Equity Research INDIA

March 7, 2023
BSE Sensex: 60224
Jubilant FoodWorks BUY
ICICI Securities Limited Maintain
is the author and
distributor of this report Popeyes: Right ingredients for significant ramp-
up (some impact for KFC is inevitable) Rs447
Company update
We returned impressed from Popeyes first store in Chennai (Phoenix Mall,
Consumer Staples & Velachery), which marks its entry into Chennai and expansion from Bangalore (12
Discretionary stores), in the fried chicken market. The store atmosphere is appealing with
vibrant colours and a contemporary look and feel, self-ordering kiosk, good
Target price: Rs630 lighting and highest seating capacity amongst Popeyes India outlets (with a
separate section for ‘open to sky’ table seating). These features differentiate the
Shareholding pattern store look with a superior proposition (picture of the store, menu details, etc. on
Jun Sep Dec pages 3-4). Its Cajun flavour offerings are unique in India QSR and we reckon it
(%) '22 '22 '22
Promoters 41.9 41.9 41.9 has high probability of consumer acceptance. A casual positioning (set between
Institutional fast food and casual dining) fits well with JUBI’s strengths – focusing on value-
investors 47.0 46.9 47.1
MFs and others 12.6 13.8 14.5 for-money and delivery.
Banks/Ins. Co. 3.9 4.4 5.8
FIIs 30.5 28.7 26.8 We forecast JUBI to add >100 stores in FY24. The market may eventually expand
Others 11.1 11.2 11.0
Source: NSE to accommodate both brands - Popeyes and KFC; however, KFC does have an
air-pocket to tackle for now as we assign high probability of new Popeyes stores
ESG disclosure score in same catchment as KFC. Retain BUY on JUBI. Devyani and Sapphire may
Year 2021 2022 Chg
ESG score 39.9 39.1 (0.8) potentially face some growth headwinds in interim.
Environment 16.0 16.0 -
Social 25.0 25.0 -  New store launch looks promising: JUBI has expanded its Popeyes network to
Governance 78.6 76.1 (2.5) Chennai from its existing operations at Bangalore. Popeyes is launched in a new city
Note - Score ranges from 0 - 100 with a higher score
indicating higher ESG disclosures. with flagship store format – with 'open to sky' seating arena which has a
Source: Bloomberg, I-sec research
contemporary vibrant look and feel. The launch (a month ago) has gained google
rating of 4.4. The store is the largest Popeyes India outlet, currently with a seating
capacity of 150 split into two divisions (108 indoor and 42 outdoor with ‘open to sky’
arrangement). We believe the brand will compete fiercely with KFC and wrest some
of its market share. The market may eventually expand to accommodate both
brands; however, KFC does have an air-pocket to tackle for now.
 International flavours a potential growth story: On the menu, the Cajun-based
sandwich, fries, rice bowls are a unique offering giving consumers a choice to relish
international flavour with a mild touch of Indian spice. Traditionally, at other QSRs,
fries are a standalone offering while Popeyes brings the twist of serving French fries
pre-coated with Cajun mix (a layer coated over the potato) before frying, serving with
fusional twist. While the Cajun seasoning is available more at barbeque dine-ins
(Barbeque Nation, Coal Barbeque, Absolute Barbeque) and is well preferred, we
believe Popeyes menu may find customer patronage, which may help the brand gain
Research Analysts: market
Research share.
Analysts:
Market Cap Rs295bn/US$3.6bn Year to March FY21 FY22 FY23E FY24E
Manoj Menon Manoj Menon
manoj.menon@icicisecurities.com Reuters/Bloomberg JUBI.BO/JUBI IN
manoj.menon@icicisecurities.com Revenue (Rs mn) 33,119 43,961 52,265 63,160
+91 22 6807 7209 +91Shares
22 6807 7209
Outstanding (mn) 659.8 Adj. Net Profit (Rs mn) 2,305 4,358 4,302 6,726
