ATTRACTIVE

Internet Software & Services

India NOVEMBER 28, 2018
UPDATE
BSE-30: 35,717
Indian e-commerce: cash burn on the rise. An analysis of FY2017 and FY2018
performance of e-commerce companies indicates that well-funded companies are
investing aggressively into growing the market, and profitability is still some time away.
An aggregate of revenues and losses posted by these companies shows that revenue
growth is slowing, though losses are holding steady. Customer acquisition costs for
these companies remain high as they seek to increase the size of their target market
and gain share within it.

Competitive intensity on the rise among e-tailers

FY2017-18 financials reported by e-tailers indicate that cash burn is on the rise. Losses of the
Flipkart group have averaged at `42 bn annually over FY2016-17, and seem to be trending
higher in FY2018. Losses posted by Amazon India have increased materially from `37 bn in
FY2016 to `67 bn in FY2018. Paytm had spun off a separate e-commerce entity in FY2017,
which posted a hefty loss of `18 bn in FY2018. Snapdeal was the outlier, with both revenues
and losses declining materially in FY2018. Walmart and Amazon have both stated their intent to
continue to invest in their Indian entities. Alibaba’s steady funds infusion into Paytm mirrors a
similar belief, in our view. Overall, losses may remain at elevated levels in FY2019 also as
investments into category expansion, customer acquisition and infrastructure continue.

Local and hyper-local service companies also spending aggressively

Like e-tailers, cab aggregators also continue to invest substantially in their business. Ola posted
a loss of `38 bn in FY2018, 21% higher than the `31.5 bn loss posted in FY2017. While Uber
India’s financials are not separately available, we believe its losses may not be materially
different from those posted by Ola. A surge of capital raise by food delivery and grocery delivery
companies has materially altered the narrative of these companies – from a focus on unit
economics (evidenced in lowering of losses by Zomato in FY2018), these have started spending
heavily on customer acquisition once again.

Classifieds: monetization models still to settle

Olx India, the local classifieds portal seems to have turned around operations, and posted
profits in both FY2017 and FY2018. Others such as Practo and Quikr story is still work in
progress; both these companies posted sizeable losses in FY2017 (FY2018 financials are not
available). Interestingly, Indeed, which has gained user traffic in the recruitment space, posted
revenues of `750 mn in FY2018, which were only 11% of revenues posted by Naukri.

Have funding, will spend

Data pertaining to funds raised by e-commerce companies indicates that PE/VC funding is fairly
robust (until October 2018). The last couple of years have also witnessed a change in the nature
of fund providers – from a PE/VC-led funding environment, India has seen enhanced funding Kawaljeet Saluja
kawaljeet.saluja@kotak.com
from (1) global companies, which are investing in India with a long-term strategic intent
Mumbai: +91-22-4336-0860
(Amazon, Walmart, Alibaba), and (2) Softbank, which is deploying its vision fund into promising
companies. We believe both these will keep the funding tap open for at least some time to Garima Mishra
garima.mishra@kotak.com
come, though overfunded business segments may see eventual consolidation (e-tail, food Mumbai: +91-22-4336-0862
delivery, etc.).

Kotak Institutional Equities Research

kotak.research@kotak.com
Mumbai: +91-22-4336-0000

For Private Circulation Only. FOR IMPORTANT INFORMATION ABOUT KOTAK SECURITIES’ RATING SYSTEM AND OTHER DISCLOSURES, REFER TO THE END OF THIS MATERIAL.
India Internet Software & Services

We collated data on financial performance of 30 companies (some of which are part of the
same group) in the e-commerce space over the FY2015-18 period. This data indicates that
while revenue growth is trending downwards (partly on account of base effect), losses for
this set of companies are stagnant. Combined losses of `191 bn in FY2017 were similar to
FY2016 levels. There are a few companies in this set, which have not reported FY2018
financials – once we account for these we believe aggregate losses in FY2018 would be
similar to FY2017.

