Kirloskar Brothers Ltd.: Q1FY18 Result Update

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Edelweiss Investment Research Kirloskar Brothers Ltd.: Q1FY18 Result Update Higher market share, improved execution CMP INR 245 Target INR 308 Rating: BUY Upside: 26% Kirloskar Brothers Ltd (KBL) reported healthy set of quarterly numbers with sales growth of 17.8% and net profits at INR 5.4cr v/s loss of INR1.5cr in Q1FY17. Both produts and projects busiess witnessed strong revenue growth of 18.4% and16% on yoy basis respectively due to strong traction in small pumps in agri/domestic buildings and market share gains in small/medium sized industrial pumps. Notable order wins during the quarter has been from Nuclear, Chemicals, food processing, and select large irrigation projects. International segment which suffered because of pound depreciation and slowdown in offshore oil orders has seen order inflows growing by 40% yoy, mainly from onshore oil, desalination, and fire pumps. We believe CY17 would see turnaround in international operations with >15% revenue growth and improved profitability. On consolidated basis, we maintain our estimates of CAGR of 12.8% and 63.2% in net sales and net profits respectively. We maintin our Buy rating with a price target of INR 308. Products business Improved execution, market share gains KBL s products business grew at healthy 18.4% on yoy basis to INR 365cr. Growth has been above our expectation as the company gained market share in small/medium industrial pumps business due to channel penetration and aggressive marketing. Small pumps business for agri/domestic buildings also maintained momentum by growing >15% despite de-stocking related to GST. The company expects organised sector to benefit post GST implementation as unorganised sector accounts for 40 45% of the small pumps market. Margins pressure continued due to competition intensity as EBIT margins decreased to 12.5% v/s 13.2% in Q1FY17. We believe product margins will remain marginally lower than 13% on EBIT level till recovery of large industrial/oil&gas products business. For the products business, the management is confident on maintaining volume growth of 12-15% CAGR for next 2-3 years. Salil Utagi Research Analyst salil.utagi@edelweissfin.com Bloomberg: KKB:IN 52-week range (INR): 298 / 138 Share in issue (cr): 7.9 M cap (INR cr): 1,932 Avg. Daily Vol. BSE/NSE :( 000): 73 Projects vertical Execution picked up, upfront operational costs impacted margins Projects segment which includes packaged products as well, grew at healthy 16% during the quarter due to higher opening order backlog and better execution. New order wins are especially stronger in Nuclear, chemicals, food processing, and selective large irrigation projects. During the quarter, the company had to incur upfront costs of INR 20cr for execution of few projects. These projects especially LOC funded Senegal and Surinam, will reach revenue milestones in H2FY18 and should result in higher profitability. Also, KBL has provided for almost INR 6 cr for unexpected losses out of few old projects as a prudent measure. Overall profitability of projects segment should improve drastically from hereon as the order backlog is tilted more towards recently won packaged product orders rather than legacy orders. Legacy orders in Telangana are also seeing execution momentum as the govt is looking to complete these projects before state elections in 2019. Public, 34.5 Promoter, 65.5 Valuation: Maintain BUY with TP of INR 308 At the current price of INR 245, KBL s is trading at 11.9x FY19E P/E multiple. We believe company s leading market share and capabilities will enable it to grow substantially above industry growth while maintaining strong balance sheet. We re-iterate our BUY recommendation valuing the stock at same PE multiple of 15x on FY19e EPS of INR 20.5 arriving at target price of INR 308. Year to March (INR crs) Q1FY18 Q1FY17 %Chg. YoY Q4FY17 %Chg. QoQ FY17 FY18E FY19E Net Revenues (incl Op. Inc.) 444 377 18 575-23 2,526 2,859 3,146 % Growth (yoy) 13 10 EBITDA 18 14 27 41-57 95 229 333 % Growth (yoy) 140 45 Adjusted Net profit 5-2 -451 15-65 -2 82 163 Adjusted Diluted EPS 1-0 -451 2-65 (0.2) 10.3 20.5 Diluted P/E (x) NA 23.7 11.9 EV/EBITDA (x) 22.3 9.3 6.2 RoACE (%) 2.3 10.9 19.0 180 160 140 120 100 80 60 40 Kirloskar Brothers Sensex Date: 31 ST July 2017 1 GWM

