India Auto & Auto Ancillaries TVS Motor Co Ltd

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Anish Rankawat Research Analyst, Auto & Auto Ancillaries

+91-022-42159100 [email protected]

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Company Update

India I Auto & Auto Ancillaries

03 March, 2021

ADD Price: Rs632

Target Price: Rs700 Forecast return: 11%

TVS Motor Co Ltd Double digit margin in sight?

Financial and valuation summary

After losing 100bps YoY of market share in FY20 in domestic two wheelers, due to underperformance of its motorcycle and moped sales, TVS as recovered most of it in FY21 with the help of mopeds sales amid strong rural recovery. While motorcycles continue to underperform, TVS has gained further market share in scooters. As schools, colleges and offices are expected to open up in FY22, we see scooters catching up the revival. Even, 2W exports have seen a sharp recovery, and sales are now up 3% in YTDFY21. Similarly, 3W exports have also recovered well. We expect volumes to grow by 18.4% CAGR over FY21-23E. Performance is improving on the operational front as well as the company reported 9.3% and 9.5% EBITDA margin in 2Q and 3Q this year. We expect this to continue even as commodity prices will act as a headwind. We expect PAT to grow by 50.6% CAGR for FY21-23E. We value the standalone business at 26x FY23 EPS, 10% higher than its long term average of 23.6x and we add TVS Credit business valued at investment value to it. Our SoTP base target price is Rs700 and we assume coverage with ADD rating.

We expect 18% CAGR growth in 2Ws over FY21-23E TVS is the only player in India with a presence in all forms of 2Ws – Scooters, Motorcycles, Mopeds, and EVs. The company has successfully established brands like Apache, Jupiter, Ntorq, etc. which have helped it to gain market share in the last five years. We expect these brands will push the company’s share further. These, along with exports have created a healthier mix for the company which will help it with better margins as well.

Exports demand has come back strongly Export sales volumes rose 20% in 3QFY21 despite the scarcity of availability of containers. The demand in export markets is robust as we have noticed for Bajaj Auto as well. For TVS, all its 2W brands have done well as per the management. Exports markets remain strong for the reasons of stable oil prices, availability of foreign currency, and stable currency. Export contribution to total volumes is seen at 27% in FY21 as compared to 14.4% in FY17. We expect it to be at these levels over our estimated period.

Higher growth calls for higher valuations Between FY13-19 TVS outperformed the industry with 11.5% volume growth, 17% revenue, and 21.5% earnings growth on a CAGR basis. During this period, its one year fwd. average PER was 24.5x. In our estimated period FY21-23, we expect 18%, 22%, and 50% CAGR for volumes, revenue, and PAT respectively. Due to higher growth, we value the standalone business at 26xFY23 earning which is 10% premium to its long term average of 23.5x and we add Rs28 per share of invested value in TVS credit to it. Thus we arrive at our target price of Rs700 and we assume coverage with ADD rating.

