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1. JUNE 2022 MARKET STRATEGY Inflation pass through Interest Rate GDP Indirect Tax Reduction Fiscal Deficit Rural Wages

2. Market Strategy June 2022 MARKET OUTLOOK FOR JUNE 2022 Hemali Dhame hemali.dhame@kotak.com +91 22 6218 6433 The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails! Shrikant Chouhan shrikant.chouhan@kotak.com +91 22 6218 5408 Indian markets have underperformed in May, with NIFTY 50 lower by 3% and BSE 500 lower 2.6%. The USD returns were even lower by 4%. This was largely factoring higher inflation expectation amidst rising crude oil prices. Volatility remained high with markets reversing some losses by the end of the month. Within the BSE index, metals were the worst performers (at -16%) followed by Utilities (-12%), consumer durables (at -11%); healthcare (at -8%), telecom and realty (at -7% each) and IT (at -6%). This was on account of the duty levied (for the steel sector), revision in margin expectations and FPI outflows,. We expect Central banker’s realignment of interest rates and liquidity to impact valuations. Higher interest rates and the reduced purchasing power is likely to affect demand as well. We believe the liquidity driven multiple are likely to come off. We would, hence, prefer companies with higher pricing power and lower debt. In an off cycle MPC meet, RBI raised the repo by 40 bps and CRR by 50 bps, displaying the urgency to tame inflation. CPI in the month of April was 7.79% and WPI was 15.1%. The key drivers were - transport, fuel, vegetables, oil, spices, footwear - driven by indirect effects of the higher oil price impact on fertilisers, freight, derivatives of crude, food prices among others. Since then, government: Reduced excise duty on petrol and diesel by Rs 8/ltr and Rs. 6/ltr (~24 bps impact on headline inflation), Rs. 200/cylinder subsidy on LPG, Rs 1.1 bn of additional fertilizer subsidy, Custom duty cut for coking coal, naphtha, ferro nickel, propylene oxide; Export duty hike for steel (likely to reduce steel prices by 8-10%), import duty cut for select intermediates for plastic. Ban on wheat exports, Cap on Sugar exports, Lower import duty on edible crude oil. We, hence, expect inflation to have peaked but to remain sticky at an average 6.4% in FY23 (7- 8% in next 5-6 months) and exit in Q4FY22 at 4.6%. Despite the fiscal support, crude remains at elevated level, with upside risks especially as incremental demand in China rises. We would monitor the geopolitical improvements that would increase crude supply. Lower oil prices augurs very well for the Indian stock’s earnings and valuation. We peg the headline CPI at 6.4% and food at 7.4% (at an average of $105/bbl. of crude). At this fiscal expenditure, we expect the fiscal deficit at 6.8% and 10-year yield at 7.25-8% (also led by lower liquidity as the RBI aims to bring liquidity at 1-1.5% of NDTL). Repo is expected to be raised by 110-135 bps at 5.5-5.75% and 5.15-5.25% by the August policy. We would like rate hikes to be front-ended as much. An impact on consumption is likely, however this realignment is favourable against unchecked exuberance. India has witnessed highest FPI flows among peer markets - Indonesia, Philippines, S. Korea and Taiwan. India remains an expensive market at P/E of 19.7x in FY22E and 17.5x in FY23 (Source: Kotak Institutional Equities and its estimates). On a comparison between the changes in multiple versus earnings between April 1 2022 and May 31 2022 (Source: Kotak Institutional Equities and its estimates), the multiple have lowered to a lesser extent than the earnings 2 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

