IPO NOTE

SAGILITY INDIA LIMITED

04.11.2024
 Sagility India Limited, formerly known as Berkmeer India
Private Limited, provides healthcare-focused solutions
and services to Payers (US health insurers who fund and
Issue Details
reimburse the cost of healthcare services) and Providers Price Band (in ₹ per share) 28-30
(primarily hospitals, physicians, diagnostics and medical Issue size (in ₹ Crore) 1966.16-2106.60
technology companies).
Fresh Issue (in ₹ Crore) NA
 Sagility India is technology-enabled, pure-play healthcare
focused solutions and services provider to Payers - U.S. OFS (in ₹ Crore) 1966.16-2106.60
health insurance companies, which finance and reimburse Issue open date 05.11.2024
the cost of health services; and Providers -primarily hospi-
tals, physicians, and diagnostic and medical devices com- Issue close date 07.11.2024
panies. Tentative date of Allotment 08.11.2024
 Services to payers span their entire operational spectrum, Tentative date of Listing 12.11.2024
including centralized claims administration and clinical
services functions. These include claims administration, Total number of shares (lakhs) 7023.35-7023.26
payment integrity, clinical management and other ser- No. of shares for QIBs (75%) (lakhs) 5253.26-5253.19
vices.
No. of shares for NII (15%) (lakhs) 1050.65-1050.64
 For providers, the company offers revenue cycle manage-
No. of shares for S-HNI (33%)(lakhs) 350.22-350.21
ment services to assist them in managing their billing and
claiming treatment costs from payers. No. of shares for B-HNI (66%)(lakhs) 700.43

 In addition, the Company also offers some of the services No. of shares for retail investors (10%) (lakhs) 700.43
it provides to Payers to Pharmacy Benefit Managers No of shares for Employee Reservation (lakhs) 19.00
(“PBMs”) who manage prescription drug coverage for
members (i.e., insureds) under health benefit plans. Minimum order quantity 500.00

 The company's customers are all based in the USA. As of Face value (in ₹) 10.00
March 31, 2024, the Company's five largest customer Amount for retail investors (1 lot) (in ₹) 14000-15000
groups (i.e. the customer companies together with their
subsidiaries) had an average tenure of service of 17 years. Maximum no. of shares for Retail investors at Lower
7000 (14 lots)
Band
In January 2024, the company served five of the ten larg-
est payers in the US (source: Everest Report). In addition, Maximum no. of shares for Retail investors at Upper
6500 (13 lots)
the company acquired 20 new customers in the financial Band
years 2024 and 2023. Maximum amount for retail investors at lower band -
196000-195000
upper band (in ₹)
 As of March 31, 2024, Sagility India had 35,044 employ-
ees, of which 60.52% were women. As of March 31, 2024, Minimum no. of shares for sHNI (2 Lakhs) at upper band 7000 (14 lots)
1,687 of the employees held certifications, including 374
certified medical coders, 1,280 registered nurses in the Maximum no. of shares for sHNI (10 Lakhs) at upper
33000 (66 lots)
US, Philippines and India, and 33 employees with other band
degrees such as dentistry, surgery and pharmacy.
Minimum number of shares for bHNI at upper band 33500 (67 lots)
 The company’s revenue from operations grew by 9.61%
to ₹ 1,223.33 Cr for the quarter ended June 30, 2024, Exchanges to be listed on BSE & NSE
from ₹ 1,116.09 Cr for the quarter ended June 30, 2023,
and by 12.69% to ₹ 4,753.60 Cr in FY2024 from ₹ 4,218.4
Cr in FY Year 2023. The company reported EBITDA mar-
gins of 23.48% and 17.85% for FY2024 and for the quarter
ended June 30, 2024, respectively.
Promoters
• SAGILITY B.V
• SAGILITY HOLDINGS B.V.

