Established IN

PL is one of the oldest and leading financial services providers in India

1944–1970

1944

= Team Strength

= New Service Vertical

= Achievement

2001 - 2017

10+

Equi�es Arbitrage Business

Equity Stock Broking

Registered as a partnership stock broking firm in 1944.

1971–1980

25+

IPO Distribu�on

Underwri�ng

First branch in Pune

First to offer doorstep service

1981–1990

60+

Ins�tu�onal Equi�es

Domes�c Ins�tu�onal Investor (DII)

Domes�c Funds

Badla Finance

First in India to computerize back office opera�ons

One of the leaders in Badla Finance for the retail segment

First to become a BSE member

1991–2000

120+

Foreign Ins�tu�onal Investor (FII)

Arbitrage between NSE and BSE

Franchisee setup

Empanelled with a number of FIIS & DIIS

Established a strong sub-broker network

275+ Corporate Advisory

Investment Banking

Margin Funding through NBFC

Por�olio Management Services (PMS)

Online Trading

Currency

Commodi�es

Corporate Advisory business grew manifold within 3 years

PMS - Corpus size grew mul�fold

Rated amongst the best by Ins�tu�onal investors for our research.

Consistently rated amongst the best brokerage houses for its research by Asiamoney Brokers Poll

7+Decades of POWERING FINANCIAL GROWTHFinancial expertise & Best-in-class research

RETAIL BUSINESSINSTITUTIONAL BUSINESS

NBFC

Along with a strong adherence to our founding principles of integrity, transparency and accountability.

Institutional Equities

Investment Banking

Corporate Advisory

Broking (Equity, Derivatives,

Commodities, Currency)

Wealth Management,

PMS

Bonds & Fixed Deposits

Loan against shares & securities

Margin Funding

Corporate STRUCTURE

Mutual Fund

IPO Distribution

Insurance

Real Estate Advisory.

PRABHUDAS LILLADHER ADVISORY SERVICES PRIVATE LIMITED

Centres

410+

Cities

120+

Foreign & Domestic Institutional Clients

150+

Retail Clients

75,000

Team Strength

275+

Prabhudas Lilladher Pvt. Ltd.

PL Capital Markets Pvt Ltd

Prabhudas Lilladher Financial Services Pvt Ltd

PL Distribution Company Pvt Ltd

PL Commodity Markets Pvt Ltd

PL Fund Advisors Pvt Ltd

Broking, Depository, PMS NBFC–Loan against Shares and securities

Investment Banking Commodity Trading Debt Syndication Third party financial products & Real Estate broking

PMS PRESENTATION 4

INDEX

DISCLAIMER:The presentation given by Prabhudas Lilladher Pvt. Ltd is only by way of information on a no-liability, no-guarantee and no-obligation basis. The information provided is based on past performance and these returns cannot be guaranteed in future. Any decision, action or omission thereon shall be entirely at the risk of the person and should be based solely on their own verification of all relevant facts, financial and other circumstances, by making a proper evaluation thereof in consonance with their investment objectives. Such persons should be aware of the risks involved while investing and trading in securities and will be solely liable for their decisions. Prabhudas Lilladher Pvt. Ltd shall not be responsible for any loss that such person may incur by relying on the information contained herein, whether used for investment decisions or otherwise. Investment in Equity, Currency, Futures and Options is subject to risk. Please read the risk disclosure document before investing.

SOME OF THE PROMINENT MULTI-BAGGER IDEAS BY PL RESEARCH 5

WEALTH CREATION BY INDIAN EQUITIES 6DILEMMA OF INVESTORS CAN CONTINUE 7INDIAN ECONOMY SHINES AMIDST SLOWDOWN GRIPPING OTHER ECONOMIES 8INDIA: ROBUST MACRO-ECONOMIC FUNDAMENTALS 9GOVT’S COMMITMENT TO MAMMOTH INFRA SPENDING OVER THE NEXT 3-5 YEARS 10

LEVERS FOR EARNINGS GROWTH IN PLACE 11

STRONG INSTITUTIONAL FLOWS UNDERPIN INDIAN EQUITY MARKET’S RESILIENCE 12

MARKET OUTLOOK FOR 2018 13PL PMS: INVESTMENT PHILOSOPHY 14-15PL PMS: EDGE 16MULTI STRATEGY & EQUIGROW 17FORTUNE STRATEGY 18CORE MEMBERS OF OUR TEAM 19CONTACT DETAILS 20

