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INFO EDGE (INDIA) LIMITED
India’s Profitable Pure Play Online Company
Info Edge (India) Limited (“the Company” or “Info Edge”) owns India’s largest job portal Naukri.com and
holds a diversified standalone portfolio in matrimonial, real estate and educational space. Other than
that, the Company has 11 subsidiaries and holds a significant amount of investment in its investee
companies such as Zomato, Policybazar.com, etc. It has a network of 62 offices in 43 cities across India and
employs 4,049 employees as of FY20. The Company is also present in the gulf market with offices in Dubai,
Bahrain, Riyadh and Abu Dhabi.
Business Segments of the Company
Recruitment Real-estate Matrimony Education
Source: Company
How was Info Edge Born?
Sanjeev Bikhchandani, born in 1963, belonged to a
middle-class family. He graduated with a degree in
Bachelor of Arts with a specialization in economics. In
1987, he went to IIM Ahmedabad to pursue his PGDM and
was later hired by Hindustan Milkfood Manufacturers
(HMM) Limited (now known as GlaxoSmithKline) as a
Product Executive to handle the marketing of Horlicks in
1989.
In 1990, he left HMM and started two companies, Info
Edge and Landmark, with a co-founder. In their early
days, they used to operate from the servant quarter. At
Info Edge, they used to take surveys like what companies
are offering MBA and engineers at entry-level jobs and at
landmark they were doing trademark searches.
In 1991, the Department of Telecom announced that they
were looking for a private information provider, who
1|Page www.leveragedgrowth.inwould own and maintain the database to launch a videotext service. They were not going to pay them
anything for the database but the revenue would be slit when the user would pay. Their application was
shortlisted among 30-40 applicants, but later the project got cancelled. They tried a lot of ideas to do
something with the database but nothing worked out, and hence they decided to keep it aside.
Sanjeev and his partner split their ways in 1993 and each partner got one Company and half of the
employees and assets. Sanjeev got Info Edge and the database.
In 1996, while attending an annual event of the IT Asia exhibition in Delhi, he came across a stall where he
learned about the email account, internet and its potential. The fact that 14,000 people were using the
internet at that time, gave him a million-dollar idea.
During his days at HMM, his colleagues used to go through 35-40 pages of the Business India magazine for
job postings. He realized there wasn’t a single source for job ads. Hence, with the idea of the database
created earlier, he collected 1000 ads from 29 newspapers and various magazines and created a database
of resumes, jobs and recruitment consultants and launched a website to serve as a platform where job
seekers and hiring managers met. Thus, in 1997 Naukri.com was born, since the economy was in recession
during the mid-1990s, the app received a lot of traction.
In the first-year, the Company earned Rs.2.35 lakh and the figures jumped to Rs.18 lakh in the second year.
In the view of increasing competition, Sanjeev decided to get a venture capitalist and Naukri received Rs.73
crore from ICICI venture for a 15% stake in 2000. In 2006, the Company became the first dot com company
to get listed on Bombay and National Stock Exchange.
India Digital Sector
• Info Edge operates in the digital sector of India. As per India Brand Equity Foundation (IBEF) July 2020
report, Indian e-commerce industry is expected to reach $200 billion by 2026 and is expected to
surpass the U.S. to become the second-largest e-commerce market in the world by 2034.
• The main reason for this growth is the rising internet penetration in India, which has been growing at
a CAGR of 24% between 2007 and 2019.
• As of 2019 there are 718.74 million internet users India, second highest globally and is expected to
reach 835 million by 2021.
• India is approximately adding 10 million active internet user each month, which is the highest in the
world, with the highest data usage per smartphone at an average of 10.40 GB per month.
• In the Union Budget 2020-21, the government allocated Rs.8,000 crore to BharatNet project to provide
broadband services to 1,50,000 gram panchayats in India.
