

IT Services

HCL Technologies ADD 561 615 10 1,521 21.3 2,693 37.7 41.6 46.4 3.0 10.3 11.5 14.9 13.5 12.1 9.2 8.1 7.1 3.1 2.7 2.4 22 22 21 2.8 2.9 2.9 29

Hexaware Technologies REDUCE 322 375 17 96 1.3 302 21.5 24.5 27.7 11.4 14.0 12.8 15.0 13.1 11.6 11.0 9.3 7.8 3.5 3.1 2.7 25 25 25 2.5 3.1 3.1 3.5

Infosys ADD 729 840 15 3,104 43.5 4,260 38.0 42.0 46.7 7.5 10.4 11.1 19.2 17.4 15.6 13.0 11.4 10.3 5.0 4.6 4.3 25 28 29 3.0 3.6 4.1 133

L&T Infotech ADD 1,770 1,750 (1) 308 4.3 176 83.9 98.8 117.1 (3) 17.7 18.6 21.1 17.9 15.1 14.5 12.1 10.0 5.4 4.6 3.9 28 28 28 1.7 1.9 2.1 3.5

Mindtree REDUCE 792 725 (9) 130 1.8 165 36.3 48.5 56.4 (21) 34 16 21.8 16.3 14.1 11.4 8.8 7.5 4.0 3.4 3.0 18.1 22 23 3.8 1.8 2.1 6.7

Mphasis REDUCE 888 925 4 166 2.3 186 59.7 64.2 69.0 6 7.5 7.4 14.9 13.8 12.9 9.1 8.2 7.4 2.9 2.7 2.5 20 20 20 3.4 3.8 4.1 2.6

TCS REDUCE 2,202 1,900 (14) 8,263 115.9 3,752 87.4 94.0 103.3 5 7.5 9.9 25.2 23.4 21.3 18.3 16.4 14.8 8.5 7.9 7.3 35 35 36 2.8 2.8 3.0 113

Tech Mahindra ADD 770 860 12 684 9.6 880 46.1 53.8 62.3 (3.4) 16.8 15.7 16.7 14.3 12.4 10.3 8.3 7.0 3.0 2.7 2.3 18.9 19.7 20 2.1 2.4 2.7 27

Wipro REDUCE 250 265 6 1,430 20.1 5,780 17.3 18.7 20.7 15.7 8.3 10.4 14.5 13.4 12.1 9.1 8.0 7.2 2.6 2.2 2.0 17.8 17.8 17.0 0.6 0.8 3.4 11.7

IT Services Cautious 15,701 220.2 3.4 9.4 10.7 20.4 18.6 16.8 13.8 12.2 10.9 5.2 4.7 4.2 25 25 25 2.6 2.7 3.2 329

Media

DB Corp. REDUCE 134 135 1 23 0.3 175 18.9 19.2 18.8 20.3 2.0 (2.2) 7.1 6.9 7.1 3.6 3.5 3.6 1.2 1.2 1.2 17.7 17.7 17.3 9.4 11.2 12.7 0.2

Jagran Prakashan REDUCE 64 57 (11) 19 0.3 296 8.7 9.7 10.6 (1.4) 12 NA 7.4 6.6 NA 3.2 3.0 NA 1.0 1.0 NA 13.6 15.1 16.6 14.1 14.1 14.1 0.5

Sun TV Network REDUCE 445 510 15 175 2.5 394 37.7 41.1 43.5 4 9.0 5.9 11.8 10.8 10.2 8.2 7.2 6.5 2.8 2.4 2.1 25 24 22 2.8 3.4 3.8 13.0

Zee Entertainment Enterprises ADD 297 385 29 286 4.0 960 18.4 20.1 23.0 11.6 9.2 14.3 16.1 14.8 12.9 10.3 9.4 8.1 2.9 2.6 2.3 18.9 18.5 18.7 1.5 1.8 1.8 113

