26 April 2016

4QFY16 Results Update | Sector: Automobiles

Maruti Suzuki

BSE SENSEX S&P CNX CMP: INR3,869 TP: INR4,525(+17%) Buy 26,007 7,963 Bloomberg MSIL IN Equity Shares (m) 302.1 M.Cap.(INRb)/(USDb) 1,168.9 / 17.6

52-Week Range (INR) 4789 / 3202 1, 6, 12 Rel. Per (%) 1/-10/15 Avg Val, INRm/ Vol m 3,000 Free float (%) 43.8 Financials & Valuations (INR b) Y/E Mar 2016 2017E 2018E Net Sales 577.5 693.9 821.9 EBITDA 89.8 102.9 121.5 PAT 45.7 60.5 74.3 EPS (INR)* 155.5 205.4 251.4 Gr. (%) 23.4 32.0 22.4 BV/Sh (INR) 894.0 1,040.1 1,213.8 RoE (%) 16.9 19.2 20.3 RoCE (%) 24.0 25.8 27.2 P/E (x) 24.9 18.8 15.4 P/BV (x) 4.3 3.7 3.2 *Consolidate

Estimate change TP change Rating change

Above estimate; Lower discounts, better mix leads to one of the best gross margins; Gujarat plant commissioning preponed to Jan-17 Strong realization growth drives operating performance, but lower other

income hurts PAT growth: Volumes grew ~4% YoY (-4% QoQ). Realizations improved 5% QoQ (+8% YoY) driven by better export mix, domestic mix and lower discounts. Net sales grew ~12.3% YoY (+1.5% QoQ) to ~INR153b (v/s est ~INR145.3b). EBITDA grew 8.6% YoY (+8% QoQ) to ~INR23.5b (v/s est INR22b). EBITDA margins improved ~100bp QoQ to 15.4% (v/s est 15.2%), driven by lower discounts and better mix despite higher staff cost and other expenses. PAT declined 11.7% YoY to ~INR11.3b (v/s est ~INR12b).

Earnings call highlights: a) MSIL’s rural sales (~35% of domestic volumes) grew 9% YoY in FY16 (~22% growth in FY15), b) Export mix improved considerably driven by Baleno exports to Japan and Europe, driving higher export realization by ~28% QoQ, c) Discounts reduced by ~INR4,400/unit QoQ to~INR17.6k, d) Gujarat plant commissioning in Jan-17 (v/s earlier guidance of Mar-17), with full ramp-up in 6 months, e) Vitarra Brezza to be 1st model where royalty is in INR and lower royalty rate, and f) IndAS to drive other income in FY17, providing tax shield resulting in tax rate of 25-26%,

Valuation and view: We upgrade our FY17/18 EPS by 5%/3% to factor in for a) better mix, b) lower discounts, c) adverse Fx, and d) commodity price inflation. The stock trades at 18.8x/15.4x FY17E/18E EPS. Maintain Buy with a target price of INR4,525 (~18x FY18E EPS).

Quarterly Performance (INR Million)Y/E March FY15 FY16 FY16E Var

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 4QE (%)Tota l Volumes (nos) 299,894 321,898 323,911 346,700 341,329 353,335 374,182 360,354 1,292,403 1,429,200 360,402 0.0 Change (%) 12.6 16.8 12.4 6.7 13.8 9.8 15.5 3.9 11.9 10.6 4.0Real i zations (INR/car) 381,071 382,577 389,077 392,986 393,313 394,348 403,063 424,741 386,649 404,046 403,152 5.4 Change (%) -0.8 0.7 2.9 5.5 3.2 3.1 3.6 8.1 2.0 4.5 2.6Net Op. Revenues 114,281 123,151 126,026 136,248 134,249 139,337 150,819 153,057 499,706 577,463 145,297 5.3 Change (%) 11.6 17.6 15.7 12.6 17.5 13.1 19.7 12.3 14.1 15.6 6.6

RM Cost (% of Sa les ) 71.6 71.3 70.0 67.7 67.4 66.8 68.5 66.0 70.2 67.2 67.5 -150BPStaff Cost (% of Sa les ) 3.1 3.0 3.0 3.7 3.4 3.0 3.3 3.9 3.2 3.4 3.4 50BPOther exp. (% of Sa les ) 13.2 13.3 14.1 12.7 12.9 13.9 13.8 14.8 13.2 13.9 14.0 80BP

EBITDA 13,867 15,321 16,195 21,643 21,891 22,694 21,701 23,500 67,130 89,785 22,041 6.6EBITDA Margins (%) 12.1 12.4 12.9 15.9 16.3 16.3 14.4 15.4 13.4 15.5 15.2 20BP

Change (%) 18.9 15.9 19.5 73.5 57.9 48.1 34.0 8.6 29.4 33.7 1.8Non-Operating Income 2,381 1,820 1,290 3,199 1,720 1,371 315 1,212 8,316 4,619 2,062 -41.2Interest 386 348 300 1,027 190 178 244 203 2,060 815 238 -14.6Depreciation 5,836 5,989 6,278 6,600 6,716 6,694 7,221 7,608 24,703 28,239 7,346 3.6PBT 10,025 10,805 10,905 17,215 16,705 17,193 14,551 16,901 48,682 65,350 16,519 2.3 Effective Tax Rate (%) 24.0 20.2 24.0 25.4 28.6 28.7 29.9 32.9 23.8 30.0 26.9 600BPPAT 7,623 8,625 8,290 12,842 11,929 12,256 10,193 11,336 37,112 45,714 12,074Adjusted PAT 7,623 8,625 8,290 12,842 11,929 12,256 10,193 11,336 37,112 45,714 12,074 -6.1 Change (%) 20.7 28.7 21.7 60.5 56.5 42.1 23.0 -11.7 33.4 23.2 -6.0E:MOSL Estimates

FY16FY15

Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Jinesh Gandhi (Jinesh@MotilalOswal.com); +91 22 3982 5416

Maruti Suzuki

26 April 2016 2

Sharp realization improvement drives revenue growth… Volumes grew 4% YoY (-3.7%QoQ) to 360,402 units, driven by new model

launches and robust growth of Celerio (+27% YoY), despite production loss ~10,000 units in February due to agitation in Haryana for reservations.