PMS PRESENTATION 5

PL RESEARCH AMONGST THE INITIAL FEW TO CATCH THE EMERGING TRENDS EARLY

PI Industries

Wabco India

Britannia JSPL

L&T Finance

Yes Bank

Indraprastha Gas

Navneet Education

Capital First

Maruti Suzuki

Jubilant LifeOUR RESEARCH HAS INITIATED TIMELY COVERAGE ON UPCOMING AND EMERGING STOCKS OVER THE PAST DECADE. SOME OF THE WEALTH CREATORS ARE NICHE PLAYERS AND MANY BEING LEADERS IN WHAT THEY DO.

SOME OF THE PROMINENT Multi-bagger ideas by PL Research

PMS PRESENTATION 6

Wealth creation by Indian Equities

BSE Sensex has delivered 15.8% CAGR from 1981 to Dec 2017

34057

0

5,000

10,000

15,000

20,000

25,000

30,000

1981-1990

Growth of 7 times

1991-2000

Growth of 3.8 times

2001-2010

Growth of 5.2 times

1481048

3972

20509

PMS PRESENTATION 7

Limited alternatives

Where to invest?

Surplus Money

Falling Interest Rates hurting Real returns

Invest now or Later?

Waiting for correction

Equity performing

Fear of the Future

Opportunity Cost

Breaking down annualized returns shows that the longer you remain invested, the less it matters when you enter and exit

”“If time’s on your side, don’t time the market…

DILEMMA OF INVESTORS CAN CONTINUE

PMS PRESENTATION 8

Indian economy shines amidst slowdown gripping other economies

Source: IMF Note: GDP for 2017

India’s GDP will grow at the fastest rate among all the major economies and India will continue to attract a torrent of capital flows both on FII and FDI front amidst a miasma of gloom all-around.

World UnitedStates Euro area China Japan India Brazil Russian

Federation Mexico Indonesia Turkey Argentina Nigeria Thailand SouthAfrica

2016 3.2 1.5 1.8 6.7 1.0 7.1 (3.6) (0.2) 2.3 5.0 3.2 (2.2) (1.6) 3.2 0.3

2017 3.6 2.2 2.1 6.8 1.5 6.7 0.7 1.8 2.1 5.2 5.1 2.5 0.8 3.7 0.7

2018 3.7 2.3 1.9 6.5 0.7 7.4 1.5 1.6 1.9 5.3 3.5 2.5 1.9 3.5 1.1

2019 3.7 1.9 1.7 6.3 0.8 7.8 2.0 1.5 2.3 5.5 3.5 2.7 1.7 3.4 1.6

GDP (US $ trillion) 78.0 19.4 12.4 11.9 4.9 2.5 2.1 1.6 1.0 1.0 0.8 0.6 0.4 0.4 0.3

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

8.0

10.0

Real

GDP

Gro

wth

(%)

2016 2017 2018 2019

PMS PRESENTATION 9

India: ROBUSt MACRO-economic FundAmentalsAMONG THE FASTEST GROWING MAJOR ECONOMIES IN THE WORLD

GOVERNMENT COMMITTED TO MEDIUM-TERM FISCAL CONSOLIDATION PLAN

CONSUMER INFLATION UNDER CONTROL

SPECTACULAR IMPROVEMENT IN CURRENT ACCOUNT DEFICIT AFTER FY13

Source: World Bank

Source: Bloomberg, CSO

Source: CSO

Source: Bloomberg, World Bank5.

4

5.0

3.7

5.0 5.

7

5.5 5.

