Jubilant FoodWorks (JUBI IN)

Rating: ACCUMULATE | CMP: Rs3,065 | TP: Rs3,404

July 21, 2021 New format, accelerated store openings positive

Q1FY22 Result Update Quick Pointers:

☑ Change in Estimates | ☑ Target |  Reco . Opened 20 Domino’s stores and 3 store each of Dunkin Donuts, Hongs Kitchen and Ekdum! targeting 150-170 Dominos stores in FY22 Change in Estimates Current Previous . Delivery sales up 123.7%, restrictions impact takeaways. June21 dine in at FY22E FY23E FY22E FY23E Rating ACCUMULATE ACCUMULATE 9.6% (26.5% in April, 17.5% in 2Q21) amid restriction on operating hours Target Price 3,404 3,371 Sales (Rs. m) 44,696 55,131 44,292 53,188 . Creates a new store format with Dunkin Donuts, Ek Dum and Hong’s kitchen % Chng. 0.9 3.7 EBITDA (Rs. m) 11,756 15,001 11,871 14,842 under one roof % Chng. (1.0) 1.1 EPS (Rs.) 34.3 48.6 36.5 50.5 nd % Chng. (6.1) (3.7) We are cutting FY22/23 EPS by 6.1/3.7% on account of impact of 2 wave of covid and lower EBITDA margin estimates on account of cost inflation, higher

Key Financials - Standalone number of store openings and increased Ad spends to promote . We Y/e Mar FY20 FY21 FY22E FY23E remain constructive on JUBI given 1) Increased store opening guidance of Sales (Rs. m) 38,858 32,689 44,696 55,131 150-170 dominos stores with medium term potenial of 3000 stores. 2) lower EBITDA (Rs. m) 8,771 7,666 11,756 15,001 competition given covid led shakeout 3) Increased investment in digital Margin (%) 22.6 23.5 26.3 27.2 PAT (Rs. m) 3,203 2,337 4,521 6,417 infrastructure to emerge as a food tech company and 4) Ability to capitalize EPS (Rs.) 24.3 17.7 34.3 48.6 on increasing convenience sales given strong digital/delivery network. Gr. (%) (3.2) (27.0) 93.4 41.9 DPS (Rs.) 6.0 6.0 12.0 16.0 Yield (%) 0.2 0.2 0.4 0.5 JUBI has devised a new store format with Dunkin donuts, Hongs Kitchen and RoE (%) 25.6 17.4 28.3 33.2 Ekdum! under one roof which can significantly increase the scalability. We RoCE (%) 42.5 29.8 45.6 51.0 would watch out for launch and success of Popeye’s given huge opportunity EV/Sales (x) 10.2 12.2 8.9 7.1 EV/EBITDA (x) 45.3 52.0 33.8 26.2 of Chicken market and affinity towards poultry products. PE (x) 126.3 173.0 89.5 63.0 P/BV (x) 34.2 27.0 23.9 18.6 We belive JUBI’s aggression towards store openeing and increase investmet towards digital infrastructure will allow JUBI to emerge stronger from the Key Data JUBI.BO | JUBI IN pandemic. We maintain Accumulte with a DCF based target prIce of Rs 3404 52-W High / Low Rs.3,333 / Rs.1,655 (Rs 3371 earlier), although we expect back ended returns. Sensex / Nifty 52,199 / 15,632 Market Cap Rs.404bn/ $ 5,420m Shares Outstanding 132m Concall Takeaways: 1)Sales recovery at 94%, Delivery 149.1%, Takeaway at 3M Avg. Daily Value Rs.3366.63m 99.9% compared to FY20 levels.2) Takeaway channel severely impacted due to 2nd wave of covid and recovery at 12.3% compared to FY20 3) Plans to open 150- Shareholding Pattern (%) 175 new stores in FY22 4) New store format will be combination of full service and Promoter’s 42.14 Foreign 41.72 delivery 5) Company does intend to go into cloud kitchen format 6) Took small Domestic Institution 10.63 price hike in end of June to mitigate headwinds of raw material inflation 7) Have Public & Others 5.51 Promoter Pledge (Rs bn) 3.67 increased delivery fee from Rs 32 to Rs 35 to mitigate increase fuel cost 9) Invested towards increasing capacity of commissary at Mumbai and Bangalore 8) Vision of Stock Performance (%) making company highly tech enabled and cater to customers better with help of 1M 6M 12M data science and digitization Absolute (6.9) 9.0 74.9 Relative (6.7) 4.0 25.4 SSG grew 114.2%: Net Sales increased 131.1% to Rs 8.79n (Est Rs 9.88bn). SSG

