ADD

Mphasis (MPHL)
https://ultraviewer.et/en/own IT Services SEPTEMBER 22, 2021
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UPDATE
Sector view: Attractive

Strengthening the experience layer. Mphasis has acquired Blink Interactive, a UX CMP (`): 3,251
research, strategy and design firm, to strengthen capabilities in the experience layer. Fair Value (`): 3,500
The acquisition enables integrated offerings and aids capture of both upstream and
BSE-30: 58,927
downstream opportunities. Retention and amortization charges will lead to margin
decline in FY2022-23E. We remain constructive on the stock and increase FV to Rs3,500,
valuing the stock at 34X Sep 2023E EPS, at par with industry leaders. Maintain ADD.
Mphasis
Stock data Forecasts/valuations 2021 2022E 2023E
CMP(Rs)/FV(Rs)/Rating 3,251/3,500/ADD EPS (Rs) 65.0 75.5 90.1
52-week range (Rs) (high-low) 3,303-1,233 EPS growth (%) 2.4 16.0 19.4
Mcap (bn) (Rs/US$) 609/8.3 P/E (X) 50.0 43.1 36.1
ADTV-3M (mn) (Rs/US$) 2,303/31 P/B (X) 9.3 8.7 7.9
Shareholding pattern (%) EV/EBITDA (X) 32.8 28.5 23.6
Promoters 56.0 RoE (%) 19.7 20.9 23.0
FPIs/MFs/BFIs 20.8/13.6/4.5 Div. yield (%) 2.0 1.5 1.7
Price performance (%) 1M 3M 12M Sales (Rs bn) 97 118 143
Absolute 15.2 63.3 140.2 EBITDA (Rs bn) 18 21 25
Rel. to BSE-30 8.7 51.3 84.1 Net profits (Rs bn) 12 14 17

Acquires Blink Interactive to strengthen capabilities in the experience layer

Mphasis has acquired Blink Interactive, a US based UX research, strategy and design firm for an
all cash consideration of US$94 mn. Mphasis has capabilities in all three layers— experience,
intelligence and the core but had gaps in capabilities in the experience layer which Blink fills in
partially. Key rationale is to participate and shape clients’ digital agenda from upstream.
Integrated service offerings across experience, intelligence and core will help capture both the
upstream opportunity and the resultant, much larger, downstream opportunity. Clients are
willing to contract with players who provide full service model from design to implementation
to managed services in large digital projects. Blink will exist as a standalone entity with an
independent brand post M&A. Go-to-market teams will be integrated to enable cross-sell and
up-sell to respective client base.
Valuation at 2.8X CY2021E sales is fair considering the strong growth runway
Blink will contribute US$33-35 mn revenue in CY2021E. 42% revenue CAGR in the past three
years indicates strong growth characteristics. Growth is strong on organic basis as well. The
acquisition opens up a total addressable market of US$24 bn growing at 25-30%. Blink has
130+ employees, served 65 clients in CY2020 and has studios in 5 locations- Seattle (HQ), San
Diego, San Francisco, Austin and Boston. The company has several clients in the hi-tech industry
including top technology firms such as FB, Amazon, Google and Microsoft. Blink also caters to
other verticals. Key clients include T-Mobile, EBay, Edelman Financial and NASA.
Acquisition will result in margin headwind for next couple of years
Mphasis quantified ~100 bps impact on EBIT margin due to retention bonuses and amortization
charge. P&L charge from retention bonuses is for two years while the amortization will be
spread over a period of five years. Blink despite being entirely onsite centric has higher gross
margins compared to Mphasis’ similar business. EBITDA margin can be in teens. EBIT margin of
Kawaljeet Saluja
Mphasis will normalize after a period of two years with strong growth compensating for kawaljeet.saluja@kotak.com
amortization charge. Realization of synergy benefits can accelerate margin normalization timeline. Mumbai: +91-22-4336-0860