Media Attractive 597 8.4 9.6 9.8 1.7 14.6 13.3 13.1 9.0 8.2 6.7 2.8 2.5 2.4 19.1 18.8 18.6 2.4 2.8 3.0 137

Metals & Mining

Hindalco Industries BUY 215 240 12 483 6.8 2,224 21.5 25.4 28.2 (13.1) 18.4 11 10.0 8.5 7.6 5.8 5.1 4.4 0.8 0.7 0.7 8.0 8.7 8.9 0.6 0.6 0.6 23

Hindustan Zinc REDUCE 212 205 (3) 895 12.6 4,225 17.4 18.2 21.2 (7.6) 4.5 16.4 12.2 11.7 10.0 7.4 7.0 6.0 2.9 3.1 3.3 23 26 32 9.4 9.4 9.4 2.6

Jindal Steel and Power BUY 164 170 4 167 2.3 1,016 1.4 9.2 16.4 181 561 77 117.0 17.7 10.0 6.7 5.9 5.2 0.5 0.5 0.5 0.4 2.8 4.8 — — — 49

JSW Steel REDUCE 269 200 (26) 651 9.1 2,402 8.4 20.7 25.3 (73.5) 145 22.5 31.9 13.0 10.6 9.7 7.0 6.0 1.7 1.6 1.4 5.6 12.7 14.0 1.6 1.6 1.6 29

National Aluminium Co. SELL 43 35 (19) 81 1.1 1,866 1.0 2.3 2.2 (89) 134 (3.0) 44.6 19.0 19.6 10.0 7.2 8.9 0.8 0.8 0.8 1.7 4.1 4.0 2.2 5.3 5.1 6.5

NMDC ADD 126 140 11 387 5.4 3,062 16.6 17.9 15.7 12.5 7.9 (12) 7.6 7.1 8.0 5.3 5.0 5.7 1.4 1.3 1.2 18.8 18.8 15.5 6.6 7.1 6.2 10.5

Tata Steel BUY 468 515 10 532 7.5 1,146 29.4 74.5 95.5 (67) 154 28 15.9 6.3 4.9 6.9 5.2 4.4 0.8 0.7 0.6 5.0 12.3 13.8 2.1 2.1 2.1 97

Vedanta BUY 151 180 19 560 7.9 3,717 13.3 18.9 21.5 (14) 42 13.7 11.4 8.0 7.0 5.6 4.9 4.4 0.9 0.9 0.9 8.0 11.5 13.2 11.9 11.9 11.9 30

Metals & Mining Attractive 3,755 52.7 (35.3) 48.2 15.9 13.5 9.1 7.8 6.7 5.6 5.0 1.1 1.1 1.0 8.4 11.7 12.8 5.4 5.5 5.4 51

RoE (%) Dividend yield (%)Mkt cap. EPS (Rs) EPS growth (%) P/E (X) EV/EBITDA (X) P/B (X)


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Oil, Gas & Consumable Fuels

BPCL SELL 477 420 (12) 1,035 14.5 1,967 32 39 40 (10.5) 18.9 3.8 14.7 12.4 11.9 10.5 9.1 8.7 2.4 2.2 2.1 16.8 18.6 18.0 3.9 4.2 4.4 76.7

Coal India BUY 197 285 44 1,216 17.1 6,163 27 31 31 (3) 14.3 (2.2) 7.2 6.3 6.4 6.5 5.5 5.2 4.8 4.6 4.4 65.3 74.4 69.7 12.7 12.7 12.7 19.3

HPCL SELL 259 285 10 394 5.5 1,524 31 33 32 (23.0) 7.0 (1.0) 8.5 7.9 8.0 8.4 8.2 8.1 1.3 1.2 1.1 15.8 15.6 14.3 4.7 5.1 5.0 24.0

IOCL SELL 125 130 4 1,178 16.5 9,181 13.6 15.8 15.9 (24.5) 16.1 0.8 9.2 7.9 7.9 5.9 5.5 5.5 1.0 1.0 0.9 11.2 12.4 11.9 5.7 6.2 6.2 21.7

