The information contained herein is solely for private circulation for reading/understanding of

registered distributors and should not be circulated to investors/prospective investors.

STRATEGY NOTE
ICICI Prudential PMS Contra Strategy
(Contra Strategy) MAY 2024
PORTFOLIO PERFORMANCE
In the month of April 2024, the Contra Strategy generated return of 5.73%, outperforming the benchmark
return of 2.29%. The major contributor to alpha was a overweight allocation towards Banking & Finance and
Metals & Mining sectors. An underweight in IT sector also aided the performance. Repco Home Finance
Limited, a non-banking financial company and Godawari Power & Ispat Limited, a steel producer, were the
biggest contributors to alpha. State Bank of India, the country’s largest bank and Hindalco Industries Limited,
an aluminium and copper manufacturing company, also contributed to returns. An overweight in telecom
sector and positioning in Tata communication Limited marginally detracted alpha.
We continue to remain overweight in banking, metals, telecom and transportation sectors. We believe India's
current expansion phase characterized by robust earnings and growth augurs well for these sectors. We
remain underweight Pharma, Consumer facing sectors and IT sector.

1 3 6 1 2 Years 3 Years 4 Years 5 Years Since

Month Months Months Year CAGR CAGR CAGR CAGR Inception*
Contra Strategy 5.73% 9.59% 32.90% 52.80% 32.11% 29.38% 37.46% 25.01% 22.96%
S&P BSE 500 TRI 3.44% 6.05% 25.01% 38.63% 20.19% 20.46% 28.62% 18.21% 16.08%
Inception Date : September 14, 2018 | Inception Date of the Strategy is the date of onboarding of first client of the Strategy| Since inception return from March 31, 2007 or
Inception Date | Performance as on April 30, 2024. Performance data provided herein is not verified by SEBI | Index Data Source: www.bseindia.com|Please click here to
access the performance relative to other Portfolio Managers within the Strategy by Association of Portfolio Managers in India (APMI) :
https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Strategy performance mentioned above is the aggregate performance of all Clients in the Strategy using the Time Weighted Rate of Return (TWRR) methodology and the
performance of an individual Client may vary significantly from the above. Returns for one year or less are on absolute basis, while returns more than one year are on
annualized basis. All the returns calculated above are after deduction of the applicable expenses. Past performance may or may not be sustained in future and is no
guarantee of future results. Please note that performance of one investor in the portfolio may vary significantly from that of other investors and that generated by the
Investment Approach across all investors because of 1) the timing of inflows and outflows of funds; and 2) differences in the portfolio composition because of restrictions
and other constraints.

TOP 5 CONTRIBUTORS
Stock Selection Contribution Sector Allocation Contribution
Repco Home Finance Limited 1.09% Banks & Finance 3.00%
State Bank Of India 0.73% Metals & Mining 1.98%
Godawari Power & Ispat Limited 0.59% Auto Ancillaries 0.51%
Bharti Airtel Limited 0.57% Transportation 0.44%
Hindalco Industries Limited 0.51% Real Estate 0.21%
#Top 5 stocks & sector contributors of the Portfolio mentioned in the table are the top on the basis of its weightage in the Benchmark Client portfolio multiplying by its return
since last 1 Month as on April 30, 2024

PORTFOLIO ACTIVITY
Stocks In Stocks Out

NTPC Limited
Stock Addition/Deletion The Great Eastern Shipping
Vedanta Limited
For April 2024 Company Limited
Bharti Hexacom Limited

PORTFOLIO OUTLOOK
The Contra Strategy aims to select companies in sectors that have high entry barriers, sectors that are in the
consolidation phase or companies that are in a special situation. Companies in the sectors like manufacturing
(metals, industrial products, and auto ancillaries) and manufacturing allied (logistics, corporate banks, and
utilities) which are coming out of tough macro cycle are posing good investing opportunities. These
companies have potential for growth and are available at reasonable valuations. This aligns with the
anticipation of robust domestic demand. Our strategic focus on this sector is driven by the identification of
more favorable risk/reward opportunities.

