India : Wealth Creation Story

Kuntal Shah @ Indian Embassy, Moscow - 9th October 2019 1

“A picture is worth a thousand words!”
-Frederick R. Barnard 2
 Wealth Creation

Wealth creation formula : Avoid complexity and fragility,

embrace simplicity and sustainability. 3
3
 India : Listed MNC Affiliates with the Same Offering and Management Culture
are Outperforming Parent Companies on Growth and Returns Parameters

60 50%

50 40%

40 30%
Bn $

30 20%

20 10%

10 0%

0 -10%

USD / INR 10yr

XIRR Returns (%) 4.5

Source : Bloomberg (As on 6th Mar'19) Indian Entities Market Cap Parent 10 Year CAGR Returns Indian 10 year CAGR Returns 4
 Indian Equities : Direct Derivative of India’s Economic Growth and Efficiency of Capital
Sensex has delivered 1.5x of nominal GDP (GDP growth + inflation + efficiency gains + market share gains)

45,000 Sensex hits

Sensex all time High
Sensex vs Nominal GDP (Re-based to 100)
45,000
NDA-2 Wins
40,000
Elected BSE Sensex Nominal GDP bn
GST
government 40,000
Implemented
35,000 resigned Lehman
Stock NDA wins
after 13 Brothers file for
Market landslide 35,000
days Bankruptcy
Scandal victory
30,000 Corporate
Global Crisis Tax
FOMC to 30,000
Rate Cut
NDA P-note norms continue QE
25,000 Barings Terrorist
government tightened
Bank attack in 25,000
sworn in QE
collapses the US
Election
20,000 Period of high results 20,000
LTCM UTI GDP growth of 5 States
Eco
Crisis 2004-2008
reforms
15,000
China 15,000
QE BREXIT Market
Dot- Eurozone
Asian UPA-1
10,000 com 10,000
Crisis
SEC
Satyam
Demonetization
5,000 UPA-2 wins 5,000
QE

-
0
Mar-91
Mar-92
Mar-93
Mar-94
Mar-95
Mar-96
Mar-97
Mar-98
Mar-99
Mar-00
Mar-01
Mar-02
Mar-03
Mar-04
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Source : Bloomberg, Statistics.com 5
 India : Low Base, High Growth Story

INDIA UNITED STATES CHINA GERMANY Russia UK

2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA 2000 2018 DELTA

Nominal
GDP ($bn) 477 2,958 6.20 10,285 21,482 2.09 1,214 14,172 11.67 1,955 4,117 2.11 259 1,658 6.40 1,638 2,810 1.72

GDP per
capita ($)
(Nominal) 463 2,046 4.42 36,433 53,500 1.47 959 10,200 10.64 24,009 48,220 2.01 1,899 11,327 5.96 27,828 44,177 1.59

Index EPS
($) 1.4 6.1 4.36 50 132 2.64 5.6 37.9 6.77 197 1065 5.41 1.8 7.8 4.33 379 773 2.04
Equity
Market
Index ($)
(Dec’18) 28 159 5.65 1,320 2,506 1.89 250 359 1.44 3063 12400 4.05 7* 38 5.65 9427 8973 0.95
Index
Market
Cap. ($bn)
(Dec’18) 71 2,076 29.24 11,645 26,872 2.31 317 5,377 16.96 807 1,953 2.42 87 291 3.34 2,175 3,075 1.41

Exchange
Rate vs
USD 44.9 68.4 1.52 1 1 1 8.28 6.86 0.83 2.1 0.85 0.41 28.1 62.7 2.23 0.66 0.75 1.14

*2003,
Equity Indices : Nifty, S&P 500, Shanghai Composite, DAX, IMOEX, FTSE 100 as of December 2018, Source : Bloomberg, Statistics.com, TradingEconomics, 6
BSE Sensex Returns in USD

50% 5 Year 10 Year 15 Year

Yearly Rolling Return Observations 36 31 26
Loss Probability (%) 13.9% 3.2% 0.0%
40% Median Return (%) 10.1% 12.8% 11.4%
Max Return (%) 45.6% 20.4% 16.8%
Minimum Return (%) -6.8% -2.0% 4.6%
Standard Deviation (%) 10.8% 5.8% 3.1%
30%