Oil India BUY 149 210 41 162 2.3 1,084 30 27 29 (1) (9.4) 4.4 4.9 5.4 5.2 2.9 3.0 2.7 0.5 0.5 0.5 11.4 9.8 9.7 8.1 7.3 7.7 2.0

ONGC BUY 128 170 33 1,610 22.6 12,580 22 21 22 (8) (4.7) 7.4 5.9 6.2 5.7 3.3 3.1 2.8 0.6 0.6 0.6 11.1 10.0 10.0 5.9 6.1 6.3 18.7

Reliance Industries BUY 1,515 1,825 20 8,982 126.0 5,927 76 92 107 15.7 20.7 16.3 19.9 16.4 14.1 12.1 9.7 8.1 2.1 1.9 1.7 11.1 12.1 12.5 0.4 0.5 0.5 179.9

Oil, Gas & Consumable Fuels Attractive 14,576 204.4 (2.8) 11.8 8.4 12.5 11.2 10.3 7.9 6.9 6.2 1.6 1.5 1.3 12.6 13.0 12.9 2.9 3.0 3.1 342.3

Pharmaceuticals

Aurobindo Pharma ADD 460 500 9 269 3.8 584 49 55 56 19.8 12 3.4 9.5 8.4 8.2 7.3 5.9 5.4 1.6 1.4 1.2 17.3 16.7 15.0 1.4 1.6 1.9 32.0

Biocon SELL 290 190 (34) 348 4.9 1,202 7.3 8.8 10.2 21 20 15.6 39 33 28 19.2 15.7 13.7 4.7 4.3 3.8 12.5 13.0 13.5 0.9 1.1 1.2 16.1

Cipla BUY 474 570 20 382 5.4 806 22.5 28 34 18.6 26 19 21 16.8 14.1 11.3 9.4 7.6 2.3 2.1 1.9 11.3 12.3 13.1 1.0 1.2 1.5 23.7

Dr Reddy's Laboratories REDUCE 2,866 2,600 (9) 476 6.7 166 103 145 195 3 41 34.5 28 19.8 14.7 11.5 10.0 7.5 2.9 2.6 2.2 10.4 13.0 15.3 0.7 0.9 1.1 23.1

Laurus Labs BUY 364 430 18 39 0.5 106 19.8 27.8 33 80.3 41 17 18 13.1 11.2 9.7 7.6 6.5 2.2 1.9 1.6 12.6 14.3 14.3 — — — 0.6

Lupin ADD 758 840 11 343 4.8 450 27 37 52 28.2 38 39 28 20 14.7 11.0 8.5 6.5 2.1 1.9 1.7 8.1 9.4 11.7 0.7 0.7 1.0 16.5

Sun Pharmaceuticals ADD 422 480 14 1,013 14.2 2,406 19.0 23.8 26 17.5 25 10 22 18 16.2 12.0 9.4 7.8 2.2 2.0 1.8 10.5 11.3 11.7 0.9 1.1 1.2 37.6

Torrent Pharmaceuticals BUY 1,845 1,950 6 312 4.4 169 55 69 85 112.1 26 24 34 27 22 15.1 12.9 11.2 5.9 5.2 4.5 17.6 19.5 20.7 1.3 1.4 1.5 6.6

Pharmaceuticals Neutral 3,183 44.6 21.3 26 17 23 18 15.3 11.5 9.4 7.8 2.5 2.3 2.0 11.2 12.6 13.2 0.9 1.1 1.3 156.3

Real Estate

Brigade Enterprises BUY 215 235 9 44 0.6 204 17.7 14 16 51 (18) 10 12.1 14.8 13.5 8.5 6.5 5.3 1.8 1.6 1.5 15.6 11.4 11.5 1.2 1.2 1.2 0.4

DLF ADD 227 215 (5) 561 7.9 2,475 7.7 12.3 15.3 30 58 25 29 18.5 14.8 29.1 23.6 18.3 1.5 1.4 1.3 5.4 7.9 9.2 0.9 0.9 0.9 36.0