Exhibit 1: E-tailers account for the largest chunk of losses posted by major Indian e-commerce
companies
Category-wise revenue and losses posted by e-commerce companies, March fiscal year-ends, 2015-18 (Rs mn)

2015 2016 2017 2018

E-tail
Revenue 135,744 245,525 378,343 519,879
PBT (58,031) (115,505) (110,474) (128,636)
Cab aggregators
Revenue 575 8,753 15,885 —
PBT (7,960) (31,195) (37,726) —
Food kitchen + delivery
Revenue 1,014 2,745 5,977 9,084
PBT (1,856) (8,047) (4,933) (5,036)
Grocery delivery
Revenue 3,537 10,987 22,804 —
PBT (686) (6,129) (7,788) —
Classifieds
Revenue 891 2,562 4,023 —
PBT (4,545) (6,008) (4,753) —
Payment systems
Revenue 4,450 10,416 9,584 30,581
PBT (4,588) (18,347) (14,982) (16,010)
Travel bookings
Revenue 26,783 33,071 42,920 58,929
PBT (2,389) (12,352) (13,101) (18,091)
Total
Revenue 172,994 314,060 479,536 618,473
PBT (80,056) (197,583) (193,756) (167,774)
Yoy growth (%)
Revenue 82 53
PBT 147 (2)
Notes:
(a) FY2018 loss aggregate figure may change later as some companies in the consideration set are yet to
report financials.
(b) Paytm E-commerce is included in e-tailers. It is a subsidiary of One97 Communications, which is included
in payment systems category and hence there is a double-counting of revenues and losses.

Source: MCA, Tofler, Companies, Bloomberg, Kotak Institutional Equities

E-tail: high competitive intensity and customer acquisition costs

Of the `193 bn aggregate losses posted by e-commerce companies in our sample set in
FY2017, e-tail accounted for `110 bn of losses. Despite the sharp reduction in losses posted
by Snapdeal, and Flipkart Group’s losses holding steady over FY2016-17, the aggregate
losses posted by the segment declined only marginally. This was on account of aggressive
expansion by Amazon in India, and a consequent increase in losses incurred by its entities.
Once we get details on losses of all companies, we reckon FY2018 losses for e-tailers would
be comfortably higher than FY2017 – not only will Flipkart and Amazon’s losses be higher,
but Paytm has emerged as a new competitor, having racked up losses of `18 bn in its very
first full year of operation. For both Flipkart and Amazon, their respective payment platforms
(PhonePe and Amazon Pay) saw sharply higher losses in FY2018 compared to FY2017.

2 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Internet Software & Services India

Exhibit 2: Amazon, Flipkart losses on the rise, Paytm spending also up in a bid to gain market share
Details of financial performance of key e-tailers and their group companies, March fiscal year-ends, 2015-18

2015 2016 2017 2018

E-tail
Flipkart group
Flipkart Internet
Revenues 6,594 16,351 18,824 27,902
PBT (10,616) (23,057) (16,393) (11,594)
Flipkart India
Revenues 90,322 128,180 152,644 214,387
PBT (8,267) (5,446) (2,447) (20,648)
Myntra
Revenues 7,460 10,318 20,001 —
PBT (7,403) (8,165) (6,291) —
Ekart
Revenues — 3,040 7,327 —
PBT — (8,102) (15,321) —
PhonePe
Revenues — — 30 428
PBT — — (1,291) (7,910)
Flipkart Group total
Revenues 104,376 157,889 198,826 242,716
PBT (26,286) (44,770) (41,744) (40,153)
Amazon India
Amazon Seller Services
Revenues 9,771 22,179 31,287 49,284
PBT (17,237) (36,799) (48,306) (62,872)
Cloudtail
Revenues 11,391 45,870 56,888 71,490
PBT (311) (302) (267) (410)
Amazon Wholesale
Revenues — 26 70,473 122,240
PBT — (232) 109 na
Amazon Transport
Revenues 1,770 6,193 9,919 15,742
PBT 9 28 (140) (248)
Amazon Pay
Revenues — — 41 3,891
PBT — — (1,779) (3,342)
Amazon India total
Revenues 22,931 74,268 168,608 262,647
PBT (17,539) (37,306) (50,383) (66,872)
Paytm E-commerce
Revenues — — 72 7,442
PBT — — (136) (18,056)
Shopclues
Revenues 773 1,780 1,800 2,713
PBT (1,014) (3,830) (3,471) (2,081)
Snapdeal
Revenues 7,664 11,589 9,038 4,361
PBT (13,192) (29,600) (14,740) (1,474)
E-tail total
Revenues 135,744 245,525 378,343 519,879
PBT (58,031) (115,505) (110,474) (128,636)
Notes:
(a) Total revenues of various companies are not comparable given varying proportions of B2B sales.
(b) FY2018 revenue and loss for Flipkart group and E-tail total are subject to change given some companies in
the sample set have not reported FY2018 financials yet. These companies have other smaller sized arms,
which we have excluded for the purpose of our analysis.