Amnish Aggarwal growth at 114.2% and Like-for-like (LFL) Sales growth 120.4%.Gross margin [email protected] | 91-22-66322233 contracted 20bps YoY to 77.2% (Est 77.0%). EBIDTA increased ~8x to Rs2.11bn Heet Vora (Est Rs 2.42bn). EBITDA margins at 24.1% from 6.3% last year (Est 24.5%) mainly [email protected] | 91-22-66322381 on account of increase in topline and operating leverage kicking in. Adj. PAT Rs Rashi Vora 681mn (Est Rs 841mn). [email protected] |

July 21, 2021 1 Jubilant FoodWorks

Net Sales grew 131.1%, margins improved significantly Y/e March Q4FY21 Q4FY20 YoY gr. (%) Q3FY21 FY21 FY20 YoY gr. (%) Net Sales 8,790 3,803 131.1 10,259 32,689 38,858 (15.9) Gross Profit 6,788 2,967 128.8 7,947 25,539 29,151 (12.4) % of NS 77.2 78.0 (0.8) 77.5 78.1 75.0 3.1 EBITDA 2,115 241 778.7 2,492 7,666 8,771 (12.6) Margins % 24.1 6.3 17.7 24.3 23.5 22.6 0.9 Depreciation 890 908 (2.0) 858 3,672 3,441 6.7 Interest 418 419 (0.2) 370 1,606 1,635 (1.7) Other Income 80 127 (36.7) 110 704 688 2.2 PBT 887 (959) (192.5) 1,373 3,091 4,383 (29.5) Tax 206 (233) (188.4) 330 754 1,181 (36.1) Tax rate % 23.2 24.3 (1.1) 24.0 24.4 26.9 (2.5) Adjusted PAT 681 (726) (193.8) 1,043 2,337 3,203 (27.0) Source: Company, PL

Opened 3 stores new stores with 0 closures Dominoes opened 20 new stores

Dunkin Donut Stores Stores Cities 40 37 34 32 32 32 35 31 30 30 30

1600 1380 1360

27 27 1354

1335 1325

30 26 1314

1283

1264

1249 1227

24 1200

1400 1167 25 1200 1144 20 1000 15 800

600

298

293

288

285

282

282

281 276

10 276

273

271 269 400 268 5 200

0 0

Q1FY19

Q2FY19

Q3FY19

4QFY19

1QFY20

2QFY20

3QFY20

4QFY20

1QFY21

2QFY21

3QFY21

4QFY21

1QFY22

1QFY19

2QFY19

3QFY19

4QFY19

1QFY20

2QFY20

3QFY20

4QFY20

1QFY21

2QFY21

3QFY21 4QFY21 1QFY22 Source: Company, PL Source: Company, PL

SSG at 114.2; LTL at 120.4% OLO contribution at 99%

140.0 Online sales Mobile (% of online) 120.0 114.2 100.0 App Download (m) 80.0 120 99 99 98 98 98.9 70 60.0 85 87 88.9 60

17.8 100 26.5 25.9 81 40.0 20.5

14.6 73 75 50

6.5

6.0 5.9

5.5 68 (%)

11.8 80 65 4.9

20.0 4.1 4.2 40 0.0 60

-20.0 3.4 30

-

1.7 3.2

3.3 40

-

7.5

- -

-40.0 - 20 20.0 -60.0 - 20 10

-80.0 0 0

61.4

-

1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 1QFY19 3QFY19 4QFY19 1QFY20 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21 3QFY21 4QFY21 1QFY22 2QFY19

Q2FY19 Q3FY19 4QFY19 1QFY20 2QFY20 3QFY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q1FY19 Source: Company, PL Source: Company, PL

