Sector Update| Healthcare Sector Update Healthcare · 20 April 2016 1 Sector Update| Healthcare20...

20 April 2016 1

Sector Update| Healthcare 20 April 2016 Sector Update

Healthcare IPM growth moderates in March 2016 Indian pharma market (IPM) grew 6.4%YoY to INR72b in March 2016, much

lower than the last month growth of 12%YoY. Moving annual (MAT) growth for March 2016 stood at 12.6% YoY, primarily

driven by volumes with 5.2%YoY growth. Pricing growth was at 4.7% and new products growth was at 2.8% for MAT March 2016.

Lupin, Sun Pharma and Mankind reported highest growth in Mar-2016 Lupin registered 20.6% growth, continuing the growth momentum for last two

months with 18.4% growth in February and 13.6% growth in January. Sun Pharma also reported double digit growth (12.3%) though much lower

than the last month growth of 20.6%. Other companies that grew ahead of IPM are Mankind (11.9%), Glenmark

(10.4%), and Alembic (8.1%). However, Sanofi (-0.8% YoY), Alkem (-1.2%), GSK Pharma (-6.1%) and IPCA

(1.5%) significantly underperformed the market growth.

Neuro/CNS led in therapies and Sanofi’s Lantus in drugs Neuro/CNS therapy accounts for 6% of the IPM market; it grew 13.8%YoY in

March 2016. Other therapies that outperformed the market growth were Cardiac (12.2%), Derma (13.3%) and Anti-Diabetic (13.2%). Within brands, Lantus registered the highest growth (41%) in Mar 2016. Other big brands which reported growth in excess of 25% were Synflorix, Betnovate N, Rosuvas, and Telma.

DPCO v/s non-DPCO Market (March 16) In value terms, DPCO-listed products grew -0.1% YoY whereas non-DPCO

products registered 7.2% YoY growth. Volume-wise, DPCO registered unit growth of -2.4% and non-DPCO -4.3%.

Exhibit 1: Volume growth substantially lower in 4QFY16 (Quarterly trend)

Source: AIOCD, MOSL

7.5 3.3

8.4 6.6 4.2 6.7 1.4

4.6

5.1

5.2 4.8

4.6 5.0

5.0

1.5 2.5

3.3 3.3

3.0 3.0

2.9

13.6 10.9

16.9 14.7

11.8 14.7

9.3

2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16

Volume Growth (%) Price Growth (%) New Product Growth (%) Total Growth (%)

Performance of top companies: (March 2016)

Company 3M Mar’16

IPM 9.3 6.4 Sun Pharma 13.4 12.3 Abbott India 4.1 3.8 Cipla 8.4 3.5 Zydus Cadila 8.1 5.9 Mankind 21.8 11.9 Lupin 17.2 20.6 Alkem 6.0 (1.2) GSK Pharma 1.1 (6.1) Pfizer 1.6 3.5 Dr Reddy Labs 21.9 7.0 Glenmark

15.4 10.4

Sanofi (3.0) (0.8) Torrent Pharma 6.7 2.4 Alembic Pharma 14.8 8.1 Ipca Labs 7.3 1.5 Merck 7.1 (1.5) Ajanta Pharma 8.4 7.6 Biocon 10.3 14.5

Kumar Saurabh ([email protected]); +91 22 3982 5584 Amey Chalke ([email protected]); +91 22 39825423 Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

20 April 2016 2

Sector Update| Healthcare

Indian Pharma Market - March 2016

Exhibit 2: Performance of top companies: March 2016

Company MAT Mar-16 Last 8 Quarters in Growth (%) 1M

Value (INR m)

Market Share (%)

Growth (%) Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Mar-16

IPM 984,144 100.0 12.6 11.8 14.2 11.1 16.9 14.8 11.9 14.7 9.3 6.4

Sun Pharma 863,143 8.8 14.5 8.6 10.8 10.5 11.4 20.5 13.8 10.6 13.4 12.3

Abbott India 604,000 6.1 11.3 5.3 11.4 6.2 18.4 16.3 12.4 13.0 4.1 3.8

Cipla 489,981 5.0 13.4 9.3 19.7 10.7 20.5 19.4 8.8 17.8 8.4 3.5

Zydus Cadila 418,264 4.3 12.1 11.2 11.8 9.8 12.0 13.6 13.1 13.8 8.1 5.9

Mankind 368,773 3.7 18.5 13.4 16.8 14.0 20.3 14.1 15.2 23.2 21.8 11.9

Lupin 344,250 3.5 17.0 25.4 13.8 14.1 20.5 17.7 19.0 14.3 17.2 20.6

Alkem 337,921 3.4 10.0 14.9 15.4 7.2 16.2 11.6 6.4 16.2 6.0 (1.2)

GSK Pharma 318,198 3.2 4.8 (8.0) 2.4 5.6 6.6 5.1 0.2 13.2 1.1 (6.1)

Pfizer 287,974 2.9 9.7 12.3 12.8 23.4 20.3 14.4 13.9 9.6 1.6 3.5

Dr Reddy Labs 237,583 2.4 20.8 17.8 18.4 7.6 17.1 21.3 13.5 26.8 21.9 7.0

Glenmark Pharma 236,421 2.4 23.0 14.7 15.6 14.9 24.5 31.6 23.2 23.5 15.4 10.4

Sanofi 235,631 2.4 7.9 3.2 9.8 14.0 29.0 13.6 13.7 8.0 (3.0) (0.8)

Torrent Pharma 227,581 2.3 15.3 5.8 12.6 19.8 27.5 28.2 18.6 9.3 6.7 2.4

Alembic Pharma 137,277 1.4 17.8 11.2 15.3 8.7 14.8 17.7 14.1 24.6 14.8 8.1

Ipca Labs 126,110 1.3 5.9 15.9 17.6 11.6 24.7 0.3 2.2 14.8 7.3 1.5

Merck 61,765 0.6 13.9 10.2 15.9 25.8 29.4 24.9 13.7 10.7 7.1 (1.5)