Market share for MSIL improved in PV by 110bp YoY to 46.1% (-50bp QoQ) in 4QFY16. With entry into the compact UV segment, we see further upside to MSIL’s market share.

Realizations grew 8.1% YoY (+5.4%QoQ) to ~INR425k (v/s est INR403k). Improved product mix (Baleno, Scross and Vitarra Brezza), lower discounts QoQ by ~INR4,400/unit to ~INR17.6k (v/s ~INR22k in 3QFY16 v/s ~INR19.6k in 2QFY16) and export realisations growth of 28% QoQ driven by commencement of Baleno exports.

As a result, Net sales grew ~12.5% YoY (+1.1% QoQ) to ~INR149.3b (v/s est ~INR141.6b).

Exhibit 1: MSIL continues to gain market share, with ~46% market share

('000 units) 4QFY16 4QFY15 YoY (%) 3QFY16 QoQ (%) FY16 FY15 YoY (%) A1 0.0 0.0 0.0 0.0 0.0 % of total 0.0 0.0 0.0 0.0 0.0 MPV 35.9 33.2 8.2 37.2 -3.6 143.5 129.0 11.2 % of total 10.0 9.6 9.9 10.0 10.0 A2 195.7 195.4 0.1 203.8 -4.0 779.1 729.9 6.7 % of total 54.3 56.3 54.5 54.5 56.5 A3 71.4 70.1 1.8 74.6 -4.4 288.3 243.6 18.4 % of total 19.8 20.2 19.9 20.2 18.8 UV 30.5 18.5 64.7 27.3 11.7 94 68 38.4 % of total 8.5 5.3 7.3 6.6 5.3 Exports 27.0 29.5 -8.6 31.2 -13.4 123.9 121.7 1.8 % of total 7.5 8.5 8.3 8.7 9.4 Total Sales 360.4 346.8 3.9 374.3 -3.7 1,429.2 1,292.4 10.6 Total PV (Incl Exports) MS (%) 40.7 41.0 -30bp 41.2 -50bp 42.9 39.7 8.0 Total Dom. Car MS (%) 52.5 51.3 120bp 51.6 90bp 53.1 51.0 4.1 Total PV MS (%) 46.1 45.0 110bp 46.6 -50bp 46.8 44.1 6.1

Source: Company, MOSL

Exhibit 2: Volume growth in 4QFY16 slowest in 7 quarters due to production loss in February

Source: Company, Company, MOSL

Exhibit 3: Market share remains steady

Source: Company, Company, MOSL

-40-30-20-100102030

0

100

200

300

400

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY13 FY14 FY15 FY16

Volumes ('000 units) Growth (%)

47 45 45

42 44 45 48

44 42

37 35

39 40

34

40 43

40 41 43 44 44 45 46 45 47 48 47 46

1QFY

10

3QFY

10

1QFY

11

3QFY

11

1QFY

12

3QFY

12

1QFY

13

3QFY

13

1QFY

14

3QFY

14

1QFY

15

3QFY

15

1QFY

16

3QFY

16

Quarterly Domestic PV market share trend (%)

Maruti Suzuki

26 April 2016 3

Exhibit 4: Lower discounts and higher export realizations contribute to higher realization growth

Source: Company, MOSL

Exhibit 5: Discounts moderate by INR 4,400/unit (QoQ)

Source: Company, MOSL

…driving near peak gross margins; higher staff and other expenses restrict EBITDA margins improvement of ~100bp QoQ Gross margins at ~34% (v/s est 32.5%) surged 250 bp QoQ (+170bp YoY) – one of

the best gross margins, driven by a) product mix improvement in both exports and domestic business, and b) lower discounts by ~ INR4,400/car QoQ (driving margins by 130bp QoQ)

However, EBITDA margins at 15.4% (v/s est 15.2%) were impacted by higher staf cost (+60bp QoQ) and higher other expenses (by ~100bp QoQ) on account of higher ad-spend and MTM on prior period royalty.

EBITDA grew 8.6% YoY (+8% QoQ) to ~INR23.5b (v/s est INR22b). Lower other income and consequently higher tax rate resulted in PAT decline of

11.7% YoY (+11.2% QoQ) to ~INR11.3b (v/s est ~INR12.0b). Exhibit 6: EBITDA margins improve QoQ; EBITDA/unit highest ever

Source: Company, MOSL

Earnings call highlights MSIL’s rural sales grew 9% in FY16 vis a vis a 22% growth in FY15. Implied Urban

growth is ~13%. Rural contributes ~35% to MSIL’s domestic volumes (stable over FY15).

Export volumes are expected to be flat in FY17. Baleno exports (targeted at 50,000 units in FY17) would dilute weakness in key Sri Lankan market due to increase in import duties.

364

361

372 38

7

384

380

378

372

381

383

389

393

393

394

403 42

5

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY13 FY14 FY15 FY16

Realizations (INR '000/car)

8.5

1

0.7

1

0.6

9

.5

12.

6

12.

2

13.

5

11.

6

14.

8

12.

0

10.

6

13.

4

17.

5

19.

4

17.

5

21.

0

22.

0

20.

4

15.

1

16.

0

19.

6

22.

0

17.

