Smc Global Securities Limited has informed the Exchange about Investor Presentation
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SMC GLOBAL SECURITIES LIMITED
Member: NSE « BSE + MSE NCDEX - MCX Clearing & Trading Member : Cash, F80, Currency, Debl & Commodily ‘SEBI Regn. No. : INZ 000193438 Research Analyst No. : INH100001849
Regd. Office : 11/6B, Shanti Chamber, Pusa Road, New Delhi-110005 Ph: +91-11-30111000, 40753333 Fax : +91-11-25754365 - CIN No. : L74899DL1994PLC063609 E-mail : smc@smeindiaoniine.com Website : www.smeindiaonine.com
Date: 16/06/2023
Listing Operations BSE Limited, P ] Towers, Dalal Street, Mumbai -400001, India
Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra, (E) Mumbai - 400051
Scrip Code: 543263
Symbol: SMCGLOBAL
Sub: Investor Presentation Q4-FY 22-23.
Dear Sir(s),
In compliance with Regulation 30(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Part A (15) of Schedule III, enclosed is a copy of the Investor Presentation for the fourth quarter of the financial year 2022-23.
You are requested to kindly take note of the same.
Thanking you, For SMC Global Securities Limited
Suman Kumar E.V.P. (Corporate Affairs), Company Secretary & General Counsel (Membership No. F5824)
MUMBAI OFFICE : AWing, 401/402, Lotus Corporate Park, Graham Firth Steel Compound, Off Wester Express Highway, Jay Coach Signal, Goregaon East
Mumbai-400063 Ph : +91-22-67341600, 66481818 Fax : +91-22-67341697 E-mail : smcmumbai@smcindiaonline.com
KOLKATA OFFICE :
18, Rabindra Sarani, Poddar Court, Gate No. E-mail : smckolkata@smcindiaonline.com
4, 5th Floor, Kolkata
-700001 Ph
: +91-33-66127000 Fax : +91-33-66127004
sy st
SUMAN KUMARDigitally signed by SUMAN KUMAR Date: 2023.06.16 17:43:03 +05'30' Investor Presentation June 2023
SMC at a Glance
Branches Across India 143 Including 1 in Dubai
Cities Covered 452
Employees 3,925
Sub-brokers / Authorised Persons 2,548
Network of Financial Distributors 6,928
Client Demat A/Cs 9,37,026
Clearing & Settlement trading members 324
Cumulative AUM/AUA under Mutual Funds INR 29.92 Bn
Running SIPs 69,130
Insurance Policies sold 9,57,635
Insurance Premium INR 27,166 Mn
NBFC AUM INR 9,004 Mn
Ratings: Short Term- ICRA A1+ Long Term- ICRA A (STABLE)
Investor Presentation
Consolidated Net worth
INR 9,327Mn
5 Year Revenue CAGR* 13.43%
5 Year PAT CAGR* 18.79%
Net D/E 0.94x
• •
All numbers as of Q4-FY23 *Numbers as of FY23
2
SMC Group Overview
•
SMC Global Securities Ltd was established in 1994 by founders Mr. Subhash C. Aggarwal and Mr. Mahesh C. Gupta.
• Over the years, the company has grown into a diversified financial services company offering brokerage services, investment banking, wealth management, insurance broking, clearing & distribution of depository services, financial advisory services to corporates, institutions, high net worth individuals and other retail clients.
financing, fixed income securities,
financial products,
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•
•
•
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The company has capabilities and best-in-class products and services.
launched various
innovative digital technology-enabled
Through a strong network of approx. 2,548 Sub Brokers and Authorized Persons the company’s footprint spreads over 452 cities across India.
The company is governed by strong board including 6 independent directors and is run by a highly qualified and experienced management team.
SMC has had a consistent growth track record and is well poised to get larger share of the ever-growing capital markets in India.
The company’s vision is to be a global organization having a dominant position in financial & investment services through customer centric approach.
Consolidated Revenue (INR Mn) & EBITDA (%)
9,013
21.67%
7,785
15.24%
11,169
26.42%
12,167
22.18%
FY20
FY21
FY22
FY23
FY23 Revenue Pie (%)
11%
28%
61%
Broking, Distribution & Trading
Insurance
NBFC
Investor Presentation
3
Business Structure
SMC Global Securities Ltd.
Insurance Broking
Broking, Distribution & Trading
Financing
Life Insurance
Equity, Commodity, Currency & Full-Service Broking
Clearing Services
Financial Products Distribution
Wealth Management
SME – Loan Against Property (LAP)
SME – Working Capital Term Loan (WCTL)
Proprietary Trading
Fixed Income
Discount Broking
Portfolio Management
SME-Asset Finance
Onward Lending
General Insurance
Investment Banking
Real Estate/ Mortgage Advisory
Institutional Broking
Research Services
Capital Market Funding (CMF)
Gold Loan
Gift City (IFSC)
Investor Presentation
4
India INX
NSE IFSC
IIBX
Board of Directors
Mr. Subhash C. Aggarwal Chairman & Managing Director, SMC Group He is the promoter and co-founder of SMC Group and an active contributor to the good governance. He is a fellow member of the Institute of Chartered Accountants of India (ICAI).
Mr. Ajay Garg Director & CEO – SMC Global Securities Ltd. MD-SMC Global IFSC Pvt. Ltd. Director - SMC Insurance Brokers Pvt. Ltd., Moneywise Financial Services Pvt. Ltd. He is a Fellow Member and rank holder of ICAI. With a wide and rich experience of about 26 years in Securities market, he heads the core businesses of Broking & Clearing services at SMC.
Mr. Himanshu Gupta Director & CEO-Moneywise Financial Services Private Ltd. Director-SMC Global Securities Ltd., Director-SMC Comtrade Ltd. He is a Fellow Member of the Institute of Chartered Accountants of India (ICAI) having a rich experience of around 13 years in Financing & Securities market along with a strong hold into the intricacies of the capital market.
Mr. Kundan M. Agarwal Independent & Non-Executive Director He serves as Independent and Non-Executive Director of SMC Global. He is a fellow member of Institute of Chartered Accountants of India (ICAI) and has experience and professional expertise of more than four decades in financial services industry.