Market Data

Bloomberg: TVSL IN

52 week H/L: 660/240

Market cap: Rs300.4bn

Shares Outstanding: 475.1mn

Free float: 34.6%

Avg. daily vol. 3mth: 3,887,617 Source: Bloomberg

Changes in the report

Rating: NA

Target price: NA

EPS: NA Source: Centrum Broking

TVSL relative to Nifty 50

Source: Bloomberg

Shareholding pattern Dec-20 Sep-20 Jun-20 Mar-20

Promoter 57.4 57.4 57.4 57.4

FIIs 11.2 10.6 10.5 11.4

DIIs 19.8 20.2 20.9 21.2

Public/other 11.7 11.8 11.1 10.0

Source: BSE

YE Mar (Rs mn) FY19A FY20A FY21E FY22E FY23E

Revenues 182,099 164,233 162,338 206,265 241,022

EBITDA 14,333 13,459 13,296 18,976 23,379

EBITDA margin (%) 7.9 8.2 8.2 9.2 9.7

Adj. Net profit 6,701 6,246 5,415 9,387 12,282

Adj. EPS (Rs) 14.1 13.1 11.4 19.8 25.9

EPS growth (%) 1.1 (6.8) (13.3) 73.4 30.8

PE (x) 44.8 48.1 55.5 32.0 24.5

EV/EBITDA (x) 21.9 23.6 22.9 16.7 13.4

PBV (x) 9.0 8.3 7.5 6.5 5.4

RoE (%) 21.5 17.9 14.2 21.7 24.1

RoCE (%) 16.8 13.5 10.5 15.9 18.5

Source: Bloomberg, Centrum Broking

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NIFTY 50

TVSL

TVS Motor Co Ltd 03 March, 2021

Centrum Institutional Research 2

Thesis Snapshot

Centrum vs consensus Valuations

YE Mar (Rs bn) Centrum

FY22E Consensus

FY22E Variance

(%) Centrum

FY23E Consensus

FY23E Variance

(%)

Revenue 206,265 194,968 5.8 241,022 221,066 9.0

EBITDA 18,976 17,613 7.7 23,379 21,145 10.6

EBITDA margin (%) 9.2 9.0 20bps 9.7 9.6 10bps

Adj. PAT 9,387 8,544 9.9 12,282 11,006 11.6

Source: Bloomberg, Centrum Broking

TVS Motor versus Nifty 50

1m 6m 1 year

TVSL IN (1.9) 45.3 49.8

Nifty 50 2.1 31.0 33.6 Source: Bloomberg, NSE

Key assumptions Y/E Mar FY22E FY23E

Volume (Units) 3,687,670 4,176,673

YoY (%) 23.7 13.3

Revenue (Rs Mn) 206,265 241,022

YoY (%) 27.1 16.9

EBITDA Margin (%) 9.2 9.7

PAT (Rs Mn) 9,387 12,282

YoY (%) 73.4 30.8

Source: Centrum Broking

In our estimated period FY21-23, we expect 18%, 22% and 50% CAGR for volumes, revenue and PAT respectively. Due to higher growth, we value the standalone business at 26xFY23 earnings which is 10% premium to its long term average of 23.5x and we add Rs28 per share of invested value in TVS credit to it. Thus we arrive at our target price of Rs700 and we assume coverage with ADD rating.

SoTP Valuations Rs/share

Standalone EPS 25.9

Multiple (x) 26

Value 672

TVS Credit 28

Fair value (Rs) 700

P/E mean and standard deviation

EV/EBITDA mean and standard deviation

Peer comparison

Source: Company, Centrum Broking, *Bloomberg

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Company Mkt Cap CAGR (FY19-21E) P/E (x) EV/EBITDA (x) FY19

(Rs mn) Sales EBITDA EPS FY21E FY22E FY23E FY21E FY22E FY23E RoE (%) ROCE (%) Div. Yield

TVS Motors 300,445 21.8 32.6 50.6 55.5 32.0 24.5 22.9 16.7 13.4 17.9 13.5 0.6

Bajaj Auto 1,141,278 22.6 24.1 21.5 24.1 19.1 16.3 21.9 16.8 14.2 25.6 32.5 3.0

Hero MotoCorp* 694,516 16.0 22.0 21.2 23.8 18.5 16.2 15.9 12.3 10.7 26.9 NA 2.7

Eicher Motors* 711,294 25.0 36.1 44.0 49.5 29.6 23.9 35.2 22.7 19.0 19.3 NA 0.5



The year of the pandemic Gaining market share in 2Ws

FY20 was a forgetful year for TVS motors as it lost share in all segment of two wheelers. Overall the 2W market share declined by 100bps to 13.8% after gaining 300pbs over 5 years prior to that. It lost 70bps in motorcycles and 20bps in scooters. Mopeds also lost share in the overall 2W pie.