Source: MCA, Tofler, Companies, Kotak Institutional Equities

KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

India Internet Software & Services

Overall revenue comparison between any two companies, say Flipkart and Amazon, is
difficult given different proportions of wholesale buy and sell activity carried out by their B2B
arms as well as double counting of revenues of subsidiaries such as Ekart and Amazon
Transport, which serve the marketplace entity.

Exhibit 3: Summary of financial performance of e-tailers and their group companies, March fiscal
year-ends, 2015-18

2015 2016 2017 2018

E-tail
Flipkart group
Revenues 104,376 157,889 198,826 242,716
PBT (26,286) (44,770) (41,744) (40,153)
Amazon India
Revenues 22,931 74,268 168,608 262,647
PBT (17,539) (37,306) (50,383) (66,872)
Paytm E-commerce
Revenues — — 72 7,442
PBT — — (136) (18,056)
Shopclues
Revenues 773 1,780 1,800 2,713
PBT (1,014) (3,830) (3,471) (2,081)
Snapdeal
Revenues 7,664 11,589 9,038 4,361
PBT (13,192) (29,600) (14,740) (1,474)
E-tail total
Revenues 135,744 245,525 378,343 519,879
PBT (58,031) (115,505) (110,474) (128,636)
Yoy growth (%)
Revenue 81 54
PBT 99 (4)
Notes:
(a) Total revenues of various companies are not comparable given varying proportions of B2B sales.
(b) FY2018 revenue and loss for Flipkart group and E-tail total are subject to change given some companies in
the sample set have not reported FY2018 financials yet. These companies have other smaller sized arms,
which we have excluded for the purpose of our analysis.

Source: MCA, Tofler, Companies, Kotak Institutional Equities

Hyper-local services: unit economics to take time to stabilize

We club cab service providers such as Ola, Uber, grocery delivery companies such as
BigBasket, Grofers and food delivery companies such as Zomato and Swiggy in this category.
Unit economics for cab aggregators is still to stabilize as these companies continue to invest
in customer acquisition, particularly in new cities.

Zomato’s FY2018 performance was encouraging – it managed to grow revenues by 40%

yoy, while EBITDA losses shrunk meaningfully to `838 mn.

Food delivery companies such as Zomato and Swiggy will possibly see higher losses in
FY2019 compared to FY2018 as they seek to scale their delivery business manifold. Grocery
companies continue to grapple with thin margins and high last-mile delivery cost. This
necessitated a shift in Grofers’ business model from aggregator to inventory-led.

