CREDIT INSIGHT

June 4, 2021 Monthly Credit Update

Fixed Income: Investment Process

• Monthly Asset Allocation Matrix • Benchmark & Peer Group Analysis • Daily Performance Attribution • Rates: Access to best • Portfolio Laddering • Limit monitoring/ ofInternal/External & compliance Proprietary • Monthly Review of Risk • Credit: Exhaustive top Fund Areas down process combined Management • Global Supervision of with "bottom up" Risk Processes issuer selection

Risk Research Management

Highlights of the Credit Research Process

Board approved Internal Credit Risk Assessment Policy

“Credit Tracker” list of approved Credits: LT & ST: Bottom Up Approach

Inclusion and sustainability of a credit in the record/list is determined by the established credit process, which includes two broad areas : • Approval for new credits (through credit note) • Review and monitoring of existing credits

“Early in- Early Exit” Identify new promising credits early on, take shorter exposures

Access to in house Equity Team expertise on sector/stock coverage where we take exposure KEY CREDIT NOTES

Housing Ultratech Reliance Development Cement Ltd Industries Ltd Finance Corporation Ltd

Cholamandalam LIC Housing Bajaj Finance Investment & Finance Ltd Ltd Finance Ltd

The Ramco Astec Lifesciences Larsen And Toubro Cements Ltd Limited Limited

Grasim Industries L&T Finance Limited Limited ULTRATECH CEMENT LTD

Rating: CRISIL AAA (stable)/A1+ , India Ratings ltd AAA(stable),A1+ Rating change in last month: No change Sector: CEMENT & CEMENT PRODUCTS About: Ultratech Cement ltd (‘UCL’) is India’s largest manufacturer of grey cement, ready mix concrete and white cement in India. It has 12 integrated plants, one clinker plant, 20 grinding units, seven bulk terminals, and two white cement and putty plants. Its operations span across India, the UAE, Bahrain, Bangladesh and Sri Lanka. UCL has a market share of 24% in India with 113.35 million tonne per annum (mtpa) capacity. Operating efficiency is superior, driven by strong consumption norms, efficient logistics (because of pan- India presence), and captive power capability. During fiscal 2021, UCL, , had a net profit of ` 5462 cr with operating income of ` 44726 crore, against a net profit of ` 5810 crore with operating income of `41476 crore in fiscal 2020. Adjusted debt/EBITDA was down to 0.5 in Mar'21 from 0.8x in Mar'20