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future
positions in these Stock(s)/Sector(s).
The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

STOCK ADDITION APRIL 2024

Vedanta Limited

 Vedanta Limited is a prominent Indian multinational corporation specializing in the mining industry. It
operates a diverse range of mining and processing activities across several countries, including India,
South Africa, Liberia, and Namibia.
 The management targets to spend USD1.9b for growth capex, which is to be split as USD0.4b for Oil
and Gas business, USD0.4b for Zinc expansion projects, USD0.8b for aluminum and power, and the
rest for others. Debt levels have peaked for Vedanta and deleveraging will be the key focus ahead.
 The management guidance for EBITDA in FY25 stands at USD6.5b and at this pace, the company
anticipates achieving an EBITDA of USD20b+ over the next three years, accompanied by cash flows
of USD7-8b. This cash influx is expected to adequately cover both targeted capex and the USD3b
debt reduction in Vedanta Resources (VRL).
 The demerger of businesses and potential sales of any assets will help the management to meet its
debt obligations. We feel the commodity prices have legroom to improve from here as well driven by
Chinese stimulus and improved demand in 2H.

Source : FY24 Earnings Presentation (vedantalimited.com), Motilal Oswal Report, Mar 2024

Bharti Hexacom Limited

 Bharti Hexacom, a unit of Bharti Airtel Ltd., provides fixed-line telephone and broadband services in
Rajasthan & Northeast circles in India that make up about 7% of industry customers. The parent
Bharti Airtel Limited, has a share of 70% whereas the remaining 30% is owned by Telecom
Consultants of India, a wholly owned undertaking of the Government of India.
 Operation synergies and cost rationalization through its parent Bharti Airtel gives it an operational
advantage. The Bharti group has been one of the pioneers in the launching of 5G services across the
country and Bharti Hexacom is expected to leverage this advantage. Smart TVs’ and advent of OTT
platforms has become another focal point. The parent exercises management control over the
company and the full integration of operations, including common brand, products, operations and
common treasury, this strengthens future growth prospects for the company.
 The company benefits from a lean capital structure thanks to reasonable spectrum costs, and an
asset-light setup; B. under-penetrated market implies ‘higher for longer’ growth. In the past three
years, the company has outperformed peers across parameters – subs/ ARPU/revenue/cash
EBITDA/cashflow/invested C. strong balance sheet/higher FCF generation. Bharti’s strong eco-system
is cherry on the cake.

Source : FY24 Earnings Presentation (bhartihexacom.in), Motilal Oswal Report, Mar 2024

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future
positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

STOCK ADDITION APRIL 2024

NTPC Limited

 In the aftermath of COVID-19, India is experiencing a robust increase in power demand, and it is
anticipated that both base and peak power demand will continue to rise over the next few years.
 NTPC stands out as a prime candidate to capitalize on the expanding market for power capital
expenditures, driven by grid security and the growing penetration of renewable energy sources.
Benefiting from both conventional (CO) and renewable (RE) sectors, NTPC has devised a strategy to
enhance its thermal capacity by 24GW and its renewable energy capacity by 64GW by the year 2032.
 With 20GW of capacity already secured, NTPC is expected to expedite the expansion of its renewable
energy capacity. As India navigates the energy transition, there is a pressing need for additional
thermal capacity to maintain a reliable supply.
 NTPC emerges as the most suitable entity to fulfill this requirement, especially in the face of waning
private sector interest in thermal capacity. The company has notably expanded its portfolio of thermal
power plants under construction from 9GW to 24GW.

