Report as on 25 August 2021 at 04:56 PM

VERY POSITIVE
RESULTS IN JUN 21
Sales Mastek

Jun 2021 - 516 Cr
Mar 2021 - 483 Cr
CMP: 2,522.05
Operating Profit

Jun 2021 - 113 Cr STOCK INFO:
BSE – 523704/ NSE – MASTEK
Mar 2021 - 106 Cr Market Cap - Mid Cap (Rs. 6,508 cr)
Sector – IT - Software
52 w H/L (Rs.) – 2873.2/663.4
Dividend Yield: 0.21%
Debt Equity: -0.66%
Return on Equity: 24.38%
Price to Book: 7.63

Figures in Rs crore; Basis consolidate data as of Jun 2021

www.marketsmojo.com
Mastek
CMP: 2,522.05
Report as on 25 August 2021 at 04:56 PM

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ANALYSIS Past Risk Return Analysis

Absolute Risk Volatility
With a growth in Operating Profit of 7.6%, the
Adjusted
company declared Very Positive results in Jun 21
-The company has declared positive results for the Mastek 259.80% 5.14 50.50%
last 6 consecutive quarters SENSEX 44.02% 2.65 16.59%
-ROCE(HY) Highest at 31.61 %
-NET SALES(Q) Highest at Rs 516.47 cr RETURNS SUMMARY (Price + Dividend)
-PBDIT(Q) Highest at Rs 112.78 cr. The stock gave a total returns of 260.58% in the last 1 year
Outperforming Sensex returns of 44.02%
Stock is technically in a Mildly Bullish range
500%
-The technical trend has deteriorated from Bullish
on 12-Aug-21 and has generated 3.32% returns since 250%
then
-The stocks MACD and KST technical factors are also 0%
Bullish
-250%
Market Beating performance in long term as well
O 18

Ja 1 9

O 20

21
Fe 1 8

Fe 2 0
Se -1 9

Au 0
Ju 9

Au 21
Ap 19

Ap 21
D -1 8

Ju 1 9

D -2 0

Ju 2 1
M 20
M -2 0

Ju 0
N -1 9

l- 2
1

-2
g-

g-

g-
-

-
n-

n-
as near term
b-

b-
r-

r-
n-
ov
ec

ec
ct

ct
ar
p

ay
Au

-Along with generating 259.80% returns in the last 1

Mastek Ltd MIDCAP
year, the stock has outperformed BSE 500 in the last
3 years, 1 year and 3 months
Investors Returns (3 years) –

Period 6M 1Y 2Y 3Y
Falling Participation by Institutional Investors Stock (%) 110.96% 260.58% 681.4% 372.9%
-Institutional investors have decreased their stake by - Sector (%) 32.07% 32.07% 97.32% 103.49%
2.1% over the previous quarter and collectively hold
Sensex (%) 9.61% 44.02% 52.43% 46.25%
16.39% of the company
-These investors have better capability and resources to
analyse fundamentals of companies than most retail
investors

MOJO PROFESSIONAL 1
Mastek Report as on 25 August 2021 at 04:56 PM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
Registered members of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 25th August, 2021 at 04:56 PM, and
may not be valid if you are reading it later.

Some factors/ data may have changed after the

report was generated.

To access the LATEST version of this report.

Click Here

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rights and a violation of law and it may also result in cancellation of subscription without any refund and may lead to legal action.

Mastek Report as on 25 August 2021 at 04:56 PM

FINANCIAL TREND
Positive

WITH A GROWTH IN OPERATING

results for

PROFIT OF 7.6%, THE COMPANY 6

DECLARED VERY POSITIVE consecutive
quarters

RESULTS IN JUN 21

Near term sales trend is positive

20.0% Net Sales (Rs Cr) 483.21
516.47
At Rs 516.47 cr has Grown at 20.0 % 386.06 409.74
442.85
Sales Growth over average Net Sales of the previous four quarters
of Rs 430.47 Cr

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021

Near term Operating Profit trend

is quite positive
Rs 112.8
112.78
103.86 105.94

cr
86.55
Operating Profit (Rs Cr)
68.12
Highest at Rs 112.78 cr. and Grown
Operating Profit each quarter in the last five quarters
- Quarterly

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021

Near term PBT trend is positive

30.2% PBT less Other Income (Rs Cr)
At Rs 101.33 cr has Grown at 30.2 % 90.4 93.97
101.33