4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Internet Software & Services India

Exhibit 4: Local service providers remain aggressive capital spenders

Summary of financial performance of hyper-local cab and delivery companies, March fiscal year-ends, 2015-18

2015 2016 2017 2018

Cab aggregators
Ola
Revenues 575 5,005 11,778 —
PBT (7,960) (31,483) (38,028) —
Food kitchen + delivery
Zomato Media
Revenues 967 1,850 3,323 4,664
PBT (1,476) (4,923) (2,014) (1,063)
Swiggy
Revenues 1 201 1,331 4,420
PBT (21) (1,372) (2,052) (3,973)
Foodpanda
Revenues 46 377 614 —
PBT (358) (1,415) (444) —
Freshmenu
Revenues — 317 709 —
PBT — (338) (423) —
Food kitchen + delivery total
Revenues 1,014 2,745 5,977 9,084
PBT (1,856) (8,047) (4,933) (5,036)
Grocery delivery
BigBasket
Revenues 3,537 10,907 22,672 —
PBT (686) (3,878) (5,105) —
Grofers
Revenues — 80 132 —
PBT — (2,251) (2,683) —
Grocery delivery total
Revenues 3,537 10,987 22,804 —
PBT (686) (6,129) (7,788) —
Yoy growth (%)
Revenue 211 108
PBT 794 27
Notes:
(a) Zomato’s FY2015 and FY2016 financials are as reported by INFOE. FY2017 and FY2018 have been collated
from MCA. FY2017 financials exclude one-time impairment charge.

Source: MCA, Tofler, Companies, Kotak Institutional Equities

Classifieds: monetization models not clear yet

Monetization models for some classified companies such as Quikr are still work-in-progress,
demonstrated by low absolute revenues but large losses. Olx India has been a stand-out,
having posted rapid revenue growth and turning profitable in FY2017. We note that Indeed,
Naukri’s competitor, is scaling up, though in FY2018 it still garnered only 11% of Naukri’s
revenues.

KOTAK INSTITUTIONAL EQUITIES RESEARCH 5

India Internet Software & Services

Exhibit 5: Varied financial performance across different classifieds companies

Summary of financial performance of classifieds, March fiscal year-ends, 2015-18

2015 2016 2017 2018

Classifieds
Practo
Revenues 254 1,566 2,023 —
PBT (129) (646) (1,907) —
Olx India
Revenues 390 584 922 1,783
PBT 47 (21) 123 241
Quikr
Revenues 248 412 638 —
PBT (4,464) (5,341) (3,012) —
Indeed
Revenues — — 440 748
PBT — — 43 90
Classifieds total
Revenues 891 2,562 4,023
PBT (4,545) (6,008) (4,753)
Yoy growth (%)
Revenue 187 57
PBT 32 (21)

Source: MCA, Tofler, Companies, Kotak Institutional Equities

Payment systems – Paytm continues to invest aggressively

Paytm has clearly emerged as the largest wallet company, and is significantly ahead of PayU
and Mobikwik in revenue terms. We note that FY2018 financials for One97 include the
wallet business as well as revenues from e-commerce, which scaled materially in FY2018.

Exhibit 6: Paytm is gaining share in the wallet market

Summary of financial performance of payment systems, March fiscal year-ends, 2015-18

2015 2016 2017 2018

Payment systems
One97 Communciations
Revenues 3,075 8,300 6,146 30,581
PBT (3,607) (15,492) (12,086) (16,010)
Mobikwik
Revenues 134 271 369 —
PBT (412) (1,145) (1,329) —
PayU India
Revenues 1,240 1,845 3,068 —
PBT (570) (1,710) (1,567) —
Payment systems total
Revenues 4,450 10,416 9,584 30,581
PBT (4,588) (18,347) (14,982) (16,010)
Yoy growth (%)
Revenue 134 (8)
PBT 300 (18)
Notes:
(a) One97 Communications’ reported financials are consolidated for Paytm E-commerce, which scaled
materially in FY2018.

Source: MCA, Tofler, Companies, Kotak Institutional Equities

6 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Internet Software & Services India

Travel portals – focus on hotel aggregation leads to substantial losses across

players
All leading portals are investing aggressively in hotel bookings. MMYT is expanding its
network, while Oyo is investing in partner hotels as well as own properties. Adequate funds
availability with these companies may keep competition in the hotels category high in the
near term.

