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IPO Analysis: Muthoot Microfin Ltd.
IPO Analysis of Muthoot Microfin Ltd.
Muthoot Microfinance are a microfinance institution providing micro- loans to women customers (primarily for income generation purposes) with a focus on rural regions of India. They are the fifth largest NBFC-MFI in India in terms of gross loan portfolio as of March 31, 2023. They are also the third largest amongst NBFC-MFIs in South India in terms of gross loan portfolio, the largest in Kerala in terms of MFI market share, and a key player in Tamil Nadu with an almost 16% market share, as of March 31, 2023. As of September 30, 2023, their gross loan portfolio amounted to ₹108,670.66 million. They believe that their business model helps in driving financial inclusion, as they serve customers who belong to low- income groups. As of September 30, 2023, they have 3.19 million active customers, who are serviced by 12,297 employees across 1,340 branches in 339 districts in 18 states and union territories in India. They have built their branch network with an emphasis on under- served rural markets with growth potential, in order to ensure ease of access to customers. Their branches are connected to their IT networks and are primarily located in commercial spaces which they believe are easily accessible by their customers. They are a part of the Muthoot Pappachan Group, a business conglomerate with presence across financial services, automotive, hospitality, real estate, information technology infrastructure, precious metals and alternate energy sectors. The Muthoot Pappachan Group has a history of over 50 years in the financial services business. They are the second largest company under the Muthoot Pappachan Group, in terms of AUM for the Financial Year 2023. Their relationship with the Muthoot Pappachan Group provides them with brand recall and significant marketing and operational benefits. Further, there are significant synergies between the financial services business of the group and their micro-finance business.
Their wide range of lending products are aimed at catering to the life cycle needs of rural households. They primarily provide loans for income generating purposes to women customers living in rural areas. Their loan products comprise (i) group loans for livelihood solutions such as income generating loans, Pragathi loans (which are interim loans made to existing customers for working capital and income generating activities), individual loans and Suvidha loans (which are digital loans accessible through the Mahila Mitra application and made to existing customers to enable quick access to funds); (ii) life betterment solutions including mobile phones loans, solar lighting product loans and household appliances product loans; (iii) health and hygiene loans such as sanitation improvement loans; and (iv) secured loans in the form of gold loans and their Muthoot Small & Growing Business (“MSGB”) loans. As of September 30, 2023, the gross loan portfolio of their income generating loans amounted to ₹102,118.73 million, representing 93.97% of their total gross loan portfolio. They primarily adopt a joint liability group model which caters exclusively to women in lower income households and is premised on the fact that if such individuals are given access to credit, they may be able to identify new opportunities and supplement and grow their existing income.
The history of the Muthoot Pappachan Group in working with customers at the bottom of the economic pyramid helps us better address the needs of women in rural households and design lending products to cater to their requirements.
Company’s Branch Network. Over the past few years, they have significantly implemented the use of technology across their microfinance operations. They have an in-house information technology team that has built their technology platform into a business tool, which they believe helps them in achieving and maintaining high levels of customer service, enhancing operational efficiency, and creating competitive advantages for their organization. To improve their underwriting capabilities using technology, they have developed a unique credit score card along with Equifax to evaluate the creditworthiness of customers by assigning individual credit scores to their customers. As a result, they can risk profiling each of their customers individually based on parameters such as payment track record (including any credit defaults in the past two years), demographics, age, and location. This allows them to strategically allocate more capital to “very low risk” and “low risk” customers, as compared to “medium risk” and “high risk” customers (as per the categorization based on the score cards), to maximize their collection efficiency. Apart from utilizing their unique credit score, they also analyze customers’ credit bureau reports to establish their creditworthiness and repayment behavior. Further, to expand their digital collections infrastructure, they launched a proprietary application, called “Mahila Mitra”, in 2021, which facilitates digital payment methods such as QR codes, websites, SMS-based links and voice-based payment methods. Through Mahila Mitra, the customers are able to pay directly from their bank account through a secure platform that requires authentication via OTP and/or PIN payments, track and maintain digital records and statements of transactions, and earn cashback or reward points on payment transactions.