Ajanta Pharma 47,606 0.5 10.6 43.3 34.9 25.3 15.4 10.3 13.5 10.2 8.4 7.6

Biocon 33,613 0.3 5.4 34.4 20.7 5.8 15.7 6.6 0.1 4.8 10.3 14.5

Source: AIOCD, MOSL

Exhibit 3: Performance of top therapies: March 2016

Therapy MAT Mar-16 Last 8 Quarters in Growth (%) 1M

Value (INR m)

Market Share (%)

Growth (%) Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Mar-16

IPM 984,144 100.0 12.6 11.8 14.2 11.1 16.9 14.8 11.9 14.7 9.3 6.4

Anti-Infectives 149,335 15.2 7.8 6.9 12.3 5.9 15.6 8.2 2.8 15.5 5.1 (1.8)

Cardiac 122,756 12.5 14.1 11.8 12.0 11.4 15.0 15.8 15.5 13.1 12.2 12.2

Gastro Intestinal 115,654 11.8 15.1 13.4 15.7 13.2 18.0 17.1 14.7 16.0 12.5 9.3

Vitamins 86,432 8.8 9.6 11.5 14.8 12.7 12.7 13.1 9.9 7.6 7.9 7.7

Respiratory 76,870 7.8 10.8 16.5 15.0 7.3 20.5 14.9 4.9 18.0 6.1 (4.6)

Anti Diabetic 80,041 8.1 20.7 19.3 24.4 22.5 28.3 26.0 22.7 21.1 13.8 13.2

Pain / Analgesics 67,934 6.9 11.3 9.8 13.6 9.3 15.1 12.3 10.1 14.9 7.9 4.8

Neuro / Cns 61,103 6.2 15.7 8.4 10.4 10.6 12.0 16.0 16.9 15.3 14.6 13.8

Derma 60,063 6.1 16.6 21.1 17.2 18.4 19.8 20.6 17.6 14.8 13.6 13.3

Gynaecological 49,278 5.0 10.9 8.9 10.8 9.6 13.0 12.1 12.4 10.8 8.2 7.2

Ophthal 17,661 1.8 9.8 11.6 15.3 18.7 15.5 13.9 10.4 4.8 10.4 11.2

Hormones 16,517 1.7 10.6 8.4 6.6 (2.1) 21.4 10.0 19.9 25.8 (9.8) (6.9) Anti-Neoplastics 15,641 1.6 6.3 35.8 35.9 13.7 22.9 12.4 13.0 6.7 (6.6) (7.9)

Source: AIOCD, MOSL

20 April 2016 3


Sun Pharma + Ranbaxy

Exhibit 4: Top 10 Drugs

Drug Therapy MAT Mar 16 Growth (%)

Value(INR

Gr. (%) Mkt Sh. (%) 3M* Mar 16 Sun Pharma Laboratories. 86,314 14.5 100.0 13.4 12.3 Volini Pain / Analgesics 2,170 2.3 2.5 12.5 10.3 Rosuvas Cardiac 1,660 28.9 1.9 31.6 38.2 Gemer Anti Diabetic 1,568 19.0 1.8 15.1 11.0 Istamet Anti Diabetic 1,560 33.9 1.8 20.9 22.2 Susten Gynaecological 1,500 21.6 1.7 17.4 15.5 Levipil Neuro / Cns 1,482 27.8 1.7 21.5 18.6 Pantocid Gastro Intestinal 1,401 11.5 1.6 5.1 0.8 Storvas Cardiac 1,210 17.1 1.4 15.2 23.5 Pantocid Dsr Gastro Intestinal 1,193 24.8 1.4 11.4 2.9 Aztor Cardiac 1,155 19.6 1.3 13.0 9.0

*3M: Jan-Mar2016 Source: AIOCD, MOSL

Exhibit 5: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Gr. % 100.0 14.5 13.4 12.3

Neuro / Cns 17.2 17.6 10.7 7.8 Cardiac 18.0 19.1 17.5 18.8 Gastro Intestinal 12.1 18.9 11.2 8.0 Anti-Infectives 11.9 11.8 10.2 9.8 Anti Diabetic 9.0 20.9 12.6 10.0 Pain / Analgesics 7.3 11.9 13.9 10.8

*3M: Jan-Mar 2016 Source: AIOCD, MOSL

Exhibit 6: Brand wise growth distribution % of sales MAT growth (%) Growth Contribution (%)

Total 100.0 14.5 100.0 Top 10 Brands 17.0 19.9 22.7 11 to 25 Brands 12.7 29.2 22.9 26 to 50 Brands 12.7 19.1 16.3 Above 50 Brands 57.6 9.0 38.2

Source: AIOCD, MOSL

Exhibit 7: Acute v/s Chronic (MAT growth)

Source: AIOCD, MOSL

Exhibit 8: Growth Distribution (%) (MAT Mar’16)

Source: AIOCD, MOSL

42.5 33.0

11.6

18.2

ACUTE CHRONIC

MAT VAL MAR 16 (INR b) MAT VAL GR MAR 16 (%)

7.6

3.4 3.3

Vol GR Price GR NP GR

Sun’s domestic business grew 12.3%YoY in March

2016, much higher than the market growth of 6.4%

Growth is primarily driven by Volumes

Chronic portfolio grew faster at 18%YoY on

MAT basis

20 April 2016 4


Cipla


Drug Therapy MAT Mar16 Growth (%)

Value(INR m)

Growth(%)

Mkt

3M* Mar-16 Total 48,998 13.4 100.0 8.4 3.5 Foracort Respiratory 1,961 16.0 4.0 5.0 4.0 Budecort Respiratory 1,605 22.4 3.3 15.0 -2.1Asthalin Respiratory 1,381 -1.0 2.8 -6.8 -9.2Seroflo Respiratory 1,343 2.9 2.7 -7.7 -9.5Duolin Respiratory 1,236 13.6 2.5 14.2 4.8 Aerocort Respiratory 983 -0.4 2.0 -2.2 -1.7Azee Anti-Infectives 931 14.2 1.9 0.6 -12.4Montair Lc Respiratory 811 21.8 1.7 13.5 10.7 Novamox Anti-Infectives 785 -3.5 1.6 -7.8 -14.9Emeset Gastro Intestinal 736 33.7 1.5 6.6 2.9

