IPO Review

August 18, 2016

RBL Bank

Rating matrix

Rating

Price band | 224-225

Unrated

Issue Details
Issue Opens
Issue Closes
Issue Size (| Crore)
Price Band (|)
No of Shares on Offer (crore)
QIB (%)
Non-Institutional (%)
Retail (%)
Minimum lot size (No. of shares)

19-Aug-16
23-Aug-16
1207 -1213
224-225
5.4
50
15
35
65

Objects of the Issue

To augment the banks tier-I capital base to meet its future capital
requirements due to expected growth of the banks assets. In
addition, the listing of equity shares will enhance the visibility and
brand name among existing and potential customers.

Shareholding Pattern

Pre-Issue Post-Issue

Promoter & promoter group

Public

0.0%
100.0%

0.0%
100.0%

Financial Summary
| Crore
Net Interest Inc.
Non Interest Inc.
Operating profit
Net Profit

FY12
186.8
67.1
113.9
65.1

FY13
257.5
126.4
159.6
92.9

FY14
341.6
261.0
178.7
92.7

FY15
556.4
403.4
360.1
207.2

FY16
819.2
490.5
542.4
292.5

(x)
P/E
P/BV
P/ABV

FY13
61.3
3.5
3.6

FY14
66.1
3.0
3.1

FY15
31.9
3.0
3.0

RBLs branch network was concentrated in south western Maharashtra

and northern Karnataka. As of March 2016, it has operations across 16
states and union territories with 197 branches and 362 ATMs. It has 3465
employee (March 2015) serving ~19 lakh customers. NIM was at 2.96%
as on FY16 while PAT was at | 292.5 crore. Asset quality remained
prudent with GNPA at 0.98%.

Key business aspects

Credit growth with emphasis on asset quality
RBL has been aggressive in terms of credit book expansion, which grew
at 50.6% CAGR in FY12-16 to | 21229 crore. The bank has been focusing
on increasing credit momentum across verticals through product
launches & innovation to cater to the entire customer value chain in
various segments. On the corporate side, RBL focuses on catering to
working capital needs and offers transaction banking products. In retail &
agriculture segment, acquisition of RBS business, strategic partnership
with business correspondents and expanding product portfolio has been
adopted. Despite faster credit growth, the bank has focused on
maintaining asset quality through efficient risk management practices,
which led RBL to maintain GNPA below 1%. In FY16, GNPA was at 0.98%
while NNPA was 0.59%. Provision coverage ratio was at 55.87%.

Cost efficiency led by operational leverage

Valuation Summary (at | 225; upper price band)

FY16
Pre
25.0
2.4
2.6

RBL Bank (RBL), a scheduled commercial bank with a 73 year-old

operational history, has been one of the fastest growing private sector
banks in the last six years. It offers a comprehensive range of banking
products and services to cater to the needs of large corporates, SME,
agricultural & retail customers and low income customer. As of March
2016, advances were at | 21229 crore, which represents a strong CAGR of
50.54% in FY12-16.

Post
27.8
2.1
2.2

Research Analyst
Kajal Gandhi
kajal.gandhi@icicisecurities.com
Vishal Narnolia
vishal.narnolia@icicisecurities.com
Vasant Lohiya
vasant.lohiya@icicisecurities.com

RBL has made significant investments in technology, processes and

platforms, branch expansion and human resources. This has led the cost
to income ratio to increase from ~55% in FY12 to ~70% in FY14. It
declined to ~58% in FY16. With focus on improving operating leverage,
automation of services and increasing penetration of digital banking
channel remain on board. Strategic partnerships have also been
developed with major service providers in operations, technology,
administration and infrastructure to leverage the economies of scale.

Strong management team with vast experience

In 2010, Vishwavir Ahuja took charge as MD & CEO of the bank. Prior to
this, he served as MD & CEO in Bank of America for the Indian
subcontinent. Under the new management, the bank adopted a
transformational journey over the past six years of reshaping a traditional
bank into a new modern banking business.

Concerns

Inability to garner CASA growth in accordance with the strategy

Concentration of deposits exposes to liquidity risk
Higher sector exposure may lead to delinquency risk
Regional concentration in western and south-western India

Priced at 2.2x P/ABV (post issue FY16 ABV) on higher band

At the IPO price band of | 224-225, the stock is available at a multiple of
2.2x FY16 ABV (post issue) at the upper end of the price band. Post issue
market capitalisation is at ~| 8139 crore.