Dr. Madhu Vij Independent & Non-Executive Director She holds a Master degree in Commerce and a doctorate degree. She has an experience and exposure of over three decades as a Professor of Finance at the Faculty of Management Studies, University of Delhi.
Mr. Naveen ND Gupta Independent & Non-Executive Director He has been a chartered accountant for around 26 years and is widely known for his role in making the income disclosure Scheme, 2016 a success. He is the former president of ICAI and Director in various companies.
Mr. Mahesh C. Gupta Vice Chairman and Managing Director, SMC Group He is the promoter and co-founder of SMC Group and has been associated with the Company as the backbone since its inception which makes him a pivotal pillar of SMC. He is a fellow member of the Institute of Chartered Accountants of India (ICAI).
Mr. Anurag Bansal Whole Time Director-SMC Global Securities Ltd. Director-SMC Capitals Ltd., Director and CFO-SMC Global IFSC Pvt. Ltd. He is a rank holder and fellow member of the Institute of Chartered Accountants of India (ICAI) with a wide and rich experience of about 25 years in financial markets. He is also a member of Institute of Cost Accountants of India (ICMAI). Ms. Shruti Aggarwal Non-Executive Director- SMC Global Securities Limited & Director- SMC Global IFSC Private Limited She is an MBA from London Business School, a member of (ICAI) and has cleared all three levels of CFA from the CFA Institute, USA. She is currently also leading the Corporate Finance function at SMC Investments & Advisors Ltd.
Mr. Hari D. Khunteta Independent & Non-Executive Director He is a fellow member of ICAI and is a commerce graduate from University of Rajasthan with experience of over 48 years in the field of financial management, Investor services, Corporate Governance & Resource mobilization from Domestic as well as International market.
Mr. Chandra Wadhwa Independent & Non-Executive Director He is the fellow member ICMAI & ICSI. He holds Bachelors of Law as well M. Com Degree from Delhi University and has exposure of over 41 Years in the field of Financial cost management accounting as well as in cost management auditing sector.
Mr. Narender Kumar Independent & Non Executive Director He is a retired IAS. He has more than 34 years experience.
Investor Presentation
5
Group Company Chairman/ Directors & Key Management Personnel
Dr. D. K. Aggarwal CMD-SMC Investments and Advisors Ltd. CMD-SMC Capitals Ltd. Chairman & Director-SMC Real Estate Advisors Private Ltd. Chairman & Director-SMC Comtrade Ltd. He is the Fellow Member of The Institute of Chartered Accountants of India (ICAI) with over two decades of experience in the securities market & financial services. He is the former chairman of capital market committee of PHD chamber of commerce. Mr. Pranay Agarwal Director & CEO - Moneywise Finvest Ltd. Director - Moneywise Financial Services Pvt. Ltd. He is a qualified Chartered Accountant from the Institute of Chartered Accountants of India (ICAI) and a commerce graduate from the University of Delhi. He is playing a leading role in StoxKart (Discount brokerage platform).
Ms. Anshika Aggarwal Director- SMC Investment and Advisors Ltd. & Whole Time Director- SMC Real Estate Advisors Pvt. Ltd. A qualified Chartered Accountant, holding a B.Com (Hons.) degree from Delhi University, she is also a member of Young Business Leaders Forum – PHD CCI. She carries with her entrepreneurial experience, running a fashion social commerce startup, Modestreet Fashion as Co-Promoter and Director for 1 year. Prior to which, she was with Ernst & Young for nearly 4 years in business tax and regulatory consultancy.. Ms. Reema Garg Chief Human Resource Officer - SMC Global Securities Ltd. Director-Moneywise Finvest Ltd. She holds B.Sc. (Computer Science) from University of Delhi and Masters in Computer Applications (MCA).
Mr. Vinod Kumar Jamar President & Group CFO He is responsible for managing financial reporting, audit, compliance of tax laws (direct and indirect), planning and capital structure. He is also a fellow member of Institute of Chartered Accountants of India (ICAI).
Mr. Suman Kumar E.V.P - Corporate Affairs & Company Secretary He leads the Corporate Affairs & legal matters of the SMC Group. He serves as the Executive Vice President (Corporate affairs) & Company Secretary of the SMC Group. He is fellow member of ICSI & a law graduate from University of Delhi.
Mr. Pravin K. Agarwal Whole-Time Director- SMC Insurance Brokers Pvt. Ltd. He actively handles the development and operations of our insurance broking business. He is a man of alternative skills and solutions that has led to SMC’s substantial expansion and diversification. He has more than a decade of pivotal work experience in Insurance and Financial Industry.
Mr. Ayush Agarwal Director - SMC Real Estate Advisors Private Ltd. Director - Moneywise Finvest Ltd. CIO - SMC Private wealth He is an MBA (PGP-FMB) from SP Jain Institute of Management and Research, Mumbai, and a graduate from University of Delhi. He is the Chief Investment Officer of SMC Private wealth Vertical at SMC Global Securities Ltd. managing and handling portfolio management activities.
Ms. Akanksha Gupta Whole Time Director - SMC Insurance Brokers Pvt. Ltd., Director- SMC Global IFSC Pvt. Ltd., Director- SMC Comtrade Limited She is a member of the ICAI Institute and is also a Chartered Financial Analyst (CFA). She is an experienced and confident lady who inspires everyone with her innovative ideas, conviction and new perspectives. Her ability to see the matters of the company and unfailingly rise to meet the challenges boosts the effectiveness of the group.
Mr. Rajendra P Mahipal Independent & Non-Executive Director - SMC Insurance Brokers Pvt. Ltd. He holds M. Com degree from Rajasthan University and is also a fellow member of the Institute of Chartered Accountants of India. He is a promoter and director of Pink city Electronics Pvt. Ltd. and has over 41 years of experience in import Export, Finance, Administration and Capital Market. Ms. Shweta Aggarwal Director – SMC Capitals Ltd. She is a member of the ICAI and has also cleared all levels of Chartered Financial Analyst (CFA) Program from U.S.A. She is responsible for the formation of the business, and spearheads the growth plans and business strategy of the investment banking division.