July 21, 2021 2 Jubilant FoodWorks

System Sales Recovery during 1QFY22

Source: PL, Company

Like for Like (LFL) Sales recovery during 1QFY22

Source: Company, PL

New introductions in the sides menu

Source: Company, PL

July 21, 2021 3 Jubilant FoodWorks

New integrated format for Dunkin donuts, Ek Dum and Hongs kitchen

Source: Company, PL

July 21, 2021 4 Jubilant FoodWorks

Financials

Income Statement (Rs m) Balance Sheet Abstract (Rs m) Y/e Mar FY20 FY21 FY22E FY23E Y/e Mar FY20 FY21 FY22E FY23E Net Revenues 38,858 32,689 44,696 55,131 Non-Current Assets YoY gr. (%) 10.1 (15.9) 36.7 23.3 Cost of Goods Sold 9,707 7,150 10,103 12,463 Gross Block 18,110 20,108 24,851 29,836 Gross Profit 29,151 25,540 34,593 42,668 Tangibles 17,023 18,865 23,383 28,129 Margin (%) 75.0 78.1 77.4 77.4 Intangibles 1,088 1,243 1,468 1,707 Employee Cost 7,846 7,357 8,840 10,401 Other Expenses 12,534 5,292 6,866 8,410 Acc: Dep / Amortization 9,771 11,575 13,995 16,897 Tangibles 9,050 10,686 12,908 15,580 EBITDA 8,771 7,666 11,756 15,001 Intangibles 721 889 1,087 1,317 YoY gr. (%) 44.3 (12.6) 53.4 27.6 Margin (%) 22.6 23.5 26.3 27.2 Net fixed assets 8,340 8,533 10,856 12,939 Tangibles 7,973 8,179 10,475 12,549 Depreciation and Amortization 3,441 3,672 4,487 5,129 Intangibles 367 354 381 390

EBIT 5,329 3,994 7,268 9,872 Capital Work In Progress 394 267 200 200 Margin (%) 13.7 12.2 16.3 17.9 Goodwill - - - - Non-Current Investments 1,888 6,400 7,323 8,364 Net Interest 1,635 1,606 1,804 1,997 Net Deferred tax assets 810 884 972 1,069 Other Income 688 704 659 817 Other Non-Current Assets 14,150 13,781 13,686 13,468

Profit Before Tax 3,935 3,091 6,123 8,692 Current Assets Margin (%) 10.1 9.5 13.7 15.8 Investments 512 815 2,071 2,647 Inventories 922 1,305 887 1,111 Total Tax 1,181 754 1,602 2,275 Trade receivables 193 179 392 483 Effective tax rate (%) 30.0 24.4 26.2 26.2 Cash & Bank Balance 6,392 5,175 5,446 9,246 Other Current Assets 369 653 447 551 Profit after tax 2,755 2,337 4,521 6,417 Total Assets 33,989 38,015 42,305 50,104 Minority interest - - - - Share Profit from Associate - - - - Equity Equity Share Capital 1,320 1,320 1,320 1,320 Adjusted PAT 3,203 2,337 4,521 6,417 Other Equity 10,510 13,652 15,621 20,455 YoY gr. (%) (3.2) (27.0) 93.4 41.9 Total Networth 11,829 14,971 16,941 21,774 Margin (%) 8.2 7.1 10.1 11.6 Extra Ord. Income / (Exp) (448) - - - Non-Current Liabilities Long Term borrowings - - - - Reported PAT 2,755 2,337 4,521 6,417 Provisions - - - - YoY gr. (%) (14.7) (15.2) 93.4 41.9 Other non current liabilities 15,076 14,500 16,397 18,157 Margin (%) 7.1 7.1 10.1 11.6 Current Liabilities Other Comprehensive Income (28) 780 - - ST Debt / Current of LT Debt - - - - Total Comprehensive Income 2,726 3,117 4,521 6,417 Trade payables 4,485 5,333 5,367 6,095 Equity Shares O/s (m) 132 132 132 132 Other current liabilities 2,594 3,206 3,595 4,072 EPS (Rs) 24.3 17.7 34.3 48.6 Total Equity & Liabilities 33,989 38,015 42,305 50,104 Source: Company Data, PL Research Source: Company Data, PL Research