Mopeds declined by 28% YoY in FY20 vs 17-18% decline in Scooters and motorcycles mainly due to:

Weak rural sentiments especially in the southern markets where mopeds are popular and the region was impacted by weaker monsoons.

Increase in cost due to insurance and CBS plus heavy discounting in entry level bikes like Bajaj CT100 reduced the price gap.

In FY21, even though the industry is impacted by the pandemic, mopeds have done better and is on course to see growth. This is on the back of faster recovery in rural segments with better monsoon and better crop yields. Also, the technology upgrades with BS6 has made it a superior product with lower price increase as compared to entry level bikes. Discounting in the entry level bikes have also come off. Scooter market share has also improved with the help of demand for Ntorq and Scooty Pep. Ntorq is now 27% of total scooter sales of the company

We expect scooters to grow faster in FY22 driven by gradual opening up of schools, colleges and offices in the IT industry.

Exhibit 1: Gained market share back in FY21

Source: Company Data, Centrum Broking

Exhibit 2: Motorcycle share declined for the second year


Exhibit 3: Scooter share crossed 20% for the first time


Exhibit 4: Strong revival in mopeds


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TVS Market share in Motorcycles

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TVS share in Scooter5.7

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Exhibit 5: Sharp recovery in monthly sales


Exhibit 6: Ntorq contribution improves


Exhibit 7: Lost share in premium segment


Exhibit 8: Apache sales trend


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Share of Ntorq in TVS scooter sales (%)

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Apache Domestic sales



Inching closer to double digit margin

One of the biggest investor concerns with TVS was the amount of time it is taking to achieve double digit margins. It has been guided time and again by the management for last many years but it continued to miss achieving it. For the last 2 quarters TVS has surprised us with above 9% EBITDA margins and thus getting closer to the feat. This can be explained by improving mix as the contribution of Apache+Scooter+exports has reached to 68.4% in FY21 as compared to 39% in FY13. We expect this to remain at this level for next couple of years. Also, better cost management has contributed to the margins in FY21. Going forward, higher commodity prices and marketing costs will restrict the margins expansion to some extent. However we expect the trajectory to remain upwards.

Exhibit 9: Improving margin with improving mix


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Apache -Domestic Scooter -Domestic Exports Mopeds -Domestic Others EBITDA Margin (%) (RHS)



Financials and Valuations TVS is the only player in India with presence in all forms of 2Ws – Scooter, Motorcycle, Mopeds and EV. The company has successfully established brands like Apache, Jupiter, Ntorq etc which have helped it to gain market share in last 5 year. We expect these brands will push its share further. These, along with exports have created a healthier mix for the company which will help it with better margins as well.

We expect volumes to be driven by strong recovery in scooter segment with strong brands like Jupiter and Ntorq. Strong demand in the Mopeds will sustain as rural economy outlook is positive. We expect 2Ws to growth by 18% CAGR over FY21-23E. 3Ws have recovered well owing to export demand. We expect domestic 3Ws to be better in FY22-23 with gradual opening up of schools and colleges. We expect 3Ws to grow by 27.7% CAGR over FY21-23E. Total volume growth estimate for FY21-23E is 18.4% CAGR.

Our revenue growth estimate of 21.8% CAGR for FY21-23E is ahead of the volume growth as we expect ASPs to grow with better mix and the company’s ability to increase prices to pass on the commodity price increase.

EBITDA margins in the last couple of quarters have been strong at 9.3% and 9.5% on the back of price increases, cost reductions, better mix, and lower marketing costs due to digital, and operating leverage. Most of these are expected to sustain going forward. However, sharp rise in commodity costs would act as a head wind. We expect Margins to be at 8.2%/9.2%/9.7% for FY21E/22E/23E.

We expect PAT to grow by 51% CAGR over FY21-23E led by strong operations and lower depreciation owing to lower capex in FY21.