Maintain constructive view; Increase FV to Rs3,500 and retain ADD Sathishkumar S

We increase FY2022-24 revenue estimates by 1-3% and cut EBIT margin by 60-90 bps to factor sathishkumar@kotak.com
Mumbai: +91-22-4336-0879
in impact of the acquisition. Net result is EPS decline of 3-5% in FY2022-23E and 1.4% increase
in FY2024E. We increase target multiple to 34X (28X earlier) to sync with industry leaders and
roll over to Sep 2023E. Fair value increases to Rs3,500 (from Rs2,700 earlier). Strength in Direct
business, strong scalability attributes and good execution chops keep us constructive on the
stock. Maintain ADD.
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.
IT Services Mphasis

Enables integrated offerings; cross-sell opportunity to BFSI clients

Blink enables Mphasis to drive discussion with clients right from conceptualization and
ideation to implementation and managed services. Blink’s services will be offered to tap
clients, especially in BFSI and hi-tech. The design and experience capabilities can act as a
beachhead and help Mphasis create a differentiated value proposition. This can benefit deals
across multiple tribes and services contributing to 70% of FY2021 pipeline.

Note that Blink, like most boutique agencies, was focused on the upstream opportunity and
did not cater to the downstream work in engineering and IT services—an opportunity for
Mphasis. Acquisition also facilitates easier access to the Chief Strategy Officer and the Chief
Product Officer.

Provides access to marquee hi-tech names

Blink counts Facebook, Amazon, Microsoft, Google, HP, Dell and Tableau among its clients.
Relationships with clients are long tenured with average of 10 years. Note that many of
these clients already use multiple SIs including Tier 1 IT. Blink provides back door access
through experience layer. Cross-sell to such accounts will be an interesting challenge.

Successful integration is key to realizing revenue synergies

Integration of creative agencies with services firms is tricky and requires care due to
differences in cultures. Blink will retain separate identity post-merger to preserve distinctness
of the brand. Mphasis will retain founders and provide leadership roles for key management
personnel.

Other highlights from the conference call

 Evolution of Blink. Blink started off as a strategy and market research agency. Design
capabilities were acquired. Revenue CAGR in the past three years is strong on organic
basis as well.

 Earn-outs. Both the purchase consideration of US$94 mn and retention bonuses include
earn out components.

 Client overlap is minimal.

Exhibit 1: Key changes to FY2022-24 estimates (Rs mn)

Revised Old Change (%)

Mar-22E Mar-23E Mar-24E Mar-22E Mar-23E Mar-24E Mar-22E Mar-23E Mar-24E
Revenues (US$ mn) 1,569 1,8 58 2,160 1,551 1,8 12 2,107 1.1 2.5 2.5
Revenue growth (%) 19.9 18 .4 16.3 18 .5 16.8 16.3
Revenue growth (c/c, %) 19.6 18 .4 16.3 18 .3 16.8 16.3
Revenue growth (organic c/c, %) 17.9 17.3 16.3 17.8 16.8 16.3
Revenues 117,689 143,029 168,465 116,356 139,493 164,364 1.1 2.5 2.5
EBIT 18 ,159 21,911 27,100 18 ,560 22,606 26,306 (2.2) (3.1) 3.0
Net Profit 14,114 16,8 51 20,8 53 14,555 17,667 20,560 (3.0) (4.6) 1.4
Recurring EPS (Rs/ share) 75.5 90.1 111.5 77.8 94.5 109.9 (3.0) (4.6) 1.4
EBIT margin (%) 15.4 15.3 16.1 16.0 16.2 16

Re/US$ rate 75.0 77.0 78 .0 75.0 77.0 78 — — —

Note:
(1) Re/US$ rate after assuming hedge gains from forward contracts

Source: Company, Kotak Institutional Equities estimates

2 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Mphasis IT Services

Exhibit 2: Revenue growth ex-DXC accelerated significantly from FY2021

Revenue growth ex-DXC (US$ yoy, %)

40
34.9
35

30

25 21.6
18 .2 19.1
20 16.3
15.1 13.9
13.8
15 11.7
9.7 10.4
8 .4 8 .9 9.0
10 7.8
4.9
5
(0.4)
0
Jun-17

Jun-18

Jun-19

Jun-20

Jun-21
Mar-20

Mar-21
Sep-20
Mar-18

Mar-19
Sep-17

Sep-18

Sep-19
Dec-17

Dec-18

Dec-19

Dec-20
(5)

Note:
(1) Revenue growth excluding DXC+HP entities till Mar-20; ex-DXC from Jun-20

