End of the Week Update

March 20, 2021 Contents

Page Section Title number 1 Market Update 5 2 Sectoral Update 2.1 Financial Services 7 2.2 Technology, Telecom and Media 9 2.3 Pharma 11 2.4 Healthcare 12 2.5 Auto & Auto Components 13 2.6 Metals & Mining 14 2.7 Aviation 15 2.8 Power and Infrastructure 16 2.9 Consumer and Retail 18 2.10 Real Estate 20 NovaDhruva Team 21

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2 Our Views Need for a Digital Currency – a timely discourse!

On November 8, 2016 just prior to demonetization, India had approximately Rs. 17.97 lacs crore cash in circulation. Immediately post demonetization, while the new notes were still in the process of being introduced, this amount is estimated to have come down to approximately Rs. 3.49 lacs crore. The remaining cash – demonetized currency – should have returned to RBI through the banking channel. Interestingly, the cash in circulation at present is approximately Rs. 27.7 lacs crore. This equation indicates that over the last 4.5 years approximately Rs. 24 lacs crore of net cash has been pumped into circulation and likely withdrawn through the banking channels. In any case, net addition to currency in circulation is Rs. 10 lac crores over this period. Of course, the economy has also grown over this period.

Post demonetization and post-covid, digitization has been reshaping the economy and the way people pay. While this has caused a shift in the payment habits of people, cash still seems to be a popular mode of payment. This increased currency usage has happened despite the concentrated push by the government towards electronic payments – almost all forms of digital payments are free of charge; despite the brilliant technological platform of UPI built by NPCI; and despite India having 56 crores internet subscribers (second largest in the world), 53 crores Whatsapp users, 45 crores YouTube users, 41 crores Facebook users, 21 crores Instagram users and 1.75 crores twitter users.

To further boost a less cash economy, there is a new global discourse to make the currency digital. A recent survey shows that around 80% of the central banks around the world are engaged in preliminary work on digital currency. In wake of the rapid growth of digital economy, digitization of currency as a basic infrastructure and core variable of modern economic finance is being globally accepted. In fact, with the integration of the modern digital technologies such as the internet, artificial intelligence, and blockchain amongst others, the concept of money itself is becoming increasingly vague, showing a tendency of redefinition. I am sure our Reserve (RBI) would also be evaluating this.

Central Banks of different countries are working on different solutions – there are different ways currency in digital form can be issued. Broadly there are three categories of digital currencies that have potential impacts on the international monetary and financial system: the first is encrypted digital currency represented by Bitcoins and Ethereum, the second is private coins such as Libra and, finally the third kind is digital currency is directly issued by the Central Banks.

The most authentic digital currency under discussion at present is the Central Bank Digital Currency (CBDC). The concept and design of CBDC is being investigated by many Central Banks for some years now. Although different Central Banks have different concepts of CBDC depending on their country-specific requirements and utilization, I believe these will converge at some point of time.

One of the methods of CBDC assumes that Central Bank could issue digital currency as a parallel currency to the country’s existing currency. One can keep this currency either in a distributed ledger of the central bank or in a wallet as token. This may converge with normal currency over time. At present CBDC is still at R&D stage in various countries and at pilot stage in China. While there are still many issues about CBDC to be studied and

3 Our Views Need for a Digital Currency – a timely discourse!

proofed, some of its obvious benefits are that it can:

1. improve the competitiveness, efficiency, and resilience of payment systems in the face of increasing concentrated levels of payments in the hands of some of Internet giants.

2. help advance financial digitization and inclusive finance. This will further help in reducing the cash in circulation in the system.

3. greatly reduce the issuance and transaction costs of the monetary base/ currency in circulation, such as printing, transportation, storage, and maintenance.

4. track the full cycle of movement of currency and can record data which will improve the accuracy of the currency issuance and prevent, and control financial risks caused by shadow banking.

5. can also use existing digital marketing channels to achieve universal distribution and to provide a complete ecosystem for digital-technology-based economic and financial activities.

6. ensure a complete the contactless economy.

7. realize a closer integration of monetary and fiscal policy, to achieve a more efficient macro-policy regulatory system and in the long term may enrich and improve monetary policy.

While there are a lot of benefits of CBDC, several challenges and risks cannot be ignored. Given the anonymity and un-traceability of cash today, it would be a challenge to make CBDC completely acceptable. Further, there are 2 potential risks that I foresee – firstly, the risk of a wide scale run on bank savings by CBDC as the Central bank’s credit rating would be a notch above that of commercial banks which may cause a disruption to commercial banks if there is any distrust. Secondly, if there is any interest payment on CBDC, it is likely that it will impact the existing monetary policy instruments. To overcome the potential risks, there are safeguards which could be considered such as interest rate of CBDC should be lower than and linked to the bank rates. CBDC and bank deposits are managed as two distinct systems, the two are not automatically fungible therefore, there is no guaranteed convertibility of bank deposits to CBDC on demand.

Given the headstart India has on digital payments compared to many other nations, we must ensure that we keep the edge on digital currency. It is surely time for our central bank to explore and to initiate the discourse of Central Bank Digital Currency.

https://economictimes.indiatimes.com/markets/stocks/news/the-need-for-digital-currency-and-why-should-rbi- have-one/articleshow/81545243.cms

4 Market Update Key Market Trends

Global and Indian Indices Performance

Rebased to 100 Last 1 Year Rebased to 100 Since Jan 01, 2021 200 2,000 115 (YTD) 1,500 180 160 1,500 110 1,000 140 1,000 105 120 500 100 500 100 80 60 0 95 0 The Indian indices, 18-Mar 30-May 11-Aug 23-Oct 04-Jan 19-Mar 01-Jan 16-Jan 31-Jan 16-Feb 03-Mar 19-Mar Nifty and Sensex NIFTY Volume Nifty Sensex Dow Jones NASDAQ FTSE Nikkei Hang Seng decreased by 1.9% (RHS) -Mn and 1.8% Return (%) Current Level 1D 1W 1M 3M 6M 1Y respectively Nifty 14,744 1.3% (1.9%) (3.7%) 7.3% 28.2% 74.1% Sensex 49,858 1.3% (1.8%) (4.3%) 6.3% 28.3% 72.7% Dow Jones 32,628 (0.7%) (0.5%) 3.5% 7.7% 18.0% 64.0% Nasdaq 12,867 0.6% (0.5%) (6.6%) 0.9% 17.6% 79.3% FTSE 6,709 (1.0%) (0.8%) (0.6%) 2.4% 11.7% 32.0% Nikkei 29,792 (1.4%) 0.2% (2.2%) 11.1% 27.5% 78.1% Hang Seng 28,991 (1.4%) 0.9% (5.7%) 8.7% 18.5% 30.1% Indian Sectoral Performance Current Return (%) 1D 1W 1M 3M 6M 1Y Level Nifty Realty, Nifty PSU Bank, and Nifty Nifty Bank 34,162 0.9% (3.8%) (7.4%) 11.2% 55.1% 70.1% Pharma were the Nifty Financial Services 15,985 0.9% (3.2%) (7.4%) 7.4% 48.7% 66.5% biggest losers this Nifty FMCG 34,028 2.4% 2.9% 1.5% (0.2%) 11.7% 42.0% week Nifty Pharma 11,667 1.3% (4.2%) (7.3%) (8.6%) (5.3%) 75.3% Nifty IT 25,563 0.7% (1.3%) 1.1% 9.9% 28.9% 125.4% Nifty Auto 10,187 0.4% (1.9%) (7.2%) 11.1% 24.8% 96.6% Nifty Media 1,654 0.9% (3.6%) (3.0%) (2.2%) 1.4% 52.2% Nifty Metal 3,833 2.1% (0.2%) 7.2% 19.1% 62.2% 143.5% Nifty PSU Bank 2,188 1.5% (5.4%) (10.7%) 23.9% 57.8% 52.0% Nifty Private Bank 18,306 0.9% (3.8%) (6.6%) 7.9% 49.9% 69.7% Nifty Realty 329 (0.5%) (5.8%) (7.2%) 8.3% 45.1% 72.1% BSE Telecom 1,345 0.8% 0.2% (8.3%) 7.0% 11.9% 40.8% BSE Healthcare 20,545 1.1% (3.5%) (5.9%) (4.3%) 0.7% 80.3% Valuations for NSE Realty, NSE Pharma, and NSE Media NTM PE Ratio – Last 1 Year recorded the Apr 14 May 01 May 18 Lock- Lock- Lock- 35.5x, Realty biggest decline this down down down 33.0x, FMCG week 2.0 3.0 4.0 25.4x, IT 40.0x 24.1x, Healthcare NTM PE Ratio chart 23.6x, Pharma 23.4x, Auto shows the evolution 30.0x of NTM valuation 22.8x, Sensex multiple on each 21.5x, Nifty 20.0x day for the last 12 20.6x, Fin. Services 17.1x, Bank months 14.8x, Media 10.0x 8.8x, Metals

