INSTITUTIONAL EQUITY RESEARCH
11 April 2020
BOI’s Q3FY15 PAT of Rs1.73bn (-70.4% YoY) was significantly below estimates led by weak operating performance. NII came in below expectations due to interest reversals amounting to Rs 2 bn. Consequently, NIM declined by 13 bps sequentially. Loan book grew higher than the industry trend, primarily driven by SME, retail and agri loans. The bank provided Rs1.8bn
(Rs800mn in Q2) towards wage revision as it increased wage hike assumption to 13% with retrospective effect, from 11% earlier. Asset quality continued to reel under pressure as slippage increased on a sequentially basis. The management has guided for continued asset quality pressure with restructuring pipeline of Rs10 bn and likely slippage run rate of Rs25-
30bn in subsequent quarters.
Key highlights for Q3FY15

NII grew by 2.2% YoY and (-8.3% QoQ) to Rs 28.5 bn despite credit growth of 14.5% YoY loan growth (+2.4% QoQ), as the bank took a hit of Rs 2 bn on interest reversals due to higher NPAs. Consequently, yield on advances declined by 8 bps YoY (17 bps QoQ) to
8.43% and NIM declined by 19 bps YoY and 13 bps QoQ to 2.18%. Management has guided for domestic NIM of 2.65% and overseas NIM of 1.35% for Q4.

Credit growth was strong relative to the industry trend at 14.5% YoY. Growth was primarily driven by SME (+31% YoY), retail (+23% YoY) and agri (21% YoY). Growth in the corporate segment was also higher at 12% YoY. The incremental loan book grew by 11%
YoY. Deposits grew by 16.8% YoY, while CASA growth continued to remain weak at 9%
YoY. CASA ratio declined to 28.7% YoY from 30% in Q3Fy14.
 Non-interest income declined 1.6% YoY to Rs 10.8bn largely due to weak growth in core fee income +6.8% YoY to Rs 3.78 bn and decline in recovery from written off accounts from 2.26 bn to Rs 930 mn. Treasury gains were higher at Rs 3.2 bn compared to Rs 1.27 bn. Operating expenses increased by 19.3% YoY to Rs19.9bn, driven by rise in employee expenses on account of change in wage hike assumptions from 11% to 13%, with retrospective effect. The bank provided higher Rs1.8bn towards wage hike during the quarter as against Rs800 mn run rate in Q1 and Q2. The growth in other operating expenses was moderate at 3.3% YoY to Rs7.1bn.

Asset quality remained under pressure with slippage of Rs33.5 bn compared to Rs 2.97 bn in Q2FY15. Of the total slippages bank has already recovered/ upgraded Rs8.5bn in
Q4. Slippages came mainly from EPC, construction and Iron & Steel industry. Out of the total slippage, Rs10 bn were from restructured segment and another Rs6bn from overseas book. Consequently GNPA was up by 53bps to 4.07% & NNPA is up by 18bps to
2.50%. PCR improved by 30 bps QoQ to 56.62%. The bank restructured loan worth Rs
7.7bn. The outstanding standard restructured loan book stands at Rs 202bn (5% of
Advances).
Valuation and outlook
Given the weak recovery in the economic environment, asset quality risks still persist.
Slippages from the restructured loans remain a higher risk as and when the moratorium period gets over. The restructuring pipeline is pegged at Rs10bn and slippages at Rs 25-30 bn. Margin guidance for domestic operations stands at 2.65% and 1.35% for overseas operation. Bank has guided for a 10%-12% loan growth. We have reduced our earnings expectations for FY15 and FY16 by 31.8% and 34.1% to Rs 23 bn and Rs 28 bn respectively.
Consequently we have reduced the TP by 14% to Rs 300, valuing the stock at 0.9x FY17E Adj.
BV of Rs340 per share. At CMP the stock trades at 0.67x FY17 adj. book value. We maintain
Buy.