72.83
PBT Growth over average PBT of the previous four quarters of Rs
54.22
77.86 Cr

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021

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Mastek Report as on 25 August 2021 at 04:56 PM

FINANCIAL TREND

Near term PAT trend is positive 60.55

69.3

57.42
32.4% PAT (Rs Cr)
At Rs 69.30 cr has Grown at 32.4 %
50.95
40.43
PAT Growth over average PAT of the previous four quarters of Rs
52.34 Cr

Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021

The company has displayed

31.6% increased efficiency by generating 31.61

higher profit on overall capital 20.96

ROCE - Half (equity and debt) 17.69
15.6 15.35
Yearly
ROCE (%)
Highest at 31.61 %
in the last five half yearly periods
Mar 2019 Sep 2019 Mar 2020 Sep 2020 Mar 2021

Increasing profitability; company 27.41

Rs 27.4 has created higher earnings for 20.76

23.02 23.99

shareholders
cr EPS (Rs)
16.56

Earnings per Highest at Rs 27.41

Share (EPS) - in the last five quarters
Quarterly
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021

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Mastek Report as on 25 August 2021 at 04:56 PM

FINANCIAL TREND

Short Term liquidity is improving 591.4

Rs 591.4 Cash and Cash Equivalents

Highest at Rs 591.40 cr
cr in the last six half yearly periods 220.97
280.21

93.39 107.71
Cash and Eqv - 55.36
Half Yearly

19

20
…

21
19

20
20

20

20

20
20

20
p

ar

ar

ar
p

p
Se

Se

Se
M

M
Jun'21 Mar'21 Change%
Net Sales 516.5 483.2 6.9%
Key Operating Profit (PBDIT) excl Other Income 112.8 105.9 6.5%
Result Interest 1.7 1.8 -2.8%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 69.3 60.6 14.5%
Operating Profit Margin (Excl OI) 21.8 21.9 -0.1%
Consolidate- figures in Rs
Cr

MOJO PROFESSIONAL 5
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Mastek Report as on 25 August 2021 at 04:56 PM

TECHNICALS

STOCK IS TECHNICALLY IN A MILDLY

BULLISH RANGE
Mildly Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

2,522.05 2,392.05 1,580.18

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (monthly)
Bollinger Band Mildly Bullish (weekly)
Bollinger Band Mildly Bullish (monthly)
KST Bullish (monthly)

Consistent Returns over the last 3 years

3 Months 1 Year 3 Years

36.91% 368.78%
259.80%

8.72%
48.58% 43.58%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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Mastek Report as on 25 August 2021 at 04:56 PM

RETURNS

MARKET BEATING PERFORMANCE IN

LONG TERM AS WELL AS NEAR TERM
Along with generating 500%
259.80% returns in the last
1 year, the stock has 250%

259.80% outperformed BSE 500 in

the last 3 years, 1 year 0%

UP and 3 months -250%

O 18

Ja 1 9

O 20

21
Fe 1 8

Fe 2 0
Se -1 9

A u -2 0
Ju 9

Au 21
Ap 19

Ap 21
D -1 8

Ju 1 9

D -2 0

Ju 2 1
M 20
M -2 0
N 19

Ju 0
1

-2
g-

g-

g-
-

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n-

n-
b-

b-
r-

r-
n-
p-
ov
ec

ec
ct

ct
ar
ay
Au
Mastek Ltd BSE500

Inconsistent Performance against Mid Cap

companies
Mastek Ltd has not been a consistent
performer in the YTD

1st
Quartile
1st
Quartile
3rd
Quartile
Stock has been in the 1st quartile in 2020 and
in the YTD period

YTD 2020 2019

126.04% 172.91% -7.94%

Company 1 Month 3 Month 1 Year 3 Years

Mastek -7.11% 36.91% 259.8% 368.78%
Return TCS 13.93% 17.52% 63.21% 79.19%
Comparison
Infosys 9.23% 27.56% 85.13% 151.78%
with Peers
Closest peers by Wipro 5.47% 22.11% 134.12% 188.24%
market cap
HCL Technologies 16.12% 22.72% 64.28% 125.62%

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display, perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property
rights and a violation of law and it may also result in cancellation of subscription without any refund and may lead to legal action.

