July 28, 2022

BSE Limited National Stock Exchange of India Limited

P. J. Towers, Exchange Plaza, Plot No. C/1, G Block,
Dalal Street, Fort, Bandra-Kurla Complex, Bandra (E),
Mumbai - 400001 Mumbai - 400051
Security Code: 532892 Symbol: MOTILALOFS

Sub: Investor(s)/Analyst(s) Presentation – Financial Performance for Q1FY 2022-23

Dear Sir/Madam,

This is with reference to our earlier letter dated July 21, 2022 regarding Earnings Conference Call
with Institutional Investor(s)/Analyst(s) for discussing Q1FY2022-23 Financial Performance of the
Company.

In this regard, please find enclosed herewith the Presentation to be made to

Investor(s)/Analyst(s). The said Presentation will be uploaded on the Company’s website at
www.motilaloswalgroup.com.

Further, the Audio recording & transcript of earning con-call will be made available on the
Company’s Website i.e. www.motilaloswalgroup.com.

Kindly take the same on record.

Thanking you,

Yours faithfully,
For Motilal Oswal Financial Services Limited
Kailash Digitally signed by
Kailash Chunnilal
Chunnila Purohit
Date: 2022.07.28
l Purohit 17:45:24 +05'30'

Kailash Purohit
Company Secretary & Compliance Officer
Encl.: As above
Financial Services

Earnings Presentation
Q1FY23

BUSINESSES FOCUS ON ALL BIZ OFFER HUGE

BUILDING SCALE SUSTAINABLE GROWTH HEADROOM FOR GROWTH
 EARNINGS PRESENTATION Q1FY23

Group Structure

MOFSL Group

Capital Markets Asset and Wealth Management Housing Finance

Asset Private
Broking & Institutional Investment Wealth
Management Equity &
Distribution Equities Banking Management
Company Real Estate

Motilal Oswal
Motilal Oswal Motilal Oswal Asset Motilal Oswal
Motilal Oswal Financial Alternate Investment Motilal Oswal Home
Investment Advisors Management Company Wealth Ltd.
Services Ltd. (MOFSL) Advisors Pvt. Ltd. Finance Ltd. (MOHFL)
Ltd. (MOIAL) Ltd. (MOAMC) (MOWL)
(MOAIAPL)

Motilal Oswal Finvest Ltd.

(MOFL)

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 EARNINGS PRESENTATION Q1FY23

Key Highlights for Q1FY23

Assets under advice Revenue Operating profit Operating PAT margin

₹ 2.9 tn 15% YoY ₹ 9.6 bn 13% YoY ₹ 1.8 bn 40% YoY 20% 344 bps YoY

Customers Broking ADTO Wealth- AUM MOHF- NIM

5 mn 35% YoY ₹ 1.5 tn 163% YoY ₹ 344 bn 20% YoY 7.7% 120 bps YoY

Company has successfully completed buyback of 14.5 lakh shares amounting to ~₹ 2 bn

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 EARNINGS PRESENTATION Q1FY23

Consolidated Financials
PARTICULARS (₹ Mn) Q1FY23 Q1FY22 YOY (%) Q4FY22 QOQ (%)

Capital Markets (Broking, Distribution & IB) 6,083 5,105 19% 6,866 -11%

Asset and Wealth Management 2,190 2,013 9% 2,594 -16%

Housing Finance 1,262 1,369 -8% 1,298 -3%

Other Income 111 87 28% 245 -55%

Total Revenues 9,646 8,573 13% 11,002 -12%

Total Revenues after Intercompany adjustments 9,236 7,981 16% 10,134 -9%

Operating Expense 2,213 1,968 12% 2,290 -3%

Employee Expense(1) 2,322 1,838 26% 2,503 -7%

Interest Expense 1,144 1,062 8% 1,151 -1%

Other Expense(2) 1,118 1,288 -13% 907 23%

Total Expense 6,798 6,155 10% 6,850 -1%

PBT 2,439 1,826 34% 3,284 -26%

Operating PAT 1,817 1,295 40% 2,619 -31%

Note:
1. Employee Expense was up 26% YoY due to annual salary increment and addition of ~1800 employees
2. Other Expense was up 23% QoQ due to higher provisioning
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 EARNINGS PRESENTATION Q1FY23

Consolidated Financials – PAT Mix

PAT (₹ Mn) Q1FY23 Q1FY22 YOY (%) Q4FY22 QOQ (%)