8

4.2

3.3

2.2

3.3 3.5

4.9

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

Jan-

15Fe

b-15

Mar

-15

Apr-

15M

ay-1

5Ju

n-15

Jul-1

5Au

g-15

Sep-

15O

ct-1

5N

ov-1

5De

c-15

Jan-

16Fe

b-16

Mar

-16

Apr-

16M

ay-1

6Ju

n-16

Jul-1

6Au

g-16

Sep-

16O

ct-1

6N

ov-1

6De

c-16

Jan-

17Fe

b-17

Mar

-17

Apr-

17M

ay-1

7Ju

n-17

Jul-1

7Au

g-17

Sep-

17O

ct-1

7N

ov-1

7

CPI (%)

9.45 9.58 9.35

6.90

8.58 8.90

6.73

5.53

6.38

7.53 7.60 7.10

6.70

4.4

5.2

6.0

6.8

7.6

8.4

9.2

10.0

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E

YoY Real GDP Growth (%)

6.5

5.4 5.76.2 5.9

4.54.0 4.1

3.32.5

6.06.5

4.95.8

4.8 4.64.1 3.9

3.5 3.2

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

E

Fiscal Deficit as a % of GDP

-1.0 -0.9-0.6

0.71.2

2.2

-0.3

-1.2 -1.1 -1.4

-1.9-2.8 -2.8

-4.4 -4.8

-1.7 -1.3

-1.1

-0.7

-1.5

-6.0-5.0-4.0-3.0-2.0-1.00.01.02.03.0

FY99

FY00

FY01

FY02

FY03

FY04

FY05

FY06

FY07

FY08

FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

E

CAD as a % of GDP

PMS PRESENTATION 10

Govt’s Commitment to Mammoth Infra Spending over the next 3-5 years

roads HOUSING RAILWAY83,677 kms of roads to be built

Rs. 6.92 Lakh Cr to be invested

14.2 Cr mandays of jobs to be generated

Universal affordable housing for 2.2 Cr families 

PMAY- Urban-1.2cr units with outklay of Rs1,85,069 Cr 

PMAY - Gramin-1.02cr units with an outlay of Rs 1,26,795 Cr

Create a 3x bigger Railway which is economically viable

Leverage Rs. 8,56,000 Cr of capex to expand the Rail infrastructure

Focus on network decongestion through DFC and better signalling

PMS PRESENTATION 11

Levers for Earnings Growth in place

Capacity utilization of–70% is at multi-year low.

Pickup in utilization could kick-start operating leverage

GST & demonetisation could improve compliance by unorganized players

Price gaps to narrow, giving impetus to organized sales

Organized players better placed as brand consciousness improves

Corporate profitability boosted by higher liquidity and lower borrowing costs

Increase money multiplier to boost credit and trade

Operating Leverage Organized players to gain market share

Falling Cost of Capital

PMS PRESENTATION 12

Strong Institutional flows underpin Indian equity market’s resilience

Source: Bloomberg

-200

-100

0

100

200

300

400

Jan-

13

Apr-

13

Jul-1

3

Oct

-13

Jan-

14

Apr-

14

Jul-1

4

Oct

-14

Jan-

15

Apr-

15

Jul-1

5

Oct

-15

Jan-

16

Apr-

16

Jul-1

6

Oct

-16

Jan-

17

Apr-

17

Jul-1

7

Oct

-17

(Rs b

n)

DII Equity FII Equity FII DebtCY13 DII Equity: -734.64FII Equity: 1,112.77FII Debt: -536.66

CY14DII Equity: -303.21FII Equity: 973.50FII Debt: 1,592.20

CY15DII Equity: 675.56FII Equity : 183.55FII Debt: 469.21

CY16DII Equity: 371.12FII Equity : 187.83FII Debt: -442.97

CY17DII Equity: 908.35FII Equity : 517.49FII Debt: 1,485.93

PMS PRESENTATION 13

Market Outlook for 2018

Earnings growth pick-up

Crude Rise

Buoyant tax collections leading to higher

govt spending

Geopolitical Tensions

Lower Interest Rates

Govt resorting to populist measures

FED Shrinking Balance Sheet

TRIGGERS FOR 2018

RISKS FOR 2018

PMS PRESENTATION 14

PL PMS: Investment Philosophy

Industry

Business ROI

Management

Great Business Undervalued Stock Price Performance

P/E vs Growth

Sector / Market P/E

DCF vs. Enterprise Value

Economic Value Add

Free Float

Institutional Interest

Research Coverage

BVM MATRIXIDEA GENERATION

MACRO THEMES STOCK FILTERS

BUSINESS VALUATION MARKET INTEREST

RISK CONTROL & PORTFOLIO CONSTRUCTION

PMS PRESENTATION 15

PL PMS: Investment Philosophy

Concentration Risk: Sector & Stock

Liquidity Risk

Investment cycle revival

Beneficiaries of accommodative monetary policy

Domestic consumption

Beneficiaries of revival in external trade / services

Strong corporate governance

Addressable market opportunity

Medium term growth prospects

Strong earnings growth

Efficient capital utilization

Rising RoE & free cash flow

1 2 3MACRO THEMES

STOCKFILTERS

RISK CONTROL & CONSTRUCTION

PMS PRESENTATION 16

PL PMS: EDGE

Market analysis: Our forteEarly identification of market trends based on macro fundamentals analysis. Identification of themes/stocks based on likely movement of market.