Source : FY24 Earnings Presentation (ntpc.co.in), Motilal Oswal Report, Mar 2024

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have any future
positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

TOP 10 STOCK HOLDING IN THE PORTFOLIO

STATE BANK OF INDIA LIMITED
About The Company
 One of the largest public-sector bank in terms of assets, deposits, branches, number of customers, and
employees having pan-India presence. The Bank has been designated by the RBI as a domestic
systemically important bank (D-SIB), which means that its continued functioning is critical for the
economy.
Key Stock Drivers
 The Bank enjoys one of the dominant positions and market share in the Indian banking space.
 Healthy financial statements, vast reach and a healthy business makes it seem to be competently-
placed to gain market share as well as clients in the medium to long term. It has a good liability
franchise to compete by taking lower risk and a recovery in earnings profile, which may help in
multiple expansions.
Latest Financials (as on March 31, 2024)
 The Bank reported 125.87% quarter-on-quarter (QoQ) growth in its Q4FY24 net profit at ₹20,698
crores.
 The lender’s net non-interest income grew 41.15% YoY. The Bank’s domestic net interest margin (NIM)
for Q4FY24 increased to 3.43%, from 3.41% in Q3FY24.
Source : Company Update published by BNP Paribas Limited, Kotak Securities Limited, Motilal Oswal Limited for January 2024. Financial results
Dolat Capital Market Private Limited - Result Update May 2024

BHARTI AIRTEL LIMITED

About The Company
 The Company ranks among the top three mobile service providers globally in terms of subscribers
according to the Telecom Regulatory Authority of India’s Q2FY2023 report.
 The Company offers wireless, mobile commerce, fixed line, home broadband, enterprise, and DTH
services.
Key Stock Drivers
 The Company continues to gain market share in both wireless and non-wireless business because of
investments in strategic areas, quality customers, position in Airtel Payment Bank and enterprise
businesses and digital capabilities.
 Cash flows are likely to improve going ahead with the recent tariff increase and improved cost
management. With improving cash flow generation and adequate investments in digital offerings and
networks, the Company is likely to grow in its core business and gain market share across its portfolio
going ahead.
Latest Financials (as on March 31, 2024)
 Consolidated revenues stood at ₹37,599 crore, down 0.8% q-o-q/up 4.4% y-o-y, impacted by currency
devaluation in Africa.
 Consolidated EBITDA margin lagged expectations at 51.5%, down 78 bps q-o-q/42 bps y-o-y. Growth
was driven by the Home business, Mobile services India, Airtel business revenues and Digital TV
which grew 20%/ 12.9%/14.1% and 5.5% y-o-y respectively.
 In the medium term, management sees some growth tailwinds in non-mobile parts of its portfolio
which are homes, B2B, and digital TV.
Source : Market Research Reports published by ShareKhan Securities January 2024 , Financial results –
www.bseindia.com/corporates/comp_resultsnew

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not
have any future positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

TOP 10 STOCK HOLDING IN THE PORTFOLIO

LARSEN & TOUBRO LIMITED
About The Company
 The Company is one of Asia’s largest vertically integrated Engineering, Procurement and Construction
(EPC) conglomerates, with a market position across segments such as infrastructure, power,
hydrocarbons, heavy engineering, electrical and automation, IT, IT&TS, etc. as on 30th November
2022.
 The Company has been focusing on defense manufacturing and has been ramping up operations
(invested ~₹8,000 crore) in the space over the last few years.
Key Stock Drivers
 Due to its businesses across sectors such as defense, infrastructure (roads, railways, metros, and
DRC), heavy engineering, and IT (digitalisation), the company is likely to benefit from the planned
infrastructure capex and Atmanirbhar Bharat scheme by the Government of India.
 Further, the National Infrastructure Pipeline project is likely to lead to increased spends in critical
areas. The Company is hopeful to capitalise on these opportunities. It remains positive on construction
outlook of India. The Company remains a proxy for domestic capex and its improving business
environment.
Latest Financials (as on March 31, 2023)
 Larsen &Toubro’s 4QFY24 adjusted PAT is at ₹43bn, up 8% YoY, led by higher execution despite lower
margins.
 In Q4FY2024 the company reported a PAT at ₹44bn, this includes gain of ₹606mn on divestment of
stake in subsidiary of L&T IDPL and reversal of impairment of investment in L&T IDPL of ₹331mn.
Source : Company Valuation Report by Motilal Oswal Limited as on April 2024, Financial results – JM Financial Institutional Securities Limited- Result
Update May 2024