0.0x 19-Mar 31-May 12-Aug 24-Oct 05-Jan

Source: Bloomberg as on March 19, 2021

5 Market Update Key Market Trends Trading Activity by FII/DIIs in Capital Market Segment (USD mn) FIIs/FPIs were net Last 1 Week Weekly Total 19-Mar-21 18-Mar-21 17-Mar-21 16-Mar-21 15-Mar-21 buyers and DIIs FII/FPI (Cash) 812.4 195.6 173.5 362.0 233.3 (152.0) 1 were net sellers this FII/FPI (F&O) 1,930.6 571.2 1,179.5 31.4 (51.6) 200.0 week DII (418.7) 77.2 (153.9) (77.5) (161.1) (103.4) Total 2,324.2 844.0 1,199.1 315.9 20.6 (55.3) Trading Activity by FIIs in Debt Segment (USD mn) FIIs/FPIs were net Last 1 Week Weekly Total 19-Mar-21 18-Mar-21 17-Mar-21 16-Mar-21 15-Mar-21 sellers in the debt FII/FPI (15.0) (42.6) (29.5) 84.6 48.1 (75.6) segment Liquidity Position (USD mn) Last 1 Week 18-Mar-21 17-Mar-21 16-Mar-21 15-Mar-21 12-Mar-21 10-Mar-21 Net Liquidity 67,498 63,896 65,360 76,030 77,886 74,573 Absorption through RBI Reverse Repo 53,231 49,763 51,184 61,434 90,218 60,492 2 MIBOR (%) 3.46% 3.45% 3.45% 3.45% 3.44% 3.42% 3 MIFOR 1M 6.87% 6.66% 6.60% 6.47% 6.66% 6.79% 3 MIFOR 3M 5.76% 5.63% 5.69% 5.61% 5.63% 5.62% 3 MIFOR 6M 5.43% 5.38% 5.37% 5.32% 5.36% 5.31% 3 MIFOR 12M 5.35% 5.30% 5.31% 5.25% 5.28% 5.22%

The 10YR India Government and Corporate Bond Yields (%) Government bond Yield (%) Current 1D 1W 1M 3M 6M 1Y yield decreased by 4bps this week 1YR AAA Rated Corp. Bond 4.24% 4.32% 4.37% 4.38% 3.84% 4.32% 6.49% 1YR G-Sec 4.04% 3.91% 3.96% 4.04% 3.40% 3.75% 5.38% 3YR AAA Rated Corp. Bond 5.49% 5.54% 5.72% 5.43% 4.68% 5.31% 6.94% 3YR G-Sec 5.02% 5.06% 5.10% 5.23% 4.48% 5.00% 5.87% 5YR AAA Rated Corp. Bond 6.32% 6.37% 6.37% 6.06% 5.52% 5.98% 7.28% 5YR G-Sec 6.03% 6.10% 6.13% 5.78% 5.03% 5.45% 6.41% 10YR AAA Rated Corp. Bond 7.21% 7.21% 7.24% 7.01% 6.61% 6.76% 7.69% 10YR G-Sec 6.19% 6.20% 6.23% 6.02% 5.89% 6.02% 6.41%

Currency Market Snapshot

% Change in FX Current FX Rate 1D 1W 1M 3M 6M 1Y USD-INR 72.52 0.0% 0.4% 0.3% 1.5% 1.3% 3.5% EUR-INR 86.25 0.2% 0.6% 1.8% 4.3% 1.0% (6.5%) GBP-INR 100.97 (0.1%) 0.3% 0.0% (1.0%) (5.5%) (14.2%) JPY-INR 0.67 (0.1%) 0.2% 3.1% 7.1% 5.6% 1.8% WTI Crude and ICE SGD-INR 54.00 (0.2%) 0.1% 1.4% 2.8% 0.3% (4.5%) Brent Crude CNY-INR 11.14 0.1% 0.4% 1.1% 1.1% (2.6%) (5.3%) fell by 7.7% and 7.8% respectively during Commodity Market Snapshot the week % Change Current 1D 1W 1M 3M 6M 1Y

Oil WTI Crude (USD/barrel) 60.55 0.9% (7.7%) 0.8% 22.6% 41.4% 79.5% ICE Brent Crude (USD/barrel) 63.83 0.9% (7.8%) 1.7% 22.2% 40.5% 65.8% Gold Spot Gold (USD/ounce) 1,735.59 (0.0%) 0.5% (3.3%) (7.7%) (11.0%) 18.0% India InvITs and REIT Performance % Change Current Price 1D 1W 1M 3M 6M 1Y Indigrid 135.86 0.9% 1.2% (1.3%) 17.4% 30.7% 42.8% InvITs IRBInvIt 56.41 (0.5%) (5.6%) 12.4% 34.3% 61.2% 66.7% REIT Embassy Office Parks 330.63 (2.7%) (1.5%) (5.3%) (8.6%) (8.7%) (7.2%) Mindspace Business Parks 306.56 0.6% 1.2% (3.9%) (6.0%) 1.9% NA

Notes: 1Includes notional turnover in case of options 2Financial Benchmarks India Overnight Mumbai Interbank Outright Rate; 3Mumbai Interbank Forward Offer Rate; Source: Bloomberg as on March 19, 2021

6 Sectoral Update – Financial Services India Financial Services Update

1 Month Share Price Performance India – Bank Stocks India – NBFC Stocks

HDFC Bank (2.7%) HDFC (7.6%) ICICI Bank (6.0%) (0.8%) KMB (5.4%) Shriram Transport (2.2%) (3.1%) Mahindra Finance 3.1% Indusind (5.1%) L&T Finance 1.8% (6.3%) Shriram City Union (6.6%)

