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PINC Research is a registered Research Entity vides SEBI Registration No._INH000010052_under SEBI (Research Analyst) Regulations, 2014.

We submit that no material disciplinary action has been taken on PINC Research and its associates (Group Companies) by any Regulatory Authority impacting Equity Research Analysis activities.

PINC Research prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analyst covers.

The information and opinions in this report have been prepared by PINC Research and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of PINC Research. While we would endeavour to update the information herein on a reasonable basis, PINC Research is not under any obligation to update the information. Also, there may be regulatory, compliance or other reasons that may prevent PINC Research from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or PINC Research policies, in circumstances where PINC Research might be acting in an advisory capacity to this company, or in certain other circumstances.

This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed.

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Nothing in this report constitutes investment, legal, accounting and tax advice or are presentation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. PINC Research accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice.

Our employees in sales and marketing team, dealers and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest.

Associates (Group Companies) of PINC Research might have received any commission /compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of brokerage services or specific transaction or for products and services other than brokerage services.

PINC Research or its Associates (Group Companies) have not managed or comanaged public offering of securities for the subject company in the past twelve months.

PINC Research encourages the practice of giving independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of research report. PINC Research or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report.

Accordingly, neither PINC Research nor Research Analysts have any material conflict of interest at the time of publication of this report.

It is confirmed that, Name of the RA (Qualification), Research Analyst, of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific brokerage service transactions.

PINC Research or its associates (Group Companies) collectively or its research analyst do not hold any financial interest /beneficial ownership of more than 1%(at the end of the month immediately preceding the date of publication of the research report) in the company covered by Analyst, and has not been engaged in market making activity of the company covered by research analyst.

It is confirmed that, Name of the RA (Qualification), Research Analyst, do not serve as an officer, director or employee of the companies mentioned in the report.

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