Capital Markets (Broking, Distribution & IB) 909 785 16% 1,404 -35%

Asset & Wealth 580 549 6% 802 -28%

Home Finance 321 85 279% 456 -30%

Intercompany adj. and others 1 -122 - -41 -

Operating PAT 1,817 1,295 40% 2,619 -31%

Reconciliation of Total PAT and TCI

PAT (₹ Mn) Q1FY23 Q1FY22 YOY (%) Q4FY22 QOQ (%)

Operating PAT 1,817 1,295 40% 2,619 -31%

MTM PAT(1) -1,504 915 - 378 -

PAT 313 2,211 -86% 2,998 -90%

Other Comprehensive Income (OCI) (2) -495 -391 - 471 -

Total incl. OCI -182 1,820 - 3,469 -

Note:
1. MTM PAT includes both realized and unrealized profit/(loss) on account of Fund based investments made in Equity & Alternate Funds
2. OCI includes MTM profit on equity share investments
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 EARNINGS PRESENTATION Q1FY23

Consolidated Balance Sheet

ROE
PARTICULARS (₹ Bn) June 30, 2022 Mar 31, 2022
Q1FY231 FY22 FY21
SOURCES OF FUNDS
Capital Markets 148% 258% 92%
Net Worth 56.5 56.7
Asset & Wealth Mgt. 76% 173% 157%
Borrowings(1) 63.6 62.3
Housing Finance 13% 10% 5%
Minority Interest 0.3 0.3
Fund Based Investments2 -18% 13% 38%
Total Liabilities 120.3 119.3
Overall 2% 30% 38%
1. Annualized for Q1FY23
APPLICATION OF FUNDS 2. ROE for Q1FY23 subdued due to MTM impact on our fund based investments

Fixed assets (net block) 3.6 3.6 Net Worth Deployment

Investments 44.4 46.8
Fund Based
Loans and Advances(2) 49.9 49.0 6% Investments
6%
Net Current Assets 22.4 19.8 MOHF

20% Corporate
Total Assets 120.3 119.3 Office
67% Working Capital
Note: & Others
1.Borrowings are inclusive of MOHFL.. Ex- MOHFL borrowings are ₹ 37.4 bn in Jun-22.
2.Loan & Advances include loan book of Motilal Oswal Home Finance and Margin Trading Facility book.
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 EARNINGS PRESENTATION Q1FY23

Capital Markets
• MOFSL’s overall ADTO grew 24% QoQ to ₹ 1,524 bn with
3.2% 2.1 Lakh ₹ 24,000+ ₹ 172 Bn ₹ 3.8 Bn overall market share of 2.9% in Q1FY23, up 30 bps QoQ.
Retail F&O market New clients acquired One of the highest Distribution AUM; Distribution Net Sales
share; up 34 bps QoQ in Q1FY23 ARPUs in the industry +23% YoY in Q1FY23, registering • Active clients have registered 43% YoY growth at 0.93 mn as of
a 7x YoY growth
June 2022. 83% of new clients acquired from Tier II & III cities.

• Brokerage Income was up 9% YoY but down 8% QoQ in spite

PARTICULARS (₹ Mn) Q1FY23 Q1FY22 YoY (%) Q4FY22 QoQ (%)
of 24% QoQ growth in ADTO due to mix shift in favor of F&O.
Revenues 6,083 5,105 19% 6,866 -11%
• Brokerage 3,888 3,572 9% 4,237 -8% • Distribution Income was up 14% YoY but down 14% QoQ due
• Distribution 376 330 14% 437 -14% to decline in Alternates (IBEF IV) and Insurance income.
• Interest 1,363 830 64% 1,397 -2%
• IB revenue was down 98% QoQ due to muted market activity.
• IB 6 12 -53% 258 -98%
• Other Operating Revenue 450 361 25% 536 -16% • Employee expenses was up 27% YoY due to annual increment
Total Expense 4,858 4,029 21% 5,065 -4% and ~1,400 employee addition, predominantly in sales.
• Employee Expense 1,506 1,187 27% 1,631 -8%
• Fee Sharing & Commission 1,825 1,673 9% 1,999 -9% • Funding book, which is run as a spread business out of
• Interest Expense 629 437 44% 672 -6% borrowings, stood at ₹ 20 bn in Q1FY23, + 17% YoY.
• Other Expense 898 732 23% 763 18%
• IAP (Investment Advisory Portfolio) AUM grew by 78% YoY to
PBT 1,225 1,076 14% 1,801 -32%
₹ 14 bn.
PAT 909 785 16% 1,404 -35%
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 EARNINGS PRESENTATION Q1FY23