Varun Singh Aniket Sethi
52-week Range (Rs) 639/430 Dil. Rec. EPS (Rs) 3.5 6.6 6.5 10.1
varun.singh@icicisecurities.com aniket.sethi@icicisecurities.com
+91 22 6807 7649 +91Free Float7632
22 6807 (%) 58.1 % Chg YoY (23.3) 89.1 (2.0) 55.8
Karan Bhuwania Karan
FII (%)Bhuwania 26.8 P/E (x) 128.2 67.8 69.2 44.4
karan.bhuwania@icicisecurities.com karan.bhuwania@icicisecurities.com
Daily Volume (US$/'000) 17,670 CEPS (Rs) 9.2 12.6 13.6 18.3
+91 22 6807 7351 +91 22 6807 7351
Absolute Return 3m (%) (19.5) EV/EBITDA (x) 67.8 38.8 37.6 26.8
Akshay Krishnan
akshay.krishnan@icicisecurities.com Absolute Return 12m (%) (14.8) Dividend Yield (%) 0.3 0.3 0.3 0.5
+91 22 6807 7632 Sensex Return 3m (%) (3.7) RoCE (%) 13.9 20.5 15.9 18.3
Sensex Return 12m (%) 12.3 RoE (%) 17.9 25.7 17.9 21.5
Please refer to important disclosures at the end of this report
Jubilant Foodworks, March 7, 2023 ICICI Securities
 Popeyes – Our first impression: We returned optimistic from our visit to
Popeyes Chennai store launched a month ago. Located on the ground floor in
close proximity to entrance of Phoenix Market City in Velachery, trendy exteriors
and princeton orange branding (images on page 3) gives us confidence in the
store’s ability to attract footfalls. The store is adequately staffed (with 20
employees, including kitchen and servicing staff, three shift managers and one
store manager). The open kitchen with partition separating veg and non-veg
sections gels well with vegetarian customers’ preference. The menu is affordably
priced, be it an individual pick or a combo, in sync with JUBI’s value-for-money
proposition. We estimate a meal for two to cost Rs300-350, for three Rs400-500
and for four/five Rs600-770 on an average. The store currently offers dine-in and
takeaway options, and plans to launch delivery soon. It will use its own fleet (EV
vehicles) whereby delivery partners would carry the order in an insulated bag so
that the food retains its freshness and is delivered hot.
 Learnings from Popeyes – keeping a close watch: The core team is always at
the store, keeping a close watch and managing any initial hiccups. The team is
also responsible for getting first-hand customer feedbacks to improvise on the
menu and their offerings suiting the Indian palate. Statistics indicate 70% of
Indians pan-India eat non-vegetarian food. In Tamil Nadu, 97.8% of the people are
non-veg and in Karnataka 79.1% (chart-1). These data points suggest that
Popeyes chicken offerings may find good acceptance by the customer in Tamil
Nadu and Karnataka.
 Back-end infrastructure: Popeyes is likely to benefit from JUBI’s existing back-
end infrastructure including in-house digital and data strength, supply chain,
commissary, management team, etc. Supplies to the store will be sourced directly
from JUBI’s commissary (at Bangalore) and refilled on a daily basis. The raw
materials – be it the chicken, sandwich/burger patties and fries – are centrally
controlled helping the brand to retain tastes and flavours across its chain. The
store’s frying section operates with separate areas for veg and non-veg items. We
believe JUBI’s commissary and scale of sourcing could be a key driver to provide
value-for-money without diluting company profitability. JUBI initially expanded its
store network in Bangalore (currently 12 stores, with the first launched in Jan-22)
and has now expanded it further with the launch in Chennai (one store as of now).
 Valuations and risks: We maintain our earnings estimates, modelling revenue /
EBITDA / PAT CAGRs at 20% / 21% / 24% over FY22-FY24E. Maintain BUY with
a DCF-based target price of Rs630. Key downside risks are raw material costs
turning inflationary and increase in competitive intensity.