Parameter (`Crore) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017

Net Sales 44,726 41,476 36,775 30,595 25,092

Operating Income 44,726 42,026 37,303 31,003 25,326

OPBDIT 11,568 9,268 6,784 6,153 5,176

PAT 5,462 5,810 2,432 2,224 2,714

Net Cash Accruals 8,162 8,095 4,185 3,701 3,712

Equity Share Capital 289 289 275 275 275

Adjusted Networth 32,383 27,243 20,866 22,319 22,929

Adjusted Debt 17,784 22,898 22,818 19,480 8,474

OPBDIT Margin (%) 25.9 22.1 18.2 19.8 20.4

Net Profit Margin (%) 12.2 13.8 6.5 7.2 10.7

ROCE (%) 15.5 13.3 10.7 11.5 11.9

PBDIT / Interest & Finance Charges (x) 8.3 5.0 4.7 5.2 8.6

Net Cash Accruals / Adjusted Debt (x) 0.5 0.4 0.2 0.2 0.4

Adjusted Debt / Adjusted Networth (x) 0.5 0.8 1.1 0.9 0.4

Adjusted Debt / PBDIT (x) 1.4 2.3 3.2 3.1 1.4

Current Ratio (x) 1.2 0.9 0.9 1.0 1.6

Total Outside Liabilities / Adjusted Networth (x) 1.3 1.5 1.7 1.4 0.8

Cash Flow from Operations _ 6,906 4,212 3,990 4,009

Operating Income / Gross Block (x) _ 0.9 0.9 0.9 1.0

Gross Current Asset Days 196 79 85 82 78

Debtors Days 21 20 25 26 23

Inventory Days 44 46 43 48 43

Creditors Days 242 130 104 106 99 LTD

Rating: CRISIL AAA (stable)/A1+, ICRA AAA (stable)/A1+, India Ratings AAA (stable)/A1+, CARE AAA (stable)/A1+ Rating change in last month: No change Sector: ENERGY About: Reliance Industries Limited (RIL) is one of India's largest private sector companies (maket cap > 14lakh crores as on 31st Jul 2020), with diverse interests, including petrochemicals, oil refining, and upstream oil and gas E and P.. In the recent past, RIL has diversified into newer businesses which includes organized retail and digital services. RIL operates one of the most complex refineries globally which improves its flexibility in terms of crude sourcing resulting in relatively high Gross Refining Margins (GRMs). RIL’s strength in the petrochemicals business has also grown following large-scale capacity expansions, including the refinery off-gas cracker, in the previous fiscal and healthy ramp up of operations. The company’s digital services venture, where it has made sizeable investments, has been gaining subscribers at a healthy pace since inception. RIL has recently raised a record amount of equity capital from marquee investors globally which shows the immense strength in its newer businesses which includes telecom, retail and digital services.

Parameter (`Crore) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017

Net Sales 245,667 334,933 369,988 289,283 240,363

Operating Income 245,667 334,933 369,988 289,283 240,363

Operating Margin (%) 13.6 15.6 15.8 18.0 18.1

Profit After Tax 31,944 30,903 35,163 33,612 31,425

Net Profit Margin (%) 13.0 9.2 9.5 11.6 13.1

Net Worth 447,672 403,633 390,627 298,660 266,159

Total Debt 193,750 262,345 161,720 122,946 114,970

Debt-Equity ratio (x) 0.4 0.7 0.4 0.4 0.4

HOUSING DEVELOPMENT FINANCE CORPORATION LTD

Rating: CRISIL AAA (stable)/A1+ , ICRA AAA (stable)/A1+, CARE AAA (stable)/A1+ Rating change in last month: No change Sector: FINANCIAL SERVICES About: Housing Development Finance Corporation Limited (HDFC), India’s premier housing finance entity, is in existence for over 40 years. With a presence in banking, insurance and asset management, the HDFC Group is an important part of the Indian financial services sector. HDFC’s has a strong franchise and has demonstrated ability to grow in the competitive mortgage finance market, its focus on prime salaried customers within the home loan segment and its good asset quality indicators over credit cycles. HDFC has a strong capitalization, moderate gearing and good profitability indicators. During FY2020, HDFC reported an asset base of Rs. 5,16,800 compared to an asset base of Rs. 4,58,776 crore in FY2019. HDFC reported Profit After Tax (PAT) of Rs. 17,769 crore during the year ended March 31, 2020 compared to Rs. 9,632 crore during the year ended March 31, 2019. For FY21, core PBT / core operating profit grew a healthy 15%/17% YoY to INR126b/INR146b, despite an additional ESOP charge of INR3.4b. Strong disbursement growth (on a low base) of 60% YoY, stable QoQ spreads at 2.3%, GNPA at 1.98%, and a reduction of 74bp QoQ in stage 2 assets were the key positives for the quarter. In Mar’21, for the Individual Lending business, collection efficiency (CE) stood at 98.0% on an overall basis (97.6% in Dec’20) – similar to pre-COVID levels. Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016

