CMP: INR107 TP: INR125 (+16%) Buy

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1 BSE SENSEX S&P CNX 29,918 9,304 Bloomberg FB IN Equity Shares (m) 1,719.0 M.Cap.(INRb)/(USDb) / Week Range (INR) 109 / 44 1, 6, 12 Rel. Per (%) 17/24/115 Avg Val, INRm 693 Free float (%) Financials & Valuations (INR b) Y/E Mar E 2019E NII OP NP NIM (%) EPS (INR) EPS Gr. (%) BV/Sh. (INR) ABV/Sh. (INR) ROE (%) ROA (%) Payout (%) Valuations P/E(X) P/BV (X) April QFY17 Results Update Sector: Financials Federal Bank CMP: INR107 TP: INR125 (+16%) Buy Strong beat on all fronts; asset quality showing encouraging trends Federal Bank s (FB) 4QFY17 results strongly beat our estimates on all fronts, with higher total income growth (+22% YoY, 8% beat), controlled opex (5% beat) and lower provisions (19% beat). Core PPoP grew 45% YoY (+29% QoQ) to INR4.8b. NIM improvement of 10bp QoQ to 3.4%, continued movement in loan growth (+5% QoQ, +26% YoY) and pick-up in fee income growth (+23% YoY) were the key highlights. Loan growth of 5% QoQ (+26% YoY) was broad-based across segments, with corporate (+6% QoQ), SME (+8% QoQ) and agri (+11% QoQ) all showing robust growth. Retail loans grew 2% QoQ, but 26% YoY. The bank delivered an impressive asset quality performance, with GNPAs declining 12% QoQ in absolute terms (GNPA % down 44bp QoQ to ~2.3%). Incremental slippages moderated to INR2.44b from INR2.73b in 3Q (annualized slippage ratio of ~1.7% lowest in last eight quarters), led by lower slippages in corporate and retail. Strong recoveries/upgradations and sale to ARC of INR3.18b led to a decline in GNPAs. FY17 was a strong year for the bank, with a) loan/casa growth of 26%/24% YoY, b) 15bp NIM improvement to 3.3%, c) decline in GNPA ratio by 50bp to 2.3%, with healthy PCR of 71%, d) fall in CI ratio by 550bp+ to 51% and e) business outside Kerala picking up significant scale (SA+ 29% YoY, CA +16% YoY and loans +50% YoY). Valuation and view: We are enthused by FB s core operating performance, driven by its strong balance sheet. We believe the bank is ahead of corporate lending peer banks on the asset quality curve. Considering asset quality distractions in the PSU space, we believe FB is well positioned to gain market share in highly rated corporates. The bank has board approval to raise INR25b, and in the event of capital raise, tier 1 (currently 11.8%) should be strengthened further. We upgrade estimates for FY18/19 by 9-10%, and retain Buy with a TP of INR125 (2x FY19 BV) based on RI model. Alpesh Mehta (Alpesh.Mehta@MotilalOswal.com); Subham Banka (Subham.Banka@MotilalOswal.com); Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.