3. Market Strategy June 2022 downgrade for FY23, possibly implying a marginally premium valuation. Domestic players have been compensating the FPI outflows, implying more resilience in our markets. As the FPI sold $5,037 mn, DII bought $6,335 mn in May. Indian investors participation is a driver of the marginal valuation premium as the real rates across comparable asset classes are yet to catch up. SBI FD rate for 1 year to 2 year is 5.1%. Therefore, flows are likely to be dependent on retail participation – directly and indirectly – and the interest rate in other savings products - a monitiorable. The current earning yields for India are 5.1% for FY23E and 5.7% for FY24E. GDP for Q4 FY22 may have slowed to 4.1% on account of the lockdown in January, but manufacturing PMI for May expanded to 54.6, 54.7 in April. We maintain our FY2023E base case real GDP growth estimate at 7.3% (at average crude price of $105/bbl.). Between the ranges of $90-120/bbl., the GDP estimate would range between 6.8%-7.7% and FY2024E real GDP growth estimate is at 6.5%. Rainfall is likely of be normal. Monsoon has commenced early by 3 days in Kerala. Experts estimate unevenness between August and September. This is a monitorable. Rural wages have been weak. This has been alluded by commentary from FMCG companies and lower entry level 2W sales. With higher rural inflation and the subsidy, farms incomes could improve contingent to dynamics between shift to high paying jobs. Key risks Our estimate factors $105/bbl. for crude; a higher crude could affect our fiscal deficit and yield assumption. Higher than expected RBI action on rates and liquidity. We estimate the RBI to manage 1- 1.5% of NDTL as liquidity. Worsening estimates in fiscal deficit and yields. Fed balance sheet tapering: FOMC meetings have been in line with market estimates of 50 bps hike in two consequent meeting. This has been factored in valuations. The Fed has yet to calendar the contraction of its balance sheet, which is likely to reduce money supply in US, and FPI flows from India. We expect 20% reduction in balance sheet by Dec 23. Interest rates in alternate savings. Further worsening of food crisis in countries other than India. Recession on account of the interest rate hike especially in the US. Though the Fed has been aiming a soft landing, as oil moves higher and Fed’s urgency rises, probability of recession would increase. TOP INVESTMENT IDEAS Company Price (Rs)* Fair Upside Value (Rs) Mkt cap. (Rs Cr) FY23E EPS Rating (%) EPS (Rs) growth (%) FY23E P/E (x) P/BV (x) FY23E RoE (%) FY23E FY24E FY24E FY23E FY24E FY24E FY24E Aegis Century Ply JK Paper IRB Suven India Mart Buy Buy Add Buy Buy Buy 4,569 6,000 213 565 337 223 504 300 670 400 315 630 40.8 18.6 18.7 42.6 25.1 31.3 7,485 13.5 12,553 18.6 5,991 60.6 13,458 10.0 12,818 20.6 13,965 105.0 133.0 15.1 20.9 71.4 15.0 26.2 33.7 32.2 89.2 73.0 15.7 7.8 11.9 12.4 17.8 45.0 27.2 27.0 15.8 30.3 5.5 21.3 24.4 43.5 14.1 27.0 4.7 14.6 19.2 34.3 2.8 6.5 1.4 1.0 6.4 6.8 2.6 5.3 1.1 0.9 4.8 5.7 19.2 23.7 21.6 26.4 24.1 4.9 26.2 25.5 16.2 18.6 6.8 18.1 Source: Kotak Institutional Equities Research, Kotak Securities – Private Client Group. *The above valuation summary is based on prices as on 1 June 2022 3 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

4. Market Strategy June 2022 Exhibit 1: World Indices performance (% change) Nifty50 USD -4.0 Nifty 50 -3.0 S&P BSE SENSEX INDEX -2.6 Russell 1000 Index -0.6 Nasdaq Composite -3.2 Dow Jone Indus. Avg -0.4 S&P 500 Index -0.3 Euro STOXX 50 P Index -0.4 DAX Index 2.0 CAC 40 Index -1.0 FTSE 100 Index 1.1 Taiwan Taiex Index 1.3 Nikkei 225 1.6 Kospi Index -0.3 Hang Sang Index 1.5 Singapore Straits Times Index -3.7 Indonesia Jakarta -1.1 Thailand -0.2 Source: Bloomberg, Kotak Securities – Private Client Group Exhibit 2: Sector Indices performance (% change) BSE Utilities -12.5 BSE Telecom -7.1 BSE REALTY -7.1 BSE OIL & GAS -4.6 BSE METAL -16.4 BSE IT -5.8 BSE Industrials -3.4 BSE Healthcare -7.7 BSE FMCG 0.6 BSE Energy -3.6 BSE Consumer Durable -10.9 BSE Capital Goods -0.8 BSE Bankex -1.5 4.9 BSE Auto Source: Bloomberg, Kotak Securities – Private Client Group 4 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