Kirloskar Brothers Ltd. Management Commentary: Domestic business: a) Small and Medium Pumps: KBL has integrated all the dealers on GST platform. The company had seen de-stocking in the month of June which is now been reveresed. Passing on the tax benefits due to GST, KBL has reduced prices on small pumps by 3-4%. Volumes are up almost by 15% while the unorganised players are assumed to be de-growing according to news reports On the industrial pumps front, the company has incentivised large dealers to assume responsibility of assembly of pumps. This move has relieved KBL from blocking working capital for low margin products like motors, base plates, etc while giving more time to focus on delivery of pumps on time. With this, KBL has significantly reduced its delivery time to 4-6 weeks v/s 12-15 weeks earlier, leading to increased market share. b) Large pumps: Order traction has been very strong in Nuclear segment where KBL has leading market share in India. These orders are expected to be high margin orders due to technical complexity and limited competition. Overall opportunity in Nuclear segment could be worth INR 1500cr for the company. Ordering has also been strong in chemicals, steel, and food sectors. KBL continues to take orders which are backed by advance and Letter of Credit (LC) to protect its balance sheet. Despite such stringest payment conditions, the company has been winning large product orders in irrgiation from states of Telangana, AP, Gujarat and in water projects from various municipalties and industries for both drinking water and sewage treatment. c) Projects business: KBL continues to close old legacy projects and recover retention money from the respective governments. Legacy projects on the book is around INR150cr now which is expected to be executed over next 1.5-2 years. Overall retention money stuck with various clients is close to INR 340cr inclusive of both old legacy and new projects (large products) orders. Retention money which is related to old projects is close to INR 250cr which the management is hopeful of recovering in 2-3 years as many of these projects are more than 90% complete. Out of the entire portfolio, the company has only 2 projects having civil content e.g Senegal and Surinam, won under letter of credit from Exim bank of India. 2 GWM

Kirloskar Brothers Ltd. d) International business: SPP UK, has diversified beyond offshore oil and gas, in onshore oil & gas, desalination, chemicals, and other process industries in last 2 years. The UK branch has made operational profits but got impacted because of BREXIT related pound depreciation suffering INR 12 cr mark to market loss which will be reversed as and when orders are delivered in CY17 order booking in UK operations are now up by 40% on yoy basis due to orders from onshore oil, chemicals, and municipalty segment SPP, UK has done manpower redundancy to the extent of 10%, which will lead to savings of at least INR 15cr Syncroflow, USA is seeing good traction in order flows while South East Asia operations are getting good order flows from thermal power segment The management is confident of turning around SPP operations into decent profitability in CY17 except for Rodelta and SPP Africa which are still loss making and is expected to take 1-2 years to turn around completely. 3 GWM

Kirloskar Brothers Ltd. Q1FY18 Result Highlights Year to March (INR Crs.) Q1FY18 Q1FY17 %Change Q4FY17 %Change Net Revenues (incl Op. Inc.) 444 377 17.8 575 (22.8) Raw Materials Cost 261 217 20.2 328 (20.6) Gross Profit 183 160 14.5 247 (25.8) Operating Expenses 165 146 13.3 206 (19.6) EBITDA 18 14 26.9 41 (56.8) EBITDA margin 4.0 3.7 7.1 Depreciation 9 10 (12.9) 9 (1.8) Other income 5 2 137.9 6 (6.0) Net finance expense 7 8 (14.2) 7 (3.2) Profit before tax 7-2 NA 30.6 (75.9) Provision for taxes 2 0 NA 14 (86.1) Reported Net profit 5.5 (1.4) NA 17.0 (67.7) Other comprehensive income 0 0 NA 0 NA Total comprehensive income 5.4 (1.5) NA 15.4 (64.6) As % of net revenues COGS 59 58 57 Operating expenses 37 39 36 EBITDA 4.0 3.7 7.1 Total comprehensive income 1.2-0.4 2.7 Tax Rate (% of PBT) 26 25 45 4 GWM

Kirloskar Brothers Ltd. INR cr Q1FY18 Q1FY17 %Change Q4FY17 %Change Segmental Revenues (INR cr) Project Sectors 78 67 16.0% 174-55% Product Sectors 365 309 18.4% 421-13% Total Segment Revenue 444 376 18.0% 594-25% Segmental EBIT (INR cr) Project Sectors -12-13 -8% 13 NA Product Sectors 46 41 12% 54-16% EBIT 34 28 21% 67-50% Other Un-allocable Expenditure 20 24-17% 29-33% EBIT(including unallocable) 14 4.2 239% 38-63% Less : Interest 6.7 8-14% 7-3% Net Profit/Loss Before Tax 7.3-3.7-297% 31-76% EBIT Margins Project Sectors -15.0% -18.8% 7.5% Product Sectors 12.5% 13.2% 12.8% EBIT(including unallocable) 7.6% 7.5% 11.3% 5 GWM

