Motilal Oswal Financial Services Limited

rs,

April 27, 2023 BSE Limited P. J. Towers, Dalal Street, Fort, Mumbai - 400001 Security Code: 532892 National Stock Exchange of India Limi

₹ 3.2

S Key Highlights for FY23 Assets under advice Revenue Operating profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book

6%

hlights for FY23 Assets under advice Revenue Operating profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA

₹ 43.2

for FY23 Assets under advice Revenue Operating profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI)

8%

ssets under advice Revenue Operating profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2

₹ 8.8

der advice Revenue Operating profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY

₹ 9.3

ue Operating profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY 4.4% ROE 17.5%

29%

ing profit Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY 4.4% ROE 17.5% Clien

₹ 62.5

t Total PAT* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY 4.4% ROE 17.5% Clients Employees

10%

T* Net Worth ₹ 3.2 tn 6% YoY ₹ 43.2 bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY 4.4% ROE 17.5% Clients Employees 5.5 m

₹ 77.2

bn 8% YoY ₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY 4.4% ROE 17.5% Clients Employees 5.5 mn 14% YoY 9,885 6% YoY Declared Final Di

40%

₹ 8.8 bn 6% YoY ₹ 9.3 bn 29% YoY ₹ 62.5 bn 10% YoY Lending Book ROA (incl. OCI) ₹ 77.2 bn 40% YoY 4.4% ROE 17.5% Clients Employees 5.5 mn 14% YoY 9,885 6% YoY Declared Final Dividend

Note

6

Note

FY22 and FY23 financials have been reinstated after regrouping of other income with fund based income. Revenue and Operating PAT excludes profit share on exit of investments and MTM on fund based investments. 5 KEY HIGHLIGHTS FINANCIALS BUSINESSES Consolidated P&L PARTICULARS (₹ Mn) Q4FY23 Q3FY23 QoQ (%) Q4FY22 YoY (%) FY23 FY22 YoY (%) Capital Markets (Broking, Distribution & IB) Asset and Wealth Management(1) Housing Finance Total Revenues 7,448 2,517 1,386 7,555 2,502 1,357 11,350 11,414 Total Revenues after Intercompany adj. 10,707 10,597 Operating Expense Employee Expense Interest Expense Other Expense(2) Total Expense PBT Operating PAT(1) 2,028 2,680 1,773 1,159 7,639 3,068 2,326 2,214 2,555 1,562 1,181 7,512 3,085 2,291 -1% 1% 2% -1% 1% -8% 5% 13% -2% 2% -1% 2% 6,882 2,596 1,298 10,776 9,908 2,274 2,479 1,057 877 6,687 3,221 2,572 2,572 8% -3% 7% 5% 8% -11% 8% 68% 32% 14% -5% -10% -8% 28,326 25,454 11% 9,549 5,319 9,433 5,284 43,194 40,171 40,512 37,154 8,604 9,889 5,570 4,702 8

Note

1. FY22 Revenue and PAT include performance fees/profit share on exits of ₹ 225 mn and ₹ 112 mn respectively. 2. Other expense was up 32% YoY in Q4FY23 due to increase in standard provisions on lending book. FY22 and FY23 financials have been reinstated after regrouping of other income with fund based income. 2,355 2,291 3% 6 KEY HIGHLIGHTS FINANCIALS BUSINESSES Consolidated Profit After Tax Particulars (₹ Mn) Q4FY23 Q3FY23 QoQ (%) Q4FY22 YoY (%) FY23 FY22 YoY (%) Capital Markets (Broking, Distribution & IB) 1,355 1,389 Asset & Wealth Home Finance Intercompany adj. Operating PAT 660 315 -2 672 363 -134 2,326 2,291 Operating PAT incl. PE profit share 2,355 2,291 -708 -28 Fund Based PAT (1) PAT -2% -2% -13% - 2% 3% - 1,438 804 456 -125 -6% -18% -31% - 5,047 2,584 1,333 -177 5,025 2,870 929 -559 2,572 -10% 8,785 8,264 2,572 425 -8% - 8,814 502 9,176 3,921 0% -10% 44% - 6% -4% -87% 1,647 2,263 -27% 2,997 -45% 9,316 13,097 -29% Other Comprehensive Income (OCI) (1) -507 142 - 472 - -464 411