Exhibit 7: Hotel aggregation drives up losses for travel portals

Summary of financial performance of travel portals, March fiscal year-ends, 2015-18

2015 2016 2017 2018

Travel bookings (tickets + hotels)
Makemytrip
Revenues 18,309 21,978 30,035 43,554
PBT (1,105) (5,598) (7,274) (14,036)
Cleartrip
Revenues 1,921 2,572 2,655 3,127
PBT (293) (646) (634) (624)
Yatra
Revenues 6,528 8,345 9,357 12,249
PBT (991) (1,234) (1,884) (3,432)
Oyo Rooms
Revenues 24 175 873 —
PBT — (4,875) (3,310) —
Travel bookings total
Revenues 26,783 33,071 42,920 58,929
PBT (2,389) (12,352) (13,101) (18,091)
Yoy growth (%)
Revenue 23 30
PBT 417 6
Notes:
(a) Makemytrip financials are from Bloomberg, and translated into INR using year-average INR-US$ exchange
rate.
(b) Yatra financials are from its annual report. PBT excludes the impact of fair valuation of warrants. FY2017
financials also exclude the impact of one-time listing and related expenses.

Source: MCA, Tofler, Companies, Bloomberg, Kotak Institutional Equities

Sustained funding required over the next 2-3 years to sustain operations
An analysis of total losses incurred by the abovementioned companies indicates that
companies have used up ~10-70% of total funds raised to date. We note this calculation is
not comprehensive as (1) it is based on reported PBT, and while we have adjusted for large
impacts on fair valuation of financial assets, we have not adjusted for other non-cash
charges such as ESOP costs due to lack of availability of data, and (2) we have not accounted
for cash capex incurred by these companies.

Some of these companies in our consideration set have raised relatively large-sized rounds of
funding in the recent past, and hence may be well-capitalized for some time. However, the
trend of losses not coming down leads us to believe that these companies will continue to
need large-sized funding rounds. Reliance on funding providers thus remains large, and any
pullback in funding may lead to some sort of consolidation in the space.

Current funding environment remains benign, though funding is limited to larger companies
within each vertical. However, we note that the absolute funds inflow into e-commerce
would be higher than that suggested by our data as we have not included direct
investments by Amazon and Walmart into Amazon India and Flipkart, respectively.

KOTAK INSTITUTIONAL EQUITIES RESEARCH 7

India Internet Software & Services

Exhibit 8: Most e-commerce companies have used up 20-40% of total funds raised to date
Details of aggregate funds raised and losses incurred by select e-commerce companies, March fiscal year-ends

Funds raised Aggregate Losses: funds

till date FY2015-18 loss raised
(US$ mn) (US$ mn) (X)
E-tail
Flipkart group 6,650 2,359 0.35
Amazon India 5,000 2,645 0.53
Paytm E-commerce 645 282 0.44
Shopclues 223 159 0.71
Snapdeal 1,921 911 0.47
Cab aggregators
O la 1,976 1,178 0.60
Food kitchen + delivery
Zomato Media 617 146 0.24
Swiggy 466 113 0.24
Foodpanda na 34 na
Freshmenu 22 11 0.52
Grocery delivery
BigBasket 495 147 0.30
Grofers 166 74 0.45
Classifieds
Practo 180 40 0.22
O lx India na (6) na
Q uikr 410 200 0.49
Payment systems
O ne97 Communciations 2,159 724 0.34
Mobikwik 115 44 0.38
PayU India na 59 na
Travel bookings
Makemytrip 743 430 0.58
Cleartrip na 34 na
Yatra 205 116 0.57
O yo Rooms 1,132 124 0.11
Notes:
(a) Flipkart groups’ funds raised do not include any recent funds infusion that Walmart may
have made.
(b) Amazon’s funds raised are approximate, and are in line with Amazon Inc’s stated intent
of investing US$5 bn in India.