ICICI Securities Ltd | Retail Equity Research

Company Background
RBL Bank (RBL) was incorporated in 1943 as The Ratnakar Bank Ltd, a
small, regional bank in Maharashtra with two branches in Kolhapur and
Sangli. In August 1959, RBL was categorised as a scheduled commercial
bank within the meaning of the Reserve Bank of India Act, 1934. Though
the bank has a 73 year operating history, it was only in the past six years
wherein the transformation from a traditional bank into a new age bank
commenced. As part of its growth strategy, RBL acquired business
banking, credit cards and mortgage portfolio from Royal Bank of Scotland
(RBS) in FY14. This enabled the bank to increase its scale of operation and
geographic presence. Integration of an experienced team from RBS
helped to strengthen service architecture, improve existing product
design and introduce new products. In 2014, the name of the bank was
changed from The Ratnakar Bank Ltd to RBL Bank Ltd to realign its
brand with focus on new age customers and stakeholders.
Historically, RBLs branch network was concentrated in south western
Maharashtra & northern Karnataka. RBL is now expanding its reach to
various geographies across India through a growing network of branches,
ATMs. In FY15-16, it opened 25 new branches in key locations including
Kolkata, Delhi, Mumbai, Chennai & Bangalore. As of March 2016, it has
operations across 16 states & union territories with 197 branches & 362
ATMs. It has 3465 employee (March 2015) serving ~19 lakh customers.
Along with physical reach, it is focused on digital banking channels
including mobile banking, internet banking & phone banking/IVR to
expand its customer reach beyond traditional means of branch banking.
In terms of products, RBL offers a comprehensive range of banking
products and services customised to cater to the needs of large
corporate, SME, agricultural & retail customers and low income
customers. RBLs business segments comprise corporate and institutional
banking (C&IB), commercial banking (CB), branch and business banking
(BBB), agribusiness banking (AB), development banking and financial
inclusion (DB&FI). With a customer-centric culture, the bank uses its
industry domain knowledge, experience and technology to satisfy the
clients complete banking needs. As of March 2016, advances were at
| 21229 crore, which represents a strong CAGR of 50.54% in FY12-16.

ICICI Securities Ltd | Retail Equity Research

Page 2

Exhibit 1: Breakdown of branches and ATM network as of March 31, 2016

Location
Andhra Pradesh & Telangana
Dadra & Nagar Haveli (UT)
Diu & Daman (UT)
Goa
Gujarat
Haryana
Jammu & Kashmir
Karnataka
Madhya Pradesh
Maharashtra (excluding Mumbai)
Mumbai
New Delhi
Rajasthan
Tamil Nadu
Uttar Pradesh
West Bengal
Total

Branches
5
1
1
8
14
4
23
13
72
22
8
7
12
3
4
197

ATM
8
2
1
29
12
9
1
27
13
171
25
37
8
11
6
2
362

Source: RHP, ICICIdirect.com Research

Exhibit 2: Location of branches

Source: RHP, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 3

Financial Performance
RBLs credit book grew at a strong pace of 50.6% CAGR in FY12-16 to
| 21229 crore. Margins were close to 3% in the previous two fiscals with
NIMs at 2.96% as on FY16. RBL earned a profit of | 292.5 crore as on
FY16, representing a strong CAGR of 45.6% in FY12-16. The asset quality
has been prudent with GNPA at 0.98% and NNPA at 0.59% as on FY16.
RoE and RoA as on FY14 were at 5.44% and 0.66%, respectively, which
improved in FY16 at 11.32% and 0.98%, respectively.
Exhibit 3: Advances growth at 50.6% CAGR in FY12-16
25000

21229

54.2

10000

54
52

14450

15000

56

50
9835
46.9

6376

46.9

5000

48

(%)

| crore

20000

54.3

46
44
42

0
FY13

FY14

FY15

Advances

FY16

Advances growth (%)

Source: RHP, ICICIdirect.com Research

Exhibit 4: Trends in net interest income

Exhibit 5: Margin trends

1000

80

819

40

342

258

3.0

20

200
FY13

FY14

FY15

Net Interest Income

3.0

2.8
2.7
2.6

3.0

2.9
(%)