6 2.9

3.7 3.6 3.2

4.1 3.8

4.1

3.2

4.1

3.2 2.7 3.5

4.6 5.1

4.7

5.5 5.8 5.2

3.8 4.1

5.0 5.5

4.1

2QFY

113Q

FY11

4QFY

111Q

FY12

2QFY

123Q

FY12

4QFY

121Q

FY13

2QFY

133Q

FY13

4QFY

131Q

FY14

2QFY

143Q

FY14

4QFY

141Q

FY15

2QFY

153Q

FY15

4QFY

151Q

FY16

2QFY

163Q

FY16

4QFY

16

Avg. discount ('000 INR/car)Discounts (% of realizations)

28,7

85

17,4

64

16,8

34

23,8

25

26,5

76

22,0

75

29,5

66

58,1

69

43,7

69

47,9

50

47,0

17

38,4

01

46,2

38

47,5

97

49,9

97

62,4

25

64,1

35

64,2

27

57,9

96

65,2

05

9.6

5.7

5.2

7.3

7.3 6.

1

8.0

15.0

11.4

12.6

12.4

10.3

12.1

12.4

12.9

15.9

16.3

16.3

14.4

15.4

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY12 FY13 FY14 FY15 FY16

EBITDA (INR/unit) EBITDA Margins (%)

Maruti Suzuki

26 April 2016 4

Royalty on Vitarra Brezza to be INR based with lower rates than 5% due to contribution of Indian R&D unit.

INR80m paid to initial S-Cross buyers to compensate for price cuts. It expects marketing spend to remain at higher level. It doesn’t see meaningful scope to increase localisation in medium term. Tax rate for FY17 at 25-26% due to IndAS implementation as it would result in

accrual accounting of tax-free FMP income (from cash accounting currently). Gujarat plant commissioning in Jan-17.As per the management, 6 months

required to ramp up the plant. No announcement on phase 2 of Gujarat plant. Capex: It invested ~INR24b in FY16 on product development, marketing

infrastructure, R&D and annual maintenance, of which INR 6-7b on annual maintenance capex. Marketing infrastructure spend has been deferred to FY17, reflecting in lower capex v/s initial guidance of ~INR 40b for FY16. It expects FY17 capex at INR44b, out of which ~40% would be on product development.

Indian Accounting Standard (IndAS): It expects limited impact of IndAS adoption from FY17. While there would be changes in income recognition on extended warranty schemes and other income, it doesn’t expect any material impact of change in accounting of embedded leases.

Maruti Suzuki

26 April 2016 5

Valuation and view Long term story intact, despite short term volatility

1st year of PV industry recovery & multi-year favorable product lifecycle for MSIL: MSIL would be the biggest beneficiary of impending demand recovery, considering its stronghold of worst impacted entry level segment as well as favorable product lifecycle. MSIL’s new product launches are targeted towards filling gaps in their product portfolio, and would improve product mix. We estimate MSIL to gain market share, driven by 15% CAGR in volumes over FY16-18E. This coupled with improvement in mix and reduction in discounts, would drive revenue CAGR of ~19% over FY16-18E.

EBITDA margins to remain healthy, despite moderating from recent highs: MSIL margins are estimated to decline from 15.5% in FY16 to ~14.8% in FY17 impacted by adverse Fx and recovery in commodity prices. We believe MSIL margins will remain healthy at 14-15% level, driven by a) potential to reduce discount as demand improves, b) benefit of operating leverage and c) reducing exposure to JPY due to exports to Japan and royalty in INR for new products.

Strong margins, asset light model to result in strong FCF generation and RoE improvement: Gujarat plant arrangement with the parent will make MSIL’s business asset light, freeing up management’s bandwidth to fortify its strength of marketing. We expect strong FCF generation of cumulative ~INR144b over FY17-18E. RoE are estimated to improve by 340bp to ~20.3% FY18E (over FY16), while RoIC would improve by 25.4pp to ~65.4% by FY18E.

Short term concerns remain: MSIL’s operating performance could be constrained by a) potential capacity constraint in FY17 at 1.6-1.63m units and FY18 at ~1.85m units, b) discounts remaining higher than expected (factor in for 90bp savings in discount in FY17), c) adverse Fx movement and d) commodity price inflation. Fx volatility is the key risk to our estimates, with ~1% JPYINR movement impacting FY17 EBITDA margins by ~15bp and EPS by ~1.1%.

Increasing EPS, Maintain Buy: We upgrade our FY17-18E EPS by 5% and 3% respectively to factor in for a) better mix, b) lower discounts, c) adverse Fx, and d) commodity price inflation. Short term headwinds notwithstanding, we remain positive on MSIL considering a) 1st year of recovery, b) 1st year of multi-year favorable product lifecycle, c) improvement in product mix (increasing share of premium products) aiding realizations and consequently margins, d) reducing JPY exposure and d) high FCF generation as capex intensity reduces. The stock trades at 18.8x/15.4x FY17E/18E EPS. Maintain Buy with a target price of INR4,525 (~18x FY18E EPS).

Maruti Suzuki

26 April 2016 6

Exhibit 7: Revised forecast

(INR B) FY17E FY18E Rev Old Chg (%) Rev Old Chg (%) Total Volumes

1,624 1,624 0.0 1,897 1,899 -0.1

Domestic 1,492 1,468 1.7 1,744 1,718 1.5 Exports 132 156 -15.6 153 182 -15.6 Net Sales 678 645 5.1 804 766 5.0 EBITDA 103 99 3.9 122 118 2.6 EBITDA Margin

14.8 15.0 -10bp 14.8 15.1 -30bp

PAT 60.5 57.3 5.6 74.3 72.3 2.7 Consol EPS (INR) 205.4 194.7 5.5 251.4 244.8 2.7 Cash EPS (INR) 311.6 294.9 5.7 367.8 351.5 4.6 JPY/INR 0.60 0.59 1.2 0.63 0.61 3.2

Source: MOSL

Exhibit 8: How does our view on stock change? Positives Negatives

1. Pre-poning of Gujarat plant to Jan-17 (v/s Mar-17 earlier) would ease capacity constraint, especially in seasonally strong 4Q. Further, it is planning for Phase-2 of Gujarat plant of 250k capacity.

