RESULT REVIEW 3QFY18 17 JAN 2018

Multi Commodity Exchange

BUY
INDUSTRY EXCHANGES Near term challenges
MCX delivered bad set of numbers in 3QFY18, We see value in MCX based on (1) Embedded non-
CMP (as on 16 Jan 2018) Rs 896
revenue was down 9.4% QoQ to Rs 610mn (our est. linearity, (2) Favourable regulatory environment,
Target Price Rs 1,165 was Rs 615mn), led by 7.9% fall in ADTV. Options and (3) Significant growth prospects with the start
Nifty 10,700
trading started in Oct-17 but the volume pick-up is new options contracts, institutional participation
very slow vs. expectation. Options ADTV stood at and launch of indices. We estimate revenue/PAT
Sensex 34,771
Rs 1.40bn (only 0.7% of futures ADTV, target is to CAGR of 14/13% over FY17-20E. Maintain BUY with
KEY STOCK DATA reach 20-30% in the next six months). MCX is a TP of Rs 1,165 implying a P/E of 35x Dec-19E EPS.
Bloomberg MCX IN planning to launch four to five additional options
Highlights of the quarter
No. of Shares (mn) 51 contract in the next few months. Also, institutional
MCap (Rs bn) / ($ mn) 46/713 participation (banks, MFs, PMS) in commodities  Bullion (22% of ADTV) is under continued stress
derivatives is in advanced stages of discussion and (-29.2% QoQ and -36.7% in 9MFY18). Metals (43% of
6m avg traded value (Rs mn) 363
could be reality soon. This will deepen the ADTV) was up +3.6% QoQ and +19.4 in 9MFY18 due
STOCK PERFORMANCE (%) to rise in global prices and high volatility.
commodity market and can boost trading volumes
52 Week high / low Rs 1,259/870 significantly.  EBITDA margin stood at 22.2%, down 917bps QoQ (vs
3M 6M 12M our est. of 28.9%), led by top-line decline and high
SEBI allowed the universal exchange concept
Absolute (%) (20.8) (18.3) (24.5) (effective Oct-18) in which BSE and NSE can launch other expenses related to member engagement,
Relative (%) (27.3) (26.9) (51.9) commodity derivative trading. This will increase option launch and India commodities day.
SHAREHOLDING PATTERN (%) competitive intensity and will put pricing pressure  Near-term outlook: Futures ADTV will pick-up in 4Q
Promoters 0 to some extent. However, management doesn’t see and liquidity enhancement scheme will increase
FIs & Local MFs 35.50 significant erosion in market share and expects the options volume. Margins will expand gradually with
FPIs 28.77
overall market size to increase with regulatory growth in the top-line. The stock is down (~20% in
boost. 6M) and factors in most of the negatives.
Public & Others 35.73
Financial Summary
Source : BSE
YE March (Rs mn) 3QFY18 3QFY17 YoY (%) 2QFY18 QoQ (%) FY16 FY17 FY18E FY19E FY20E
Net Revenues 610 686 (11.1) 673 (9.4) 2,349 2,594 2,675 3,109 3,889
EBITDA 135 193 (29.8) 211 (35.9) 767 797 753 1,026 1,593
Amit Chandra APAT 188 339 (44.7) 283 (33.7) 1,085 1,263 1,048 1,357 1,807
amit.chandra@hdfcsec.com Diluted EPS (Rs) 3.7 6.7 (44.7) 5.6 (33.7) 21.3 24.8 20.5 26.6 35.4
+91-22-6171-7345 P/B (x) 3.8 3.4 3.2 3.1 2.9
P/E (x) 42.1 36.2 43.6 33.7 25.3
Apurva Prasad EV / EBITDA (x) 45.3 45.5 47.4 34.4 21.7
apurva.prasad@hdfcsec.com RoE (%) 9.0 9.9 7.6 9.4 11.9
+91-22-6171-7327 Source: Company, HDFC sec Inst Research
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
 MCX : RESULT REVIEW 3QFY18