Objects of the Offer

 Achieve the benefits of listing the Equity Shares on the Stock Exchanges.
 Carry out the Offer for Sale of up to 702,199,262 Equity Shares of the face value of Rs. 10 each by the Promoter
Selling Shareholder.
 BRIEF FINANCIALS
PARTICULARS (Rs. Cr) * Q1FY25 FY24 FY23 FY22
Share Capital 4679.27 4285.28 1918.67 1918.67
Net Worth 7608.16 6443.13 6206.67 4026.62
Revenue from Operations 1223.33 4753.56 4218.41 923.41
EBITDA 218.37 1116.04 1044.86 210.57
EBITDA Margin (%) 17.85% 23.48% 24.77% 22.80%
Profit/(Loss) After Tax 22.29 228.27 143.57 (4.67)
EPS (in Rs.) 0.20^ 0.53 0.33 (0.05)
Net Asset Value (in Rs.) 16.25 15.03 14.48 9.39
Current Borrowing 943.91 1933.52 2347.94 4239.23
P/E# 150.00^ 56.60 NA NA
P/B# 1.85 2.00 NA NA
η
ΎZĞƐƚĂƚĞĚĐŽŶƐŽůŝĚĂƚĞĚĮŶĂŶĐŝĂůƐ͖
ĂůĐƵůĂƚĞĚĂƚƵƉƉĞƌƉƌŝĐĞďĂŶĚΔŶŶƵĂůŝnjĞĚΔΔϯϵϯ͕ϵϵϭ͕ϵϭϴĞƋƵŝƚLJƐŚĂ

Profit & Loss Statement

JUL 2021- JUL 2021-
FY2023 FY2024 MAR FY2023 FY2024
Particulars (In Crores) MAR 2022 Particulars (In Crores) 2022
INCOME Assets
Revenue from operations 923.41 4218.41 4753.56 Non-current assets
Property, plant and equipment 265.27 295.47 388.13
Other income 20.99 17.65 27.95 Capital Work-in-Progress 5.35 0.31 5.70
Total Income 944.39 4,236.06 4,781.50 Right-of-use assets 552.50 529.48 566.51
YoY Growth (%) - 356.83% 12.69% Goodwill 5218.28 5459.76 5709.59
Other intabgible assets 2584.83 2322.14 2007.85
Employee benefit expenses 505.71 2494.20 2937.64 Financial Assets
Employee Expenses-% of Revenue 53.55% 58.88% 61.44% Other Financial Assets 35.61 37.26 47.55
Other Expenses 228.11 697.00 727.82 Deferred tax assets (net) 11.25 61.43 135.37
Other tax assets (net) 8.70 57.15 74.06
EBIDTA 210.57 1044.86 1116.04 Other non-current assets 8.06 34.06 9.52
EBIDTA Margin (%) 22.80% 24.77% 23.48% Total non- current assets 8689.86 8797.05 8944.27
Depreciation and amortisation expense 147.21 644.34 689.21 Current assets
Financial assets
EBIT 63.36 400.53 426.83 Trade receivables 926.20 1068.58 1181.34
EBIT Margin (%) 6.86% 9.49% 8.98% Cash and cash equivalents 373.80 585.29 344.13
Finance cost 65.22 214.85 185.15 Other Financial Assets 41.51 26.87 35.16
Current tax assets (net)
Profit before tax -1.85 185.68 241.68 Other current assets 64.91 112.68 159.30
Tax expenses Total Current Assets 1406.42 1793.42 1719.92
Current tax 10.43 124.32 111.52 Total assets 10096.28 10590.48 10664.20
Equity and liabilities
Deferred Tax -7.61 -82.22 -98.11 Equity
Total tax expenses 2.82 42.11 13.42 Equity share capital 1918.67 1918.67 4285.28
Profit for the year -4.67 143.57 228.27 Other equity
Shares pending issuance 6697.91 6697.91 -
PAT Margin (%) -0.51% 3.40% 4.80% Securities premium 0.00 - 4324.10
Earnings per share Common control adjustment deficit account -4625.46 -2821.84 -2818.66
Basic earnings per share (₹) -0.05 0.33 0.53 Other components of equity 35.49 411.93 652.40
Total equity 4026.62 6206.67 6443.13
Liabilities
Cashflow Statement Non-Current liabilities
Financial liabilities
JUL 2021- Borrowings 4184.22 2323.70 1664.70
FY2023 FY2024 Lease liabilities 459.31 434.57 471.35
Particulars (In Crores) MAR 2022 Other financial liabilities
Provision for employee benefit obligations
-
80.14
5.60
103.31
14.15
147.71
Cash generated from operating activities -22.56 1026.62 1099.57 Deferred Tax Liabilities (Net)
Total Non-Current liabilities
461.03
5184.70
460.20
3327.36
471.04
2768.95
Income tax paid (net of refunds) -9.34 -169.84 -126.31 Current liabilities
Financial liabilities
Net cash generated from operating activities -31.89 856.78 973.25 Borrowings 55.01 24.24 268.82
Lease Liabilities 89.24 113.34 126.84
Net cash used in investing activities -7714.00 -129.06 -469.06 Trade payables
Due to MSME 2.71 0.00 17.36
Net cash used in financing activities 8116.35 -544.62 -751.34 Due to other than MSME 112.25 213.46 241.94
Other financial liabilities 515.81 568.67 644.51
Net increase/ (decrease) in cash and cash equivalents 370.46 183.10 -247.14 Contract liabilities 10.96 10.62 23.59
Other current liabilities 26.16 39.42 46.28
Cash and cash equivalent as at 1 April 373.80 585.29 Provision for employee benefit obligations 62.66 72.74 67.31
Current tax liabilities (net) 10.16 13.94 15.48
Effect of movement in exchange rates on cash and cash equivalents 3.34 28.38 5.98 Total Current liabilities 884.96 1056.44 1452.12
Total liabilities 6069.66 4383.81 4221.07
Cash and cash equivalent as at year end 373.80 585.29 344.13 Total equity and liabilities 10096.28 10590.48 10664.20
 PERFORMANCE