1. Despite pre-poning of Gujarat plant by 1 quarter, we estimate MSIL to remain capacity constrained with maximum volume growth of 12-13% in both FY17/18 unless Phase-2 of Gujarat plant is expedited.

2. While being capacity constrained in FY17-18, MSIL can optimize its product mix and potentially reduce discounts from 2HFY17 especially with possible demand recovery.

2. Competitive intensity is increasing in its cash cow segment of Entry (Kwid, Tiago etc) and Compact car segment (from KUV1OO).

3. Export mix is improving significantly, with exports of higher spec Euro VI compliant Balenos to Japan and Europe, meaningfully contributing 2-3% to overall revenue growth.

3. Near term headwinds from currency and commodity price increase persists. Though we are factoring in for ~60bp impact on margins from Fx and commodity, it poses biggest risk to our estimates.

4. Reducing JPY exposure, with exports to Japan and charging royalty on INR basis for new launches likes Brezza and upcoming Ignis. We estimate these initiatives to drive reduction in JPY exposure by ~3pp by FY18 to ~14% of sales.

To sum it up: MSIL's short term operating performance might remain volatile as confluence of external factors would be key determinants. However, MSIL business structure has improved as a) strong market positioning driven by multi-year favorable product lifecycle, b) reduce JPY exposure, c) reduced capex intensity of business and d) very strong FCF generation. After strong EBITDA growth of ~32% CAGR over FY14-16, MSIL's EBITDA over next two years would moderate to respectable 16% CAGR, driven by ~19% revenue CAGR. However, higher treasury income would drive EPS CAGR of ~27.5% CAGR.

Source: MOSL Exhibit 9: MSIL 1 year forward PE (x) near LPA

Source: MOSL

Exhibit 10: MSIL 1 year forward PB (x) at premium to LPA

Source: MOSL

18.5

16.8

4

9

14

19

24

Jul-0

3

Mar

-05

Oct

-06

May

-08

Dec-

09

Jul-1

1

Feb-

13

Sep-

14

Apr-

16

P/E (x) 10 Yrs Avg(x)

3.7 2.8

1.0

1.8

2.6

3.4

4.2

5.0

5.8

Jul-0

3

Mar

-05

Oct

-06

May

-08

Dec-

09

Jul-1

1

Feb-

13

Sep-

14

Apr-

16

P/B (x) 10 Yrs Avg(x)

Maruti Suzuki

26 April 2016 7

Exhibit 11: Comparative valuation

CMP Rating TP P/E (x) EV/EBITDA (x) RoE (%) RoCE (%) EPS CAGR (%) Auto OEM's (INR)* (INR) FY16E FY17E FY16E FY17E FY16E FY17E FY16E FY17E FY16E-18E Bajaj Auto 2,550 Buy 2,759 20.3 17.3 13.1 11.7 32 33 45.6 44.2 14.7 Hero MotoCorp 2,932 Buy 3,418 18.5 16.1 12 10.4 43.4 41 60.5 56.3 18.1 TVS Motor 330 Buy 365 35.9 22.1 21.1 13.9 24.3 31.7 23.1 31 39.1 M&M 1,355 Neutral 1,473 23.7 18.3 17.6 14.6 14.5 15.4 15.9 17.2 18.7 Maruti Suzuki 3,869 Buy 4,525 24.9 18.8 10.7 9.4 16.9 19.2 24 25.8 27.4 Tata Motors 419 Buy 498 11.8 10.1 4.3 3.8 18.4 17.1 16.3 15.6 24.7 Ashok Leyland 107 Buy 121 28.3 16 14 8.9 19.5 28.7 20 30 50.2 Eicher Motors 20,167 Buy 21,544 42.4 34.9 22.6 19.7 34.6 42.9 38.2 48.4 29.6 Auto Ancillaries Bharat Forge 808 Buy 967 24.3 19.9 12.8 11.2 20.9 22.1 21.9 23.7 27.2 Exide Industries 148 Buy 162 22.2 18.6 13 11.3 12.8 13.9 17.5 17.9 18 Amara Raja Batteries 950 Buy 1,052 31.7 24.3 18.8 15.1 25.6 24.8 35.7 32.8 25 BOSCH 20,355 Buy 23,996 54 38.5 34.7 25.2 15.2 18.7 22.4 26.4 34.9

Source: MOSL

Exhibit 12: Key Operating Matrix

3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 Volumes ('000 units) 301 344 266 276 288 325 300 322 324 347 341 353 374 360 Change (%) 25.9 -4.6 -10 19.6 -4.4 -5.5 12.6 16.8 12.4 6.7 13.8 9.8 15.5 4 Net Realns (INR '000/car) 372 387 384 380 378 372 381 383 389 393 393 394 403 425 Change (%) 15.1 18.9 5.5 5.4 1.8 -3.8 -0.8 0.7 2.9 5.5 3.2 3.1 3.6 8.1 Key Costs (% of sales) RM Cost 78.4 65.6 71.9 69.4 71.6 73.4 71.6 71.3 70 67.7 67.4 66.8 68.5 66 Staff Cost 2.2 2.9 2.9 3.6 2.8 3.3 3.1 3 3 3.7 3.4 3 3.3 3.9 Other exp. 11.5 16.4 13.8 14.5 13.2 13 13.2 13.3 14.1 12.7 12.9 13.9 13.8 14.8 Profitability Gross Margins (%) 21.6 34.4 28.1 30.6 28.4 26.6 28.4 28.7 30 32.3 32.6 33.2 31.5 34 EBITDA Margins (%) 8 15 11.4 12.6 12.4 10.3 12.1 12.4 12.9 15.9 16.3 16.3 14.4 15.4 EBITDA/unit (INR) 29,566 58,169 43,769 47,950 47,017 38,401 46,238 47,597 49,997 62,425 64,135 64,227 57,996 65,205