For the Financial Years 2021, 2022 and 2023, and the six months ended September 30, 2023, 1.06%, 4.86%, 20.30% and 25.47% of their repayments were collected on a digital basis (i.e. in a cash less manner by direct bank credit into their bank accounts), respectively. As of September 30, 2023, 1.50 million customers have downloaded the Mahila Mitra application, and 2.46 million customers have transacted digitally with them (through the Mahila Mitra application and other digital payment methods). They are also in the process of developing a Super App along with the Muthoot Pappachan Group, which they plan to use to integrate their Mahila Mitra application with all of the Muthoot Pappachan Group’s products and databases on to a single platform, allowing customers to access all the Group’s loan offerings on a single platform, thereby maximizing their cross- selling opportunities. In 2022, the company was awarded the Mobility Award for IT Innovations at the Technology Senate Awards South 2022 instituted by Express Computer, and the Best Digital Transformation Initiative – Financial Services Award at the India DevOps Show, 2022. In 2023, they were awarded the Trailblazer in Digital Lending Award at the 2nd Elets NBFC100 Leader of Excellence Awards, 2023, and the winner in the category of ‘Modern and Agile Data Architecture and Infrastructure’ at the Economic Times Datacon Awards, 2023. In addition, with the aim to cater to the healthcare needs and priorities of their customers, they have, since December 2021, offered digital healthcare facilities to their customers through “e-clinics”. They collaborate with M-Swasth Solutions Private Limited, a technology driven digital healthcare service provider, to set up these e-clinics across their branches. As of September 30, 2023, they have set up 460 e-clinics across 460 of their branches, representing 34.33% of their total branches. As of September 30, 2023, 14.40% of their customers have enrolled in their e-clinics, and they have facilitated 98,844 medical consultations and 65,878 teleconsultations. Further, to protect their customers from the risks of natural calamities, they have, since May 2020, also provided natural calamity insurance to their customers to whom they disburse loans across their branches in India. As of September 30, 2023, they have provided 23.23% of their clients with natural calamity insurance. As a result of global climate change, India has experienced natural calamities such as floods, cyclones, earthquakes, tsunamis, and droughts in the past, including floods in the south Indian state of Kerala in 2018 and 2019 and a cyclone in Tamil Nadu in 2018. In this background, purchasing natural calamity insurance for their customers is a significant value-add to them as it protects their businesses and assets at home.
The company have received several awards and certifications in recognition of their approach of integrating social values in the conduct of their business, including the Certificate of Excellence for contributions for water and sanitation lending instituted by Water.org and Sa-Dhan in 2021, the ‘Flame Awards’ instituted by Rural Marketing Association of India in 2020, and the ‘Golden Peacock Award for Business Excellence’ by the Institute of Directors in 2018.
Industry Research:
The microfinance industry’s joint liability group (JLG) portfolio has recorded healthy growth in the past few years. The industry’s GLP increased at 21% compound annual growth rate (CAGR) between Mar-18 and Dec-2022 to reach approximately Rs 3.3 trillion. The growth rate for non-banking finance institution (NBFC)-MFIs is the fastest as compared with other player groups.
Going forward, the overall microfinance industry will continue to see strong growth on back of the government’s continued focus on strengthening the rural financial ecosystem, robust credit demand, and higher-ticket loans disbursed by microfinance lenders.
The microfinance industry has been growing despite facing various headwinds in the past decade, such as the national farm loan waivers (2008), the Andhra Pradesh crisis (2010), Andhra Pradesh farm loan waiver (2014), demonetisation (2016), and farm loan waiver across some more states (2017 and 2018). Of these events, the Andhra Pradesh crisis of 2010 had a lasting impact on the industry. Some players had to undertake corporate debt restructuring and found it difficult to sustain business. Since then, however, no other event has affected a complete state to such a degree. While the demonetisation of Rs 500 and Rs 1,000 denomination banknotes in November 2016 hurt the industry, the impact was not as serious as the Andhra Pradesh crisis and was limited to certain districts. Portfolio at risk (PAR) data as of September 2018 indicates the industry recovered strongly from the aftermath of demonetisation. Furthermore, collections of loan disbursements since September 2017 remained healthy. The liquidity crisis in 2018, however, had a ripple effect on microfinance lending since smaller NBFC-MFIs with capital constraints and lenders relying on NBFCs for funding slowed down disbursements.