Kirloskar Brothers Ltd. Financials Income statement (Consolidated) (INR Cr) Balance sheet (INR Cr) Ratios Year to March FY15 FY16 FY17 FY18E FY19E As on 31st March FY15 FY16 FY17 FY18E FY19E Year to March FY15 FY16 FY17 FY18E FY19E Income from operations 2728 2518 2526 2859 3146 Equity share capital 16 16 16 16 16 ROAE (%) 4.5-0.1-0.2 8.2 15.1 Direct costs 1481 1338 1293 1472 1556 Reserves & surplus 996 952 951 1,009 1,124 ROACE (%) 7.2 0.6 2.3 10.9 19.0 Employee costs 416 430 469 478 521 Shareholders funds 1,012 968 967 1,025 1,140 Debtors (days) 105 95 95 95 95 Other expenses 640 675 669 680 736 Secured loans 268 298 302 247 114 Current ratio 1.6 1.6 1.7 1.7 1.6 Total operating expenses 2537 2444 2431 2630 2813 Unsecured loans 95 81 83 68 31 Debt/Equity 0.4 0.4 0.4 0.3 0.1 EBITDA 190 74 95 229 333 Borrowings 363 379 385 315 145 Inventory (days) 45 54 54 54 54 Depreciation and amortisation 95 66 65 86 89 Minority interest 4 3 3 3 3 Payable (days) 142 140 140 140 140 EBIT 96 8 30 143 244 Sources of funds 1,378 1,350 1,355 1,343 1,288 Cash conversion cycle (days) 9 9 9 9 9 Interest expenses 50-23 -14 29 12 Gross block 1,041 1,098 1,158 1,218 1,278 Debt/EBITDA 1.9 5.1 4.0 1.4 0.4 Other income 17 27 31 10 15 Depreciation 470 534 599 685 774 Adjusted debt/equity 0.3 0.3 0.2 0.2 0.1 Profit before tax 63-15 17 124 247 Net block 571 565 560 534 504 Provision for tax 17-4 18 42 84 Total fixed assets 583 572 560 534 504 Valuation parameters Core profit 45-12 -2 82 163 Inventories 339 370 372 421 463 Year to March FY15 FY16 FY17 FY18E FY19E Profit after tax 44-12 -2 82 163 Sundry debtors 788 654 657 743 818 Diluted EPS (INR) 5.6 (0.1) (0.2) 10.3 20.5 Adjusted net profit 44-12 -2 82 163 Cash and equivalents 64 61 202 136 42 Y-o-Y growth (%) (32.2) NA 42.5 (5,201.3) 98.5 Equity shares outstanding (mn) 7.9 7.9 7.9 7.9 7.9 Loans and advances 568 570 572 647 712 CEPS (INR) 18 8 8 21 32 EPS (INR) basic 5.6-0.1-0.2 10.3 20.5 Total current assets 1,758 1,656 1,802 1,947 2,035 Diluted P/E (x) 43.8 NA (1,208.3) 23.7 11.9 Diluted shares (Cr) 7.9 7.9 7.9 7.9 7.9 Sundry creditors and others 1,059 962 966 1,093 1,202 Price/BV(x) 1.9 2.0 2.0 1.9 1.7 EPS (INR) fully diluted 5.6-0.1-0.2 10.3 20.5 Provisions 58 70 74 78 82 EV/Sales (x) 0.8 0.9 0.8 0.7 0.7 Dividend per share 0.5 0.7-0.1 3.1 6.1 Total CL & provisions 1,117 1,033 1,040 1,170 1,284 EV/EBITDA (x) 11.8 30.5 22.3 9.3 6.2 Dividend payout (%) 9.0 NA NA 25.0 25.0 Net current assets 641 624 763 777 751 Diluted shares O/S 7.9 7.9 7.9 7.9 7.9 Net Deferred tax 16 25 33 33 33 Basic EPS 5.6 (0.1) (0.2) 10.3 20.5 Common size metrics- as % of net revenues Uses of funds 1,378 1,350 1,355 1,343 1,288 Basic PE (x) 43.8 NA (1,208.3) 23.7 11.9 Year to March FY15 FY16 FY17 FY18E FY19E Book value per share (INR) 127 122 122 129 144 Dividend yield (%) 0.2 0.3 (0.0) 1.1 2.1 Operating expenses 93.0 97.1 96.2 92.0 89.4 Depreciation 3.5 2.6 2.6 3.0 2.8 Cash flow statement (INR cr) Interest expenditure 1.8 (0.9) (0.6) 1.0 0.4 Year to March FY15 FY16 FY17 FY18E FY19E EBITDA margins 7.0 2.9 3.8 8.0 10.6 Net profit 46-0 -2 82 163 Net profit margins 1.6 (0.5) (0.1) 2.9 5.2 Add: Depreciation 95 66 65 86 89 Gross cash flow 143 65 186 168 252 Growth metrics (%) Less: Changes in W. C. 72-15 -1 80 68 Year to March FY15 FY16 FY17 FY18E FY19E Operating cash flow 71 81 187 88 184 Revenues 1.4 (7.7) 0.3 13.2 10.0 Less: Capex 125 55 53 60 60 EBITDA (4.5) (61.1) 28.7 140.0 45.4 Free cash flow -54 26 134 28 124 PBT (40.6) NA (207.2) 651.4 98.5 Net profit (30.8) NA (86.2) (5,201.3) 98.5 EPS (32.2) NA 42.5 (5,201.3) 98.5 6 GWM

Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Kirloskar Brothers Ltd. Edelweiss Broking Limited, 1st Floor, Tower 3, Wing B, Kohinoor City Mall, Kohinoor City, Kirol Road, Kurla(W) Board: (91-22) 4272 2200 Vinay Khattar Head Research vinay.khattar@edelweissfin.com Rating Buy Hold Reduce Expected to appreciate more than 15% over a 12-month period appreciate between 5-15% over a 12-month period Return below 5% over a 12-month period Kirloskar Brothers 5 years price chart 350 300 250 200 150 100 50 0 7 GWM

Disclaimer Edelweiss Broking Limited ( EBL or Research Entity ) is regulated by the Securities and Exchange Board of India ( SEBI ) and is licensed to carry on the business of broking, depository services and related activities. The business of EBL and its Associates (list available on www.edelweissfin.com) are organized around five broad business groups Credit including Housing and SME Finance, Commodities, Financial Markets, Asset Management and Life Insurance. Broking services offered by Edelweiss Broking Limited under SEBI Registration No.: INZ000005231; Name of the Compliance Officer: Mr. Brijmohan Bohra, Email ID: complianceofficer.ebl@edelweissfin.com Corporate Office: Edelweiss House, Off CST Road, Kalina, Mumbai - 400098; Tel. 18001023335/022-42722200/022-40094279 This Report has been prepared by Edelweiss Broking Limited in the capacity of a Research Analyst having SEBI Registration No.INH000000172 and distributed as per SEBI (Research Analysts) Regulations 2014. This report does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable. This report is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this report should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. 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 law, regulation or which would subject EBL and associates / group companies to any registration or licensing requirements within such jurisdiction. The distribution of this report in certain jurisdictions may be restricted by law, and persons in whose possession this report comes, should observe, any such restrictions. The information given in this report is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. EBL reserves the right to make modifications and alterations to this statement as may be required from time to time. EBL or any of its associates / group companies 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 report. EBL is committed to providing independent and transparent recommendation to its clients. Neither EBL nor any of its associates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including loss of revenue or lost profits that may arise from or in connection with the use of the information. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. Past performance is not necessarily a guide to future performance.the disclosures of interest statements incorporated in this report are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. The information provided in these reports remains, unless otherwise stated, the copyright of EBL. All layout, design, original artwork, concepts and other Intellectual Properties, remains the property and copyright of EBL and may not be used in any form or for any purpose whatsoever by any party without the express written permission of the copyright holders. EBL shall not be liable for any delay or any other interruption which may occur in presenting the data due to any reason including network (Internet) reasons or snags in the system, break down of the system or any other equipment, server breakdown, maintenance shutdown, breakdown of communication services or inability of the EBL to present the data. In no event shall EBL be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by the EBL through this report. We offer our research services to clients as well as our prospects. Though this report is disseminated to all the customers simultaneously, not all customers may receive this report at the same time. We will not treat recipients as customers by virtue of their receiving this report. EBL and its associates, officer, directors, and employees, research analyst (including relatives) worldwide may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies), mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the subject company/company(ies) discussed herein or act as advisor or lender/borrower to such company(ies) or have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. EBL may have proprietary long/short position in the above mentioned scrip(s) and therefore should be considered as interested. The views provided herein are general in nature and do not consider risk appetite or investment objective of any particular investor; readers are requested to take independent professional advice before investing. This should not be construed as invitation or solicitation to do business with EBL. EBL or its associates may have received compensation from the subject company in the past 12 months. EBL or its associates may have managed or co-managed public offering of securities for the subject company in the past 12 months. EBL or its associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company in the past 12 months. EBL or its associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past 12 months. EBL or its associates have not received any compensation or other benefits from the Subject Company or third party in connection with the research report. Research analyst or his/her relative or EBL s associates may have financial interest in the subject company. EBL, its associates, research analyst and his/her relative may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report or at the time of public appearance. 8 GWM

