Motilal Oswal Financial Services Limited

rs,

January 24, 2023 BSE Limited P. J. Towers, Dalal Street, Fort, Mumbai - 400001 Security Code: 532892 National Stock Exchange of India Limi

₹ 3.2

KEY HIGHLIGHTS FINANCIALS BUSINESSES Key Highlights for Q3FY23 Assets under advice Revenue ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn

4%

LIGHTS FINANCIALS BUSINESSES Key Highlights for Q3FY23 Assets under advice Revenue ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% Yo

₹ 32.0

FINANCIALS BUSINESSES Key Highlights for Q3FY23 Assets under advice Revenue ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn

8%

BUSINESSES Key Highlights for Q3FY23 Assets under advice Revenue ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% Yo

₹ 6.2

s for Q3FY23 Assets under advice Revenue ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 b

12%

3 Assets under advice Revenue ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 bn 7% Yo

₹ 2.3

e ₹ 3.2 tn 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 bn 7% YoY Lending Book ROA2 (incl. OCI)

6%

n 4% YoY ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 bn 7% YoY Lending Book ROA2 (incl. OCI) ₹ 69.

₹ 62.3

Y ₹ 32.0 bn1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 bn 7% YoY Lending Book ROA2 (incl. OCI) ₹ 69.8 bn 27% YoY

16%

n1 8% YoY Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 bn 7% YoY Lending Book ROA2 (incl. OCI) ₹ 69.8 bn 27% YoY 5.3%

₹ 11.5

Y Operating profit ₹ 6.2 bn1 12% YoY Total PAT Net Worth ₹ 2.3 bn 6% YoY ₹ 62.3 bn 16% YoY ₹ 11.5 bn 2% YoY ₹ 2.2 bn 7% YoY Lending Book ROA2 (incl. OCI) ₹ 69.8 bn 27% YoY 5.3% ROE2 19.4%

Note

6

Note

Revenue and Operating PAT excluding MTM on fund based investments. 9MFY22 Revenue and Operating PAT excludes PE profit share on exit of investments. 5 KEY HIGHLIGHTS FINANCIALS BUSINESSES Consolidated Operating Profit PARTICULARS (₹ Mn) Q3FY23 Q2FY23 QoQ (%) Q3FY22 YoY (%) 9MFY23 9MFY22 YoY (%) Capital Markets (Broking, Distribution & IB) Asset and Wealth Management(1) Housing Finance Other Income Total Revenues 7,486 2,499 1,357 113 7,152 2,335 1,315 136 11,455 10,938 Total Revenues after Intercompany adj. 10,639 10,126 Operating Expense Employee Expense(2) Interest Expense Other Expense Total Expense PBT Operating PAT Operating PAT incl. PE profit share 2,193 2,607 1,694 1,222 7,716 2,923 2,170 2,170 2,124 2,436 1,259 1,342 7,161 2,964 2,208 2,208 5% 7% 3% -17% 5% 5% 3% 7% 35% -9% 8% -1% -2% -2% 7,253 2,590 1,290 86 11,220 10,348 2,384 2,376 1,440 1,134 7,334 3,014 2,322 2,322 3% -4% 5% 31% 2% 3% -8% 10% 18% 8% 5% -3% -7% -7% 20,686 18,430 7,024 3,934 360 6,829 3,986 255 32,004 29,50

Note

1. Q3FY22 Asset Management revenue includes ₹ 138 mn of performance fees/profit share on exits, excluding that revenue is up by 2% YoY 2. Employee expense was up 20% YoY in 9MFY23 due to addition of net 950+ employees 6 KEY HIGHLIGHTS FINANCIALS BUSINESSES Consolidated Profit After Tax Particulars (₹ Mn) Q3FY23 Q2FY23 QoQ (%) Q3FY22 YoY (%) 9MFY23 9MFY22 YoY (%) Capital Markets (Broking, Distribution & IB) 1,355 1,323 Asset & Wealth Home Finance Intercompany adj. and others Operating PAT Operating PAT incl. PE profit share MTM PAT(1) PAT 669 363 -218 667 334 -110 2,170 2,208 2,170 93 2,208 2,885 2,263 5,093 Other Comprehensive Income (OCI) (2) 142 396 Total PAT 2,405 5,488 2% 0% 9% - -2% -2% - -56% -64% -56% 1,480 853 188 -200 2,322 2,322 73 2,396 -318 -8% -22% 93% - -7% -7% 27% -6% - 3,587 1,916 1,018 -327 3,484 2,058 473 -492 6,194 5,522 6,194 1,474 6,434 3,666 3% -7% 115% - 12% -4% -60% 7,669 10,100 -24% 43 -61 - 2,078 16% 7,712 10,039 -23%