Exhibit 10: Volume trend and assumptions

FY19 FY20 FY21E FY22E FY23E

2W

Domestic 3,134,477 2,410,740 2,154,613 2,661,684 3,023,435

YoY(%) 9.0 -23.1 -10.6 23.5 13.6

Motorcycles 1,012,868 755,391 625,287 750,028 825,030

YoY(%) 10.5 -25.4 -17.2 19.9 10.0

Scooter 1,241,366 1,018,409 886,016 1,107,520 1,273,648

YoY(%) 12.9 -18.0 -13.0 25.0 15.0

Moped 880,243 636,940 643,309 804,137 924,757

YoY(%) 2.4 -27.6 1.0 25.0 15.0

Exports 622,019 678,841 704,221 853,465 954,838

YoY(%) 26.4 9.1 3.7 21.2 11.9

Total 2Ws 3,756,496 3,089,581 2,858,834 3,515,149 3,978,273

YoY(%) 11.6 -17.8 -7.5 23.0 13.2

3W

Domestic 16,709 11,934 8,354 13,784 15,851

YoY(%) 1.7 -28.6 -30.0 65.0 15.0

Exports 139,719 161,977 113,384 158,737 182,548

YoY(%) 69.9 15.9 -30.0 40.0 15.0

Total 3Ws 156,428 173,911 121,738 172,521 198,399

YoY(%) 58.5 11.2 -30.0 41.7 15.0

Total Sales 3,912,924 3,263,492 2,980,572 3,687,670 4,176,673

YoY(%) 12.9 -16.6 -8.7 23.7 13.3


Exhibit 11: Revenue trend and estimates


Exhibit 12: PAT trend and estimates


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Exhibit 13: Margins to improve further


Between FY13-19 TVS outperformed the industry with 11.5% volume growth, 17% revenue

and 21.5% earnings growth on a CAGR basis. During this period, its one year fwd. average

PER was 24.5x. In our estimated period FY21-23, we expect 18%, 22% and 50% CAGR for

volumes, revenue and PAT respectively. Due to higher growth, we value the standalone

business at 26xFY23 earnings which is 10% premium to its long term average of 23.5x and

we add Rs28 per share of invested value in TVS credit to it. Thus we arrive at our target price

of Rs700 and we assume coverage with ADD rating.

Exhibit 14: TVS Motors historical one year forward PER trend, 10 yr avg is 23.6x and 5yr avg is 34.4x


Risks

Pandemic: As cases increase in certain parts of the country, regional level lockdowns could be imposed that could impact overall demand for the industry

Margins: We expect the cost saving measure and ability to pass on commodity costs increases to sustain margin growth. If the underlying demand is slower than expected, the risk on margin improvement will increase.

Exports: Quite a few of the export geographies depends on crude oil for their GDP. If oil prices drop below $50/barrel levels then these markets will suffer and hence their demand could get weaker.

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PE Average PE 1 SD -1 SD



P&L YE Mar (Rs mn) FY19A FY20A FY21E FY22E FY23E

Revenues 182,099 164,233 162,338 206,265 241,022

Operating Expense 138,423 121,359 123,864 156,762 181,971

Employee cost 9,226 9,384 9,205 10,726 13,015

Others 20,118 20,031 15,974 19,801 22,656

EBITDA 14,333 13,459 13,296 18,976 23,379

Depreciation & Amortisation 3,993 4,890 5,361 5,814 6,466

EBIT 10,340 8,568 7,934 13,162 16,913

Interest expenses 806 1,022 1,067 1,042 967

Other income 75 321 369 425 467

PBT 9,610 7,867 7,236 12,545 16,413

Taxes 2,908 1,622 1,821 3,157 4,131

Effective tax rate (%) 30.3 20.6 25.2 25.2 25.2

PAT 6,701 6,246 5,415 9,387 12,282

Minority/Associates 0 0 0 0 0

Recurring PAT 6,701 6,246 5,415 9,387 12,282

Extraordinary items 0 (323) 0 0 0

Reported PAT 6,701 5,923 5,415 9,387 12,282

Ratios YE Mar FY19A FY20A FY21E FY22E FY23E

Growth (%)