CMP RS 227
TARGET R S 300 (+32%)
COMPANY DATA
O/S SHARES (MN) :
MARKET CAP (RSBN) :
MARKET CAP (USDBN) :
52 - WK HI/LO (RS) :
LIQUIDITY 3M (USDMN) :
PAR VALUE (RS) :
SHARE HOLDING PATTERN, %
PROMOTERS :
FII / NRI :
FI / MF :
NON PROMOTER CORP. HOLDINGS :
PUBLIC & OTHERS :
PRICE PERFORMANCE, %
ABS
REL TO BSE
1MTH
-18.7
-22.4
PRICE VS. SENSEX
3MTH
-12.9
-16.3
642
160
3.8
357 / 166
26
10
66.7
9.3
16.7
1.7
5.7
1YR
35.5
-6.9
180
150
120
90
60
30
0
Apr-11 Apr-12 Apr-13 Apr-14
BOI BSE Sensex
Source: Phillip Capital India Research
KEY FINANCIALS
Rs mn FY15 FY16E FY17E
Pre-prov ROE (%)
Pre-prov ROA (%)
Net Profit
% growth
EPS (Rs)
Adj BVPS (Rs)
ROE (%)
P/E (x)
Adj P/BV (x)
30.9
1.4
30.9
1.4
35.1
1.5
23,053 28,032 38,271
-15.5
35.9
21.6
43.6
36.5
59.5
283.4 292.1 340.5
8.6 9.8 12.4
6.3
0.80
5.2
0.78
3.8
0.67
Source: PhillipCapital India Research Est.
Manish Agarwalla (+ 9122 6667 9962)
Pradeep Agrawal (+ 9122 6667 9953)
Paresh Jain (+ 9122 6667 9948)
Page | 1 | PHILLIPCAPITAL INDIA RESEARCH

BANK OF INDIA QUARTERLY UPDATE
Result Update
(Rs mn)
Interest earned
Interest expended
Net interest income
Net interest margins
Non interest income
Total Income
Total operating expenses
Payroll costs
Others
Pre-provision Profit
Provisions & Contingencies
% Operating income
PBT
Provision for Taxes
% of PBT
Net Profit
Equity
EPS, Rs
Advances
Deposits
Advances / Deposits (%)
Gross NPAs
Gross NPAs (%)
Net NPAs
Net NPAs (%)
CAR – Total
Source: Company, PhillipCapital India Research
Q3FY15
108,678
80,876
27,802
2.18
10,797
38,599
19,945
12,882
7,063
18,654
15807
84.7
2,847
1,113
39.1
1,734
6,430
2.7
40,26,358 35,17,249
53,02,134 45,41,399
75.9 77.4
166937
4.1
100231
2.8
100613
2.5
10.7
61470
1.8
11.2
6,835
21,440
14038
65.5
7,402
1,544
20.9
5,858
6,430
9.1
Q3FY14 YoY Gwth
97,692 11.2
70,501
27,190
14.7
2.2
2.37
10,971
38,162
16,722
9,887
-0.2
-1.6
1.1
19.3
30.3
3.3
-13.0
12.6
19.3
-61.5
-27.9
18.2
-70.4
0.0
-70.4
Q2FY15 QoQ Gwth
14.5 39,31,422
16.8 51,84,324
-1.5 75.8
66.6
1.3
141271
3.5
63.7
0.8
-0.5
91014
2.3
11.0
7,668
21,355
9634
45.1
11,721
3,861
32.9
7,860
6,430
12.2
110,931
80,623
30,307
2.31
10,064
40,371