Trading Comparables¹ Share Weekly Market P/BV P/E ROE Price change in Cap (INR) price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23 Banks HDFC Bank 1,498 (3.5%) 111,520 3.6x 3.1x 21.4x 18.3x 17.2% 17.8% ICICI Bank 587 (4.3%) 54,820 2.5x 2.2x 20.8x 16.6x 12.7% 14.2% 1,834 (5.2%) 49,116 4.3x 3.7x 30.3x 25.2x 12.7% 13.5% Axis Bank 726 (3.2%) 30,064 2.0x 1.8x 18.0x 14.3x 12.6% 13.9% IndusInd Bank 1,012 (1.1%) 10,357 1.7x 1.5x 14.3x 10.3x 13.1% 14.9% Yes Bank 15 (6.0%) 5,062 1.0x2 NA NA NA NA NA Median 2.5x 2.2x 20.8x 16.6x 12.7% 14.2% NBFCs HDFC 2,532 (1.4%) 61,701 4.1x 3.6x 18.0x 15.6x 14.1% 13.0% Bajaj Finance 5,453 (1.9%) 44,406 7.6x 6.1x 39.8x 29.9x 19.9% 21.6% Shriram Transport 1,374 3.7% 4,699 1.5x 1.3x 10.7x 9.7x 14.2% 13.5% Mahindra Finance 215 3.0% 3,591 1.6x 1.4x 14.4x 10.6x 11.1% 13.7% L&T Finance 102 (3.5%) 3,390 1.3x 1.1x 12.1x 9.5x 11.9% 13.1% Shriram City Union 1,416 (6.9%) 1,263 1.1x 0.9x 8.6x 6.6x 12.2% 14.7% Median 1.5x 1.3x 13.2x 10.1x 13.2% 13.6%

Industry Update

▪ AU Small Finance Bank has successfully raised USD 84.5 mn through allotment of equity shares under its qualified institutional placement at an issue price of INR 1,251.0 per share (issue was launched with a floor price of INR 1,181.1 per share)

▪ Suryoday Small Finance Bank’s USD 78.5 mn IPO was subscribed 2.4 times, with QIB portion subscribed 2.2 times, non- institutional portion 1.3 times and retail portion subscribed 3.1 times

▪ IndiaLends, a Delhi NCR-based digital lending platform, announced that it has raised USD 5.1 mn in a financing round led by existing investors ACP Partners and DSG Consumer Partners at an undisclosed valuation

▪ Rupeek, a Gold-based hybrid loan platform, has raised USD 33.0 mn in a Series E round led by GGV Capital and four other investors at a post money valuation of c.USD 515.0 mn

Notes: ¹Financial year ending March; 2Represents P/B ratio calculated based on book value as of December 31, 2020; Source: Bloomberg as on March 19, 2021; USD 1 = INR 74

7 Sectoral Update – Financial Services India Insurance and Asset Management Update

1 Month Share Price Performance Life Insurance General Life Insurance AMCs

HDFC Life (3.1%) ICICI Lomb. (3.8%) HDFC AMC (2.2%)

SBI Life 2.9%

New India (12.1%) Nippon (2.0%) ICICI Pru (11.4%)

Trading Comparables¹

Weekly P/BV P/Emb. Value² RoA RoE Share Price Market cap change in (INR) USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 Life Insurance HDFC Life 688 (3.1%) 18,799 14.5x 12.4x 5.6x 4.7x 1.1% 1.1% 17.6% 17.7% SBI Life 907 (0.8%) 12,254 7.3x 6.7x 3.0x 2.6x 0.9% 0.8% 16.0% 15.2% ICICI Pru 430 (6.9%) 8,345 6.7x 6.1x 2.4x 2.2x 0.6% 0.6% 14.2% 14.1%

Weekly P/BV P/E RoA RoE Share Price Market cap change in (INR) USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 General Insurance ICICI Lomb. 1,437 (2.4%) 8,825 7.5x 6.3x 36.8x 30.1x 3.6% 3.8% 22.1% 22.8%

New India 165 0.2% 3,675 1.3x 1.2x 13.6x 11.4x 2.2% 2.5% 10.1% 11.1%

Weekly EV³/AUM P/E RoA RoE Share Price Market cap change in (INR) USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 Asset Management Companies HDFC AMC 2,871 (6.3%) 8,262 15.1% 12.7% 39.9x 34.7x 31.0% 31.1% 32.6% 30.4% Nippon 327 (5.7%) 2,717 6.5% 5.1% 32.7x 28.1x 19.9% 22.0% 21.7% 23.9%

Industry Update ▪ Rajya Sabha (Upper House of Indian Parliament) has passed the bill to hike foreign direct investment in the insurance sector to 74.0% from current 49.0% ▪ Axis Bank is set to acquire a 9.9% stake in the promoter entity of Max Bupa Health Insurance Company, Fettle Tone, for a USD 12.3 mn consideration – Fettle Tone, a special purpose vehicle set up by True North in May 2019, holds about 55.6% stake in the health insurance firm Notes: ¹Financial year ending March, ²Emb. Value refers to Embedded Value; ³EV represents Enterprise Value Source: Bloomberg as on March 19, 2021, News run; USD 1 = INR 74

8 Sectoral Update – Technology, Telecom and Media India Technology Update

1 Month Share Price Performance Large Cap IT Midcap IT and BPO Software and Consumer Internet TCS (0.7%) L&T Infotech 6.7% InfoEdge (11.0%) 17.9% Oracle 5.1% 4.1% (1.3%) MakeMyTrip 11.2% IndiaMart (7.9%) HCL 1.1% L&T Tech(1.9%) Intellect Design 55.4% Coforge 15.4% (4.5%) Infibeam (1.3%) Peristent Systems 16.1% JustDial 42.5% TechM (0.5%) Firstsource 15.0% Newgen (2.6%) Trading Comparables¹ Weekly EV/Revenue EV/EBITDA P/E Share Price Market cap EV change in (INR) USD mn USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23 Large Cap IT TCS 3,050 (0.3%) 152,471 145,404 5.8x 5.2x 20.3x 18.3x 28.8x 25.7x Infosys 1,344 (2.2%) 77,395 74,706 4.8x 4.3x 17.7x 15.7x 25.5x 22.6x HCL 960 (1.9%) 35,221 34,237 3.0x 2.7x 11.5x 10.5x 18.1x 16.2x Wipro 411 (3.5%) 30,394 25,570 2.7x 2.5x 11.8x 10.7x 19.8x 18.0x 989 (1.4%) 12,943 12,318 2.2x 2.0x 11.8x 10.7x 18.2x 16.3x Midcap IT and BPO L&T Infotech 4,075 1.5% 9,620 9,212 4.7x 4.1x 22.2x 19.4x 32.1x 27.8x Mindtree 1,990 6.3% 4,429 4,170 3.4x 3.0x 16.9x 15.2x 27.3x 24.0x Mphasis 1,666 3.0% 4,212 4,103 2.7x 2.4x 14.4x 12.8x 21.2x 18.7x L&T Tech Services 2,592 (5.4%) 3,680 3,623 4.2x 3.6x 20.6x 17.4x 30.5x 25.5x Coforge 2,967 9.0% 2,429 2,375 3.2x 2.8x 18.1x 15.7x 29.1x 24.9x Persistent Systems 1,942 9.0% 2,006 1,842 2.9x 2.5x 17.3x 15.0x 27.8x 23.3x Firstsource Solutions 112 7.7% 1,049 1,171 1.5x 1.4x 9.7x 8.7x 14.9x 12.8x Software and Consumer Internet InfoEdge 4,602 (4.2%) 8,010 7,914 41.4x 35.5x NM NM NM NM Oracle Financial Serv. 3,205 0.3% 3,727 3,136 4.2x 3.7x 8.6x 7.6x 14.7x 13.2x MakeMyTrip 2,663 1.0% 3,698 3,496 6.1x 4.1x NM NM NM NM IndiaMart 8,139 (4.1%) 3,340 3,229 29.2x 24.3x NM NM NM NM Intellect Design 673 35.2% 1,209 1,230 5.5x 4.8x 21.6x 17.7x 29.2x 23.7x Infibeam 44 (10.7%) 791 780 5.2x NA 17.1x NA 24.0x NA JustDial 907 (6.0%) 758 761 6.6x 5.7x 25.3x 19.3x 22.8x 18.3x Newgen Software 283 (4.1%) 267 250 2.4x 2.0x 10.0x 8.5x 15.0x 12.6x