MFI loan disbursements dropped significantly in the first quarter of fiscal 2021 on account of negligible collections and focus of players on preserving liquidity. However, as borrowers were made aware of the impact of moratorium on their outflows and as lockdowns were eased, collections started picking up, giving comfort to lenders towards the sector.
Disbursements started to increase towards the second half of the second quarter of fiscal 2021, and by the third quarter, disbursements were back at pre-pandemic levels. Disbursement grew 26% on-year in the fourth quarter of fiscal 2021. Though the disbursements declined in fiscal 2021, the impact was restricted on account of the moratorium provided (in the form of increased tenure), leading to lower quantum of repayments during the year.
Growth in disbursements was halted by the second wave of pandemic, dropping by approximately 76% over the previous quarter in the first quarter of fiscal 2022. However, with the recovery in economy from July 2021, collections started to improve, and disbursements increased by 150% and 17% on-year in the second and third quarters of fiscal 2022 respectively. In the fourth quarter of fiscal 2022 as well, disbursements continued to remain robust and witnessed a growth of 19% on-year. Collection efficiency of most players reached 98-99% in the fourth quarter of fiscal 2022. In the first quarter of fiscal 2023, although the players were occupied with the new RBI regulations, they clocked healthy growth of 76% during nine months ended fiscal 2023 compared with the previous year period. Additionally, the increasing average ticket size will support disbursements.
Although India’s household credit penetration on MFI loans has increased, it is still on the lower side. There is a huge untapped market available for MFI players. As of end of nine months ended 9M FY2023, the microfinance industry had clocked a CAGR of 21% since the financial year 2018. With economic revival and unmet demand in rural regions, CRISIL MI&A Research expects the overall portfolio size to reach ₹4.9 trillion by the end of the financial year 2025.
CRISIL MI&A Research expects the MFI industry to log 18-20% CAGR during FY 2023-2025. During the period, NBFC- MFIs are expected to grow at a much faster rate of 25-30% compared with the MFI industry. Key drivers behind the superior growth outlook include increasing penetration into the hinterland and expansion into newer states, faster growth in the rural segment, expansion in average ticket size, and support systems like credit bureaus. The presence of self-regulatory organisations like MFIN and Sa-Dhan is also expected to support sustainable growth of the industry going forward. Microfinance sector in India is regulated by the RBI. The RBI’s new regulatory regime for microfinance loans effective April 2022 has done away with the interest rate cap applicable on loans given by NBFC-MFIs, and also supports growth by enabling players to calibrate pricing in line with customer risk.
Key enablers for growth of microfinance industry are:
Investment Rationale:
1. Market leadership with a pan-India presence
They are a microfinance institution providing micro-loans to women customers (primarily for income generation purposes) with a focus on rural regions of India. They are the fifth largest NBFC-MFI in India in terms of gross loan portfolio as of March 31, 2023. They are also the third largest amongst NBFC-MFIs in South India in terms of gross loan portfolio, the largest in Kerala in terms of MFI market share, and a key player in Tamil Nadu with an almost 16% market share, as of March 31, 2023. Their business model helps in driving financial inclusion, as they serve customers who belong to low-income groups. They have 3.19 million active customers, as of September 30, 2023. They have a well-diversified portfolio across 339 districts in 18 states and union territories in India, as of September 30, 2023.
As of September 30, 2023, their gross loan portfolio in the top three states, namely Kerala, Karnataka, and Tamil Nadu, together accounted for 51.36% of their total gross loan portfolio. Over the past five years, they have expanded their operations in North, East and West India, which has allowed them to diversify their customer base and gross loan portfolio and increase their revenue from operations. Over the past five years, they have expanded their operations in North, East and West India, which has allowed them to diversify their customer base and gross loan portfolio and increase the revenue from operations
2. Rural focused operations, with a commitment towards health and social welfare of the customers
They have a history of serving rural markets with high growth potential in the microfinance segment and have maintained a track record of financial performance and operational efficiency through consistently high rates of customer acquisition and retention and expansion into underpenetrated areas.
The connection with their rural customers has been largely driven by the focus on continuously improving the understanding of the financial needs of the rural customer segment and commitment to consistent engagement with the communities they serve. Further, their digital capabilities, which facilitate online onboarding, paperless loan processing, seamless cashless disbursements, cashless collections, timely query resolution and access to online financial literacy resources, among other things, have allowed them to deliver superior customer services to the rural customers.