2 Exhibit 1: Quarterly Performance Y/E MARCH 4QFY17A 4QFY17E Var (%) Comments Net Interest Income 8,424 8,043 5 % Change (YoY) Higher than expected NIMs Other Income 2,821 2, Robust fee income performance Net Income 11,245 10,390 8 Operating Expenses 5,753 6,064-5 AS 15 related provisioning reversals Operating Profit 5,492 4, % Change (YoY) Beat led by higher net income growth and controlled opex Other Provisions 1,227 1, Improved asset quality position leading to beat on credit costs Profit before Tax 4,265 2, Tax Provisions 1, Net Profit 2,566 1, Strong Core PPoP growth and lower credit costs driving % Change (YoY) 2, ,687.7 significant beat 70%+ of FB s wholesale book is now rated A or above, compared to 65% during 4QFY16 GNPA declined 12% QoQ; sale to ARC of INR3.18b Risk adjusted NIMs inched up higher to 3.1% v/s 2.88% in 3QFY17 and 1.99% in 4QFY16 Strong growth across segments; pick up in corporate growth encouraging Loan growth of 5% QoQ (+26% YoY) was broad based with strong growth across segments. Corporate loan growth continued to pick up from where it left last quarter with 6% QoQ (+21% YoY) growth. Retail loans grew 2% QoQ, but increased 26% on a YoY basis. Although corporate loan book now constitutes 37% of overall loan book, we believe this is largely opportunistic acquisition of new corporate relationships Although FB remains committed to its overarching strategy of calibrating its loan mix towards SME and retail lending, we believe that the current environment is offering the bank opportunities to acquire high-quality corporate customers. Over 71% of FB s corporate portfolio is now rated A and above, compared to 30% a year ago period Impressive asset quality trends Slippages moderated to INR2.44b led by lower retail (INR550m v/s INR860m in 3QFY17) and corporate slippages (INR370m v/s 550m in 3QFY17). Continued moderation in corporate slippages is a very positive development going forward. SME delinquencies were largely stable at INR1.22b and remain key monitorable for the bank. Agri slippages increased to INR300m v/s INR140m in 3Q. Recoveries and upgradations came in strong at ~INR1.5b. There was also a sale to ARC amounting to INR3.18b. SR o/s increased to INR7.8b v/s 6.1b in 3Q. Consequently, GNPL and NNPL declined 15% and 12% QoQ respectively; GNPA % declined 44bp QoQ to 2.3% while NNPA% declined 30bp to 1.28%. Calculated PCR improved 200bp to 45.5% OSRL book decreased by 12% QoQ to INR12.7b (~1.75% of loans). Strong CASA growth; Share of retail deposits at 94% of overall FB registered healthy CASA growth of 24% YoY. Redemption of excess CASA inflows post demonetization, drove CASA ratio down to 32.6% v/s 34.7% in 3Q. The proportion of retail deposits stood at 94%, one of the best within the banking system. Risk-adjusted NIMs trending higher Overall NIMs improved 10bp QoQ/YoY to 4.32%. 20bp fall in yield on loans was offset by higher investment yields and 14bp decline in cost of funds. Impressive margin performance was despite strong growth in corporate advances and falling interest rate regime. Risk-adjusted NIMs clocked in at 3.11%, 23bp higher on a QoQ basis (+110bp YoY) as FB benefited from continuous calibration of its loan mix towards betterrated large corporates. 28 April

3 4QFY17 conference call highlights Balance Sheet related Growth is board based; Excluding buyout portfolio growth was 21% (Retail 18%); Buy out portfolio contributed 25% of the incremental growth in FY17 key condition on buy out : a) Minimum ageing of one year on the originators book, b) should be a rated instruments and c) partner agreement protecting asset quality Board has approved INR25b capital raise. Capital consumption is 30bp every quarter at the standalone bank. Bank has aggressive plans for NBFC business as well Cost to income ratio could decline by bp in the near term. Steady state it would be 50% Planning to keep loan share equal between Retail: SME: Corporate Incremental corporate growth is largely from investment grade and above 20%+ loan growth guidance for FY18 In the non-kerala markets on the liability side focus is on payroll accounts (leveraging on the relationships developed) Gift city loan book is USD2b Subsidiaries Partners looking to unlock value in Insurance business which could create benchmark for FB stake of 26%. Total AUM of Insurance business is INR60b AUM and has been profitable over last three years. NBFC: INR2b capital, INR10b AUM (doubled in FY17). Products that are being done via this sub - GL, HL, PL, some segments of LAP. This entity also does business where bank is not present. They also source retail loans for FB. Asset quality Nothing to disclose for RBI guideline related to divergence Telecom exposure is INR15b (90% NFB) largely to blue chip companies. May decide to increase standard assets prov by 25bp FY18 Credit cost is expected to be near FY17 levels 30% of the Kerala book is amongst the client who work in middle east. Less than INR50b Watchlist exposure of INR2b steel sector exposure Data points on asset quality Slippages break up Total INR2.44b of which a) INR550m Retail b)inr300m Agri c)inr370m Corp and d) INR1.22b SME INR3.18b sale to ARC INR620m Recoveries, INR880m upgrade and INR180m write offs ARC sale - Gross sale value of INR3.18b, NBV INR2b Slippage from RL INR370m SMA2 book has improved by 30% QoQ; last quarter was 5% of loans INR3.6b got upgraded from RL. This is related to TNGENCO 28 April