Industry Update ▪ Tech Mahindra announced acquisition of 70.0% stake in Perigord Asset Holdings (BPO, digital solutions and pharmaceutical packaging artwork provider) for USD 25.0 mn

▪ Nazara Technologies’ USD 78.8 mn IPO was subscribed 175.5 times, with QIB portion subscribed 103.8 times, non- institutional portion 389.9 times and retail portion subscribed 75.3 times

▪ PolicyBazaar, an online insurance aggregator, has raised USD 75.0 mn primary capital in a round led by Falcon Edge Capital at an undisclosed valuation

▪ Startek, an international business process management firm, announced investment of USD 30.0 mn in CSS Corp, an IT services and tech support company, for an indirect beneficial interest of c.26.0% Notes: ¹Financial year ending March Source: Bloomberg as on March 19, 2021, News run; USD 1 = INR 74

9 Sectoral Update – Technology, Telecom and Media India Telecom and Media Update

1 Month Share Price Performance Telecom Media and Entertainment

Reliance Industries 0.1% Zee 3.5% Sun TV (5.1%) (8.8%) PVR (7.4%) Bharti Infratel 1.1% Network18 15.1% Inox (0.8%) (10.6%) Dish TV (16.5%)

Trading Comparables¹ Weekly EV/Revenue EV/EBITDA P/E Share Price Market cap EV change in (INR) USD mn USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23

Telecom

Reliance Industries 2,082 (2.6%) 184,962 218,634 2.5x 2.2x 14.3x 11.9x 22.6x 18.2x

Bharti Airtel 530 1.1% 39,070 58,783 3.8x 3.4x 7.8x 6.7x 48.3x 23.6x

Bharti Infratel 264 4.3% 9,596 11,388 2.9x 2.8x 6.3x 5.7x 13.9x 12.6x

Vodafone Idea 10 (4.4%) 3,786 19,440 3.1x 2.7x 6.5x 5.4x NM NM

Media and Entertainment

Zee Entertainment 216 (1.3%) 2,802 2,759 2.3x 2.1x 8.9x 7.9x 13.4x 11.7x

Sun TV 478 (1.6%) 2,548 2,201 4.1x 3.9x 6.6x 6.2x 12.1x 11.2x

PVR 1,368 (3.6%) 1,123 1,738 4.1x 3.1x 13.6x 9.4x NM 28.0x

Network18 43 (2.0%) 603 1,405 NA NA NA NA NA NA

Inox 321 0.1% 489 864 3.5x 2.7x 14.9x 10.3x NM 21.4x

Dish TV 10 (11.2%) 246 461 0.9x 0.8x 1.6x 1.5x NM 36.7x

Industry Update ▪ Bharti Airtel, Jio and Vodafone Idea added 5.9 mn, 2.0 mn and 1.7 mn wireless subscribers respectively in January 2021 – Jio, Bharti Airtel and Vodafone Idea had market share of 35.3%, 29.6% and 24.6% respectively in wireless subscribers as of January 2021 ▪ According to a statement by Secretary DIPAM (Department of investment and Public Asset Management), Government of India has identified several assets of BSNL and MTNL (state-owned telecom companies) for monetization in FY22 ▪ Government of India announced it has exited its entire stake in Tata Communications post selling remaining 10.0% to Tata Sons' arm Panatone Finvest in an off-market trade – Government had recently sold 16.1% stake through an offer for sale to retail and non-retail investors at the floor price of INR 1,161.0 per share Notes: ¹Financial year ending March Source: Bloomberg as on March 19, 2021, News run; USD 1 = INR 74