Investor Presentation
6
Key Milestones
Commodity Broking launched
NRI Business Institutional Desk
Received BSE membership as SAM Global Securities amalgamated into SMC Global Securities
Real Estate Advisory Fixed Income Broking Mortgage and Loan Advisory
Point of Sale Persons (POS) – Approved by IRDAI
Listed on NSE and BSE, Launched SMC Gold Coins
2003
2007
2009
2014
2017
2021
1995
2006
2008
2010
2016
2019
2022
SMC Global took membership of NSE and started broking business
Insurance Broking
Wealth Management Investment Banking Online Trading Currency Broking Financing Business (NBFC)
Corporate Hedging Desk
Trading cum clearing member of India INX & NSE-IFSC, GIFT City, Gujarat
Discount Broking - StoxKart
Investor Presentation
Became Clearing and Trading Member of India International Bullion Exchange IFSC and also incorporated Category III (AIF)
7
Geographical Reach
Jammu
Kangra
SMC Branch Offices
143 Branches in India including Dubai 452 Cities covered across India 2,548 Sub Brokers/ Authorised Persons
Guwahati
Jorhat
Amritsar
Mandi Shimla Saharan pur Chandigarh Yamuna Nagar Karnal
Jalandhar Ludhiana Bhathinda Sirsa
Haryana
Panipat
Rohtak
Delhi Faridabad
Gurgaon Noida
Ayodhya
Jodhpur
Jaipur
Agra Renukoot
Dehradun
Sambalpur Meerut
Moradabad Lucknow
Aligarh
Kanpur
Bhopal
Bokaro
Sultanpur Gorakhpur Malda
Asansol Durgapur Ranchi Jamshedpur
Dubai
Ahmedabad
Vadodara Rajkot
Surat
Mumbai
Pune
Kolhapur
Kota
Vapi
Indore
Akola
Ahmednagar
Nashik
Aurangabad
Nagpur
Bilaspur Raipur
Sambalpur
Bhilai
Bhubaneswar
Secunderabad
Hyderabad Hitech City
Visakhapatnam
Kakinada
Vijaywada
Patna
Siliguri
Shillong
Varanasi
Alipurduar
Behrampore,
Silchar Agartala
Dhanbad
Kolkata Kolkata 1
Howrah
Investor Presentation
Bengaluru
Coimbatore Kochi
Chennai
Corporate Office Broking Insurance Real Estate Wealth Overseas Financing
8
Awards & Accolades
2023 Member Partner – New Initiatives & Market Outreach Commodity
2022 MCX Awards Leading Member- Bullion Segment
2022 Significant Contribution To The Commodities Market
2022 MCX Awards Leading Member- Options
2021 KRISHI Award for developing Retail Segment Participation
2019 Premier Depository Participant in Gold Category
2019 Fastest Growing MFI North in Best Star MF Online- BSE
2019 Business Excellence Award (Order of Merit)
2018 Best Fastest Growing Commercial NBFC
2018 Best Financial Service Provider
2019 Broking House Non-Agricultural Commodities of The Year
2018 “Regional Retail Member of the Year (North)”
2017 Best Broker with In-House Research In Bullion Industry
2017 Krishi Pragati Award, 2017
2016 NBFC of the year (Northern region)
2015 Property Consultant of the Year - Residential
2017 Commodity Broker of the Year
2015 Best Financial Service Provider
2017 Best Performing Retail Broker of Northern Region
2017 Best Online Trading Services Broker
2016 Order of Merit- Achieving Market Leadership
2015 Corporate Broker of the year – National & Best Real Estate Broker of the year
2014 Best Commodity Broking House
2014 Best Merchant Banker – Capital Restructuring services
Investor Presentation
9
Key Strengths
•
Top Management of SMC has Over 30 Years of experience in industry
• Well established and deeply penetrated national brand with strong reputation and good recall
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Group has extensive corporate relationships
An ever-growing database of corporate and retail clients
Innovative use of digital technology-enabled capabilities, best-in-class products and services
Strong network of approx. 2,548 Authorized persons and Sub-brokers, with a footprint covering over 452 cities across India
• Wide range of financial products under one roof
•
SMC has earned trust that cements “One Transaction Lifetime Relationship,” the belief that centers on managing, growing and protecting the investment of our clients for generations
Investor Presentation
10
Broking, Distribution & Trading
11
Broking, Distribution & Trading
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Broking business comprises of brokerage, including discount brokerage “Stoxkart,” dealing in equities, commodities, currency derivatives and other securities on behalf of customers, clearing services across all major stock exchanges and depository services.
Distribution business encompasses distributing third-party financial products like Mutual Funds, IPOs, FPOs, Corporate FD’s and Bonds and various other capital market products.
This segment also covers wealth and portfolio management services along with providing investment banking services and advisory in real estate and mortgage / loan advisory.
The company also houses proprietary arbitrage trading through a new generation algorithmic trading/HFT.
Procurement and placements of debt instruments like G-Secs for various corporate clients is carried out under the fixed income desk.
SMC has banking tie ups with leading institutions like Punjab National Bank, Union Bank of India, Indian Overseas Bank, Karur Vysya Bank, Dhanlaxmi Bank as execution partners for broking services.
SMC has tied up with PNB for new brokerage plan "Discount Brokerage".
Increasing Online Penetration
69%
50%
43%
41%
Authorised Persons / Sub-Brokers
2,574
2,513
2,548
2,230
Segment Revenue* (INR Mn)
7,719
7,678
6,075
4,756
FY20
FY21
FY22
FY23
*includes other income
FY23 Revenue Pie (%)
36%
64%
50%
57%
59%
31%
FY20
Investor Presentation
FY21
Online
FY22 Offline
FY23
FY20
FY21
FY22
FY23
Broking & Trading
Others
12
Broking
Equity, Commodity & Currency Broking:
• SMC is serving more than 9,29,000 clients under the broking segment, including more than 1,94,000 clients under Stoxkart.