July 21, 2021 5 Jubilant FoodWorks

Cash Flow (Rs m) Key Financial Metrics

Y/e Mar FY20 FY21 FY22E FY23E YearY/e Mar FY20 FY21 FY22E FY23E

PBT 4,383 3,091 6,123 8,692 Per Share(Rs) Add. Depreciation 3,441 3,672 4,487 5,129 EPS 24.3 17.7 34.3 48.6 Add. Interest 1,635 1,606 1,804 1,997 CEPS 50.3 45.5 68.3 87.5 Less Financial Other Income 688 704 659 817 BVPS 89.6 113.4 128.4 165.0 Add. Other 13,425 (170) 1,943 1,488 FCF 55.1 2.9 35.1 55.9 Op. profit before WC changes 22,884 8,200 14,357 17,306 DPS 6.0 6.0 12.0 16.0 Net Changes-WC 2,833 514 (422) 209 Return Ratio(%) Direct tax (1,181) (754) (1,602) (2,275) RoCE 42.5 29.8 45.6 51.0 Net cash from Op. activities 24,537 7,959 12,332 15,240 ROIC 19.7 12.5 20.9 25.8 Capital expenditures (17,266) (7,582) (7,705) (7,860) RoE 25.6 17.4 28.3 33.2 Interest / Dividend Income - - - - Balance Sheet Others - - - - Net Debt : Equity (x) (0.6) (0.4) (0.4) (0.5) Net Cash from Invt. activities (17,266) (7,582) (7,705) (7,860) Net Working Capital (Days) (32) (43) (33) (30) Issue of share cap. / premium 23 1,759 (1,759) - Valuation(x) Debt changes - - - - PER 126.3 173.0 89.5 63.0 Dividend paid (1,750) (955) (792) (1,584) P/B 34.2 27.0 23.9 18.6 Interest paid (1,635) (1,606) (1,804) (1,997) P/CEPS 60.9 67.3 44.9 35.0 Others (2,407) (794) - - EV/EBITDA 45.3 52.0 33.8 26.2 Net cash from Fin. activities (5,769) (1,595) (4,355) (3,581) EV/Sales 10.2 12.2 8.9 7.1 Net change in cash 1,502 (1,218) 272 3,799 Dividend Yield (%) 0.2 0.2 0.4 0.5 Free Cash Flow 7,270 377 4,627 7,380 Source: Company Data, PL Research Source: Company Data, PL Research

Quarterly Financials (Rs m) Y/e Mar Q2FY21 Q3FY21 Q4FY21 Q1FY22 Net Revenue 8,055 10,572 10,259 8,790 YoY gr. (%) (18.5) (0.2) 14.3 131.1 Raw Material Expenses 1,709 2,294 2,311 2,002 Gross Profit 6,346 8,278 7,947 6,788 Margin (%) 78.8 78.3 77.5 77.2 EBITDA 2,147 2,786 2,492 2,115 YoY gr. (%) (8.7) 9.9 47.0 778.7 Margin (%) 26.7 26.4 24.3 24.1 Depreciation / Depletion 1,030 876 858 890 EBIT 1,117 1,910 1,634 1,225 Margin (%) 13.9 18.1 15.9 13.9 Net Interest 412 405 370 418 Other Income 311 156 110 80 Profit before Tax 1,016 1,661 1,373 887 Margin (%) 12.6 15.7 13.4 10.1 Total Tax 247 410 330 206 Effective tax rate (%) 24.3 24.7 24.0 23.2 Profit after Tax 769 1,251 1,043 681 Minority interest - - - - Share Profit from Associates - - - - Adjusted PAT 769 1,251 1,043 681 YoY gr. (%) (13.0) 20.6 130.6 (193.8) Margin (%) 9.5 11.8 10.2 7.8 Extra Ord. Income / (Exp) - - - (56) Reported PAT 769 1,251 1,043 626 YoY gr. (%) (23.8) 20.6 705.6 (186.1) Margin (%) 9.5 11.8 10.2 7.1 Other Comprehensive Income 24 (7) 804 1,249 Total Comprehensive Income 794 1,244 1,847 1,874 Avg. Shares O/s (m) 12 12 12 13 EPS (Rs) 64.1 104.3 86.9 52.4 Source: Company Data, PL Research

July 21, 2021 6 Jubilant FoodWorks

Price Chart Recommendation History

(Rs) No. Date Rating TP (Rs.) Share Price (Rs.) 3300 1 05-Jul-21 Accumulate 3,371 3,146

2736 2 15-Jun-21 Accumulate 3,370 3,176 3 07-Apr-21 Accumulate 3,279 2,862 2172 4 22-Feb-21 Accumulate 3,261 3,114