Source: Company, MOSL

Maruti Suzuki

26 April 2016 8

Exhibit 13: Model-wise volumes

1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 Domestic Alto 56,335 58,950 69,421 73,575 64,573 58,456 67,940 73,523 65,241 65,887 67,445 64,849 Growth (%) 20.0 -9.1 -9.2 14.6 -0.8 -2.1 -0.1 1.0 12.7 -0.7 -11.8 % of total 21.1 21.4 24.1 22.3 21.5 18.2 21.0 21.2 19.1 18.6 18.0 18.0 Swift 48,120 41,452 51,569 57,430 47,442 50,684 47,275 55,937 52,952 53,959 44,076 44,056 Growth (%) 94.1 2.7 -1.2 -1.4 22.3 -8.3 -2.6 11.6 6.5 -6.8 -21.2 % of total 18.1 15.0 17.9 17.4 15.8 15.7 14.6 16.1 15.5 15.3 11.8 12.2 Wagonr 35,141 41,605 39,239 40,384 38,156 40,536 40,184 42,374 39,560 45,100 43,365 41,530 Growth (%) 15.2 35.3 -6.6 8.6 -2.6 2.4 4.9 3.7 11.3 7.9 -2.0 % of total 13.2 15.1 13.6 12.2 12.7 12.6 12.4 12.2 11.6 12.8 11.6 11.5 Dzire 49,259 45,680 47,924 54,822 50,951 55,948 49,161 54,589 59,845 61,486 60,118 52,793 Growth (%) 74.4 17.0 -1.1 3.4 22.5 2.6 -0.4 17.5 9.9 22.3 -3.3 % of total 18.5 16.6 16.6 16.6 17.0 17.4 15.2 15.7 17.5 17.4 16.1 14.6 Celerio 0 0 0 16,143 16,541 19,432 15,500 16,670 20,040 24,612 21,639 21,137 Growth (%) 21.2 26.7 39.6 26.8 % of total 4.9 5.5 6.0 4.8 4.8 5.9 7.0 5.8 5.9 Baleno 23875.0 20822.0 Growth (%) % of total 6.4 5.8 Ciaz 1,375 15,308 15,666 13,374 10,546 14,240 16,073 Growth (%) 667.0 -7.0 2.6 % of total 0.4 4.7 4.5 3.9 3.0 3.8 4.5 Ertiga 14,424 11,782 17,988 15,628 14,859 15,758 14,908 16,705 15,006 11,032 17,451 16,963 Growth (%) -43.5 -9.3 -13.3 3.0 33.7 -17.1 6.9 1.0 -30.0 17.1 1.5 % of total 5.4 4.3 6.2 4.7 5.0 4.9 4.6 4.8 4.4 3.1 4.7 4.7 S-Cross 0 9,715 7,239 7,123 Growth (%) % of total 2.7 1.9 2.0 Others 42,067 42,093 42,043 40,614 38,121 45,498 44,926 41,706 39,676 40,931 43,547 48,047 Growth (%) -25.2 -19.8 -23.3 -9.4 8.1 6.9 2.7 4.1 -10.0 -3.1 15.2 % of total 15.8 15.3 14.6 12.3 12.7 14.1 13.9 12.0 11.6 11.6 11.6 13.3 Total Domestic 245,346 241,562 268,184 298,596 270,643 287,687 295,202 317,170 305,694 323,268 342,995 333,393 Growth (%) 15.1 -0.2 -3.3 10.3 19.1 10.1 6.2 13.0 12.4 16.2 5.1 % of total 92.1 87.7 93.1 90.6 90.2 89.4 91.1 91.5 89.6 91.5 91.7 92.5 Exports 21,088 34,024 19,966 31,128 29,251 34,207 28,708 29,538 35,611 30,043 31,187 27,009 Growth (%) 66.6 -38.6 -10.4 38.7 0.5 43.8 -5.1 21.7 -12.2 8.6 -8.6 % of total 7.9 12.3 6.9 9.4 9.8 10.6 8.9 8.5 10.4 8.5 8.3 7.5 Total Volumes 266,434 275,586 288,150 329,724 299,894 321,894 323,910 346,708 341,305 353,311 374,182 360,402 Growth (%) 19.6 -4.4 -4.0 12.6 16.8 12.4 5.2 13.8 9.8 15.5 3.9

Source: Company, MOSL

Maruti Suzuki

26 April 2016 9

Story in charts: Expect EPS CAGR of ~27.5% over FY16-18E

Exhibit 14: Market leader most segments

FY13 FY14 FY15 FY16

Mini 75.4 76.7 81.4 79.8

Compact 34.2 37.6 43.1 42.0

Compact-Sedan 80.6 63.8 53.7 58.1

Mid-Size 2.7 2.2 15.4 25.2

UV1 27.4 21.1 21.4 25.6

Domestic PV 39.4 42.1 45.0 46.8 Source: Company, MOSL

Exhibit 15: Expect ~15% volume CAGR FY16-18E on demand recovery, new launches in new segments

Source: Company, MOSL

Exhibit 16: MSIL to operate at peak utilization

Source: Company, MOSL

Exhibit 17: Mix to improve in favor of premium products over next couple of years