• Equity segment under broking has been successful in generating a combined turnover of approx. INR 213.97 Tn* in Q4-FY23 as compared to a turnover of INR 204.22 Tn* in Q3-FY23.
• Recorded our highest trading volume of INR 0.91 Tn* in commodity segment and INR 2.76 Tn* under currency segment for Q4-FY23.
• Total approx. market share of 1.60% in equity, 2.13% in commodity and 2.20% in currency markets.
Clearing Services:
• SMC is a leading name in clearing services whereby it provides clearing & Settlement services to over 320 trading members across multiple stock exchanges.
• Member of NSE, BSE, India INX, NSE IFSC Exchange at GIFT City, MCX, NCDEX, ICEX & MSEI in India and DGCX (Dubai Gold & Commodity Exchange) in UAE.
• SMC is one of the few clearing service providers having a PAN – India reach.
Broking Clients (INR Thousands)**
Broking DP AUA (INR Bn)
930
779
495
527
Average Daily Turnover in Broking (INR Bn)
2,911
647
552
248
154
1,410
534
627
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
*Includes turnover from proprietary and clearing services from cash and derivative segments **Includes broking clients under Stoxkart
Investor Presentation
13
Discount Broking – StoxKart
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SMC has successfully launched a Discount broking platform in 2019 under the brand name StoxKart.
It’s a first-of-its-kind in the broking industry where customers are charged only for profitable transactions.
• Optimal usage of existing infrastructure is being leveraged to great cost savings targeting industry
competitive prices.
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StoxKart is one of the very few brokers to offer API based trading services which enables the clients to write their own software programs for professional trading.
StoxKart has added more than 1,94,000 clients till March 2023, and this has the potential to show exponential levels of growth. (StoxKart clients are unique from traditional broking clients)
Launching new trading app Super Evo, which will further increase the market share of SMC.
StoxKart Clients
Key Features:
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Big Saving in Brokerage- INR 15 flat on intraday trade. Brokerage per executed order regardless of the trade size or time and that too only on the profitable trades.
Free Delivery Trades- Zero brokerage on delivery trades.
Advanced Charting Facility- Advanced and cutting-edge charting tools with 80+ technical indicators on real-time basis.
Advanced Trading Terminal- Seamless user-experience on mobile, browser & desktop trading platforms to help the customers trade on the move.
44,934
8,397
194,243
105,843
• Quick Trigger Alert- Get quick trigger alerts for price movements, pending orders, executed
orders etc.
•
Real Time Support- A dedicated team of experienced professionals ready to offer any kind of assistance regarding customer queries.
Investor Presentation
FY20
FY21
FY22
FY23
14
Digital Ecosystem for Broking
Client Engagement • Developing
reports
in research HTML5 (Mobile Responsive Format). Creating campaigns using Social like Media, Moneycontrol.com, Web banners, etc with an objective of adding value during prospect’s awareness.
Investor websites
Innovative Trading Tools • Availability of next generation tools for trading such as SMC Invest, SMC ACE, SMC Easy Algotrader, SMC Autotrender, Algo and HFT Trading.
“We are Online” •
Zendesk – the messaging chatbot enables us to identify and segregate anonymous visitors into customers and prospective clients and to address their issue in realtime.
Quantitative Trading Desk(HFT) •
Specialize in automated trading strategies across multiple asset classes through cutting edge in-house trading platform
Digital Presence • Active social media presence on including platforms Twitter,
various Facebook, LinkedIn, Youtube and Quora.
Instagram,
•
Market Mojo has
is
in
into
SMC an entered agreement with Markets Mojo, which the business of providing Market Data & Research Support Services across various channels of distribution and is also a SEBI registered Investment.
Website Traffic (In Mn)
Application Installations
3.32
3.90
3.69
1.91
328,000
176,793
89,575
41,378
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Investor Presentation
• Next generation
advance mobile trading platform ‘ SMC ACE’ • Provides Robo Advisory
to the clients
• Customized automated trading platform based on Algorithms
• Platform for online
trading through website and Mobile App
• Online App for investing in mutual funds, FDs and various other financial instruments
• An In house automated software which is totally unique to the system. • Our team of software professionals develop various technical and statistical strategies for trading.
• Advance mobile trading
•
app Single hand navigation to important functions • Advanced Charting tools • Multiple analysts research based recommendations
•
SMC has tie up with ‘Tradetron’
• With Tradetron, trading will be faster - better executions, real-time trading strategies. Tradetron makes it easy for those who lack time or even the know-how to trade online.
•
SMC has tie up with ‘Narnolia’
• Narnolia has created
one of the best Process -Driven BUY-side Research teams in the country with capabilities spread across asset classes and investment strategies.
15
Distribution
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SMC offers distribution services of financial products including IPO’s, Mutual Funds, Company Fixed Deposits, Bonds, through its network of branches and channel partners across India.
SMC also provides retail financing through NBFC division in IPO's , FPO's & Bonds.
Pan-India network of 6,928 independent financial distributors.
25
SMC is ranked amongst top 20 syndicators in most of the Debt & Equity Issuances in retail segment.
Distributing Mutual Fund schemes for all AMCs and has built a cumulative Asset under Management (AUM) of above INR 29.90 Bn+ with more than 69,100 active SIPs for clients.
Mutual Funds AUM (INR Bn)
30
31
30
Total Distributors
7,469
6,941
6,928
6,335
FY20
FY21
FY22
FY23
GOI Taxable Bonds Procurement (INR Mn)
Corporate FD Procurement (INR Bn)
35,660
56
59
18,110
13,750
4,890
33
36
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Investor Presentation
16
Proprietary Trading & Fixed Income
High-Frequency Trading (HFT):
•
HFT is a method of trading that uses powerful computer programs to transact a large number of orders in fractions of a second. It uses complex algorithms to analyze multiple markets and execute orders based on market conditions.
• We have an in-house team of software professionals, developing various technical and statistical strategies.
Arbitrage/ Algorithm Trading:
•
SMC deploys its surplus funds into generating income from proprietary arbitrager business.