REVENUE SHOWS GROWTH OF 13% EBIDTA GREW BY 7% WITH STEADY

5000.00 4753.56 EBITDA MARGIN
4500.00 4218.41
1200.00 1116.04 25.00%
4000.00 1044.86
3500.00 1000.00 24.77% 24.50%
24.00%
In Cores

3000.00 800.00

In Cores
2500.00 23.50%
2000.00 600.00
23.48% 23.00%
1500.00 400.00 22.80%
923.41 22.50%
1000.00 210.57
200.00 22.00%
500.00
0.00 0.00 21.50%
JUL 2021-MAR 2022 FY2023 FY2024 JUL 2021-MAR 2022 FY2023 FY2024

PAT HAS SHOWN GROWTH OF 59% WITH EMPLOYEE EXPENSE AS % TO REVENUE IS

INCREASING PAT MARGIN 4.80% INCREASING
250.00 228.27 6.00% 64.00%
5.00% 61.44%
200.00 62.00%
3.40%
143.57 4.00% 60.00% 58.88%
150.00
In Cores

3.00% 58.00%
100.00 56.00%
2.00%
53.55%
50.00 54.00%
1.00%
-0.51% 52.00%
0.00 0.00%
-4.67
JUL 2021-MAR 2022 FY2023 FY2024 50.00%
-50.00 -1.00%
48.00%
JUL 2021-MAR 2022 FY2023 FY2024

Number of client groups and additions RETURN RATIOS

4.00%
50 3.54%
44 3.50%
45
40 3.00%
35
2.50% 2.31%
35 31
30 2.00%
25
1.50%
20
13 1.00%
15 -0.12%
10 7 0.50%
5 0 0.00%
0 JUL 2021-MAR 2022 FY2023 FY2024
-0.50%
JUL 2021-MAR 2022 FY2023 FY2024
RoE
Number of Client Groups Number of New Client Additions

Revenues from five largest client groups

(In Crs) 36,000.00
Number of Employees
35,044.00
4,000.00 3,762.76 35,000.00
3,398.17
3,500.00 34,000.00 33,366.00
3,000.00
33,000.00
2,500.00
32,000.00
2,000.00 30,830.00
1,500.00 31,000.00
1,000.00 766.00 30,000.00
500.00 29,000.00
0.00 28,000.00
JUL 2021-MAR 2022 FY2023 FY2024 JUL 2021-MAR 2022 FY2023 FY2024
Revenues from five largest client groups Number of Employees
 INDUSTRY REVIEW