10 Sectoral Update – Pharma India Pharmaceuticals Update

1 Month Share Price Performance Large Cap Pharma Mid Cap Pharma MNC Pharma

Sun Pharma (8.4%) IPCA Labs (3.3%) Abbott India 0.6% Divi’s Labs (8.6%) Syngene Intl. (14.3%) Dr. Reddy’s (9.0%) Laurus Labs (3.4%) (10.3%) GSK Pharma (0.5%) Alembic Pharma (7.6%) (12.1%) (0.5%) Ltd (4.6%) (5.2%) Lupin (8.3%) (1.0%) India (1.1%) (9.3%) Glenmark Pharma (8.9%) Jubilant LS Torrent Pharma (6.7%) (15.5%) Novartis India(6.8%) Alkem Labs (8.7%) Eris LS 0.4% Trading Comparables1 Share Weekly Market EV/Revenue EV/EBITDA P/E EV Price change in cap USD mn (INR) price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23 Large Cap Pharma 578 (5.8%) 18,750 18,915 3.7x 3.4x 15.1x 13.5x 23.0x 20.4x Divi’s Labs 3,370 (4.0%) 12,091 11,948 11.0x 9.2x 26.9x 22.5x 38.6x 32.0x Dr. Reddy’s 4,274 (3.4%) 9,605 9,556 3.3x 3.0x 13.6x 11.4x 23.1x 18.8x Cipla 761 (5.6%) 8,290 8,479 3.0x 2.7x 13.2x 11.5x 22.6x 19.0x Aurobindo Pharma 822 (3.1%) 6,511 6,910 1.9x 1.8x 9.0x 8.3x 13.5x 12.5x Biocon 396 (1.1%) 6,417 6,475 5.3x 4.4x 19.5x 14.8x 41.3x 29.2x Lupin 1,005 (4.2%) 6,162 6,448 2.8x 2.5x 14.5x 12.4x 28.3x 22.3x Cadila Healthcare 425 (3.9%) 5,885 6,858 3.1x 2.9x 14.4x 13.3x 20.5x 18.7x Torrent Pharma 2,414 (1.9%) 5,521 6,220 5.2x 4.7x 17.3x 15.3x 29.7x 24.4x Alkem Labs 2,625 (5.4%) 4,241 4,320 3.2x 2.9x 15.2x 13.7x 19.5x 17.4x Mid Cap Pharma IPCA Labs 1,839 (5.8%) 3,152 3,157 3.9x 3.4x 14.7x 13.0x 20.0x 18.0x Syngene Intl. 508 (7.8%) 2,744 2,659 7.5x 6.3x 24.0x 19.4x 43.9x 33.8x Laurus Labs 360 (0.8%) 2,611 2,740 3.9x 3.4x 12.5x 10.8x 18.8x 16.0x Alembic Pharma 888 (5.6%) 2,358 2,591 3.2x 2.9x 12.9x 11.7x 17.4x 16.2x Ajanta Pharma 1,810 (1.3%) 2,116 2,084 4.9x 4.3x 15.4x 13.4x 23.1x 19.6x Natco Pharma 811 (1.7%) 1,998 2,030 5.9x 4.3x 17.2x 10.0x 24.5x 14.8x Glenmark Pharma 458 (4.3%) 1,748 2,298 1.4x 1.3x 7.9x 7.2x 13.4x 11.9x Jubilant LS 713 (9.1%) 1,534 1,997 1.7x 1.7x 7.6x 7.0x 11.6x 10.2x Eris LS 578 (0.9%) 1,061 1,043 5.8x 5.1x 17.0x 15.0x 20.2x 17.6x MNC Pharma Abbott India 14,795 1.2% 4,248 3,976 6.1x 5.6x 29.1x 26.0x 40.3x 35.3x GSK Pharma 1,432 (1.3%) 3,278 3,137 6.4x 5.8x 27.9x 24.4x 39.4x 34.3x Pfizer Ltd 4,394 (5.5%) 2,717 2,434 7.4x 6.8x 23.5x 21.6x 34.9x 31.9x Sanofi India 7,745 (6.8%) 2,410 2,250 5.4x 5.0x 21.1x 19.0x 30.0x 26.6x Novartis India 567 (5.9%) 189 120 NA NA NA NA NA NA Industry Update ▪ Precautions against COVID-19 such as hand hygiene and wearing masks have brought down cases of other infectious diseases and in turn has led to a reduction in sales of anti-infective drugs. The anti-infective segment has struggled since the outbreak of COVID-19 with declining sales in 7 out of 11 months so far in FY21 ▪ Stelis Biopharma, the biotech arm of Strides Pharma Science, raised USD 125.0 mn (for a 35.7% stake) from existing investors, TPG Growth, Think Investments and Route One. Stelis was valued at USD 350.0 mn and Strides will hold 33.0% stake (from earlier 54.0%) post completion of the fundraise ▪ Pharma MSMEs have sought government intervention to tackle recent issues such as non-availability of funding by financial institutions, shortage of input materials, increase in raw material cost, cancellation of export orders, etc.

Notes : ¹Financial year ending March – Sanofi India calendarized to March year end Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

11 Sectoral Update – Healthcare India Healthcare Update

1 Month Share Price Performance Hospitals Diagnostic and Medical Devices

Apollo Hospitals (9.3%) Dr. Lal Pathlabs (3.0%) 19.8% Narayana Hrudayalaya (16.7%) Metropolis (4.4%) Aster DM Healthcare (6.8%) Thyrocare (7.7%) Healthcare Global 5.2% Shalby (8.6%) Poly Medicure 36.0%

Trading Comparables1 Weekly EV/Revenue EV/EBITDA P/E Share Price Market Cap EV change in (INR) USD mn USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23

Hospitals

Apollo Hospitals 2,935 (1.4%) 5,702 6,406 3.6x 3.1x 23.9x 19.8x 57.4x 39.7x

Fortis Healthcare 192 6.9% 1,963 2,216 3.1x 2.8x 19.7x 16.3x 57.3x 38.7x Narayana 385 (9.3%) 1,064 1,168 2.5x 2.2x 15.4x 13.3x 34.6x 27.2x Hrudayalaya Aster DM 140 (1.3%) 946 1,743 1.3x 1.2x 8.9x 7.8x 16.3x 12.1x Healthcare Healthcare Global 175 (1.7%) 296 470 2.8x 2.5x 16.3x 13.7x NM NM

Shalby 100 (6.2%) 146 148 2.1x 1.8x 10.3x 8.9x 20.8x 17.6x

Diagnostics

Dr. Lal Pathlabs 2,517 7.6% 2,835 2,806 11.8x 10.4x 42.4x 36.8x 62.7x 53.5x

Metropolis 1,919 0.7% 1,326 1,305 7.9x 7.1x 26.4x 23.6x 43.7x 37.7x

Thyrocare 850 (4.9%) 607 598 7.6x 7.1x 19.4x 17.6x 29.6x 26.7x

Medical Devices

Poly Medicure 815 (2.3%) 1,057 1,074 8.7x 7.5x 33.4x 27.9x 51.8x 42.6x

Industry Update ▪ Max Healthcare Institute acquired c.42.8% stake in Saket City Hospitals, a hospital operator with 230 beds in Delhi, for a consideration of c.USD 63.5 mn, from KKR, to make it a wholly owned subsidiary of Max Healthcare ▪ Private equity players like Blackstone, Apax Partners, & Baring Asia are rumored to invest c.USD 200.0 mn in Hinduja Global Solutions’ healthcare business which will value the healthcare vertical of the company at c.USD 600.0-700.0 mn ▪ Industry leaders urge Government to increase Production Linked Incentive scheme to 10.0% from 5.0% for medical technology companies to reduce the dependence on imports of medical equipment and boost domestic production ▪ As per a survey, digital technology adoption by health and human services organizations is among the highest in India

Notes: ¹Financial year ending March Source: Company news, Bloomberg as on March 19, 2021; USD 1 = INR 74

12 Sectoral Update – Auto & Auto Components India Auto & Auto Components Update

1 Month Share Price Performance Auto Makers Auto Components and Tyres

Maruti Suzuki (2.9%) (0.9%) (0.9%) M&M (3.3%) Bosch (6.8%) (8.8%) MRF (4.1%) Hero MotoCorp (8.0%)

Trading Comparables1

Weekly EV/Revenue EV/EBITDA P/E Share Price Market cap EV change in (INR) USD mn USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23

Auto Makers

Maruti Suzuki 7,114 0.2% 29,039 28,901 2.5x 2.1x 26.1x 21.7x 32.6x 26.0x

Tata Motors 309 (2.7%) 14,784 26,107 0.6x 0.6x 4.9x 4.1x 16.3x 9.7x

M&M 850 (0.6%) 14,285 21,552 2.1x 2.2x 13.7x 13.4x 21.4x 18.8x

Bajaj Auto 3,650 (2.6%) 14,273 13,855 3.1x 2.7x 17.9x 15.2x 18.8x 16.2x

Hero MotoCorp 3,119 (6.9%) 8,421 7,814 1.5x 1.4x 11.5x 10.3x 16.5x 14.9x

Auto Components

Motherson Sumi 212 (0.9%) 9,032 10,630 1.1x 1.0x 10.2x 8.8x 26.8x 20.4x

Bosch 14,528 (2.5%) 5,790 5,456 NA NA NA NA NA NA

Tyres

MRF 84,540 (4.8%) 4,845 4,784 1.9x 1.7x 11.0x 9.8x 24.1x 20.8x

Industry Update

▪ The government announced the vehicle scrappage policy which includes a 4.0 - 6.0% reduction in the vehicle ex-showroom price on production of a scrappage certificate and rebate of up to 25.0% and 15.0% for PVs and CVs on road tax and waiver of registration fee. The policy addresses intents of all stakeholders from low import bill for scrap and crude oil, job opportunities for MSMEs, possibility of upside in new vehicle sales for OEMs, and safer and cleaner vehicles for consumers ▪ Shuchi Anant Virya announced its partnership with HPCL to set up a pan-India network of public EV charging points at its retail outlets. Shuchi Anant Virya currently owns and operates EV charging hubs in Gurugram and Pune and is a Joint JV between EV- based urban mobility company, Lithium Urban Technologies and renewable energy solutions firm, Fourth Partner Energy