• Under arbitrage we use Algo trading and high frequency trading infra to capitalize on the market in efficiencies in Equity/ Pro/ Commodities and
Currency segments of various exchanges.
• We are using state of the art hardware /software both outscored and
in house and also low latency network for running our various arbitrage
strategies written by in house software team as well as outsource team vendors.
•
SMC also has very talented Quant team which makes number of alpha generating strategies to give market network absolute return .
Fixed Income:
•
•
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The fixed income desk executes the procurement and placements of a wide range of debt instruments.
Served more than 1,700 institutional and HNI clients till March, 2023.
SMC’s total turnover upto March, 2023 stood at INR 39.85 Bn and INR 11.75 Bn in WDM section.
At this desk, SMC deals with Government securities (G-Sec), State Development Loans (SDLs), Debentures (PSUs, Corporates, NBFCs, Banks), Tax-Free Bonds, Money Market Instruments, Certificate of Deposits, Commercial Papers, Treasury Bills, Perpetual Bonds, Other Debt Market Instruments.
Serving a broadly diversified client profile consisting of State Electricity Boards, Private & PSU Corporate PFs, Gratuity Trusts, Schools / Universities / Education Institutes, Charitable Trusts, Banks/ Mutual Funds/ Insurance Companies, Debt Brokers, Corporate Treasuries, HNIs, etc.
Investor Presentation
17
Advisory
Wealth Management:
•
Total Clients served under wealth management clock over 10,950 with managed AUM/ AUA of INR 6,097 Mn.
• We have our direct sales branches/ regional offices at Delhi, Mumbai, Bangalore and
Pune.
Portfolio Management:
• Under our PMS desk, we focus on buying fundamentally sustainable growing businesses and outperform the benchmark indices by investing in equity and equity related instruments including mutual funds.
Investment Banking:
•
•
SMC Capitals Ltd. is a Category I Merchant Banker registered with SEBI providing a full spectrum of equity capital markets services, using an Industry-focused and Knowledge-driven approach. SMC Capitals, since 2008 has been part of more than 50 deals in the Public Issue Management, M&A Advisory, Private Equity & Debt Advisory Services and process management for consolidation products.
Real Estate/Mortgage Advisory:
• • • •
Fully Integrated real-estate solution provider for end-users, investors & developers. Supported by 1,186 sub-brokers. 7,172 transactions done since 2015 valued at INR 37.89 Bn. Tie-ups with leading developers like VTP Realty, Vilas Javdekar, NDLC, Ekana, Godrej, Lodha, Shapoorji, TATA Housing, Shobha, Kolte Patil, Marathon, Kohinoor, Hiranandani, Adani, Mantra, ATS, Wave City, etc.
• Mortgage Advisory- Tie-ups with leading banks for debt syndication of secured/
Wealth AUM/AUA (INR Mn)
6,097
5,400
4,400
3,080
FY20
FY21
FY22
FY23
Marquee Investment Banking Deals
BSE Limited
Coromandel International Limited
IPO - BRLM
M&A Advisory
VRL Logistics
Private Equity Advisory
Muthoot Fincorp Limited Debt Public Issue – Lead Manager
L&T Infrastructure Finance Limited Long Term Infrastructure Bonds – Co Lead Manager
Shriram Transport Finance Company Limited Debt Public Issue – Lead Manager
Kosamattam Finance Limited
Debt Public Issue – Lead Manager
IDFC Limited Long Term Infrastructure Bonds – Co Lead Manager
Venus Pipes & Tubes Limited
IPO – Sole BRLM
Investor Presentation
unsecured loans for retail and corporate borrowers.
18
Broking Industry Outlook
•
Equity Broking industry is likely to clock a total revenue of ~INR 28,000-30,000 crore in FY 2023, registering a year-on-year (YoY) growth of 10%, the revenue growth rate is expected to be flattish in FY24.
• High investor awareness, increased retail interest across market segments, easier and faster means to access the markets and continuing FII inflows will continue to boost these numbers.
•
In FY 2022, full-service brokers accounted for a significant share (46.23%) of the broking industry in India, followed by discount brokers (42.46%) and hybrid brokers (11.31%).
Rising Penetration of Demat Accounts in India
6.50%
2.10%
2.40%
2.70%
4.10%
3.10%
• Value added service offering becomes a key differentiator amid rising competitive
FY17
FY18
FY19
FY20
FY21
FY22
pressure and decreasing interest rates.
•
•
Steady increase in trading activity can be seen with the trading volumes peaking every quarter.
The industry witnessed a deceleration in the pace of client accretion. In 11 months of FY23, client addition was at ~2.3 crore compared to ~3.46 crore in FY22.
• Recently, government hiked STT on sale of futures and options to an extent of ~25%. This rise will result in higher cost for participants impacting robust momentum seen in volumes.
•
Increasing regulatory compliance and associated cost, larger brokerages are expected to gradually garner market share while consolidation is expected to continue with the alignment of small brokers with larger established player.
Industry ADTO - Equity Retail (INR Tn)
8.1
6.2
6.8
2.9
3.2
3.6
FY17
FY18
FY19
FY20
FY21
FY22
Source:- IBEF, ResearchAndMarkets.com, business standard & ICICI Direct: Indian Brokerage Report
Investor Presentation
19
Insurance Broking
20
Insurance Broking
•
•
•
•
•
SMC Insurance Brokers Pvt. Ltd. which is a Direct Insurance Broker registered with IRDAI (Insurance Regulatory and Development Authority of India) provides a complete array of services in Life Insurance and General Insurance Category including consulting, risk analysis, policy serving and claim settlement assistance.
SMC is one of the largest players in India in the General Insurance Retail Broking as well as for Life Insurance in India.
It provides these services through 8 branches across the country with more than 578 employees, 13,672 Point of Sales (POSs) and 294 Motor insurance Service Providers (MISPs) servicing a retail customer base of more than 9,50,000 a year.
The company operates independently of insurance companies, representing clients and rendering impartial advice to protect client’s interests.
Customers taking insurance through SMC benefit by lower premium and/or better quality of insurance cover, expert consultancy, practical pre-sale advice and efficient post-sale services.