400

60

556

600

3.1

(%)

| crore

800

2.7

2.5

FY16

FY14

NII growth (%)

FY15

FY16

Net Interest Margins

Source: RHP, ICICIdirect.com, Research

Source: RHP, ICICIdirect.com, Research

Exhibit 6: Asset quality trend

Exhibit 7: Return ratios

250

0.77

0.98

0.40

100

0.4

50
33.1
FY12

25.9
FY13
GNPA

77.8

111.2

208.0

FY14

FY15

FY16

GNPA ratio (%)

Source: RHP, ICICIdirect.com, Research

ICICI Securities Ltd | Retail Equity Research

0.2
0.0

9.6

10.0
8.0

0.8
0.6

11.3

12.0

1.0

0.80

150

1.2

(%)

(%)

| crore

200

0.79

6.0
4.0
2.0

6.7

5.9

1.3

5.4

0.9

0.7

1.0

1.0

0.0
FY12

FY13

FY14
ROE (%)

FY15

FY16

ROA (%)

Source: RHP, ICICIdirect.com, Research

Page 4

Banking sector in India

The Indian financial system has emerged gradually from a strictly
controlled system in 1980 to a progressive and intensified competitive
landscape with a slew of reforms, entry of new private sector banks and a
liberalised domestic capital market. Even though the reach and scope of
banking has increased in India, the demand for financial services remains
insatiable. Only ~40% of the adult population has access to formal bank
accounts. With a reaffirmed commitment to financial inclusion, RBI has
taken steps including issuance of two universal banking licenses, inprinciple approvals to 10 applicants for payments bank license and 11
applicants for small finance bank.
With strong growth in savings, rising disposable income and increased
access to the banking system, deposits with scheduled commercial bank
grew at a healthy pace at 16.56% CAGR in FY07-15 and reached | 88.99
trillion. The asset base has also increased at 13.98% CAGR in FY11-15 to
| 68.8 trillion. In FY15, moderation was seen in assets growth of
scheduled commercial banks that can mainly be attributed to tepid
growth in loans and advances to below 10%. This slowdown in credit
growth reflected a slowdown in industrial growth, poor earnings growth
reported by corporates as well as risk aversion on part of banks in the
background of rising bad loans and governance related issues. However,
retail loans continued to grow at ~20%, led by housing loans,
constituting nearly half of outstanding retail loans while credit card
receivables grew more than 20%.
Exhibit 8: Credit growth of scheduled commercial banks (FY05-16)
40.0
35.0
30.0

34.0
29.9

28.1
22.3

(%)

25.0

21.5
17.5

20.0

16.9

15.0

19.4
14.6

16.4
10.0

10.0

10.7

5.0
0.0
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
Credit growth YoY

Source: RHP, ICICIdirect.com Research

Weakening domestic macroeconomic conditions combined with

continuing subdued global growth and its increasing spillover risks posed
a challenge to banks asset quality. Gross NPA of Indian banks increased
from 2.4% in FY11 to 5.4% in September 2014. Measures have been put
in place for resolution and recovery of bad loans, strengthening due
diligence, credit appraisal and post sanction loan monitoring systems in
order to minimise and mitigate problems of increasing NPA. In 2015,
Moodys Investors Service has changed its outlook for Indias banking
system from negative to stable because of the gradual improvement in
the operating environment for Indian banks. Further, for the Indian
economy and the Indian banking industry, the outlook for growth is
improving gradually with a sense of optimism stemming from the
Government of Indias measures to revitalise industry growth and the
RBIs new measures to restructure the domestic banking industry.

ICICI Securities Ltd | Retail Equity Research

Page 5

Key strengths and strategies:

Credit growth remains in focus
Under the new management, RBL has been aggressive in terms of credit
book expansion, which grew at 50.6% CAGR in FY12-16 to | 21229 crore.
For RBL, business segments consist of corporate and institutional banking
(38.56% of loan book), commercial banking (21.26%), branch and
business banking (17.15%), agribusiness banking (8.27%), development
banking and financial inclusion (14.76%). The bank has been focusing on
increasing credit momentum across verticals through product launches &
innovation to cater to the entire customer value chain in various
segments.
In corporate and institutional banking, the bank focuses on becoming a
trusted financial adviser and working capital bank corporate customers
focused on transactional businesses. In commercial banking, the bank
serves emerging and newer businesses including logistics, ecommerce,
consumer services and organised retail, offering transaction banking
products such as cash, trade and forex. In addition, packaged vertical
product have been created for specific industry such as IT, ITeS, shipping,
leather, hospitals, educational institutions, telecom equipment, auto
ancillaries, travel & tourism companies, embassies, trusts and clubs.
Exhibit 9: Break-up of loan book (FY14-16)
| crore
Large corporate
SME
Retail
Agri Business
MFIs
Total