Business Model
Info Edge started with a classified recruitment online business, Naukri.com and further diversified in
different spaces viz. Jeevansathi.com (Online Matrimonial), 99acres.com (Online real estate listing) and
Siksha.com (Online education). Therefore, the Company has a diversified standalone portfolio into different
space of online business catering to the different section of customers.
Recruitment - Naukri.com:
• Naukri.com is the flagship brand and is the largest online job portal of India.
• Naukrigulf.com focuses on the Middle-east market and firstNaukri.com focuses on entry-level jobs.
Real estate – 99acres.com
• The online real estate classified industry in India is at a very early stage of growth.
2|Page www.leveragedgrowth.in• 99acres focus on greater customer engagement by using virtual visualization tools, natural language
processing and analytics based on rich data set on real estate transactions.
• Revenue for 99acres comes from 1) Projects: listings, featured listings, microsites, email campaigns
and banner advertisements. 2) Resale of properties: listings and featured listings. 3) Rental properties:
listing and featured listings.
Matrimonial – Jeevansathi.com
• In the matrimonial space, jeevansathi.com offers its customer various services such as listing,
searching, expressing interest and accepting others expression of interest.
• Marriage matching is a highly fragmented market in India, as per the New York Times about 1500 sites
are offering this service in India.
Education – Shiksha.com
• Shiksha.com provides useful information on careers, exams, colleges and courses which helps the
students to decide undergraduate and post-graduate options.
• The business generates its revenue from branding and advertising solutions for college and universities
and through lead generations.
• Educational institutions and foreign universities are big spenders on print media. The business is
focusing its strategy by substituting this advertisement investment from print media to digital media
by creating differentiated content like Q&A with community, experts and campus representative and
building a strong mobile app.
The Company has widened its scope of business through strategically investing in brands that have been
conceptualized and developed by separate entities, to increase its presence across the online business
landscape of the country. From time to time, the Company has made investments in early-stage startups
and businesses to achieve sustainable inorganic growth.
COVID-19 Impact
• COVID-19 had led to a nationwide lockdown and had a major impact on the economy resulting in the
Q1FY21 GDP registering the sharpest fall in 40 years at -23.9%.
• The pandemic further had a major impact on the job market, resulting in ~41 lakh jobs lost in India as
per a joint report by the International Labor Organization (ILO) and Asian Development Bank (ADB).
• Info Edge was also not immune to this and has posted a YoY revenue growth of 10.3% at Rs.3.23 billion
in Q4FY20, the lowest in last 12 quarters.
Revenue Growth - YoY (%)
23.7
25 22.1 21.6
20.5
19.5
20 17.7
16.7
15.5
14.0
15 12.6
10.3
10 7.2
5
0
Source: Company, Leveraged Growth
3|Page www.leveragedgrowth.in• The recruitment revenue increased by 11.2% YoY in Q4FY20 as compared to 18.4% YoY in Q4FY19,
99acres grew 3.7% YoY as compared to 45.8% YoY in Q4FY19 and Jeevansathi grew 25.4% YoY as
compared to 6.5% YoY in Q4FY19.
• Concerning online traffic share, 99acres saw a drop of 80% and Naukri saw a drop of 60-70% in the
first month of lockdown, whereas being a digital product Jeevansathi’s traffic share was not affected.
However, Naukri and 99acres bounced back in June but is still running 15-20% lower than last year.
• Due to delay in admission, education portal, Shiksha saw a reduction in revenue from advertisement.
Differentiating Strategies
1. Diversification through Acquisitions
Along with a successful standalone portfolio, Info Edge has diversified through several strategic
investments and acquisitions by a mix of equity and convertible loans designed to incorporate multiple
rounds of investment based on growth potential. With a flair for entrepreneurship, the Company has
made investments in early-stage companies/startup ventures to tap into the growing and vibrant
Indian internet market.