Segment Revenue* (INR Mn.)
3,482
2,207
2,452
2,760
FY20
FY23 *Revenue recognition changed from net to gross basis from FY18.
FY22
FY21
No. of Policies (In Thousands)
676
739
958
802
FY20
FY21
FY22
FY23
Investor Presentation
21
Insurance Broking
General Insurance (GI)
Non-Life/ General Insurance contributes around 93.40% of the total revenues of the Company.
• Within this segment, sales primarily happen through MISP (Motor Insurance Service
Provider), POS (Point of Sales person), direct sales channel-foot on the street model.
•
•
SMC had 2.78% of Industry market share for Insurance Motor premiums as on 31st March, 2022.
The General Insurance business segment has following sub verticals under which policies are sold:
Insurance Gross Premium (INR Mn)
27,166
20,840
15,826
17,364
• MISP: Motor Insurance Service Provider
FY20
FY21
FY22
FY23
•
•
GI Retail: Personal Line Products offered i.e. Motor, Health, Travel, Home Insurance etc.
GI Corporate: Marine insurance, Fire insurance etc. to corporate, institutional and government bodies.
FY23 Revenue Pie (%)
7%
Life Insurance (LI)
This segment contributed around 6.60% of the total revenue in insurance broking.
• We have a tie up with all the Life Insurance Companies for procuring business with an
overall range of 40- 45 products to offer to our clients.
• Our offerings include varied products viz Term Plans, Market Linked Investment Plans,
Endowment plans promising guaranteed returns for varied client requirements.
Industry data source: IRDAI Annual report FY 21-22
Investor Presentation
93%
General Insurance
Life Insurance
22
Insurance Broking - Scalable Business Model
Distribution
• Deep and wide national coverage • Strong presence in Tier-1 and Tier-2 cities • Leveraging SMC Global’s (Parent) franchisee network
Point Of Sales (POS)
11,100
12,000
13,672
Processes
• Best in industry quality processes • 100% verification of all leads to ensure no mis-selling • Emphasis on employee training and development • Complying to data confidentiality, regulatory compliance and IRDA guidelines
8,000
Technology Platform
• www.smcinsurance.com online portal has developed for catering to B2B and
B2C network
• The portal has Artificial Intelligence features • Average Monthly spend of INR 50 lakhs (approx.) on technology development
POS Model
• Point of Sale, an individual authorized by IRDA for sales/ servicing of the
Insurance policies on behalf of the Company
• Post online training & certification the individual sources pre underwritten
Insurance policies (Motor, Travel, Personal accident & home insurance)
• MISP guidelines effective Nov 2017 have paved way for large business
opportunities through OEM dealers
• First broker in OEM insurance program to successfully launch entire insurance
MISP model
program compliant with MISP guidelines
• First online portal for MISP enrollment – training, examination and registration • First insurer evaluation for Automotive Insurance Program through online RFP
by insurers & dealer rating of insurers
FY20
FY21
FY22
FY23
Motor Insurance Service Providers (MISP)
350
370
282
294
FY20
FY21
FY22
FY23
Investor Presentation
23
Insurance Industry Outlook
• The Insurance industry in India is expected to reach USD 280 Bn by 2025 with a CAGR of 12-15%. Life insurance industry in the country is expected to grow 5.3% annually from 2019 to 2023. India’s general insurance market is expected to grow at a compound annual growth rate of 6.2% during 2019-2023.
Insurance Premium as a % of GDP
0.80%
0.90%
1.00%
0.90%
0.90%
1.00%
•
•
•
Insurance reach is still low in India. Overall insurance penetration (premiums as % of GDP) in India was 4.2% in FY21, providing a huge underserved market; with life insurance penetration at 3.2% and non-life insurance penetration at 1.00%.
Investment corpus in Indian insurance sector might rise to USD 1 Tn by 2025.
2.70%
2.80%
2.70%
2.80%
3.30%
3.20%
In FY22, premiums from new businesses of life insurance companies in India stood at USD 40.1 Bn.
FY17
FY18
FY19
FY20
FY21
FY22
Life
Non-Life
• According to the data compiled by the Life Insurance Council, In FY23 (Until October 2022), premiums from new businesses of life insurance companies in India stood at US$ 25.3 billion. In October 2022, life insurers’ new business premiums grew to Rs. 15,920.13 crores (US$ 1.94 billion)
•
In India, gross direct premiums written of non-life insurers reached INR 2569 Bn in FY23 from INR 2208 Bn in FY22, driven by strong growth from general insurance companies.
13.2
46.5
• Higher personal disposable incomes would result in higher household savings that will be channeled into different financial savings instruments like insurance and pension policies.
Insurance Premiums Per Capita (In USD)
18
55
19
55
19
58
19
59
Source: IBEF, Care edge Rating
Investor Presentation
FY17
FY18
FY19
Life
FY20 Non-Life
FY21
24
Financing (NBFC)
25
FY23 NBFC Business in numbers
91 Channel Partners 9 Branches
Employees 261
Number of Lenders 16
Collection Efficiency close to 99%
Net Worth INR 4,002 Mn
Loan AUM INR 9,004 Mn
Cumulative Loans Disbursed INR 22 Bn+
NNPA % 1.44%
ROTA % 4.54%
Revenue INR 1,371 Mn
Total Borrowings/Leverage Ratio INR 5,765 Mn / 1.44x
Secured Loans % 49%
Investor Presentation
OPEX to AUM 5.94%
Cost of Borrowing % / NIM % 9.57% / 12.44%
Credit Cost-ANR / PCR 0.66% / 37.02%
26
NBFC – Middle Layer
•
In the year 2008, SMC started providing financing services through its wholly owned subsidiary, Moneywise Financial Services Pvt. Ltd. (SMC Finance).
• During the year, the Company offered wide spectrum of financial products like SME- LAP (Loan against property), SME-Onward-lending (to NBFC/MFI), SME Equipment finance (Medical & Industrial equipment’s), SMEWCTL (Unsecured business loans), Gold Loans and Loan against securities. The Company has also entered into its first Co-lending tie-up with Central Bank of India in Q4 FY' 2023.