Source: Company, MOSL

Exhibit 18: JPY/INR influences variable cost meaningfully

Source: Company, MOSL

Exhibit 19: Discounts to moderate the over the next 2 year

Source: Company, MOSL

1,13

4

1,17

1

1,15

5

1,29

2

1,42

9

1,62

4

1,89

7

(10.8)

3.3 (1.4)

11.9 10.6 13.7

16.8

FY12 FY13 FY14 FY15 FY16E FY17E FY18E

Total volumes ('000 units) Growth (%)

020406080100120

-

500

1,000

1,500

2,000

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

FY18

E

Capacity ('000 units) Cap. Util (%) - RHS

52 52 47 44 42 42

23 24 26 23 20 20

23 24 23 26 31 32 1 0 3 6 6 6

FY13 FY14 FY15 FY16 FY17E FY18E

Upto 400k Price 400-600k

Price 600-800k Price 800k and above

656973778185

0.45

0.55

0.65

0.75

1QFY

103Q

FY10

1QFY

113Q

FY11

1QFY

123Q

FY12

1QFY

133Q

FY13

1QFY

143Q

FY14

1QFY

153Q

FY15

1QFY

163Q

FY16

JPY/INR RM+Royalty

10,5

39

9,61

0

9,57

5

12,0

29

12,0

49

16,9

57

19,4

64

18,8

69

16,0

17

14,0

80

4.0 3.3 3.3

3.8 3.2

4.5 5.0 4.7

3.8 3.3

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17EFY18E

Discounts (INR/Car) as a % of Realizations

Maruti Suzuki

26 April 2016 10

Exhibit 20: Fixed cost as % of Sales

Source: Company, MOSL

Exhibit 21: EBITDA margins and EBITDA per car

Source: Company, MOSL

Exhibit 22: EPS (INR) and Growth in EPS

Source: MOSL, Company

Exhibit 23: Dividend Payout (%) and Cash Balance (INR b)

Source: MOSL, Company

Exhibit 24: Despite significant capex, FCF to remain strong (INR b)

Source: Company, MOSL

Exhibit 25: ROE v/s ROIC (%)

Source: Company, MOSL

4.7% 3.7% 3.8%

5.3% 5.8% 6.7% 6.3% 6.5% 6.1% 5.8%

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16E FY17E FY18E

Fixed Cost as % Sales

26 39 28 22 36 45 52 63 64 64

9.8 13.3

9.7 7.1

9.7 11.8

13.4 15.5 14.9 14.8

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

FY18

E

EBITDA (INR '000/car) EBITDA Margins (%)

46

87

80

57

79

92

123

151

201

247

-21.1

88.0

-7.8 -29.2

39.9

16.3 33.4

23.2 32.8

22.8

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

FY18

EEPS Growth (%) - RHS

47

69

72

80

77

106

127

177

214

281

9.7 8.1 11.0

15.4 12.2

15.2

24.5 27.8 27.0

29.3

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

E

FY17

E

FY18

E

Cash (INR b) Dividend Payout (%)

25.6 43.8 49.0

64.1 89.0 84.6

120.2

-29.6 -38.1 -34.9 -32.4 -24.6 -30.0 -30.0

-4.0 5.7 14.1 31.7

64.5 54.6

90.2

FY12 FY13 FY14 FY15 FY16E FY17E FY18E

CFO Capex FCF

0

15

30

45

60

FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16EFY17EFY18E

ROE ROIC

Maruti Suzuki

26 April 2016 11

Exhibit 26: Key assumptions | Snapshot of revenue model

000 units FY12 FY13 FY14 FY15 FY16 FY17E FY18E A1 (M800) 23 18 17 0 0 0 0 Growth (%) -12.2 -23.1 -5.2 -100.0 % of Dom vols 2.3 1.7 1.6 0.0 0.0 0.0 0.0 MPV (Vans) 144 111 102 129 143 147 161 Growth (%) -10.3 -23.3 -7.6 26.3 11.2 2.2 10.0 % of Dom vols 14.3 10.5 9.7 11.0 11.0 9.8 9.3 A2 (other hatchbacks) 704 667 672 730 779 857 982 Growth (%) -12.9 -5.2 0.7 8.6 6.8 10.0 14.7 % of Dom vols 69.9 63.5 63.8 62.3 59.7 57.4 56.3 A3 (Dzire, Ciaz) 128 176 202 244 288 270 308 Growth (%) -2.4 37.6 14.4 20.9 18.3 -6.2 13.9 % of Dom vols 12.7 16.8 19.1 20.8 22.1 18.1 17.7 A4 0 0 0 0 0 0 0 Growth (%) 231.9 -59.0 -99.5 -100.0 - - - % of Dom vols 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Uvs (Ertiga, Compact

7 79 61 68 94 219 292

Growth (%) 15.2 1,113.7 -22.8 11.6 38.4 131.7 33.4 % of Dom vols 0.6 7.5 5.8 5.8 7.2 14.7 16.7 Total Domestic 1,006 1,051 1,054 1,171 1,305 1,492 1,744 Growth (%) -11.2 4.4 0.2 11.1 11.5 14.3 16.8 % of Total vols 88.8 89.7 91.2 90.6 91.3 91.9 91.9 Exports 127 120 101 122 124 132 153 Growth (%) -8 -5 -16 20 2 7 16 % of Total vols 11 10 9 9 9 8 8 Total Volumes 1,134 1,171 1,155 1,292 1,429 1,624 1,897 Growth (%) -10.8 3.3 -1.4 11.9 10.6 13.7 16.8 ASP (INR 000/unit) 314 372 379 387 404 427 433 Growth (%) 8.1 18.5 1.9 2.0 4.5 5.7 1.4 Net Sales (INR b) 356 436 438 500 577 694 822 Growth (%) -4 22 0 14 16 20 18