The Company has invested in Zomato Media Pvt Ltd., Etechaces Marketing and Consulting Pvt Ltd.,
Happily Unmarried Marketing Pvt Ltd., NoPaperForms Solutions Private Limited, International
Educational Gateway Private Limited, Agstack Technologies Private Limited, Bizcrum Infotech Private
Limited, Medcords Healthcare Solutions Private Limited, Printo Document Services Private Limited, Shop
Kirana E Trading Private Limited, Greytip Software Private Limited, Metis Eduventures Private Limited
(Adda_24*7), Terralytics Analysis Private Limited (Teal), LQ Global Services Private Limited, Llama
Logisol Private Limited (Shipsy), Sunrise Mentors Private Limited (Coding Ninja), Qyuki Digital Media
Private Limited, Dotpe Private Limited, Intellihealth Solution Pvt Ltd, Fanbuff Esports India Pvt Limited
and Rusk Media Pvt Limited.
Info Edge’s journey of inorganic growth
Source: Company, Leveraged Growth
2. Market Leadership
2 (Naukri.com and 99acres.com) out of 4 standalone portfolios of Info Edge are the market leaders in
their respective space. With the superior market position, Naukri had a traffic share of above 90%
throughout FY20 and 99acres was able to maintain overall traffic share in excess of 40% during the
4|Page www.leveragedgrowth.insame period. While the online matrimonial space being highly competitive, Jeevansaathi is one of the
top three principal players in India.
Moreover, Info Edge’s investee company Zomato is the largest online restaurant search and food
delivery platform and Policybazaar is India’s biggest online insurance comparison platform.
3. Innovation
Innovation and coming up with new and upgraded products are the key to survive in online business
space. Info Edge India use Artificial Intelligence (AI) and Machine Learning (ML) to understand consumer
behaviour and to provide them with better and improved service.
4. Marketing Strategy
Info Edge spends a significant amount on marketing to increase brand awareness among customers.
The Company spent Rs.1,756.93 million in FY19 as compared to 1,163.69 million in FY18, reflecting a
growth of 50.98%. This marketing spends has helped the Company to create a stronger brand name
and acquire new customers. As we see that the Company has maintained its Advertisement and
Promotion spend around 13-14% of sales for most of the period FY10-20.
Advertisement and Promotion Expense
Advertisement and Promotion Cost (Rs Billion) - LHS
Advertisement Cost (% of sales) - RHS
14.7 14.5 14.4 14.6
2.5 14.0 13.5 13.9 16
13.1
11.6 14
2.0 11.1
9.5 2.1 12
1.5 1.8 10
8
1.0 1.4
1.1 1.2 6
0.9 0.9 4
0.5 0.8
0.4 0.5 0.6 2
0.0 0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Source: Company, Leveraged Growth
SWOT Analysis
Strengths
• Strong Cash Reserves: Since a lot of portfolio companies of Info Edge are in the early stages of
development, there is a high cash requirement for brand building, customer acquisition, innovation
and other marketing activities. Even with low external funding, the Company has a cash reserve
of Rs.15.7 billion as of Q4FY20.
• Market Leadership: The portfolio companies of Info Edge are the market leaders in their respective
space and have the potential to maintain market leadership as well.
• Brand Recognition: With superior market positioning and strong marketing activity, the Company
has created a strong brand recognition for its portfolio companies, viz. Naukri.com,
Jeevansaathi.com, Sikhsha.com, 99acres.com, Zomato.com, Policybazaar.com, etc.
• Technology: Being a multi-brand online classified company, technological development is the key
for growth and survival, hence with a large User Interface (UI) and User Experience (UX) division
and a well-established business analytics team, the Company is focused to develop more user-
friendly products with the help of technology, product design, artificial intelligence, machine
learning and data science.
5|Page www.leveragedgrowth.in• War-Chest: Naukri being the Company’s flagship brand has helped the Company to build a strong
cash reserve. A portion of this reserve is maintained as internal ‘war-chest’ and is used to invest
in other developing brands as well as technology-based startups, that have the potential to give
capital gains to its shareholders.
• Physical Presence: The Company has a network of 62 offices in 43 cities across India. It also
employs 4,049 sales, servicing and client-facing staff. This network is playing a critical role in the
growth and expansion of the Company in rural and semi-rural cities.