Note

1. Fund Based PAT and OCI includes MTM profit on investments. FY22 and FY23 financials have been reinstated after regrouping of other income with fund based income. 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) Mar 31, 2023 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 Net Current Assets(2) Total Assets FY23 18% * Basis Reported PAT excl. OCI FY22 30% 62.5 103.1 0.3 165.9 4.7 47.9 72.2 41.2 56.7 62.3 0.3 119.3 3.6 46.8 49.0 19.8 Net Worth Deployment 8% 6% 18% 165.9 119.3 68% Fund Based Investments MOHF Corporate Office Working Capital & Others

Note

1. Borrowings are inclusive of MOHFL. Ex- MOHFL borrowings are ₹ 73.9 bn in Mar-23. 2. Net Current Asset includes cash and cash equivalents and bank balance of ₹ 36.5 bn in Mar-23. 8 KEY HIGHLIGHTS FINANCIALS BUSINESSES Focus on building recurring revenues…. Particulars NSE Active clients Total ARPU (₹) Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Broking & Distribution 930,588 911,250 9,00,242 8,05,125 24,043 24,183 23,438 24,708 Particulars AUM/Loan Book (₹ Bn) Net Yield Net Revenue (₹ Mn) Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 Q1FY23 Q2FY23 Q3FY23 Q4FY23 FY23 Asset Management Wealth Management Private Equity Total Asset and Wealth Management 434 344 85 863 467 384 85 936 465 413 95 973 456 520 103 0.75% 0.82% 0.77% 0.75% 0.77% 0.51% 0.47% 0.52% 0.52% 0.51% 1.10% 1.68% 2.06% 2.02% 1.72% 867 448 258 957 440 360 912 524 465 859 634 501 3,594 2,047 1,583 1,079 0.69% 0.76% 0.78% 0.76% 0.75% 1,573 1,757 1,901 1,994 7,224 Distribution Assets 172 186 194 197

Note

1. 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 FY22 Revenue and PAT include performance fees/profit share on exits of ₹ 225 mn and ₹ 112 mn respectively. 2,870 2,584 -18% -10% -2% 804 672 17 KEY HIGHLIGHTS FINANCIALS BUSINESSES strong traction witnessed in passive funds. • SIP flows market share improved by 30 bps QoQ. • Raised ₹ 1,000 mn under Founders AIF in 2 months of launch. • Revamped Investment process with focus on consistent returns against achieving highest returns. • Increase in Wealth Revenue QoQ was mainly due to new AIF tie-ups and Insurance Referral. • Added gross 63 Wealth RMs in FY23. We will continue to invest in this business by further RM additions. Asset Management AMC AUM Breakup and Growth trend AMC MF AUM mix 434 27 147 258 490 40 142 306 456 56 102 296 ₹ Bn MF AUM PMS AUM AIF AUM 389 28 160 199 294 19 116 157 16% 27% 21% 14% 26% 21% 35% 3

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 FY23 37,675 98.93% 409 1.07% 1.34% 38,084 708 1.86% 49% 173% STATE MH Maharashtra Gujarat GJ Tamil Nadu TN Rajasthan RJ KA Karnataka MP Madhya Pradesh HR AP CG TS DL UP Haryana Andhra Pradesh Chhattisgarh Telangana Delhi Uttar Pradesh NOS. OF BRANCHES 32 15 15 11 09 09 06 05 02 02 02 01 MOHFL’s GNPA and NNPA Trend Collection Efficiency Trend 2.2% 1.5% 1.6% GNPA NNPA 102% 0.9% 1.1% 0.5% 100% 100% 99% 103% 101% CE incl. prepayment was 128% in Mar-23 FY21 FY22 FY23 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Mar-23 25 KEY HIGHLIGHTS FINANCIALS BUSINESSES MOHFL’s Geographic Reach PRESENCE ACROSS 109 LOCATIONS IN 12 STATES/UTS HR DL RJ UP GJ MP CG MH TS KA