Source: AIOCD, MOSL

Exhibit 10: Therapy Mix (%) Share MAT Gr. (%) 3M* Mar 16 Growth 100.0 13.4 8.4 3.5

Respiratory 30.3 12.0 7.0 1.9 Anti-Infectives 26.8 14.1 12.4 3.8 Cardiac 11.8 6.6 -3.0 -2.5 Gastro Intestinal 7.7 20.9 16.9 13.0 Urology 4.6 17.3 0.4 0.0 Neuro / Cns 3.6 16.9 2.5 0.8

Source: AIOCD, MOSL


Total 100.0 13.4 100.0

Top 10 Brands 24.0 10.8 19.9

11 to 25 Brands 16.3 15.8 18.9

26 to 50 Brands 16.3 15.5 18.6

Above 50 Brands 43.3 13.1 42.7

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

25.2 18.0

15.1

11.0

ACUTE CHRONIC


2.3

5.5

2.1


In March 2016, Cipla grew 3.5%YoY against market

growth of 6.4%

Growth in top three therapies have come off in

March 2016

price is key growth driver for Cipla

20 April 2016 5


Cadila Healthcare


Drug Therapy MAT Mar16 Growth (%)

Value(INR m)

Gr. (%)

Mkt Sh.

3M Mar-16 Zydus + Biochem 41,826 12.1 100.0 8.1 5.9 Skinlite Derma 1,796 -1.7 4.3 -4.8 -5.4 Mifegest Kit Gynaecological 1,323 17.0 3.2 3.5 -4.0 Atorva Cardiac 1,311 13.9 3.1 13.8 7.4 Deriphyllin Respiratory 1,033 18.9 2.5 15.2 -1.2 Pantodac Gastro Intestinal 975 12.7 2.3 24.8 25.0 Falcigo Anti Malarials 764 12.2 1.8 27.7 -35.8 Amlodac Cardiac 750 1.9 1.8 -13.1 -16.4 Zyrop Blood Related 633 -8.7 1.5 -5.5 -8.1 Clopitorva Cardiac 629 45.5 1.5 33.5 29.6 Ampilox Anti-Infectives 596 7.5 1.4 15.1 4.4

Source: AIOCD, MOSL

Exhibit 15: Therapy Mix (%) Share MAT Gr. (%) 3M Mar-16 Growth 100.0 12.1 8.1 5.9

Cardiac 15.6 12.3 9.3 7.5 Anti-Infectives 13.9 19.1 26.9 28.0 Gastro Intestinal 12.5 9.5 15.1 16.2 Gynaecological 10.5 10.1 0.5 -0.9Respiratory 9.7 18.2 16.3 6.9 Derma 8.8 11.4 6.1 4.0

Source: AIOCD, MOSL


Total 100.0 12.1 100.0

Top 10 Brands 23.5 9.7 19.2

11 to 25 Brands 16.9 16.3 21.9

26 to 50 Brands 14.4 18.0 20.4

Above 50 Brands 45.2 10.2 38.6

Source: AIOCD, MOSL


Source: AIOCD, MOSL

Exhibit 18: Growth Distribution (%)(MAT Mar -16)

Source: AIOCD, MOSL

25.1 12.2

12.6

11.1

ACUTE CHRONIC


2.3

5.5

2.1


Cadila continued to underperform the market

growth for March 2016

Anti-infective and Gastro-intestinal outperformed the

company growth

20 April 2016 6


GSK Pharma



Value(INRm)

Gr. (%)

Mkt Sh.

3M Mar- Total 31,820 4.8 100.0 1.1 -6.1

Augmentin Anti-Infectives 3,175 -0.5 10.0 -7.7 -19.4 Synflorix Vaccines 1,951 28.5 6.1 13.4 31.7 Calpol Pain / Analgesics 1,745 12.0 5.5 7.6 -1.0 Betnovate C Derma 1,629 43.1 5.1 24.0 3.8 Zinetac Gastro Intestinal 1,553 3.9 4.9 2.2 -5.9 Betnovate N Derma 1,542 30.3 4.8 31.1 36.7 Eltroxin Hormones 1,337 13.8 4.2 12.0 -0.1 Ceftum Anti-Infectives 1,271 2.2 4.0 2.0 -8.4 Rotarix Vaccines 1,260 56.5 4.0 38.0 39.7 Betnesol Hormones 1,195 40.4 3.8 8.0 -19.3

Source: AIOCD, MOSL

Exhibit 20: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 4.8 1.1 -6.1

Anti-Infectives 23.9 -3.4 0.7 -9.2 Derma 20.3 8.6 -6.4 -16.9 Vaccines 13.8 20.9 27.0 34.1 Pain / Analgesics 9.2 11.1 6.6 3.9 Hormones 8.3 25.2 9.6 -9.9 Vitamins / Minerals / Nutrients 7.4 5.9 -2.6 -8.2

Source: AIOCD, MOSL


Total 100.0 4.8 100.0

Top 10 Brands 52.4 17.7 170.2

11 to 25 Brands 19.6 4.3 17.3

26 to 50 Brands 14.1 -5.1 -16.6

Above 50 Brands 14.0 -19.0 -70.9

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

26.5 3.9

3.6

13.5

ACUTE CHRONIC


2.3

5.5

2.1


GSK pharma declined 6% in Mar’16

Apart from Vaccines all other therapies have

showed disappointed growth

Chronic portfolio is growing at 13.5% YoY on MAT basis

20 April 2016 7


Lupin



Value(INRm

Gr. (%)

Mkt Sh.