The US economy and the role of healthcare – an overview

• According to the International

;͞
IMF
͟Ϳ͕
the nominal
Monetary
GDP of
Fund
the United
(₹2,284.5 trillion) in 2023 and is projected it to
f st
4.2%.
• Healthcare is an intricate segment of the US economy
US$4.7 trillion (₹389.6 trillion) in 2023 as per the
;͞
CMS
͟Ϳ͘

Healthcare enterprise segments

• The US healthcare market comprises of two primary

– en
healthcare payers and healthcare providers:

 Healthcare payers: Healthcare payers are entities that pay for

members through health insurance plans.
 Healthcare providers: Healthcare providers are individuals or
care services or aid in care delivery such as docto
etc.

US healthcare operations spend

• The healthcare operations spend (defined by and limited

CAGR of approximately 3.2% from 2014 to 2023 and was
2023.
• This spend is expected to grow at a CAGR of approxima
in 2028, driven by the rise in aging population, incr
initiatives aimed at enhancing healthcare services, amo

Healthcare operations outsourcing market

• The total outsourced operations spend in the US health

As a result, in 2023, the aggregate outsourcing penet -
23.5%, resulting in a total outsourced operations spend
• The healthcare payer market had a relatively
-24.0%, while
higher
the ou
h
vider market had a relatively -21.5%
lower inoutsourcing
2023. Further,
penet
sourced operations market is expected to outpace the g

Generative AI and its value promise for healthcare

• Generative AI refers to the application of artificial int

text, images, videos, audio, and more. This technolog
datasets. Some of the prominent GenAI models in the m
MA.
• GenAI has the potential to improve organizational produ
efficiency, optimizing processes, and enhancing the over
tions in healthcare, most can be grouped into the foll
 COMPETITIVE STRENGTHS OF THE COMPANY

Leader in the large and resilient U.S. Payer and Provider solutions market

• With per capita healthcare expenditure amounting to US

highest spender on healthcare among leading economie
front -office
and back
functions to support Payers and Providers)
and is expected to reach approximately US$258.9 billi
2028.
• Growth in the U.S. healthcare market is expected to b
tion and increasing prevalence of chronic diseases. Wh
winds, challenges faced by the healthcare market are

Domain expertise in healthcare operations, with end-to-end service offerings to Payers and Providers

• They provide-enabled
technology
services to Payer -play andnature
Provider
of their
clie
er with over 24 ͛ experience
years of the andBusiness
the effective use of tec
expertise in their operations.
-to
-end, comprehensive
They provide service
end offerin
• Their
-enabled
tech healthcare services
-to
-end front
focussed
-office
and healthcare
back
across end ser
apart among business services firms, -officetechnology
service provide
transf
est Report). Set forth below are Payer and Provider f
pared to their key competitors.

Deep, long-term, expanding client relationships across healthcare Payers and Providers

• All of their clients are Payers and Providers based i

by enrolment in the U.S. (Source: Everest Report).
• Their clients also include
-based hospital
one of the
networks
largest
in U.S.
terms o
of the top 6 PBMs by claims volume (Source: 170 Evere
DMEs and radiology companies. As of June 30, 2024, th
with the Business.

Multi-shore, scalable and flexible delivery model with certified data protection and service standards

• They have
-shore
a multi
service delivery model, whereby they pro
(U.S., Colombia, Jamaica, India and the Philippines).
• As of June 30, 2024, they had 35,858 employees servic
Payers process 105 million claims and handle over 171
the location of service delivery in consultation with t
flexible work from home model with many of their emplo

Experienced management and board, motivated employee base, marquee sponsor support and a sustainability focused
culture

• Their Key Managerial Personnel and Senior Management

operate, and are experienced across Payer and Provide
sourcing, and technology transformation.
• Their Key Managerial Personnel and Senior Management
erage of 23 years as of June 30, 2024, and have sever
have a combined experience of over 65 years of experi
 RISK FACTORS
They rely heavily on key suppliers for raw materials, and disruptions in supply could impact their operations and results. 
The healthcare services industry is highly competitive an
their business, financial condition and results of operati