Source: Company, Kotak Institutional Equities

Exhibit 3: Strong momentum in TCV of new deal wins in Direct business

TCV TTM (LHS) TCV TTM growth (RHS, yoy %)

1,357
1,600 80
70.2
1,400 70

1,111
1,067
1,009
1,200 60
64.9
61.7
55.4 50
8 23

1,000
715

40
660
629
616
609

800
601

593
552
526

522

30
492
452

600 30.8
365
351

20
323
321

316
309

303
296

400 20.5
16.7 14.3 16.1 10
11.1 23.8 11.8
200 8 .4 8 .8 6.9 9.8 0
6.6 4.9
4.0
0 (3.7) (1.9) (2.2)
(5.4)
(2.6) (10)
Jun-16

Jun-17

Jun-21
Jun-15

Jun-18

Jun-19

Jun-20
Sep-17

Sep-18
Sep-15

Sep-16

Sep-19

Sep-20
Mar-16

Mar-17

Mar-20

Mar-21
Mar-18

Mar-19
Dec-15

Dec-18

Dec-19
Dec-16

Dec-17

Dec-20

Source: Company, Kotak Institutional Equities

KOTAK INSTITUTIONAL EQUITIES RESEARCH 3

IT Services Mphasis

Exhibit 4: Mphasis: trends in client metrics in Direct International business

45 FY2018 FY2019 FY2020 FY2021 1QFY22

39
40 37
35
31
30 27
25
25

20 18 18
15 15 15
15
9 9
10 7 7 7 7
4 5 5 5 4 5 5
5 3
1 1 2 2 1 2
0
>US$100 mn >US$75 mn >US$50 mn >US$20 mn >US$10 mn >US$5 mn

Source: Company, Kotak Institutional Equities

Exhibit 5: Key model assumptions, 2017-2024E, March fiscal year ends

2017 2018 2019 2020 2021 2022E 2023E 2024E

INR/USD rate 68 .0 65.8 69.1 71.4 74.3 75.0 77.0 78 .0
Revenues (US$ mn) 894 995 1,118 1,239 1,309 1,569 1,858 2,160
% growth (3.5) 11.4 12.4 10.8 5.6 19.9 18 .4 16.3
C/c revenue growth (%) (1.3) 9.8 13.4 11.5 5.2 19.6 18 .4 16.3
C/c revenue growth (organic %) 0.2 9.8 13.1 11.5 5.0 17.9 17.3 16.3
EBITDA margin (%) 15.9 16.2 17.1 18 .7 18 .5 18 .1 18 .2 17.9
EBIT margin (%) 14.6 15.1 16.1 16.0 16.1 16.0 16.2 16.0
SG&A (%) 10.8 10.2 11.8 11.6 11.5 11.4
Headcount 21,994 22,239 24,485 26,398 29,473 33,452 38,971 44,427
Headcount addition 245 2,246 1,913 3,075 3,979 5,520 5,456
Blended pricing change (USD, %) 12.3 7.8 4.1 2.2 (0.7) 3.2 0.7 (0.1)