Capital Markets

INSTITUTIONAL INVESTMENT
EQUITIES BANKING

• Focus driven differentiated research products with 250+

companies covering 21 sectors, catering to ~800
• We have a strong pipeline of signed IPO
mandates which will start entering the markets
₹ 27.7 Bn
IPO
institutional clients. . with improvement in markets, as a result
revenue traction can be witnessed in coming
• Institutional team wins big in Asiamoney poll 2021.
quarters. ₹ 18.4 Bn
• Ranked IPO
• Further there is a strong pipeline of ECM and
#1 Domestic Brokerage,
advisory transactions which would further
#1 Overall Sales, strengthen the top-line. ₹ 9.6 Bn
#1 Corporate Access Team, IPO
• The team continues to engage on a wide
#1 Execution Team and cross-section of mandated transactions across
#1 Sales Person capital markets and advisory.
₹ 14.0 Bn
QIP
• Retained top quartile domestic ranking across clients.
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 EARNINGS PRESENTATION Q1FY23

Revamping Digital Ecosystem

Digital Infrastructure
Data Science
• Moving to cloud based modular architecture
• Set up team of 20+ employees • Rapid application development platform with
• Emphasis on data driven insights and decisions new age technologies like Flutter (Google)
• Lead cost optimization and prioritization through • Centralized platform for client and partner
data analytics servicing
• Improving client activation across channels • Collaboration with Fintechs & Financial
• Launched MO Data Science Academy Institutions
• Integrating open source platforms

Digital
Digital Business Unit Ecosystem Digital Products

• Designing comprehensive customer On-boarding • Research 360, to monetize strong research capabilities
program to improve Activation • SuperFina, a one-stop shop for all financial needs
• Improving CAC by reorienting and digitizing Launch of first in kind products like
referral programs • Robo driven advisory product - IAP
• Emphasis on first 30 days activation • Simplified Option strategies through Option Store
• Personalized customer offerings • Curated baskets for investors

200+ Tech team. Added 100+ employees in last 6 months. Plan to add another 100 in next 6 months
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 EARNINGS PRESENTATION Q1FY23

Options Store – Industry first exclusive product

Launched easy to invest and multi-leg option strategies to enable retail investors to take advantage of options trading

Predict & Trade

Recommending options strategies

with high success probability, basis
client’s prediction

Mega Free Option Strategies Other Option Strategies

Get the best of the strategies that Customer have a wide array of options to
provides assorted trades for Nifty, execute strategies i.e. funds requirement
Bank Nifty and USD INR <10k, Max Loss <2k, Only Sell, etc.

Additional features • Readymade Option Strategies for the Advance Traders

• Inclusive Premium Option Strategies under Brains, TGS & Tradetron, that are specially curated by expert team
Coming Soon
• Partner Strategies to take you one level up
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 EARNINGS PRESENTATION Q1FY23

Broking and Distribution

ADTO continue to rise in midst of volatility Gaining F&O & Stable Cash market share
1,800 1,524 1,800 YoY (Q1FY22
– Q1FY23) 6.1% Retail Cash
23 5.7% 5.7% 5.7%
163% 5.3%
1,600

Market Share %
1,600

1,400 1,400

1,200 877 1,200

31 579 F&O (₹ Bn) 3.4% 3.2% Retail F&O

2.9%
1,000 1,000

2.8% 2.7% Market Share %

440 Cash (₹ Bn)
1,501
800 800

235
32
174 29
600 600

400

19 846 * ex-prop
15
400

200
411 547 200

0
159 216 0

FY19 FY20 FY21 FY22 Q1FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23

Rising share of F&O brokerage Vintage wise Brokerage Mix

120%
120%

F&O 100%
<2 Yrs
9% 7% 6% 8%
100%

9% 19% 20%
5% 8% 6% 5% 5% Cash 24% 21% 23% 2-5 Yrs
80%
80%

35% Commodity 30% 34% >5 Yrs

60% 47% 42% 50% 49% 60%
32% 35% 33%

40%
Currency 40%

52% 44% 44% 52% 47% 44%

20%
39% 41% 37% 39%
20%

0%
0%

FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23

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 EARNINGS PRESENTATION Q1FY23

Broking and Distribution – Loyal and Diversified Client Base

Continuous improvement in client activation Emphasis on diversified sourcing model