2
Jubilant Foodworks, March 7, 2023 ICICI Securities

Exhibit 1: Vibrant branding Exhibit 2: Popeyes in Chennai: ‘Open to sky’ area

Source: Company, I-Sec research Source: Company, I-Sec research

Exhibit 3: Outdoor seating Exhibit 4: Self-ordering kiosk

Source: Company, I-Sec research Source: Company, I-Sec research

Exhibit 5: Stylish promotion Exhibit 6: Competing with differentiation

Source: Company, I-Sec research Source: Company, I-Sec research

3
 Jubilant Foodworks, March 7, 2023 ICICI Securities
Exhibit 7: Indoor seating arena

Source: Company, I-Sec research

Exhibit 8: Counter with wide LED display Exhibit 9: Popeyes customer rating

Source: Company, I-Sec research Source: Company, I-Sec research

Exhibit 10: LED menu display

Source: Company, I-Sec research

4
Jubilant Foodworks, March 7, 2023 ICICI Securities
Chart 1: State-wise non-vegetarian consumption in India

Source: I-Sec research

5
6
(nos) (%) (%)

0
50
150

100

(100)
(50)

0
20
40
60
80
100
72
74
76
78

70
80

(100)
(80)
(60)
(40)
(20)
Q2FY18 6
Q1FY18 8 Q1FY18 76.4
Q3FY18 18
Q2FY18 0 Q2FY18 74.1
Q3FY18 2 Q4FY18 27
Q3FY18 74.5
Q4FY18 7 Q4FY18 74.3 Q1FY19 26
Q1FY19 10 Q1FY19 74.5 Q2FY19 21
Q2FY19 23 Q2FY19 74.6 Q3FY19 15
Q3FY19 33 Q3FY19 75.6 Q4FY19 7
Chart 2: LFL growth

Q4FY19 27 Q4FY19 76.1 Q1FY20 6

Chart 4: Gross margin

Q1FY20 22 Q1FY20 75.5 Q2FY20 7
Q2FY20 34 Q2FY20 75.3 Q3FY20 7
Q3FY20 42 Q3FY20 74.9 Q4FY20 (2)

Source: Company data, I-Sec research

Source: Company data, I-Sec research

Source: Company data, I-Sec research

Q4FY20 10 Q4FY20 74.4 Q1FY21 (62)
Q1FY21 19 Q1FY21 78.0 Q2FY21 (19)
(90)
Q2FY21 Q2FY21 78.8
Jubilant Foodworks, March 7, 2023

Q3FY21 50 Q3FY21 (0)

Q3FY21 78.3
Q4FY21 46 Q4FY21 77.5 Q4FY21 14
Q1FY22 20 Q1FY22 77.2 Q1FY22 120

Chart 6: Net store additions (Domino’s)

Q2FY22 55 Q2FY22 78.2 Q2FY22 29
Q3FY22 60 Q3FY22 77.6 Q3FY22 8
Q4FY22 72 Q4FY22 76.9 Q4FY22 6
Q1FY23 58 Q1FY23 76.7 Q1FY23 28
Q2FY23 76 Q2FY23 76.2 Q2FY23 8
Q3FY23 59 Q3FY23 75.5 Q3FY23 0

(nos) (%)
(%)

0
400
600

200
800
1,000
1,200
1,400
1,600
1,800
2,000
0
50
150

100

(100)
(50)

0
5
10
20
30

15
25

Q1FY18 1,125 Q2FY18 9

Q2FY18 1,125 Q1FY18 11.7
Q3FY18 21
Q3FY18 1,127 Q2FY18 14.1
17.2 Q4FY18 27
Q4FY18 1,134 Q3FY18
Q4FY18 16.4 Q1FY19 26
Q1FY19 1,144 Q2FY19 21
Q2FY19 1,167 Q1FY19 16.6
Q2FY19 16.7 Q3FY19 17
Q3FY19 1,200 Q4FY19 11
Q4FY19 1,227 Q3FY19 18.4
Q4FY19 17.1 Q1FY20 10
Q1FY20 1,249
Chart 5: EBITDA margin

Q1FY20 23.3 Q2FY20 12

Chart 3: Revenue growth

Q2FY20 1,283
Q2FY20 23.8 Q3FY20 14
Q3FY20 1,325

Source: Company data, I-Sec research

Source: Company data, I-Sec research
Source: Company data, I-Sec research

Q4FY20 1,335 Q3FY20 23.9 Q4FY20 4

Q1FY21 1,354 Q4FY20 18.9 Q1FY21 (60)
Q2FY21 1,264 Q1FY21 6.3 Q2FY21 (18)
Q3FY21 1,314 Q2FY21 26.7 Q3FY21 (0)
Q4FY21 1,360 Q3FY21 26.4 Q4FY21 14
Q4FY21 24.3
Chart 7: Number of stores (Domino’s)
Q1FY22 1,380 Q1FY22 131
Q2FY22 1,435 Q1FY22 24.1 Q2FY22 37
Q3FY22 1,495 Q2FY22 26.0 Q3FY22 13
Q4FY22 1,567 Q3FY22 26.6 Q4FY22 13
Q1FY23 1,625 Q4FY22 25.0 Q1FY23 41
Q2FY23 1,701 Q1FY23 24.6 Q2FY23 17
Q3FY23 1,760 Q2FY23 24.3 Q3FY23 10
ICICI Securities