Source: Company, MOSL

Maruti Suzuki

26 April 2016 12

Financials and Valuations

Income Statement (INR Million) Y/E Mar 2012 2013 2014 2015 2016 2017E 2018E 2019E Net Sales 355,872 435,879 437,918 499,706 577,463 693,868 821,865 938,045 Change (%) -3.6 22.5 0.5 14.1 15.6 20.2 18.4 14.1 EBITDA 25,130 42,296 51,871 67,129 89,785 102,862 121,517 137,123 EBITDA Margin (%) 7.1 9.7 11.8 13.4 15.5 14.8 14.8 14.6 Depreciation 11,384 18,612 20,844 24,703 28,239 32,084 35,159 38,234 EBIT 13,747 23,684 31,027 42,426 61,546 70,779 86,358 98,889 Interest 552 1,898 1,759 2,060 815 800 800 800 Other Income 8,268 8,124 7,317 8,316 4,619 11,736 14,780 19,448 Extraordinary items 0 0 0 0 0 0 0 0 PBT 21,463 29,910 36,585 48,682 65,350 81,715 100,338 117,537 Tax 5,110 6,893 8,755 11,570 19,636 21,246 26,088 29,384 Tax Rate (%) 23.8 23.0 23.9 23.8 30.0 26.0 26.0 25.0 Min. Int. & Assoc. Share 0 0 0 0 0 0 0 0 Reported PAT 16,353 23,017 27,830 37,112 45,714 60,469 74,250 88,153 Adjusted PAT 16,353 23,017 27,830 37,112 45,714 60,469 74,250 88,153 Change (%) -29.2 40.8 20.9 33.4 23.2 32.3 22.8 18.7

Balance Sheet (INR Million) Y/E Mar 2012 2013 2014 2015 2016 2017E 2018E 2019E Share Capital 1,445 1,510 1,510 1,510 1,510 1,510 1,510 1,510 Reserves 150,429 184,279 208,270 235,532 268,561 312,690 365,155 427,890 Net Worth 151,873 185,790 209,781 237,043 270,071 314,201 366,665 429,401 Debt 11,749 14,928 16,851 1,802 774 774 774 774 Deferred Tax 3,025 4,087 5,866 4,810 4,741 4,741 4,741 4,741 Total Capital Employed 166,647 204,805 232,498 243,655 275,586 319,716 372,180 434,916 Gross Fixed Assets 147,347 198,007 227,018 264,617 298,010 328,010 358,010 388,010 Less: Acc Depreciation 72,140 100,015 119,114 142,024 170,263 202,347 237,505 275,739 Net Fixed Assets 75,207 97,992 107,904 122,593 127,747 125,663 120,505 112,271 Capital WIP 9,419 19,422 26,214 18,828 10,000 10,000 10,000 10,000 Investments 61,474 70,783 101,179 128,140 177,857 177,857 177,857 177,857 Current Assets 76,922 78,683 70,061 65,932 76,352 120,634 197,396 284,205 Inventory 17,965 18,407 17,060 26,859 31,321 30,416 36,027 41,120 Debtors 9,376 14,237 14,137 10,698 12,986 20,911 24,769 28,270 Cash & Bank 24,362 7,750 6,298 183 391 37,653 104,947 183,162 Loans & Adv, Others 25,220 38,289 32,567 28,192 31,654 31,654 31,654 31,654 Curr Liabs & Provns 56,376 62,076 72,860 91,839 116,370 114,439 133,578 149,418 Curr. Liabilities 49,391 53,335 64,103 75,309 95,005 87,605 99,178 109,682 Provisions 6,985 8,741 8,757 16,530 21,365 26,833 34,400 39,736 Net Current Assets 20,546 16,608 -2,800 -25,908 -40,018 6,195 63,818 134,787 Total Assets 166,647 204,805 232,497 243,654 275,586 319,716 372,180 434,916

Maruti Suzuki

26 April 2016 13

Financials and Valuations Ratios Y/E Mar 2012 2013 2014 2015 2016 2017E 2018E 2019E Basic (INR) EPS 56.6 79.2 92.1 122.9 151.3 200.2 245.8 291.8 Consol EPS 58.2 81.7 94.4 126.0 155.5 205.4 251.4 297.8 Book Value 525.7 615.0 694.5 784.7 894.0 1040.1 1213.8 1421.5 DPS 7.5 8.0 12.0 25.0 35.0 45.0 60.0 70.0 Payout (incl. Div. Tax.) 15.4 11.7 15.2 24.5 27.8 27.0 29.3 28.8 Valuation(x) Consol. P/E 66.5 47.3 41.0 30.7 24.9 18.8 15.4 13.0 Cash P/E 40.3 27.0 23.7 18.6 15.5 12.4 10.5 9.1 Price / Book Value 7.4 6.3 5.6 4.9 4.3 3.7 3.2 2.7 EV/Sales 3.0 2.6 2.5 2.1 1.8 1.4 1.1 0.9 EV/EBITDA 41.5 26.1 20.8 15.5 11.0 9.3 7.3 5.9 Dividend Yield (%) 0.2 0.2 0.3 0.6 0.9 1.2 1.6 1.8 Profitability Ratios (%) RoE 10.8 12.9 13.3 15.7 16.9 19.2 20.3 20.5 RoCE 13.2 15.5 16.5 20.8 24.0 25.8 27.2 27.2 ROIC 13.6 16.8 17.7 25.6 40.0 51.4 65.4 90.1 Turnover Ratios (%) Debtors (No. of Days) 9 11 11 7 7 10 10 10 Inventory (No. of Days) 20 17 16 23 23 19 19 19 Creditors (No. of Days) 64 60 75 78 89 68 64 62 Asset Turnover (x) 2.1 2.1 1.8 2.0 2.0 2.1 2.2 2.1

