RESULT

Just Dial (JUST) BUY

Internet Software & Services
CMP(₹): 1,035 Fair Value(₹): 1,330 Sector View: Attractive NIFTY-50: 23,432 January 13, 2025

3QFY25: Weak collection growth Company data and valuation summary

JUST reported revenue growth of 8.4% yoy, 1.4% lower than our estimates, Stock data
led by realizations of ~Rs19k (up 2.3% yoy) and quarterly campaign additions
CMP(Rs)/FV(Rs)/Rating 1,035/1,330/BUY
of ~2.6k (up 6.0% yoy). Implied billings growth of 3.4% yoy was muted and
52-week range (Rs) (high-low) 1,395-768
sharply lower than the previous run-rate. Unique visitor count was improved
Mcap (bn) (Rs/US$) 88/1.0
by 15.3% yoy to ~191 mn. Rs51 bn in cash balance continues to provide
ADTV-3M (mn) (Rs/US$) 391/4.5
downside support. We trim FY2026-27E EPS by ~1-3%% due to lower revenue
growth assumptions. Roll-forward to March 2027E and a lower 19X ex-cash Shareholding pattern (%)
P/E multiple + value of cash drive a revised FV of Rs1,330 (Rs1,475 earlier).
8.3 1.5
0.0
Revenue growth led by realization and paid campaigns 8.3

JUST posted revenue growth of 8.4%/0.9% yoy/qoq, driven by realizations of 7.8

~Rs19k (2.3%% yoy) and campaign additions of ~2.6k (6.0% yoy). Billings
74.2
growth of 3.4% yoy was muted and is a matter of concern, especially after a
weak 8% yoy growth print in 2QFY25. 4Q is generally a strong quarter of billings,
and there is a possibility of some normalization in that quarter. Deferred Promoters FPI s MFs BFIs Retail Others

revenues grew 7.3% yoy and declined 1.6% qoq to Rs5 bn. Unique visitor count

Private Circulation Only. This document may only be distributed to QIBs (qualified institutional buyers) as defined under rule 144A of the Securities Act of 1933
Price performance (%) 1M 3M 12M
improved by 15.3% yoy to ~191 mn (down 3.4% qoq).
Absolute (5) (19) 23
Rel. to Nifty (0) (12) 15
Margin growth once again driven by higher employee productivity Rel. to MSCI India 0 (11) 10
EBITDA of Rs866 mn (up 5.5% qoq) was 2.8% higher than our estimate of Rs843
mn. EBITDA growth was driven by an increase in campaigns, with sequentially Forecasts/Valuations 2025E 2026E 2027E

reduced employee headcount. Employee cost was down 3.0% yoy (2.9% below EPS (Rs) 66.7 65.9 71.8

estimates). This was due to a 12% yoy reduction in headcount, a trend EPS growth (%) 56.3 (1.2) 9.0
P/E (X) 15.5 15.7 14.4
witnessed continuously in the past five quarters, possibly on account of better
P/B (X) 1.9 1.7 1.5
employee efficiency. Other expenses were up 5.3% yoy (4.7% lower than
EV/EBITDA (X) 10.9 8.2 6.2
estimates). EBITDA margin print came in at 30.1% against our estimate of
RoE (%) 13.2 11.5 11.2
28.9% and seems to have fully normalized.
Div. yield (%) 0.0 0.0 0.0

Net profit impacted by lower other income Sales (Rs bn) 11 13 14

EBITDA (Rs bn) 3.4 3.8 4.0
Other income of Rs774 mn was lower than our estimates of Rs1,100 mn. Other
Net profits (Rs bn) 5.7 5.6 6.1
income remains volatile on a quarterly basis due to the movement in bond
yields. The company reported a net profit of Rs1.3 bn (14.1% lower than Source: Bloomberg, Company data, Kotak Institutional Equities estimates

estimates), on account of the miss in other income. Cash balance improved to Prices in this report are based on the market close of
January 10, 2025
Rs50.6 bn as of December 2024. There is, however, no clarity on the return of
cash to shareholders.