Source: MCA, Tofler, Companies, Bloomberg, Media reports, Kotak Institutional Equities

xx

8 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Internet Software & Services India

Exhibit 9: PE/VC fund raising has been consistent in FY2019TD

Monthly PE/VC funding to e-commerce companies (US$ mn)

3-month moving average of internet and e-commerce funding deals (US$ mn)
2018 average funding
2017 average funding
1,400

1,200

1,000

800

600

400

200

0
Dec-14

Dec-15

Dec-16

Dec-17
Jun-14

Jun-15

Jun-16

Jun-17

Jun-18
Apr-14

Apr-15

Apr-16

Apr-17

Apr-18
Aug-14

Aug-15

Aug-16

Aug-17

Aug-18
Oct-14

Oct-17

Oct-18
Oct-15

Oct-16
Feb-15

Feb-16

Feb-17

Feb-18
Source: Venture Intelligence, Kotak Institutional Equities

KOTAK INSTITUTIONAL EQUITIES RESEARCH 9

Disclosures

"Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which
the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views
about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed in this report: Kawaljeet Saluja, Garima Mishra."

Kotak Institutional Equities Research coverage universe

Distribution of ratings/investment banking relationships
Percentage of companies covered by Kotak Institutional
70%
Equities, within the specified category.

60%
Percentage of companies within each category for
which Kotak Institutional Equities and or its affiliates has
50%
provided investment banking services within the
previous 12 months.
40% * The above categories are defined as follows: Buy = We
31.0% expect this stock to deliver more than 15% returns over
30% 27.6% the next 12 months; Add = We expect this stock to
22.2% deliver 5-15% returns over the next 12 months; Reduce
19.2% = We expect this stock to deliver -5-+5% returns over
20% the next 12 months; Sell = We expect this stock to deliver
less than -5% returns over the next 12 months. O ur
10% 5.4%
target prices are also on a 12-month horizon basis.
2.5% 3.4% These ratings are used illustratively to comply with
0.0% applicable regulations. As of 30/06/2018 Kotak
0%
Institutional Equities Investment Research had
BUY ADD REDUCE SELL
investment ratings on 201 equity securities.

Source: Kotak Institutional Equities As of September 30, 2018

Ratings and other definitions/identifiers

Definitions of rating

BUY. We expect this stock to deliver more than 15% returns over the next 12 months.

ADD. We expect this stock to deliver 5-15% returns over the next 12 months.

REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months.

SELL. We expect this stock to deliver <-5% returns over the next 12 months.

Our target prices are also on a 12-month horizon basis.

Other definitions

Coverage view. The coverage view represents each analyst’s overall fundamental outlook on the Sector. The coverage view will consist of one of the following
designations: Attractive, Neutral, Cautious.

Other ratings/identifiers

NR = Not Rated. The investment rating and target price, if any, have been suspended temporarily. Such suspension is in compliance with applicable regulation(s)
and/or Kotak Securities policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or strategic transaction
involving this company and in certain other circumstances.

CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.

NC = Not Covered. Kotak Securities does not cover this company.

RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and price target, if any, for this stock, because there is not a sufficient
fundamental basis for determining an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock
and should not be relied upon.

NA = Not Available or Not Applicable. The information is not available for display or is not applicable.

NM = Not Meaningful. The information is not meaningful and is therefore excluded.