Quarterly Financials Snapshot

Rs mn 3QFY18 3QFY17 YoY (%) 2QFY18 QoQ (%)
Total traded volume declined Operating income 610 686 (11.1) 673 (9.4)
9.4% QoQ to Rs 12.7tn, while Software service expenses 120 112 7.8 127 (4.9)
blended realisation stood at Employee Expenses 169 198 (14.6) 178 (5.4)
Rs 22/mn Other Operating Expenses 186 184 0.7 157 18.2
EBITDA 135 193 (29.8) 211 (35.9)
Interest Cost 0 0 NM 0 NM
Software services expense is Depreciation 35 45 (23.1) 48 (28.1)
linked to volume growth Other Income 156 312 (50.1) 226 (31.1)
PBT 256 459 (44.2) 388 (34.0)
Tax 68 119 (42.7) 105 (34.9)
PAT stood at Rs 188mn down APAT 188 339 (44.7) 283 (33.7)
33.7% QoQ (lower than our E/o gains (adj for tax) 0 0 NM 0 NM
estimate of Rs 259 mn) due to RPAT 188 339 (44.7) 283 (33.7)
lower other income. Source: Company, HDFC Sec Inst Research

Margin Analysis
Other income was down due MARGIN ANALYSIS 3QFY18 3QFY17 YoY (bps) 2QFY18 QoQ (bps)
to increase in bond yield and Software service expenses % of Net Sales 19.7 16.3 347 18.8 92
~80% of the investment Employee Expenses % of Net Sales 27.7 28.8 (114) 26.5 115
Other Operating Expenses % of Net Sales 30.4 26.8 358 23.3 710
portfolio is exposed to
EBITDA Margin (%) 22.2 28.1 (591) 31.3 (917)
volatility in bond yield
Tax Rate (%) 26.7 26.0 68 27.0 (33)
APAT Margin (%) 30.8 49.5 (1,869) 42.1 (1,133)
Source: Company, HDFC Sec Inst Research
There was increase in other
expenses related to member
engagement activity and
events organised (extra cost
incurred this quarter was Rs
25mn)

Page | 2
 MCX : RESULT REVIEW 3QFY18

India’s Exchange Traded Commodity Derivatives Composition Of India’s ETCD

(ETCD)
Trading value (Rs tn)
The value of India’s exchange Bullion Energy Base Metals Agri
20.0 18.0 18.3
traded commodity derivatives 100%
18.0
(ETCD) was down 8.3% QoQ, 15.6 16.3 15.1 15.6 18 13 13 13 9 12 12 11 13
16.0 14.3 90%
and 5.0% YoY to Rs 14.3tn 13.6 13.4 80%
14.0 21 22 23 31
70% 23 34 31 35
12.0 38
60%
10.0 30
50% 29 29
8.0 29 31 31
40% 30 28
6.0 29
High volatility in metals is 30%
4.0 20% 36 36
driving volumes 10%
29 35 29 24 26 26 20
2.0
- 0%

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

3QFY18
3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

3QFY18
There has been an increase in
Source: Company, Industry, HDFC sec Inst Research Source: Company, Industry, HDFC sec Inst Research
physical deliveries for cotton
& gold.
Market Share Of Key Commodity Exchanges MCX’s Traded Value: Sectoral Composition
MCX NCDEX Others Bullion Energy Base Metals Agri
100%
100%
6 90%
Market share stands at 89.1% 90% 16
10 11 10 9 9 9 10
80% 28 24 25 26 34 34
37 39 43
(down 86 bps QoQ). 70%
80%
60% 34
70% 32 33
50% 35
34 33 35 31
60% 89 89 89 93 90 90 90 89 40% 32
83
30%
50%
20% 35 40 40 39
40% 30 27 29 29
10% 23
30% 0%

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

3QFY18
3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

3QFY18

Source: Company, Industry, HDFC sec Inst Research Source: Company, Industry, HDFC sec Inst Research

Page | 3
 MCX : RESULT REVIEW 3QFY18

MCX: Quarterly Trading Value Analysis MCX: Detailed KPIs Of Contracts Traded
Trading value (Rs tn): LHS ADTV (Rs bn): RHS Contracts traded (mn) Avg contract value (Rs mn) - RHS
18.0 16.0 16.4 270 80 0.28
16.0 14.5 68
13.9 14.1 250 70 62 0.27
13.0 12.7 61
14.0 12.4 12.0 57 55
60 53 0.26
12.0 230 47 48 48
50 0.25
10.0
210 40 0.24
8.0
6.0 190 30 0.23
4.0 20 0.22
170
2.0 10 0.21
- 150 - 0.20

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

3QFY18

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

4QFY17

1QFY18

2QFY18

3QFY18
Source: Company, Industry, HDFC sec Inst Research Source: Company, Industry, HDFC sec Inst Research