5. Market Strategy June 2022 Exhibit 3: CPI Inflation Weights (RHS) Apr 2022 Mar 2022 Feb 2022 Jan 2022 20.0 50.0 40.0 15.0 30.0 10.0 20.0 5.0 10.0 - - Households Pulses and Products Food and beverages Housing Intoxicants Transport Meat & Fish Recreation Eggs Fuels And Lighting Fats and Oils Spices Cereals and Products Sugar Footwear Vegetables Clothing Health Fruit Milk and Milk Products Prepared Meals Personal care Education Non alcoholics Source: Bloomberg, Kotak Securities – Private Client Group Exhibit 4: FII flows across peer countries (CV2022) 10000 5000 0 -5000 -10000 -15000 May -20000 -25000 -30000 India Indonesia Philippines S. Korea Taiwan Thailand Source: Bloomberg, Kotak Institutional Equities, Kotak Securities – Private Client Exhibit 5: Net investments by FIIs and DIIs FII DII 40,000 30,000 20,000 10,000 0 -10,000 -20,000 -30,000 CY2010 CY2020 CY2007 CY2008 CY2009 CY2011 CY2012 CY2013 CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 CY2021 CY2022 Source: Bloomberg, Kotak Institutional Equities, Kotak Securities – Private Client Group 5 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

6. Market Strategy June 2022 Exhibit 6: Relation between EPS change and multiple change – Downgrade in EPS estimates more than its downgrade in multiple vs peers Changes in estimates of EPS growth for FY23 Changes in P/E multiple for FY23(x) (RHS) 50 1.2 1 0 0.8 -50 0.6 -100 0.4 -150 0.2 -200 0 Mexico France Phillipines Korea Thailand USA EM Japan Taiwan Malaysia EM Asia UK Germany India Singapore Hong Kong Brazil Shanghai Indonesia Source: Kotak Institutional Equities, Kotak Securities – Private Client Group, Based on estimates by Kotak Institutional Equities for India Exhibit 7: Relation between EPS change and multiple change - Downgrade in EPS largely commensurate to its downgrade in multiple vs peers 20 1.2 Changes in estimates in EPS growth for FY24 Changes in P/E multiple for FY24(x) (RHS) 10 1 0 0.8 -10 0.6 -20 0.4 -30 0.2 -40 0 Mexico France Phillipines Thailand USA Korea Taiwan EM Malaysia EM Asia UK Japan India Indonesia Singapore Hong Kong Brazil Germany Shanghai Source: Kotak Institutional Equities, Kotak Securities – Private Client Group, Based on estimates by Kotak Institutional Equities for India Exhibit 8: Comparison of earning growth estimates and P/E between April 1 and May 31 As of April 1 2022 As of May 6 2022 As of May 31 2022 Earnings growth (%) FY23E P/E (x) Earnings growth (%) FY23E P/E (x) Earnings growth (%) FY23E P/E (x) FY24E FY23E FY24E FY24E FY23E FY24E FY24E FY23E FY24E India Indonesia Philippines Korea Taiwan Thailand 39 17.1 44.9 19.7 9.2 2.5 2.6 24.2 5.9 17 10.2 12.7 15.7 20.8 4.1 14.2 9.3 12.4 15.3 18.4 11.7 14.4 -0.3 11.8 6.8 15.7 5.5 -0.4 0.4 19.7 14.9 16.3 9.5 11.4 15.1 17.4 13.9 14.1 13.7 24.6 16.3 1.4 6.7 -1.8 13.0 7.6 17.8 6.7 -1.2 -1.1 19.7 13 15.9 9.4 11.7 15.1 17.5 12.3 13.5 8.9 11.8 15.3 179.9 27.3 -1.4 6.6 -33.7 9 6 11.5 15 -4.2 Source: Kotak Institutional Equities, Kotak Securities – PCG, Based on estimates by Kotak Institutional Equities for India 6 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

7. Dated: 1 June 2022 Aegis Logistics (Aegis) - BUY Result Update Current Market Price (CMP) Rs. 213 Target Price Rs.300 Our fair value of Rs 300 offers upside of 40.8% from current market price. Rationale: •Performance of Aegis was in line with expectation in Q4FY22. •We continue to believe that Aegis captures the complete logistics value chain. •We expect earnings to grow by 29.9% in FY23E & grow by 12.0% in FY24E. •Stock is currently trading at valuation of 14.3x P/E FY24E EPS. •Maintain BUY with a revised TP of Rs 300 (from Rs 310) at 20x FY24E earnings. Q4FY22 Earnings Update: Positives: •All the segments reported improved quarterly performance. •Aegis has reported total sales of Rs 2103.6 (+108% yoy & +73.3% qoq). •LPG sourcing also picked up in the quarter. •We estimate the liquid division of Aegis to remain stable over FY22-24E. •Aegis Vopak Terminals Ltd (AVTL) has achieved financial closure. Negatives: •Employee cost increased sharply to Rs 19.7 cr (+77.5% yoy & +28.8% qoq). • For detailed report dated 1st June 2022. Note: CMP & valuation may differ due to difference in dates. Click here ` ` ` This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Further, the recipient of this material should take their own professional advice before investing. Disclaimer: 12 months / http://bit.ly/2n5AxIE