•
• The Company has ventured into Gold loan business during the year and also opened its first
dedicated Gold loan branch in January 2023.
Gold Loan
CMF
Consumable Durables
Retail DAs
Onward Lending
SME Assets
SME LAP
SME WCTL
Total
AUM (INR Mn)
Tenure (Months)
Rate of Interest (Range) (%)
124
6
178
3
14
6
293
12
1,504
24
608
60
2,043
120
4,240
9,004
36
10 – 18
18 – 20
18 – 20
15 – 18
14.5 – 16.5
13 – 15
10 – 15
18 – 20
No. of Clients
7,168
322
9,153
9,316
47
41
124
2,170
28,341
* All numbers as of Q4-FY23 Investor Presentation
Segment Revenue (INR Mn)
1,370
985
878
827
FY20
FY21
FY22
FY23
FY23 Lending Portfolio
1%
7% 3%
23%
17%
2%
47%
SME-Loan Against Property (LAP) Consumer Durable Loans Onward Lending Direct Assignment
SME-Working Capital Term Loan (WCTL) Capial Market Funding (CMF) SME-Asset Finance Gold Loan
27
Borrowing Mix Diversification
•
Increasing diversity in borrowing profile with borrowing from bank &
financial institutions.
Diversified Borrowing Mix
• Continued plan to raise additional funds through diversified sources and
through various instruments.
• Cumulative Asset/ Liability mismatch, surplus of INR 235.2 Mn in 30 days
bucket which is well under control as per RBI guidelines.
49%
11%
40%
FY20
42%
13%
45%
FY21
49%
16% 7%
27%
FY22
78%
9% 14%
FY23
Lending Institutions
NCD
Corporate Borrowing
NBFC & FI
Bank
Borrowing Program Supported By Superior Ratings
Rating Type
Rating
Rating Agency
Long term bank loans
CARE A- (stable)
Long term bank loans
ICRA A- (stable)
NCD
PP-MLD
CARE A- (stable)
ICRA A- (stable)
CARE
ICRA
CARE
ICRA
28
Investor Presentation
FY23 Key Business Trends - NBFC
Lending Portfolio 1%
7% 3%
17%
2%
23%
47%
SME-Loan Against Property (LAP) Consumer Durable Loans Onward Lending Direct Assignment
SME-Working Capital Term Loan (WCTL) Capial Market Funding (CMF) SME-Asset Finance Gold Loan
Disbursements (INR Mn)
8,583
3,260
2,810
4,310
NII (INR Mn) & NIM (%)
990
12.44%
750
11.81%
1,000
900
800
700
600
500
400
300
200
100
599
10.96%
618
11.42%
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
GNPA % & NNPA %
CRAR %
61%
58%
51%
40%
PAT (INR Mn)
361
185
169
224
6.17%
3.66%
4.21%
2.55%
2.83%
1.99%
FY20
FY21
GNPA%
FY22
NNPA %
2.27%
1.44%
FY23
Investor Presentation
29
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
NBFC Industry Outlook
• Non-Banking Finance Companies (NBFCs) have played an important role in the Indian financial system by complementing and competing with banks, and by bringing in efficiency and diversity into financial intermediation.
• NBFCs have evolved considerably in terms of operations, heterogeneity, asset quality and profitability, and regulatory architecture. Going forward, the growing systemic importance and interconnectedness of this sector calls for regulatory vigil.
• The regulatory approach of the Reserve Bank has adapted to the increase in complexity of the entities within the NBFC sector as well as the growing significance of NBFCs within the financial sector.
• The number of registered MSMEs has grown to 63 Mn units at a growth rate of 18.5% from the previous year with the launch of Udyog Aadhaar Memorandum policy promoting business activities in the country.
•
India has a large unmet SME credit as less than 14% of these SMEs have access to credit facilities which brings the potential addressable market of USD 819 Mn under this credit gap.
• Total MSME credit exposure is at INR 22.9 lakh Crs as of Sept’22, reflecting YOY growth rate of
10.6%.
• Availability of good credit borrowers supported with rising income levels as demand is being fuelled by economic growth. Total disbursements in MSME have increased YoY by ~24% in Q2- FY23.
• Government polices like “Atmanirbhar Bharat”, and “Make in India” promote the facilitating of
credit to MSME organizations.