Notes: ¹ Financial year ending March Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

13 Sectoral Update – Metals & Mining India Metals & Mining Update

1 Month Share Price Performance Integrated Mining & Metals Steel & Other Metals

Hindustan Zinc (5.7%) JSW Steel 11.3%

Coal India (2.1%) 9.3%

Vedanta 16.5% Jindal Steel & Power (2.6%)

NMDC 13.1% 8.8%

Trading Comparables1 Weekly EV/Revenue EV/EBITDA P/E Share Price Market cap EV change in (INR) USD mn USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23

Integrated Mining & Metals

Hindustan Zinc 283 (6.2%) 16,179 13,261 3.6x 3.4x 6.6x 6.3x 11.9x 11.1x

Coal India 136 (9.4%) 11,351 8,417 0.6x 0.6x 3.2x 3.0x 5.9x 5.5x

Vedanta 222 0.4% 11,162 15,284 1.2x 1.2x 3.7x 3.7x 7.9x 8.0x

NMDC 133 (0.6%) 5,281 5,028 2.3x 2.4x 5.3x 6.0x 7.3x 8.2x

Steel

JSW Steel 441 5.2% 14,391 21,003 1.7x 1.5x 7.1x 6.6x 12.5x 10.7x

Tata Steel 733 1.8% 11,411 25,928 1.2x 1.2x 6.4x 6.6x 7.4x 8.2x

Jindal Steel & Power 313 (1.4%) 4,315 8,377 1.5x 1.5x 5.3x 5.7x 8.3x 9.5x

Other Metals

Hindalco Industries 335 1.5% 10,174 15,635 0.8x 0.8x 5.9x 5.7x 10.2x 9.7x

Industry Update

▪ Coal India has approved 32 new coal mining projects in the ongoing financial year with an estimated cost of USD 6.4 bn. Of the 32, 24 are expansion of existing projects and the remaining 8 are greenfield. The combined incremental peak capacity of the new projects is projected to be 193.0 MTPA ▪ Tata Steel's e-commerce platform Aashiyana which enables customers to purchase steel products online, will now house products from , Croma, Tata AIG and Tata Sky ▪ Large steel companies are expected to reduce debt by 15.0% or USD 473.0 mn between FY21-22 with the higher operating profits generated due to high global prices for steel

Notes: ¹ Financial year ending March Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

14 Sectoral Update – Aviation India Aviation Update

1 Month Share Price Performance Indian LCCs Global FSCs Global LCCs

Interglobe Delta Airlines 7.7% Southwest Airlines 15.4% 6.2% Aviation Ryanair 1.8% Air China 9.1% EasyJet 19.7% SpiceJet(16.8%) IAG 24.7% Air Asia Group 54.5%

Indigo and Spice Jet Share Price Performance

Last 1 year 1 Last 1 month 1 120 320

280 110 240

200 100 160

120 90

80 80 40 19-Feb-21 26-Feb-21 05-Mar-21 12-Mar-21 19-Mar-21 Mar-20 May-20 Aug-20 Oct-20 Jan-21 Mar-21

Price (Indigo) Price (SpiceJet)

Trading Comparables2

Weekly EV/Revenue EV/EBITDA P/E Share Market Cap EV change in Price (INR) USD mn USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23

Interglobe Aviation 1,664 (0.0%) 8,652 8,924 2.1x 1.7x 11.0x 7.6x 84.1x 22.4x

SpiceJet 72 (13.0%) 583 1,906 1.4x 1.1x 10.3x 6.6x NM NM

Industry Update

▪ As per the Directorate General of Civil Aviation (DGCA), 7.8 mn people travelled by air within the country in February 2021, up 1.2% compared to January 2021 but declined 36.7% YoY. IndiGo had a 54.2% share of the total domestic market, while SpiceJet had 12.3% market share ▪ The Union Civil Aviation Ministry has proposed 392 new routes under its flagship scheme UDAN 4.1 bidding process. The UDAN 4.1 round is focused on connecting smaller airports, along with special helicopter and seaplane routes ▪ The approval for Boeing 737 Max operations in India may be delayed further as the DCGA is closely monitoring the aircraft’s performance in foreign jurisdictions. Currently, 14 airlines globally have returned the aircraft into service

Notes: ¹ Rebased to 100, 2 Financial year ending March Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

15 Sectoral Update – Power and Infrastructure India Power Update

1 Month Share Price Performance Integrated &Transmission Generation

Adani Trans. (0.3%) Adani Green 6.7% NTPC Tata 14.3% 4.1% Adani Power 65.1% Torrent 16.5% NHPC (5.6%) CESC (0.5%) JSW 14.7% Power Grid (0.9%) Azure (12.8%)

Trading Comparables¹ Share Weekly Market EV/Revenue EV/EBITDA P/E EV Price change in Cap. USD mn (INR) price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23 Integrated Adani Trans. 768 (0.8%) 11,411 14,922 8.9x 8.4x 19.1x 16.6x 68.0x 54.2x 104 (8.0%) 4,497 11,456 2.4x 2.2x 10.7x 9.5x 18.7x 16.1x Torrent Pwr. 426 3.3% 2,765 3,858 1.9x 1.9x 7.5x 7.2x 14.8x 13.7x CESC 608 (2.8%) 1,089 2,503 1.6x 1.5x 5.7x 5.3x 5.9x 5.3x Generation Adani Green 1,193 2.8% 25,206 26,982 NA NA NA NA NA NA NTPC 109 (0.5%) 14,217 41,443 2.3x 2.1x 7.9x 7.0x 6.8x 6.4x Adani Power 92 22.0% 4,806 11,629 3.1x 3.0x 12.6x 11.8x NM NM NHPC 24 (0.6%) 3,312 6,377 4.5x 4.0x 7.8x 6.7x 8.0x 7.1x JSW Energy 85 (0.9%) 1,883 2,877 2.5x 2.4x 7.1x 7.1x 14.5x 12.9x Azure Power 2,078 (4.3%) 1,352 2,599 10.3x 8.0x 13.3x 10.2x NM NM Transmission Power Grid 230 4.6% 16,274 35,581 6.3x 6.1x 7.1x 6.8x 9.3x 8.9x Key Parameters of USD Bonds Issued by Indian Renewable IPPs

