End of the Week Update

July 18, 2021 Contents

Page Section Title number 1 Our Views 3 2 Market Update 4 3 Sectoral Update 3.1 Financial Services 7 3.2 Technology, Telecom and Media 9 3.3 Pharma 11 3.4 Healthcare 12 3.5 Auto & Auto Components 13 3.6 Metals & Mining 14 3.7 Aviation 15 3.8 Power and Infrastructure 16 3.9 Consumer and Retail 18 3.10 Real Estate 20 3.11 Startup Update 21

Disclaimer: This presentation is for information and illustrative purpose only. This presentation should not be relied upon to take any decisions, including investment decisions. Neither we nor any of our affiliates shall be liable for any damage, loss, injury, whether direct or indirect, that may be caused to you as a result of any investment made based on this presentation. This presentation is neither an offer to buy or sell or deal nor a solicitation of any offer to buy or sell or deal in securities, financial products, investments, etc. This information is neither addressed to nor should it be presented in any jurisdiction where such presentation will entail any liability or requirement of registration or approval on us. Even though the information is drawn from reliable sources, we neither guarantee nor assure the accuracy, completeness or authenticity of the information provided by us in this presentation. Information contained in this presentation is subject to change without any prior notice. The information provided in this presentation is not investment advice.

2 Our Views Entrepreneurship supported by Private Equity Capital

Crony capitalism, lack of capital and leveraged capital are terminologies we would often hear in conversations a few years back. Over time, the scenario has significantly changed in the country. The change was initially ushered in by venture capital funds providing capital to start ups. Today, long-term private equity firms and buyout firms are promoting and supporting the growth of entrepreneurship in . This remarkable shift is also supported by public markets and the market regulators. As our public markets have matured, private capital has also evolved. Private capital, though a single terminology, takes on various forms for investing as well as for exits. There are mainly three forms of the investment - venture capital, minority private capital and buyout capital. Private capital is long term/ permanent than public capital, however this is also not perpetual. Therefore, private capital requires exit at an appropriate time from their investment. Over time private capital has explored different forms of exits such as minority sell down, block sale in the public markets if the investee company is a listed company, strategic sale in cases of control transactions and private equity to private equity sale. We have also witnessed other modes of exits like a controlling stake being sold in the public market, sale from one fund to another fund within the same group and exit through SPAC process. More recently, we see the new trend of private equity exiting through public market. This new concept has been successfully tried by private equity investors, where they exit by way of an Initial Public offering (IPO) of the company. Buyout firms had long believed that strategic investors pay more value than public market. The rationale behind this is that strategic investor can combine their businesses and derive synergies. In addition, since they would control the entire cashflow of the business, they have an additional incentive to acquire the business. As a result, there is a general perception that a strategic investor will pay premium valuation. Contrary to this belief, the new alternative of public markets has started offering much better valuation. This is because there is higher confidence in the adequacy of governance framework of a company which is owned by professional investors. With comfort around professional management, higher corporate governance, absence of related party transactions etc. the public markets are also paying full value. This new trend of making private public is very significant as it gives a boost to entrepreneurship. Let me explain the concept. If there is an entrepreneur who sets up a business or has an idea, a venture capital can fund the idea/ business. Once the business is established, the venture capital investor will exit by selling their stake to a private equity investor - the private capital will either buy the entire stake solely or a group of private equity investors could together invest. Once the business grows further, the private equity investor will want to exit. Eventually, they will sell either to a strategic investor or through public market. Sale to a strategic investor curtails the involvement of original entrepreneur. However, if the private capital gets an exit through the public markets, then the entrepreneur can continue to run and control the business so long as he or she has the confidence of the Board. I would say that this is a big change that will bring in a new age business model with professional capital, professional management and professional entrepreneur. The good part is that the regulator is also playing the role of a key enabler. The recent consultative paper of SEBI proposing to change the present provision of promoter to the concept of controlling shareholder is a move that would make it easier for entrepreneurs and private investors to access public markets. Identification of promoter, promoter group and relatives of the promoter; and minimum promoter’s contribution/ shareholding/ lock-up requirements have been a challenge for the new age companies and businesses. The concept of controlling shareholder and the proposed change in the current lock-in requirements will resolve some of these issues. Further, with the role of independent directors getting strengthened, the interests of larger public shareholders will be protected from a governance perspective. To my mind, all ducks are in a row for a combination of Laxmi and Saraswati in the form of capital and capability to give us a lot more Unicorns!

3 Market Update Key Market Trends

Global and Indian Indices Performance

Rebased to 100 Last 1 Year Rebased to 100 Since Jan 01, 2021 200 1,500 120 (YTD) 1,500 180 115 160 1,000 1,000 140 110 120 105 500 500 100 100 80 60 0 95 0 The Indian indices, 16-Jul 27-Sep 09-Dec 20-Feb 04-May 16-Jul 01-Jan 09-Feb 20-Mar 28-Apr 06-Jun 16-Jul Nifty and Sensex, NIFTY Volume Nifty Sensex Dow Jones NASDAQ FTSE Nikkei Hang Seng increased by 1.5% (RHS) -Mn Current and 1.4% Return (%) 1D 1W 1M 3M 6M YTD 1Y respectively Level Nifty 15,923 (0.0%) 1.5% 1.0% 8.9% 10.3% 13.6% 48.3% Sensex 53,140 (0.0%) 1.4% 1.2% 8.8% 8.4% 11.0% 45.7% Dow Jones 34,688 (0.9%) (0.5%) 1.9% 1.4% 12.6% 13.3% 29.7% Nasdaq 14,681 (0.8%) (1.0%) 5.0% 4.6% 14.7% 13.9% 38.2% FTSE 7,008 (0.1%) (1.6%) (2.5%) (0.2%) 4.0% 8.5% 12.1% Nikkei 28,003 (1.0%) 0.2% (4.4%) (5.7%) (1.8%) 2.0% 23.0% Hang Seng 28,005 0.0% 2.4% (1.5%) (3.3%) (2.0%) 2.8% 12.2% Indian Sectoral Performance Current Return (%) 1D 1W 1M 3M 6M YTD 1Y NIFTY Realty, NIFTY Level IT and NIFTY Metal Nifty Bank 35,752 (0.4%) 1.9% 2.1% 11.8% 10.9% 14.5% 65.5% were the bigger Nifty Fin. Services 16,884 (0.2%) 1.8% 1.9% 9.9% 9.3% 11.2% 57.7% winners this week Nifty FMCG 36,254 0.2% 0.2% 0.3% 4.0% 4.7% 5.4% 16.3% Nifty Pharma 14,635 1.2% 1.9% 2.9% 10.6% 12.5% 12.6% 41.0% Nifty IT 29,400 (1.1%) 2.6% 3.3% 11.7% 11.5% 20.2% 73.7% Nifty Auto 10,428 0.0% 0.1% (2.3%) 6.3% 2.5% 12.5% 48.6% Nifty Media 1,801 (0.4%) (1.3%) (4.5%) 22.1% 3.9% 8.6% 36.3% Nifty Metal 5,391 1.0% 2.2% 3.4% 21.6% 56.3% 65.4% 160.4% Nifty PSU Bank 2,463 (0.4%) (0.3%) 0.2% 20.8% 27.1% 36.1% 75.2% Nifty Private Bank 18,710 (0.5%) 1.8% 1.6% 9.4% 6.1% 8.8% 57.8% Nifty Realty 398 1.1% 8.6% 12.8% 27.0% 20.0% 25.6% 103.2% BSE Telecom 1,417 2.5% 0.9% 2.0% 4.7% (4.4%) 10.2% 10.3% BSE Healthcare 26,307 1.1% 1.7% 4.5% 14.3% 19.4% 20.4% 55.3%