ICICI BANK LIMITED

About The Company
 One of the India’s largest private bank and has a leadership position in other financial services
business through its subsidiaries. The Bank has made inroads into the retail loan segment and has
significantly improved its liability franchise.
 The Bank has a diversified loan book, having presence in both retail and corporate segments. Also, its
loan portfolio is diversified across industries.
Key Stock Drivers
 The Bank’s improved capital adequacy and a wide branch network is likely to help support business
growth in the long run. The Bank appears to be well-positioned to benefit from reduction in
competitive intensity from NBFCs and other banks, which may face challenges of their own.
 The Bank has been delivering on loan growth, operating profits and return on equity and is well-
positioned to outperform peers even in the future, likely due to a strong deposit franchise and digital
leadership.
Latest Financials (as on March 31, 2024)
 Net interest income (NII) increased by 8.1% year-on-year to ₹19,093 crore in Q4-2024 from ₹17,667
crore in Q4-2023. Net interest margin (NIM) was 4.40% in Q4 FY24 compared to 4.90% in Q4 FY23
and 4.43% in Q3FY24.
 On consolidated basis, the bank's net profit jumped 17.40% to ₹10,708 crore, from ₹9,122 crore in Q3
FY23.

Source : Company Reports published by BNP Paribas Limited (January 2024), Financial Results – BP Equities Pvt. Limited – Result Update May 2024

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not
have any future positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

TOP 10 STOCK HOLDING IN THE PORTFOLIO

TATA STEEL LIMITED
About The Company
 The Company has presence across the entire value chain of steel manufacturing from mining and
processing iron ore and coal to producing and distributing finished products.
 It offers a broad range of steel products including a portfolio of high value-added downstream
products such as hot-rolled, cold-rolled, coated steel, re-bars, wire rods, tubes and wires.
Key Stock Drivers
 Reducing exposure to loss-making overseas units, sustained positive free cash flows at European
operations, leading to lower refinancing requirements at overseas group entities, and the consolidated
adjusted net leverage falling below 2.0x, on a sustained basis, are some of the factors which may be
positive in the future for the growth of the Company.
Latest Financials (as on December 31, 2023)
 Net profit reported to ₹513.37 crore in the quarter ended December 2023 as against net loss of
₹2223.84 crore during the previous quarter ended December 2022.
 Sales declined 3.58% to ₹54727.30 crore in the quarter ended December 2023 as against ₹56756.61
crore during the previous quarter ended December 2022.
Source : Company Update by DAM Capital Advisors Limited for January 2024, India Ratings Limited Rating Rationale , Financial results –
www.bseindia.com/corporates/comp_resultsnew.aspx

REPCO HOME FINANCE LIMITED

About The Company
 The Company operates in the NBFC segment with innovative loan products targeted at
underpenetrated markets developed to suit the needs of different customers. Repco Bank (promoter of
Repco Home Finance) is promoted by the government of India along with the government of Tamil
Nadu, Andhra Pradesh, Telangana, Kerala and Karnataka
Key Stock Drivers
 The Company is backed by established promoters. Despite the competitive intensity in the home loan
segment, due to its presence in niche small ticket, non-salaried housing loan segment, it has relatively
healthy spreads along with reasonably controlled asset quality as compared to it's peers.
 The Company has a business model of housing mortgages to underserved segment by Banks and
other NBFCs. Small ticket size non-salaried home loans is a niche segment and is likely to see growth,
but is also challenging and requires proper risk management which is done by the Company due to it's
promoter support and understanding of markets where it operates.
Latest Financials (as on March 31, 2024)
 The Company’s 4QFY24 PAT grew 32% YoY to ₹1.1bn, while FY24 PAT rose ~33% YoY to ₹3.95bn.
Other income was up ~31% YoY at ₹141mn.
 The Company took net provision write-backs of ~₹100mn, aided by healthy improvement in asset
quality and recoveries of ~₹1bn in 4QFY24.
Source : Company Update ShareKhan Securities for January 2024 , Financial results – Motilal Oswal Financial Services Ltd. - Result Update May
2024