Revenue 20.4 (9.8) (1.2) 27.1 16.9

EBITDA 26.9 (6.1) (1.2) 42.7 23.2

Adj. EPS 1.1 (6.8) (13.3) 73.4 30.8

Margins (%)

Gross 24.0 26.1 23.7 24.0 24.5

EBITDA 7.9 8.2 8.2 9.2 9.7

EBIT 5.7 5.2 4.9 6.4 7.0

Adjusted PAT 3.7 3.8 3.3 4.6 5.1

Returns (%)

ROE 21.5 17.9 14.2 21.7 24.1

ROCE 16.8 13.5 10.5 15.9 18.5

ROIC 9.5 8.1 6.7 9.4 10.8

Turnover (days)

Gross block turnover ratio (x) 3.6 2.8 2.7 2.9 3.0

Debtors 24 30 27 24 27

Inventory 28 33 35 31 29

Creditors 72 87 102 86 74

Net working capital (3) 4 13 6 7

Solvency (x)

Net debt-equity 0.4 0.5 0.1 0.4 0.2

Interest coverage ratio 17.8 13.2 12.5 18.2 24.2

Net debt/EBITDA 0.9 1.2 0.3 0.9 0.6

Per share (Rs)

Adjusted EPS 14.1 13.1 11.4 19.8 25.9

BVPS 70.5 76.2 84.1 98.0 116.2

CEPS 22.5 23.4 22.7 32.0 39.5

DPS 4.2 4.1 3.5 5.8 7.6

Dividend payout (%) 29.9 32.8 30.7 29.5 29.3

Valuation (x)

P/E 44.8 48.1 55.5 32.0 24.5

P/BV 9.0 8.3 7.5 6.5 5.4

EV/EBITDA 21.9 23.6 22.9 16.7 13.4

Dividend yield (%) 0.7 0.6 0.6 0.9 1.2

Source: Company, Centrum Broking

Balance sheet YE Mar (Rs mn) FY19A FY20A FY21E FY22E FY23E

Equity share capital 475 475 475 475 475

Reserves & surplus 32,998 35,706 39,457 46,072 54,750

Shareholders fund 33,473 36,181 39,932 46,547 55,225

Minority Interest 0 0 0 0 0

Total debt 13,779 20,843 21,843 19,843 18,843

Non Current Liabilities 597 929 1,031 1,144 1,270

Def tax liab. (net) 0 0 0 0 0

Total liabilities 81,567 92,031 108,623 107,866 122,090

Gross block 50,536 58,071 61,071 71,071 81,071

Less: acc. Depreciation (24,743) (29,071) (34,433) (40,247) (46,713)

Net block 25,793 28,999 26,638 30,824 34,358

Capital WIP 2,572 2,854 2,854 2,854 2,854

Net fixed assets 28,365 31,854 29,492 33,678 37,212

Non Current Assets 0 0 0 0 0

Investments 23,007 26,059 29,059 32,059 35,059

Inventories 11,759 10,389 13,343 13,563 15,848

Sundry debtors 14,141 12,814 11,119 16,388 19,150

Cash & Cash Equivalents 439 4,192 17,973 3,527 5,045

Loans & advances 0 0 0 0 0

Other current assets 5,982 8,305 9,218 10,232 11,357

Trade payables 29,239 28,864 40,029 33,907 39,620

Other current liab. 3,893 4,381 4,863 5,397 5,991

Provisions 586 834 926 1,028 1,141

Net current assets (1,397) 1,621 5,836 3,378 4,648

Total assets 81,567 92,031 108,623 107,866 122,090

Cashflow YE Mar (Rs mn) FY19A FY20A FY21E FY22E FY23E

Profit Before Tax 9,610 7,867 7,236 12,545 16,413

Depreciation & Amortisation 3,993 4,890 5,361 5,814 6,466

Net Interest 75 321 369 425 467

Net Change – WC (2,405) 1,068 9,668 (11,875) 374

Direct taxes (2,264) (2,167) (1,821) (3,157) (4,131)