10 KOTAK INSTITUTIONAL EQUITIES RESEARCH

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particular investment objectives, financial situations, or needs of individual clients. Before acting on any advice or recommendation in this material, clients should consider whether it is
suitable for their particular circumstances and, if necessary, seek professional advice. The price and value of the investments referred to in this material and the income from them may go
down as well as up, and investors may realize losses on any investments. Past performance is not a guide for future performance, future returns are not guaranteed and a loss of original
capital may occur. Kotak Securities Limited does not provide tax advise to its clients, and all investors are strongly advised to consult with their tax advisers regarding any potential investment.
Certain transactions -including those involving futures, options, and other derivatives as well as non-investment-grade securities - give rise to substantial risk and are not suitable for all
investors. The material is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied on as such. Opinions
expressed are our current opinions as of the date appearing on this material only. We endeavor to update on a reasonable basis the information discussed in this material, but regulatory,
compliance, or other reasons may prevent us from doing so. We and our affiliates, officers, directors, and employees, including persons involved in the preparation or issuance of this
material, may from time to time have "long" or "short" positions in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. Kotak
Securities Limited and its non US affiliates may, to the extent permissible under applicable laws, have acted on or used this research to the extent that it relates to non US issuers, prior to
or immediately following its publication. Foreign currency denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or price of or
income derived from the investment. In addition, investors in securities such as ADRs, the value of which are influenced by foreign currencies affectively assume currency risk. In addition
options involve risks and are not suitable for all investors. Please ensure that you have read and understood the current derivatives risk disclosure document before entering into any
derivative transactions.
Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India's largest brokerage and distribution house.
Kotak Securities Limited is a corporate trading and clearing member of Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock
Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange(MCX). Our businesses include stock broking, services rendered
in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management.
Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited
is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor
registered with Association of Mutual Funds in India (AMFI). Kotak Securities Limited is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014.
We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI,
Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise letters or levied minor penalty on KSL for certain operational
deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point
of time.
We offer our research services to primarily institutional investors and their employees, directors, fund managers, advisors who are registered with us
Details of Associates are available on website i.e. www.kotak.com
Research Analyst has served as an officer, director or employee of subject company(ies): No
We or our associates may have received compensation from the subject company(ies) in the past 12 months.
We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months. YES. Visit our website for more details
We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our
associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the
past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report.
Our associates may have financial interest in the subject company(ies).
Research Analyst or his/her relative's financial interest in the subject company(ies): No
Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: YES
Nature of financial interest is investment banking and/or other businesss relationships
Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report.
Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of
publication of Research Report: No
Kotak Securities Limited has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of
Research Report: No
Subject company(ies) may have been client during twelve months preceding the date of distribution of the research report.
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(Choose a company from the list on the browser and select the"three years" icon in the price chart).
Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051, Telephone No.: +22
43360000, Fax No.: +22 67132430. Website: www.kotak.com / www.kotaksecurities.com. Correspondence Address: Infinity IT Park, Bldg. No 21, Opp. Film City Road, A K Vaidya Marg,
Malad (East), Mumbai 400097. Telephone No: 42856825. SEBI Registration No: INZ000200137(Member of NSE, BSE & MSE) AMFI ARN 0164, PMS INP000000258 and Research Analyst
INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97. Compliance Officer Details: Mr. Manoj Agarwal. Call: 022 - 4285 8484, or Email: ks.compliance@kotak.com. Investments in securities
market are subject to market risks, read all the related documents carefully before investing.
In case you require any clarification or have any concern, kindly write to us at below email ids:
Level 1: For Trading related queries, contact our customer service at ‘service.securities@kotak.com’ and for demat account related queries contact us at ks.demat@kotak.com or call us
on: Toll free numbers 18002099191 / 1800222299 and 18002099292
Level 2: If you do not receive a satisfactory response at Level 1 within 3 working days, you may write to us at ks.escalation@kotak.com or call us on 022-42858445 and if you feel you
are still unheard, write to our customer service HOD at ks.servicehead@kotak.com or call us on 022-42858208.
Level 3: If you still have not received a satisfactory response at Level 2 within 3 working days, you may contact our Compliance Officer (Name: Mr. Manoj Agarwal) at
ks.compliance@kotak.com or call on 91- (022) 4285 8484.
Level 4: If you have not received a satisfactory response at Level 3 within 7 working days, you may also approach CEO (Mr. Kamlesh Rao) at ceo.ks@kotak.com or call on
91-(022) 4285 8301.
First Cut notes published on this site are for information purposes only. They represent early notations and responses by analysts to recent events. Data in the notes may not have been
verified by us and investors should not act upon any data or views in these notes. Most First Cut notes, but not necessarily all, will be followed by final research reports on the subject.
There could be variance between the First cut note and the final research note on any subject, in which case the contents of the final research note would prevail. We accept no liability
for the contents of the First Cut Notes.
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