Valuation multiples NTM PE Ratio – Last 1 Year for NSE Realty, NSE 39.9x, Realty Metals and NSE IT 34.4x, FMCG recorded the 29.5x, Healthcare 42.0x biggest gains this 27.9x, Pharma 26.0x, IT week 36.0x 21.9x, Sensex 30.0x 21.5x, Auto NTM PE Ratio chart 21.3x, Fin. Services shows the evolution 24.0x 20.9x, Nifty 19.5x, Media of NTM valuation 18.0x 17.9x, Bank multiple on each 12.0x day for the last 12 7.9x, Metals months 6.0x 0.0x 16-Jul 27-Sep 09-Dec 20-Feb 04-May 16-Jul

Source: Bloomberg as on July 16, 2021

4 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 16-Jul-21 15-Jul-21 14-Jul-21 13-Jul-21 12-Jul-21 sellers in the cash and F&O segment FII/FPI (Cash) (357.6) (62.5) (35.5) (174.8) 15.3 (100.0) whereas DIIs were 1 net buyers this FII/FPI (F&O) (186.1) 31.4 451.3 27.0 (396.4) (299.4) week DII 433.6 89.3 58.9 179.1 46.2 60.0

Total (110.1) 58.2 474.7 31.3 (334.9) (339.4) FIIs/FPIs were net buyers in the debt segment Trading Activity by FIIs in Debt Segment (USD mn)

Last 1 Week Weekly Total 16-Jul-21 15-Jul-21 14-Jul-21 13-Jul-21 12-Jul-21

FII/FPI 95.8 100.2 (11.4) 64.7 (68.6) 10.8

Trading Activity on Stock Exchanges by Mutual Funds in Debt Segment (USD mn) Last 5 days Weekly Total 13-Jul-21 12-Jul-21 09-Jul-21 08-Jul-21 07-Jul-21 available Mutual Funds 972.1 47.1 140.6 537.0 191.0 56.5

FPI Debt Utilization Status in G-Sec Segment (USD mn) Total Investment Total Investment Utilization Utilization Instrument Type 1M change (July 16, 2021) (June 16, 2021) (July 16, 2021) (June 16, 2021) Central Government 12,218 12,356 (1.12%) 37.12% 37.49% Securities (General) Central Government 2,675 2,675 0.00% 17.53% 17.53% Securities (Long Term) State Development 116 111 3.88% 1.12% 1.07% Loans (General) State Development 0 0 NM 0.00% 0.00% Loans (Long Term)

Liquidity Position (USD mn)

Last 1 Week 16-Jul-21 15-Jul-21 14-Jul-21 13-Jul-21 12-Jul-21 09-Jul-21

Net Liquidity NA 81,194 74,013 74,848 73,739 74,585

Absorption through RBI Reverse Repo NA 68,343 61,082 61,999 60,400 61,621

2 MIBOR (%) 3.39% 3.39% 3.39% 3.39% 3.40% 3.38%

3 MIFOR 1M 4.03% 3.96% 4.00% 4.07% 4.13% 4.14%

3 MIFOR 3M 4.21% 4.19% 4.23% 4.27% 4.36% 4.32%

3 MIFOR 6M 4.39% 4.35% 4.35% 4.37% 4.42% 4.46%

3 MIFOR 12M 4.79% 4.76% 4.75% 4.75% 4.80% 4.77%

Notes: 1Includes notional turnover in case of options, 2Financial Benchmarks India Overnight Interbank Outright Rate, 3Mumbai Interbank Forward Offer Rate; Source: Bloomberg as on July 16, 2021, CCIL, SEBI

5 Market Update Key Market Trends India Government and Corporate Bond Yields (%)

The 10YR Yield (%) Current 1D 1W 1M 3M 6M Jan 01 1Y Government bond 1YR AAA Rated Corp. Bond 4.10% 4.06% 4.02% 4.28% 3.87% 4.01% 3.67% 4.23% yield increased by 2 basis points 1YR G-Sec 3.84% 3.89% 3.93% 3.87% 3.88% 4.16% 3.34% 3.60%

3YR AAA Rated Corp. Bond 5.24% 5.25% 5.30% 5.24% 5.70% 5.10% 4.81% 4.97%

3YR G-Sec 5.11% 5.13% 5.20% 5.08% 4.94% 5.01% 4.41% 4.67%

5YR AAA Rated Corp. Bond 6.06% 6.06% 6.08% 5.98% 6.08% 5.76% 5.50% 5.54%

5YR G-Sec 5.68% 5.69% 5.73% 5.67% 5.94% 5.54% 5.04% 4.89%

10YR AAA Rated Corp. Bond 6.67% 6.66% 6.64% 6.80% 6.81% 6.72% 6.63% 6.53%

10YR G-Sec 6.21% 6.19% 6.19% 6.05% 6.09% 5.95% 5.88% 5.81%

Currency Market Snapshot

% Change in FX Current FX Rate 1D 1W 1M 3M 6M YTD 1Y

USD-INR 74.56 (0.0%) 0.1% (1.7%) (0.3%) (2.0%) (1.9%) 0.8%

EUR-INR 88.13 0.2% 0.4% 0.9% 1.1% 0.7% 1.3% (2.7%)

GBP-INR 103.10 0.1% (0.1%) 0.4% (0.6%) (3.3%) (3.0%) (8.5%)

JPY-INR 0.68 0.1% 0.3% (1.4%) 1.0% 3.9% 4.5% 3.6%

SGD-INR 55.07 0.0% 0.1% 0.4% 1.2% (0.1%) 0.4% (1.9%)

CNY-INR 11.51 0.3% 0.1% (0.4%) (0.9%) (2.0%) (2.7%) (6.5%)