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not
have any future positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

TOP 10 STOCK HOLDING IN THE PORTFOLIO

JINDAL STEEL & POWER LIMITED
About The Company
 The Company part of the Naveen Jindal faction of the OP Jindal group, is currently among the leading
integrated steel producers (ISP) in the country. The company’s key business activities include iron ore
and coal mining, manufacturing of pellets, sponge iron, hot metal, semi-steel products, finished steel
products, and power generation, with its operations spread across Chhattisgarh (Raigarh and Raipur),
Odisha (Barbil and Angul), and Jharkhand (Patratu), in India.
Key Stock Drivers
 The company has a healthy balance in its product mix, with value-added products accounting for 64%
of its sales in FY2023.
 The high level of operational integration and the presence in value-added product segments enable
the company to have a competitive cost of production and report better overall realisations and higher
operating profits, thereby limiting margin contractions during the down cycles.
 Besides, the presence of the company across the entire steel value chain provides it with the flexibility
to sell its products at various stages of production.
Latest Financials (as on March 31, 2024)
 The Company reported growth in its steel business with sales volume at 2.01mn tonnes, up 11% QoQ
and net sales realisation down 5% QoQ. The company’s production was up 6% QoQ.
 The Company ended FY24 with a flat sales volume at 7.7mn tons, however domestic volume was up
4% while exports was down 30% YoY. The company’s Q4FY24 revenue came in at ₹134.9bn, up 15%.
Source : Company Update publish by Sharekhan Securities Limited for February 2024, Rating Rationale by India Ratings and Capitaline database,
Financial results – Haitong International Research Limited Update - May 2024

POWER FINANCE CORPORATION LIMITED

About The Company
 The Company is a non-banking financial company (NBFC) with infrastructure finance company status.
It was set up by the Government of India (GoI) as a specialised financial institution to fund projects in
the domestic power sector. The GoI is still the majority stakeholder of the Company.
Key Stock Drivers
 The Company seems to be positioned well given it plays an important role in the Indian power sector,
not only by providing finance but also by implementing GoI's power sector policies. The company, at a
consolidated level, is the largest lender to the power sector. Borrowing costs are competitive and the
resource base, though wholesale, is diversified. Debt instruments have wide market acceptability,
which is also reflective in its low cost of borrowing.
 Traction in the renewables space is likely to drive growth in the generation segment. Infra as a new
growth avenue is also likely to boost growth although the management intends to grow this segment
gradually.

Latest Financials (as on March 31, 2024)

 The Company’s 4QFY24 net profit of Rs41bn was up 22% QoQ, largely supported by negative credit
costs.
 The Company reported an 11bp QoQ decline in its cost of funds; its cost of funds in 4Q24 declined
17bps from the peak in 2Q24.
Source : Company Update by ShareKhan Securities and B&K Research – January 2024, Financial results – CLSA India Private Limited - Result
Update May 2024

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not
have any future positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

TOP 10 STOCK HOLDING IN THE PORTFOLIO

GODAWARI POWER & ISPAT LIMITED
About The Company
 The Company has one of the dominant positions in the long product segment of the Steel industry,
mainly into mild steel wire.
 The Company is an end-to-end manufacturer of mild steel wires. In the process, the Company
manufactures sponge iron, billets, ferroalloys, captive power, wire rods (through its subsidiary
company), steel wires, oxygen gas, fly ash brick and last but not the least iron ore pellets.
Key Stock Drivers
 The Company has reported faster-than-anticipated deleveraging. High realisations across the steel
industry helped the performance of the Company despite disruptions amid the Covid-19 pandemic
and the performance is likely to remain resilient.
 The Company plans setting up a greenfield integrated steel plant with capacity of 1.5-2 million tonne
(MT) of flat products at estimated capital outlay of around ₹4,000 crore over the next 3-5 years.
Latest Financials (as on March 31, 2024)
 Net sales for Q4FY24 stood at ₹15,300mn(+17%QoQ) with operating EBITDA of ₹3,290mn(-1%QoQ)
and margins of 22%. PAT stood at ₹2,190mn(-4%QoQ)
 Net sales for FY24 stood at ₹54,550mn(-5%YoY) with operating EBITDA of ₹13,280mn(+14%YoY)
and margins of 24%. PAT stood at ₹9,360mn(+18%YoY)