In addition, with the aim to cater to the healthcare needs and priorities of their customers, they have, since December 2021, offered digital healthcare facilities to their customers through “e-clinics”. They collaborate with M-Swasth Solutions Private Limited, a technology-driven digital healthcare service provider, to set up these e-clinics across their branches. As of September 30, 2023, they have set up 460 e-clinics across 460 of their branches, representing 34.33% of the total branches. As of September 30, 2023, 14.40% of their customers have enrolled in the e-clinics, and they have facilitated 98,844 medical consultations and 65,878 tele consultations. The e-clinics provide their customers and up to five of their family members with video consultation with doctors at a nominal enrolment cost.
3. Brand recall and synergies with the Muthoot Pappachan Group
They are part of the Muthoot Pappachan Group, a business conglomerate with presence across financial services, automotive, real estate, healthcare, information technology, precious metals and alternate energy sectors. The Muthoot Pappachan Group has a history of over 50 years in the financial services business. They are the second largest company under the Muthoot Pappachan Group, in terms of AUM for the Financial Year 2023. Their relationship with the Muthoot Pappachan Group provides them with brand recall and significant marketing and operational benefits. Several companies forming part of the Muthoot Pappachan Group are in the financial services sector including microfinance, gold finance, and two-wheeler finance and housing finance. The financial services companies within the Muthoot Pappachan Group together service 8.7 million unique customers, as of September 30, 2023. The history of the Muthoot Pappachan Group in working with customers in economically weaker sections, helps them better understand the needs of women in rural households and design lending products to cater to their requirements. In addition, there are opportunities presented by the financial services businesses of the Muthoot Pappachan Group for the growth of their operations and expansion of their customer base and geographical footprint across India. They leverage cross-selling opportunities to offer diverse products to meet the multiple needs of their target customers. For example, their Company earns income from distribution of a variety of loans to their customers on behalf of MFL. They are also in the process of developing a Super App along with the Muthoot Pappachan Group, which they plan to use to integrate their Mahila Mitra application with all the Muthoot Pappachan Group’s products and databases on to a single platform, allowing customers to access all the 187 Group’s loan offerings on a single platform, thereby maximizing their cross-selling opportunities.
4. Robust risk management framework
Risk management forms an integral part of the business, and they recognize the importance of risk management for long-term success. They have implemented well-defined key risk management policies which primarily focus on addressing credit risk, operational risk, and financial risk. The key elements of the risk management framework are summarized below:
Credit Risk: The company seeks to ensure effective appraisal, disbursement, collection, and delinquency management resulting from streamlined approval and administrative procedures. They have established underwriting norms which ensure that customer selection is done after evaluating repayment capacity and detailed cash flows analysis. They use technology across the business processes, including sourcing, underwriting, disbursement, and collection, in order to ensure accuracy and authenticity of information.
Operational Risk: Before establishing a branch in a new location, they conduct due diligence and market surveys to understand key details relating to the new location, including, among others, economic activity, target market growth potential and extent of microfinance services already provided. They also have a systematic hiring criterion, and perform employment verifications, review credit bureau reports and police verification reports of each potential employee before hiring them. The company have also established training processes for their newly hired staff, including training on the policies, processes, systems, and culture of the Company.
Financial Risk: The company adopts conservative policies aimed at ensuring there is no asset liability mismatch, liquidity risk or interest risk. They ensure that they engage in external borrowings in a manner that is compliant with their board-approved borrowing policies. The company’s borrowing committee works under the supervision of the Board to ensure that their costs of borrowings, interest rates for their borrowings and drawdowns on the loan facilities are well managed.
The robust risk management framework, customer selection methodologies and regular end use and payment monitoring have resulted in healthy portfolio quality indicators such as high collection efficiency, stable PAR and low rates of gross NPAs and net NPAs. Their collection efficiency was 95.84% and 98.89% for the Financial Year 2023 and the six months ended September 30, 2023, and gross NPA ratio was 2.37% and net NPA ratio was 0.33%, as of September 30, 2023. As of March 31, 2023, they had the fifth lowest gross NPA ratio, and as of September 30, 2023, they had the third lowest net NPA ratio among the selected NBFC-MFIs.