Weaknesses
• Cash loss: Info Edge’s Matrimony and Real Estate businesses are experiencing losses due to
increased expenses. As the nature of the business, these increased expenses were required for
innovation and marketing activity.
• Dependency Risk: Info Edge is heavily dependent on its Naukri business for its profit and cash flow
requirement. However, the Company is diversifying into other business to de-risk. Other business
now contributes to almost 28.45% of its standalone profit.
Opportunities
• Increased internet penetration: With government focus on ‘Digital India’ program and other factors
like low-cost data, cheaper smartphones and increasing digital literacy, internet penetration in
India has increased further. As per DataReportal’s Digital 2020 report, there is an overall internet
penetration of 50% in the country. Although India boasts the large number of active internet users,
the penetration is still low, considering its large population.
• Increase Private Equity (PE) and Venture Capital (VC) Funding: Info Edge invests in the technology-
based startup business with high growth potential. Indian startup space is continuously growing
with over $25 billion PE/VC fund investment in the last 5 years.
Threats
• Technology Obsolescence: Being a technology-driven company there is always a risk of new
technology development or innovation that can make the Company’s technology outdated.
• Competition: A healthy competition is always a threat to any business. Info Edge has been facing
competition from online as well as offline businesses. Naukri’s major competitors are Indeed and
Shine, 99acres faces competition from various online and offline brokers and Jeevansathi is
operating in a space with 1500 websites providing similar services.
• Government Regulation: Ant Financial acquired a 23% stake in Zomato – an investee company of
Info Edge – on November 2018. Due to Indo-China border tension and anti-china sentiment and
due to change in FDI norms by government, there is a risk of delay in a further round of investment
or the Zomato getting banned.
Michael Porter’s 5 Force-Analysis
Barriers to Entry
• The barrier to entry is between medium to low as website development requires a significant amount
of investment towards marketing, advertisement and R&D.
• Creating a brand name is difficult because of the highly competitive market and the presence of well-
positioned market leaders.
6|Page www.leveragedgrowth.inBargaining Power of Suppliers
• Due to multiple suppliers who can list their requirements on the website, there is limited bargaining
power of individual suppliers. However, since suppliers have the option to list their requirements on
other websites, it gives them some bargaining power. They, therefore, have a low to moderate
bargaining power. These requirements for the suppliers include access to the resume database of
Naukri, job listings by them, employer branding and alike.
• With respect to 99acres, InfoEdge earns through the listings they showcase on their websites, featured
listings, banner ad, and Email campaigns. Here suppliers have the bargaining power only to switch to
some other website. They do not have much bargaining power regarding other things. Thus, they have
low bargaining power.
Bargaining Power of Buyers
• Due to the nature of dot com business, the switching cost of the customers is low, that makes the
bargaining power of customers high.
• A small increase in price can make the customer switch from one website to another or from one app
to another as the customer does not have to bear any cost (apart from data chargers) to download
another app.
• Because of the highly competitive market, customers are present with a lot of website and applications
offering similar service, sometimes with a cheaper cost.
Rivalry among Competitors
• Info Edge faces intense competition in the various spaces in which it operates.
• But the Company has created a brand value for itself with its superior marketing activities and
established most of its businesses as market leaders in their respective segments.
• The Company’s investee companies Zomato, whose closet competitor is Swiggy is doing great and is
the world’s largest website offering restaurant search and food delivery, whereas Policybazaar is the
country’s biggest insurance comparison website.
Threat to Substitutes
• Despite being a market leader, there is always a big threat of substitute in the online space due to the
low switching cost.
• LinkedIn is a ‘professional social media’ that offers an alternative platform for job seekers and hiring
managers to meet and is the major competitor to Naukri.
• Swiggy being the closest competitor to Zomato offers similar services. A lot of customers compare the
prices on Zomato and Swiggi before placing an order.