Commodity Market Snapshot

% Change Current 1D 1W 1M 3M YTD 6M 1Y

WTI Crude (USD/barrel) 71.81 0.2% (3.7%) (0.2%) 14.3% 39.2% 48.5% 69.4% Oil ICE Brent Crude (USD/barrel) 73.59 0.2% (2.6%) 0.0% 12.6% 35.7% 43.7% 61.3%

Gold Spot Gold (USD/ounce) 1,812.05 (1.0%) 0.2% 0.0% 2.0% (0.9%) (4.6%) 0.8%

India InvITs and REIT Performance

% Change Current Price 1D 1W 1M 3M 6M YTD 1Y

Indigrid 136.80 0.7% 2.4% 3.7% 4.5% 10.4% 15.9% 39.4% InvITs IRBInvIt 56.00 0.9% 0.7% (0.3%) 6.2% 16.8% 33.3% 36.2%

Embassy Office Parks 357.58 0.1% (0.1%) 4.6% 15.5% 0.7% 1.7% 5.1%

REIT Mindspace Business Parks 281.42 0.2% (0.0%) (2.6%) (3.4%) (16.8%) (14.4%) NA

Brookfield India 265.49 0.2% 0.1% (1.4%) 9.9% NA NA NA

Source: Bloomberg as on July 16, 2021

6 Sectoral Update – Financial Services India Financial Services Update

1 Month Share Price Performance India – Bank Stocks India – NBFC Stocks HDFC Bank 2.5% HDFC 0.6% ICICI Bank 3.2% 0.7% KMB (0.6%) Shriram Transport 1.1% 2.8% L&T Finance (1.5%) Indusind 3.0% Mahindra Finance (4.5%) (4.3%) Shriram City Union 2.8%

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 1,522 1.4% 113,697 3.6x 3.1x 22.4x 18.7x 17.1% 17.2% ICICI Bank 660 3.4% 61,791 2.8x 2.5x 23.4x 18.7x 12.7% 14.2% 1,750 1.7% 46,867 3.9x 3.5x 31.5x 26.6x 12.6% 12.8% Axis Bank 771 3.2% 31,943 2.2x 1.9x 20.9x 16.6x 10.9% 12.8% IndusInd Bank 1,044 0.4% 10,921 1.7x 1.5x 14.1x 10.9x 12.8% 14.8% Yes Bank 13 1.1% 4,537 1.0x2 NA NA NA NA NA NBFCs HDFC 2,537 1.6% 61,906 3.8x 3.4x 22.0x 17.2x 13.0% 13.3% Bajaj Finance 6,125 (0.2%) 49,960 8.5x 6.9x 47.5x 35.3x 19.2% 21.5% Shriram Transport 1,449 (0.4%) 5,230 1.5x 1.4x 12.3x 10.3x 14.1% 14.5% L&T Finance 95 2.0% 3,168 1.2x 1.0x 11.9x 9.1x 9.8% 11.5% Mahindra Finance 162 0.2% 2,705 1.2x 1.1x 12.2x 9.5x 10.7% 12.6% Shriram City Union 1,764 (2.0%) 1,574 1.3x 1.1x 9.4x 7.8x 13.9% 14.6%

Industry Update ▪ On July 14, RBI came out with draft guidelines for issuance and regulation of share capital and securities for primary (urban) cooperative banks − As per the draft, the UCBs will be permitted to include Perpetual Non-Cumulative Preference Shares in Tier-I and Tier-II capital while Redeemable Non-Cumulative Preference Shares and Redeemable Cumulative Preference Shares are proposed to be included in Tier-II capital ▪ On July 15, One 97 Communications Limited (Paytm) filed the DRHP for its IPO with proposed issue size of USD 2.2 bn − Out of the total issue, 50.0% will be an offer for sale and 50.0% would be primary issue of shares ▪ RBI imposed restrictions on Mastercard from onboarding new domestic debit, credit, or prepaid customers on its card network − The action has been against the payment system operator for violating RBI's norms on the storage of payment systems data ▪ According to an industry research agency, restructured book of NBFCs and housing finance companies is expected to grow by 2.0x to 3.1-3.3% of their assets by March 2022 (vs. 1.6% in March 2021) Notes: ¹ Financial year ending March; 2 Represents P/B ratio calculated based on book value per share as of March 31, 2021 Source: Bloomberg as on July 16, 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 0.8% HDFC AMC 1.3% ICICI Lomb. 0.3%

SBI Life 5.9% Nippon 14.1%

New India (5.4%) ICICI Pru. 8.5% UTI AMC 12.9%

Trading Comparables¹

Weekly P/BV P/Emb. Value² VNB Margin3 RoE Share Price Market cap change in (INR) USD mn price (%) FY22 FY23 FY22 FY23 FY22 FY23 FY22 FY23 Life Insurance

HDFC Life 698 2.2% 19,074 14.5x 12.5x 5.6x 4.7x 26.3% 26.4% 16.2% 16.4% SBI Life 1,050 3.0% 14,195 8.7x 7.5x 3.5x 3.0x 23.9% 24.3% 15.0% 14.3% ICICI Pru. 627 2.2% 12,172 9.2x 8.3x 3.5x 3.2x 24.7% 25.3% 12.9% 14.4%

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. 1,521 (3.0%) 9,348 7.8x 6.7x 40.2x 32.9x 3.8% 4.0% 20.1% 20.8% New India 165 (1.3%) 3,668 1.3x 1.2x 13.3x 10.1x 1.8% 2.2% 8.9% 11.3%

Weekly EV4/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 3,094 5.9% 8,910 12.8% 11.0% 43.5x 37.4x 28.1% 28.3% 29.8% 29.5% Nippon 419 10.8% 3,498 6.3% 5.6% 40.8x 35.4x 20.7% 22.9% 20.2% 22.0% UTI AMC 879 6.3% 1,506 5.7% 4.8% 25.7x 21.5x 12.7% 15.4% 13.7% 15.4%