10.0

3.1 3.5

5% 5% 5% 4% 5% Online
2.9
Active Clients 9% 11% 11% 10% 9%
9.0

3.0

8.0

(Lakhs) Franchisee
7.0

2.0
2.5

27% 29% 33% 25%

31%
6.0
2.0
Branch
5.0 1.5 Total Clients
1.2
(Mn) Others
1.5
4.0

3.0
1.0
60% 53% 55% 53% 61%
2.0

0.5

3.2 3.8 5.6 9.0 9.3

1.0

0.0 0.0

Mar-19 Mar-20 Mar-21 Mar-22 Jun-22 Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23

Age wise Client Acquisition mix Gaining traction in App Installations

4% 6%
<30 Yrs 5.7
11% 10% 11%
6

13% 4.9 App

13%
21% 15% 30-45 Yrs Downloads
21%
5

36% 33% 45-60 Yrs

4
(Mn)
37%
39% 41%
3

>60 Yrs 2.1

2

47% 48% 0.7

37% 0.3
29%
1

28%
0

FY19 FY20 FY21 FY22 Q1FY23 Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

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 EARNINGS PRESENTATION Q1FY23

Broking and Distribution – Emphasis on Revenue & Productivity

One of the Highest ARPUs in the industry Franchisee Productivity intact

30,000
*Higher
share of
1.4 Franchisees
8,000 1.6

25,000
F&O Brokerage 7,000
1.3 1.3 1.4

ARPU (₹) 1.0

21,539
20,000
6,000 1.2

Revenue per

18,754
17,608

Franchisee (₹
5,000 1.0
17,291

16,929
15,000

Overall 4,000 0.8

Lakh)
ARPU (₹)
10,000
3,000 0.6
27,218

26,886

28,093

26,518

24,043
2,000 0.4

5,000

4,017 5,304 6,895 7,098

1,000 0.2

0
0 0.0

FY19 FY20 FY21 FY22 Q1FY23 FY20 FY21 FY22 Q1FY23

48% revenue contributed by 5 yrs+ vintage Franchisees Advisor Productivity

< 2 Years
2-5 Years
Revenue per
> 5 Years Advisor Count
55% 52% 48% 48% 48%
Advisor
1,866
₹ 6.5 Lakhs
33% 34% 35% 40%
29%

17% 15% 18% 17% 12%

*Advisor Count and Productivity for Direct Channels
FY19 FY20 FY21 FY22 Q1FY23
Revenue per Advisor is for Q1FY23
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 EARNINGS PRESENTATION Q1FY23

Broking and Distribution – Large client assets under advice

Rising Distribution (Mass Affluent) AUM Distribution AUM Mix

MF
168 172
Distribution PMS
AUM (₹ Bn) 29% 29%
128 PE/RE
96 90 AIF
7%
Others
13% 22%

Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

SIP AUM and Live SIP Count DP AUM Growth Trend

45.0 1,65,117 1,58,895 1,80,000

40.0 1,60,000
AUM (₹ Bn)
1,21,289
41.5 39.7 1,958 DP AUM (₹ Bn)
1,839
35.0 1,40,000

1,00,478 98,690 Live SIP

30.0 1,20,000

25.0
30.2 1,00,000

20.0 80,000
1,184
15.0 60,000

14.9 15.0
590
10.0 40,000

5.0 20,000
468
0.0 0

Mar-19 Mar-20 Mar-21 Mar-22 Jun-22 Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

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 EARNINGS PRESENTATION Q1FY23

Asset and Wealth Management

• AMC AUM stood at ₹ 434 bn, with MF AUM at ₹ 274 bn and
Alternates AUM at ₹ 158 bn.
₹ 434 Bn 36% ₹ 114 Bn ₹ 344 Bn ₹ 19.9 Bn
AMC AUM Alternates Share in PE & RE AUM Wealth AUM Wealth Net Sales; • Added around 47k new SIPs in Q1FY23, with traction witnessed in
AMC AUM +88% YoY
active funds.