Equity Share Capital 346 344 335 318 316

Reported Networth 86,158 77,355 65,265 39,817 34,243

AUM 442,262 402,257 358,721 296,388 260,230

Total assets 525,341 458,770 398,905 336,354 288,749

Total borrowing 419,102 365,266 319,716 279,732 237,639

Interest Income 42,683 38,194 32,542 30,378 27,767

Interest expenses 31,076 27,897 23,544 20,934 19,374

Total income 49,636 42,827 40,598 33,662 31,402

PAT 17,770 9,632 10,959 6,869 6,625

Gross NPA 2 1.18 1.12 0.8 0.7

Net NPA 1.49 0.84 0.8 0.54 0.48

Overall CAR 17.59 19.08 19.16 15.79 16.55

LIC HOUSING FINANCE LTD

Rating: CRISIL AAA (stable)/A1+ , ICRA A1+, CARE AAA (stable) Rating change in last month: No change Sector: FINANCIAL SERVICES About: LIC is the single-largest shareholder in LIC Housing with a stake of 40.31% as on Mar 30, 2020. It is India's second-largest housing finance company, with 9 regional offices, 23 back offices, and 273 marketing units in India, and 2 overseas representative offices (1 each in Dubai and Kuwait), as on March 31, 2020. LIC Housing benefits from LIC's strong brand equity, access to its agency network for origination of loans, and funding support. LICHF reported 4Q20 Net Income of ` 4.2bn (down 39% y/y; ROE: 9.5%) on lower margins and higher operating cost with a positive offset on credit costs. Operating profit at ` 8.9B was down 18% y/y Asset quality worsened slightly with Stage 3 Assets rising to 2.8% (+10bps q/q). AUM growth was 8% y/y with individual loan growth at 9.4% y/y. High leverage (~12x) and relatively low Tier 1 capital vs. peer group (Tier 1: 12.5%) are the key negatives. These get offset by Stage 2 assets which declined ~100bps QoQ to 4.7% and LICHF's access to diverse funding sources remains robust as seen in almost ` 270B capital raising (48% of incremental borrowings) done via debt markets in F20 given the parentage

Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016

Equity Share Capital 101 101 101 101 101 Reported Networth 18,193 16,259 14,241 11,077 9,146 AUM 207,993 192,995 166,164 143,515 124,371 Total assets 218,333 202,110 172,600 150,244 129,969 Total borrowing 192,014 177,576 150,374 132,077 114,784 Interest Income 19,606 17,256 14,730 13,918 12,279 Interest expenses 14,817 12,892 11,144 10,231 9,303 Total income 19,682 17,341 14,820 14,080 12,484 PAT 2,402 2,431 2,003 1,931 1,661 Gross NPA 2.86 1.54 0.78 0.43 0.45 Net NPA 1.99 1.08 0.43 0.14 0.22 Overall CAR 13.89 14.36 15.49 15.64 17.04 CHOLAMANDALAM INVESTMENT & FINANCE LTD

Rating: CRISIL AA+ (stable)/A1+, ICRA AA+ (stable)/A1+, CARE AA+ (stable), India Ratings AA+(Stable) Rating change in last month: No change Sector: FINANCIAL SERVICES About: • CIFCL, a non-banking finance company, is a part of the Chennai-based Murugappa Group of companies. Incorporated in 1978, CIFCL operates through 999 branches across 27 states with assets under management of Rs. 57,494 crore as of June 2019. The company’s core business segments include vehicle finance (75%) and HE loans (21%). • CIFC reported a 4QFY21 PAT of INR2.4b. Disbursements/AUM grew 43%/16% YoY, while asset quality was stable. In FY21, CIFC delivered NII/PPOP/PAT growth of 32-44% YoY. It also increased its total provision buffer by 90bp to 3.6% in FY21. • GNPL ratio increased 100bp QoQ to 3.8%. Stage 2 loans declined 20bp QoQ to 6.2%, despite classification of ~2% of restructured loans under Stage 2. • Chola continues to mobilize funds at attractive rates. High liquidity on-balance sheet and strong ALM position augur well amidst lower collections over the next few months.