FY14
3,580
2,683
1,633
625
1,314
9,835

FY15
5,232
3,442
2,362
1,335
2,079
14,450

FY16
8186
4513
3641
1756
3133
21229

%
Large corporate
SME
Retail
Agri Business
MFIs
Total

FY14
36.4
27.3
16.6
6.4
13.4
100

FY15
36.2
23.8
16.3
9.2
14.4
100

FY16
38.6
21.3
17.2
8.3
14.8
100

Source: RHP, ICICIdirect.com Research

In FY10, RBL acquired business banking, credit cards and mortgage

portfolio from the Royal Bank of Scotland (RBS), which enabled the bank
to increase its scale of retail operations. On the agriculture side, the bank
is strategising to cover the entire agricultural value chain and create a
loyal customer base by offering a complete bouquet of value added
products and services. To develop agriculture and development banking
and financial inclusion businesses, the bank has entered into partnerships
with select business correspondents to establish transaction points and
provide remittance services. The bank has established over 32000
transaction points to enable migrant remittances, receipt of government
subsidies and Aadhaar-based banking transactions. RBL has acquired a
minority stake in Swadhaar FinServe Pvt Ltd, a business correspondent
engaged in offering products and services to inadequately served
sections of businesses, households and enterprises.

ICICI Securities Ltd | Retail Equity Research

Page 6

Increasing distribution network to improve customer coverage

With a strategy to expand its customer coverage, RBL is focusing on
increasing branch and ATM network along with improvement in alternate
banking channels. In terms of physical presence, it has increased its
branch network from 172 in FY14 to 197 in FY16. In addition, distribution
network includes 362 ATMs. Alternate delivery channels including
internet banking, phone banking and mobile banking have been in focus.
Further, the bank has developed a cost-effective micro-payment and
branchless banking solution by establishing points of collection
aggregation at over 32000 transaction points to cover a larger
geographical territory and customer base. Currently, RBL primarily covers
the major commercial and urban centres and plans to continue to grow its
customer coverage and branch network extensively to cover important
key urban and commercial centres as well as rural, semi-urban and
unbanked parts of India in line with its target customer segments. It
expects to continue expanding its branch network in the next three years.
In terms of branch network, RBL Bank has a higher presence in
Maharashtra (~47.7% of total branches) and Karnataka (11.7%), which
reflects geographical concentration. However, the bank is gradually
increasing its footprints in key commercial centres including cities of
Kolkata, Delhi, Mumbai, Chennai and Bangalore to increase its presence
in higher per capita income locations and customer base.

Strong management team with vast experience

In 2010, Vishwavir Ahuja, took charge as MD & CEO of the bank. Prior to
this, he has served as MD & CEO in Bank of America for Indian
subcontinent. He has about 35 years experience in the banking and
financial services industry. Under the new management, the bank
adopted a transformational journey over the past six years of reshaping a
traditional bank into a new modern banking business.

Cost efficiency led by operational leverage

RBL has made significant investment in technology, processes and
platforms, branch expansion and human resources. Number of branches
has increased from 172 in FY14 to 197 in FY16 while the employee count
has increased at a higher pace. Consequently, the cost to income ratio
increased from ~55% in FY12 to ~70% in FY14, It has declined at ~58%
in FY16. With focus on improving operating leverage, automation of
services and increasing penetration of digital banking channel remains on
board. Strategic partnerships have also been developed with major
service providers in operations, technology, administration and
infrastructure to leverage the economies of scale.