Raise FY2026-27 EPS estimates by 1-3% on other income and lower tax rate
We trim FY2025-27E revenue by 1-4% and FY2026-27E EPS by 1-3 %. This is on
the back of weak collections print in 2Q-3QFY25. We roll forward to March
2027E and cut target ex-cash P/E multiple to 19X to arrive at a revised FV of Related Research

Rs1,330 (Rs1,475 earlier). The long-term growth concerns remain, though → Just Dial: 2QFY25: Some recovery in traffic
margins have normalized, and we expect billings to show some recovery in → and
Justbillings 2Q noteMargin outperformance
Dial: 1QFY25:
4QFY25. Retain BUY. again 1Q note

Full sector coverage on KINSITE

Garima Mishra Ishani Swain

k.kathirvelu-kotak.com
 2

Revenue growth of 8.4% yoy led by realization growth of 2.3% yoy and paid campaign growth of 6.0% yoy
Standalone quarterly financials of Just Dial, March fiscal year-ends (Rs mn)
Change (%) Yoy growth Yoy growth
3QFY25 3QFY25E 3QFY24 2QFY25 KIE Est yoy qoq 9MFY25 9MFY24 (%) FY2025E FY2024 (%)
Sales 2,873 2,915 2,651 2,848 (1.4) 8.4 0.9 8,527 7,726 10.4 11,586 10,429 11.1
Expenses (2,007) (2,072) (2,047) (2,028) (3.1) (1.9) (1.0) (6,034) (6,268) (3.7) (8,230) (8,264) (0.4)
Employee (1,732) (1,783) (1,785) (1,745) (2.9) (3.0) (0.8) (5,206) (5,464) (4.7) (7,074) (7,198) (1.7)
Other expenses (276) (289) (262) (283) (4.7) 5.3 (2.4) (829) (804) 3.1 (1,155) (1,066) 8.4
Operating profit 866 843 604 821 2.8 43.4 5.5 2,493 1,458 70.9 3,356 2,166 55.0
Other income 774 1,100 749 1,136 (29.6) 3.4 (31.9) 2,779 2,142 29.8 3,919 3,055 28.3
EBIDT 1,640 1,943 1,352 1,957 5,272 3,600 46.4 7,275 5,220 39.4
Interest (28) (25) (22) (24) 13.2 30.4 18.9 (71) (65) 9.5 (94) (93) 1.1
Depreciation (120) (119) (121) (117) 0.9 (0.9) 2.4 (355) (344) 3.1 (487) (462) 5.5
PBT 1,492 1,799 1,209 1,816 (17.1) 23.4 (17.8) 4,846 3,191 51.9 6,694 4,666 43.5
Tax (179) (270) (289) (275) (580) (719) (1,024) (1,036)
Net profit 1,313 1,529 920 1,541 (14.1) 42.7 (14.8) 4,266 2,472 72.6 5,670 3,629 56.2
Extraordinary items — — — — — —
Reported PAT 1,313 1,529 920 1,541 (14.1) 42.7 (14.8) 4,266 2,472 72.6 5,670 3,629 56.2
EPS (Rs/sh) 15 18 8 17 (14.1) 82.9 (7.0) 66.7 42.7
Key ratios (%)
Employee cost/sales 60.3 61.2 67.3 61.3 61.0 70.7 61.1 69.0
Other operating expenses/sales 9.6 9.9 9.9 9.9 9.7 10.4 10.0 10.2
EBITDA margin 30.1 28.9 22.8 28.8 122 bps 736 bps 132 bps 29.2 18.9 1035 bps 29.0 20.8 820 bps
PBT margin 51.9 61.7 45.6 63.7 56.8 41.3 57.8 44.7
Tax rate 12.0 15.0 23.9 15.1 12.0 22.5 15.3 22.2
PAT margin 45.7 52.4 34.7 54.1 50.0 32.0 48.9 34.8
Other operating metrics
Total campaigns (#) 601,080 606,430 566,955 598,430 (0.9) 6.0 0.4 601,080 566,955 6.0
Price per campaign (Rs) 19,121 19,229 18,700 19,038 (0.6) 2.3 0.4 14,187 13,628 4.1
Headcount (#) 12,676 14,888 13,112 (14.9) (3.3) 12,676 14,888
Advertising spend (Rs mn) 65 50 50
Unearned revenue (Rs mn) 5,072 4,680 5,001 8.4 1.4