Q3FY23 22.0
 (%)
(Rs mn / store) (Rs mn / store)

0
2
4
5
6
7
0
3
4
5
8
9

1
3
1
2
6
7
0
10
30
40
50
70
80

20
60
90
100
sales
Q1FY18 4.4 Q1FY18 5.8 Q2FY18 57
Q2FY18 4.6 Q2FY18 6.2 Q3FY18 60
Q3FY18 5.0 Q3FY18 6.8 Q4FY18 63
Q4FY18 4.9 Q4FY18 6.7 Q1FY19 65
Q1FY19 5.4 Q1FY19 7.3 Q2FY19 68
Q2FY19 5.5 Q2FY19 7.4 Q3FY19 73
Q3FY19 5.8 Q3FY19 7.6 Q4FY19 75
Q4FY19 5.3 Q4FY19 6.9 Q1FY20 81
Q1FY20 5.6 Q1FY20 7.4 Q2FY20 85
Q2FY20 5.7 Q2FY20 7.6 Q3FY20 87
Q3FY20 5.9 Q3FY20 7.9

Source: Company data, I-Sec research

Source: Company data, I-Sec research
Source: Company data, I-Sec research
Q4FY20 89

Chart 10: Revenue per store

Q4FY20 4.9 Q4FY20 6.6
Q1FY21 99
Q1FY21 2.2 Q1FY21 2.8

Chart 12: Gross profit per store

Q2FY21 99
Jubilant Foodworks, March 7, 2023

Q2FY21 4.7 Q2FY21 6.0

Q3FY21 98
Q3FY21 6.3 Q3FY21 8.0
Q4FY21 5.8 Q4FY21 7.5 Q4FY21 98
Q1FY22 4.9 Q1FY22 6.3 Q1FY22 99
Q2FY22 6.0 Q2FY22 7.7 Q2FY22 98
Q3FY22 6.2 Q3FY22 8.0 Q3FY22 98
Q4FY22 5.7 Q4FY22 7.4 Q4FY22 98
Q1FY23 5.9 Q1FY23 7.6 Q1FY23 98
Chart 8: Average OLO contribution to delivery

Q2FY23 5.8 Q2FY23 7.6 Q2FY23 98

Q3FY23 5.7 Q3FY23 7.5 Q3FY23 98

(%) (%) (mn)

0
20
80

40
60
100
120

0
50
150

100

0
50
150

100
(50)

(100)

(50)

(100)
Q1FY18 4.4 Q1FY18 5.0 Q1FY18 8
Q2FY18 4.7 Q2FY18 5.6 Q2FY18 8
Q3FY18 19.3 Q3FY18 20.0 Q3FY18 9
(cumulative)

Q4FY18 24.0 Q4FY18 28.2 Q4FY18 10

Q1FY19 23.4 Q1FY19 26.4 Q1FY19 11
Q2FY19 20.9 Q2FY19 20.1 Q2FY19 13
Q3FY19 14.4 Q3FY19 12.9 Q3FY19 15
Q4FY19 6.8 Q4FY19 4.4 Q4FY19 18
Q1FY20 3.2 Q1FY20 1.9 Q1FY20 22
Q2FY20 3.9 Q2FY20 3.0 Q2FY20 25
Q3FY20 3.0 Q3FY20 3.8 Q3FY20 29

Source: Company data, I-Sec research

Source: Company data, I-Sec research
Source: Company data, I-Sec research

Q4FY20 (7.2) Q4FY20 (5.2) Q4FY20 33

Q1FY21(61.5) Q1FY21(62.7) Q1FY21 38
Q2FY21 (17.3) Q2FY21 (21.0) Q2FY21 44
Q3FY21 5.8 Q3FY21 1.3 Q3FY21 51
Chart 11: Revenue per store growth

Q4FY21 19.0 Q4FY21 14.3 Q4FY21 57

Q1FY22 125.7 Q1FY22 128.0 Q1FY22 64

Chart 13: Gross profit per store growth

Q2FY22 26.4 Q2FY22 27.3 Q2FY22 71
Q3FY22 (1.4) Q3FY22 (0.6) Q3FY22 80
Q4FY22 (2.1) Q4FY22 (1.4) Q4FY22 87
Q1FY23 20.5 Q1FY23 21.4 Q1FY23 95
Chart 9: Downloads from mobile ordering app