Net cash from operations 9,009 11,656 20,813 3,751 19,588

Capital expenditure (7,328) (8,379) (3,000) (10,000) (10,000)

Acquisitions, net 0 0 0 0 0

Investments (2,653) (3,052) (3,000) (3,000) (3,000)

Others 0 0 0 0 0

Net cash from investing (9,981) (11,431) (6,000) (13,000) (13,000)

FCF (972) 225 14,813 (9,249) 6,588

Issue of share capital (28) (1,274) 0 0 0

Increase/(decrease) in debt 3,410 7,064 1,000 (2,000) (1,000)

Dividend paid (2,005) (1,940) (1,663) (2,772) (3,604)

Interest paid (806) (1,022) (1,067) (1,042) (967)

Others 0 0 0 0 0

Net cash from financing 572 2,827 (1,730) (5,814) (5,571)

Net change in Cash (401) 3,052 13,083 (15,063) 1,017

Source: Company, Centrum Broking



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This report is for information purposes only and this document/material should not be construed as an offer to sell or the solicitation of an offer to buy, purchase or subscribe to any securities, and neither this document nor anything contained herein shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This document does not solicit any action based on the material contained herein. It is for the general information of the clients of Centrum. Though disseminated to clients simultaneously, not all clients may receive this report at the same time. Centrum will not treat recipients as clients by virtue of their receiving this report. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. 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The opinions and projections expressed herein are entirely those of the author and are given as part of the normal research activity of Centrum Broking and are given as of this date and are subject to change without notice. Any opinion estimate or projection herein constitutes a view as of the date of this report and there can be no assurance that future results or events will be consistent with any such opinions, estimate or projection. This document has not been prepared by or in conjunction with or on behalf of or at the instigation of, or by arrangement with the company or any of its directors or any other person. Information in this document must not be relied upon as having been authorized or approved by the company or its directors or any other person. Any opinions and projections contained herein are entirely those of the authors. None of the company or its directors or any other person accepts any liability whatsoever for any loss arising from any use of this document or its contents or otherwise arising in connection therewith. Centrum and its affiliates have not managed or co-managed a public offering for the subject company in the preceding twelve months. Centrum and affiliates have not received compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for service in respect of public offerings, corporate finance, debt restructuring, investment banking or other advisory services in a merger/acquisition or some other sort of specific transaction. As per the declarations given by him, Mr. Anish Rankawat, research analyst and and/or any of their family members do not serve as an officer, director or any way connected to the company/companies mentioned in this report. Further, as declared by them, they are not received any compensation from the above companies in the preceding twelve months. They do not hold any shares by them or through their relatives or in case if holds the shares then will not to do any transactions in the said scrip for 30 days from the date of release such report. Our entire research professionals are our employees and are paid a salary. They do not have any other material conflict of interest of the research analyst or member of which the research analyst knows of has reason to know at the time of publication of the research report or at the time of the public appearance. While we would endeavour to update the information herein on a reasonable basis, Centrum, its associated companies, their directors and employees are under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent Centrum from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or Centrum policies, in circumstances where Centrum is acting in an advisory capacity to this company, or any certain other circumstances. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Centrum Broking Limited or its group companies to any registration or licensing requirement within such jurisdiction. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial instrument or as an official confirmation of any transaction to any U.S. person unless otherwise stated, this message should not be construed as official confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom. The information contained herein is not intended for publication or distribution or circulation in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities and Exchange Board of India before investing in Indian Securities Market.

Ratings definitions

Our ratings denote the following 12-month forecast returns:

Buy – The stock is expected to return above 15%.