Source: Company, Kotak Institutional Equities estimates

Operating performance of Just Dial in tier I and tier II/III cities, March fiscal year-ends
Yoy growth
1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25 (%)
Total Revenue 1,856 2,053 2,214 2,325 2,470 2,606 2,651 2,703 2,806 2,848 2,873 8
Tier I 1,188 1,293 1,372 1,418 1,482 1,538 1,564 1,568 1,627 1,652 1,667 7
Tier II/III 668 759 841 907 988 1,069 1,087 1,135 1,178 1,196 1,207 11
% share of Tier II/III 36 37 38 39 40 41 41 42 42 42 42
Campaigns 483,690 503,840 521,880 538,220 548,270 560,830 566,955 583,690 591,650 598,430 601,080 6
Tier I 207,987 214,132 221,799 220,670 219,308 224,332 226,782 233,476 236,660 239,372 240,432 6
Tier II/III 275,703 289,708 300,081 317,550 328,962 336,498 340,173 350,214 354,990 359,058 360,648 6
% share of Tier II/III 57 58 58 59 60 60 60 60 60 60 60

Source: Company, Kotak Institutional Equities estimates

Just Dial
Internet Software & Services India Research

k.kathirvelu-kotak.com
 3

Price per campaign of Just Dial, March fiscal year-ends, 2QFY22-2QFY25 (Rs ‘000s)

Tier II/III realizations Tier I realizations

(Rs, 000s)
30

25

27.7
27.6
27.6

27.5
27.4
27.0

26.9
25.7
24.8
24.2
22.8
20

15

13.4
13.3
13.3
13.0
12.8
10

12.7
12.0
11.4
11.2
10.5
9.7

3QFY24

4QFY24

1QFY25

2QFY25

3QFY25
1QFY23

2QFY23

3QFY23

4QFY23

1QFY24

2QFY24
Source: Company, Kotak Institutional Equities

End-of-period paid campaigns of Just Dial, March fiscal year-ends

(#, '000) Paid campaigns (LHS) Yoy growth in paid campaigns (RHS) Yoy growth (%)
630 24
570 18

601
598
592
584
567
561

510
548
538

12
522
504

450
484

6
461
457
454

438

437

390
0
330
(6)
270
210 (12)

150 (18)
3QFY21

4QFY21

1QFY22

3QFY22

1QFY23

3QFY23

1QFY24

3QFY24

1QFY25

3QFY25
4QFY22

2QFY23

4QFY23

2QFY24

4QFY24

2QFY25

Source: Company, Kotak Institutional Equities

Just Dial
Internet Software & Services India Research

k.kathirvelu-kotak.com
 4

Total paid campaigns increased ~2.6k qoq in 3QFY25

Sequential paid campaigns addition of Just Dial, March fiscal year-ends, 1QFY19-2QFY25 (‘000s)

(#, '000)
48

24 22
28 20 18 17
16
10 13
5 7 6 8 7
8 4 3

4QFY21

1QFY22

3QFY22

2QFY23

3QFY23

4QFY23

3QFY24

4QFY24

1QFY25

3QFY25
3QFY21

4QFY22

1QFY23

1QFY24

2QFY24

2QFY25
(12)

(19)
(32)

(52)

(72)

(92)

Source: Company, Kotak Institutional Equities

Average realization growth of ~2.3% yoy

Average paid campaign realizations and yoy growth, March fiscal year-end

(Rs) Pricing (LHS) Yoy growth in pricing (RHS) (%)

25,000 25
20
20,000 15
10
15,000
5
0
10,000
(5)

5,000 (10)
(15)
0 (20)
3QFY21

1QFY22

4QFY22

2QFY23

4QFY23

2QFY24

4QFY24

2QFY25
4QFY21

3QFY22

1QFY23

3QFY23

1QFY24

3QFY24

1QFY25

3QFY25

Source: Company, Kotak Institutional Equities

Just Dial
Internet Software & Services India Research

k.kathirvelu-kotak.com
 5

End-of-the-period strength of listings database, March fiscal year-ends (mn)