4 P&L related Majority of the staff is covered under IBA and AS 15 provision requirement was lower than expected (due to yield movement). Employee expenses declined 20% QoQ Investment in relationship and digital investment will keep the cost in the near term despite moderate branch expansion Provisions break up a) MTM INR230m b) NPA INR770m c) RL INR50m d) Write offs of NPAs INR270m and e) standard asset write back INR100 Service cost on portfolio buy out and grossing up of card fees led to higher operating expenses in 4Q Deferred tax led to higher tax rate Others Reasons for increase in market risk a) Rise in credit substitutes b) Increase in trading book and c) Increase in security receipts Cost of deposits may decline in 10-15bp is possible in the ensuing quarters employee Buy with a target price of INR125 based on Residual income model (2x FY19 BV) Valuation and view FB s cautious approach to loan growth over the past few years is now beginning to manifest itself in a calibrated loan mix towards highly-rated corporate assets and retail loans, resulting in upward-trending risk-adjusted NIMs (likely to settle upwards of 3% over the next 12 months). On the back of a consistently stable deposit franchise (highest proportion of retail sub-inr10m deposits amongst its peers) and rising confidence in its conscious asset-side strategy, we believe FB s loan growth (26% YoY in 4QFY17) engine is perfectly poised to fire. Our confidence also stems from the structural process improvements in its corporate underwriting procedures, which will drive the quality of FB s incremental loan growth (25% CAGR over FY17-FY20). Given the enormous credit challenges that other corporate lenders are facing, FB s relative competitive positioning within the sector continues to improve. We expect FB to capitalize on this relative competitive position by acquiring new-tobank (NTB) relationships with highly-rated corporates and generate SME / retail leads from such accounts. While FB boasts of a very strong mix of savers (continually rising granularity of deposits), the bank now needs to convert a higher proportion of its savers to begin transacting through its own platforms. In this context, we build in 17% CAGR in non-employee expenses as we believe that FB s digital investments are absolutely essential. We believe that an improvement in FB s efficiency will need to be driven by nonlinearity in its fee income. While we build in stable core fee income at 70bp of average assets over FY17-FY20E, we believe that greater traction on high-quality transaction fee income will be an upside risk to our forecasts. FB has received Board approval to raise INR25b. At the current market price of INR107, this would imply ~12% dilution post capital raise. Our calculations suggest that the capital raise would be book value accretive by ~13% in FY18 and 10% in FY19. Post capital raise (At CMP) FB will trade at ~1.6x FY19BV. 28 April

5 We expect PAT CAGR (with an upside bias) of ~26% over FY Stock trades at FY19 PE and PBV of 14.8x/1.8x. On the back of a healthy capitalization ratio (Tier 1 of 11.8%) and improving ROE profile, we maintain Buy with a target price of INR125 (Residual income model 2x FY19 BV). Key assumptions are a) risk free rate of 7% b) Beta of 1.35x c) Risk Premium of 5% d) average growth of ~17% over FY16-36E and e) Terminal growth rate of 5%. Exhibit 2: We upgrade estimates by 9-10% for 18/19 to factor in stronger NII growth and lower credit costs (INR b) Old Estimates Revised Estimates Change (%) FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY18 Net Interest Income Other Income Total Income Operating Expenses Operating Profits Provisions PBT Tax PAT Loans , , Deposits 966 1,207 1, ,211 1, Margins (%) Credit Cost (%) RoA (%) RoE (%) Exhibit 3: One year forward P/BV PB (x) Peak(x) Avg(x) Median(x) Min(x) Exhibit 4: One year forward P/E PE (x) Peak(x) Avg(x) Median(x) Min(x) Apr-07 Jul-08 Oct-09 Jan-11 Apr-12 Jul-13 Oct-14 Jan-16 Apr-17 Apr-07 Jul-08 Oct-09 Jan-11 Apr-12 Jul-13 Oct-14 Jan-16 Apr April

