Research Disclaimer and Disclosure inter-alia as required under Securities and Exchange Board of India (Research Analysts) Regulations, 2014

Inventure Growth and Securities Limited (“IGSL”) is a registered Research Analyst Entity (hereinafter be referred as “IGSL RE”). “IGSL” is a registered stock broker or intermediary engaged in Stock Broking, Depository Participant and Mutual Fund Distributor. Registered member of National Stock Exchange of India Ltd (NSEIL), Bombay Stock Exchange Ltd (BSE), Metropolitan Stock Exchange of India Ltd (MSEI). IGSL is also a depository participant with Central Depository Services Ltd (CDSL)

This Research Report (hereinafter referred as “Report”) has been prepared by Inventure Growth & Securities Limited as a Research Entity (hereinafter referred as “IGSL RE” Limited. The Research Analysts, strategists are principally responsible for the preparation of “IGSL RE” research. The research analysts have received compensation based upon various factors, which may include quality of research, investor client feedback, stock picking, competitive factors and firm revenues etc.

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Analyst Certification: I/We, Mrs. Jenifer Barwaliya the research analyst Is the author of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

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The price and value of the investments referred to in this Report and the income from them may tend to go down as well as up, and investors may incur losses on any investments. Yester performance shall not be a guide for future performance. IGSL does not provide tax advice to its clients, and all investors are strongly advised to take advice of their tax advisers regarding taxation aspects of any potential investment. Opinions are based on the current scenario as of the date appearing on this ‘Report’ only. IGSL does not undertake to advise you as to any change of our views expressed in this “Report’ may differ on account of differences in research methodology, personal judgment and difference in time horizons for which recommendations are made. User should keep this risk in mind and not hold IGSL, its employees and associates responsible for any losses, damages of any type whatsoever.

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Statements on ownership and material conflicts of interest, compensation - IGSL and Associates reciprocates to the best of the knowledge and belief of IGSL/ its Associates/ research Analyst who is preparing this report.

Disclosures of Interest (Additional):

• “IGSL”, its research Analyst(s), or its associates or relatives of the Research Analyst does not have any financial interest in the company(ies) covered in this report.
• “IGSL” its research Analyst, or its associates or relatives of the research analyst affiliates collectively do not hold more than 1% of the securities of the company (ies)covered in this report as of the end of the month immediately preceding the distribution of the research report.
• “IGSL”, its research analyst, his/her associate, his/her relative, do not have any other material conflict of interest at the time of publication of this research report.
• “IGSL”, its research analyst, and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in this report, in the past twelve months.
• “IGSL”, its research analyst, or its associates have not managed or co-managed in the previous twelve months, a private or public offering of securities for the company (ies) covered in this report.
• “IGSL, or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the research report.
• IGSL research analyst has not served as an Officer, Director, or employee of the company (ies) covered in the Research report.
• “IGSL”, its research analyst has not been engaged in market making activity for the company(ies) covered in the Research report.
• The details of IGSL, its research analyst and its associates pertaining to the companies covered in the Research report are given below

Sr.No.	Particulars	Yes/No
1.	Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment banking transaction by IGSL	No
2.	Whether Research Analyst, IGSL or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the company(ies) covered in the Research report	No
3.	Whether compensation has been received by IGSL or its associates from the company(ies) covered in the Research report	No
4.	IGSL or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the company(ies) covered in the Research report	No
5.	IGSL, its research analyst, his associate, or its associates have received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in the Research report, in the last twelve months	No

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