Q2FY23 (3.1) Q2FY23 (0.6) Q2FY23 104

7
Q3FY23 (8.7) Q3FY23 (6.1) Q3FY23 114
ICICI Securities
8
(Rs mn / store)

0.0
0.5
1.0
1.5
2.0
Q1FY18 0.7 2.5
Q2FY18 0.9
Q3FY18 1.2
Q4FY18 1.1
Q1FY19 1.2
Q2FY19 1.2
Q3FY19 1.4
Q4FY19 1.2
Q1FY20 1.7
(Rs) Q2FY20 1.8
Chart 14: EBITDA per store

Q3FY20 1.9

Source: Company data, I-Sec research

700

200
300
400
500
600
800
900
1,000
Q4FY20 1.2
Q1FY21 0.2
Mar-20
Q2FY21 1.6
Jubilant Foodworks, March 7, 2023

Price chart
Q3FY21 2.1

Source: Bloomberg
Jun-20 Q4FY21 1.8
Q1FY22 1.5
Q2FY22 2.0
Sep-20 Q3FY22 2.1
Q4FY22 1.9
Q1FY23 1.9
Dec-20 Q2FY23 1.9
Q3FY23 1.7
Mar-21

(%)
Jun-21
0
100
200
500
600
700
900

300
400
800

(200)
(100)

Sep-21
Q1FY18 30.0
Q2FY18 53.9
Dec-21 Q3FY18 112.5
Q4FY18 112.8
Q1FY19 79.4
Mar-22 Q2FY19 43.1
Q3FY19 20.5
Q4FY19 8.7
Jun-22 Q1FY20 43.0
Q2FY20 46.3
Source: Company data, I-Sec research

Sep-22 Q3FY20 35.3

Q4FY20 4.9
(89.9)
Q1FY21
Dec-22 Q2FY21(11.5)
Chart 15: EBITDA per store growth

Q3FY21 11.5
Q4FY21 47.1
Mar-23 Q1FY22 766.7
Q2FY22 24.1
Q3FY22 0.3
Q4FY22 1.6
Q1FY23 23.8
Q2FY23 (7.1)
ICICI Securities