6 Exhibit 5: DuPont Analysis: Core Operating performance driving higher return ratios Y/E March FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E Interest Income Interest Expended Net Interest Income Core Fee Income Fee to core Income Core Income Operating Expenses Cost to Core Income Employee cost Employee to total exp (%) Others Core operating Profits Non Interest income Trading and others Operating Profits Provisions NPA Others PBT Tax Tax Rate RoA Leverage (x) RoE Exhibit 6: DuPont Analysis: steady improvement in core profitability 2QFY15 3QFY15 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 Net interest income Fee income Core Income Operating cost Employee Expenses Other Expenses Core operating profit Fx and other non core Income Operating Profit Provisions Tax ROAA Leverage (x) ROAE April

7 Story in charts Exhibit 7: NIMs improve ~10bp YoY/QoQ to 3.42% NIMs (%) Exhibit 8: Funding cost benefits largely passed on Yield on Loans (%) Cost of Deposits (%) QFY13 2QFY14 3QFY14 4QFY14 2QFY15 3QFY15 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 Exhibit 9: Comfortable loan-to-deposit ratio (%) Exhibit 10: Deposit growth remains healthy (23% YoY) C-D Ratio % Deposits (INR b) YoY Gr. (%) FY13 1HFY14 9MFY14 FY14 1HFY15 9MFY15 FY15 1HFY16 9MFY16 FY16 1HFY17 9MFY17 FY17 Source: Company, MOSL FY13 1HFY14 9MFY14 FY14 1HFY15 9MFY15 FY15 1HFY16 9MFY16 FY16 1HFY17 9MFY17 FY17 Source: Company, MOSL Exhibit 11: CASA deposits moderated owing to redemption of excess inflow received post demon(%) CASA Ratio (%) CASA growth YoY (%) 33 Exhibit 12: Proportion of granular retail deposits remains high (%) FY13 1HFY14 9MFY14 FY14 1HFY15 9MFY15 FY15 1HFY16 9MFY16 FY16 1HFY17 9MFY17 FY17 4QFY13 2QFY14 3QFY14 4QFY14 2QFY15 3QFY15 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 28 April

8 Exhibit 13: Growth led by highly rated corporates (%) Retail SME and Agri Loans Corporate Advances Exhibit 14: Declining emphasis on bulk gold lending (%) Housing Gold Mortgage Others FY13 1HFY14 9MFY14 FY14 1HFY15 9MFY15 FY15 1HFY16 9MFY16 FY16 1HFY17 9MFY17 FY17 1HFY14 9MFY14 FY14 1HFY15 9MFY15 FY15 1HFY16 9MFY16 FY16 1HFY17 9MFY17 FY17 Exhibit 15: Rating mix remains healthy (%) A and above BBB < BBB Exhibit 16: Slippages trending lower (INR b) QFY15 3QFY15 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 4QFY13 2QFY14 3QFY14 4QFY14 2QFY15 3QFY15 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 Exhibit 17: GNPAs decline 12% sequentially; PCR improves 150bp QoQ GNPA (%) NNPA (%) PCR (%) Exhibit 18: Credit costs trending down (%) Credit Cost FY13 1HFY14 9MFY14 FY14 1HFY15 9MFY15 FY15 1HFY16 9MFY16 FY16 1HFY17 9MFY17 FY17 2QFY14 3QFY14 4QFY14 2QFY15 3QFY15 4QFY15 2QFY16 3QFY16 4QFY16 2QFY17 3QFY17 4QFY17 28 April