Note

1. MTM PAT includes unrealized profit/(loss) on account of Fund based investments made in Equity & Alternate Funds 2. OCI includes MTM profit on equity share investments The above financial excludes pre acquisition PBT of ₹ 32 mn pertaining to MO Alternative IFSC which was credited to capital reserves post acquisition by MOFSL in Q3FY23 7 KEY HIGHLIGHTS FINANCIALS BUSINESSES Consolidated Balance Sheet PARTICULARS (₹ Bn) Dec 31, 2022 Mar 31, 2022 ROE* SOURCES OF FUNDS Net Worth Borrowings(1) Minority Interest Total Liabilities APPLICATION OF FUNDS Fixed assets (net block) Investments Loans and Advances(2) Net Current Assets(3) Total Assets 9MFY231 19% FY22 30% FY21 38% 62.3 91.4 0.3 56.7 62.3 0.3 154.0 119.3 4.0 49.3 64.2 36.5 3.6 46.8 49.0 19.8 * Basis Reported PAT excl. OCI 1. Annualized Net Worth Deployment 8% 5% 17% 154.0 119.3 70% Fund Based Investments MOHF Corporate Office Working Capital & Others

Note

1. Borrowings are inclusive of MOHFL. Ex- MOHFL borrowings are ₹ 62.7 bn in Dec-22. 2. Loan & Advances include loan book of MOHFL and Margin Trading Facility book. 3. Net Current Asset includes T+5 funding book. 8 KEY HIGHLIGHTS FINANCIALS BUSINESSES Focus on building recurring revenues…. Particulars Broking & Distribution NSE Active clients ARPU (₹) Q1FY23 930,588 Q2FY23 911,250 Q3FY23 9,00,242 Q1FY23 24,043 Q2FY23 24,183 Q3FY23 23,438 9MFY23 23,876 Particulars AUM/Loan Book (₹ Bn) Net Yield Net Revenue (₹ Mn) Asset Management Wealth Management Private Equity Total Asset and Wealth Management Q1FY23 Q2FY23 Q3FY23 Q1FY23 Q2FY23 Q3FY23 9MFY23 Q1FY23 Q2FY23 Q3FY23 9MFY23 434 344 85 863 467 384 85 936 465 413 95 973 0.75% 0.51% 1.16% 0.82% 0.47% 1.61% 0.77% 0.51% 2.06% 0.78% 0.50% 1.61% 867 445 272 957 438 346 912 521 464 2,736 1,404 1,082 0.70% 0.75% 0.78% 0.74% 1,584 1,741 1,897 5,222 Distribution Assets 172 186 194 0.41% 0.55% 0.49% 0.49% 175 255 238 668 Particulars Home Finance Margin

Note

1. Q3FY22 revenue included ₹ 138 mn of performance fees/profit share on exits (PAT of ₹ 130 mn) 2. 9MFY22 financials exclude PE profit share on exit of investments The above financial excludes pre acquisition PBT of ₹ 32 mn pertaining to MO Alternative IFSC which was credited to capital reserves post acquisition by MOFSL in Q3FY23 17 KEY HIGHLIGHTS FINANCIALS BUSINESSES Asset Management AMC AUM Breakup and Growth trend AMC MF AUM mix 389 28 160 199 294 19 116 157 434 27 147 258 490 40 142 306 465 53 114 295 ₹ Bn MF AUM PMS AUM AIF AUM 16% 27% 21% 35% 14% 26% 21% 38% 10% 24% 25% 41% 18% 22% 21% 39% 13% 23% 25% 39% Mar-19 Mar-20 Mar-21 Mar-22 Dec-22 Mar-19 Mar-20 Mar-21 Mar-22 Dec-22 AMC Alternates AUM mix AMC MF GS mix 8% 9% 27% 9% 10% 26% 8% 9% 27% 6% 9% 26% 6% 10% 27% 55% 56% 57% 59% 57% WM+Bank NDs IFA Direct 4% 32% 25% 18% 20% 10% 30% 25% 12% 23% 13% 18% 19% 22% 28% 14% 14% 17% 19% 35% 11% 24% 26% 10% 28% Mar-19 Mar-20 Mar-21 Mar-22 Dec-22 FY19 FY20 FY21 FY22 9MFY23 Direct NDs IFA W

Note

*Construction Finance with Motilal Oswal Real Estate (MORE); lending to CAT A builders Home Finance ECL Provisioning Details PARTICULARS (₹ Mn) Stage 1 & 2 % portfolio in stage 1 & 2 Stage 3 % portfolio in Stage 3 ECL Provision % Stage 1 & 2 Total Assets ECL Provision ECL Provision % Stage 3 Provision Coverage Ratio Total Provision Coverage Ratio 9MFY23 35,865 98.03% 721 1.97% 1.31% 36,586 765 2.09% 41% 106% STATE MH Maharashtra Gujarat GJ Tamil Nadu TN Rajasthan RJ KA Karnataka MP Madhya Pradesh Andhra Pradesh AP Haryana HR Chhattisgarh CG Telangana TS Delhi DL Uttar Pradesh UP NOS. OF BRANCHES 32 15 15 11 09 09 05 05 02 02 02 01 MOHFL’s GNPA and NNPA Trend Collection Efficiency Trend 2.2% 1.6% 1.3% 0.9% 0.7% 1.5% 1.3% 0.8% 2.0% 1.2% GNPA NNPA 102% 99% 100% 100% 99% 101% CE incl. prepayment was 121% in Dec-22 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Dec-22 25 KEY HIGHLIGHTS FINANCIALS BUSINESSES MOHFL’s Geographic Reach PRESENCE ACROSS 108 LOCATIONS IN 12