3M Mar 16 Lupin Ltd 34,425 17.0 100.0 17.2 20.6 Gluconorm-G Anti Diabetic 1,446 19.1 4.2 21.2 24.0 Tonact Cardiac 1,006 8.7 2.9 4.3 18.7 Budamate Respiratory 863 24.6 2.5 20.5 21.5 Rablet-D Gastro Intestinal 558 18.8 1.6 16.7 15.7 Esiflo Respiratory 545 24.1 1.6 3.3 14.3 Ramistar Cardiac 534 5.5 1.6 4.5 14.8 Rablet Gastro Intestinal 522 16.1 1.5 11.9 18.6 R-Cinex Anti-Infectives 498 -0.1 1.4 2.0 -9.9Tazar Anti-Infectives 433 11.5 1.3 18.7 16.9 Telekast-L Respiratory 426 12.1 1.2 3.5 2.1

Source: AIOCD, MOSL

Exhibit 25: Therapy Mix (%) Share MAT Gr. (%) 3M Mar 16 Growth 100.0 17.0 17.2 20.6

Cardiac 25.1 19.3 17.5 23.5 Anti-Infectives 21.5 6.8 10.7 8.4 Respiratory 12.2 21.8 17.1 18.2 Anti Diabetic 10.9 23.2 24.9 30.2 Gastro Intestinal 7.9 19.7 18.7 23.7 Vitamins / Minerals / Nutrients 5.7 10.4 3.4 7.7

Source: AIOCD, MOSL


Total 100.0 17.0 100.0

Top 10 Brands 19.8 14.5 17.3

11 to 25 Brands 16.0 13.2 12.8

26 to 50 Brands 17.0 15.6 15.8

Above 50 Brands 47.1 20.1 54.1

Source: AIOCD, MOSL


Source: AIOCD, MOSL

Exhibit 28: Growth Distribution (%) (MAT Mar 16)

Source: AIOCD, MOSL

15.5 13.9

14.0

20.5

ACUTE CHRONIC


8.9

4.7 3.5


Lupin reported 20.6%YoY growth in Mar-2016, much

higher than the market growth of 6.4%

Excluding Vitamins and Anti-infectives, most of the

top therapies are growing in double digits

Volumes are the key growth driver for Lupin

20 April 2016 8


Alkem



Value(INR)

Gr (%) Mkt 3M Mar 16 Total 33,792 10.0 100.0 6.0 -1.2Clavam Anti-Infectives 2,399 6.4 7.1 7.1 -2.7Pan Gastro Intestinal 1,951 14.2 5.8 22.2 17.6 Taxim O Anti-Infectives 1,898 8.8 5.6 4.6 -4.2Pan D Gastro Intestinal 1,582 13.1 4.7 12.8 9.7 Taxim Anti-Infectives 1,541 -14.4 4.6 -33.0 -36.8Xone Anti-Infectives 910 5.3 2.7 -4.0 -13.1Gemcal Vitamins / Minerals / Nutrients 849 4.0 2.5 -5.6 -9.0Ondem Gastro Intestinal 818 11.2 2.4 2.6 -5.2A To Z Ns Vitamins / Minerals / Nutrients 793 17.0 2.3 18.7 13.3 Sumo Pain / Analgesics 781 -3.2 2.3 -14.7 -10.6

Source: AIOCD, MOSL


Anti-Infectives 42.9 6.1 -0.1 -9.1Gastro Intestinal 16.5 12.6 13.6 7.7 Vitamins / Minerals / Nutrients 13.3 11.5 6.8 2.7 Pain / Analgesics 7.2 7.2 -0.8 -4.1Neuro / Cns 4.4 22.5 31.6 30.6 Derma 3.4 20.5 19.2 10.8

Source: AIOCD, MOSL


Total 100.0 10.0 100.0

Top 10 Brands 40.0 5.6 23.3

11 to 25 Brands 18.0 13.8 24.0

26 to 50 Brands 12.2 14.4 16.9

Above 50 Brands 29.8 12.2 35.8

Source: AIOCD, MOSL


Source: AIOCD, MOSL

Exhibit 33: Growth Distribution (%)(MAT Mar’16)

Source: AIOCD, MOSL

27.9 2.9

8.8

21.2

ACUTE CHRONIC


2.3

5.5

2.1


Alkem declined 1.2% for March, grew 6% for 3M and

10.0% on MAT basis

In Mar’16, GI, CNS and Derma has outperformed

the company growth

Price is primary growth drivers for MAT growth

20 April 2016 9


Sanofi India



Value(INR

Growth

Mkt Share

3M Jan-16 Sanofi India 23,563 7.9 100.0 -3.0 -0.8 Lantus Anti Diabetic 2,730 23.6 11.6 32.1 41.8 Combiflam Pain / Analgesics 1,497 -4.8 6.4 -33.9 -64.1 Allegra Respiratory 1,240 12.8 5.3 10.0 8.0 Clexane Cardiac 1,153 6.3 4.9 -8.3 0.5 Cardace Cardiac 1,032 -1.6 4.4 17.8 21.3 Amaryl M Anti Diabetic 922 11.8 3.9 14.9 14.0 Enterogermina Gastro Intestinal 911 31.3 3.9 57.4 48.0 Vaxigrip Vaccines 889 110.1 3.8 -14.8 -7.1 Frisium Neuro / Cns 883 9.0 3.7 13.4 15.2 Avil Respiratory 709 29.1 3.0 21.9 17.1

Source: AIOCD, MOSL

Exhibit 35: Therapy Mix (%) Share MAT Growth

3M Jan-16 Growth

100.0 7.9 -3.0 -0.8 Anti Diabetic 23.5 16.9 26.0 31.4 Cardiac 19.6 12.9 14.3 19.1 Vaccines 11.2 -18.1 -65.6 -57.3 Respiratory 9.5 18.9 13.3 9.8 Pain / Analgesics 9.4 -1.6 -24.0 -45.9 Neuro / Cns 9.4 7.7 13.2 15.8