Source: Company, Kotak Institutional Equities estimates

4 KOTAK INSTITUTIONAL EQUITIES RESEARCH

Mphasis IT Services

Exhibit 6: Key operating metrics

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Revenues (US$ mn) 305 318 320 305 327 334 342 363
Revenues by verticals (%)
Banking and Capital market 45.8 45.5 45.7 48 .8 53.4 53.3 50.1 51.2
Insurance 11.2 11.2 11.4 10.0 9.5 9.7 10.1 9.1
IT, communication & Entertainment 16.1 15.7 15.0 14.1 11.8 12.9 14.5 14.2
Logistics & transportation 13.4 13.9 14.6 14.0 12.3 12.6 13.4 14.0
Emerging industries 13.4 13.6 13.2 13.1 13.0 11.5 11.9 11.4
Revenues by delivery location (%)
Onsite 58 .2 58 .1 57.1 59.9 58 .7 58 .0 56.9 58 .8
Offshore 41.8 41.9 42.9 40.1 41.3 42.0 43.1 41.2
Revenues by project type (%)
Time and Material 59.7 57.8 56.9 58 .7 59.1 59.0 57.5 57.9
Transaction based 14.3 15.5 15.2 15.2 15.8 16.8 15.5 16.1
Fixed Price 26.0 26.7 27.9 26.1 25.1 24.2 27.0 26.0
Revenues by Secondary market segment- new (%)
Direct International 73.8 74.2 75.4 78 .5 8 1.8 8 4.7 8 5.8 8 9.0
-Direct Core 60.8 60.8 61.7 63.2 NA NA NA NA
-Direct Others 13.0 13.4 13.7 15.3 NA NA NA NA
DXC 24.1 23.4 22.5 20.1 16.2 13.1 12.0 9.2
Others 2.1 2.4 2.1 1.5 2.0 2.2 2.3 1.8
Revenues by geography (%)
Americas 79.2 77.5 76.3 76.8 78 .1 77.9 75.2 76.3
EMEA 10.1 11.5 12.3 11.9 10.8 12.0 13.4 12.1
India 5.3 5.1 5.0 4.1 4.5 4.7 5.0 4.7
ROW 5.4 5.9 6.4 7.1 6.5 5.5 6.4 6.9
Revenues by service line- new (%)
Application services 64.0 61.0 64.1 63.8 59.0 55.9 59.7 61.9
Business Process Services 16.3 18 .1 18 .0 21.1 26.5 29.4 26.3 26.8
Infrastructure Services 19.7 20.9 17.8 15.1 14.5 14.7 14.0 11.3
Client metrics - new (excludes DXC)
Top client contribution to revenues (%) 14 13 13 12 12 11 10 11
Top 5 client contribution to revenues (%) 38 38 38 39 39 40 41 42
Top 10 client contribution to revenues (%) 47 47 47 48 50 52 53 55
US$100 mn clients 2 2 2 2 2 2 2 4
US$75 mn clients 2 3 3 4 4 4 5 5
US$50 mn clients 4 5 5 4 4 5 5 7
US$20 mn clients 7 7 7 7 8 9 9 9
US$10 mn clients 14 15 15 16 17 16 18 18
US$5 mn clients 29 30 31 32 31 35 37 39
US$1 mn clients 76 77 76 79 80 81 84 84
Headcount mix - new (%)
Onsite billable 24.9 25.1 24.2 23.2 26.5 27.4 28 .6 28 .1
Onshore billable 75.1 74.9 75.9 76.8 73.5 72.6 71.4 71.9
Total billable employees 22,174 23,152 22,439 22,229 22,950 23,967 25,327 27,043
Total headcount 26,964 27,289 26,398 26,143 27,148 28,116 29,473 31,454
Utilization - new (%) (Applications + Infra)
Including trainees
-Onsite 94 94 97 93 94 90 93 93
-Onshore 82 81 85 81 80 80 84 81
Excluding trainees
-Onshore 84 83 85 82 80 80 85 83
Notes:
(a) Client concentration is based on Trailing Twelve Months (TTM).
(b) Company has changed disclosure of several metrics in 1QFY21
(c) Logistics & transportation is reportd as a separate vertical from 1QFY20; previously clubbed in emerging industries
(d) Total headcount includes billable contractors, S&M and G&A professionals

Source: Company, Kotak Institutional Equities

KOTAK INSTITUTIONAL EQUITIES RESEARCH 5

IT Services Mphasis

Exhibit 7: Condensed P&L and Balance Sheet for Mphasis (Rs mn)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22E Mar-23E Mar-24E