Focus on growth with prudent asset quality

RBL has been aggressive in terms of credit book expansion, which grew
at 50.6% CAGR in FY12-16 to | 21229 crore. In spite of faster credit
growth, the bank has focussed on maintaining asset quality. Efficient risk
management system with specific policies, frameworks, processes and
systems enabled the bank to maintain GNPA below 1%. In FY16, GNPA
was at 0.98% while NNPA was at 0.59%. Provision coverage ratio stood
at 55.87%. Standard restructured assets were at 0.09% of total advances.
Improvement and refinement of risk management tools and system in
order to identify stress and take pre-emptive steps remain the focus area
for the bank.

ICICI Securities Ltd | Retail Equity Research

Page 7

Exhibit 10: Financial Summary

| Crore
Net Interest Income
Pre Provisioning Profit
Net Profit
EPS (|)
Book value per share (|)
GNPA (%)
RoE (%)
RoA (%)

FY12
186.8
113.9
65.1
3.0
53.1
0.8
5.9
1.3

FY13
257.5
159.6
92.9
3.7
63.5
0.4
6.7
0.9

FY14
341.6
178.7
92.7
3.4
74.0
0.8
5.4
0.7

FY15
556.4
360.1
207.2
7.1
76.0
0.8
9.6
1.0

FY16
819.2
542.4
292.5
9.0
92.0
1.0
11.3
1.0

Source: RHP, Company, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 8

Key risks and concerns

Inability to garner CASA may impact liquidity
RBLs CASA ratio declined from 20.43% in FY14 to 18.64% in FY16. The
bank aims to focus on CASA through expanding its client base, multichannel distribution and new products introduction. In addition, attractive
interest rates are offered on saving products taking advantage of
liberalisation of interest rates. Inability to maintain or grow CASA may
impact the banks liquidity position, financial condition and results of
operations.

Regional concentration in western and south-western India

RBL currently has 197 branches of which 94 branches (47.7% of total
branches) are in Maharashtra and 23 (11.7%) are in Karnataka. A regional
slowdown in economic activity in Karnataka and/or Maharashtra, or any
other developments including political unrest, disruption or sustained
economic downturn in these regions can adversely impact financial
condition and results of operations.

Concentration of deposits exposes to liquidity risk

RBL deposits were at | 24348.6 crore as of March 31, 2016, out of which
top 20 depositors constituted 22.88% of total deposits. Withdrawal by any
of these depositors may affect liquidity and lead to dependence on
expensive source of funding, which could impact the financial
performance. Inability to raise adequate resources to meet liquidity
requirement within time may have a material impact on the financial
condition, cash flows and results of operations.

Higher sector exposure may lead to delinquency risk

RBLs exposure to certain industries exceeds 5% of total gross credit. As
of March 2016, exposure to infrastructure was at 7.42%, traders 6.55%,
food processing 6.21%, construction 5.93%, NBFC (MFI) 5.06% and
chemical products 6.94%. In addition, exposure to agriculture and
MSMEs, categorised as priority sectors was at | 6862.2 crore (total PSL
advances and investments aggregated to |7727.4 crore). Significant
pressure in any of these sector or industry may impact the borrowers
ability to service their debt obligation and may lead to increased
delinquency risk.

ICICI Securities Ltd | Retail Equity Research

Page 9

Financial Summary
Exhibit 11: Profit and Loss Statement
(| Crore)
Interest Earned
Interest Expended
Net Interest Income
growth (%)
Non Interest Income
Operating Income
Staff cost
Other Operating expense
Operating profit
Provisions
PBT
Taxes
Net Profit
EPS (|)

FY12
465.1
278.3
186.8
67.1
253.9
84.2
55.8
113.9
18.7
95.3
30.2
65.1
3.0

FY13
879.3
621.8
257.5
37.9
126.4
384.0
124.1
100.3
159.6
22.6
137.0
44.2
92.9
3.7

FY14
1351.6
1010.0
341.6
32.6
261.0
602.6
184.9
239.0
178.7
46.2
132.5
39.8
92.7
3.4

FY15
1953.1
1396.7
556.4
62.9
403.4
959.8
300.9
298.8
360.1
60.2
299.9
92.8
207.2
7.1

FY16
2744.3
1925.1
819.2
47.2
490.5
1309.8
369.9
397.4
542.4
114.4
428.0
135.5
292.5
9.0

Source: RHP, ICICIdirect.com Research

Exhibit 12: Balance Sheet

(| Crore)
Sources of Funds
Capital
Reserves and Surplus
Networth
Deposits
Borrowings
Other Liabilities & Provisions
Total