(#, mn)
56
46 48
48 44 45
40 42
37 38
40 35
33 34
30 30 31 31 32
32

24

16

0
3QFY21

4QFY21

1QFY22

3QFY22

4QFY22

2QFY24

3QFY24

4QFY24

1QFY25

2QFY25

3QFY25
1QFY23

2QFY23

3QFY23

4QFY23

1QFY24
Source: Company, Kotak Institutional Equities

JUST witnessed muted 3.4% yoy growth in collections

Key operating metrics of Just Dial, March fiscal year-ends (mn)
3QFY21 4QFY21 1QFY22 2QFY22 3QFY22 4QFY22 1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25
Total collections (Rs mn) 1,953 2,007 1,425 1,828 1,504 1,791 2,009 2,305 2,452 2,683 2,591 2,783 2,698 3,053 2,730 3,002 2,790
Yoy growth (%) (14) 0 26 14 (23) (11) 41 26 63 50 29 21 10 14 5 8 3
Unearned revenue (Rs mn) 3,053 3,303 3,074 3,342 3,257 3,381 3,534 3,786 4,024 4,382 4,503 4,680 4,727 5,077 5,001 5,155 5,072
Yoy growth (%) (18) (2) 7 20 7 2 15 13 24 30 27 24 17 16 11 10 7
Revenue (Rs mn) 1,695 1,757 1,654 1,560 1,589 1,667 1,856 2,053 2,214 2,325 2,470 2,606 2,651 2,703 2,806 2,848 2,873
Yoy growth (%) (28) (25) 2 (7) (6) (5) 12 32 39 40 33 27 20 16 14 9 8
Unearned revenue recognizable
2,748 2,973 2,767 3,008 2,931 3,043 3,181 3,407 3,622 3,944 4,053 4,212 4,254 4,569 4,501 4,640 4,565
over one year (Rs mn)

Source: Company, Kotak Institutional Equities

Employee count has declined in the past several quarters

End-of-the-period employee count in sales and other functions, March fiscal year-ends (#, ‘000)

(#, '000) Sales and marketing (#) Others (#)

18
16
14
3.4

3.6
3.7

3.4
3.7

3.0
3.5

12
3.2

3.0
3.1
3.0

2.9

10
2.9

2.9

3.0
2.8

3.0

8
11.9

11.7
11.6

11.5
11.3

10.9
10.6

10.2
10.2

10.0

6
9.8

9.8
8.5

8.3

8.1
6.9

6.8

4
2
3QFY21

4QFY21

2QFY22

4QFY22

2QFY23

4QFY23

1QFY24

2QFY24

3QFY24

1QFY25

3QFY25
1QFY22

3QFY22

1QFY23

3QFY23

4QFY24

2QFY25

Source: Company, Kotak Institutional Equities

Just Dial
Internet Software & Services India Research

k.kathirvelu-kotak.com
 6

Revenue per employee improved sequentially and was the highest ever in 3QFY25
End-of-the-period employee count (#, LHS) and revenue per employee (Rs ‘000, RHS), March
fiscal year-ends

Employee strength (LHS) Campaigns per employee (#, RHS) Campaigns per
(#)
employee (#)
13,000 70
12,000 60
11,000
50
10,000
9,000 40
8,000 30
7,000
20
6,000
5,000 10
4,000 -
4QFY21

1QFY22

2QFY22

4QFY22

1QFY23

4QFY23

1QFY24

4QFY24

1QFY25
3QFY21

3QFY22

2QFY23

3QFY23

2QFY24

3QFY24

2QFY25

3QFY25
Source: Company, Kotak Institutional Equities

Overall unique visitors’ growth of 15.3% yoy was healthy

Unique visitors of Just Dial across various devices, March fiscal year-ends (mn)

