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Disclaimer & Disclosure – Research Report

This report has been prepared by Nexttech Securities Private Limited to provide information about the company(ies) and/or sector(s), if any, covered in the report and may be distributed by Butterfly Broking Private Limited and/or its affiliated . This report is intended for the personal information of the selected recipient(s) and does not constitute investment, legal, or taxation advice. It is not an offer, invitation, or inducement to invest in securities, stocks, or other investments, and Butterfly Broking Private Limited is not soliciting any action based upon it. This report is not for public distribution and has been furnished solely for educational purposes and for general information. It should not be reproduced or redistributed to any other person in any form.

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Nexttech Securities Private Limited and its affiliates may have managed or co-managed public offerings of securities and/or received compensation for brokerage services in the past 12 months. However, Nexttech Securities Private Limited, its research analysts, and the author of this report have not received compensation or other benefits from the subject company or any third party in connection with this research report.

Subject companies may have been clients of Nexttech Securities Private Limited or its affiliates during the 12 months preceding the publication of this report. Nexttech Securities Private Limited or its affiliates, or their employees, may have positions, financial or otherwise, of over 1% in the securities mentioned in this report.

To enhance transparency, Nexttech Securities Private Limited has incorporated a Disclosure of Interest Statement in this document. This should not be treated as an endorsement of the views expressed in the report. “The securities quoted for illustrative purposes are for example only and are not recommendations.”

Investment Risk Notice

“Investment in securities markets is subject to market risks. Read all related documents carefully before investing.”

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This report does not contain any prohibited statements or any misleading, biased, or deceptive material, and complies with all applicable legal standards. It does not promise or guarantee assured or risk-free returns or minimum returns.

Certification by Analyst(s), Author of this Report

The views expressed in this report accurately reflect the personal views of the analyst(s), author of this report about the subject securities or issues, and no part of the compensation of the research analyst(s), author of this report was, is, or will be directly or indirectly related to the specific recommendations and views expressed in this report. The research analyst(s), author of this report, strategists, or research associates principally responsible for preparation of this report receive compensation based upon various factors, including quality of research, investor client feedback, stock picking, competitive factors and firm revenues.

Disclosure of Interest Statement

Ownership of the stock(s), company(ies) mentioned in this report by Analyst(s), author – No

Analyst(s), author served as an officer, director or employee of companies mentioned – No

Research Analyst: Phani Kumar S

SEBI Registration Number: INH000021067

Registered Address: RF410, Purva Munnekolala, Marathahalli, Bengaluru, Bengaluru urban 560037

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