Parameter (` Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016

Equity Share Capital 164 156 156 156 156 Reported Networth 8,172 6,176 5,098 4,313 3,657 AUM 55,434 52,637 42,271 27,813 25,352 Total assets 63,970 57,408 44,095 31,578 28,393 Total borrowing 55,005 50,567 38,330 24,207 22,576 Interest Income 8,124 6,565 5,236 4,634 4,177 Interest expenses 4,592 3,589 2,659 2,137 2,030 Total income 8,637 6,932 5,472 4,662 4,193 PAT 1,052 1,186 918 719 568 Gross NPA 3.86 2.47 3.43 4.7 3.5 Net NPA 2.26 1.16 1.83 3.2 2.1 Overall CAR 20.69 17.36 18.24 18.64 19.68 BAJAJ FINANCE LTD.

Rating: CRISIL AAA (stable)/A1+ , ICRA AAA (stable)/A1+, CARE AAA (stable)/A1+,India Ratings AAA (stable)/A1+ Rating change in last month: No change Sector: FINANCIAL SERVICES About: Bajaj Finance Limited (BFL) is an NBFC-D-SI with a diversified loan portfolio and a pan-India presence. While the companychol was originally set up to provide finance for the purchase of two-wheelers and three-wheelers manufactured by , it diversified into other segments over the years. Currently, it operates across six broad categories – Consumer Lending, Commercial Lending, Rural Lending, SME Lending, Deposits and Partnerships & Services. Under the category of Partnerships & Services, the company offers products like health insurance, extended warranty, comprehensive asset care, co- branded credit cards and wallets. On a consolidated basis, BFL reported a net profit after tax of ` 5264cr in FY 20 on total managed assets of ` 147153cr vs PAT of 3,995 crore in FY2019 on a total managed asset base of ` 1,27,608 crore as on March 31, 2019. The reported CRAR was 25.01 including Tier 1 of 21.27% as on March 20. The company is rated AAA by all the rating agencies rating it. Bajaj Finance (BAF)’s 4QFY21 PAT grew 42% YoY / 18% QoQ to INR13.5b. For FY21, the company reported AUM/NII/PPoP growth of 4%/3%/6% YoY. However, PAT declined 16% on the back of aggressive cleanup stress due to COVID. The proforma GNPL ratio declined from 2.9% to 1.8% QoQ. BAF wrote off ~INR15b worth of loans (1.0% of loans). The company has a provisioning coverage ratio of 58% on GS3 and 181bps on GS1&2. BAF continues to carry COVID-related provisioning of INR8.4b. The company has largely maintained liquidity on the books (at 12.5% of borrowings) – contrary to the management’s guidance for a further reduction in the coming months to a run-rate of 7–8%.

Parameter (`Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016

Equity Share Capital 120 115 115 109 54

Reported Networth 31,813 19,564 15,817 9,600 7,427

AUM 113,667 95,447 75,746 41,397 42,949

Total assets 137,828 108,346 81,499 65,041 47,979

Total borrowing 104,210 87,438 64,457 50,298 37,025

Interest Income 20,668 15,346 11,511 9,001 6,767

Interest expenses 8,074 6,037 4,649 3,853 2,959

Operating expenses (incl. depreciation) 5,360 4,200 3,660 2,510 1,920

Total income 23,221 17,056 12,397 9,953 7,277

PAT 4,836 3,890 2,455 1,837 1,278

Gross NPA 2 1.54 1.41 1.68 0.44

Net NPA 0.79 0.73 0.45 0.44 0.28

Overall CAR 25.01 20.66 23.98 20.3 19.5

Source: CRISIL Research. Financials are displayed as per the standard adjustments done by CRISIL. THE LTD

Rating: CRISIL A1+, ICRA AA+ (stable)/A1+ Rating change in last month: No change Sector: CEMENT & CEMENT PRODUCTS About: The Ramco Cements Ltd. is a leading cement player with capacity of 17.7 million ton spread across Tamil Nadu, Andhra Pradesh, Karnataka and West Bengal. Established in 1957, it manufactures, and markets cement under the Ramco brand predominantly in South India. The company also has windmill capacity of 125.95 megawatt (MW; post the transfer of 33.23 MW to a newly formed subsidiary, Ramco Windfarms Ltd, in fiscal 2014) and captive thermal power plants with capacity of 175 MW. Gearing was 0.6 time (based on gross debt) as on March 31, 2021. The company revenue were `5268cr for FY 21 (vs ` 5285cr in FY 20) and PAT of ` 761cr in FY 21( vs ` 590 cr in FY 20).