Profit model
Revenues 60,763 65,459 77,311 8 8 ,436 97,223 117,68 9 143,029 168 ,465
EBITDA 9,690 10,596 13,240 16,505 18,028 20,934 25,176 30,519
Depreciation (incl amortization of intangibles) (793) (709) (759) (2,317) (2,419) (2,775) (3,264) (3,419)
Other income 2,246 1,490 1,592 967 696 659 556 703
Pretax profits 11,143 11,377 14,073 15,155 16,305 18,819 22,467 27,803
Tax (3,076) (2,900) (3,339) (3,306) (4,139) (4,705) (5,617) (6,951)
Recurring profit after tax 8,067 8,477 10,734 11,849 12,167 14,114 16,851 20,853
Extraordinaries (152) (131) — — — — — —
Net income 7,915 8,346 10,734 11,849 12,167 14,114 16,851 20,853
Recurring diluted earnings per share (Rs) 38.3 43.9 56.1 63.5 65.0 75.5 90.1 111.5
Dividend per share (Rs) 17.0 20.0 27.0 35.0 65.0 50.0 55.0 60.0
Balance sheet
Total equity 61,524 54,8 18 52,498 58 ,296 65,267 70,029 76,592 8 6,221
Total borrowings 2,602 3,8 99 5,426 12,954 11,8 11 11,8 11 11,8 11 11,8 11
Current liabilities 9,044 11,137 15,78 7 16,28 5 16,911 20,455 23,926 27,411
Total liabilities and equity 73,170 69,853 73,711 87,535 93,990 102,295 112,329 125,443
Cash 6,255 7,067 6,416 11,257 10,622 5,456 7,8 19 12,753
Other current assets 22,743 25,046 31,462 30,562 33,420 39,675 47,034 54,420
Goodwill 14,069 17,015 19,58 5 21,405 21,326 28 ,376 28 ,376 28 ,376
Investments 23,956 17,8 21 13,292 13,257 18 ,460 18 ,460 18 ,460 18 ,460
Tangible fixed assets 2,620 1,8 48 2,142 8 ,8 97 8 ,901 9,068 9,38 0 10,173
Deferred tax assets 3,527 1,057 8 14 2,157 1,261 1,261 1,261 1,261
Total assets 73,170 69,853 73,711 87,535 93,990 102,295 112,329 125,443
Ratios (%)
EBITDA margin 15.9 16.2 17.1 18 .7 18 .5 17.8 17.6 18 .1
EBIT margin 14.6 15.1 16.1 16.0 16.1 15.4 15.3 16.1
Cashflow statement
Operating cash flow excl. WC changes 7,48 9 7,651 9,475 12,548 14,658 16,230 19,559 23,568
Change in WC/other adjustments (1,045) (1,502) (1,421) 422 (453) (2,711) (3,8 8 8 ) (3,902)
Capital expenditure (including acquisitions) (1,150) (313) (2,513) (1,243) (2,057) (9,992) (3,576) (4,212)
Free cash flow 5,294 5,836 5,541 11,727 12,148 3,527 12,095 15,454

Source: Company, Kotak Institutional Equities estimates

6 KOTAK INSTITUTIONAL EQUITIES RESEARCH

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, Sathishkumar S."

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 provided
50%
investment banking services within the previous 12 months.

40% * The above categories are defined as follows: Buy = We expect

32.5% this stock to deliver more than 15% returns over the next 12
30% 27.4% months; Add = We expect this stock to deliver 5-15% returns
23.6% over the next 12 months; Reduce = We expect this stock to
deliver -5-+5% returns over the next 12 months; Sell = We
20% 16.5% expect this stock to deliver less than -5% returns over the next
12 months. Our target prices are also on a 12-month horizon
10% basis. These ratings are used illustratively to comply with
4.2% 4.2% 2.8% applicable regulations. As of 30/06/2021 Kotak Institutional
0.5%
Equities Investment Research had investment ratings on 212
0%
equity securities.
BUY ADD REDUCE SELL

Source: Kotak Institutional Equities As of June 30, 2021

Ratings and other definitions/identifiers

Definitions of ratings

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 Fair Value estimates are also on a 12-month horizon basis.

Our Ratings System does not take into account short-term volatility in stock prices related to movements in the market. Hence, a particular Rating may not
strictly be in accordance with the Rating System at all times.

Other definitions

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designations: Attractive, Neutral, Cautious.

Other ratings/identifiers

NR = Not Rated. The investment rating and fair value, 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.

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

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KOTAK INSTITUTIONAL EQUITIES RESEARCH 7

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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: Mphasis - YES
Nature of Financial interest: Holding equity shares or derivatives of the subject company.
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.
A graph of daily closing prices of securities is available at https://www.moneycontrol.com/india/stockpricequote/ and http://economictimes.indiatimes.com/markets/stocks/stock-quotes.
(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, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024;
MCX-56285; NCDEX-1262. 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 / 1860 266 9191
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 Managing Director / CEO (Mr. Jaideep Hansraj) 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.