Page | 4
 MCX : RESULT REVIEW 3QFY18

Valuation
 We expect MCX to post 26% EBITDA CAGR, driven by
revenue CAGR of 14% and EBITDA margin expansion
(41.0% in FY20E vs 30.7% in FY17) for FY17-20E.
Considering the asset-light nature of the business, we
expect RoE to expand to 11.9% in FY20E vs 9.9% in
FY17.
 MCX currently trades at 43.6x FY18E and 33.7x FY19E
EPS (implying PEG 2.7x ~30% discount to EM average)
 We see significant value in MCX, considering (1) Its
strong business franchise, (2) Start of options trading
in Oct-17, (3) Embedded non-linearity in business, (4)
Favourable regulatory environment and (5) Long-
term growth prospects. We maintain our BUY rating
with a TP of Rs 1,165, implying a P/E of 35x Dec-FY19
EPS.

MCX: Sensitivity Of Target Price To ADTV Assumptions

PE (x) % of peak
Target price (Rs) ADTV in
25.0 30.0 35.0 40.0 45.0 FY12
226 768 921 1,075 1,228 1,382 44.9%
209 752 903 1,053 1,204 1,354 41.5%
ADTV Assumption (Rs bn) 298 832 999 1,165 1,331 1,498 59.2%
422 943 1,131 1,320 1,508 1,697 83.8%
506 1,018 1,222 1,425 1,629 1,832 100.6%
Source: Company, HDFC sec Inst Research

Page | 5
 MCX : RESULT REVIEW 3QFY18

Change In Estimates
Particulars Earlier estimates Revised estimates % change
FY18E
Revenue (Rs mn) 2,678 2,675 (0.1)
EBITDA (Rs mn) 802 753 (6.1)
EBITDA margin (%) 30.0% 28.2% (179)bps
EPS (Rs) 22.8 20.5 (10.0)
FY19E
Revenue (Rs mn) 3,167 3,109 (1.8)
EBITDA (Rs mn) 1,126 1,026 (8.9)
EBITDA margin (%) 35.6% 33.0% (257)bps
EPS (Rs) 28.1 26.6 (5.3)
Source: Company, HDFC sec Inst Research

ADTV And Realisation Assumptions

Rs bn FY15 FY16 FY17 FY18E FY19E FY20E
Futures ADTV 203 219 226 206 229 245
YoY % 7.9% 2.9% -8.6% 11.1% 7.1%
Options ADTV 2 69 176
YoY % 2674.3% 155.9%
Total ADTV 203 219 226 209 298 422
YoY % 7.9% 2.9% -7.5% 42.7% 41.5%
Realization Of Futures (Rs/mn) 19.6 19.1 20.3 22.2 22.2 22.2
YoY % -2.8% 6.5% 9.4% -0.3% 0.0%
Realization Of Options (Rs/mn) 0.0 4.4 4.4
YoY % NM NM
Blended Realization (Rs/mn) 18.4 18.1 20.3 22.0 18.1 14.8
YoY % -1.6% 12.0% 8.1% -17.7% -18.3%
Source: Company, HDFC sec Inst Research

Page | 6
 MCX : RESULT REVIEW 3QFY18

Valuation: Global Exchanges

M-Cap Forward P/E (x) EPS growth Forward P/B (x) EV/EBITDA (x) ROE (%)
Country PEG (x)
(US$ mn) 1-yr fwd 2-yr fwd (2-yr CAGR) 1-yr fwd 2-yr fwd 1-yr fwd 2-yr fwd 1-yr fwd 2-yr fwd
Emerging markets
MCX (HDFC Sec estimates) India 721 43.6 33.7 12.7 2.7 3.2 3.1 47.4 34.3 7.6 9.4
BSE (HDFC Sec estimates) India 788 21.6 21.6 15.6 1.4 1.7 1.6 7.2 4.1 7.7 8.0
Bloomberg Consensus estimates
BM&FBovespa SA Brazil 15,159 21.0 18.2 18.3 1.0 2.0 1.9 15.6 13.9 7.8 9.2
Bursa Malaysia Bhd Malaysia 1,439 24.9 24.2 2.9 8.4 7.3 6.7 11.5 11.1 27.1 27.7
Bolsa Mexicana Mexico 1,064 16.5 15.4 8.1 1.9 3.5 3.2 9.7 9.0 31.8 19.8
EM average 20.8 19.3 9.8 3.8 4.2 4.0 12.3 11.4 22.2 18.9