Source: AIOCD, MOSL


Total 100.0 7.9 100.0

Top 10 Brands 50.8 16.0 96.3

11 to 25 Brands 26.1 -10.4 -41.6

26 to 50 Brands 14.1 19.0 30.8

Above 50 Brands 9.0 13.2 14.5

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

10.9 10.9

2.1

13.7

ACUTE CHRONIC


4.2

2.9

0.7


Sanofi portfolio declined 0.8%YoY in March 2016

Top 10 brands accounts for 96% of growth for Sanofi

Volume growth has been the primary growth driver

for Sanofi

20 April 2016 10


Torrent Pharma



ValueINRm

Gr. (%)

Mkt

3M Mar-16 Torrent Pharmaceuticals 22,758 15.3 100.0 6.7 2.4 Shelcal Vitamins 1,922 28.1 8.4 -7.1 -5.5 Chymoral Forte Pain / Analgesics 1,127 33.0 5.0 -8.0 -15.0 Nikoran Cardiac 838 11.2 3.7 12.2 9.2 Dilzem Cardiac 633 2.4 2.8 4.0 2.1 Nebicard Cardiac 609 21.3 2.7 21.8 16.1 Azulix-Mf Anti Diabetic 563 21.4 2.5 17.5 5.7 Nexpro Rd Gastro Intestinal 526 8.5 2.3 6.0 -3.8 Nexpro Gastro Intestinal 477 7.5 2.1 0.1 -12.1 Shelcal Ct Vitamins 400 55.1 1.8 74.0 97.1 Alprax Neuro / Cns 395 11.3 1.7 9.9 -0.8

Source: AIOCD, MOSL


Cardiac 29.1 13.3 8.4 2.1 Neuro / Cns 16.3 14.7 12.1 8.8 Vitamins / Minerals / Nutrients 15.4 32.0 13.6 15.6 Gastro Intestinal 14.8 9.3 3.7 -3.6 Pain / Analgesics 7.7 35.9 5.9 1.0 Anti Diabetic 5.9 18.1 12.1 4.8

Source: AIOCD, MOSL


Total 100.0 15.3 100.0

Top 10 Brands 32.9 20.3 41.8

11 to 25 Brands 18.0 10.1 12.4

26 to 50 Brands 16.4 14.7 15.8

Above 50 Brands 32.7 13.9 30.0

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

9.7 10.1

16.0

14.7

ACUTE CHRONIC


7.9 5.9

1.6


. Torrent registered 2.4%YoY

growth in March 2016, affected by significant

slowdown in key brands

Torrent growth has slowed down due to change in strategy of bonus sales

Volume and Price hike are key growth drivers for

Torrent pharma

20 April 2016 11


Glenmark Pharma



ValueINRm

Gr. (%)

Mkt Sh. (%) 3M Mar 16 Glenmark Pharmaceuticals 23,642 23.0 100.0 15.4 10.4 Telma Cardiac 1,787 24.5 7.6 28.8 26.4 Telma H Cardiac 1,375 19.6 5.8 17.4 17.5 Ascoril Plus Respiratory 1,043 9.7 4.4 -0.4 -21.8 Candid-B Derma 898 13.1 3.8 14.5 15.1 Candid Derma 859 40.8 3.6 27.5 33.9 Telma Am Cardiac 744 35.6 3.1 32.5 32.8 Zitamet Anti Diabetic 600 3.5 2.5 -79.6 -87.8 Ascoril Ls Respiratory 497 40.4 2.1 24.3 0.3 Zita(Glenmark) Anti Diabetic 465 14.3 2.0 -46.2 -46.4 Onabet Derma 359 68.6 1.5 67.0 66.2

Source: AIOCD, MOSL

Exhibit 45: Therapy Mix (%) Share MAT Gr.(%) 3M Mar 16 Growth 100.0 23.0 15.4 10.4

Derma 28.6 24.6 24.0 25.5 Cardiac 22.7 22.7 21.1 20.1 Respiratory 15.5 22.5 12.5 -3.8 Anti-Infectives 13.5 15.3 -0.8 -9.5 Anti Diabetic 8.1 26.5 -21.7 -33.0 Vitamins / Minerals / Nutrients 2.6 42.1 37.8 38.4

Source: AIOCD, MOSL


Total 100.0 23.0 100.0 Top 10 Brands 36.5 22.5 35.8 11 to 25 Brands 18.0 21.9 17.3 26 to 50 Brands 17.3 24.0 17.9 Above 50 Brands 28.2 23.7 29.0

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

12.1 7.1

21.0

26.4

ACUTE CHRONIC


11.2

5.4 6.4


Glenmark continues to outperform market growth

for Mar’16, 3M and on MAT basis

Volume growth is key driver for Glenmark

Top 10 brands account for 36% of MAT growth for

Glenmark

20 April 2016 12


Dr Reddy’s Labs



Value INRm

Gr. (%)

Mkt Sh.

3M Mar-16 Total 23,758 20.8 100.0 21.9 7.0 Omez Gastro Intestinal 1,325 35.5 5.6 20.6 11.4 Omez D Gastro Intestinal 982 31.8 4.1 42.6 21.1 Econorm Gastro Intestinal 729 33.8 3.1 38.1 23.5 Stamlo Cardiac 686 20.7 2.9 21.1 12.3 Razo D Gastro Intestinal 684 51.9 2.9 72.3 63.6 Nise Pain / Analgesics 646 -0.6 2.7 -2.9 -14.8Grafeel Anti-Neoplastics 629 140.6 2.6 66.8 97.4 Mintop Derma 569 17.1 2.4 11.2 2.2 Reditux Anti-Neoplastics 485 7.9 2.0 13.8 -31.0Stamlo Beta Cardiac 477 -1.1 2.0 -8.1 -19.5

Source: AIOCD, MOSL


Gastro Intestinal 22.8 27.7 30.0 18.3 Cardiac 14.9 17.9 15.9 11.0 Anti-Neoplastics 10.9 31.7 34.7 0.3 Respiratory 8.5 11.4 9.1 -10.4 Anti-Infectives 7.8 17.8 14.4 -5.9 Pain / Analgesics 6.9 10.9 18.8 0.9