Parameter (`Crore) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017

Net Sales 5,268 5,285 5,060 4,330 3,852

Operating Income 5,268 5,363 5,139 4,420 3,957

OPBDIT 1,548 1,136 1,031 1,110 1,200

PAT 761 590 496 547 643

Net Cash Accruals 1,116 750 709 754 927

Equity Share Capital 24 24 24 24 24

Adjusted Networth 5,539 4,836 4,383 3,966 3,654

Adjusted Debt 3,102 3,056 1,715 1,165 1,470

OPBDIT Margin (%) 29.4 21.2 20.1 25.1 30.3

Net Profit Margin (%) 14.4 11.0 9.6 12.4 16.2

ROCE (%) 14.1 10.7 11.8 14.4 16.2

PBDIT / Interest & Finance Charges (x) 18.1 16.1 20.4 18.9 11.9

Net Cash Accruals / Adjusted Debt (x) 0.4 0.2 0.4 0.6 0.6

Adjusted Debt / Adjusted Networth (x) 0.6 0.6 0.4 0.3 0.4

Adjusted Debt / PBDIT (x) 2.0 2.6 1.6 1.0 1.2

Current Ratio (x) 0.6 0.7 0.7 0.7 0.7

Total Outside Liabilities / Adjusted Networth (x) 1 1.1 0.8 0.8 0.9

Cash Flow from Operations _ 604 531 940 1,021

Operating Income / Gross Block (x) _ 0.6 0.6 0.6 0.5

Gross Current Asset Days 101 99 90 99 122

Debtors Days 26 27 29 25 35

Inventory Days 59 56 50 62 76

Creditors Days 153 108 84 98 105

Note: No Reported Financials Available Source: CRISIL Research. Financials are displayed as per the standard adjustments done by CRISIL. ASTEC LIFESCIENCES LTD

Rating: ICRA A1+/AA-(stable) Rating change in last month: No change Sector: FERTILISERS & PESTICIDES About: Astec is engaged in the manufacturing and sale of intermediates, active ingredients and formulations, with a focus on the agro-chemical sector. The manufacturing is undertaken at four facilities in Maharashtra. In FY2012, the company also forayed into the CRAMS segment by bagging contracts from reputed global players Post ltd’s (rated [ICRA]AA (Stable) / [ICRA]A1+) majority stake purchase in the company in late FY2016, Astec has benefitted in terms of managerial support as well as improved financial flexibility, resulting in an improved financial performance since FY2017. Astec is expected to continue to benefit from strong linkages to the Godrej Group, which may aid in its future expansion plans and may enable it to attract high-quality talent for strengthening its R&D function. The company reported sales of ` 555cr and PAT of `. 65cr in FY 21 vs sales of ` 522cr and PAT of ` 47cr in FY 20. D/E ratio remained at manageable level of 0.6.