• Revenue was down 16% QoQ due to one-off profit share on

alternates of ₹ 80 mn in AMC and ₹ 82 mn of additional accrual
PARTICULARS (₹ Mn) Q1FY23 Q1FY22 YoY (%) Q4FY22 QoQ (%)
of management fee in IBEF III and ₹ 30 mn in IREF V(5th close) in
Total Revenues 2,190 2,013 9% 2,594 -16% Q4FY22.
• AMC 1,398 1,381 1% 1,648 -15%
• Launched Motilal Oswal Ethical Strategy fund- an Ethical and
• PE 318 236 35% 469 -32%
Shariah complaint PMS.
• Wealth 473 396 20% 477 -1%
• We have a strong pipeline of domestic passive funds and AIF
Total Expense 1,405 1,260 11% 1,588 -12%
which will be launched in coming quarters.
• Employee Expense 576 456 26% 637 -10%
• IBEF IV fund, with a target size of ₹ 45 bn, has already raised
• Fee Sharing & Commission 588 597 -1% 674 -13%
₹ 40 bn and expects to commit ~40% over next 2 quarters.
• Other Expense 241 208 16% 277 -13%
• Exit from IREF II is expected during the year which will result in
PBT 785 753 4% 1,006 -22%
profit share from exit of investments.
PAT 580 549 6% 802 -28%
15 • IREF VI is planned to launch during the 2nd half of FY23.
KEY HIGHLIGHTS FINANCIALS BUSINESSES www.motilaloswalgroup.com
 EARNINGS PRESENTATION Q1FY23

Asset Management

AMC AUM Breakup and Growth trend AMC MF AUM mix

120%

₹ Bn Direct
100%

490 16% 14% 10% 18% 16%

434 NDs
434 40 MF AUM
389 24%
80%

27 38 27% 26% 22% 22% IFA

28 142 PMS AUM
294 147 120
60%

25% 24% WM+Banks

160 19 AIF AUM 21% 21% 21%
116
40%

306 274
258 38% 41% 39% 38%
199 35%
20%

157
0%

Mar-19 Mar-20 Mar-21 Mar-22 Jun-22 Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

AMC Alternates AUM mix AMC MF GS mix

120% 120%

100%
8% 9% 8% 6% 6% WM+Banks 100%
4% 10% 13% 14% 12% Direct

9% 10% 9% 9% 9% NDs WM+Banks

80% 80%

32% 30% 18% 14%

27% 26% 27%
27% 26% 30% IFA IFA
60% 60%
19% 17%
Direct 25% 25% 28% NDs
19%
40% 40%

22%
55% 56% 57% 59% 55% 18% 12% Digital
18%
35%
20% 20%

20% 23% 28%

15%
0% 0%

Mar-19 Mar-20 Mar-21 Mar-22 Jun-22 FY19 FY20 FY21 FY22 Q1FY23

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 EARNINGS PRESENTATION Q1FY23

Asset Management

Calibration in AMC yields AMC MF Folios

Net Revenue to 1.9 1.9

42 42 AAUM (bps)
Folio Count (mn)
45

39 38
200

34
180

1.3
40

160

35

140

PAT to AAUM 1.0

0.9
30

(bps)
120

25

100

20

80

88 85 83
15

77
60

10

75 40

5
20

0 0

FY19 FY20 FY21 FY22 Q1FY23 Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

AMC MF SIP flows MF MAAUM Location Mix High Share of Individuals in MF

Monthly avg
1.9% 1.8% in Q1FY23
1.8%
14%
7.00 2.0%

6.00
1.6% 1.8%

1.6%
1.13 Bn 32%
5.00
1.4%

4.00 0.9% 1.2%

SIP Flow (₹ Bn)

1.0%

3.00
0.8%

2.00
0.6% 68%
Market Share
0.4%

1.00

4.95 5.42 5.34 6.31 3.39 0.2% 86%

0.00 0.0%

Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Individuals Corporates

T 30 B 30
17 *Q1FY23 SIP flows were down due to the RBI restriction on investment in international MF *Monthly Avg. AUM
KEY HIGHLIGHTS FINANCIALS BUSINESSES www.motilaloswalgroup.com
 EARNINGS PRESENTATION Q1FY23

Private Equity & Real Estate Funds

Successful launch of PE & RE Funds over years PE & RE Fund Level IRR
35.0%
Fully
IBEF IV 30.0%
Exited IRR (%)
IREF V ₹ 45 Bn 28.7%
IREF IV ₹ 12 Bn 26.8%
25.0%