19,016
11,348
0.0
-77.9
2.4
2.3
0.1
18.2
0.5
10.5
0.2
-0.3
-7.9
-12.7
64.1
39.6
-75.7
-71.2
6.2
-77.9
-2.0
0.3
-8.3
-0.1
7.3
-4.4
4.9
13.5
Page | 2 | PHILLIPCAPITAL INDIA RESEARCH

BANK OF INDIA QUARTERLY UPDATE
Income Statement
Y/E Mar, Rs mn
Interest on Loans
Interest on Investments
Others
Total Interest Earned
Total Interest Expended
Net Interest Income
Total non interest income
Total Income
Personnel Expenses
Other Expenses
Total Op expenses
Net Inc (Loss) before prov
Provision and contingencies
Net Inc (Loss) before tax
Provision for Income Tax
Net Profit
Balance Sheet
Y/E Mar, Rs mn
Assets
Cash & Bal with RBI
Loans, Adv & Int accrued
Investments
Fixed Assets (Net)
Other assets
Total Assets
Liabilities
Share capital
Reserves and Surplus
Hybrid Capital
Debt
Borrowing
Total Deposits
Other liab incld prov
Total Liabilities
FY14 FY15e FY16e FY17e
2,71,193 3,20,007 3,55,208 4,08,490
84,050 94,136 1,01,666 1,13,866
23,859 21,473 24,694 28,398
3,79,101 4,35,616 4,81,568 5,50,754
2,70,796 3,20,485 3,52,615 3,93,495
1,08,305 1,15,131 1,28,953 1,57,259
42,918 43,604 44,183 47,245
1,51,224 1,58,735 1,73,136 2,04,504
39,911 46,297 52,779 60,168
27,083 29,384 32,330 36,007
66,995 75,681 85,109 96,175
84,229 83,054 88,027 1,08,329
48,779 47,587 46,189 51,208
35,451 35,467 41,838 57,121
8,158 12,413 13,807 18,850
27,293 23,053 28,032 38,271
FY14 FY15e FY16e FY17e
6,13,823 6,69,483 7,64,804 8,84,876
37,07,335 40,85,225 47,14,314 54,59,288
11,67,545 12,43,405 14,14,543 16,02,391
57,861 59,018 64,920 71,412
1,85,338 93,735 1,30,650 1,02,193
57,31,902 61,50,876 70,89,240 81,20,170
6,430 6,430 6,430 6,430
2,55,379 2,69,405 2,87,657 3,16,148
1,15,128 1,26,640 1,41,837 1,58,858
89,695 89,695 1,14,695 1,39,695
2,79,452 1,95,616 2,26,915 2,63,221
47,88,156 52,57,415 60,97,619 70,12,897
1,60,240 1,68,252 1,76,664 1,85,498
57,31,902 61,50,876 70,89,240 81,20,170
Source: Company, PhillipCapital India Research Estimates
Valuation Ratios
Earnings and Valuation Ratios
Pre-provision Operating RoAE (%)
RoAE (%)
Pre-provision Operating ROA (%)
RoAB (%)
EPS (Rs.)
Dividend per share (Rs.)
Book Value (Rs.)
Adj BV (Rs.)