1607 5 03-Feb-21 Accumulate 2,941 2,646 6 07-Jan-21 UR - 2,789 1043

7 12-Nov-20 Hold 2,290 2,355

Jul -18 Jul

Jul -19 Jul

Jul -20 Jul

Jul -21 Jul

Jan -19 Jan Jan -20 Jan Jan -21 Jan 8 08-Oct-20 Hold 2,255 2,330 9 02-Sep-20 Hold 2,255 2,251

Analyst Coverage Universe Sr. No. Company Name Rating TP (Rs) Share Price (Rs) 1 BUY 3,136 3,005 2 Avenue Supermarts BUY 3,686 3,378 3 Bajaj Electricals Hold 1,084 1,050 4 Accumulate 3,755 3,545 5 Burger King BUY 250 158 6 Colgate Palmolive Accumulate 1,794 1,690 7 Crompton Greaves Consumer Electricals BUY 454 450 8 India UR - 590 9 BUY 579 564 10 India Hold 1,066 1,022 11 BUY 2,562 2,487 12 ITC BUY 258 202 13 Jubilant FoodWorks Accumulate 3,371 3,146 14 Kansai Nerolac Paints Accumulate 620 587 15 UR - 520 16 Nestle India Accumulate 18,450 17,602 17 UR - 2,179 18 Accumulate 1,869 1,763 19 Hold 955 1,015 20 Westlife Development BUY 572 496

PL’s Recommendation Nomenclature (Absolute Performance) Buy : > 15% Accumulate : 5% to 15% Hold : +5% to -5% Reduce : -5% to -15% Sell : < -15% Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly

July 21, 2021 7 Jubilant FoodWorks

ANALYST CERTIFICATION (Indian Clients)

We/I, Mr. Amnish Aggarwal- MBA, CFA, Mr. Heet Vora- CA, Ms. Rashi Vora- B.Com, CFA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. (US Clients)

The research analysts, with respect to each issuer and its securities covered by them in this research report, certify that: All of the views expressed in this research report accurately reflect his or her or their personal views about all of the issuers and their securities; and No part of his or her or their compensation was, is or will be directly related to the specific recommendation or views expressed in this research report. DISCLAIMER Indian Clients Prabhudas Lilladher Pvt. Ltd, Mumbai, India (hereinafter referred to as “PL”) is engaged in the business of Stock Broking, Portfolio Manager, Depository Participant and distribution for third party financial products. PL is a subsidiary of Prabhudas Lilladher Advisory Services Pvt Ltd. which has its various subsidiaries engaged in business of commodity broking, investment banking, financial services (margin funding) and distribution of third party financial/other products, details in respect of which are available at www.plindia.com. This document has been prepared by the Research Division of PL and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accepts any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. PL may from time to time solicit or perform investment banking or other services for any company mentioned in this document. PL is in the process of applying for certificate of registration as Research Analyst under Securities and Exchange Board of India (Research Analysts) Regulations, 2014 PL submits that no material disciplinary action has been taken on us by any Regulatory Authority impacting Equity Research Analysis activities. PL or its research analysts or its associates or his relatives do not have any financial interest in the subject company. PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report. PL or its associates might have received compensation from the subject company in the past twelve months. PL or its associates might have managed or co-managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months. PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. PL or its associates might have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months PL or its associates might have received any compensation or other benefits from the subject company or third party in connection with the research report. PL encourages independence in research report preparation and strives to minimize conflict in preparation of research report. PL or its analysts did not receive any compensation or other benefits from the subject Company or third party in connection with the preparation of the research report. PL or its Research Analysts do not have any material conflict of interest at the time of publication of this report. It is confirmed that Mr. Amnish Aggarwal- MBA, CFA, Mr. Heet Vora- CA, Ms. Rashi Vora- B.Com, CFA Research Analysts of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. The Research analysts for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. The research analysts for this report has not served as an officer, director or employee of the subject company PL or its research analysts have not engaged in market making activity for the subject company Our sales people, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that reflect opinions that are contrary to the opinions expressed herein, and our proprietary trading and investing businesses may make investment decisions that are inconsistent with the recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. PL and its associates, their directors and employees may (a) from time to time, have a long or short position in, and buy or sell the securities of the subject company or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company or act as an advisor or lender/borrower to the subject company or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions. US Clients This research report is a product of Prabhudas Lilladher 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 Prabhudas Lilladher 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, Prabhudas Lilladher 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.

Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai-400 018, India | Tel: (91 22) 6632 2222 Fax: (91 22) 6632 2209 www.plindia.com

July 21, 2021 8