• The healthcare services industry is highly competitive

Increased competition may lead to pricing pressures an
contract terms, that could adversely affect their ope
• A change in any of the above may result in lower dem
ness, results of operations and financial condition. If
they could lose clients and market share, be compell
could adversely affect their business, results of ope

One of their Independent Directors has received summons in relation to an ongoing investigation by SEBI of Linde India
Limited and the matter is currently pending.

• Dr. Shalini Sarin, one of their Independent Director

India ;͞
Limited
Linde
͟Ϳ
and is a member of the audit committee of Li
on the board of Linde, she received summons dated
͞
Summons
͟Ϳ͕
under Sections 11(2) and 11C (2), (3) and (5) o
;͞
SEBI
͟Ϳ
seeking
Act -operation
co and certain information in relation
respect to certain related party transactions by Lind
related party transactions.

Anti-outsourcing legislation could adversely affect their business, financial condition and results of operations and impair
their ability to service their customers.

• Many organizations and public figures in the U.S. hav

between offshore outsourcing service providers and th
iting or restricting outsourcing by U.S. companies are
islatures to address concerns over the perceived ass
the U.S

Any failure to protect their proprietary technologies or information or their intellectual property rights may have an ad-
verse effect on their business, financial condition, and results of operations.

• They rely on unpatented proprietary technology

-how, and confide
tools
formation to develop and maintain their competitive pos
• They seek to protect their proprietary technologies,
sions in their agreements with their employees, subc
prevent the unauthorized disclosure or use of such i

If they fail to deliver services in accordance with contractual requirements, they could be subject to significant costs or
liability and their business, reputation and results of operations could be adversely affected.

• They contract with Payers to deliver a variety of se

contractual requirements
;͞
SLAs
and
͟Ϳ͘
For
service
example,
level
they agreement
are req
accuracy targets and turnaround times when finalizing

Their Company does not have any comparable listed peers and, therefore, investors must rely on their own examination
of their Company.

• Given their
͛
s a Company
healthcare
-only focus across the Payer and Provi
providers in India or abroad that cater to U.S. heal
and business model. Accordingly, they͛
s accounting
are not inratios
a p
of any other listed entity. Therefore, investors must
es of investing in the Equity Shares.
 PEER COMPARISON 

^ĂŐŝůŝƚLJ
͛
ƐŚĞĂůƚŚĐĂƌĞ
-ŽŶůLJĨŽĐƵƐĂĐƌŽƐƐƚŚĞƉĂLJĞƌĂŶĚƉƌŽǀŝĚĞƌŵ
ŝŶ/ŶĚŝĂŽƌĂďƌŽĂĚƚŚĂƚĐĂƚĞƌƚŽh^ŚĞĂůƚŚĐĂƌĞĞŶƚ
ďƵƐŝŶĞƐƐŵŽĚĞů;ǁŚŝĐŚŝƐĐĂƚĞŐŽƌŝnjĞĚĂƐĂƉƵƌĞƉůĂLJ
 OUR VIEWS
• Sagility India Ltd was established ͛ in
healthcare
July 2021 servic
and
January 2022, establishing itself -enabled
as a specialized
solutions forprU
viders.
• Sagility holds a market share of approximately 1.23%
as a Leader in the 2023 Avasant and Everest rankings.
• Sagility operates in the expanding U.S. healthcare ma