Parameter (`Crore) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017

Net Sales 555 522 431 357 288

Operating Income 555 529 438 387 298

Operating Margin (%) 20.1 19.5 19.5 24.0 21.1

Profit After Tax 65 47 36 35 19

Net Profit Margin (%) 11.7 9.0 8.1 9.0 6.4

Net Worth 304 243 200 167 134

Total Debt 187 99 176 125 127

Debt-Equity ratio (x) 0.6 0.4 0.9 0.7 0.9 LARSEN AND TOUBRO LIMITED

Rating: CRISIL A1+/AAA (Stable) ICRA A1+/AAA (stable) India Ratings A1+/AAA (stable) Rating change in last month: No change Sector: CONSTRUCTION About: L&T is the largest company in the engineering and construction sector in India, with interest in projects, infrastructure, real estate development, manufacturing, IT and financial services. It provides EPC services in all major segments such as buildings & factories, transportation and civil infrastructure, power (generation – thermal, hydro and nuclear, transmission and distribution), water and related, oil & gas and material handling. The company also undertakes infrastructure development project (roads, metro rail, power and transmission lines) through special purpose vehicles L&T IDPL, L&T Power Development and LTMRHL. We factor in the strong financial risk profile characterized by healthy cash accruals supported by its diversified revenue profile, stable operating profitability, and strong balance sheet marked by low net-gearing, strong liquidity position, and healthy financial flexibility arising from its exchange-listed subsidiaries. The liquidity position, thus, remains strong with cash and cash balances of ~Rs. 20,000 crore and unutilized working capital limits of ~Rs. 4,500 crore as on May 31, 2020. The capital structure of the company remains comfortable with gearing (Total Debt / Tangible Net-worth) of 0.4 times as on March 31, 2021 at a standalone level. L&T reported total operating income of Rs. 73,316 in FY21 vs 81,550cr in FY20 and PAT of Rs. 11,337cr vs 6,678cr in the previous year

Parameter (`Crore) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017

Net Sales 73,316 81,520 80,936 73,235 64,661

Operating Income 73,316 83,026 82,559 75,068 66,274

Operating Margin (%) 9.9 8.5 8.8 9.6 10.2

Profit After Tax 11,337 6,679 7,491 5,387 5,454

Net Profit Margin (%) 15.5 8.0 9.1 7.2 8.2

Net Worth 60,310 52,091 49,648 48,780 45,687

Total Debt 23,809 25,785 11,990 10,561 10,558

Debt-Equity ratio (x) 0.4 0.5 0.2 0.2 0.2 L&T FINANCE LIMITED

Rating: CRISIL A1+/AAA (Stable) ICRA A1+/AAA(neg) CARE A1+/AAA (stable) Sector: FINANCIAL SERVICES About: L&T Finance Ltd is a non-banking finance company (NBFC) incorporated in 1993 and wholly held by LTFH. Effective April 12, 2021, L&T Infrastructure Finance Company Ltd and L&T Housing Finance Ltd have merged with L&T Finance Ltd. It had AUM of Rs 44,085 crore as on December 31, 2020, comprising micro loans (27% of total AUM), farm equipment loans (22%), two-wheeler loans (16%), LAP (1%), real estate financing (18%), infrastructure loans (11%) and balance in defocused. The gross and net stage 3 assets were 5.6% and 2.2%, respectively, as on December 31, 2020 (5.5% and 2.4%, respectively, as on March 31, 2020). Networth and gearing were Rs 8,630 crore and 4.6 times, respectively, as on December 31, 2020 (Rs 8,893 crore and 4.9 times, respectively, as on March 31, 2020).. LTFS will remain highly strategically important to L&T and continue to benefit from the strong support from the parent over the medium term.