Disclaimer Participants in foreign exchange transactions may incur risks arising from several factors, including the following: ( i) exchange rates can be volatile and are subject to large fluctuations; ( ii) the value of currencies may be affected by numerous market factors, including world and national economic, political and regulatory events, events in equity and debt markets and changes in interest rates; and (iii) currencies may be subject to devaluation or government imposed exchange controls which could affect the value of the currency. Investors in securities such as ADRs and Currency Derivatives, whose values are affected by the currency of an underlying security, effectively assume currency risk. Research analyst has served as an officer, director or employee of subject Company: No EBL has financial interest in the subject companies: No EBL s Associates may have actual / beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report. Research analyst or his/her relative has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No EBL has actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately preceding the date of publication of research report: No Subject company may have been client during twelve months preceding the date of distribution of the research report. There were no instances of non-compliance by EBL on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. A graph of daily closing prices of the securities is also available at www.nseindia.com Analyst Certification: The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. Additional Disclaimer for U.S. Persons Edelweiss is not a registered broker dealer under the U.S. Securities Exchange Act of 1934, as amended (the 1934 act ) and under applicable state laws in the United States. In addition Edelweiss is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by Edelweiss, including the products and services described herein are not available to or intended for U.S. persons. This report does not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services and/or shall not be considered as an advertisement tool. "U.S. Persons" are generally defined as a natural person, residing in the United States or any entity organized or incorporated under the laws of the United States. US Citizens living abroad may also be deemed "US Persons" under certain rules. Transactions in securities discussed in this research report should be effected through Edelweiss Financial Services Inc. Additional Disclaimer for U.K. Persons The contents of this research report have not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). In the United Kingdom, this research report is being distributed only to and is directed only at (a) persons who have professional experience in matters relating to investments falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005 (the Order ); (b) persons falling within Article 49(2)(a) to (d) of the Order (including high net worth companies and unincorporated associations); and (c) any other persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as relevant persons ). This research report must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this research report relates is available only to relevant persons and will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this research report or any of its contents. This research report must not be distributed, published, reproduced or disclosed (in whole or in part) by recipients to any other person. 9 GWM

Disclaimer Additional Disclaimer for Canadian Persons Edelweiss is not a registered adviser or dealer under applicable Canadian securities laws nor has it obtained an exemption from the adviser and/or dealer registration requirements under such law. Accordingly, any brokerage and investment services provided by Edelweiss, including the products and services described herein, are not available to or intended for Canadian persons. This research report and its respective contents do not constitute an offer or invitation to purchase or subscribe for any securities or solicitation of any investments or investment services. Disclosures under the provisions of SEBI (Research Analysts) Regulations 2014 (Regulations) Edelweiss Broking Limited ("EBL" or "Research Entity") is regulated by the Securities and Exchange Board of India ("SEBI") and is licensed to carry on the business of broking, depository services and related activities. The business of EBL and its associates are organized around five broad business groups Credit including Housing and SME Finance, Commodities, Financial Markets, Asset Management and Life Insurance. There were no instances of non-compliance by EBL on any matter related to the capital markets, resulting in significant and material disciplinary action during the last three years. This research report has been prepared and distributed by Edelweiss Broking Limited ("Edelweiss") in the capacity of a Research Analyst as per Regulation 22(1) of SEBI (Research Analysts) Regulations 2014 having SEBI Registration No.INH000000172. 10 GWM