(mn) Mobile Internet Voice

250

200

23 6

21 5
20 6
186

21 6
19 6

19 6
150
176
17 6
186
18 7

176
186
16 6
186

176

146

100

169

164
155
148
147

145
141
137
134
132
125

125
121
120
108

106

104

50

0
4QFY21

1QFY22

3QFY22

4QFY22

2QFY23

3QFY23

1QFY24

2QFY24

4QFY24

1QFY25
3QFY21

2QFY22

1QFY23

4QFY23

3QFY24

2QFY25

3QFY25

Source: Company, Kotak Institutional Equities

App downloads per day declined ~9.5% yoy

Key performance metrics of JUST's platform, March fiscal year-ends (mn)
Yoy growth
3QFY22 4QFY22 1QFY23 2QFY23 3QFY23 4QFY23 1QFY24 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 3QFY25 (%)
Unique visitors (mn) 142.7 144.8 147.9 156.5 156.8 159.3 171.4 171.7 165.9 171.1 181.3 198.0 191.2 15.3
Total listings (mn) 31.4 31.9 32.8 33.9 35.0 36.5 38.0 40.2 41.6 43.6 44.9 46.2 47.5 14.2
Total images in listings (mn) 113.4 117.7 122.5 126.6 131.8 139.2 150.2 165.2 175.7 188.5 198.3 206.5 216.0 22.9
Listings with geocodes (mn) 17.9 18.5 19.5 20.1 20.8 22.3 23.5 25.3 26.4 28.5 29.5 30.8 31.8 20.5
Ratings and reviews (mn) 125.3 129.4 133.5 137.1 139.8 143.0 144.6 145.8 147.0 148.0 149.1 150.3 151.4 3.0
Cumulative app downloads (mn) 30.1 30.7 31.2 31.7 32.2 33.1 34.0 35.0 35.8 36.4 37.3 38.2 39.0 8.9
App downloads per day (#) 8,407 8,369 8,732 7,862 7,827 8,272 8,553 8,237 7,660 7,106 6,937 7,377 6,935 (9.5)

Source: Company, Kotak Institutional Equities

Just Dial
Internet Software & Services India Research

k.kathirvelu-kotak.com
 7

Revenue growth and EBITDA margin profile of JUST, March fiscal year-ends, 1QFY21-3QFY25
(%)

(%) Just Dial EBITDA margin (%) Just Dial revenue growth (%)
50

40

30

20

10

0
2QFY21

4QFY21

1QFY22

3QFY22

4QFY22

2QFY23

4QFY23

1QFY24

3QFY24

1QFY25

2QFY25
1QFY21

3QFY21

2QFY22

1QFY23

3QFY23

2QFY24

4QFY24

3QFY25
(10)

(20)

(30)

(40)

Source: Company, Kotak Institutional Equities

Key changes in estimates

We trim FY2025-27E revenue by 1-4% and FY2026-27E EPS by 1-3%. This is on the back of a weak
collection print in 2Q-3QFY25.

Key changes in estimates for Just Dial, March fiscal year-ends, 2024-26E (Rs mn)
New estimates Old estimates % revision
2025E 2026E 2027E 2025E 2026E 2027E 2025E 2026E 2027E
Total revenues 11,465 12,513 13,529 11,586 12,826 14,063 (1.0) (2.4) (3.8)
EBITDA 3,381 3,751 3,988 3,356 3,847 4,250 0.7 (2.5) (6.2)
EBITDA margin (%) 29.5 30.0 29.5 29.0 30.0 30.2
PAT 5,672 5,603 6,109 5,670 5,675 6,304 0.0 (1.3) (3.1)
EPS (Rs) 66.7 65.9 71.8 66.7 66.7 74.1 0.0 (1.3) (3.1)
Tax rate (%) 12.4 20.8 21.3 15.3 20.9 21.4
Yoy growth metrics (%)
Sales 9.9 9.1 8.1 11.1 10.7 9.7
EBITDA 56.1 10.9 6.3 55.0 14.6 10.5
PAT 56.3 (1.2) 9.0 56.2 0.1 11.1