• As the customer is always looking for new and updated things, a new player entering the market with
improved technology and updated features as compared to Info Edge’s portfolio companies can prove
to be a serious threat and throw the respective websites out of business.
Branding and Other Initiatives
1. Green Initiatives
Intending to reduce paper consumption and carbon footprint, the Company has adopted the practice
to enable to the electronic delivery of notice/document/annual report to its shareholder and also has
decided to stop printing an annual report of its subsidiary company along with the Company’s annual
report. However, the same will be available on the Company’s website.
7|Page www.leveragedgrowth.in2. Social Initiatives
For FY19, the Company has allocated Rs.57.16 million for Corporate Social Responsibilities (CSR) to
achieve a balance of economic, environmental and social imperatives. The Company is also working
with Trust for Retailers & Retail Associates of India (TRRAIN) intending to train persons with disabilities
and provide them with employment opportunities in the retail industry.
3. Focus on education
Info Edge is working with various foundations to support education for underprivileged children, waste
picking children, underprivileged children with special needs, poorest of the poor section of society and
help in infrastructure development for the education of children with or without a disability.
The Company has contributed to Swami Sivanand Memorial Institute, which runs a program named
‘Imparting Quality Education through Compute and Language Development’ which aims to build
learning solution for children using technology to complement classroom-based learning.
Financial Analysis
1. Segmental Analysis
Info Edge operates as a classified online business with standalone portfolio companies operating
in Recruitment, Real Estate and Others segment.
• Recruitment space is built around Naukri.com, Naukrigulf.com and firstNaukri.com which
provides online recruitment solution to job seekers and candidates. During FY19, Recruitment
Solutions grew by 17.51% from Rs.6,687.52 million in FY18 to Rs.7,858.49 million in FY19 and
PAT grew by 14.70% from 3,660.28 million in FY18 to 4,198.29 in FY19.
• Real estate space is built around 99acres.com which generates its revenue from property
listing, builder and broker branding visibility through microsites, home page links and banners,
servicing real estate developers, builders and brokers. During FY19, real estate business grew
by 41.74% from Rs.1,354.33 million in FY18 to Rs.1,919.64 million in FY19 and PAT improved
from -360.18 million in FY18 to -275.88 million in FY19.
• Other business comprised of Jeevansathi.com and Shiksha.com, where Jeevansathi generates
its revenue when the customer pays to exchange phone number and other VAS and
Shiksha.com from branding and advertisement solution for college and universities where both
Indian and foreign entities advertise. The combined business grew by 8.21% from 1,113.06
million in FY18 to 1,204.43 million in FY19, where Jeevansathi.com grew by 5.24% and
Shiksha.com grew by 13.01% and combined PAT decreased from -247.84 million FY18 to -
363.78 in FY19.
Segment Revenue as % of Total Revenue
Recruitment solutions 99acres for real estate Others
10.8
17.9
71.2
Source: Company, Leveraged Growth
8|Page www.leveragedgrowth.in2. Profitability
The consolidated EBITDA margin of Info Edge looks stable. The Company has always posted positive
double-digit figures. In the initial years between FY10-15, the profit declined due to excessive
marketing expenditure for customer acquisition. But from FY17-20, one can see the growth in
profitability with only a slight decline in FY20, due to COVID-19. However, the Net profit Margin
has been extremely fluctuating and tells quite a different story. On a standalone basis, the
Company has a good profit but due to some exceptional items, the consolidated profits have been
fluctuating.
Consolidated EBITDA Margin (%)
42.8
45
34.1
36 31.7 32.2
28.7 29.6 29.4 29.7
27
19.9
23.4
18
9
7.9
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Consolidated Net Profit Margin (%)
46.5 46.6
50
40
30 24.0
19.4 18.1 17.6
20 14.5
9.9
10 2.9
0
-10 -4.4
-20 -17.4
-30
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Source: Company, Leveraged Growth
3. Debt
Being a classified business company, with a business model of investing in the startup, Info Edge is
always in high liquidity needs with high cash requirement. The Company manages this cash
requirement from its flagship brand Naukri’s cash flows without external funding needs, making it
an almost debt-free Company.