Sources: SIDBI, IBEF,MSME, Avendus: MSME Lending Report
Investor Presentation
MSME Credit Market – India
Market Size: USD 819 Mn
4%
31%
65%
Credit Gap: USD 530 Mn
Banks
Credit Gap
NBFC
FY 23* Disbursement
Small, 39.81%
Medium, 33.80%
*As of Q2 of FY 23
Micro, 26.39%
30
Financial Overview
31
Historical Consolidated Income Statement
Particulars (INR Mn)
Operational Income
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Interest
Profit (Loss) from Joint Venture
PBT
Tax
Profit After tax
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic & Diluted EPS (INR)
Investor Presentation
FY20
7,785
6,599
1,186
15.23%
56
192
599
-
451
212
239
3.07%
(63)
176
2.11
FY21
9,013
7,060
1,953
21.67%
69
180
424
7
1,425
375
1,050
11.65%
27
1,077
9.28
FY22
11,169
8,218
2,951
26.42%
39
201
575
-
2,214
468
1,746
15.63%
16
1,762
15.43
FY23
12,167
9,468
2,699
22.18%
41
227
893
-
1,620
416
1,204
9.90%
50
1,254
11.25
32
Historical Consolidated Balance Sheet
Particulars (INR Mn)
ASSETS
Non-Financial Assets
Inventories
Current tax assets (net)
Deferred tax assets (net)
Assets held for sale
Property, plant and equipment
Capital work - in - progress
Right of use assets
Other intangible assets
Intangible assets under development
Other non-financial assets
Sub-Total Non-Financial Assets
Financial Assets Cash and cash equivalents (incl. Other Bank balance) Receivables
Loans
Investments
Other financial assets
Sub-Total Financial Assets
TOTAL ASSETS
Investor Presentation
FY21
FY22
FY23
Particulars (INR Mn)
FY21
FY22
FY23
132
224
317
24
268
-
350
17
1
345
365
223
40
790
-
330
18
12
242
1,575
276
2,399
10,975
12,819
3,339
5,758
1,171
1,056
22,299
23,874
3,458
7,800
1,706
1,243
27,026
29,425
52
290
304
42
895
89
355
29
11
350
2,417
14,599
3,904
10,828
570
831
30,732
33,149
EQUITY AND LIABILITIES
Equity
Share Capital
Other Equity
Non-controlling interest
Total Equity
Non-Financial Liabilities
Current tax liabilities (net)
Provisions
Other non-financial liabilities
Sub-Total Non-Financial Liabilities
Financial Liabilities
Trade Payables
Lease Liabilities
Debt Securities
Borrowings
Other Financial Liabilities
Sub-Total Financial Liabilities
Sub-Total Liabilities
TOTAL EQUITY AND LIABILITIES
226
7,501
16
7,743
15
234
166
415
226
9,035
16
9,277
-
268
262
530
209
9,118
24
9,351
43
293
338
674
4,843
7,108
4,740
338
783
3,821
5,931
15,716
16,131
23,874
329
702
3,939
7,540
19,618
20,148
29,425
362
637
8,476
8,909
23,124
23,798
33,149
33
Historical Standalone Income Statement
Particulars (INR Mn)
Operational Income
Total Expenses
EBITDA
EBITDA Margins (%)
Other Income
Depreciation
Interest
PBT
Tax
Profit After tax
PAT Margins (%)
Other Comprehensive Income
Total Comprehensive Income
Basic & Diluted EPS (INR)
Investor Presentation
FY20
4,219
3,587
632
14.98%
310
139
427
376
79
297
7.04%
(61)
236
2.63
FY21
5,013
3,760
1,253
FY22
6,699
4,503
2,196
FY23
6,792
4,971
1,821
25.00%
32.78%
26.81%
197
118
280
1,052
303
749
14.94%
26
775
6.62
142
144
372
1,822
376
1,446
21.59%
(2)
1,444
12.78
136
170
588
1,199
265
934
13.75%
(3)
931
8.72
34
Historical Standalone Balance Sheet
Particulars (INR Mn)
ASSETS
Non-Financial Assets
Inventories
Current tax assets (net)
Deferred tax assets (net)
Property, plant and equipment
Right of use assets
Capital work - in - progress
Other intangible assets
Intangible assets under development
Other non-financial assets
Sub-Total Non-financial Assets
Financial Assets
Cash and cash equivalent (incl. Other Bank balance)
FY21
FY22
FY23
132
163
80
210
263
-
8
-
137
993
237
212
21
741
246
-
8
8
2
106
104
807
254
89
13
11
125
1,598
139
1,525
Particulars (INR Mn)
EQUITY AND LIABILITIES
Equity
Share Capital
Other Equity
Total Equity
Non-Financial Liabilities
Current Tax Liabilities (net)
Provisions
Other non-financial liabilities
Sub-Total Non-Financial Liabilities
Financial Liabilities
Trade Payables
10,413
11,933
13,678
Lease Liabilities
Receivables
Loans
Investments
Other financial assets
Sub-Total Financial Assets
TOTAL ASSETS
Investor Presentation
2,374
128
4,841
656
18,412
19,405
2,725
1,091
5,527
842
22,118
23,716
3,106
1,887
4,202
675
23,548
25,073
Debt Securities
Borrowings
Other Financial Liabilities
Sub-Total Financial Liabilities
Sub-Total Liabilities
FY21
FY22
FY23
226
6,489
6,715
-
128
80
208
226
7,706
7,932
-
158
123
281
209
7,471
7,680
16
193
193
402
3,979
6,356
3,766
247
-
2,384
5,872
12,482
12,690
237
-
1,510
7,400
15,503
15,784
252
-
3,846
9,127
16,991
17,393
TOTAL EQUITY AND LIABILITIES
19,405
23,716
25,073
35
Historical Consolidated Financial Performance
Revenue (INR Mn)
EBITDA (INR Mn) & EBITDA Margin (%)
PAT (INR Mn) & PAT MARGIN (%)
11,169
12,167
7,785
9,013
3,200
2,800
2,400
2,000
1,600
1,200
800
400
-
1,953
1,186
15.23%
21.67%
2,951
2,699
26.42%
22.18%
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Net Worth (INR Mn)
9,261
9,327
7,727
6,831
ROE %
18.82%
13.56%
12.88%
1,746
15.63%
1,050
11.65%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
1,204
9.90%
FY21
FY22
FY23
ROCE %
19.74%
14.90%
13.61%
239
3.07%
FY20
11.18%
FY20
FY21
FY22
FY23
3.50%
FY20
FY21
FY22
FY23
FY20
FY21
FY22
FY23
Investor Presentation
36
Capital Market Highlights
1 Year Stock Performance (as on 31st March, 2023)
SMC
Sensex
20%
15%
10%
5%
0%
-5%
-10%
-15%
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Price Data (As on 31st March, 2023)
Shareholding Pattern (As on 31st March, 2023)
Face Value
Book Value per Share
CMP
52 Week H/L
Market Cap (INR Mn)
No. of Share outstanding (Mn)
Avg. Trading Volume ('000)
Avg. Net Turnover (INR Mn)
Investor Presentation
2.00
89.09
71.52
95.40/68.10
7,488.14
104.70
154.17
13.11
Public 31.46%
FII 1.14%
Promoters 67.40%
37
Disclaimer
SMC Global Securities Disclaimer:
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management of SMC Global Securities Limited, which are expressed in good faith and in their opinion reasonable, including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Company’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from.
This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner.
Valorem Advisors Disclaimer:
Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.
For further information please contact our Investor Relations Representatives:
Valorem Advisors Mr. Anuj Sonpal, CEO Tel: +91-22-49039500 Email: smcglobal@valoremadvisors.com
Investor Presentation
38
Thank You
39