9 Exhibit 19: Quarterly Snapshot (INR b) FY15 FY16 FY17 Variation (%) INR m 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q QoQ YoY Profit and Loss Net Interest Income 5,642 6,058 5,872 6,232 6,048 6,083 6,057 6,861 6,927 7,262 7,914 8, Other Income 1,565 1,959 2,199 3,060 1,939 1,823 1,828 2,363 2,370 2,616 2,747 2, Trading profits Forex Income Recoveries Other Non interest inc , , , ,353 1,140 1,256 1,377 1, Total Income 7,208 8,017 8,071 9,292 7,987 7,906 7,885 9,224 9,297 9,878 10,661 11, Operating Expenses 3,692 3,919 4,097 4,601 4,315 4,540 4,630 5,278 5,039 5,128 5,912 5, Employee 2,044 2,038 2,351 2,487 2,523 2,489 2,586 2,930 2,894 2,916 3,197 2, Others 1,648 1,881 1,747 2,114 1,792 2,051 2,044 2,348 2,144 2,212 2,714 3, Operating Profits 3,515 4,098 3,974 4,692 3,672 3,366 3,255 3,945 4,259 4,750 4,749 5, Provisions , ,886 1,685 1,684 1,588 1, NPA provisions ,170 1, ,720 1, , PBT 3,295 3,641 3,982 4,294 2,141 2,493 2, ,574 3,066 3,161 4, NA Taxes 1,092 1,238 1,335 1, ,053 1,104 1, NA PAT 2,202 2,403 2,647 2,805 1,414 1,613 1, ,673 2,013 2,057 2, ,401 Asset Quality GNPA 10,164 10,311 10,666 10,577 13,046 14,987 16,841 16,678 17,473 18,197 19,516 17, NNPA 3,039 3,185 3,329 3,733 4,845 6,748 8,761 9,500 9,945 10,397 11,024 9, GNPA (%) NNPA (%) PCR (Calculated, %) Slippages 1,830 1,760 2,340 1,800 3,170 4,030 3,870 5,360 2,800 2,660 2,740 2,440 (11) -54 Slippage Ratio (%) Margins (%) Yield on loans Cost of Deposits NIM Balance sheet (INR b) Deposits CASA Deposits % of overall Deposits Savings Deposits Current Deposits Core Deposits % of overall Deposits Investments Advances Retail Total Assets ,005 1,115 1, April

10 Exhibit 20: Valuation metrics Rating 66 CMP Mcap EPS (INR) P/E (x) BV (INR) P/BV (x) RoA (%) RoE (%) FY19E (INR) (USDb) FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E FY18E FY19E ICICIBC* Buy HDFCB Buy 1, AXSB Neutral KMB* Buy YES Buy 1, IIB Buy 1, IDFC Bk Neutral FB Buy DCBB Neutral JKBK Neutral SIB Neutral Equitas Buy RBL Under Review Private Aggregate SBIN (cons)* Buy PNB Buy BOI Neutral BOB Buy CBK Neutral UNBK Neutral OBC Neutral INBK Buy Public Aggregate Banks Aggregate HDFC* Buy 1, LICHF Neutral IHFL Buy 1, GRHF Neutral REPCO Buy DEWH Buy Housing Finance RECL Neutral POWF Neutral Infra Finance SHTF Buy 1, MMFS Buy BAF Buy 1, SCUF Buy 2, , MUTH Buy SKSM Neutral Asset Finance 28 April

11 Financials and Valuations Income Statement (INR Million) Y/E March E 2019E 2020E Net Interest Income 19,534 19,747 22,286 23,804 25,077 30,526 36,378 43,362 52,857 Change (%) Non Interest Income 5,323 6,644 6,938 8,783 8,082 10,818 11,752 13,493 16,016 Net Income 24,857 26,391 29,225 32,587 33,159 41,345 48,130 56,855 68,872 Change (%) Operating Expenses 9,793 11,795 14,421 16,309 18,921 22,095 25,933 29,948 34,586 Pre Provision Profits 15,065 14,596 14,804 16,278 14,238 19,249 22,197 26,907 34,287 Change (%) Provisions (excl tax) 3,370 2,658 2,684 1,067 7,041 6,184 6,921 7,620 8,881 PBT 11,695 11,938 12,120 15,210 7,197 13,065 15,276 19,287 25,406 Tax 3,927 3,556 3,731 5,153 2,440 4,757 5,347 6,750 8,892 Tax Rate (%) PAT 7,768 8,382 8,389 10,057 4,757 8,308 9,929 12,536 16,514 Change (%) Equity Dividend (Incl tax) 1,789 1,801 1,989 2,268 1,449 1,791 2,024 2,483 3,271 Core PPP* 14,244 12,538 13,242 13,721 12,963 16,159 19,857 24,907 32,287 Change (%) *Core PPP is (NII+Fee income-opex) Balance Sheet Y/E March E 2019E 2020E Share Capital 3,421 3,421 3,421 3,427 3,438 3,448 3,448 3,448 3,448 Reserves & Surplus 53,642 60,225 66,085 73,955 77,474 84,108 91, , ,193 Net Worth 57,063 63,647 69,506 77,381 80,912 87,556 95, , ,642 Deposits 489, , , , , ,646 1,211,041 1,501,690 1,862,096 Change (%) of which CASA Dep 134, , , , , , , , ,692 Change (%) Borrowings 42,410 51,870 56,880 23,082 21,766 58,973 59,723 60,473 61,223 Other Liabilities & Prov. 17,423 18,831 22,243 19,791 19,905 26,594 31,892 38,285 46,003 Total Liabilities 606, , , , ,300 1,149,769 1,398,000 1,705,847 2,087,964 Current Assets 35,326 37,200 45,294 47,800 54,198 74,522 85,061 98, ,582 Investments 174, , , , , , , , ,271 Change (%) Loans 377, , , , , , ,703 1,145,879 1,432,349 Change (%) Fixed Assets 3,261 3,975 4,250 4,666 5,200 4,895 5,191 5,186 5,182 Other Assets 16,096 16,808 20,859 57,500 51,826 55,029 58,331 64,164 70,581 Total Assets 606, , , , ,300 1,149,769 1,398,000 1,705,847 2,087,964 Asset Quality (%) GNPA (INR m) 13,009 15,540 10,874 10,576 16,677 20,878 22,082 23,291 22,762 NNPA (INR m) 1,990 4,319 3,216 3,733 9,500 10,037 10,053 9,559 6,296 GNPA Ratio NNPA Ratio Slippage Ratio Credit Cost PCR (Excl Tech. write off) E: MOSL Estimates 28 April