FY12

FY13

FY14

FY15

FY16

214.9
927.3
1142.2
4739.3
1198.6
127.2
7207.3

252.9
1352.7
1605.7
8340.5
2737.3
278.7
12962.3

272.0
1741.7
2013.7
11598.6
3895.5
689.2
18197.1

293.5
1936.0
2229.4
17099.3
6962.7
812.3
27103.6

324.7
2663.5
2988.2
24348.7
10536.2
1287.0
39160.1

Applications of Funds
Fixed Assets
Investments
Advances
Other Assets
Cash with RBI & call money
Total

57.8
2264.7
4132.3
166.4
586.1
7,207.3

93.2
5516.0
6376.2
288.3
688.6
12,962.3

133.3
6477.0
9835.0
559.5
1192.3
18,197.1

163.4
9792.3
14449.8
527.8
2170.3
27,103.6

176.3
14436.0
21229.1
868.8
2449.9
39,160.1

Source: RHP, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 10

Exhibit 13: Key Ratios

(Year-end March)
Valuation
No. of Equity Shares (Crore)
EPS (Rs.)
BV (Rs.)
ABV (Rs.)
P/E
P/BV
P/ABV
Yields & Margins (%)
Net Interest Margins
Yield on assets
Cost of funds
Quality and Efficiency (%)
GNPA
NNPA
ROE
ROA

FY12

FY13

FY14

FY15

FY16

21.5
3.0
53.1
52.7
74.3
4.2
4.3

25.3
3.7
63.5
63.2
61.3
3.5
3.6

27.2
3.4
74.0
72.9
66.1
3.0
3.1

29.3
7.1
76.0
74.7
31.9
3.0
3.0

32.5
9.0
92.0
88.2
25.0
2.4
2.6

2.9
NA
NA

2.8
9.6
7.3

2.7
10.6
9.2

3.0
10.6
8.9

3.0
9.9
8.0

0.80
0.20
5.9
1.3

0.40
0.11
6.7
0.9

0.79
0.31
5.4
0.66

0.77
0.27
9.6
1.02

0.98
0.59
11.3
0.98

Source: RHP, ICICIdirect.com Research

ICICI Securities Ltd | Retail Equity Research

Page 11

RATING RATIONALE
ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its
stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold
and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts'
valuation for a stock.
Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;
Buy: >10%/15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;

Pankaj Pandey

Head Research

pankaj.pandey@icicisecurities.com

ICICIdirect.com Research Desk,

ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai 400 093
research@icicidirect.com

ICICI Securities Ltd | Retail Equity Research

Page 12

ANALYST CERTIFICATION
We /I, Kajal Gandhi, CA, Vasant Lohiya, CA and Vishal Narnolia, MBA Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research
report accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s)
or view(s) in this report.

Terms & conditions and other disclosures:

ICICI Securities Limited (ICICI Securities) is a Sebi registered Research Analyst having registration no. INH000000990. ICICI Securities Limited (ICICI Securities) is a full-service, integrated investment banking
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has its various subsidiaries engaged in businesses of housing finance, asset management, life insurance, general insurance, venture capital fund management, etc. (associates), the details in respect of
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ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might have investment banking
and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities generally prohibits its analysts, persons reporting to analysts
and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is strictly confidential and
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ICICI Securities encourages independence in research report preparation and strives to minimize conflict in preparation of research report. ICICI Securities or its analysts did not receive any compensation
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It is confirmed that Kajal Gandhi, CA, Vasant Lohiya, CA and Vishal Narnolia, MBA, Research Analysts of this report have not received any compensation from the companies mentioned in the report in the
preceding twelve months.
Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
ICICI Securities or its subsidiaries collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the
publication of the research report.
Since associates of ICICI Securities are engaged in various financial service businesses, they might have financial interests or beneficial ownership in various companies including the subject
company/companies mentioned in this report.
It is confirmed that Kajal Gandhi, CA, Vasant Lohiya, CA and Vishal Narnolia, MBA, Research Analysts do not serve as an officer, director or employee of the companies mentioned in the report.
ICICI Securities may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
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Please note, ICICI Securities Limited has been appointed as one of the Lead Managers to the public issue of RBL Bank Ltd IPO. This report is prepared on the basis of publicly available information.

ICICI Securities Ltd | Retail Equity Research

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