Mastek Report as on 25 August 2021 at 04:56 PM

SHAREHOLDING

INSTITUTIONAL INVESTORS REDUCE

STAKE BY -2.1 %
Institutional investors have decreased their stake by - 30%

2.1% over the previous quarter and collectively hold

16.39% of the company 21.08% 20.87%
19.70% 19.66%
20% 18.49%
These investors have better capability and resources 16.39%
to analyse fundamentals of companies than most
retail investors
10%

0%
Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21

FIIs
Non Institution
39.36%
Shareholding Snapshot : Jun 21
5.67%
Majority shareholders : Promoters
Mutual Fu… Pledged Promoter Holdings : None
4.08%
Other DIIs Mutual Funds : Held in 8.00 Schemes (4.08%)
6.64%
FIIs : Held by 48 FIIs (5.67%)
Promoters Promoter with highest holding : Ashank Desai (13.175%)
44.25%
Highest Public shareholder : Abakkus Growth Fund - 1 (3.249%)
Individual Investors Holdings : 33.01%

MF
10%

holding has decreased by - 7.5%

7.60%
7.12% 7.23%

1.11%
5.19%
Number of MFs holding stake in the company has 5%
4.08%
decreased to 8 from 10
2.5%

0%
Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021

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Mastek Report as on 25 August 2021 at 04:56 PM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Jun'21 Mar'21 QoQ Jun'20 YoY Comments
Total Operating income 516 483 6.9% 386 33.8% High Growth in previous quarter
and same quarter last year
Total Expenditure (Excl Depreciation) 404 377 7% 318 27% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) excl Other Income 113 106 6.5% 68 65.6% High Growth in previous quarter
and same quarter last year
Other Income 5 3 45.1% 17 -71.9%
Operating Profit (PBDIT) 117 109 7.6% 85 38.5% High Growth in previous quarter
and same quarter last year
Interest 2 2 -2.8% 3 -31.6% QoQ and YoY decrease
Exceptional Items 0 0 0% 0 0%
Depreciation 10 10 -4.6% 11 -14.6% QoQ and YoY decrease
Profit Before Tax 106 97 9.1% 71 49.5% High Growth in previous quarter
and same quarter last year
Tax 26 22 20.1% 24 6.1% High Growth in previous quarter
and same quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 80 76 5.9% 47 72.2% High Growth in previous quarter
and same quarter last year
Share in Profit of Associates 0 0 0% 0 0%
Minority Interest 11 15 -28% 6 77.4%
Other related items 0 0 0% 0 0%
Consolidated Net Profit 69 61 14.5% 40 71.4% High Growth in previous quarter
and same quarter last year

Consolidate results triggered in Rs Cr

Margins
Jun'21 Mar'21 Dec'20 Sep'20 Jun'20 Avg. (4 Comments
Qtrs)
OPM 21.8% 21.9% 23.5% 21.1% 17.6% 21.0% In line with average (4 Qtrs)
GPM 22.4% 22.2% 23.9% 21.6% 21.3% 22.3% In line with average (4 Qtrs)
NPM 15.5% 15.7% 15.9% 14.4% 12.1% 14.5% Higher than average (4 Qtrs) – Promising

MOJO PROFESSIONAL 9
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Mastek Report as on 25 August 2021 at 04:56 PM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2021 IS 60.70% VS 3.70% IN MAR 2020
Consolidated Net Profit: YoY Growth in year ended Mar 2021 is 92.31% vs 7.28% in Mar
2020
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2021 is
134.60% vs 18.11% in Mar 2020
Interest: YoY Growth in year ended Mar 2021 is 123.76% vs -40.95% in Mar 2020 60.70%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2021 has improved from NET SALES
Mar 2020

Mar'21 Mar'20 Change(%)

Net Sales 1,721.86 1,071.48 60.70%
Key Operating Profit (PBDIT) excl Other Income 364.47 155.36 134.60%
Annual Interest 8.10 3.62 123.76%
Results Exceptional Items 0.00 -24.07 100.00%
Consolidated Net Profit 209.35 108.86 92.31%
Operating Profit Margin (Excl OI) 21.17 14.50 6.67%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2021 is 60.70% vs Consolidated Net Profit-YoY Growth in year ended Mar 2021
3.70% in Mar 2020 is 92.31% vs 7.28% in Mar 2020
2000 1,721.86 400

1,033.21 1,071.48 209.35

1000 804.21 200
541.22 101.47 108.86
69.96
32.41
0 0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2021 is 134.60% vs 18.11% in Mar 2020 Mar 2021 has improved from Mar 2020
500 40
364.47
21.17
250 20 14.50
155.36 10.78 12.73
131.54
86.66 5.47
29.62
0 0
Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021