12 Financials and Valuations Ratios Y/E March E 2019E 2020E Spreads Analysis (%) Avg. Yield-Earning Assets Avg. Yield on loans Avg. Yield on Investments Avg. Cost-Int. Bear. Liab Avg. Cost of Deposits Interest Spread Net Interest Margin Profitability Ratios (%) RoE RoA Int. Expense/Int.Income Fee Income/Net Income Non Int. Inc./Net Income Efficiency Ratios (%) Cost/Income* Empl. Cost/Op. Exps Busi. per Empl. (INR m) NP per Empl. (INR lac) * ex treasury Asset-Liability Profile (%) Loans/Deposit Ratio CASA Ratio Investment/Deposit Ratio G-Sec/Investment Ratio CAR Tier Valuation Book Value (INR) Change (%) Price-BV (x) Adjusted BV (INR) Price-ABV (x) EPS (INR) Change (%) Price-Earnings (x) Dividend Per Share (INR) Dividend Yield (%) E: MOSL Estimates 28 April

13 Corporate profile Company description Federal Bank is an old age Private Sector Bank with a history that dates back to the pre-independence era. The bank has a dominant presence in Southern India especially in Kerala. Mr. Shyam Srinivasan, with experience of over 20 years with MNC banks, took charge as the MD&CEO of the bank in Under his leadership the bank is increasing the presence and visibility at the national level. Federal Bank has 1,252 branches and 1,655 ATMs across the country. Exhibit 1: Sensex rebased Source: MOSL/Bloomberg Exhibit 2: Shareholding pattern (%) Mar-17 Dec-16 Mar-16 Promoter DII FII Others Note: FII Includes depository receipts Source: Capitaline Exhibit 3: Top holders Holder Name % Holding Amansa Holdings Private Limited 4.3 HDFC Trustee Company Limited 4.3 Reliane Capital Trusteees Co Ltd 4.1 Yusuffali Musaliam Veettil Abdul Kader 3.7 Franklin Templeton Investment Funds 3.1 Source: Capitaline Exhibit 4: Top management Name Designation Shyam Srinivasan Managing Director & CEO Ashutosh Khajuria Executive Director Ganesh Sankaran Executive Director Girish Kumar Ganapathy Company Secretary Exhibit 5: Directors Name Dilip Gena Sadarangani Harish H Engineer Nilesh S Vakamsey Balagopal Chandrasekhar Name Grace Elizabeth Koshie K M Chandrasekhar Sudhir M Joshi Shubhalakshmi Panse Source: Capitaline *Independent Exhibit 6: Auditors Name Deloitte Haskins & Sells M P Chitale & Co Type Statutory Statutory Source: Capitaline Exhibit 7: MOSL forecast v/s consensus EPS MOSL Consensus (INR) forecast forecast Variation (%) FY FY FY Source: Bloomberg 28 April

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