Source: AIOCD, MOSL


Total 100.0 20.8 100.0

Top 10 Brands 30.4 28.4 39.0

11 to 25 Brands 21.4 16.7 17.7

26 to 50 Brands 15.7 19.3 14.8

Above 50 Brands 32.6 17.7 28.5

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

13.7 6.0

22.0 18.0

ACUTE CHRONIC


12.4

5.9 2.5


Dr Reddy’s Labs grew 7% YoY in March 2016

Some of the key Anti-neoplastic brands (Razo D,

Grafeel) are reporting superior growth for Dr

Reddy’s Lab

Volume and Price are contributing equally to

overall growth

20 April 2016 13


IPCA labs



Value(INR m)

Gr. (%)

Mkt

3M Mar 16 Ipca Laboratories Pvt Ltd. 12,611 5.9 100.0 7.3 1.5 Zerodol Sp Pain / Analgesics 917 41.6 7.3 48.9 27.3 Zerodol P Pain / Analgesics 723 23.8 5.7 30.1 8.6 Hcqs Anti Malarials 631 10.7 5.0 4.8 6.3 Larinate Anti Malarials 459 6.6 3.6 -31.3 -27.2 Rapither-Ab Anti Malarials 409 3.2 3.2 -19.3 -26.4 Glycinorm M Anti Diabetic 343 8.1 2.7 22.9 19.8 Lariago Anti Malarials 333 -9.9 2.6 -14.7 -23.7 Folitrax Anti-Neoplastics 318 9.8 2.5 18.2 20.7 Zerodol Pain / Analgesics 271 5.3 2.2 7.5 9.2 Azibact Anti-Infectives 226 -14.8 1.8 -4.2 -11.9

Source: AIOCD, MOSL


Pain / Analgesics 25.7 19.9 27.2 16.4 Anti Malarials 19.2 -2.2 -12.4 -13.9 Cardiac 17.1 8.1 13.9 13.4 Gastro Intestinal 8.2 6.4 9.3 5.4 Anti-Infectives 6.1 -10.9 -13.3 -25.1 Anti Diabetic 5.2 3.1 12.9 10.0

Source: AIOCD, MOSL


Total 100.0 5.9 100.0

Top 10 Brands 36.7 12.2 71.1

11 to 25 Brands 21.7 8.5 30.4

26 to 50 Brands 17.8 0.5 1.7

Above 50 Brands 23.8 -0.7 -3.2

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

8.6 3.3

6.3 5.1

ACUTE CHRONIC


0.5

3.8

1.6


MAT growth stood at 6% YoY

Top 10 brands are contributing 71% to

MAT growth

Price growth is the key growth drivers for IPCA

20 April 2016 14


Alembic Pharma



Value(INR

Gr. (%)

Mkt Sh.

3M Mar 16 Total 13,728 17.8 100.0 14.8 8.1 Azithral Anti-Infectives 1,411 10.3 10.3 0.7 -10.7 Althrocin Anti-Infectives 814 -12.7 5.9 -13.8 -13.3 Roxid Anti-Infectives 581 10.5 4.2 4.8 -4.7 Gestofit Gynaecological 534 31.5 3.9 23.6 20.2 Wikoryl Respiratory 394 4.5 2.9 20.2 4.2 Ulgel Gastro Intestinal 354 25.0 2.6 4.6 -8.5 Rekool D Gastro Intestinal 314 22.6 2.3 19.6 12.1 Zeet Respiratory 252 4.4 1.8 1.3 -17.3 Rekool L Gastro Intestinal 243 11.6 1.8 8.2 2.5 Rekool Gastro Intestinal 243 22.9 1.8 22.1 13.3

Source: AIOCD, MOSL


Anti-Infectives 24.4 0.6 -2.0 -10.4Gastro Intestinal 13.9 17.4 11.1 4.7 Cardiac 13.5 45.5 35.5 27.5 Respiratory 13.2 16.4 12.9 -3.8Gynaecological 10.5 31.0 26.6 22.0 Vitamins / Minerals / Nutrients 6.2 16.6 33.6 35.8

Source: AIOCD, MOSL


Total 100.0 17.8 100.0

Top 10 Brands 37.4 9.0 20.4

11 to 25 Brands 18.8 33.0 30.9

26 to 50 Brands 17.0 22.9 21.0

Above 50 Brands 26.7 18.5 27.6

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

9.6 2.0

12.6

42.2

ACUTE CHRONIC


9.1

5.4 3.3


Alembic Pharma grew 8.1%YoY in March 2016

Cardiac, Vitamins and Gynaec therapies grew in

excess of 20% in March 2016

Volume growth is key growth driver for Alembic

Pharma

.

20 April 2016 15


Biocon



Value(INR m)

Gr. (%)

Mkt Sh.

3M Mar-16 Total 3,361 5.4 100.0 10.3 14.5 Insugen Anti Diabetic 864 9.6 25.7 3.6 2.9 Basalog Anti Diabetic 561 26.1 16.7 18.0 10.4 Erypro Blood Related 198 70.6 5.9 44.9 9.7 Blisto Mf Anti Diabetic 183 -17.0 5.4 -9.7 -7.9 Canmab Anti-Neoplastics 182 62.2 5.4 6.7 8.6 Insugen R Anti Diabetic 168 15.8 5.0 9.3 8.5 Abraxane Anti-Neoplastics 155 -29.9 4.6 29.6 59.1 Insugen N Anti Diabetic 88 0.4 2.6 -19.4 -23.0 Biomab Egfr Anti-Neoplastics 82 -1.5 2.4 414.8 6565.5 Psorid Anti-Neoplastics 71 99.0 2.1 75.2 60.8