Figures in Rs Crore

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Mastek Report as on 25 August 2021 at 04:56 PM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

302.04% Borrowings
Mar'20
556.50
Mar'19
138.42
Change%
302.04%

Increase
Other Long Term Liabilities 225.46 0.03 7,51,433.33%
Fixed Assets 833.65 168.80 393.87%
Investments 126.67 282.20 -55.11%
in Borrowings in quarter Current Assets 864.52 484.40 78.47%
ended Mar 2020 vs in
Figures in Rs Cr
Mar 2019

Other Long Term Liabilities: YoY Growth in year ended Mar 2020 is 7,51,433.33% vs -99.89% in Mar 2019
Fixed Assets: YoY Growth in year ended Mar 2020 is 393.87% vs -6.71% in Mar 2019
Investments: YoY Growth in year ended Mar 2020 is -55.11% vs 69.62% in Mar 2019
Current Assets: YoY Growth in year ended Mar 2020 is 78.47% vs 13.08% in Mar 2019

Cash From Operation - YoY Growth in year ended Mar

145.73% 2020 is 145.73% vs 15.71% in Mar 2019
Mar'20 Mar'19 Change%
GROWTH Cash Flow from Operating Activities 184.47 75.07 145.73%
Figures in Rs Cr

200 184.47

100
75.07
64.88
42.85
31.50

0
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020

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Mastek Report as on 25 August 2021 at 04:56 PM

PEER COMPARISION

PEER COMPARISON
Mastek KPIT Intellect Design Just Dial Infibeam
Technologi. Avenues
Size
Market Cap (Cr.) 6,508 8,755 8,559 5,946 5,581
Annual Sales (TTM) (Cr.) 1,852 2,110 1,560 678 799
Annual Net Profit (TTM) (Cr.) 238 178 294 127 72
Growth Factors (TTM)
Net Sales Growth 1 year 53.1% -0.1% 15.6% -22.5% 41.4%
Operating Profit Growth 1 year 131.5% -4% 509.1% -68.9% 35.7%
Net Profit Growth 1 year 67% -8% 432.3% -57.3% -15.2%
Net Sales Growth 5 year 29.3% 78.2% 13.7% -14.2% 17.6%
Operating Profit Growth 5 year 101.6% 54.5% 50.1% -44.4% 43.8%
Net Profit Growth 5 year 81.6% 31.3% 92.6% -24.9% 34.7%
Capital Structure Factors
EBIT to Interest 50 12.8 47.2 8.2 19.8
Debt to EBITDA 0.7 0.8 0.1 0.4 0.2
Net Debt to Equity -0.7 -0.5 -0.1 - -0
Sales to Capital Employed 5.9 3.4 1.3 0.5 0.2
Management Quality Factors
ROCE (latest) 109% 28.5% 23% 8.9% 2.4%
ROE(latest) 24.4% 11.9% 18.9% 16.9% 2.4%
Tax Ratio 23.8% 19% 9% 14.5% 13.1%
Operating CF to Net Profit 145.9% 441.5% 176.3% 56.2% 22.1%
Dividend Payout Ratio 17.8% 18.3% - - 6.2%
Valuation Factors
PE Ratio 27.5 48.4 28.1 46.7 77

Price to Book 7.6 7.2 5.9 4.7 1.9

PEG Ratio 0.5 - 0.1 - -
Dividend Yield 0.2% 0.5% - - -
EV to EBITDA 14.6 23.8 21.1 59.3 39.1
EV to Capital Employed 20.4 13.4 6.8 4.7 2
Shareholding
Promoter Holdings 44.3% 40.1% 31% 35.3% 31.1%
Promoter Pledged Holdings - 1.4% - 1% -
Total Institutional Holding 16.4% 34% 29.7% 42.5% 7.1%
FII Holdings 5.7% 19.8% 27.3% 28.7% 7.1%
Returns
1 Month -7.1% 12.9% -25.3% -2.2% -7.7%
3 Months 36.9% 35% -17.2% 20.4% 4.3%
YTD 121.1% 127.1% 102.5% 49.6% -2.5%
1 Year 259.8% 289.1% 242% 152.1% 8.5%
3 Years 368.8% - 163.9% 70.6% -62.6%

MOJO PROFESSIONAL 12
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Mastek Report as on 25 August 2021 at 04:56 PM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