20%

10%

0%

-10%

5 yr Sensex Rolling CAGR* 10 yr Sensex Rolling CAGR* 15 yr Sensex Rolling CAGR*

Source : Bloomberg, RBI 7

 Focus on Sector Leaders

Refinitiv
Refinitiv Market Cap CAGR in Market Cap CAGR in
Industry Company Name Industry (Reuters) Company Name
(Reuters) Code (USD Bn) USD* (USD Bn) USD*
Code

TITN.BO Titan Company Ltd. 16.1 18% ASPN.BO Asian Paints Ltd. 24.2 19%
Consumer
Materials ULTC.BO Ultratech Cement Ltd. 16.9 17%
Discretionary PAGE.BO Page Industries Ltd. 3.6 29%

WHIR.BO Whirlpool Of India Ltd. 3.4 9% PIDI.BO Pidilite Industries Ltd. 10.5 21%

HLL.BO Hindustan Unilever Ltd. 61.3 12% JUBI.BO Jubilant FoodWorks Ltd. 2.6 15%
Consumer Services
Staples ITC.BO ITC Ltd. 45.6 11% PHOE.BO Phoenix Mills Ltd. 1.5 31%

AVEU.BO Avenue Supermarts Ltd. 16.6 17% WEST.BO Westlife Development Ltd. 0.7 37%

HDBK.BO HDFC Bank Ltd. 95.9 24% INFY.BO Infosys Ltd. 48.9 31%
Telecom,
Financials KTKM.BO Kotak Mahindra Bank Ltd. 44.9 18% Media & WIPR.BO Wipro Ltd. 19.6 24%
Technology Honeywell Automation
BJFN.BO Bajaj Finance Ltd. 33.6 20% HONE.BO India Ltd. 3.6 16%
LART.BO Larsen & Toubro Ltd. 29.6 12% MRTI.BO Maruti Suzuki India Ltd. 28.9 20%
Industrials Transportation
HVEL.BO Havells India Ltd. 6.4 32% & Logistics BAJA.BO Bajaj Auto Ltd. 12.2 18%
TMIN.BO 3M India Ltd. 3.3 15% EICH.BO Eicher Motors Ltd. 6.9 22%
UPLL.BO UPL Ltd. 6.6 13% RELI.BO Reliance Industries Ltd. 120.7 12%
Lifesciences DIVI.BO Divis Laboratories Ltd. 6.3 22% Utilities PLNG.BO Petronet LNG Ltd. 5.6 19%
PIIL.BO PI Industries Ltd. 2.6 41% IGAS.BO Indraprastha Gas Ltd. 3.5 20%
*CAGR from 31st March 1992 or date of listing whichever is later to 31th March 2019, excluding Dividends. The universe being Market Cap > USD 500 Mn.
Source: Refinitiv (Thomson Reuters), Ace Equity 8
 Indian Companies are Amongst the Best Capital Allocators
Thank You
India has one of the highest proportion of companies
80%
with ROCE > WACC and highest average ROCE
% of Cos. with ROCE higher than the

Japan
weighted average cost of capital

70%
US
India
Low Structural RoE in % (2018) China India
60% France Indonesia
Germany
UK Australia Commodities + Cyclical
50%
Taiwan Russia R / Cyclical
Malaysia
40% Singapore Mexico South Africa Utilities
Thailand
30% Hong Kong Commodities Linked
Brazil
China Korea Materials
20%
Philippines Energy
10%
5% 10% 20% 15% 25% 0 20 40 60 80
Note: MSCI Index constituents have been considered. Also, bubble sizes represent
relative weights of the countries in the MSCI ACWI Index as of Dec 2018. Current Average ROCE (%)

High Structural RoE in % (2018) China India

Indian Companies have Benefitted by
Reinvesting Profits in their Businesses* Consumer + Global Demand
Global Demand
Information Technology
Consumer Linked
Communications
Consumer Staples
Consumer Discretionary

0 20 40
Source: Goldman Sachs Research, Bloomberg
*As of February 2018 9
 Factors Leading to Wealth Creation

"We are proud of 3 Ds :

Democracy, Demographic Dividend and Demand" 10

- Narendra Modi 10
India : Country of Countries, Large Population, Large Domestic Market,
Poor GDP per Capita, but on the Path of Progress and Growth

GDP Population :
BAHAMAS (Latest, $ Bn)
Somalia
(Jammu & Kashmir)
A country of countries