8. Dated: 1 June 2022 Century Plyboards (India) Limited (Centuryply) - BUY Result Update Current Market Price (CMP) Rs.565 Target Price Rs.670 Our fair value of Rs.670 offers 18.6% upside from the current market price. Rationale: • Centuryply Q4FY22 revenue and EBITDA came on expected lines. • Centuryply has plans to achieve revenue of Rs5,000 cr by FY26E. • Centuryply is investing in brownfield and greenfield expansion across segments. • We expect earnings per share (EPS) to grow by 32.2% in FY23E and 12.4% in FY24E. • We value the stock at a PE of 32x on FY24E earnings. Q4FY22 Earnings update: Positives: • Consolidated revenue of Rs901 cr grew 20.9% yoy and 5.4% qoq. • MDF segment revenue grew 37% yoy; plywood segment revenue growth was 19% yoy • Consolidated EBITDA margin expanded from 16.9% in Q4FY21 to 17.8% in Q4FY22. • MDF EBITDA margin in Q4FY22 improved 596bps yoy/227bps qoq to 32.8%. Negatives: • Laminate business EBITDA margin declined sharply yoy. • Due to high tax rate, conso. net profit of Rs89 cr (-5.9% qoq) was below our estimates. (MDF – medium density fibreboard; EBITDA - earnings before interest, taxes, depreciation, and amortization) For detailed report dated 18th May 2022. Note: CMP & valuation may differ due to difference in dates. Click here ` ` ` This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Further, the recipient of this material should take their own professional advice before investing. Holding Period: 12 months / Disclaimer: http://bit.ly/2n5AxIE

9. Dated: 1 June 2022 JK PAPER – ADD Result Update Current Market Price (CMP) Rs.335 Target Price Rs.400 Our fair value of Rs400 offers upside of 19.4% from current market price. Rationale: • Higher volume and better realisation supported performance. • Opening up of school/colleges & revamp of course material to support demand. • The company is well placed to capitalize on recovery of paper demand. • We expect JK Paper to report EPS of Rs60.6 in FY23 and Rs71.4 in FY24. Q4Y22 Earnings Update: Positives: • The company reported 19% each in YoY and QoQ to ~191,000 tonnes. • JKP got benefit of the price hike taken during November’21-March’22. • JKP revenue grew 49% YoY and 31% QoQ to Rs1,340 cr. • Sirpur performance improved sequentially and expected to improve further. Negatives: • Gross margin declined 400 bps sequentially. • Higher tax rate and lower than expected other income led to miss at PAT. • Sirpur facility garner lower realisation as compared to JKP. Click here For detailed report dated 23rd May 2022. Note: CMP & valuation may differ due to difference in dates. ` ` ` This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Further, the recipient of this material should take their own professional advice before investing. Holding Period: 12 Months / Disclaimer: http://bit.ly/2n5AxIE

10. Dated: 1 June 2022 IRB Infrastructure (IRB) – BUY Result Update Current Market Price (CMP) Rs.223 Target Price Rs.315 Our Fair Value (FV) of Rs.315 offers upside of 42.6% from current levels. Rationale: • IRB ended the year on a strong note with a healthy order book, reduced debt and toll rate hikes across most projects. • Higher inflation providing support to toll projects. • Improved credit rating profile and asset churn in future to reduce debt further. • We cut earnings estimates by 6%/5% for FY23/24 to bake in lower EPC margins. • We revise sum of the parts based FV to Rs315 net of roll-forward. Q4FY22 Earnings update: Positives: • Q4FY22 results: in-line at revenue and PBT (Profit before tax) level. • Revenue visibility remains strong with an order book of Rs16100 cr. • Net debt at consolidated level was down yoy at Rs14,900 cr. Negatives: • Construction (EPC) revenues declined 15% yoy & were impacted by certain delays. • Operating (EBITDA) margin was below our estimates due to one-time expense. Click here For detailed report dated 18th May 2022. Note: CMP & valuation may differ due to difference in dates ` ` ` This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Further, the recipient of this material should take their own professional advice before investing. Holding Period: 12 months / Disclaimer: http://bit.ly/2n5AxIE