Industry Update ▪ Government of India has issued four requests for proposal for selecting book running lead managers, legal adviser, advertising agency, and registrar and transfer share agent for LIC’s IPO, which will be the largest ever as per the Government ▪ According to industry reports, India’s insurance penetration saw a marginal improvement to 4.2% for FY21, up from 3.8% in FY20. Life insurance penetration increased from 2.8% in FY20 to 3.2% in FY21, and non-life insurance penetration increased from 0.9% to 1.0% ▪ According to industry experts, the number of COVID-19 related claims for life insurers in the second wave is expected to be 3.0-4.0x of the first wave. The higher number of claims is expected to have an impact on aspects like term pricing Notes: ¹ Financial year ending March, ² Emb. Value refers to Embedded Value; 3 Value of New Business, 4 EV represents Enterprise Value Source: Bloomberg as on July 16, 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 (2.4%) L&T Infotech 1.9% InfoEdge 4.2% IndiaMart (1.0%) 5.1% 10.9% Happiest Minds 63.2% 13.9% MakeMyTrip (5.5%) 4.1% Route Mobile 25.3% L&T Tech 19.4% Intellect Design 1.7% HCL 2.6% 14.3% JustDial 0.2% Infibeam(1.1%) TechM 3.2% Peristent Sys. 12.4% Nazara 15.6% 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 3,195 (0.4%) 159,699 155,183 6.0x 5.4x 21.3x 19.2x 30.1x 26.9x Infosys 1,555 (0.5%) 89,570 86,809 5.5x 4.8x 20.6x 18.1x 30.0x 26.2x Wipro 578 9.9% 42,779 40,530 3.9x 3.5x 17.8x 16.1x 26.5x 23.8x HCL 1,005 2.9% 36,855 35,629 3.1x 2.8x 12.2x 11.0x 19.7x 17.5x 1,103 4.9% 14,445 13,195 2.3x 2.1x 12.3x 11.2x 20.2x 18.1x Midcap IT and BPO L&T Infotech 4,289 5.8% 10,130 9,654 4.9x 4.3x 23.5x 20.4x 33.8x 29.3x Mindtree 2,736 7.9% 6,091 5,797 4.5x 3.9x 22.0x 19.4x 33.2x 29.4x Mphasis 2,390 7.2% 6,046 5,766 3.9x 3.4x 20.4x 18.0x 30.9x 26.8x L&T Tech Services 3,397 15.0% 4,822 4,652 5.4x 4.7x 26.1x 22.4x 39.4x 33.5x Coforge 4,548 4.4% 3,723 3,612 4.4x 3.8x 23.5x 19.8x 40.8x 33.8x Persistent Systems 2,842 2.4% 2,935 2,729 4.0x 3.5x 24.1x 20.4x 37.3x 31.0x Software and Consumer Internet InfoEdge 5,103 (5.2%) 8,880 8,813 44.7x 37.6x NM NM NM NM IndiaMart 7,229 (2.0%) 2,968 2,667 24.5x 20.1x 54.2x 46.5x 64.7x 54.1x Happiest Minds 1,494 23.5% 2,966 2,916 21.8x 17.6x NM 78.1x NM NM MakeMyTrip 2,052 (8.6%) 2,904 2,660 7.4x 4.0x NM NM NM NM Route Mobile 2,152 1.9% 1,679 1,616 6.6x 5.1x 49.0x 37.4x 65.0x 49.1x Intellect Design 777 9.0% 1,404 1,379 6.0x 5.2x 22.7x 18.0x 30.6x 24.0x JustDial 1,073 (3.5%) 903 903 8.6x 7.5x 40.5x 26.1x 32.4x 23.9x Infibeam 50 (1.8%) 899 878 7.3x 6.2x 27.7x 28.1x 41.4x 42.6x Nazara Technologies 1,923 7.0% 791 743 8.9x 6.4x 74.5x 50.4x NM NM

Industry Update

▪ Reliance Retail, ’ retail arm, is acquiring 40.9% stake in Just Dial for a consideration USD 472.6 mn. The transaction is valued at a FY21 EV/Revenue multiple of 10.3x and FY21 EV/EBITDA multiple of 41.3x − Reliance Retail would make an open offer to acquire up to 26.0% in accordance with takeover regulations − Out of the total 40.9%, it has received a preferential allotment of 21.2 mn equity shares, which is equivalent to 25.3% stake, and acquired 15.6% stake from the founder VSS Mani ▪ Zomato’s IPO was subscribed 38.3 times by the end of third and final day of bidding − Retail investor portion was subscribed 7.5 times, non-institutional investors portion was subscribed 32.9 times and the QIB portion was subscribed 51.8 times ▪ InShorts, an online news aggregator, has secured USD 60.0 mn in funding from Vy Capital and existing investors at an undisclosed valuation Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 2021; 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 (4.5%) Sun TV 0.8% Zee (8.2%) 0.8% PVR (5.0%) (4.4%) Network18 (4.5%) Inox (1.7%) Idea (1.0%) Dish TV (5.7%) 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 2,112 2.0% 186,995 212,609 2.4x 2.2x 14.1x 11.7x 24.0x 19.4x

Bharti Airtel 541 0.9% 40,162 62,799 4.2x 3.6x 8.5x 7.3x 53.2x 26.2x

Bharti Infratel 241 (0.2%) 8,773 11,219 3.1x 2.9x 5.9x 5.7x 12.0x 11.4x

Vodafone Idea 9 4.4% 3,670 24,642 4.2x 3.8x 9.3x 7.9x NM NM

Media and Entertainment

Sun TV 534 2.3% 2,843 2,373 4.6x 4.2x 7.2x 6.6x 13.4x 12.4x

Zee Entertainment 209 (3.5%) 2,712 2,466 2.1x 1.9x 8.4x 7.4x 13.7x 11.8x

PVR 1,369 (0.6%) 1,124 1,690 7.1x 3.2x 30.6x 9.5x NM 35.1x

Network18 51 (1.9%) 728 1,437 NA NA NA NA NA NA

Inox 312 (1.4%) 515 514 3.4x 1.7x 17.1x 6.0x NM 22.1x

Dish TV 14 (5.6%) 358 394 0.9x 0.9x 1.6x 1.5x 26.7x 12.7x

Industry Update ▪ As per latest TRAI data, Reliance added 4.7 mn subscribers, Bharti Airtel added 0.5 million subscribers and VIL lost 1.8 mn subscribers in April 2021

− Overall, the number of telecom subscribers in India rose to 1,203.4 mn at the end of April 2021, up 0.2% MoM

▪ According to media reports, Bharti Airtel recorded a speed of over 1.0 GB/sec during a 5G field trial in Mumbai using Finnish firm Nokia's network gear

▪ As per media reports, Investment proposals for local telecom gear manufacturing has vaulted past the government’s target of USD 405.4 mn with 36 global and Indian firms offering to invest USD 608.2 mn

Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 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 3.0% 8.1% Abbott India 6.3% Divi’s Labs 10.6% Syngene Intl. 14.4% Dr. Reddy’s 0.0% IPCA Labs 2.2% GSK Pharma 0.6% 2.1% (2.0%) 2.2% Glenmark Pharma 6.9% Ltd 3.9% (1.2%) Alembic Pharma Lupin 0.2% (3.0%) India 2.7% Torrent Pharma 3.5% 8.2% 1.5% Jubilant LS (6.3%) Novartis India 10.5% Alkem Labs 5.3% Eris LS 8.6% 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 Sun Pharma 689 3.1% 22,326 21,892 4.4x 4.0x 17.2x 15.0x 26.6x 23.0x Divi’s Labs 4,758 3.4% 17,067 16,777 14.7x 12.3x 35.8x 29.5x 51.6x 42.2x Dr. Reddy’s 5,407 (1.0%) 12,154 12,096 3.9x 3.7x 16.8x 14.1x 28.0x 23.1x Cipla 977 1.8% 10,651 10,395 3.7x 3.4x 16.3x 14.0x 28.8x 23.8x Cadila Healthcare 644 0.5% 8,907 9,519 4.3x 4.0x 19.5x 18.3x 28.8x 26.1x Aurobindo Pharma 976 2.8% 7,724 7,671 2.2x 2.0x 10.0x 9.0x 16.3x 14.5x Lupin 1,180 2.8% 7,236 7,101 3.1x 2.8x 16.1x 13.3x 30.9x 24.1x Torrent Pharma 2,991 (0.5%) 6,839 7,405 6.2x 5.6x 20.4x 18.1x 36.3x 29.7x Biocon 409 5.3% 6,641 6,931 5.9x 4.8x 22.2x 17.1x 49.5x 33.9x Alkem Labs 3,351 0.0% 5,415 5,372 4.0x 3.6x 19.6x 16.9x 25.7x 21.9x Mid Cap Pharma Laurus Labs 669 (1.7%) 4,850 5,044 6.4x 5.4x 19.9x 16.7x 30.3x 25.2x Syngene Intl. 668 14.8% 3,619 3,595 10.5x 8.7x 34.2x 27.0x 62.8x 47.7x IPCA Labs 2,098 0.4% 3,596 3,522 4.4x 3.9x 17.0x 14.7x 24.4x 21.0x Natco Pharma 1,108 3.1% 2,730 2,709 8.7x 5.7x 26.4x 12.6x 37.9x 18.3x Glenmark Pharma 687 3.3% 2,620 3,061 1.9x 1.7x 9.9x 9.0x 18.1x 16.3x Alembic Pharma 969 (0.7%) 2,573 2,564 3.4x 3.0x 13.7x 12.2x 19.6x 18.3x Ajanta Pharma 2,155 (0.5%) 2,520 2,482 5.6x 5.0x 17.4x 15.2x 25.8x 21.9x Jubilant LS 714 (2.3%) 1,536 1,828 2.0x 1.9x 8.3x 7.4x 13.1x 11.2x Eris LS 768 3.3% 1,409 1,398 7.6x 6.8x 21.9x 19.7x 25.9x 23.0x MNC Pharma Abbott India 17,484 1.4% 5,021 4,716 7.1x 6.4x 33.3x 28.9x 46.0x 39.1x GSK Pharma 1,577 5.4% 3,611 3,459 7.2x 6.5x 31.9x 27.7x 41.6x 37.9x Pfizer Ltd 5,673 (0.8%) 3,507 3,357 10.1x 9.2x 31.8x 28.2x 45.6x 39.8x Sanofi India 7,961 0.9% 2,478 2,319 5.6x 5.1x 21.9x 19.7x 31.1x 27.5x Novartis India 1,001 (4.6%) 334 275 NA NA NA NA NA NA Industry Update

▪ According to an RBI’s July 2021 bulletin, India needs to diversify pharmaceutical raw material imports to mitigate potential supply side bottlenecks. India also needs to increase its R&D expenditure, and stand as a reliable exporter of pharmaceuticals ▪ The Government has granted basic custom duty exemption on import of raw materials for manufacturing COVID-19 test kits till September 30, 2021, and on import of certain active pharmaceutical ingredients used to manufacture Amphotericin-B, used in the treatment of Mucormycosis, till August 31, 2021 ▪ Dr. Reddy’s laboratories has expanded its pilot launch of Sputnik V to more than 50 cities and towns. Dr Reddy’s recently received nearly 3.0 mn doses of Sputnik V from Russia, with which it has a pact to sell 125.0 mn people doses in India Notes: ¹ Financial year ending March – Sanofi India calendarized to March year end Source: Bloomberg as on July 16, 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 14.7% Dr. Lal Pathlabs 8.4% (1.2%) Narayana Hrudayalaya 6.3% Metropolis 1.8% Aster DM Healthcare 2.4% Thyrocare 1.7% Healthcare Global 14.6% Shalby 18.9% Poly Medicure 2.7% 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 3,779 1.4% 7,343 7,474 4.0x 3.5x 27.8x 23.0x 72.2x 51.1x

Fortis Healthcare 235 (0.7%) 2,401 2,616 3.8x 3.1x 22.3x 17.1x 56.8x 37.6x Narayana 504 4.3% 1,393 1,459 3.1x 2.7x 18.9x 15.5x 45.1x 32.9x Hrudayalaya Aster DM 159 3.7% 1,076 1,693 1.3x 1.2x 8.9x 7.7x 19.5x 14.0x Healthcare Healthcare Global 239 (0.2%) 405 458 2.7x 2.4x 16.1x 13.3x NM NM

Shalby 191 (3.0%) 279 270 3.7x 3.3x 18.3x 15.8x 37.7x 32.3x

Diagnostics

Dr. Lal Pathlabs 3,416 (2.0%) 3,848 3,831 15.3x 13.7x 53.8x 47.8x 78.5x 68.8x

Metropolis 2,834 (5.5%) 1,958 1,916 11.6x 10.3x 39.4x 34.7x 64.2x 55.5x

Thyrocare 1,320 (0.7%) 943 928 11.6x 10.6x 30.6x 26.9x 46.3x 40.8x

Medical Devices

Poly Medicure 969 (1.9%) 1,256 1,219 9.5x 8.3x 35.3x 29.9x 56.3x 47.4x

Industry Update ▪ According to media reports, SoftBank is in talks to acquire a 25.0% stake in Apollo Hospitals’ pharmacy arm Apollo HealthCo as part of Softbank’s focus on India’s healthcare market ▪ International Finance Corporation, invested USD 16.5 mn in MedGenome, a genetic diagnostics and research company, to increase access to COVID-19 testing in India − The partnership, apart from increasing the access to COVID-19 testing, will also support research to better help understand the virus, its variants and manage future outbreaks ▪ SeaLink Capital Partners has invested an undisclosed amount in clinical research and data analytics startup Sekhmet Technologies, which offers services under the brand THB − Existing investors Healthquad, Blume Ventures and others also participated in this round Notes: ¹ Financial year ending March Source: Company news, Bloomberg as on July 16, 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 2.7% Motherson Sumi (0.5%) (4.3%) (10.9%) Bosch (3.4%) M&M (3.3%) MRF (0.1%) Hero MotoCorp (2.4%)

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 7,304 (1.6%) 29,814 28,338 2.4x 2.1x 26.5x 20.4x 34.2x 26.3x