Q3FY23(22.2)
 Jubilant Foodworks, March 7, 2023 ICICI Securities

Financial summary
Table 1: Profit and Loss statement Table 4: Cashflow statement
(Rs mn, year ending March 31) (Rs mn, year ending March 31)
FY21 FY22 FY23E FY24E FY21 FY22 FY23E FY24E
Net Sales & Operating Operating Cashflow 3,541 6,052 6,246 8,655
33,119 43,961 52,265 63,160
income Working Capital Changes 509 (410) 1,228 895
Operating Expenses 25,407 32,873 40,223 47,244 Capital Commitments (2,186) (3,913) (6,371) (4,624)
EBITDA 7,712 11,088 12,042 15,917 Free Cashflow 1,864 1,729 1,103 4,925
% margins 23.3 25.2 23.0 25.2 Cashflow from Investing
Depreciation & Amortisation 3,754 3,931 4,717 5,488 (6,021) (6,542) (8,714) (6,683)
Activities
Gross Interest 1,627 1,761 1,977 2,173 Issue of Share Capital (43) (370) 5,329 25
Other Income 731 414 427 711 Inc (Dec) in Borrowings - 1,194 - -
Recurring PBT 3,062 5,810 5,775 8,967 Dividend paid 0 (790) (792) (931)
Less: Taxes 757 1,452 1,473 2,241 Chg. in Cash & Bank balance (2,015) 5,295 6,663 5,326
Less: Minority Interest - - - - Closing cash & balance 5,392 5,634 12,296 17,622
Net Income (Reported) 2,305 4,181 4,036 6,726 Source: Company data, I-Sec research
Extraordinaries (Net) - (177) (266) -
Recurring Net Income 2,305 4,358 4,302 6,726
Source: Company data, I-Sec research Table 5: Key ratios
(Year ending March 31)
Table 2: Balance sheet FY21 FY22 FY23E FY24E
Per Share Data (in Rs)
(Rs mn, year ending March 31)
Recurring EPS 3.5 6.6 6.5 10.1
FY21 FY22 FY23E FY24E
Cash EPS 9.2 12.6 13.6 18.3
Assets Dividend per share (DPS) 1.2 1.2 1.4 2.2
Total Current Assets 8,382 9,224 15,752 21,604 Book Value per share (BV) 21.8 29.6 42.7 51.3
of which cash & cash eqv. 6,206 6,630 13,293 18,619
Total Current Liabilities &
7,101 7,200 8,294 9,714 Growth Ratios (%)
Provisions
Net Current Assets 1,281 2,024 7,458 11,890 Sales (15.7) 32.7 18.9 20.8
Investments 6,714 10,236 10,236 10,236 EBITDA (11.9) 43.8 8.6 32.2
Net Fixed Assets 21,455 27,366 34,136 38,891 PAT (23.3) 89.1 (1.3) 56.4
Capital Work-in-Progress 286 465 465 465 Diluted Recurring CEPS - - 16.7 57.1
Total Assets 29,736 40,091 52,295 61,481
Valuation Ratios (x)
Liabilities P/E 128.2 67.8 69.2 44.4
Borrowings 16,205 21,066 24,431 27,797 P/CEPS 48.8 35.6 33.0 24.5
Deferred Tax Liability (831) (526) (526) (526) P/BV 20.6 15.1 10.5 8.7
Minority Interest - - - - EV / EBITDA 67.8 38.8 37.6 26.8
Equity Share Capital 1,320 1,320 6,648 6,673 EV / Sales 8.7 6.6 5.6 4.6
Face Value per share (Rs) 2 2 10 10
Reserves & Surplus* 13,042 18,231 21,741 27,537 Operating Ratios (%)
Less: Misc. Exp. n.w.o. Raw Material / Sales 21.9 22.5 24.0 22.7
Net Worth 14,362 19,551 28,390 34,210 Employee cost / Sales 22.6 17.5 17.5 18.1
Total Liabilities 29,736 40,091 52,295 61,481 Other exps / Sales 32.2 34.8 35.4 34.0
Source: Company data, I-Sec research Other Income / PBT 0.6 0.3 0.3 0.2
Effective Tax Rate 24.7 25.0 25.5 25.0
Working Capital (days) (28.3) (22.0) (27.1) (27.6)
Table 3: Quarterly trend Inventory Turnover (days) 14.7 13.4 9.0 9.1
(Rs mn, year ending March 31) Receivables (days) 1.9 1.8 1.9 1.9
Mar 22 Jun 22 Sep 22 Dec 22 Payables (days) 59.3 45.1 44.3 43.6
Net sales 11,579 12,403 12,868 13,166 Net D/E (x) (0.4) (0.3) (0.4) (0.5)
% growth (YoY) 12.9 41.1 16.9 10.3
EBITDA 2,897 3,045 3,125 2,900 Profitability Ratios (%)
Margin (%) 25.0 24.6 24.3 22.0 Net Income Margins 7.0 9.9 8.2 10.6
Other income 124 106 103 93 RoACE 13.9 20.5 15.9 18.3
Add: Extraordinaries (4) (266) - - RoAE 17.9 25.7 17.9 21.5
Net profit 1,165 1,276 1,192 886 Dividend Payout 34.3 18.9 23.1 21.8
Source: Company data Dividend Yield 0.3 0.3 0.3 0.5
EBITDA Margins 23.3 25.2 23.0 25.2
Source: Company data, I-Sec research

9
Jubilant Foodworks, March 7, 2023 ICICI Securities

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New I-Sec investment ratings (all ratings based on absolute return; All ratings and target price refers to 12-month performance horizon, unless mentioned otherwise)
BUY: >15% return; ADD: 5% to 15% return; HOLD: Negative 5% to Positive 5% return; REDUCE: Negative 5% to Negative 15% return; SELL: < negative 15% return

ANALYST CERTIFICATION
I/We, Manoj Menon, MBA, CMA; Varun Singh, MBA, Karan Bhuwania, MBA; Akshay Krishnan, MBA; authors and the names subscribed to this report, hereby certify
that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our
compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Analysts are not registered as research
analysts by FINRA and are not associated persons of the ICICI Securities Inc. It is also confirmed that above mentioned Analysts of this report have not received any
compensation from the companies mentioned in the report in the preceding twelve months and do not serve as an officer, director or employee of the companies
mentioned in the report.
Terms & conditions and other disclosures:
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