11. Dated: 1 June 2022 Suven Pharmaceuticals Ltd (SPL) - BUY Result Update Current Market Price (CMP) Rs. 504 Target Price Rs. 630 Our FV of Rs.630 offers upside of 25.1% from current market price. Rationale: • Management gives conservative guidance of sales growth of 10-15% for FY23. • CDMO pharma division, formulation launches to drive growth over FY22-24E. • Stock is now trading at 20.3X FY24E earnings, giving us good entry level. • Upgrade rating to Buy (from reduce); valuing the stock at 24X FY24 earnings. • Target price revised to Rs 630 (vs earlier 550), as we roll forward to FY24E. (CDMO – Contract Development & Manufacturing Organization) Q4FY22 Result update: Positives: • Strong revenue, operating profit growth, gross margin expansion. • Q4FY22 gross margin stood at 69.7% due to favorable product mix. • SPL currently has 5 products in commercial stage and another 5 in Phase 3. • Tax rate to decline for next two years to 25.4% vs. 34% in FY22. Negative: • Reported net profit was below expectation due to high tax rate. For detailed report dated 11th May 22. Note: CMP & valuation may differ due to difference in dates Click here ` ` ` This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Further, the recipient of this material should take their own professional advice before investing. Holding Period – 12 months; Disclaimer: http://bit.ly/2n5AxIE

12. Dated: 1 June 2022 INDIAMART INTERMESH LTD (INDIAMART) – BUY Result Update Current Market Price (CMP) Rs.4,569 Target Price Rs.6,000 Our fair value of Rs.6,000 offers upside of 31.3% from current market price. Rationale: • Deferred revenue grew 25% yoy to Rs.907 cr, gives us decent revenue visibility. • Made key investments which will support its upscale and cross-sale strategy. • Guidance up from 6,000-7,000 paying customers/quarter to 8,000-9,000/quarter. • Announced a buyback of 1.6 lacs equity shares at a price of Rs.6250/- (upto Rs.100 cr). • We like IndiaMart’s deep-rooted industry leadership, valued at 45x PE on FY24E. Q4FY22 Earnings update: Positives: • Paying subscription suppliers grew by 8% qoq and 11% yoy to 169,324. • Collections jumped 17% yoy and 43% qoq to Rs.318 cr in Q4FY22. • Registered buyers grew 19% yoy and 4% qoq to 14.9 crore. • Made multiple strategic investments for a comprehensive e-commerce ecosystem. Negatives: • EBITDA margin was down to 28.4% in Q4FY22 as against 41.9% in Q3FY22. • PAT margin decreased by 883 bps qoq and 250 bps yoy to 28.5% in Q4FY22. Click here For detailed report dated 2nd May 2022. Note: CMP & valuation may differ due to difference in dates. ` ` ` This is a synopsis of the Research report issued by Kotak Securities Limited. This is not a comprehensive report and before taking any investment decision we request you to refer the detailed report including disclaimers by clicking here: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental. Further, the recipient of this material should take their own professional advice before investing. Holding Period: 12 months. Disclaimer: http://bit.ly/2n5AxIE