IBEF III ₹ 11.5 Bn 20.0%

22.3%
IREF III ₹ 23 Bn 19.2%
20.7%
18.6%
IREF II ₹ 10.3 Bn 16.9%
15.0%

IBEF II ₹ 4.9 Bn 10.0%

IBEF I ₹ 9.5 Bn
₹ 5.5 Bn
5.0%

0.0%

FY07 FY12 FY14 FY17 FY18 FY19 FY21 FY22 IBEF I IBEF II IBEF III IREF II IREF III IREF IV IREF V

Investments spread across sectors PE & RE Active Investments

26
25 30

Sectors 23 Investment
AUM (₹ Bn)
25
20

30% 20

25% 14
15

No. of
11 11
15

20% 10
9 investments
15%
10

10%
5

1
5

10 23 2 5 10 11 12
0 0

Financial Consumer Niche Pharma Services IBEF II IBEF III IBEF IV IREF II IREF III IREF IV IREF V
Services Manufacturing
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 EARNINGS PRESENTATION Q1FY23

Wealth Management

AUM diversified across asset classes Continued traction in UHNI families addition
400 400
MF 6,000

144
150
Family
344 344 143
RM
350 350

PMS
145

5,000

37% 36%
253
300 300 140

250 250
AIF 4,000

129
135

175 38%
200
156 11% 11% 200
PE/RE 3,000
126 130

8% 9% 123
31% 10% Others
150 150 125

28% 8% 17% 15%

2,000

11% 13%
9% 17%
100 100

8%
120

21% 17% 29%

₹ Bn
28% 1,000

3,719 4,186 5,004 4,665 4,858

50 50 115

27%
0 27% 34% 0 0 110

Mar-19 Mar-20 Mar-21 Mar-22 Jun-22 Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

More than 50% of RM with vintage of 3+ years Trail income covers majority of the opex
0-3 Years % of
cost
3-5 Years 89% covered
26% 80% 82% by Trail
72% 75%
5+ Years revenue
49%

25%

FY19 FY20 FY21 FY22 Q1FY23

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 EARNINGS PRESENTATION Q1FY23

Wealth Management

AUM Mix- Q1FY23 Focus on improving share of recurring business

120% 60%

43% 57% MF Transactional

100% 50%

12% PMS Recurring

80%

44%
40%
45% 57% 53% 40% 47%
AIF
43%
PE/RE
60% 30%

56%
55% 60%
40%

21%
20%

Others 53%
43% 47%
20% 10%

18%
0% 6% 0%

Recurring AUM Transactional AUM Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23

AUM and Revenue per Family Trend RM Productivity holding up in volatile market
416.1
389.8
80.0 450.0 3.0 16.0

13.5 13.2
400.0

AUM per AUM per RM

73.7
70.0 14.0

70.9
2.5

292.5 350.0
family (₹ Mn) 10.3 (₹ Bn)
2.4 2.4
60.0 12.0

240.6 254.0 300.0 2.0

8.6
7.8 2.1
50.0 10.0

50.5
250.0

40.0
47.0 1.5 8.0

Revenue per Revenue per

200.0

30.0
37.3 family (₹ ‘000)
1.4 6.0

RM (₹ Mn)
1.2
150.0 1.0

20.0 4.0
100.0

0.5

10.0 2.0
50.0

0.0 0.0 0.0 0.0

FY19 FY20 FY21 FY22 Q1FY23 FY19 FY20 FY21 FY22 Q1FY23

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 EARNINGS PRESENTATION Q1FY23

Home Finance
• NII improved by 15% on YoY basis in Q1FY23 led by robust
₹ 35.5 Bn ₹ 1.7 Bn COF @7.5% <1% Expansion disbursement.
AUM as on Jun-22 Disbursements in Incremental COF in NNPA on New Book Opened 2 new
Q1FY23, registering a Q1FY23 of AUM ₹ 12 bn branches in Q1FY23
growth of 84% YoY • PPOP was down 4% YoY due to ₹ 90 mn of Direct Assignment
income recorded in Q1FY22.

PARTICULARS (₹ Mn) Q1FY23 Q1FY22 YoY (%) Q4FY22 QoQ (%) • PBT was down 20% QoQ whereas PAT was down 30% due to
tax benefits on special reserves created for the entire year in
Interest Income 1,214 1,249 -3% 1,233 -2%
Q4FY22.
Interest Expense 506 634 -20% 527 -4%
Net Interest Income (NII) 708 615 15% 706 0%
• Net gearing stood at 2.3x, Tier 1 CRAR remained robust at
Total Income 750 734 2% 764 -2%
51%.
Operating Cost 285 250 14% 289 -1%
- Employee Cost 218 180 21% 210 4%
- Other Cost 67 70 -5% 78 -14%
• Leveraging MO Real Estate team’s expertise to build good
quality Construction Finance book.
Operating Profit (Pre-Prov.) 465 484 -4% 475 -2%
Provisioning 38 372 - -57 -
PBT 427 112 280% 532 -20% • Focus on process development has led to TAT improvement

PAT 321 85 279% 456 -30% by 25% on QoQ basis.