Bulgaria South Korea

MAURITIUS GUINEA Malaysia (Himachal Pradesh) (Northeast India)
SERBIA TUNISIA (Punjab)
Belgium
MOZAMBIQUE (Uttarakhand)
LATVIA Romania Gambia
ST LUCIA (Delhi) Mauritius (Arunachal Pradesh)
ST KITTS (Sikkim)
DOMINICAN AND NEVIS Thailand
REPUBLIC Brazil
QATAR
BOLIVIA
(Rajasthan) (Uttar Pradesh)
Macedonia
ZIMBABWE (Nagaland)
Philippines Uruguay
UZBEKISTAN (Bihar) (Meghalaya)
BELIZE Mongolia
CENTRAL
ANGOLA BOSNIA AFRICAN France Germany Poland (Manipur)
REPUBLIC Vietnam
GUATEMALA LIBERIA (Gujarat) (Madhya Pradesh) (Jharkhand) (West Bengal) Cyprus
Peru (Mizoram)
COTE
D’IVOIRE SOMALIA (Chhattisgarh) Kuwait
Argentina (Tripura)
URUGUAY
SINGAPORE Japan (Odisha)
(Maharashtra)

South Africa
SLOVAKIA (Andhra
United Pradesh)
MALAWI Slovenia Kingdom
(Goa) (Karnataka)
COMOROS
The Bahamas
CROATIA (Andaman and Nicobar islands)

SOMALIA Bahrain
Turkey (Puducherry)
ANGOLA Canada (Tamil Nadu)
TUNISIA (Kerala)

0 < 25 25 < 50 50 < 75 75 < 100 100 > Population (millions) 0 < 25 25 < 50 50 < 75 75 < 100 100 >

Source : IIFL , CEIC , The Economist , World Bank, Axis Capital 11

Decoding India’s Consumption Story

India
5000 3500
4500
3000
4000
3500 2500
3000 2000
2500
2000 1500
India 1 Mexico 1500 1000
1000
500
Population (Mn) ~ 110 ~ 130 500
Segment GDP ($ Bn) ~ 1000 ~ 1150 0 0

1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020e
2022e
2024e
Per Capita Income ($) ~ 8800 ~ 9300

GDP ($ Bn current prices) GDP per capita ($ current prices, RHS)

India 2 Philippines
The World is Changing :
Population (Mn) ~ 140 ~ 105 Asia’s Share of Global GDP
Segment GDP ($ Bn) ~ 300 ~ 313
Per Capita Income ($) ~ 3000 ~ 3000

India 3 Sub-Saharan Africa

(excluding S. Africa)

Population (Mn) ~ 1136 ~ 976

Segment GDP ($ Bn) ~ 1200 ~ 1167
Per Capita Income ($) ~ 1300 ~ 1200
Source: Howmuch.net, Visual Capitalist, ADB, Maddison, CGI, UNDP, Goldman Sachs 12
Debt/GDP : Declined in India, Risen in China

India : The only economy with a static total Debt-to-GDP ratio

GDP US$ 1 trillion over the past five years
300 65 70
Total debt = Government + Non-financial private sector
Population Bn
250 257 60
233
Mortgages % 200 50
186
40
Inflation % 150 148 145
125 128 30
100 16 19 19
Urbanization % 68 12 15 82 20
8 12
50 1 10
Adult Literacy Rate (> 15 years) %
0 0
0 50 100
India-2018 China-2018 China-2004
Change in Total Debt/GDP ratio % Total Debt/GDP (RHS) %
Data for 3Q 2017
81 Government Debt (% of GDP) Data for 3Q 2017
Private Non-Financial Debt (% of GDP)
71 200
61 while Brazil & India have the highest government debt…
…private non-financial leverage is among the least for them.
51 150
41 *indicates household and non-
31 100 financial corporate debt

21
50
11
1 0

Source : Bloomberg, Bank of International Settlements (BIS), MOSL 13

 India is 3% of World GDP but 1% of Investment Flows

Shrinking Size of Unorganized Sector

91% 92%
83% 81%

55% 51% 48%

40%

FY 2000 FY 2005 FY 2012 FY 2016

Unorganized Sector % of GDP Unorganized Sector % Employment

Corporate Tax Rate Cuts after a Long Time

Source: National Commission for Enterprises in the Unorganized Sector, Ambit Capital research, NSSO, ILO, McKinsey, World Economic Forum 14
Structural Reforms and Digitization = Formalization of The Economy