Add – The stock is expected to return 5-15%.

Reduce – The stock is expected to deliver -5-+5% returns.

Sell – The stock is expected to deliver <-5% returns.

TVS Motor Co Ltd

Source: Bloomberg



TVS Motor Co Ltd

4 Whether Research analyst’s or relatives’ have any financial interest in the subject company and nature of such financial interest No

5 Whether Research analyst or relatives have actual / beneficial ownership of 1% or more in securities of the subject company at the end of the month immediately preceding the date of publication of the document.

No

6 Whether the research analyst or his relatives has any other material conflict of interest No

7 Whether research analyst has received any compensation from the subject company in the past 12 months and nature of products / services for which such compensation is received

No

8 Whether the Research Analyst has received any compensation or any other benefits from the subject company or third party in connection with the research report

No

9 Whether Research Analysts has served as an officer, director or employee of the subject company No

10 Whether the Research Analyst has been engaged in market making activity of the subject company. No

11 Whether it or its associates have managed or co-managed public offering of securities for the subject company in the past twelve months; No

12 Whether it or its associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months;

No

13 Whether it or its associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months;

No

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SEBI REGD NO.: CDSL: IN-DP-CDSL-661-2012

PORTFOLIO MANAGER

SEBI REGN NO.: INP000004383

Research Analyst SEBI Registration No. INH000001469

Mutual Fund Distributor

AMFI REGN No. ARN- 147569

Website: www.centrum.co.in Investor Grievance Email ID: [email protected]

Compliance Officer Details:

Ashok D Kadambi (022) 4215 9937; Email ID: [email protected]

Centrum Broking Ltd. (CIN :U67120MH1994PLC078125)

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6th Floor, CST Road, Near Vidya Nagari Marg, Kalina, Santacruz (E), Mumbai 400 098.

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Disclosure of Interest Statement

1 Business activities of Centrum Broking Limited (CBL)

Centrum Broking Limited (hereinafter referred to as “CBL”) is a registered member of NSE (Cash, F&O and Currency Derivatives Segments), MCX-SX (Currency Derivatives Segment) and BSE (Cash segment), Depository Participant of CDSL and a SEBI registered Portfolio Manager.

2 Details of Disciplinary History of CBL CBL has not been debarred/ suspended by SEBI or any other regulatory authority from accessing /dealing in securities market.

3 Registration status of CBL: CBL is registered with SEBI as a Research Analyst (SEBI Registration No. INH000001469)



Centrum Broking Institutional Equities Team Details

Nischal Maheshwari CEO [email protected] +91-22-4215 9841

Research Analyst Sector E-mail Phone number

Anish Rankawat Auto & Auto Ancillary [email protected] +91-22-4215 9053

Gaurav Jani BFSI [email protected] +91-22-4215 9110

Milind S Raginwar Cement & Metals [email protected] +91-22-4215 9201

Shirish Pardeshi FMCG [email protected] +91-22-4215 9634

Ashish Shah Infra & Aviation [email protected] +91-22-4215 9021

Probal Sen Oil & Gas [email protected] +91-22-4215 9001

Cyndrella Carvalho Pharma [email protected] +91-22-4215 9643

Sparsh Chhabra Economist [email protected] +91-22-4215 9035

Joaquim Fernandes Quant [email protected] +91-22-4215 9363

Equity Sales Designation Email Phone number

Rajesh Makharia Director [email protected] +91-22-4215 9854

Paresh Shah MD [email protected] +91-22-4215 9617

Anil Chaurasia Sr. VP [email protected] +91-22-4215 9631

Amit Kapoor Sr. VP [email protected] +91-22-4215 9980

Himani Sanghavi AVP [email protected] +91-22-4215 9082

Saahil Harwani Associate [email protected] +91-22-4215 9623

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India Auto & Auto Ancillaries TVS Motor Co Ltd