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 EARNINGS PRESENTATION Q1FY23

Home Finance – Portfolio Metrics

Disbursement Trend Product Mix

40% New Purchase

Disbursement 26% Self-Construction

1.9 2.0 (₹ Bn)
1.7 09% Resale
1.6
04% Home Improv./Ext.
0.9 02% Composite
08% CF with MORE*
Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 11% Others

Customer Mix AUM by Ticket Size

08% Up to 0.5 Mn
53% Salaried 38% 0.5 – 1.0 Mn
31% 1.0 – 1.5 Mn
Self
47% Employed
14% 1.5 – 2.0 Mn
08% 2.0 – 2.5 Mn
02% Above 2.5 Mn

Note:
22 *Based on Loan Book *Motilal Oswal Real Estate (MORE); lending to CAT A builders

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 EARNINGS PRESENTATION Q1FY23

Home Finance
ECL Provisioning Details STATE NOS. OF MOHFL’s Geographic Reach
BRANCHES
PARTICULARS (₹ Mn) Q1FY23 MH Maharashtra 32 PRESENCE ACROSS
Stage 1 & 2 34,444 GJ Gujarat 15 106 LOCATIONS IN 12 STATES/UTS
TN Tamil Nadu 14
% portfolio in stage 1 & 2 97.84%
RJ Rajasthan 11
Stage 3 759 KA Karnataka 09
% portfolio in Stage 3 2.16% MP Madhya Pradesh 09
AP Andhra Pradesh 05
ECL Provision % Stage 1 & 2 1.64%
HR Haryana 04
Total Assets 35,203 CG Chhattisgarh 02
ECL Provision 879 TS Telangana 02
DL Delhi 02
ECL Provision % 2.50% HR
UP Uttar Pradesh 01
Stage 3 Coverage Ratio 41% DL
UP
RJ

MOHFL’s GNPA and NNPA Trend Collection Efficiency Trend GJ MP

CG

GNPA MH
4.7% NNPA TS
102%
100%
CE incl.
99% 99% prepayments
3.3% 98% KA AP
was 124% in
Jun-22
2.2% 2.2%
1.6% 92% TN
1.4% 1.3% 1.3%
0.7% 0.9%

Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23

23 As per new RBI norm, GNPA and NNPA stood at 2.8% and 1.7% respectively Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23 Jun-22

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 EARNINGS PRESENTATION Q1FY23

Home Finance

Diversified Liability Mix Key Ratios

120%

3% 3% Term loan
7% Parameters Q1FY23 Q1FY22
100%

7% 7%
8% 7% 12% NCD
80%

57% 52% NHB

40% 28% 28%
60%

Securitization Yield 13.7% 13.8%

ECB
40%

55% 51%
20%
43% 49% 45% COF 7.9% 8.6%
0%

FY19 FY20 FY21 FY22 Q1FY23 Spread 5.9% 5.2%

Net Worth and Net D/E

NIM 7.7% 6.5%
12,000

4.3
5.0
Total
cumulative
ROA 3.6% 0.9%
4.5

10,000
capital infusion
3.2
4.0

at ₹ 8.5 Bn
2.8
3.5
8,000

2.3 2.3
3.0

6,000 2.5

ROE 13.2% 3.7%

2.0
Net Worth
4,000
1.5 (₹ Mn)

CRAR 51.0% 47.5%

1.0
2,000

8,266 8,674 9,095 10,070 10,412

0.5
Net Leverage (X)
0 0.0

FY19 FY20 FY21 FY22 Q1FY23 * All ratios are annualized

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 EARNINGS PRESENTATION Q1FY23

Fund Based Investments

• Fund based book includes sponsor commitments cum
₹ 44.4 Bn ₹ 38.4 Bn ~₹ 13.9 Bn ~18% 23% investments in equity MF, PE funds, Real estate funds,
Total investments Total equity Total unrealised gain Cumulative XIRR on XIRR on PE/RE AIF and strategic equity investments.
investment including on fund-based total investments investments
alternate funds investments

• Total equity investment including alternate funds was at

₹ 38.4 bn as of Jun-22, MTM of these gains are included
in earnings under Ind-AS reporting.