projected to reach 18.2% of GDP by 2028, growing at a
• The U.S. leads global healthcare spending, with per c
lation, chronic diseases, and a talent shortage in hea
• Sagility focuses
-enabled on solutions
tech for U.S. payers, offering s
ment processing, -positioned
and isto well
capture market share in the
ment.
• However, the ͛s business
company is solely focused on the US healt
tors affecting the US healthcare industry, including a
outsourcing and other trends.
• The company operates in the healthcare service indust
from healthcare specialists, broad based IT and busin
providing products or solutions for healthcare industr
verse impacts.
• As of June 2024, Sagility served five of the top 10 U.
service scope, including processing -million
-member
105 million
interactions
claim
• Sagility
͛
s strategy focuses on expanding services with exis
lationships with new clients across U.S. healthcare pl
• Advanced technology applications such as generative AI,
enhance͛ s Sagility
efficiency in areas like payment integrity, cli
• The March 2024 acquisition of BirchAI -based
strengthens
GenAI
-driven
and
Sagi
NL
so
tions for
-time real
customer support, streamlining healthcare tr
• The company recorded significant goodwill and intangib
goodwill or other intangible assets may adversely affe
bles as on June 30, 2024, stood at Rs 5679.26 crore
18.94% of total assets as of June 2024.
• Total income of ₹4,781.50 crore, net profit of ₹228.27
In 1QFY2025, Total income of ₹1,247.76 crore, net pro
• Adjusted EBITDA for FY24 was ₹1,171.4 crore with a ma
of EBITDA, indicating strong operational cash generation
• Client concentration is notable, with top 10 clients c
ed its client -scale
basedeals
with (>$20
large million) increasing from
• The issuance being an 100% Offer for Sale (OFS), no fu
its valuations and listing benefit
• This issue is available at P/E of 56.60x and 150.00x
sively priced.͛ sDespite
strong this,
technological
Sagility offerings, stable
tionships position -term it asinvestment
a promising opportunity
long in the he

We recommend to SUBSCRIBE this issue for long-term gains.

Sources: Company website and red herring prospectus

Report Prepared By
Sankita V
sankita@canmoney.in | Tel 022-43603861

Research Desk
Canara Bank Securities Ltd
SEBI: RESEARCH ANALYST REGISTRATION: INH000001253
BSE: INB 011280238, BSE F&O: INF 011280238
NSE: INB 23180232, F&O: INF 231280232, CDS: 231280232
 Analyst Certification
We/I, Sankita V, MBA, Mcom Research Analysts, authors and the names subscribed to this report, herebyviecertify ws expressed
that all ofinthe
this re-
search report accurately reflect our views about the subject issuer (s) or securities. We also certify mpe
thatnsation
no partwas,
of our
is,co
or will be directly

or indirectly related to the specific recommendation (s) or view (s) in this report. It is also confirmed dthat
Analysts
aboveofmentione
this report have not
received any compensation from the companies mentioned in the report in the preceding twelve months andficer, do not
director
serveorasemployee
an of
of the companies mentioned in the report.

Disclosures and Disclaimers

CANARA BANK SECURITIES LTD (CBSL), a wholly owned subsidiary of CANARA BANK, is a SEBI registered intermediary ng services offering
to its brok
institutional and retail clients; we also run a proprietary trading desk. CBSL is member of BSE & NSE. We ESE are
ARCHregistered
ANALYST as Runder
SEBI (INH000001253). CBSL or its associates do not have an investment banking business. Hence, they do not e anymanage
public issue.
or co mang
Nei-
ther CBSL nor its associates, neither the research analysts nor their associates nor his/her relatives interest
(i) haveinany thefinancial
company which is the
subject matter of this research report (ii) holds ownership of one percent or more in the securities of ha
subject
ve anycompany
material (iii)
conflict of interest
at the end of the month immediately preceding the date of publication of the research report OR date of the (iv) have
publicreceived
appearanceany compen-
sation from the subject company in the past twelve months (v) have received any compensation for investment banking
banking
or brokerage
merchantser-
vices from the subject company in the past twelve months (vi) have received any compensation for any other s from product
the subject
or service
company in
the past twelve months (vii) have received any compensation or other benefits from the subject companyect or
ionthird
withparty
the research
in conn report.
(viii) Research Analyst involved in the preparation of Research report discloses that he /she has not served irector,as or an
employee
officer, d
of subject
company (ix) is involved in market making activity of the company.

We shall adhere to SEBI guidelines from time to time.