Issue Amt. Issued Curr. 1w 1m 3m 6m 1y Issuer Maturity Coupon Date (USD mn) YTM ago Ago ago ago ago Greenko 16-Aug-16 16-Aug-23 500.0 4.88% 3.90% 3.99% 3.96% 3.85% 4.59% 9.07% Greenko 24-Jul-17 24-Jul-24 650.0 5.25% 4.19% 4.19% 4.06% 4.12% 4.62% 9.16% Greenko 24-Jul-17 24-Jul-22 350.0 4.88% 4.51% 4.51% 4.40% 3.87% 4.44% 7.87% Azure Power 03-Aug-17 03-Nov-22 500.0 5.50% 4.17% 4.19% 3.81% 3.91% 4.10% 8.75% Renew Power 12-Mar-19 12-Mar-24 525.0 6.67% 4.73% 4.74% 4.61% 4.45% 5.32% 10.31% Adani Green 10-Jun-19 10-Dec-24 500.0 5.65% 3.82% 3.92% 3.74% 3.76% 4.40% 7.89% Greenko 29-Jul-19 29-Jul-26 535.0 5.95% 4.49% 4.60% 4.18% 4.33% 4.93% 7.85% Greenko 29-Jul-19 29-Jan-25 500.0 5.55% 4.83% 4.87% 4.66% 4.54% 4.66% 9.19% Greenko 21-Aug-19 21-Feb-23 435.0 6.25% 4.46% 4.47% NA 4.32% 4.82% 9.29% Renew Power 12-Sep-19 27-Sep-22 300.0 6.45% 3.83% 3.67% 3.13% 3.92% 5.12% 7.94% Azure Power 24-Sep-19 24-Dec-24 350.1 5.65% 3.82% 3.92% 3.74% 3.76% 4.40% 7.89% Renew Power 29-Jan-20 05-Mar-27 450.0 5.88% 4.59% 4.70% 4.23% 4.67% 5.73% 7.07%

Notes: ¹ Financial year ending March Source: Bloomberg as on March 19, 2021 (March 18, 2021 for Azure Power – Trading Comps); USD 1 = INR 74

16 Sectoral Update – Power and Infrastructure India Infrastructure Update

1 Month Share Price Performance Ports, Airports and Roads City Gas Distribution

APSEZ 5.0% Adani Gas 48.5%

GMR 0.4% 4.9%

IRB 3.0% IGL (5.8%)

Ashoka Buildcon (7.0%) MGL (5.9%)

Performance of Listed InvITs

FY20 Dividends (INR) FY21 Dividends (INR)

Trust Unit Price (INR) Q1 Q2 Q3 Q4 Q1 Q2 Q3 India Grid 135.9 3.0 3.0 3.0 3.0 3.0 3.0 3.1 IRB InvIT 56.4 3.0 2.5 2.7 1.8 1.5 2.0 2.5

Trading Comparables¹ Share Weekly Market EV EV/Revenue EV/EBITDA P/E Price change in Cap. USD mn (INR) price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23 Ports, Airports and Roads APSEZ 686 (5.8%) 18,842 21,651 9.6x 8.4x 14.7x 12.7x 21.9x 18.5x GMR Infra 25 (7.5%) 2,064 6,078 6.2x 4.7x 20.1x 14.3x NM NM IRB Infra 110 (9.3%) 524 1,456 1.9x 1.8x 4.1x 3.7x 22.4x 11.7x Ashoka 103 (5.7%) 391 1,357 1.8x 1.6x 5.8x 5.3x 36.3x 19.9x Build. City Gas Dist. Adani Gas 739 0.2% 10,986 11,025 36.1x NA NM NA NM NA Gujarat Gas 520 0.3% 4,837 5,027 3.1x 2.8x 16.3x 14.8x 25.6x 23.7x IGL 511 0.4% 4,836 4,554 5.0x 4.2x 16.6x 14.7x 24.0x 20.9x MGL 1,113 (7.9%) 1,485 1,312 3.0x 2.8x 7.5x 6.8x 12.4x 11.4x Industry Update – Power and Infra ▪ (AGEL) raised USD 1.35 bn debt package for its under-construction renewable asset portfolio from 12 international banks − It is one of the largest revolving project financing deals in renewable sector in Asia and first certified green hybrid project loan in India − The facility would initially finance 1.69 GW hybrid portfolio of solar / wind projects to be setup in Rajasthan ▪ Adani Green, Ayana Renewable Power, Evergreen Power and JSW Future Energy won 1.2 GW of wind power projects in SECI’s auction for ISTS connected wind projects ▪ The winning bid of INR 2.77 / kWh is c.7% lower than the lowest tariff quoted in the previous auction by SECI for 2.5 GW ISTS-connected wind projects in August 2020 ▪ According to CARE Ratings, tariffs for solar power could increase between 25-45 paise per unit due to Basic Customs Duty (BCD) on imported solar cells and modules Notes: ¹ Financial year ending March Source: Bloomberg as on March 19, 2021, Company Information, News run; USD 1 = INR 74

17 Sectoral Update – Consumer and Retail India Consumer Update

1 Month Share Price Performance Diversified, Wellness and Personal Care Food Tobacco and Alcohol

HUL 6.8% Nestle India (1.7%) ITC 2.4% 0.9% (5.1%) Godrej Consumer (6.7%) (5.1%) Britannia 3.0% United Breweries (4.1%) Colgate India (1.0%) VST Industries (5.1%) 0.5% Tata Consumer(5.0%) Zydus Wellness (1.5%) Godfrey Philips (3.9%)

Trading Comparables¹ Weekly Market EV/Revenue EV/EBITDA P/E Share Price EV change in Cap (INR) USD mn price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23 Diversified, Wellness and Personal Care HUL 2,312 4.9% 73,409 72,551 10.5x 9.5x 40.0x 34.8x 55.2x 47.9x Dabur 525 0.3% 12,534 12,314 8.6x 7.7x 39.3x 34.6x 47.5x 41.6x Godrej Consumer 673 (2.0%) 9,292 9,587 6.0x 5.4x 26.3x 23.7x 36.1x 32.0x Marico 395 0.3% 6,891 6,840 5.8x 5.3x 28.2x 25.1x 39.4x 35.0x Colgate India 1,579 (2.7%) 5,803 5,714 8.1x 7.5x 27.6x 25.1x 42.1x 38.0x Emami 472 (3.2%) 2,834 2,839 6.6x 6.1x 22.2x 20.2x 33.0x 27.8x Zydus Wellness 1,863 (1.4%) 1,602 1,781 6.5x 5.8x 32.8x 28.1x 32.7x 26.8x Food Nestle India 16,451 (1.6%) 21,434 21,117 10.1x 9.1x 41.1x 36.4x 48.0x 43.2x Britannia 3,467 0.9% 11,284 11,347 6.0x 5.4x 32.6x 29.0x 43.6x 38.4x Tata Consumer 600 (2.4%) 7,475 7,497 4.5x 4.1x 29.8x 26.3x 47.8x 40.6x Tobacco and Alcohol ITC 223 8.7% 37,082 33,784 4.6x 4.3x 12.2x 11.3x 17.1x 15.7x United Spirits 536 (1.4%) 5,267 5,603 4.2x 3.8x 25.6x 21.9x 41.5x 33.6x United Breweries 1,218 0.3% 4,351 4,364 4.6x 4.0x 28.5x 23.8x 52.8x 42.0x VST Industries 3,380 (1.3%) 705 602 3.5x 3.3x 10.0x 9.3x 15.6x 14.5x Godfrey Philips 888 (1.0%) 624 655 NA NA 7.0x NA 10.6x NA Industry Update ▪ Sanghvi Beauty & Technologies, owner of beauty brand MyGlamm, raised c.USD 23.6 mn for a stake of c.24.2% from Ascent Capital, Amazon, and Wipro Consumer at an enterprise value of c.USD 94.9 mn which values the company at EV / FY20 Revenue of c.15.1x ▪ Plant-based nutrition brand, Oziva, raised c.USD 12.0 mn in series B funding round from Eight Roads Ventures, F- Prime Capital, and Matrix Partners for an undisclosed stake ▪ Fashion brand Bewakoof raised c.USD 4.1 mn from IvyCap Ventures for an undisclosed stake Notes: ¹ Financial year ending March – Nestle India calendarized to March year end Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