Embassy Office Parks REIT ADD 424 410 (3) 327 4.6 772 12.7 15.6 18.0 7,843 23 15 33 27 24 21.2 18.5 16.5 1.5 1.5 1.6 4.3 5.5 6.6 5.5 6.3 7.2 3.7

Godrej Properties SELL 950 700 (26) 239 3.4 252 15.8 16.3 13.0 43.1 3 (20.1) 60 58 73 46.8 60.1 262.3 4.8 4.5 4.2 10.7 7.9 5.9 — — — 3.9

Oberoi Realty ADD 522 560 7 190 2.7 364 22 48 49 (4.1) 120.7 2 24.2 11.0 10.7 16.7 8.8 7.8 2.2 1.8 1.6 9.4 18.1 15.8 0.4 0.4 0.4 2.6

Prestige Estates Projects ADD 334 330 (1) 125 1.8 375 8.4 13.2 15 (3.8) 57 15 40 25 22.1 11.7 9.6 8.6 2.8 2.6 2.3 7.2 10.5 11.0 0.4 0.4 0.4 1.7

Sobha ADD 397 515 30 38 0.5 95 39 29 32 25 (25.6) 11.7 10.2 13.7 12.3 6.8 8.3 8.3 1.5 1.4 1.3 15.5 10.5 10.8 1.8 1.8 1.8 1.1

Sunteck Realty REDUCE 426 400 (6) 62 0.9 140 23.6 32.3 44 45.5 37 35 18 13.2 9.8 13.3 9.4 6.9 1.9 1.7 1.4 11.1 13.5 15.7 0.2 0.2 0.2 1.3

Real Estate Neutral 1,587 22.3 42.1 44.8 15.1 29 20 17.5 18.8 15.1 13.3 1.8 1.7 1.6 6.3 8.7 9.4 1.6 1.8 2.0 50.7

Retailing

Aditya Birla Fashion and Retail BUY 231 230 (1) 179 2.5 773 1.8 2.8 4.6 (57.5) 58.0 65.7 131 83 50 15.2 13.1 11.5 11.4 10.0 8.4 9.1 12.9 18.2 — — — 1.7

Avenue Supermarts SELL 1,921 1,010 (47) 1,204 16.9 624 19.8 25 33 36.8 28.9 28.7 97 75 59 53 41 32 17.6 14.3 11.5 19.9 20.9 21.7 — — — 12.9

Titan Company REDUCE 1,193 1,175 (1) 1,059 14.8 888 19.1 25 32 13.3 31.8 27.0 62 47 37 41 32 26 14.8 12.4 10.1 25.6 28.5 29.9 0.5 0.6 0.8 42.8

Retailing Cautious 2,442 34.2 12.7 31.8 29.7 80 60 47 40 32 26 15.7 13.0 10.6 19.7 21.5 22.8 0.2 0.3 0.3 57.4

Speciality Chemicals

Castrol India SELL 129 130 1 128 1.8 989 8.0 8.5 8.8 12.1 5.7 4.3 16.1 15.2 14.6 10.8 10.4 9.8 10.0 9.1 8.3 65.1 62.8 59.7 4.5 4.6 4.8 4.4

Pidilite Industries REDUCE 1,390 1,280 (8) 706 9.9 508 24.2 28 33 36.5 15.8 17.8 57 50 42 42 36 31 14.5 12.3 10.5 27.2 26.8 27.0 0.6 0.7 0.8 11.5

S H Kelkar and Company BUY 109 145 33 15 0.2 141 5.7 7.5 8.8 (6.4) 31.7 16.2 19.0 14.4 12.4 11.5 9.3 8.3 1.8 1.7 1.6 9.4 12.1 13.1 1.8 2.5 3.2 0.1

SRF BUY 3,414 3,600 5 196 2.8 57 139 175 199 24.7 25.4 13.6 24.5 19.5 17.2 14.5 12.0 10.5 4.0 3.4 2.9 17.8 19.0 18.3 0.4 0.5 0.6 14.9