13. RATING SCALE (KOTAK SECURITIES –PRIVATE CLIENT GROUP)/KOTAK INSTITUTIONAL EQUITIES Definitions of ratings BUY ADD REDUCE SELL NR – We expect the stock to deliver more than 15% returns over the next 12 months – We expect the stock to deliver 5% - 15% returns over the next 12 months – We expect the stock to deliver -5% - +5% returns over the next 12 months – We expect the stock to deliver < -5% returns over the next 12 months –Not Rated. Kotak Securities is not assigning any rating or price target to the stock. The report has been prepared for information purposes only. – We advise investor to subscribe to the IPO. –Rating Suspended. Kotak Securities has suspended the investment rating and price target for this stock, either because there is not a Sufficient fundamental basis for determining, or there are legal, regulatory or policy constraints around publishing, an investment rating or target. The previous investment rating and price target, if any, are no longer in effect for this stock and should not be relied upon. –Not Available or Not Applicable. The information is not available for display or is not applicable –Not Meaningful. The information is not meaningful and is therefore excluded. – Our target prices are with a 12-month perspective. Returns stated in the rating scale are our internal benchmark. SUBSCRIBE RS NA NM NOTE FUNDAMENTAL RESEARCH TEAM (PRIVATE CLIENT GROUP) Shrikant Chouhan Head of Research Shrikant.chouhan@kotak.com +91 22 6218 5408 Arun Agarwal Auto & Auto Ancillary arun.agarwal@kotak.com +91 22 6218 6443 Amit Agarwal, CFA Transportation, Paints, FMCG Banking & Finance agarwal.amit@kotak.com +91 22 6218 6439 Hemali Dhame Hemali.Dhame@kotak.com +91 22 6218 6433 Jatin Damania Metals & Mining, Midcap jatin.damania@kotak.com +91 22 6218 6440 Purvi Shah Pharmaceuticals purvi.shah@kotak.com +91 22 6218 6432 Rini Mehta Research Associate rini.mehta@kotak.com +91 80801 97299 K. Kathirvelu Support Executive k.kathirvelu@kotak.com +91 22 6218 6427 Sumit Pokharna Oil and Gas, Information Tech sumit.pokharna@kotak.com +91 22 6218 6438 Pankaj Kumar Construction, Capital Goods & Midcaps pankajr.kumar@kotak.com +91 22 6218 6434 TECHNICAL RESEARCH TEAM (PRIVATE CLIENT GROUP) Shrikant Chouhan shrikant.chouhan@kotak.com +91 22 6218 5408 Amol Athawale amol.athawale@kotak.com +91 20 6620 3350 Sayed Haider Research Associate sayed.haider@kotak.com +91 22 62185498 DERIVATIVES RESEARCH TEAM (PRIVATE CLIENT GROUP) Sahaj Agrawal sahaj.agrawal@kotak.com +91 79 6607 2231 Prashanth Lalu prashanth.lalu@kotak.com +91 22 6218 5497 Prasenjit Biswas, CMT, CFTe prasenjit.biswas@kotak.com +91 33 6625 9810 7 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

14. Market Strategy June 2022 Disclosure/Disclaimer (Private Client Group) Kotak Securities Limited established in 1994, is a subsidiary of Kotak Mahindra Bank Limited. Kotak Securities is one of India's largest brokerage and distribution house. Kotak Securities Limited is a corporate trading and clearing member of BSE Limited (BSE), National Stock Exchange of India Limited (NSE), Metropolitan Stock Exchange of India Limited (MSE), National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange (MCX). Our businesses include stock broking, services rendered in connection with distribution of primary market issues and financial products like mutual funds and fixed deposits, depository services and Portfolio Management. Kotak Securities Limited is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Kotak Securities Limited is also registered with Insurance Regulatory and Development Authority as Corporate Agent for Kotak Mahindra Old Mutual Life Insurance Limited and is also a Mutual Fund Advisor registered with Association of Mutual Funds in India (AMFI). We are registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014. We hereby declare that our activities were neither suspended nor we have defaulted with any stock exchange authority with whom we are registered in last five years. However SEBI, Exchanges and Depositories have conducted the routine inspection and based on their observations have issued advise/warning/deficiency letters/ or levied minor penalty on KSL for certain operational deviations. We have not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has our certificate of registration been cancelled by SEBI at any point of time. We offer our research services to clients as well as our prospects. 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We or our associates have managed or co-managed public offering of securities for the subject company(ies) in the past 12 months: No We or our associates may have received compensation for investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company(ies) in the past 12 months. We or our associates may have received compensation or other benefits from the subject company(ies) or third party in connection with the research report. Our associates may have financial interest in the subject company(ies). Research Analyst or his/her relative's financial interest in the subject company(ies): No Kotak Securities Limited has financial interest in the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: - IndiaMart - Yes “However, Kotak Securities Prop/Arbitrage team could have exposure/financial interest to the subject company/companies during the ongoing month.” Nature of financial interest is holding of equity shares or derivatives of the subject company. Our associates may have actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report. Research Analyst or his/her relatives has actual/beneficial ownership of 1% or more securities of the subject company(ies) at the end of the month immediately preceding the date of publication of Research Report: No. 8 Kotak Securities – Private Client Group Please see the Disclosure/Disclaimer on the last page For Private Circulation

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