Source: Company, Kotak Institutional Equities estimates

Just Dial
Internet Software & Services India Research

k.kathirvelu-kotak.com
 8

Details of the assumptions for Just Dial, March fiscal year-ends, 2017-26E (Rs mn)
2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E
Search
Campaigns (#) 445,110 500,838 536,236 457,360 461,495 538,220 583,690 609,372 652,028 691,150
Revenues from core business (Rs mn) 7,818 8,915 9,531 6,752 6,470 8,448 10,429 11,465 12,513 13,529
Yoy growth (%) 10.7 14.0 6.9 (29.2) (4.2) 30.6 23.5 9.9 9.1 8.1
Other revenues — — — — — — — — — —
Total revenues 7,818 8,915 9,531 6,752 6,470 8,448 10,429 11,465 12,513 13,529
Yoy growth (%) 8.8 14.0 6.9 (29.2) (4.2) 30.6 23.5 9.9 9.1 8.1
Number of employees (#) 11,452 12,691 12,423 11,162 13,343 15,320 12,834 12,884 13,884 14,584
Employee cost/ sales (%) 56.5 55.8 55.9 65.6 77.9 77.1 69.0 60.7 60.2 61.0
Other expenses (core business) 22.5 18.6 15.4 11.4 22.4 12.8 10.2 9.8 9.8 9.6
EBITDA margin (%) 21.0 25.7 28.6 22.9 (0.3) 10.2 20.8 29.5 30.0 29.5
PAT 1,432 2,068 2,723 2,142 708 1,627 3,629 5,672 5,603 6,109
EPS (Rs) 21.2 31.9 42.0 34.6 8.5 19.3 42.7 66.7 65.9 71.8
Yoy growth (%) 18.0 44.4 31.7 (21.3) (66.9) 129.7 123.0 56.3 (1.2) 9.0

Source: Company, Kotak Institutional Equities estimates

We model revenue CAGR of 9.1% over FY2025-27E

Standalone financial snapshot of Just Dial, March fiscal year-ends, 2017-26E (Rs mn)
2018 2019 2020 2021 2022 2023 2024 2025E 2026E 2027E
Profit model
Total operating income 7,818 8,915 9,531 6,752 6,470 8,448 10,429 11,465 12,513 13,529
Operating expenses (6,174) (6,626) (6,802) (5,203) (6,491) (7,590) (8,264) (8,084) (8,762) (9,541)
Employee expenses (4,416) (4,971) (5,329) (4,432) (5,040) (6,510) (7,198) (6,964) (7,533) (8,246)
Operating and other expenses (1,758) (1,654) (1,473) (771) (1,451) (1,080) (1,066) (1,120) (1,229) (1,295)
EBITDA 1,644 2,289 2,729 1,549 (22) 858 2,166 3,381 3,751 3,988
Pre-tax profit 1,939 2,881 3,517 2,547 833 1,878 4,666 6,473 7,076 7,762
PAT 1,432 2,068 2,723 2,142 708 1,627 3,629 5,672 5,603 6,109
Weighted diluted number of shares (mn) 67 65 65 62 84 84 85 85 85 85
EPS (Rs) 21.2 31.9 42.0 34.6 8.5 19.3 42.7 66.7 65.9 71.8
Balance sheet
Equity share capital 674 648 649 619 836 843 850 850 850 850
Reserves & surplus 9,118 9,339 12,228 12,024 34,026 35,828 39,385 45,057 50,660 56,769
Shareholders funds 9,792 9,986 12,877 12,643 34,862 36,671 40,235 45,907 51,510 57,619
Lease liabilities — 42 764 630 553 684 853 853 853 853
Total source of funds 9,792 10,201 13,945 13,532 35,782 37,722 42,203 47,875 53,478 59,586
Net fixed assets 1,489 1,321 1,724 1,390 2,179 2,776 1,466 1,679 1,874 2,053
Investments 11,549 13,038 15,642 15,227 37,263 39,693 46,209 46,709 47,209 47,709
Cash balances 575 404 397 615 233 156 177 5,376 10,753 16,625
Net current assets excluding cash (3,946) (4,562) (3,817) (3,700) (3,894) (4,902) (5,649) (5,888) (6,358) (6,800)
Total application of funds 9,792 10,201 13,945 13,532 35,782 37,722 42,203 47,875 53,478 59,586
Cash flow statement
Operating profit before working capital changes 1,796 2,406 3,333 2,639 1,075 2,026 4,184 6,253 6,210 6,732
Change in working capital/other adjustments 818 616 (745) (117) 194 1,008 747 239 470 442
Cashflow from operating activites 2,614 3,022 2,588 2,522 1,269 3,034 4,931 6,493 6,679 7,175
Cash (used)/ realised in investing activities (207) (168) (160) (224) (1,165) (486) 716 (700) (700) (700)
Free cash flow 2,407 2,854 2,428 2,298 105 2,548 5,646 5,793 5,979 6,475
Issue of share capital (692) (1,874) 168 (2,376) 21,511 182 (65) — — —
Cash (used)/realised in financing activities (692) (1,833) 37 (2,450) 21,443 105 (158) (94) (102) (102)
Cash generated/utilised 1,831 1,318 2,596 (196) 21,654 2,654 6,235 5,699 5,877 6,372
Cash+investments at beginning of year 10,294 12,124 13,442 16,038 15,842 37,496 39,849 46,385 52,084 57,961
Cash+investments at end of year 12,124 13,442 16,038 15,842 37,496 40,150 46,084 52,084 57,961 64,333