Cash Flow Statement (INR Million) Y/E Mar 2012 2013 2014 2015 2016 2017E 2018E 2019E Adjusted EBITDA 25,130 42,296 51,871 67,129 89,785 102,862 121,517 137,123 Non cash opr. exp (inc) 4,232 4,990 5,048 7,230 4,619 11,736 14,780 19,448 (Inc)/Dec in Wkg. Cap. 2,265 4,229 7,562 8,356 14,319 -8,951 9,671 7,246 Tax Paid -2,509 -5,333 -8,320 -10,407 -19,705 -21,246 -26,088 -29,384 Other operating activities -3,519 -3,171 -7,125 -8,202 0 0 0 0 CF from Op. Activity 25,599 43,011 49,036 64,106 89,017 84,401 119,880 134,432 (Inc)/Dec in FA & CWIP -29,630 -37,318 -34,927 -32,386 -24,565 -30,000 -30,000 -30,000 Free cash flows -4,031 5,693 14,109 31,720 64,452 54,401 89,880 104,432 (Pur)/Sale of Invt -7,818 -9,160 -25,893 -20,271 -49,717 0 0 0 Others 29,091 -3,482 10,991 2,058 0 0 0 0 CF from Inv. Activity -8,358 -49,960 -49,829 -50,600 -74,282 -30,000 -30,000 -30,000 Inc/(Dec) in Net Worth 0 0 0 0 24 0 0 0 Inc / (Dec) in Debt 9,109 -5,142 3,784 -13,282 -1,028 0 0 0 Interest Paid -426 -2,003 -1,615 -2,098 -815 -800 -800 -800 Divd Paid (incl Tax) & Others -2,518 -2,518 -2,828 -4,241 -12,709 -16,340 -21,786 -25,417 CF from Fin. Activity 6,165 -9,663 -659 -19,621 -14,528 -17,140 -22,586 -26,217 Inc/(Dec) in Cash 23,407 -16,612 -1,452 -6,115 207 37,261 67,294 78,215 Add: Opening Balance 955 24,362 7,750 6,298 183 390 37,652 104,946 Closing Balance 24,362 7,750 6,298 183 390 37,652 104,946 183,161

Maruti Suzuki

26 April 2016 14

Corporate profile Exhibit 1: Sensex rebased

Source: MOSL/Bloomberg

Exhibit 2: Shareholding pattern (%)

Dec-15 Sep-15 Dec-14

Promoter 56.2 56.2 56.2

DII 12.4 14.4 14.9

FII 25.2 22.1 22.0

Others 6.2 7.3 6.9

Note: FII Includes depository receipts Source: Capitaline

Exhibit 3: Top holders Holder Name % Holding

LIFE INSURANCE CORPORATION OF INDIA 6.0

HDFC TRUSTEE COMPANY LIMITED 1.6

Europacific Growth Fund 1.6

Abu Dhabi Investment Authority 1.1

NA 0.0

Source: Capitaline

Exhibit 4: Top management

Name Designation

R C Bhargava Chairman

Kenichi Ayukawa Managing Director & CEO

Toshiaki Hasuike Joint Managing Director

S Ravi Aiyar Company Secretary

Source: Capitaline

Exhibit 5: Directors Name Name

Amal Ganguli D S Brar

Kinji Saito O Suzuki

Pallavi Shroff R P Singh

Toshihiro Suzuki Shigetoshi Torii

*Independent

Exhibit 6: Auditors Name Type

Price Waterhouse Statutory

Source: Capitaline

Exhibit 7: MOSL forecast v/s consensus EPS (INR)

MOSL forecast

Consensus forecast Variation (%)

FY16 200.2 161.9 23.6

FY17 245.8 199.8 23.0

FY18 291.8 243.1 20.0

Source: Bloomberg

Company description Maruti Suzuki is the largest passenger vehicle manufacturer in India, with 1.2m units. It dominates the domestic passenger vehicle with ~44% market share. It is also emerging as the global export hub of small cars for Suzuki, with world strategic model A-Star exclusively produced in India. It has recently launched Celerio with unique AMT technology. Its two plants are in Haryana - Gurgaon and Manesar.

Maruti Suzuki

26 April 2016 15

N O T E S

Maruti Suzuki

26 April 2016 16

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Pending Regulatory inspections against Motilal Oswal Securities Limited: SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and adjudge violation of SEBI Regulations; MOSL replied to the Show Cause Notice whereby SEBI granted us an opportunity of Inspection of Documents. Since all the documents requested by us were not covered we have requested to SEBI vide our letter dated June 23, 2015 to provide pending list of documents for inspection.

List of associate companies of Motilal Oswal Securities Limited -Click here to access detailed report Analyst Certification The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The research analysts, strategists, or research associates principally responsible for preparation of MOSt research receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues Disclosure of Interest Statement MARUTI SUZUKI INDIA Analyst ownership of the stock No Served as an officer, director or employee No A graph of daily closing prices of securities is available at www.nseindia.com and http://economictimes.indiatimes.com/markets/stocks/stock-quotes

Regional Disclosures (outside India) This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOSt & its group companies to registration or licensing requirements within such jurisdictions.

For Hong Kong: This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For U.S Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S. persons.

This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.

The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.

For Singapore Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time.

In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited: Varun Kumar Kadambari Balachandran Varun.kumar@motilaloswal.com kadambari.balachandran@motilaloswal.com Contact : (+65) 68189232 (+65) 68189233 / 65249115 Office Address:21 (Suite 31),16 Collyer Quay,Singapore 04931

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