Mastek Limited, together with its subsidiaries, provides enterprise technology
INDUSTRY : IT - solutions and platforms for insurance, government, and financial services
Software organizations worldwide. The company architects, designs, develops, integrates,
and maintains strategic applications at customers’ end with a focus on the
insurance and government sectors. The company also offers property and casualty
6,508 cr (Mid Cap) products, such as STG Policy Administration, STG Billing solution, STG Product
Modeler, STG Claims, and Distribution Management System; and life and annuity
products consisting of Elixir Policy Administration System, new business and
underwriting platform, and billing solutions. Further, the company offers various
services, such as business intelligence and data warehousing, enterprise mobility,
enterprise application, application security, CRM services, legacy modernization,
data privacy, IT Consulting, application management outsourcing, systems
integration and implementation, and testing services, as well as portals, including
customer self-service, collaboration and communication, enterprise, E-commerce,
and corporate portals. The company was founded in 1982 and is headquartered in
Mumbai, India.

Board of Directors
Ashank Desai Vice Chairman & M.D.

Priti Rao Non-Exec. & Independent Dir.

S Sandilya Chairman & Independent Directo

Atul Kanagat Non-Exec. & Independent Dir.

Dinesh Kalani Company Secretary

2 more board of directors

Company Coordinates

Company Details: Registrat Details:

804-805, President House, Opp. C N Vidyalaya , Near Karvy Computershare Pvt Ltd., Karvy Selenium, Tower-B Plot
Ambawadi Circle , Ahmedabad Gujarat : 380006 No 31 & 32, Survey No 116/22, 115/24, 115/25, Financial
Tel: 91-079-26564337 District, Nanakramguda, Serilingampally, Mandal Ranga
Fax: +91-22-6695 1331 Reddy Dist, Hyderabad
Email: investor_grievances@mastek.com
Website: www.mastek.com

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Mastek Report as on 25 August 2021 at 04:56 PM

DISCLAIMER

DISCLAIMERS
Mojo Markets Private Limited (“the Company”), which owns marketsmojo.com (“the website”) is engaged in the
business of operating the website.

This research report (“Report”) is for the personal information of the authorized recipients and is not for public
distribution and should not be reproduced or redistributed to any other person or in any form without the Company’s
prior permission. The information provided in the Report is from publicly available data, which we believe, are reliable.
While reasonable endeavors have been made to present reliable data in the Report so far as it relates to both current
as well as historical information, the Company does not guarantee the accuracy or completeness of the data in the
Report. Accordingly, neither the Company nor its shareholders, directors, officers, employees, advertisers, content
providers and licensors are responsible either jointly or severally for any loss or damage that may arise to any person
from any inadvertent error in the information contained, views and opinions expressed in the research reports.

Investment in securities is subject to market risks. Past performance should not be construed as a guarantee for future
returns and no representation or warranty, express or implied, is made regarding future performance. Investments in
equity and equity related securities involve a high degree of risks and the users should be clearly aware that prices of
securities as well as the income derived from these securities can fall as well as rise.

The Report also includes the analysis and views of our research team. The Report is purely for information purposes
and should not be construed as an investment recommendation or advice or an offer or solicitation of an offer to buy
or sell any securities.

The opinions expressed in the Report are those as on the date of the Report and are liable to change from time to time
without notice. The Company or any persons connected with it do not accept any liability arising from the use of this
Report.

Investors should not solely rely on the information contained in this Report and must make investment decisions
based on their own investment objectives, judgment, risk profile and financial position. The recipients of this Report
should take professional advice before acting on this information.

This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of
or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use
would be contrary to local law, regulation or which would subject the Company and its affiliates to any registration or
licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all
jurisdictions or to all category of investors.

The Company is also a SEBI registered Investment Advisor (“IA”). The Company and its associates do not own any
securities of the subject company/ies mentioned in the report as on the date of this research report.

The Research team engaged in the preparation of this Report and/or their relatives collectively did not own more than
1% of the equity in the subject company/ies mentioned in this Report (unless otherwise mentioned in such Report) nor
did they have any other material conflict of interest on the date of this Report.

None of the members of the research team engaged in preparation of this Report (unless otherwise mentioned in such
Report) have served as an officer, director or employee of the subject company in the past twelve months.

No disciplinary action has been taken on the Company by any regulatory authority which can impact the Equity
Research Analysis.

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