Source : Company Update publish by Sharekhan Securities Limited for January 2024, Rating Rationale by India Ratings and Capitaline database,
Financial results – Arihant Capital Markets Ltd - Result Update May 2024

INTERGLOBE AVIATIONS LIMITED

About The Company
 Interglobe Aviation (IndiGo) is India’s leading carrier and amongst the fastest-growing low-cost
carriers in the world and commenced operations in August 2006, with a single aircraft and has grown
its fleet to +360 aircrafts.
 With its fleet of 360+ aircraft, the airline is operating around 2000 daily flights and connecting 85+
domestic destinations and 30+ international destinations.
Key Stock Drivers
 The Indian aviation market is highly underpenetrated currently, which provides huge room for growth
for domestic players. With one of the lowest domestic and international seats per capita in the world,
there is huge headroom for growth.
 The company’s growth strategy is based on three-pillars: affordable fares, lower cancellations and
on-time performance. It also seeks to enhance customer experience and invest in talent.
 The company is working to increase its international presence through strategic partnerships and
loyalty programs. The company has eight strategic partners with 27% international share in terms of
ASKs (Average Seat/Km) in FY24.
 Indigo continues to focus on doubling the capacity, despite short-term headwinds in terms of supply
and inflationary trends in costs. Being the market leader in the segment, it is well poised to capitalize
the macro and micro level opportunities.
Latest Financials (as on December 31, 2023)
 For FY24, revenue stood at INR689b (+27% YoY), EBITDA at INR174b (+2.6x YoY) and PAT at INR82b
(loss of INR3.2b in FY23).
 Passenger Load Factor (PLF) improved to 85.9% (82.1% in FY23) with average yield (Passenger Ticket
Revenue / Revenue Passenger Kilometer) at INR5.1 (flat YoY).
Source : FY24 Earnings Presentation (goindigo.in), Motilal Oswal Report, Mar 2024

The stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not
have any future positions in these Stock(s)/Sector(s).
 The information contained herein is solely for private circulation for reading/understanding of
registered distributors and should not be circulated to investors/prospective investors.

Risk Factors & Disclaimers

Investment Approach
Investment Objective: ICICI Prudential PMS Contra Strategy (the “Contra Strategy”)seeks to generate capital
appreciation by investing predominantly in equity and equity related instruments through contrarian investing
Strategy : Equity Inception Date: September 14, 2018
Types of securities: Predominantly invests in listed equity and equity related securities. The Strategy may also
take exposure to exchange traded derivative instruments for hedging purpose. For liquidity or defensive
considerations or pending deployment, the Portfolio Manager may invest in debt, money market instruments,
mutual fund schemes or debt ETFs.
Basis for Selection of securities: The Portfolio Manager follows ‘Contra’ style of investing which involves taking
contrarian bets on equity stocks i.e. taking calls/exposure on stocks which are currently not in favour in the
market but are expected to do well in the long run. The Portfolio Manager may also select stocks of companies
in sectors where entry barriers are high, sectors in consolidation or of companies in special situation.
Investment Horizon: 4 years and above | Benchmark: S&P BSE 500 TRI

The Contra Strategy features mentioned herein involves risk and there can be no assurance that specific
objectives will be met under differing market conditions or cycles. The Contra Strategy features as stated herein
is only indicative in nature and is subject to change within the provisions of the Disclosure Document and
Portfolio Management Services Agreement. Please refer to the Disclosure Document & Portfolio Management
Services Agreement for details and risk factors. The details pertaining to the investment approach mentioned
herein is a subset of details specified in the Disclosure Document. Kindly refer the Disclosure Document for the
detailed investment approach before investing.