Source: AIOCD, MOSL


Anti Diabetic 60.0 7.6 3.2 1.3 Anti-Neoplastics 21.0 10.8 43.6 78.8 Blood Related 5.9 71.6 45.6 10.9 Cardiac 5.5 -37.9 -25.6 -17.9 Derma 2.7 2.0 -2.5 -10.8 Anti-Infectives 2.4 -21.0 -15.7 -6.1

Source: AIOCD, MOSL


Total 100.0 5.4 100.0

Top 10 Brands 76.0 13.2 173.5

11 to 25 Brands 13.9 0.4 1.2

26 to 50 Brands 7.9 -21.4 -42.4

Above 50 Brands 2.2 -42.8 -32.3

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

0.9 2.3

6.6

4.9

ACUTE CHRONIC


2.7 2.1

0.5


Overall company growth at 14.5% YoY in March 2016

Abraxane, Biomab Egfr, and Psorid growing in excess of

50% in March 2016

Top 10 products are key growth drivers for Biocon

20 April 2016 16


Abbott India



Value(INR m)

Gr. (%)

Mkt Sh.

3M Mar 16 Total 60,400 11.3 100.0 4.1 3.8 Mixtard Anti Diabetic 4,468 11.1 7.4 -7.1 -9.5Phensedyl Cough Linctus Respiratory 2,484 9.1 4.1 -12.8 -15.2Thyronorm Hormones 1,790 17.7 3.0 22.0 16.8 Duphaston Gynaecological 1,647 0.7 2.7 -4.2 3.1 Vertin Neuro / Cns 1,261 34.7 2.1 22.0 14.7 Udiliv Gastro Intestinal 1,183 6.1 2.0 -1.3 2.0 Novomix Anti Diabetic 1,137 -15.3 1.9 -10.5 19.8 Duphalac Gastro Intestinal 1,120 6.6 1.9 10.9 11.9 Actrapid Anti Diabetic 849 -7.8 1.4 -19.2 -6.9Stemetil Gastro Intestinal 797 21.7 1.3 14.6 19.6

Source: AIOCD, MOSL


Anti Diabetic 19.1 11.9 -0.3 6.2 Gastro Intestinal 15.7 15.1 10.2 9.4 Vitamins / Minerals / Nutrients 10.9 9.9 2.3 2.5 Neuro / Cns 10.1 11.8 8.7 9.0 Anti-Infectives 9.7 13.2 2.2 -9.2Cardiac 8.7 8.3 8.2 12.1

Source: AIOCD, MOSL


Total 100.0 11.3 100.0

Top 10 Brands 27.7 8.2 20.6

11 to 25 Brands 16.0 16.5 22.3

26 to 50 Brands 15.3 17.4 22.3

Above 50 Brands 41.0 9.4 34.8

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

32.4 21.8

11.7

10.7

ACUTE CHRONIC


5.1 4.2

1.9


Abbott grew 3.8% for March, 4% for 3M and

11.3% on MAT basis

In Mar 2016, Anti-diabetic sales remained flat YoY

Acute segment is growing at 14% for Abbott

20 April 2016 17


Mankind



Value(INR m)

Gr. (%) Mkt Sh. (%) 3M Mar-16 Mankind Pharmaceuticals

36,877 18.5 100.0 21.8 11.9

Manforce Sex Stimulants /

1,798 -1.5 4.9 -13.2 -21.5Moxikind Cv Anti-Infectives 1,682 0.6 4.6 4.0 -7.2Unwanted Kit Gynaecological 1,141 38.3 3.1 66.1 35.0 Prega News Others 634 26.2 1.7 21.2 13.9 Amlokind-At Cardiac 629 20.1 1.7 26.4 20.2 Glimestar M Anti Diabetic 598 38.8 1.6 41.1 26.9 Gudcef Anti-Infectives 585 10.7 1.6 7.4 -6.2Candiforce Anti-Infectives 535 108.6 1.5 61.4 50.9 Zenflox Oz Gastro Intestinal 478 3.2 1.3 7.0 -3.3Mahacef Anti-Infectives 447 5.8 1.2 -4.8 -18.4

Source: AIOCD, MOSL


Anti-Infectives 23.9 8.7 8.6 -2.9Vitamins / Minerals / Nutrients 14.1 33.6 41.0 31.1 Gastro Intestinal 10.9 18.4 22.2 15.1 Cardiac 8.5 27.8 34.4 29.9 Respiratory 6.4 16.2 20.5 -1.6Gynaecological 6.2 19.4 37.4 19.5

Source: AIOCD, MOSL


Total 100.0 18.5 100.0

Top 10 Brands 23.1 14.4 18.6

11 to 25 Brands 15.5 14.0 12.2

26 to 50 Brands 15.0 21.9 17.2

Above 50 Brands 46.4 21.3 52.0

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

24.0 7.1

17.7 21.4

ACUTE CHRONIC


7.1 7.3

4.2


Mankind grew 11.9% for March, 21.8% for 3M and

18.5% on MAT basis

In Mar 2016, Vitamins, Cardiac and Gastro

Intestinal portfolios grew in excess of 15%

Price and volumes are primary growth drivers for

Mankind

20 April 2016 18


Ajanta Pharma


Drug Therapy MAT Mar 16 Growth

(%) Value(INR m) ( )

Gr.(%) (%) Mkt Sh. (%) 3M Mar 16 Total 4,761 10.6 100.0 8.4 7.6 Met Xl Cardiac 455 -5.9 9.6 -3.1 -8.2Melacare Derma 442 4.0 9.3 9.8 -8.6Atorfit Cv Cardiac 351 17.1 7.4 5.4 11.3 Soft Drops Ophthal 150 26.2 3.1 37.6 35.6 Maruric Pain / Analgesics 133 17.7 2.8 29.9 30.9 Rosufit Cv Cardiac 131 27.3 2.7 23.7 12.0 Met Xl Am Cardiac 118 1.1 2.5 1.5 1.3 Cinod Cardiac 87 35.2 1.8 16.0 5.9 Olopat Ophthal 79 9.7 1.7 25.7 12.2 Peroclin Derma 79 -4.0 1.7 -12.8 15.6