We may have earlier issued or may issue in future reports on the companies covered herein with recommendations/ nconsistentinformation
or different ithose
made in this report. We may rely on information barriers, such as "Chinese Walls" to control the flow ofd information
in one or more containe
areas within us,
or other areas, units, groups or affiliates of CBSL. The Research Desk does not solicit any action based ainon
ed the
herein.
material
It is for
cont
the general
information of the clients / prospective clients of CBSL. CBSL will not treat recipients as clients byingvirtue
the research
of their receiv
report. It does not
constitute a personal recommendation or take into account the particular investment objectives, financial s of situations,
clients / prospective
or need clients.
Similarly, the Research Desk does not have regard to the specific investment objectives, financial situation/circumstances
d the particular needs an of any
specific person who may receive it. The securities discussed in the report may not be suitable for all investors.
iateness ofThe a particular
appropr investment
or strategy will depend on an investor's individual circumstances and objectives. Persons who may receive should
the research
consider report
and inde-
pendently evaluate whether it is suitable for his/ her/their particular circumstances and, if necessary,
nan
seek
cial advice.
professional/fi
And such person shall
be responsible for conducting his/her/their own investigation and analysis of the information containedresearch
or referred
report
to inandtheof evaluating
the merits and risks involved in the securities forming the subject matter of the reports. All projections
esearch
and reports
forecastshave
in r been prepared
by our research team.

The client should not regard the inclusion of the projections and forecasts described herein as a representation
by CBSL For or warranty
these reasons; The
client should only consider the projections and forecasts described in the research reports after carefully
the information
evaluatinginallthe of report, includ-
ing the assumptions underlying such projections and forecasts. Past performance is not a guide for futurereturns performance.
are not guaranteed
Future and
a loss of original capital may occur. Actual results may differ materially from those set forth in projections.
-lookingstatements
Forward are not predictions and
may be subject to change without notice. We do not provide tax advice to our clients, and all investorstoare consult
stronglyregarding
advised any potential
investment. CBSL or its research team involved in the preparation of the research reports, accept no or liabilities
damagefor of any
any loss
kind arising out of
the use of these reports. The technical levels and trend etc mentioned in our reports are purely based on ts/some
levels technical
plotted bychar software
used by us and these charts/levels are believed to be reliable. No representation or warranty, express or t it implied
is accurateis madeor complete.
tha The
recommendation expressed in the reports may be subject to change. The recommendations or information contained not constitute
hereinordo/does
purport
to constitute investment advice in publicly accessible media and should not be reproduced, transmitted cip orient.
published
This research
by the rereports are
for the use and consumption of the recipient only. This publication may not be distributed to the publicedi used
a without
by thethe public
express
m written
consent of CBSL. The Research reports or any portion hereof may not be printed, sold or distributed without nt of CBSL.
the written
The research
conse report
LVVWULFWO\FRQILGHQWLDODQGLVEHLQJIXUQLVKHGWRFOLHQWVROH s or other media and may not be repro-
duced or redistributed to any other person. The opinions and projections expressed herein are entirely based ptionson & certain
calculations
assum and are
given as part of the normal research activity of CBSL and are given as of this date and may be subject toestimate change.orAny projection
opinion herein
constitutes a view as of the date of this report and there can be no assurance that future results or events
nt with willanybe such
consiste
opinions, estimate
or projection. The report has not been prepared by or in conjunction with or on behalf of or at the instigation
angement of, with orthe
by company
arr or any of
its directors or any other person. Any opinions and projections contained herein are entirely based on certaind calculations.
assumptionsNonean of the direc-
tors of the company or any other persons in the research team accepts any liability whatsoever for any use lossofarising
the research
from any report or its
contents or otherwise arising in connection therewith. The information contained herein is not intended stribution
for publication
or circulation
or di in any man-
ner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication s otherwise
is prohibited
expressly
unlesauthor-
L]HG3OHDVHHQVXUHWKDWWKHFOLHQWKDVUHDG³5LVN'LVFORVXUH ibed by Securities and Ex-
change Board of India (SEBI) before investing in Securities Market. Please remember that investment in tstock to market
market riskisand
subjec
investors/
traders need to do study before taking any position in the market.