9|Page www.leveragedgrowth.inDebt-to-Equity Ratio (x times)
0.003
0.002
0.002
0.002
0.001
0.001 0.001
0.001
0.001
0.001 0.001
0.000 0.000 0.000
0.000
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Source: Company, Leveraged Growth
4. RoCE
Return on Capital Employed is the ratio to measure the Company’s profitability with respect to
Capital Employed. It can be seen that the Company has positive RoCE but as discussed earlier, the
fluctuation is due to profit and losses from the exceptional items and the Joint Venture/Associate
companies. Also, the profits of the investee companies are adjusted in equity, thus causing a
fluctuation in employed capital. Hence, RoCE has been volatile over the years.
Return on Capital Employed (%)
35 30.9
30 26.2
25.3
23.1
25
16.9 17.9
20
14.1 15.0
15
10
5 6.2
4.4
2.4
0
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20
Source: Company, Leveraged Growth
Risk Analysis
1. Data Security: For a company operating in the online business, the risk of technological failure and
breakdown of the server that could lead to interruption of Company’s website and corruption of all
data and/or security breach is significant. The Company has created a secondary website as a
precautionary measure or disaster recovery to tackle this situation.
2. Privacy Risk: Any change in privacy law may affect the Company’s ability to share personal data on
its website. However, the Company takes prior consent from its customers therefore minimizing its
exposure to this risk.
3. Content Liability: Most of the portal relies on the information provided by the users. Hence there is
always a risk of fraudulent posting and false profile creation which might damage the reputation
of the Company.
10 | P a g e www.leveragedgrowth.in4. Obsolescence Risk: There is always a risk of new technology development and/or innovation which
can make the Company’s technology redundant.
5. Legal risk: The Company has some income tax and service tax cases against it, if lost it can have a
significant impact on the Company’s future cash flows.
Corporate Governance
1. The Board of Info Edge consists of 11 Directors, which includes 3 executive directors, 7 independent
directors (including two women director) and one non-executive director.
2. The chairman of the board is a Non-Executive, Non-Promoter director.
3. During FY20, the board of director met 7 times and independent director met twice.
4. During FY20, the had seven committees, Audit Committee, Stakeholders’ Relationship Committee,
Nomination & Remuneration Committee, Corporate Social Responsibility Committee, Risk
Management Committee, Business Responsibility Reporting Committee and Committee of Executive
Directors.
5. The Audit Committee is composed of 4 independent directors.
Shareholding Pattern (%) as of FY20
Promoters FIIs DIIs Public Others
0.2
9.4
12.8
38.5
39.2
Source: Company, Leveraged Growth
The EndNote
1. Info Edge is in a strong position as most of its portfolio companies are strategically placed as
market leaders catering to a different segment of customers maintaining diversification.
2. The Company’s flagship business Naukri is the revenue generator, fulfilling the Company’s capital
requirement without external funding.
3. The Company has strong management and is under experienced leadership.
4. The Company has successfully invested in profitable investee companies with good potential for
growth.
5. The Company has a decent spend on marketing and innovation activities required for customer
acquisition.
6. The Company has a strong liquidity position that is enough to sustain its operations for 2.5 years.
11 | P a g e www.leveragedgrowth.inPerformance of Info Edge vs Nifty 50 (Last 10 years)
NAUKRI Nifty 50
1000
900
800
700
600
500
400
300
200
100
0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: NSE
12 | P a g e www.leveragedgrowth.inDisclaimer: The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non- investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. Leveraged Growth, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already available in publicly accessible media or developed through analysis of Leveraged Growth. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Leveraged Growth to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt Leveraged Growth or any of its affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold Leveraged Growth or any of its affiliates or employees responsible for any such misuse and further agrees to hold Leveraged Growth or any of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays. 13 | P a g e www.leveragedgrowth.in
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