Bajaj Auto 3,932 (1.6%) 15,375 14,221 3.2x 2.8x 18.0x 15.2x 20.5x 17.7x

Tata Motors 311 1.6% 14,959 26,108 0.6x 0.5x 4.9x 3.9x 18.6x 8.7x

M&M 780 1.1% 13,101 19,007 1.7x 1.5x 9.0x 7.9x 17.9x 16.1x

Hero MotoCorp 2,905 0.3% 7,842 7,052 1.5x 1.3x 11.7x 10.2x 16.2x 14.5x

Auto Components

Motherson Sumi 244 3.3% 10,418 11,527 1.2x 1.1x 11.0x 9.1x 29.6x 22.5x

Bosch 15,288 (0.1%) 6,093 5,541 NA NA NA NA NA NA

Tyres

MRF 82,450 3.1% 4,725 4,295 1.7x 1.5x 10.5x 9.0x 26.0x 21.4x

Industry Update ▪ government unveiled its new EV policy, with an aim to make electric vehicles achieve a 10.0% share of total registrations by FY2025. The increased subsidy being offered under the new scheme will make EVs more affordable and accessible to consumers

▪ According to an industry report, India’s market for super luxury cars (priced upward of USD 135.0k) is expected to grow to 2,500.0-3,000.0 units in FY2021, driven by an increased propensity to spend after the pandemic

Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 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 3.0% JSW Steel (0.3%)

Vedanta 3.1% 11.9%

Coal India (6.4%) Jindal Steel & Power (0.3%)

NMDC (0.1%) 6.6%

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

Integrated Mining & Metals

Hindustan Zinc 344 3.7% 19,648 17,606 4.7x 4.4x 8.6x 8.2x 13.6x 12.8x

Vedanta 273 0.3% 13,688 16,889 1.2x 1.2x 3.3x 3.4x 6.2x 6.5x

Coal India 146 (0.8%) 12,121 10,145 0.8x 0.7x 3.8x 3.4x 6.3x 5.8x

NMDC 179 6.7% 7,077 6,556 2.0x 2.4x 4.1x 5.6x 5.9x 8.0x

Steel

JSW Steel 704 3.2% 22,983 29,598 1.9x 1.8x 6.4x 6.8x 9.7x 10.1x

Tata Steel 1,278 3.2% 20,806 30,558 1.1x 1.3x 4.4x 5.8x 5.6x 9.1x

Jindal Steel & Power 406 2.8% 5,596 7,421 1.2x 1.2x 3.5x 4.3x 5.6x 7.4x

Other Metals

Hindalco Industries 406 4.0% 12,312 18,837 0.9x 0.8x 6.2x 6.1x 9.7x 9.2x

Industry Update

▪ Central government directed the public sector undertakings under steel ministry to align their business activities to remain competitive in the market. They gave the directions while reviewing the performance of SAIL, NMDC and MECON

▪ According to an industry report, Coal India has engaged Accenture Solutions as consultant, for digitalization of mine process in seven opencast mines of the company targeting 100.0 mn tonnes increased coal output by March 2023 − The aim is to fit together and use the available data analytic techniques to raise mine productivity and efficiency

Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 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

Southwest Airlines (11.9%) Interglobe Delta Airlines (12.0%) 4.3% Aviation Ryanair (3.7%) Air China (9.9%) EasyJet (13.3%) SpiceJet 1.4% IAG (14.7%) Air Asia Group (11.4%)

Indigo and Spice Jet Share Price Performance

Last 1 year 1 Last 1 month 1 110 260

220

180 100 140

100

90 60 16-Jun-21 23-Jun-21 01-Jul-21 08-Jul-21 16-Jul-21 Jul-20 Sep-20 Dec-20 Feb-21 May-21 Jul-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 1,809 (0.0%) 9,410 10,936 3.1x 2.0x 27.6x 8.2x NM 21.9x

SpiceJet 79 (2.5%) 638 1,870 NA NA NA NA NA NA

Industry Update

▪ Adani Airports Holdings Limited (AAHL) will now own 98.0% of GVK Airport Developers, after debt held in GVK Airport Developers by AAHL was converted into equity, pursuant to the rights exercised by it as a lender of the company ▪ Adani Airport Holdings Limited has taken over management control of Mumbai International Airport Limited, and is now the largest airport infrastructure company accounting for 25.0% 0f airport footfalls − The construction of the airport will begin next month. AAHL now controls 33.0% of India’s air cargo traffic ▪ According to media reports, Vinay Dube (ex-CEO, Jet Airways) and Rakesh Jhunjhunwala backed Akasa is applying to the Ministry of Civil Aviation for an NOC and is expected to start flying in 2022. The new airline is going to work on the Ultra Low-Cost Carrier Model

Notes: ¹ Rebased to 100, 2 Financial year ending March Source: Bloomberg as on July 16, 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. (26.0%) Adani Green (14.7%) NTPC (0.6%) Tata (1.4%) Adani Power (17.0%) Torrent 2.7% JSW 17.6% CESC 8.6% NHPC (4.1%) Power Grid (3.4%) Azure 4.0%

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. 1,017 1.6% 15,108 19,103 11.8x 11.1x 25.5x 21.9x NM 77.3x 124 (0.2%) 5,361 11,177 2.1x 1.9x 10.2x 9.2x 22.9x 17.8x Torrent Pwr. 481 1.1% 3,121 4,111 2.2x 2.1x 8.0x 7.4x 15.9x 14.3x CESC 838 5.5% 1,501 2,965 1.7x 1.7x 6.1x 5.9x 7.9x 7.2x Generation Adani Green 1,009 (1.1%) 21,318 24,354 NA NA NA NA NA NA NTPC 119 1.1% 15,606 42,076 2.5x 2.2x 8.0x 7.0x 7.5x 6.3x Adani Power 106 (3.6%) 5,507 12,384 3.2x 3.2x 12.6x 12.1x NM 69.1x JSW Energy 194 15.6% 4,309 5,285 4.6x 4.4x 12.8x 12.3x 32.7x 28.3x NHPC 26 (0.8%) 3,516 6,562 5.0x 4.6x 8.8x 7.9x 7.8x 7.4x Azure Power 1,754 (11.3%) 1,142 2,423 10.4x 8.0x 13.0x 9.7x NM NM Transmission Power Grid 234 1.6% 16,533 33,508 6.1x 5.8x 6.9x 6.7x 9.7x 9.1x