Macros Policies Digitization

• Subdued Oil • Corporate Tax Cut • Jan Dhan (zero

• GST balance bank
• Normal Monsoon
• Bankruptcy Code accounts)
• Surplus Liquidity
• RERA (Real Estate • Smartphone
• Forex Reserves Penetration
Cleanup) Structural &
• Improving Credit • UPI – Digital
• Demonetization Digitization
• Urbanization Payments
• Aadhar Boost
• Financialization • India Stack
of Savings • Smart Cities
• Direct Benefit
• Demographic • Skill India Initiative Transfer
Dividend • Housing for All

@Narendra Modi (P.M. of India)

“If there is any gap “Corporate tax rate “Government has “If you want to
anywhere, I will cuts are just the no business being invest in a market
personally act as a beginning of reform in business” where there is scale
bridge” and "a lot" is yet to come to India”
come” 15
 Strong, Unlevered and Under-Penetrated Indian Household

100
Household Debt to GDP (%) Mortgage to GDP Ratio (%, as of 2017) 88

67
75
52 56
45
38 40
50 31 34
18 20
25 9

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Emerging markets (aggregate) India China Russia United States

Indian Household Assets

Retail Credit ($ Bn) Provident & Pension Fund Equity
4% 3%
3%
16,200 Insurance Fund 5%
13,922 Non-Banking
11,663 1%
7,599 Deposit
10,097
8,976 6,454
7,828 5,378
4,409 4,711
3,858 Bank 15%
7,468 8,601 Deposit Property
4,567 5,386 6,285 56%
3,971

FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 13%

Home Loans Others Gold

Source: BIS, HDFC, European Mortgage Federation, Hofinet, RBI 16

 Addressable Market and
How To Skin The Cat

“Much of India that we dream of still lies ahead of us: housing,

power, water and sanitation for all; bank accounts and insurance
for every citizen; connected and prosperous villages; and, smart 17
and sustainable cities” - Narendra Modi 17
Invest in India

18
 India : Per Capita Expenditure

India is where China was in the early 2000s

Equivalent China size/ USA size/
Consumption Expenditure, India S. Korea
year USA ($) Japan ($) China ($) India India
Per capita by category ($) ($)
for China :: Times (x) :: Times (x)
Clothes & Footwear (ex-
60 2004 924 608 682 239 4.0x 15.4x
sportswear)
Non -Alcoholic Beverages 6 1994 267 202 126 74 12.3x 44.5x
Alcoholic Beverages 8 1997 401 357 131 29 3.6x 50.1x
Tobacco 16 1997 342 137 140 76 4.8x 21.4x
Housing 109 2006 5,904 3,738 1,679 346 3.2x 54.2x
Household Appliances 1 1990 165 230 149 56 56.0x 165.0x
Financial Services 33 2008 1,814 606 421 85 2.6x 55.0x
Automobiles 14 2009 1,214 589 440 34 2.4x 86.7x
Ground Transportation / Services 132 2012 2,090 1,564 844 175 1.3x 15.8x
Telecom Services 11 1998 825 554 395 89 8.1x 75.0x
Hotels 2 2004 364 130 212 11 5.5x 182.0x
Air Transportation 1 2000 165 55 222 17 17.0x 165.0x
Media 13 NA 988 629 181 55 4.2x 76.0x
Healthcare 39 2000 8,074 869 616 204 5.2x 207.0x
Education 28 2002 869 388 741 62 2.2x 31.0x
Insurance and Social Protection 16 2006 1,571 896 700 63 3.9x 98.2x
Nominal GDP per capita (PPP)($) 1,606 2,005 55,837 32,556 27,315 7,932 4.9x 34.8x
Data as of 2015 Source: GS Report – India Consumer close-up report of 2016 19
 India : Under-Penetrated & Underserved Market with a
Dominant Unorganized Sector
White Goods Penetration (2016) Credit, Insurance, Mutual Fund & Car Penetration (2018)
85% 89%
192
70%
60% 60%
100 100 101 91
21%
9% 52 56
3% 40
13 25
9 6 11 2
Washing Air Conditioner Refrigerator Television
Machine Loan to GDP Consumer Mortgages to % of Credit % Population Mutual Fund % Population
% Credit to GDP GDP % Card Holders with Health AUM % of Owning a Car
India Average Global Average % India USA Insurance GDP