Source: AIOCD, MOSL


Cardiac 33.5 13.6 9.2 7.5 Derma 22.6 1.7 2.3 -3.8Ophthal 22.6 12.8 11.5 14.5 Vitamins / Minerals / Nutrients 6.1 13.8 -5.2 -0.5Pain / Analgesics 5.0 10.1 7.7 6.7 Gastro Intestinal 2.7 -5.5 -5.9 -12.5

Source: AIOCD, MOSL


Total 100.0 10.6 100.0

Top 10 Brands 42.6 7.8 32.2

11 to 25 Brands 17.7 10.4 17.4

26 to 50 Brands 17.1 18.3 27.7

Above 50 Brands 22.7 10.6 22.7

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

2.2 2.1

11.1

10.0

ACUTE CHRONIC


-2.2

5.8 6.9


Ajanta grew 7.6% for March,8.4% for 3M and

10.6% on MAT basis

In Mar 2016, Ophthal grew 14.5% YoY

Price and New product introductions are key

growth drivers

20 April 2016 19


Merck



Value(INR m)

Gr.(%)

Mkt Sh.(%) 3M Mar 16 Merck Ltd 6,176 13.9 100.0 7.1 -1.5 Neurobion Forte Vitamins / Minerals / Nutrients 683 21.1 11.1 9.4 -9.7 Livogen Gynaecological 420 37.6 6.8 12.5 15.4 Polybion Vitamins / Minerals / Nutrients 386 17.4 6.2 18.0 23.0 Livogen Z Gynaecological 306 18.9 5.0 31.5 18.3 Polybion Sf Vitamins / Minerals / Nutrients 306 -1.4 5.0 -8.2 -13.5Polybion Lc Vitamins / Minerals / Nutrients 295 12.5 4.8 -9.5 -27.0Concor Cardiac 286 6.5 4.6 22.4 10.6 Clobetamil G Derma 267 13.1 4.3 50.2 26.3 Neurobion Forte Rf Vitamins / Minerals / Nutrients 261 35.4 4.2 40.8 26.2 Evion Lc Others 259 16.7 4.2 25.4 15.4

Source: AIOCD, MOSL


Vitamins / Minerals / Nutrients 42.2 15.8 7.2 -4.0Gynaecological 19.3 12.5 -9.4 -8.7Cardiac 15.2 12.9 12.0 4.9 Derma 6.5 15.0 42.4 21.7 Others 4.2 16.7 25.4 15.4 Anti Diabetic 3.8 8.5 -4.2 -8.1

Source: AIOCD, MOSL


Total 100.0 13.9 100.0

Top 10 Brands 56.2 17.7 69.4

11 to 25 Brands 25.4 10.9 20.5

26 to 50 Brands 14.4 14.6 15.1

Above 50 Brands 4.0 -13.3 -5.1

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

4.3 1.1

14.6

10.9

ACUTE CHRONIC


8.1

4.1

1.7


Merck declined 1.5% for March, grew 7% for 3M and

13.9% on MAT basis

In Mar 2016, Derma portfolio grew in double

digits

Volume is primary growth driver for MAT growth

20 April 2016 20


Pfizer



Value(INR m)

Gr. (%)

Mkt Sh.

3M Mar 16 Pfizer + Wyeth 28,797 9.7 100.0 1.6 3.5 Corex Respiratory 3,109 36.0 10.8 18.6 14.7 Becosules Vitamins / Minerals / Nutrients 2,286 -6.2 7.9 -19.1 -11.4Magnex Anti-Infectives 1,461 11.1 5.1 -21.8 -9.9Gelusil Mps Gastro Intestinal 1,374 7.3 4.8 -7.7 -9.0Dolonex Pain / Analgesics 1,259 4.5 4.4 2.6 14.5 Minipress Xl Cardiac 1,210 -15.9 4.2 -14.5 -32.0Mucaine Gastro Intestinal 1,035 21.1 3.6 16.0 13.9 Wysolone Hormones 963 9.9 3.3 -8.1 -9.9Folvite Blood Related 781 25.6 2.7 13.7 10.7 Dalacin C Anti-Infectives 741 4.8 2.6 7.2 10.5

Source: AIOCD, MOSL


Anti-Infectives 16.6 8.6 -3.6 -0.4Respiratory 13.6 31.1 17.0 13.2 Gastro Intestinal 10.5 11.0 1.6 1.3 Vitamins / Minerals / Nutrients 10.2 -2.8 -15.6 -9.6Hormones 8.7 7.3 2.1 5.6 Gynaecological 7.7 18.5 9.3 6.8

Source: AIOCD, MOSL


Total 100.0 9.7 100.0

Top 10 Brands 49.4 9.2 47.0

11 to 25 Brands 24.7 12.4 30.9

26 to 50 Brands 14.5 15.2 21.7

Above 50 Brands 11.4 0.3 0.4

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

21.9 4.4

11.3

1.5

ACUTE CHRONIC


3.0

6.4

0.3 Vol GR Price GR NP GR

Pfizer grew 3.5%YoY in March 2016

In Mar 2016, Vitamins declined 9.6%YoY

Price is primary growth driver for Pfizer

HEALTHCARE MONTHLY

HEALTHCARE MONTHLY

SECTOR UPDATES

HEALTHCARE GALLERY

http://institution.motilaloswal.com/emailer/Research/PHARMA-20151013-MOSL-SU-PG020.pdf









20 April 2016 22


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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account. For Hong Kong: This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Kong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.

For Singapore Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following representatives of Motilal Oswal Capital Markets Singapore Pte Limited:

Kadambari Balachandran Email : [email protected] Contact : (+65) 68189233 / 65249115 Office Address : 21 (Suite 31),16 Collyer Quay,Singapore 04931

Motilal Oswal Securities Ltd

Motilal Oswal Tower, Level 9, Sayani Road, Prabhadevi, Mumbai 400 025 Phone: +91 22 3982 5500 E-mail: [email protected]

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