Revenue Analysis
Interest income on IBA (%)
Interest cost on IBL (%)
NIM on IBA / AWF (%)
Core fee Inc / AWF (%)
Portfolio gains / Total Inc (%)
Op.Exp / TI (%)
Op.Exp / AWF (%)
Employee exps / Op exps (%)
Tax / Pre-tax earnings (%)
Asset Quality
GNPAs / Gr Adv (%)
NNPAs / Net Adv (%)
Growth Ratio
Loans (%)
Investments (%)
Deposits (%)
Networth (%)
Net Int Income (%)
Non-fund based income (%)
Non-Int Exp (%)
Profit Before Tax (%)
Net profit (%)
Asset / Liability Profile
Avg CASA/ Deposits (%)
Avg Adv / Avg Dep (%)
Avg Invst / Avg Dep (%)
Incr Adv / Deposits (%)
Avg Cash / Avg Dep (%)
Capital Adequacy Ratio:
Tier0020I (%)
Internal Capital Generation rate (%)
NNPAs to Equity (%)
FY14 FY15e FY16e FY17e
34.4 30.9 30.9 35.1
11.2 8.6 9.8 12.4
1.6 1.4 1.3 1.4
0.6 0.4 0.4 0.5
42.4 35.9 43.6 59.5
11.0 12.0 13.0 13.0
465.4 487.2 515.6 559.9
326.4 283.4 292.1 340.5
7.7 7.6 7.5
5.7 5.9 5.8
2.2 2.0 2.0
0.4 0.4 0.4
7.4
5.6
2.1
0.3
4.9 6.4 3.9 3.3
46.5 50.7 51.1 48.6
1.4 1.3 1.3 1.3
59.6 61.2 62.0 62.6
23.0 35.0 33.0 33.0
3.2 4.2 4.2 3.9
2.0 2.8 2.7 2.3
28.1 10.2 15.4 15.8
20.9 6.5 13.8 13.3
24.9 9.8 16.0 15.0
25.1 4.7 5.8 8.6
20.0 6.3 12.0 22.0
8.2 (5.1) 10.5 8.1
25.7 13.0 12.5 13.0
17.9 0.0 18.0 36.5
(0.7) (15.5) 21.6 36.5
24.0 22.8 22.7 10.6
74.2 74.7 74.3 74.5
24.7 24.0 23.4 23.0
85.2 80.5 74.9 81.4
13.5 12.8 12.6 12.6
10.1 9.3 8.8
7.3 7.1 6.6
8.5
6.2
8.9 5.9 7.1 10.2
24.8 35.5 38.3 34.2
Page | 3 | PHILLIPCAPITAL INDIA RESEARCH

BANK OF INDIA QUARTERLY UPDATE
Management
Vineet Bhatnagar (Managing Director)
Kinshuk Bharti Tiwari (Head – Institutional Equity)
Jignesh Shah (Head – Equity Derivatives)
Research
Automobiles
Dhawal Doshi
Priya Ranjan
Banking, NBFCs
Manish Agarwalla
Pradeep Agrawal
Paresh Jain
(9122) 6667 9769
(9122) 6667 9965
(9122) 6667 9962
(9122) 6667 9953
(9122) 6667 9948
Consumer, Media, Telecom
Naveen Kulkarni, CFA, FRM
Jubil Jain
Manoj Behera
Cement
Vaibhav Agarwal
Economics
Anjali Verma
(9122) 6667 9947
(9122) 6667 9766
(9122) 6667 9973
(9122) 6667 9967
(9122) 6667 9969
(91 22) 2300 2999
(91 22) 6667 9946
(91 22) 6667 9735
Engineering, Capital Goods
Ankur Sharma
Hrishikesh Bhagat
(9122) 6667 9759
(9122) 6667 9986
Infrastructure & IT Services
Vibhor Singhal
Deepan Kapadia
(9122) 6667 9949
(9122) 6667 9992
Midcap
Vikram Suryavanshi
Metals
Dhawal Doshi
Ankit Gor
Oil&Gas, Agri Inputs
Gauri Anand
Deepak Pareek
(9122) 6667 9951
(9122) 6667 9769
(9122) 6667 9987
(9122) 6667 9943
(9122) 6667 9950
Pharma
Surya Patra
Mehul Sheth
Retail, Real Estate
Abhishek Ranganathan, CFA
Portfolio Strategy
Anindya Bhowmik
(9122) 6667 9768
(9122) 6667 9996
(9122) 6667 9952
(9122) 6667 9764
Technicals
Subodh Gupta, CMT
Production Manager
Ganesh Deorukhkar
(9122) 6667 9762
(9122) 6667 9966
Sr. Manager – Equities Support
Rosie Ferns (9122) 6667 9971
Sales & Distribution
Ashvin Patil
Shubhangi Agrawal
Kishor Binwal
Sidharth Agrawal
Bhavin Shah
(9122) 6667 9991
(9122) 6667 9964
(9122) 6667 9989
(9122) 6667 9934
(9122) 6667 9974
Sales Trader
Dilesh Doshi
Suniil Pandit
Execution
Mayur Shah
(9122) 6667 9747
(9122) 6667 9745
(9122) 6667 9945
Corporate Communications
Zarine Damania (9122) 6667 9976
Contact Information (Regional Member Companies)
SINGAPORE
Phillip Securities Pte Ltd
250 North Bridge Road, #06-00 Raffles City Tower,
Singapore 179101
Tel : (65) 6533 6001 Fax: (65) 6535 3834 www.phillip.com.sg
JAPAN
Phillip Securities Japan, Ltd
4-2 Nihonbashi Kabutocho, Chuo-ku
Tokyo 103-0026
Tel: (81) 3 3666 2101 Fax: (81) 3 3664 0141 www.phillip.co.jp
THAILAND
Phillip Securities (Thailand) Public Co. Ltd.