Risk Factors & Disclaimers

• Mr. Anand Shah is the Head of PMS & AIF Investments. He oversees all PMS Strategies offered by ICICI Prudential Asset Management
Company Limited (the AMC/ Portfolio Manager). The performance of the stock across Individual portfolios may vary significantly from
the data depicted above. This is due to factors such as timing of entry and exit, timing of additional flows and redemptions, individual
client mandates, specific portfolio construction characteristics or structural parameters which may have a bearing on individual
portfolio performance. No claims may be made or entertained for any variances between the above performance depictions and that of
the stock within individual client portfolios. There is no assurance that the value may be unlocked during our holding period of the stock.
Investor’s may note that the entity level performance of the Portfolio Manager is disclosed in the Disclosure Document and the same is
available on the website of Portfolio Manager – www.iciciprupms.com. Performance data provided herein is not verified by SEBI.
• Direct Option Investor’s may invest with us directly as well. To invest in any of our PMS strategies directly, kindly write to us at
[email protected]
• Investment in securities involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including the
possible loss of principal. The value of the portfolio may be affected by changes in the general market conditions, factors and forces
affecting capital market. There can be no assurance that the objective of the Portfolio would be achieved. Investors are advised to refer
to the Disclosure Document, Portfolio Management Services Agreement and other related documents carefully and consult their legal,
tax and financial advisors to determine possible legal, tax and financial or any other consequences of investing/ redeeming under this
Portfolio, before making a decision. Please note that performance of one investor in the portfolio may vary significantly from that of
other investors and that generated by the Investment Approach across all investors because of 1) the timing of inflows and outflows of
funds; and 2) differences in the portfolio composition because of restrictions and other constraints.
• The details pertaining to the investment approach mentioned herein is a subset of details specified in the Disclosure Document. Kindly
refer the Disclosure Document for the detailed investment approach, including specific risk factors, before investing. The
stock(s)/Sector(s) mentioned in this material do not constitute any recommendation of the same and the portfolios may or may not have
any future positions in these Stock(s)/Sector(s). The composition of the portfolio is subject to changes within the provisions of the
Disclosure Document. The benchmark of the portfolios can be changed from time to time in the future in accordance with the regulatory
provisions. No claims may be made or entertained for any variances between the performance depictions and individual portfolio
performance or for any losses (notional or real) or against any loss of opportunity for gain under various PMS Strategies. The Portfolio
Manager (including its affiliates) and any of its employee/officers’, directors shall not liable for any loss, damage of any nature, including
but not limited to direct, indirect, punitive, exemplary, consequential, as also any loss of profit in any way arising from the use of this
material in any manner. The recipient(s) alone shall be fully responsible/are liable for any decision taken on the basis of this material.
The investments discussed in this may not be suitable for all investors. Please note that past performance of the financial strategies,
instruments and the portfolio does not necessarily indicate the future prospects and performance thereof. Such past performance may
or may not be sustained in future. The investors are not being offered any guaranteed or assured returns.
• In the preparation of this material, the Portfolio Manager has used information that is publicly available, including information
developed in-house. Some of the material used herein may have been obtained from members/persons other than the Portfolio
Manager and/or its affiliates and which may have been made available to the Portfolio Manager and/ or to its affiliates. Information
gathered and material used herein is believed to be from reliable sources. The Portfolio Manager however does not warrant the
accuracy, reasonableness and/or completeness of any information. For data reference to any third party in this material no such party
will assume any liability for the same. The Portfolio Manager has included statements/opinions/recommendations in this material,
which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such expressions,
that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements
due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general
economic and political conditions in India and other countries globally, the money and interest policies of India, inflation, unanticipated
turbulence in interest rates, foreign exchange rates, equity prices, the performance of the financial markets in India and globally,
changes in domestic and foreign laws, regulations and taxes and changes in competition in the industry.
• All data/ information used in the preparation of this material is dated as mentioned in the portfolio data and may or may not be relevant
any time after the issuance of this material. The Portfolio Manager takes no responsibility of updating any data/information in this
material from time to time. ICICI Prudential Asset Management Company Limited is registered with SEBI as a Portfolio Manager vide
registration number INP000000373.