Developed markets
CME Group USA 51,973 25.6 24.1 70.4 0.3 2.5 2.5 18.4 18.7 9.2 9.0
Hong Kong Exchanges Hong Kong 45,697 42.1 37.2 15.1 2.5 10.1 9.9 10.3 9.1 24.1 26.0
Intercontinental Exchange USA 43,748 21.1 19.4 13.4 1.5 2.7 2.6 15.4 14.3 12.4 13.3
Deutsche Boerse Germany 23,131 19.6 17.3 12.7 1.4 4.0 3.5 12.3 11.2 19.5 19.8
Nasdaq OMX USA 13,536 16.7 15.5 10.9 1.4 2.4 2.3 12.4 11.7 13.8 19.1
Japan Exchange Group Japan 9,975 24.1 23.3 2.7 NM 4.2 3.6 13.8 13.3 16.2 15.6
Singapore Exchange Singapore 6,127 20.5 20.5 3.7 5.5 8.7 7.0 13.8 13.8 34.6 31.9
ASX Australia 8,438 22.4 21.3 4.9 4.3 2.7 2.6 14.9 14.2 11.9 12.3
CBOE Holdings USA 14,921 29.6 27.1 15.5 1.7 5.2 4.7 20.4 19.0 15.3 15.0
Hellenic Exchanges Greece 416 35.1 23.7 16.2 1.5 2.6 2.8 15.6 11.0 8.1 11.8
NZX Ltd New Zealand 219 17.6 16.0 11.1 1.4 4.3 4.4 10.2 9.6 24.1 26.2
Developed markets average 24.9 22.3 16.0 2.2 4.5 4.2 14.3 13.3 17.2 18.2
Global average 24.1 21.7 14.7 2.5 4.4 4.1 13.9 12.9 18.3 18.3
Source: Bloomberg, HDFC sec Inst Research Note: 1-yr refers to FY18/CY17 & 2-yr FY19/CY18

Key risks
 Competition from other exchanges (universal exchange)
 Regulatory delays

Page | 7
 MCX : RESULT REVIEW 3QFY18

Income Statement (Standalone) Balance Sheet (Standalone)

YE March (Rs mn) FY16 FY17 FY18E FY19E FY20E YE March (Rs mn) FY16 FY17 FY18E FY19E FY20E
Net Revenues (Rs mn) 2,349 2,594 2,675 3,109 3,889 SOURCES OF FUNDS
Growth (%) 5.6 10.4 3.1 16.2 25.1 Share Capital - Equity 510 510 510 510 510
Software support charges 374 426 414 455 530 Reserves 11,529 13,078 13,550 14,182 15,050
Employee Expenses 406 644 719 791 869 Total Shareholders’ Funds 12,039 13,588 14,060 14,692 15,560
SG&A Expenses 307 221 241 253 272 Settlement guarantee fund 1,879 1,705 1,790 1,880 1,974
Other Operating Expenses 497 505 548 585 624 Total Debt 0 0 0 0 0
EBITDA 767 797 753 1,026 1,593 Net Deferred Taxes (Net) 49 75 75 75 75
EBITDA Margin (%) 32.6 30.7 28.2 33.0 41.0 Long Term Provisions & Others 234 345 345 345 345
EBITDA Growth (%) (12.5) 4.0 (5.5) 36.1 55.3 TOTAL SOURCES OF FUNDS 14,201 15,713 16,270 16,992 17,954
Depreciation 246 186 196 210 227 APPLICATION OF FUNDS
EBIT 521 612 558 816 1,366 Net Block 1,401 1,521 1,598 1,699 1,860
Other Income (Including EO Items) 311 1,164 909 1,084 1,163 Investments 2,230 4,404 4,403 4,404 4,404
Interest 0 2 2 2 2 LT Loans & Advances 310 393 412 433 454
PBT 831 1,774 1,465 1,898 2,527 Total Non-current Assets 3,941 6,318 6,414 6,536 6,719
Tax (Incl Deferred) 413 512 418 541 720 Debtors 42 28 37 43 53
Minority Interest 0 0 0 0 0 Other Current Assets 737 943 871 1,002 1,237
RPAT 418 1,263 1,048 1,357 1,807 Cash & Equivalents 13,448 11,368 12,046 12,926 14,187
EO (Loss) / Profit (Net Of Tax) (667) 0 0 0 0 Total Current Assets 14,227 12,340 12,953 13,971 15,477
APAT 1,085 1,263 1,048 1,357 1,807 Trading margin from members 2,473 2,000 2,105 2,473 3,149
APAT Growth (%) (13.2) 16.4 (17.0) 29.6 33.2 Other Current Liabilities & Provns 1,495 945 991 1,042 1,094
Adjusted EPS (Rs) 21.3 24.8 20.5 26.6 35.4 Total Current Liabilities 3,967 2,945 3,097 3,514 4,243
EPS Growth (%) (13.2) 16.4 (17.0) 29.6 33.2 Net Current Assets 10,260 9,395 9,857 10,456 11,235
Source: Company, HDFC sec Inst Research TOTAL APPLICATION OF FUNDS 14,201 15,713 16,270 16,992 17,954
Source: Company, HDFC sec Inst Research