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% 4.16% 4.14% 4.04% 4.24% 4.22% 5.39% Azure Power 03-Aug-17 03-Nov-22 500.0 5.50% 4.18% 4.21% 4.12% 4.27% 4.06% 5.19% Renew Power 12-Mar-19 12-Mar-24 525.0 6.67% 4.49% 4.55% 4.50% 4.79% 4.75% 6.48% Adani Green 10-Jun-19 10-Dec-24 500.0 5.65% 3.64% 3.72% 3.70% 3.94% 4.04% 5.48% Greenko 29-Jul-19 29-Jul-26 535.0 5.95% 4.32% 4.31% 4.18% 4.48% 4.55% 6.26% Greenko 29-Jul-19 29-Jan-25 500.0 5.55% 4.72% 4.73% 4.58% 4.78% 4.78% 5.86% Greenko 21-Aug-19 21-Feb-23 435.0 6.25% 4.18% 4.17% 4.17% 4.39% 4.63% 5.81% Renew Power 12-Sep-19 27-Sep-22 300.0 6.45% 3.62% 3.65% 3.51% 3.84% 4.14% 6.68% Azure Power 24-Sep-19 24-Dec-24 350.1 5.65% 3.64% 3.72% 3.70% 3.94% 4.04% 5.48% Renew Power 29-Jan-20 05-Mar-27 450.0 5.88% 4.59% 4.58% 4.47% 4.84% 4.90% 6.66% Renew Power 14-Apr-21 14-Jul-28 585.0 4.50% 4.16% 4.17% 4.20% 4.68% NA NA Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 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 (2.7%) Adani Gas (35.7%)

GMR 4.9% Gas 7.0%

IRB 21.6% IGL 3.5%

Ashoka Buildcon 6.6% MGL (7.7%)

Performance of Listed InvITs

FY20 Dividends (INR) FY21 Dividends (INR) Trust Unit Price (INR) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 India Grid 136.8 3.0 3.0 3.0 3.0 3.0 3.0 3.1 3.1 IRB InvIT 56.0 3.0 2.5 2.7 1.8 1.5 2.0 2.5 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 688 (5.6%) 18,972 22,909 10.1x 8.4x 15.5x 12.8x 22.3x 17.8x GMR Infra 31 (2.8%) 2,537 6,071 6.1x 4.9x 21.4x 14.7x NM NM IRB Infra 185 4.0% 880 2,965 3.8x 3.5x 8.0x 7.0x 39.0x 20.4x Ashoka 108 (6.3%) 408 1,182 1.5x 1.4x 5.5x 4.9x 13.2x 9.6x Build. City Gas Dist. Adani Gas 897 (2.2%) 13,325 13,395 NA NA NA NA NA NA 681 0.2% 6,331 6,403 3.7x 3.1x 19.6x 17.0x 31.1x 26.1x IGL 553 (3.1%) 5,227 4,878 5.2x 4.1x 18.1x 16.1x 28.1x 25.8x MGL 1,153 (2.0%) 1,539 1,341 3.3x 2.8x 8.0x 6.8x 13.6x 11.9x Industry Update – Power and Infra ▪ Global Renewable Synergy Company, a subsidiary of Thailand-based GPSC, acquired a 41.6% stake in renewable power developer Avaada Energy for USD 457.8 mn − This implies an equity value of USD 1,100.6 mn and enterprise value of USD 1,516.3 (based on FY20 net debt). The transaction was carried out at a valuation of 26.8x (EV / FY20 Revenue) and 32.0x (EV / FY20 EBITDA) ▪ India's power consumption c.17.0% (on a YoY basis) during the first 2 weeks of July 2021 and stood at 59.4 BU, thereby returning to pre-COVID levels mainly due to easing of lockdown curbs and delayed monsoon ▪ Petrol sales rose above pre-COVID levels in the first half of July as states eased mobility restrictions and economic activity picked up − Demand for petrol climbed 18.0% (on a YoY basis) according to data from state-run oil companies, which control c.90.0% of the retail fuels market. Diesel sales also improved sharply but remained lower than pre-COVID levels ▪ On July 14, IndiGrid announced that it has completed the acquisition of entire stake in 2 solar energy assets (with cumulative capacity of 100 MW) from Fotowatio Renewable Ventures (FRV) at an enterprise value of c.USD 89.2 mn Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 2021, Company Information, News run; USD 1 = INR74

17 Sectoral Update – Consumer and Retail India Consumer Update

1 Month Share Price Performance Diversified, Wellness and Personal Care Food Tobacco and Alcohol HUL 0.4% ITC 0.0% (0.1%) Nestle India (1.7%) 2.3% Godrej Consumer 3.7% 3.7% Britannia (5.5%) United Breweries 5.7% Colgate India 1.9% VST Industries 1.8% 2.9% Tata Consumer 3.7% Zydus Wellness 10.1% Godfrey Philips 11.4% 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 2,417 (1.4%) 76,755 75,788 10.9x 9.8x 42.1x 36.7x 59.8x 51.2x Dabur 580 (2.6%) 13,863 13,653 9.5x 8.5x 45.2x 39.5x 54.9x 47.7x Godrej Consumer 951 (1.5%) 13,142 13,216 8.0x 7.3x 36.6x 32.3x 50.5x 44.0x Marico 525 (1.4%) 9,157 8,994 7.2x 6.6x 37.6x 32.5x 52.3x 45.1x Colgate India 1,746 1.3% 6,416 6,315 8.9x 8.2x 29.1x 26.6x 44.1x 40.1x Emami 559 (1.2%) 3,356 3,307 7.7x 7.0x 25.7x 23.2x 37.3x 31.6x Zydus Wellness 2,262 2.9% 1,945 1,985 7.2x 6.4x 36.9x 31.4x 42.9x 32.3x Food Nestle India 17,654 0.1% 23,002 22,685 10.9x 9.8x 44.3x 39.0x 67.2x 58.9x Britannia 3,441 (1.0%) 11,200 11,271 6.0x 5.4x 33.7x 29.7x 45.1x 39.6x Tata Consumer 763 (0.4%) 9,497 9,342 5.4x 4.9x 37.9x 32.4x 62.9x 51.7x Tobacco and Alcohol ITC 208 3.3% 34,584 32,060 4.3x 4.0x 11.7x 10.6x 16.3x 14.9x United Spirits 667 1.9% 6,553 6,674 5.2x 4.6x 32.4x 27.2x 55.0x 43.3x United Breweries 1,448 1.2% 5,173 5,126 6.0x 4.9x 40.3x 29.3x 77.0x 51.3x VST Industries 3,534 (1.8%) 737 615 NA NA NA NA NA NA Godfrey Philips 1,043 3.0% 733 710 1.7x 1.6x 8.0x 6.8x 12.3x 11.3x Industry Update ▪ FMCG Company, Marico acquired 60.0% stake in Apcos Naturals, a company which owns the "Just Herbs" brand of Ayurvedic Hair & skin products for an undisclosed consideration – The equity stake will be acquired over a period of 2 years through primary infusion and secondary buyouts ▪ ITC mentioned in its annual report that the severity of the second wave of COVID-19 infections in the country poses a key challenge and remains a key monitorable for the FMCG industry in the near-term – Urban recovery may be muted compared to the first wave due to consumers’ precautionary savings mode and rising healthcare costs. Rural demand may also be blunted by the large-scale spread of the virus in second wave ▪ Bewakoof, a company selling apparels and accessories is entering into beauty products markets by launching four dozen personal care products under the brand name COSMOS – Under this brand the company will sell products ranging from creams and aftershave to bath salts and serums on its own portal as well as other marketplaces Notes: ¹ Financial year ending March – Nestle India calendarized to March year end Source: Bloomberg as on July 16, 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 (2.7%) 3.4% Westlife Development 9.7% Aditya Birla Fashion & Retail 10.0% Burger King 4.3% Vmart Retail 17.9% Avenue Supermarts 1.2% Shoppers Stop 5.3% Future Retail (8.8%) Spencer's Retail 22.6% Future Lifestyle Fashions (11.0%) 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 3,145 1.2% 5,609 5,745 9.5x 7.9x 37.4x 30.5x NM 62.8x