MALAYSIA
Phillip Capital Management Sdn Bhd www.poems.com.my
INDONESIA
PT Phillip Securities Indonesia
Jakarta 10220, Indonesia www.phillip.co.id
FRANCE
King & Shaxson Capital Ltd.
B-3-6 Block B Level 3, Megan Avenue II,
No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur
Tel (60) 3 2162 8841 Fax (60) 3 2166 5099
ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A,
Tel (62) 21 5790 0800 Fax: (62) 21 5790 0809
HONG KONG
Phillip Securities (HK) Ltd
11/F United Centre 95 Queensway Hong Kong
Tel (852) 2277 6600 Fax: (852) 2868 5307 www.phillip.com.hk
CHINA
Phillip Financial Advisory (Shanghai) Co. Ltd.
No 550 Yan An East Road, Ocean Tower Unit 2318
Shanghai 200 001
Tel (86) 21 5169 9200 Fax: (86) 21 6351 2940 www.phillip.com.cn
UNITED KINGDOM
King & Shaxson Ltd.
15th Floor, Vorawat Building, 849 Silom Road,
Silom, Bangrak, Bangkok 10500 Thailand
Tel (66) 2 2268 0999 Fax: (66) 2 2268 0921 www.phillip.co.th
UNITED STATES
Phillip Futures Inc.
141 W Jackson Blvd Ste 3050
The Chicago Board of Trade Building
Chicago, IL 60604 USA
Tel (1) 312 356 9000 Fax: (1) 312 356 9005
3rd Floor, 35 Rue de la Bienfaisance
75008 Paris France
Tel (33) 1 4563 3100 Fax : (33) 1 4563 6017 www.kingandshaxson.com
AUSTRALIA
PhillipCapital Australia
Level 37, 530 Collins Street
Melbourne, Victoria 3000, Australia
6th Floor, Candlewick House, 120 Cannon Street
London, EC4N 6AS
SRI LANKA
Tel (44) 20 7929 5300 Fax: (44) 20 7283 6835 www.kingandshaxson.com
Asha Phillip Securities Limited
Level 4, Millennium House, 46/58 Navam Mawatha,
Colombo 2, Sri Lanka
Tel: (61) 3 9629 8380 Fax: (61) 3 9614 8309 www.phillipcapital.com.au
INDIA
PhillipCapital (India) Private Limited
Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 www.ashaphillip.net/home.htm
No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013
Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 www.phillipcapital.in
Page | 4 | PHILLIPCAPITAL INDIA RESEARCH

BANK OF INDIA QUARTERLY UPDATE
Disclosures and Disclaimers
PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives and Private Client Group. This report has been prepared by Institutional Equities Group. The views and opinions expressed in this document may or may not match or may be contrary at times with the views, estimates, rating, target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd.