Food & Care Products ($ Bn, 2019) Unorganized vs Organized Sector (Market Size, 2016)
2500 1 2349 1 1 34% 90% 95% 25% 10% 46% 53% 74% 65%
2075 0.9 100%
2000 0.8 80%
1500 0.6 0.6 60%
1000 0.4 40%
488 20%
500 156 0.2
82 43 14 6 0%
0 0
Packaged Packaged Personal Home Care
Foods Foods ex Beauty Care
Edible
India
Oils/Milk
Global
Index (India's Global Category Share v/s GDP, RHS) Organized Unorganized
Source : JP Morgan & EY, Euromonitor, Kotak Institutional Equities, , Bloomberg, IIFL Asset Management, 20
Trifecta of Growth Opportunity – Clean and Efficient Getting Bigger

Market Share within

Category Market Size Formalization of Sector Organized Players

Potential Actual Size Unorganized Organized Dirty & Inefficient Clean & Efficient
Laggards Players

21
Invest in Indian Companies, Spend on Global Brands

>
Shareholder Returns

22
Many Ways to Skin the Cat : Financials

23 23
 Indian Companies have Outperformed their Global Peers

18000 20000
Banks Banks
15000
16000
12000
9000 12000

6000 8000
3000
4000
0
0

CITIGROUP JP MORGAN CHASE & CO.

BANK OF AMERICA BNP PARIBAS DEUTSCHE BANK (XET) MORGAN STANLEY UBS GROUP

7000
14000
Banks Non-Banking
12000 6000
10000 5000
8000
4000
6000
3000
4000
2000
2000
1000
0
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

WELLS FARGO & CO HSBC HOLDINGS STANDARD CHARTERED AMERICAN EXPRESS DISCOVER FINANCIAL SVS.

Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Source : Refinitv (Thomson Reuters) 24
Many Ways to Skin the Cat : Housing

25
 Indian Companies have Outperformed their Global Peers
14000 8000
Paints 7000
Cement
12000
6000
10000
5000
8000 4000
6000 3000
4000 2000
1000
2000
0
0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
CRH CEMEX ADR
SHERWIN-WILLIAMS BUZZI UNICEM CEMENTIR HOLDING

60000 Real Estate Developer 14000 Adhesives

50000 12000

40000 10000
8000
30000
6000
20000
4000
10000
2000
0
0

1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
KLEPIERRE REIT WFD UNIBAIL RODAMCO STAPLED UNITS

SIMON PROPERTY GROUP AVERY DENNISON

Source : Refinitv (Thomson Reuters) 26

Many Ways to Skin the Cat : Services

27
 Indian Companies have Outperformed their Global Peers

Technology Industrial Automation

7000 8000
6000
6000
5000
India
4000
4000
3000
2000
2000
1000
0 0

1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
INTERNATIONAL BUS.MCHS. SAP (XET) MICROSOFT BORGWARNER DENSO

300 Flexi Staffing 500 Internet

400
250
300
200
200

150
100

100 0
2016 2017 2018 2019 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

PAYCHEX AUTOMATIC DATA PROC. PAGEGROUP HAYS ROBERT HALF INTL.

Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Source : Refinitv (Thomson Reuters) 28
Many Ways to Skin the Cat : Consumption

29
 Indian Companies have Outperformed their Global Peers

35000 Luxury Goods Apparel

30000 5000

25000 4000
20000 3000
15000
2000
10000
1000
5000
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

L BRANDS (VICTORIA SECRET) ABERCROMBIE & FITCH 'A'

TIFFANY & CO HERMES INTL BURBERRY GROUP

5000 Fast Moving Consumer Goods Tobacco

2500
4000
2000
3000
1500

2000 1000

500
1000
0
0
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

L'OREAL NESTLE 'R' PROCTER & GAMBLE BRITISH AMERICAN TOBACCO IMPERIAL BRANDS JAPAN TOBACCO

Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Source : Refinitv (Thomson Reuters) 30
Many Ways to Skin the Cat : Transportation

31
 Indian Companies have Outperformed their Global Peers
3000
Auto (4 Wheeler) 800
Auto (2 Wheeler)
2500
700
2000 600
1500 500

1000 400

500 300

0 200
2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019
100
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
BMW (XET) DAIMLER (XET) VOLKSWAGEN PREF. (XET)
HONDA MOTOR YAMAHA