5. Streamlined operating model with effective use of technology
The company recognize that establishing and growing a successful microfinance business in India involves the significant challenge of addressing a customer base that is quite large and typically lives in remote locations in India. To address this challenge, they have designed a streamlined and scalable operating model and developed technology-led systems and solutions for their operations. As of September 30, 2023, they had 102 members in their information technology team, who are responsible for, among other things, developing and maintaining their in-house information technology systems, data security systems, and technological infrastructure and applications. All the applications have been developed in-house by their information technology team, and the team is also able to implement amendments to the applications required pursuant to regulatory or other operational changes in an efficient and quick manner. Their chief technology officer has over 20 years of experience in the information technology space.
6. Increasing geographical footprint and sourcing platform across India
As of December 31, 2022, India’s Northern and Western regions had relatively low financial penetration as compared to the pan-India average penetration, indicating probable growth potential from India’s Northern and Western regions that have a relatively lower penetration. While their operations have historically been concentrated in South India, they have in recent years expanded into North, East and West India and have a total of 707 branches across North, West and East India as of September 30, 2023, representing 52.76% of their total branches as of September 30, 2023. Moving forward, they expect that a significant portion of their future geographic expansion will include rural areas in these regions of India and intend to grow their branches in four key states: Uttar Pradesh, Bihar, Rajasthan, and Punjab, which are underpenetrated or moderately penetrated states that may have potential for growth and customer expansion, as of March 31, 2023. They operate 1,340 branches across 339 districts in 18 states and union territories in India, as of September 30, 2023. They bifurcate their geographical spread into two categories: mature states and other states across the rest of India. They have classified three states and one union territory where they first commenced their operations as mature states, which includes Kerala, Tamil Nadu, Puducherry and Karnataka, and they have classified 14 states and union territories (excluding mature states) as their other states across the rest of India (including North, West and East India).
7. Efficient utilisation of Information Technology with a Focus on Customer Service, Operational Efficiency and Cost Optimization
They will continue to invest in their technology platform to increase operational efficiencies as well as ensure customer credit quality. Their information technology infrastructure will not only enable them to reap the benefits of digitalizing business processes, but will also become a key source of incremental business for them as they continue to utilise the underwriting capabilities of their unique credit score card to increase the amount of loans that they disburse to customers that they classify as low risk and very low risk. As they continue to expand their geographic reach and scale of operations, they intend to further develop and invest in their technology to support their growth, improve the quality of their services and achieve superior turnaround time in their operations. They endeavor use technology and automation across their business processes, including, among others, sourcing, underwriting, disbursement and collection. Superior customer service is an integral part of their value proposition to their customers. They intend to leverage information technology to improve their customer’s experience from sourcing, know-your -customer procedures and appraisal to post sales service stage. Their current platform allows them to undertake integrated credit bureau data check, automated appraisal, stage wise review of the disbursement process and real-time process integrating all branch information. They have implemented mobility-based loan origination systems with digital document signatures, GPS tagging and real time credit scoring, and they are working on implementing mobility- based loan origination systems with electronic know-your -customer checks through their Telerios application. Further, to speed up their customer acquisition process, they are working on developing the relevant technological infrastructure to implement electronic Aadhaar based authentication services, which will allow them to perform electronic know-your -customer checks more accurately. In 2023, they were granted permission by the Government of India to use Aadhar based authentication services.
Management Profile:
Thomas Muthoot is one of the Promoters and the Managing Director of the Company. He holds a bachelor of law degree from University of Kerala. He is on the board of directors of several companies including Muthoot Capital Services Limited, Muthoot Fincorp Limited, Muthoot Housing Finance Company Limited and Muthoot Hotels Private Limited. He has over 37 years of experience in the field of financial services.
Thomas John Muthoot is one of the Promoters and a Non-Executive Director of the Company. He holds a bachelor of commerce degree from University of Kerala. He has also completed owner/president management program from Harvard Business School. He is on the board of directors of several companies including Muthoot Fincorp Limited, Muthoot Capital Services Limited, Muthoot Housing Finance Company Limited and Muthoot Hotels Private Limited. He has over 37 years of experience in the field of financial services.
Thomas George Muthoot is one of the Promoters and a Non-Executive Director of the Company. He attended University of Kerala to pursue bachelor’s in commerce. He is on the board of directors of several companies including Muthoot Fincorp Limited, Muthoot Capital Services Limited, Muthoot Housing Finance Company Limited and Muthoot Hotels Private Limited. He was previously the chairman of NBFCs Kerala and a committee member of the Finance Companies Association, Chennai. He has over 37 years of experience in the field of financial services.