Speciality Chemicals Neutral 1,045 14.7 24.2 16.1 13.2 36 31 27.4 23.4 20.5 18.0 8.8 7.6 6.6 24.5 24.5 23.9 1.1 1.2 1.3 30.9



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Telecommunication Services

Bharti Airtel BUY 448 510 14 2,297 32.2 5,131 (5.5) 3.7 9.7 NM NM NM NM 122.3 46.2 9.6 7.2 6.2 3.4 3.6 3.5 NM 2.9 7.7 0.9 1.3 1.3 102.3

Bharti Infratel REDUCE 256 275 7 474 6.6 1,850 15.8 16.4 18.8 20.5 3.6 14.8 16.2 15.6 13.6 8.2 7.5 6.6 3.4 3.3 3.1 20.4 21.2 23.4 4.8 4.9 5.7 45.1

Vodafone Idea RS 6 - (100) 174 2.4 28,736 (22.3) (4.0) (6.2) NM NM NM NM NM NM 20.1 9.8 9.0 0.8 1.5 (2.8) NM NM NM — — — 35

Tata Communications ADD 391 400 2 111 1.6 285 3.6 9.0 17.4 108.4 150.2 93.1 108.4 43.3 22.4 6.8 6.3 5.6 NM 74.6 17.6 NM 990 127.2 1.9 1.9 1.9 1.7

Telecommunication Services Cautious 3,056 42.9 NM 61.4 37.0 NM NM NM 10.6 7.8 6.8 2.9 3.4 4.1 NM NM NM 1.4 1.8 1.9 184.0

Transportation

Adani Ports and SEZ BUY 364 450 24 739 10.4 2,032 23.4 23.8 28.3 17.0 1.6 19.1 15.6 15.3 12.9 12.2 11.0 9.4 2.9 2.5 2.2 18.9 17.6 18.3 4.2 1.4 1.6 24.3

Container Corp. SELL 567 510 (10) 346 4.8 609 17.4 21.3 27.8 6.7 22.4 30.6 33 27 20 18.9 15.7 12.3 3.3 3.1 2.9 10.2 12.0 14.7 0.2 1.6 2.1 16.8

Gateway Distriparks BUY 100 175 75 11 0.2 109 5.8 7.9 11.8 (14.9) 37.3 48.8 17.4 12.6 8.5 6.8 5.6 4.6 0.8 0.7 0.7 4.6 5.8 8.2 3.0 3.0 3.0 0.3

Gujarat Pipavav Port BUY 84 124 48 41 0.6 483 5.1 5.9 7.5 20.1 15.0 27.2 16.4 14.3 11.2 7.6 6.6 5.8 2.0 2.0 2.0 12.2 13.9 17.6 5.4 6.1 7.8 0.6

InterGlobe Aviation REDUCE 1,322 1,535 16 509 7.1 383 56.0 84.2 102.2 1,285.7 50.2 21.5 24 16 12.9 4.6 2.9 2.0 5.5 4.2 3.3 26.5 30.2 28.3 — 0.6 0.8 36

Mahindra Logistics ADD 388 398 3 28 0.4 71 12.1 14.9 18.3 (3.8) 23.7 22.4 32 26 21 16.0 12.7 10.4 4.9 4.3 3.7 16.3 17.6 18.7 — — — 0.4

Transportation Attractive 1,672 23.5 49.8 17.6 21.9 20 17 14.0 9.7 7.8 6.3 3.4 3.0 2.6 16.9 17.4 18.3 2.1 1.3 1.6 78

KIE universe 119,961 1681.9 11.8 32.1 17.7 23 17.7 15.0 11.1 9.5 8.4 2.7 2.4 2.2 11.5 13.6 14.4 1.6 1.8 2.0

Notes:

(a) We have used adjusted book values for banking companies.

(b) 2020 means calendar year 2019, similarly for 2021 and 2022 for these particular companies.

(c) Exchange rate (Rs/US$)= 71.31


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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.