Strategy based on strong fundamental research with an experienced institutional research team leveraging on strong corporate outreach.

Dedicated PMS set up with a more focused and customer centric approach.

STRONG RESEARCH BASED INVESTMENT STRATEGY

Focused approach

PMS PRESENTATION 17

MULTI STRATEGY AND EQUIGROWMULTI STRATEGY EQUIGROWINVESTMENT OBJECTIVETo generate optimum returns by investing in growth-oriented stocks across sectors with a large cap bias.

To devise strategies that may help outperform the broader market in the long run and provide capital appreciation.

INVESTMENT OBJECTIVETo generate optimum returns by investing in growth-oriented stocks across sectors with a mid cap bias.

To devise strategies that may help outperform the broader markets in the long run.

SECTORAL HOLDINGS (%) SECTORAL HOLDINGS (%)

Please Note: The strategy returns are of a model client as on December 31st, 2017. Returns of individual clients may differ depending on time of entry in the strategy. Past performance may or may not be sustained in future and should not be used as a basis for comparison with other investments. Strategy returns are shown above are post fees and expenses.

31.7

15.014.9

7.6

7.4

5.4

5.2

3.53.1 3.1 3.0

0.2

32.1

14.611.1

9.8

7.7

7.0

5.0

4.43.7 3.1

1.00.5BFSI

AUTOMOBILE & ANCILLARIES

FMCG & RETAIL

OIL & GAS

HOTEL

ALLOYS

CONSTRUCTION & INFRA

PUBLICATION

STEEL - TUBES & PIPES

CHEMICALS

DIAGNOSTIC

CASH & CASH EQUIVALENTS

BFSI

FMCG & RETAIL

AUTOMOBILE & ANCILLARIES

HOTEL

OIL & GAS

ALLOYS

PUBLICATION

CONSTRUCTION & INFRA

CHEMICALS

STEEL - TUBES & PIPES

DIAGNOSTIC

CASH & CASH EQUIVALENTS

PMS PRESENTATION 18

Fortune Strategy

F o R T u n EFind and invest in mid-sized businesses which depict leadership

Open to All-Caps but focus on bottoms-up fundamental research

Research team with sectoral expertise

Tactically target 30% corpus for Buy and Rotate Strategy

Unmatched Corporate access

Number of stocks in portfolio capped @20–25

Experienced professional money managers

Identify themes and stocks at an early stage to reap benefits

PMS PRESENTATION 19

DILIP BHATT Nishna Biyani Nupur Patel

With more than 28 years of experience in the financial world, he is a Chartered Accountant of immaculate repute and is amongst the top ranked Equity experts in India.

Over 20 years of experience as Senior Portfolio Manager with India’s leading Mutual Funds like IDFC MF, Standard Chartered MF & SBI MF.

Over 11 years of experience split equally in the buy and sell side. Has managed a Corpus of Rs500m for ICICI Securities Primary Dealership (Absolute return oriented)

Over 16+ years of senior management experience in financial markets with renowned companies in the industry.

DIRECTOR PORTFOLIO MANAGER

HEAD SALES & MARKETING

AJAY BODKECEO & CHIEF PORTFOLIO MANAGER

CORE MEMBERS OF OUR TEAM

PMS PRESENTATION 20

CORPORATE OFFICE

Prabhudas Lilladher Pvt. Ltd.3rd Floor, Sadhana House,570, P. B. Marg, Behind Mahindra Tower,Worli, Mumbai - 400018. India.

M: 91.9821097856O: +91.22.66322350B: +91.22.66322222

nupurpatel@plindia.com

www.plindia.com

CONTACT US

/PLIndiaOnline

/Prabhudas-Lilladher