PARTICULARS (₹ Mn) Q1FY23 Q1FY22 Q4FY22

• Cumulative XIRR on total investments is ~18%, whereas
Revenues -1,510 1,136 670
XIRR on PE/RE investments stood at 23%.
-MF/Alternates -1,447 1,209 -911

-PE/RE -184 -140 413 • These investments have helped “seed” our new
-Unlisted Shares/Others 121 66 1,168 businesses, which are scalable, high-RoE opportunities.
They also serve as highly liquid “resources” available for
PAT -1,509 896 463
future investments in business, if required.
OCI -484 -377 453

TCI -1,993 518 916

Financials are regrouped as GTL and TMTL are moved from Asset Management and Capital Markets respectively to Fund Based.
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 EARNINGS PRESENTATION Q1FY23

Fund Based investments – Largest Skin in The Game

Skin in the Game in AMC (₹ Bn) Strong Growth in investments over the years

434 AMC AUM

40.5
38.4
19 Sponsor
AUM
31.0
17.4 13.4
16 Promoter
AUM
13.1

Skin in the game in PE & RE (₹ Bn) 17.9 17.5

3.9 1.7

114 Active AUM

23.1
25.0

17.9
15.8
14.0

13 Sponsor
Commitment
in PE & RE
Mar-19 Mar-20 Mar-21 Mar-22 Jun-22

Investment at cost (₹ Bn) Gain (₹ Bn)

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 EARNINGS PRESENTATION Q1FY23

MOFSL levers for sustainable growth

Collaboration Scalability
• Research / Advisor driven offerings
• Build loyal franchisee and partners network
• Emphasis on trail revenue models
• Leveraging productivity of in-house advisors / RMs
• Higher Variable cost components
• Collaborate with financial institutions
• Consistent RoE of 20%+

Customer focus Vision Digital

• Phygital approach • Digital to be one of DNA for each staff backed
• Launching One stop shop ‘Super App’ for all
Optimising group
by trainings, campaigns & workshops
financial products expertise and synergies • New age UI/UX across platforms to provide
• Advisor for entire customer life cycle to cater customer seamless user experience
• Leveraging strong research capabilities to • Revamping tech stack with emphasis on cloud
onboard new customers.
financial needs
based modular architecture
• Building data analytics team for product
interventions and collections

Market penetration Competency building

• Strengthening senior leadership and succession
• Penetrating newer markets with focus on tier II &
planning
III cities
• Augment the talent of young resources
• Strengthening offerings in existing markets
• Talent development program for across management
• Target millennials and Gen Z customers
levels
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 EARNINGS PRESENTATION Q1FY23

Safe Harbour

This earning presentation may contain certain words or phrases that are forward - looking statements. These forward-looking statements are tentative, based on current

analysis and anticipation of the management of MOFSL. Actual results may vary from the forward-looking statements contained in this presentations due to various risks

and uncertainties involved. These risks and uncertainties include volatility in the securities market, economic and political conditions, new regulations, government

policies and volatility in interest rates that may impact the businesses of MOFSL. MOFSL has got all market data and information from sources believed to be reliable or

from its internal analysis estimates, although its accuracy can not be guaranteed. MOFSL undertakes no obligation to update forward-looking statements to reflect

events or circumstances after the date thereof.

DIS CLAIM E R
This report is for information purposes only & does not construe to be any investment, legal or taxation advice. It is not intended as an offer or solicitation for the purchase or sale of any financial
instrument. Any action taken by you on the basis of the information contained herein is your responsibility alone and MOFSL and its subsidiaries or its employees or directors, associates will not be
liable in any manner for the consequences of such action taken by you. We have exercised due diligence in checking the correctness and authenticity of information contained herein, but do not
represent that it is accurate or complete. MOFSL or any of its subsidiaries or associates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any
inadvertent error in the information contained in this publication. The recipient of this report should rely on their own investigations. MOFSL and/or its subsidiaries and/or directors, employees or
associates may have interests or positions, financial or otherwise in the securities mentioned in this report.

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For any query, please contact :

S H A L IBH ADRA S H A H
CHIEF FINANCIAL OFFICER
91-22-7193 4917 / 98190 60032
shalibhadrashah@motilaloswal.com

C H E TA N PA R MAR
HEAD INVESTOR REL ATIONS
91-22-7190 6600 / 74003 12700
chetan.parmar@motilaloswal.com