Westlife Development 532 (0.9%) 1,118 1,221 6.2x 4.8x 42.4x 28.3x NM NM

Burger King 169 (2.4%) 874 909 6.4x 4.7x 42.2x 26.5x NM NM

Grocery Retailers

Avenue Supermarts 3,349 (0.8%) 29,318 29,175 6.9x 4.9x NM 56.9x NM NM

Future Retail 63 (0.7%) 462 1,857 NA NA NA NA NA NA

Spencer’s Retail 98 12.3% 120 237 NA NA NA NA NA NA

Lifestyle Retailer

Trent 880 (2.8%) 4,227 4,492 9.1x 6.4x 69.6x 39.5x NM NM Aditya Birla Fashion & 224 5.0% 2,818 3,062 2.9x 2.3x 21.1x 14.8x NM 78.5x Retail Vmart Retail 3,285 5.6% 875 905 4.1x 3.0x 31.1x 21.5x NM 68.0x

Shoppers Stop 247 0.5% 365 623 1.7x 1.4x 13.8x 7.9x NM 61.5x

Future Lifestyle Fashions 72 (1.2%) 197 411 NA NA NA NA NA NA

Industry Update ▪ Flipkart has raised USD 3.6 bn ahead of its planned IPO in a funding round led by GIC, CPPIB, SoftBank and Walmart at a valuation of USD 37.6 bn

▪ Reliance Retail, Reliance industries’ retail arm, is acquiring 40.9% stake in Just Dial for a consideration USD 472.6 mn. The transaction is valued at a FY21 EV/Revenue multiple of 10.3x and FY21 EV/EBITDA multiple of 41.3x

– Reliance Retail would make an open offer to acquire up to 26.0% in accordance with takeover regulations

– Out of the total 40.9%, it has received a preferential allotment of 21.2 mn equity shares, which is equivalent to 25.3% stake, and acquired 15.6% stake from the founder VSS Mani

Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 2021, Company information, News run; USD 1 = INR 74

19 Sectoral Update – Real Estate India Real Estate Update

1 Month Share Price Performance

DLF 8.1% Phoenix Mills 8.2% Godrej Properties 11.8% Prestige Estates Projects 16.1% Embassy Office Parks REIT 4.6% Brookfield India REIT (1.4%) 10.0% Brigade Enterprises 19.2% Mindspace Business Parks (2.6%) Sunteck Realty 24.0%

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

DLF 331 10.1% 11,065 11,543 14.0x 12.5x 44.8x 40.5x 47.8x 39.1x

Godrej Properties 1,578 6.6% 5,927 5,947 23.0x 16.7x NM NM NM 63.8x

Embassy Office Parks 358 (0.1%) 4,580 6,122 14.8x 12.5x 18.4x 15.6x 35.1x 27.0x REIT

Oberoi Realty 707 5.4% 3,473 3,647 9.7x 8.0x 20.9x 16.7x 24.7x 21.8x

Mindspace Business 281 (0.0%) 2,255 3,155 12.7x 10.9x 15.0x 12.8x 20.5x 17.5x Parks

Phoenix Mills 876 3.2% 2,034 2,624 12.3x 8.7x 24.6x 16.2x 65.4x 31.0x

Prestige Estates Projects 330 11.2% 1,786 2,006 2.3x 2.1x 9.2x 7.9x 25.2x 19.4x

Brookfield India REIT 265 0.1% 1,086 1,967 16.0x 14.3x 21.8x 19.9x 21.5x 19.0x

Brigade Enterprises 339 7.2% 1,052 1,527 3.9x 3.5x 13.6x 11.2x 49.6x 30.6x

Sunteck Realty 367 10.4% 726 797 5.2x 4.8x 15.1x 15.6x 24.1x 23.6x

Industry Update ▪ ASK Property Investment Advisors, the real estate private equity arm of the ASK Group is looking to raise USD 135.1 mn through its new real estate-focussed fund ASK Real Estate Special Opportunities Fund-IV − The fund also has an additional green shoe option of USD 202.7 mn. ASK PIA is looking to raise the fund through a combination of offshore and domestic investors ▪ As per Industry reports, top markets in the country recorded total sales of 99,416 residential units in the H1 CY2021, witnessing a growth of 67.0% (on a YoY basis) ▪ REITs and InvITs collectively raised c.USD 7.4 bn in FY21, taking their net assets to USD 22.2 bn − Of the total amount raised in FY21, USD 5.5 bn was raised by InvITs and USD 1.9 bn by REITs ▪ Square Yards, a PropTech startup raised USD 25.0 mn in growth financing from Hong Kong based global investment manager ADM Capital. This marked the first tranche of the company’s ongoing plan of raising USD 100 mn Notes: ¹ Financial year ending March Source: Bloomberg as on July 16, 2021, Company information, News run; USD 1 = INR 74

20 Sectoral Update – Startups Indian Startup

Select Deals This Week Deal Value Valuation Date Target Vertical Key Investors (USD mn) (USD mn)

Artificial Softbank Vision Fund, Point72 15-Jul 150.0 NA Intelligence Ventures, M12

Vy Capital, Tiger Global, Tanglin 15-Jul News Platform Venture Partners, SIG , A91 60.0 NA Partners

Mirae Asset, H& M Group, KTB 12-Jul Lifestyle Networks, Samsung Ventures, 45.0 NA Fosun RZ Capital

09-Jul Proptech ADM Capital 25.0 NA

Financial 09-Jul Avataar Ventures, Ascent Capital 16.0 NA Services

09-Jul Fintech Anand Ladsariya, Alok Agarwal 15.0 NA

Matrix Partners, O21 Capital, 15-Jul Technology 9.0 NA Tanglin Venture Partners

Construction Sequoia Capital India, India 09-Jul 5.2 NA Management Quotient

Notes: Valuation: Post-money equity value Source: News run; USD 1 = INR 74

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