Kotak Institutional Equities Research coverage universeDistribution of ratings/investment banking relationships

Source: Kotak Institutional Equities As of September 30, 2019

Percentage of companies covered by Kotak Institutional

Equities, within the specified category.

* The above categories are defined as follows: 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 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

applicable regulations. As of 30/09/2019 Kotak Institutional

Equities Investment Research had investment ratings on 204

equity securities.

Percentage of companies within each category for which Kotak

Institutional Equities and or its affiliates has provided

investment banking services within the previous 12 months.

30.9%28.4%

21.1% 19.6%

3.4% 2.5%0.5% 1.0%

0%

10%

20%

30%

40%

50%

60%

70%

BUY ADD REDUCE SELL

Corporate Office Overseas Affiliates

Kotak Securities Ltd.

27 BKC, Plot No. C-27, “G Block”

Bandra Kurla Complex, Bandra (E)

Mumbai 400 051, India

Tel: +91-22-43360000

Kotak Mahindra (UK) Ltd

8th Floor, Portsoken House

155-157 Minories

London EC3N 1LS

Tel: +44-20-7977-6900

Kotak Mahindra Inc

369 Lexington Avenue

28th Floor, New York

NY 10017, USA

Tel:+1 212 600 8856

Copyright 2019 Kotak Institutional Equities (Kotak Securities Limited). All rights reserved. 1. Note that the research analysts contributing to this report may not be registered/qualified as research analysts with FINRA; and

2. Such research analysts may not be associated persons of Kotak Mahindra Inc and therefore, may not be subject to NASD Rule 2711 restrictions on communications with a subject company, public appearances and trading securities held by a research analyst account.

3. Any U.S. recipients of the research who wish to effect transactions in any security covered by the report should do so with or through Kotak Mahindra Inc and (ii) any transactions in the securities covered by the research by U.S. recipients must be effected only through Kotak Mahindra Inc at [email protected].

This report is distributed in Singapore by Kotak Mahindra (UK) Limited (Singapore Branch) to institutional investors, accredited investors or expert investors only as defined under the Securities and Futures Act. Recipients of this analysis / report are to contact Kotak Mahindra (UK) Limited (Singapore Branch) (16 Raffles Quay, #35-02/03, Hong Leong Building, Singapore 048581) in respect of any matters arising from, or in connection with, this analysis / report. Kotak Mahindra (UK) Limited (Singapore Branch) is regulated by the Monetary Authority of Singapore. Kotak Securities Limited and its affiliates are a full-service, integrated investment banking, investment management, brokerage and financing group. We along with our affiliates are leading underwriter of securities and participants in virtually all securities trading markets in India. We and our affiliates have investment banking and other business relationships with a significant percentage of the companies covered by our Investment Research Department. Our research professionals provide important input into our investment banking and other business selection processes. Investors should assume that Kotak Securities Limited and/or its affiliates are seeking or will seek investment banking or other business from the company or companies that are the subject of this material and that the research professionals who were involved in preparing this material may participate in the solicitation of such business. Our research professionals are paid in part based on the profitability of Kotak Securities Limited, which include earnings from investment banking and other business. Kotak Securities Limited generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. Additionally, Kotak Securities Limited generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of any companies that the analysts cover. Our salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Additionally, other important information regarding our relationships with the company or companies that are the subject of this material is provided herein. This material should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. We are not soliciting any action based on this material. It is for the general information of clients of Kotak Securities Limited. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, clients should consider whether it is suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original capital may occur. Kotak Securities Limited does not provide tax advise to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment. Certain transactions -including those involving futures, options, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not suitable for all investors. The material is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions expressed are our current opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory, compliance, or other reasons may prevent us from doing so. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this 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.

mailto:[email protected]

http://www.kotak.com/

https://www.moneycontrol.com/india/stockpricequote/

http://economictimes.indiatimes.com/markets/stocks/stock-quotes

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27December 2019_India_Daily - Kotak Securities

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