This report is issued by PhillipCapital (India) Pvt. Ltd. which is regulated by SEBI. PhillipCapital (India) Pvt. Ltd. is a subsidiary of Phillip (Mauritius) Pvt. Ltd. References to "PCIPL" in this report shall mean PhillipCapital (India) Pvt. Ltd unless otherwise stated. This report is prepared and distributed by PCIPL for information purposes only and neither the information contained herein nor any opinion expressed should be construed or deemed to be construed as solicitation or as offering advice for the purposes of the purchase or sale of any security, investment or derivatives. The information and opinions contained in the Report were considered by PCIPL to be valid when published. The report also contains information provided to PCIPL by third parties. The source of such information will usually be disclosed in the report. Whilst PCIPL has taken all reasonable steps to ensure that this information is correct, PCIPL does not offer any warranty as to the accuracy or completeness of such information. Any person placing reliance on the report to undertake trading does so entirely at his or her own risk and PCIPL does not accept any liability as a result. Securities and Derivatives marke ts may be subject to rapid and unexpected price movements and past performance is not necessarily an indication to future performance.
This report does not have regard to the specific investment objectives, financial situation and the particular needs of any s pecific person who may receive this report. Investors must undertake independent analysis with their own legal, tax and financial advisors and reach their own regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. In no circumstances it be used or considered as an offer to sell or a solicitation of any offer to buy or sell the Securities mentioned in it. The information contained in the research reports may have been taken from trade and statistical services and other sources, which we believe are reliable. PhillipCapital (India) Pvt. Ltd. or any of its group/associate/affiliate companies do not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice
Important: These disclosures and disclaimers must be read in conjunction with the research report of which it forms part. Receipt and use of the research report is subject to all aspects of these disclosures and disclaimers. Additional information about the issuers and securities discussed in this research report is available on request.
Certifications: The research analyst(s) who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the research analyst’s personal views about all of the subject issuers and/or securities, that the analyst have no known conflict of interest and no part of the research analyst’s compensation was, is or will be, directly or indirectly, related to the specific views or recommendations contained in this research report. The Research Analyst certifies that he /she or his / her family members does not own the stock(s) covered in this research report.
Independence/Conflict: PhillipCapital (India) Pvt. Ltd. has not had an investment banking relationship with, and has not received any compensation for investment banking services from, the subject issuers in the past twelve (12) months, and PhillipCapital (India) Pvt. Ltd does not anticipate receiving or intend to seek compensation for investment banking services from the subject issuers in the next three (3) months. PhillipCapital (India) Pvt. Ltd is not a market maker in the securities mentioned in this research report, although it or its employees, directors, or affiliates may hold either long or short positions in such securities. PhillipCapital (India) Pvt. Ltd may not hold more than 1% of the shares of the company(ies) covered in this report.
Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic or political factors. Past performance is not necessarily indicative of future performance or results.
Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be reliable, but neither
PCIPL nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material and are subject to change without notice. Furthermore, PCIPL is under no obligation to update or keep the information current.
Copyright: The copyright in this research report belongs exclusively to PCIPL. All rights are reserved. Any unauthorized use or disclosure is prohibited. No reprinting or reproduction, in whole or in part, is permitted without the PCIPL’s prior consent, except that a recipient may reprint it for internal circulation only and only if it is reprinted in its entirety.
Caution: Risk of loss in trading in can be substantial. You should carefully consider whether trading is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
For U.S. persons only: This research report is a product of PhillipCapital (India) Pvt Ltd. which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances and trading securities held by a research analyst account.
This report is intended for distribution by PhillipCapital (India) Pvt Ltd. only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act,
1934 (the Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major
Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor.
In reliance on the exemption from registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major
Institutional Investors, PhillipCapital (India) Pvt Ltd. has entered into an agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc. ("Marco Polo").Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.
PhillipCapital (India) Pvt. Ltd.
Registered office: No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai 400013
Page | 5 | PHILLIPCAPITAL INDIA RESEARCH