Parameter (`Crore) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016

Equity Share Capital 1,599 1,599 1,599 1,440 238

Reported Networth 8,894 8,900 8,587 6,879 2,135

AUM 43,927 45,383 37,862 28,330 14,069

Total assets 51,832 54,472 42,543 33,239 15,157

Total borrowing 43,255 45,212 34,762 27,848 12,028

Interest Income 8,190 7,023 4,910 3,772 2,257

Interest expenses 3,815 3,363 2,512 1,976 1,161

Total income 8,632 7,370 5,223 4,100 2,311

PAT 366 846 290 16 207

Gross NPA 6.7 3.61 8.59 9.43 5.24

Net NPA 2.61 2.13 2.81 3.99 3.36

Overall CAR 18.31 16.98 17.92 16.42 17.04 LIMITED

Rating: CRISIL AAA (stable)/A1+, ICRA AAA(stable),India Ratings ltd AAA(stable),A1+ Rating change in last month: No change Sector: CEMENT & CEMENT PRODUCTS About: Incorporated in 1947, Grasim is the flagship company of the . It commenced operations in 1948 as a textile manufacturer and is the sole producer of VSF in the domestic market. The viscose segment also comprises the viscose filament yarn business of merged ABNL and acquired rights to manage and operate Century Textiles and Industries Ltd's ('CRISIL AA/stable/CRISIL A1+') rayon division with effect from February 1, 2018. The chemical segment comprises caustic soda, allied chemicals, and epoxy. Also, the company has presence in fertilisers, textile and insulators. UltraTech, Grasim's 57% subsidiary, is the largest cement producer in India. On August 11, 2016, Grasim announced a composite scheme of merger of ABNL with itself, followed by demerger of the financial services business into a separate listed entity, ABCL. Following the merger, effective July 1, 2017, ABCL was listed in September 2017. Grasim holds 54.24% of equity in ABCL as on 31st March, 2020.

Parameter (`Crore) Mar-2021 Mar-2020 Mar-2019 Mar-2018 Mar-2017

Net Sales 12,386 18,387 20,370 15,651 10,208

Operating Income 12,386 18,661 20,624 15,835 10,345

Operating Margin (%) 12.6 12.8 20.1 19.6 20.8

Profit After Tax 905 1,270 515 1,769 1,560

Net Profit Margin (%) 7.3 6.8 2.5 11.2 15.1

Net Worth 41,745 36,580 40,780 43,513 16,202

Total Debt 4,011 5,068 3,311 2,969 701

Debt-Equity ratio (x) 0.1 0.1 0.1 0.1 0 Issuer wise Holding as on May 31, 2021

Principal Principal Principal Principal Cash Ultra Issuer Low Duration Short Term Management Short Term Fund Debt Fund Fund Fund

Astec Lifesciences Ltd. 1 1 Ltd 1 1 Bajaj Finance Ltd. 1 Cholamandalam Investment & Finance Co.Ltd 1 1 Grasim Industries Limited 1 HDFC Bank Ltd 1 Corp Ltd 1 1 Housing Development Finance Corporation Ltd 2 2 1 ICICI Bank Ltd 1 Ltd 1 1 Indian Railway Finance Corporation Ltd 1 1 2 Indusind Bank Ltd 1 1 1 L&T Finance Limited 1 Larsen And Toubro Ltd 1 1 LIC Housing Finance Ltd 1 1 1 3

National Bank For Agriculture And Rural Development 1 1 1 1 National Housing Bank 1 1 NTPC Ltd 1 2 Power Finance Corporation Ltd 1 1

Power Grid Corporation Of India Ltd 1

REC Limited 2 1 2

Reliance Industries Ltd 1 1 1

Small Industries Development 1 1 The Ramco Cements Ltd. 1 1 Ultratech Cement Ltd 1 1 1 DISCLAIMER

Disclaimer: The investment strategy stated above may change from time to time without any notice and shall be in accordance with the strategy as mentioned in the Scheme Information Document of the scheme. The views contained herein are not to be taken as an advice or recommendation to buy or sell any investment or interest thereto. Diversification does not guarantee investment returns and does not eliminate the risk of loss. They are considered to be reliable at the time of writing, may not necessarily be all-inclusive and are not guaranteed as to accuracy. They may be subject to change without reference or notification to you. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Past performance may or may not be sustained in future. The views and strategies described may not be suitable for all investors. Furthermore, whilst it is the intention to achieve the investment objective of the investment product(s), there can be no assurance that those objectives will be met. Investors are advised to consult their Investment advisors for determining their risk appetite and Tax Advisor before taking any investment decision. The data/statistics/ comments are given to explain general market trends in the securities market, it should not be construed as any research report/research recommendation. Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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