Source: Company, Kotak Institutional Equities estimates

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Ratings and other definitions/identifiers
Definitions of ratings

BUY. We expect this stock to deliver more than 15% returns over the next 12 months.

ADD. We expect this stock to deliver 5-15% returns over the next 12 months.
REDUCE. We expect this stock to deliver -5-+5% returns over the next 12 months.
SELL. We expect this stock to deliver <-5% returns over the next 12 months.

Our Fair Value estimates are also on a 12-month horizon basis.

Our Ratings System does not take into account short-term volatility in stock prices related to movements in the market. Hence, a particular Rating may
not strictly be in accordance with the Rating System at all times.

Distribution of ratings/investment banking relationships

Kotak Institutional Equities Research coverage universe

Percentage of companies covered by Kotak Institutional

70%
Equities, within the specified category.

60%
Percentage of companies within each category for which
50% Kotak Institutional Equities and or its affiliates has
provided investment banking services within the previous
12 months.
40% 37.8%
* The above categories are defined as follows: Buy = We
expect this stock to deliver more than 15% returns over
28.7%
30% the next 12 months; Add = We expect this stock to deliver
5-15% returns over the next 12 months; Reduce = We
19.6% expect this stock to deliver -5-+5% returns over the next
20%
13.8% 12 months; Sell = We expect this stock to deliver less than
9.5% -5% returns over the next 12 months. Our target prices
10% are also on a 12-month horizon basis. These ratings are
3.3% 1.8% used illustratively to comply with applicable regulations. As
1.5%
of 30/09/2024 Kotak Institutional Equities Investment
0%
BUY ADD REDUCE SELL Research had investment ratings on 275 equity securities.

Source: Kotak Institutional Equities

As of September 30, 2024

Coverage view
The coverage view represents each analyst’s overall fundamental outlook on the Sector. The coverage view will consist of one of the following
designations: Attractive, Neutral, Cautious.

Other ratings/identifiers

NR = Not Rated. The investment rating and fair value, if any, have been suspended temporarily. Such suspension is in compliance with applicable
regulation(s) and/or Kotak Securities policies in circumstances when Kotak Securities or its affiliates is acting in an advisory capacity in a merger or
strategic transaction involving this company and in certain other circumstances.

CS = Coverage Suspended. Kotak Securities has suspended coverage of this company.

NC = Not Covered. Kotak Securities does not cover this company.

RS = Rating Suspended. Kotak Securities Research has suspended the investment rating and fair value, if any, for this stock, because there is not a
sufficient fundamental basis for determining an investment rating or fair value. The previous investment rating and fair value, if any, are no longer in
effect for this stock and should not be relied upon.

NA = Not Available or Not Applicable. The information is not available for display or is not applicable.

NM = Not Meaningful. The information is not meaningful and is therefore excluded.

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