Akshaya Prasad is a Non-Executive Director on our Board. He holds a bachelor of arts (honours) degree from University of Delhi. He has completed post graduate programme in management from Indian Institute of Management, Bangalore. He is also on the board of directors of Enzen Global Solutions Private Limited and a director of Greater Pacific Capital India Private Limited. He was previously associated with Goldman Sachs (India) Securities Private Limited where he last served as executive director. He has over 22 years of experience in the financial services sector.
John Tyler Day is a Non-Executive Director on our Board. He holds a bachelor of business administration degree from University of Texas at Austin. He also holds a master of business administration degree from J.L. Kellogg School of Management, Northwestern University. He is currently associated with Creation Investment Capital Management LLC as a partner and member of the investment committee. He has over 12 years of experience in the field of financial services.
Alok Prasad is a Non-Executive Independent Director on our Board. He attended University of Delhi to pursue master’s in arts. He is on the board of directors of several companies such as Gang-Jong Development Finance Private Limited and Fincare Small Finance Bank Limited. Previously, he was on the board of director of Citicorp Finance (India) Limited and Citicorp Maruti Finance Limited. He served as the chief executive officer of Microfinance Institutions Network. He worked with the Reserve Bank of India from 1976 till 1989, where he last held the position of ex assistant general manager. He also worked with National Housing Bank from 1989 till 1996, where he last held the position of general manager. He is also the former chairperson and director of South Asia Micro-entrepreneurs Network (SAMN). He has over 34 years of experience in the field of finance.
Thai Salas Vijayan is an Non-Executive Independent Director on our Board. He holds a bachelor of science degree from University of Kerala. Previously, he has served as the chairman of Life Insurance of Corporation of India and the chairman of Insurance Regulatory and Development Authority of India. He is also on the board of directors of Kerala Infrastructure Fund Management Limited and Shriram Properties Limited.
Bhama Krishnamurthy is an Non-Executive Independent Director on our Board. She holds a master of science degree from University of Bombay. She is on the board of directors of several companies such as Five-Star Business Finance Limited and CSB Bank Limited. Previously, she was on the board of Ashv Finance Limited, Reliance payment Solutions Limited, Reliance Industrial Infrastructure Limited and IDBI Capital Markets and Securities Limited. She was the chief general manager of Small Industries Development Bank of India. She has an experience over 40 years in the field of financial services.
Pushpy Babu Muricken is an Non-Executive Independent Director on our Board. She is an associate member of the Institute of Cost and Works Accountants of India and holds a bachelor of law degree and bachelor of commerce degree from Mahatma Gandhi University. She is also on the Board of directors of Joyalukkas India Limited. She was the chairperson of the management committee of the Cochin chapter of the Institute of Cost Accountants. She was also the joint convener at the Ladies Forum of Kerala Chamber of Commerce and Industry. She was also an independent management consultant at NASSCOM for Start-ups, Kerala and was a guest faculty at Rajagiri College of Social Sciences, Kalamassery. She has over 16 years of experience in in the field of finance.
Anand Raghavan is a Non-Executive Independent Director on our Board. He holds a bachelor of commerce degree from University of Madras. He is also a practicing chartered accountant certified by Institute of Chartered Accountants of India. He was previously associated with Ernst and Young as a partner and Sundaram Finance Limited as vice president – corporate affairs. He was also a member of Committee on functioning of Asset Reconstruction Companies and Committee for revival of MSMEs in Tamil Nadu. He has over 30 years of experience in the field of finance.
Financials:
Balancesheet
Profit & Loss
Cash Flow
Valuation & Opinion:
The company has a market leadership with a pan India presence. Also, the company is a part of prestigious Muthoot Pappachan group and expanding its network across whole India with great pace. Company has also shown a good track record in its other business groups also, along with that company also has an experienced management profile along with the key members who are good in utilizing the available resource at its best and also making efficient utilisation of Information Technology with a Focus on Customer Service, Operational Efficiency and Cost Optimization. At the upper price band company looks fairly valued for long term perspective.
Key Risks:
I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.
I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.
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