18 Sectoral Update – Consumer and Retail India Retail Update

1 Month Share Price Performance Restaurant & Grocery Retailers Lifestyle Retailer

Jubilant Foodworks (0.5%) 6.5% Westlife Development 2.9% Aditya Birla Fashion & Retail 25.0% Burger King (5.2%) Vmart Retail (0.8%) Avenue Supermarts (5.4%) Shoppers Stop Future Retail(27.0%) 2.6% Spencer’s Retail (5.4%) Future Lifestyle Fashions (26.8%)

Trading Comparables¹

Weekly Market EV/Revenue EV/EBITDA P/E Share Price EV change in Cap (INR) USD mn price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23

Restaurant

Jubilant Foodworks 2,868 (3.5%) 5,115 5,246 8.5x 7.3x 32.8x 27.8x 74.1x 58.6x

Westlife Development 470 (9.0%) 989 1,098 4.9x 4.2x 29.5x 23.6x NM 75.2x

Burger King 136 (3.3%) 706 807 5.2x 4.1x 33.5x 24.0x NM NM

Grocery Retailers

Avenue Supermarts 2,960 (5.4%) 25,914 25,942 5.5x 4.3x 63.6x 48.3x 96.3x 73.6x

Future Retail 56 (18.6%) 410 410 NA NA NA NA NA NA

Spencer’s Retail 72 (7.0%) 88 92 NA NA NA NA NA NA

Lifestyle Retailer

Trent 799 (8.8%) 3,839 4,091 7.0x 5.8x 44.2x 34.8x NM NM Aditya Birla Fashion & 206 (6.0%) 2,567 3,247 2.7x 2.3x 18.6x 15.3x NM 65.3x Retail Vmart Retail 2,742 (3.2%) 730 799 3.0x 2.6x 27.7x 22.8x 80.1x 54.7x

Shoppers Stop 219 (7.8%) 323 605 1.4x 1.3x 8.3x 9.1x NM NM

Future Lifestyle Fashions 65 (17.1%) 176 540 NA NA NA NA NM NA

Industry Update ▪ Kalyan Jewellers’ c.USD 158.8 mn IPO was subscribed 2.6 times, with QIB portion subscribed 2.8 times, non- institutional portion 1.9 times and retail portion subscribed 2.8 times. The company also raised c.USD 47.6 mn from anchor investors ▪ Southern India Mills’ Association appealed to the central government to remove the 10% import duty on cotton & anti-dumping duty on Viscose Stable Fibre(VSF). Cotton & VSF make the key raw material in man-made fibre products ▪ Retail jewellers are expected to recover from COVID-19 impact with a 30.0%-35.0% YoY increase in demand in FY22 Notes: ¹ Financial year ending March Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

19 Sectoral Update – Real Estate India Real Estate Update

1 Month Share Price Performance

DLF (4.4%) Phoenix Mills (7.5%) Godrej Properties (13.5%) Prestige Estates Projects (4.0%) Embassy Office Parks REIT (3.7%) Brookfield India REIT (12.4%) 3.5% Brigade Enterprises (11.3%) Mindspace Business Parks (1.4%) Sunteck Realty (7.4%)

Trading Comparables¹

Weekly Market EV/Revenue EV/EBITDA P/E Share EV change in Cap Price (INR) USD mn price (%) USD mn FY22 FY23 FY22 FY23 FY22 FY23

DLF 287 (6.8%) 9,614 10,120 11.8x 11.1x 38.3x 39.6x 43.5x 38.7x

Godrej Properties 1,318 (9.1%) 4,949 5,104 18.9x 13.7x 136.7x 67.8x 94.2x 58.9x

Embassy Office Parks 331 (1.5%) 4,235 5,473 13.4x 11.2x 16.1x 13.8x 27.5x 21.4x REIT

Oberoi Realty 590 5.6% 2,899 3,070 8.4x 7.1x 18.2x 14.9x 22.8x 18.8x

Mindspace Business 307 1.2% 2,457 3,357 12.7x 10.5x 15.2x 13.0x 21.0x 17.1x Parks

Phoenix Mills 746 (6.7%) 1,732 2,449 9.3x 7.8x 17.9x 14.5x 35.8x 27.9x

Prestige Estates Projects 286 (2.6%) 1,547 2,842 3.0x 2.8x 10.0x 8.9x 26.4x 20.5x

Brookfield India REIT 227 (6.3%) 929 1,809 NA NA NA NA NA NA

Brigade Enterprises 250 (12.7%) 711 1,229 3.2x 2.8x 9.6x 8.3x 28.4x 19.6x

Sunteck Realty 323 (2.6%) 639 741 5.1x 4.9x 14.0x 9.7x 23.2x 23.3x

Industry Update ▪ Managed office space provider Smartworks plans to invest USD 33.8 mn on 2.5 mn sq. ft. of space in 2021 and expand its total footprint pan India to 7.0 mn sq. ft. Smartworks currently has 31 co-working centers across nine cities and intends to expand in cities such as Bengaluru, Hyderabad and Delhi-NCR ▪ According to industry data, MMR, Bengaluru and Pune remained the most active markets in 2020, accounting for a 67.0% share of the total housing sales (c.1.38 lakh units) recorded in the top 7 cities, and 60.0% of all new launches ▪ The property technology industry in India attracted USD 551.0 mn+ in 2020, driven by increase of homebuyers planning and executing property purchases through virtual platforms

Notes: ¹ Financial year ending March Source: Bloomberg as on March 19, 2021, Company information, News run; USD 1 = INR 74

20 NovaDhruva Team

Sunil Sanghai Founder & CEO [email protected]

Dhruv Bhatia Neel Jain Senior Vice President Associate Vice President [email protected] [email protected]

Piyush Ramchandani Stuti Bhartia Senior Associate Senior Associate [email protected] [email protected]

Ponmathi Veerachami Siddharth Tripathi Associate Associate [email protected] [email protected]

Yogesh Gidwani Ayushi Modi Senior Analyst Analyst [email protected] [email protected]

Mandvi Dixit Vishal Naik Office Manager Senior Manager [email protected] [email protected]

NovaDhruva Capital Private Limited 902 One Centre, Tower 2A; Elphinstone Road (West), Mumbai 400 013; : +91 22 6246 6000 www.novadhruva.com