40000
1000
Auto Ancillaries Auto (2 Wheeler)
30000
800

20000
600

10000
400

0
200

1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

WABCO HOLDINGS HARLEY-DAVIDSON KAWASAKI HEAVY INDUSTRY

Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Source : Refinitv (Thomson Reuters) 32
Many Ways to Skin the Cat : Infrastructure

33
 Indian Companies have Outperformed their Global Peers

Infrastructure Building Cables

6000 1000
5000
800
4000
600
3000

2000 400

1000
200
0
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

CATERPILLAR BECHTLE (XET) PRYSMIAN NEXANS SAIPEM

Fast Moving Industrial Goods Chemicals

3500 14000
3000 12000
2500 10000
2000 8000
1500 6000
1000 4000
500 2000

0 0

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019

SAINT GOBAIN TOTAL SA CLARIANT (~U$)

Rebased to 100 in USD, Data from listing date of companies or 1st April 1990, whichever is later
Source : Refinitv (Thomson Reuters) 34
Many Ways to Skin the Cat : Industrials

35
Key Risks

36
Thank You for Your Kind Attention

37
Annexures

38
Resources

• Invest India - https://www.investindia.gov.in/

• Invest India Russia Desk - https://www.investindia.gov.in/country/russia-plus
• Indian Embassy in Russia - https://indianembassy-moscow.gov.in/index.php
• Ministry of Finance - https://www.finmin.nic.in/
• Ministry of External Affairs - https://mea.gov.in/
• Ministry of Commerce - https://commerce.gov.in/
• Department of Industrial Policy & Promotion - https://dipp.gov.in/
• Income Tax Department - https://www.incometaxindia.gov.in/Pages/default.aspx
• Reserve Bank of India - https://www.rbi.org.in/
• Securities Exchange Board of India - https://www.sebi.gov.in/
• Bombay Stock Exchange - https://www.bseindia.com/
• National Stock Exchange - https://www.nseindia.com/
• Indian Brand Equity Foundation - https://www.ibef.org/

39
Disclaimer

The material/ information on this presentation is for general information, education and noncommercial purposes only. Although the Firm may
provide data, information and content relating to investment approaches, the reader should not construe any such information or other
material/ content available through this presentation as investment, tax or legal advice. The reader alone bears the sole responsibility of
evaluating the merits and risks associated with the use of any information/ content/ material provided in this presentation before making any
decision. In exchange for reading/ referring to any information/ content/ material provided in this presentation, you agree not to hold the Firm
or its third-party information providers liable for any possible claim for damages arising from any decision you make based on any information/
content/ material made available for general information, education and noncommercial purposes through this presentation. Because of the
global nature of the Internet, you agree to comply with all local rules with respect to your online conduct, including all laws, rules, codes, and
regulations of the country in which you reside and the country from which you access this presentation, including without limitation, all laws,
rules, codes, regulations, decrees, acts, orders, directives, legislation, bills, and statutes pertaining to tax, contracts, intellectual property,
securities, e-commerce, technology, computers, fraud, and privacy. This presentation will not be considered a solicitation for or offering of any
investment product or service to any person in any jurisdiction where such solicitation or offering would be illegal. Data and other materials
appearing on this presentation that are provided by third parties are believed by the Firm to be correct and obtained from reliable sources, but
the Firm cannot guarantee and is not responsible for their accuracy, timeliness, completeness, or suitability for use. The Firm is not responsible
for, and does not prepare, edit, or endorse, the content, or other materials on or available from any presentation owned or operated by a third
party that is linked to this presentation via hyperlink. The fact that the Firm has provided a link to a third party’s presentation does not constitute
an implicit or explicit endorsement, authorization, sponsorship, or affiliation by the Firm with respect to such presentation, its owners, providers,
or services. The reader will use any such third-party content at his/her own risk and the reader agrees that the Firm is not liable for any loss or
damage that the reader may suffer by using third-party presentations or any content, products, or other materials in connection therewith. The
Firm/ its associates/ affiliates reserve all copyrights and IPR (wherever applicable) in relation to the content, material, information and data
provided in the presentation. The content in the presentation is protected by copyright and no part or parts hereof may be modified,
reproduced, stored in a retrieval system, transmitted (in any form or by any means), copied, distributed, published, displayed, broadcasted,
hyperlinked, used for creating derivative works or used in any other way for commercial or public purposes.

40