Page | 8
 MCX : RESULT REVIEW 3QFY18

Cash Flow (Standalone) Key Ratios (Standalone)

YE March (Rs mn) FY16 FY17 FY18E FY19E FY20E FY16 FY17 FY18E FY19E FY20E
Reported PBT 831 1,774 1,465 1,898 2,527 PROFITABILITY (%)
Non-operating & EO items (927) (1,164) (909) (1,084) (1,163) GPM 84.1 83.6 84.5 85.4 86.4
Interest expenses 0 2 2 2 2 EBITDA Margin 32.6 30.7 28.2 33.0 41.0
Depreciation 246 186 196 210 227 APAT Margin 46.2 48.7 39.2 43.6 46.5
Working Capital Change 518 (1,160) 191 260 461 RoE 9.0 9.9 7.6 9.4 11.9
Tax Paid (290) (512) (418) (541) (720) RoIC (or Core RoCE) 22.0 17.3 14.3 17.9 22.5
OPERATING CASH FLOW ( a ) 378 (874) 527 744 1,334 RoCE 6.0 6.9 5.5 6.8 8.5
Capex (202) (311) (267) (311) (389) EFFICIENCY
Free cash flow (FCF) 175 (1,185) 260 434 945 Tax Rate (%) 30.8 28.8 28.5 28.5 28.5
Investments (2,098) (2,174) 0 0 0 Fixed Asset Turnover (x) 0.1 0.1 0.1 0.2 0.2
Non-operating Income 92 1,164 909 1,084 1,163 Debtors (days) 7 4 5 5 5
INVESTING CASH FLOW ( b ) (2,209) (1,320) 642 773 775 Other Current Assets (days) 104 124 110 110 110
Debt Issuance/(Repaid) 0 0 0 0 0 Other Current Liab & Provns (days) 463 299 301 294 280
Interest Expenses (0) (2) (2) (2) (2) Cash Conversion Cycle (days) (353) (172) (186) (179) (165)
FCFE 175 (1,187) 258 432 943 Debt/EBITDA (x) (14) (12) (13) (10) (7)
Share Capital Issuance 0 (0) 0 0 0 Net D/E (x) (1) (1) (1) (1) (1)
Dividend (614) (895) (490) (635) (846) Interest Coverage (x) 3,941 NM NM NM NM
FINANCING CASH FLOW ( c ) (614) (897) (492) (637) (848) PER SHARE DATA (Rs)
NET CASH FLOW (a+b+c) (2,445) (3,091) 677 881 1,261 EPS 21.3 24.8 20.5 26.6 35.4
EO Items, Others 509 1,011 0 0 0 CEPS 26.1 28.4 24.4 30.7 39.9
Closing Cash & Equivalents 13,448 11,368 12,046 12,926 14,187 Dividend 6.5 15.0 8.2 10.6 14.2
Source: Company, HDFC sec Inst Research Book Value 236.1 266.4 275.7 288.1 305.1
VALUATION
P/E (x) 42.1 36.2 43.6 33.7 25.3
P/BV (x) 3.8 3.4 3.2 3.1 2.9
EV/EBITDA (x) 45.3 45.5 47.4 34.4 21.7
OCF/EV (%) 3.0 (2.4) 1.5 2.1 3.8
FCF/EV (%) 2.4 (3.3) 0.7 1.2 2.7
FCFE/Mkt Cap (%) (0.3) (0.5) 0.3 0.3 0.5
Dividend Yield (%) 0.7 1.7 0.9 1.2 1.6
Source: Company, HDFC sec Inst Research
 MCX : RESULT REVIEW 3QFY18

RECOMMENDATION HISTORY
Date CMP Reco Target
MCX TP
9-Jan-17 1,250 BUY 1,541
1,700 16-Jan-17 1,201 BUY 1,503
1,500
11-Apr-17 1,238 BUY 1,563
5-May-17 1,155 BUY 1,558
1,300 11-Jul-17 1,098 BUY 1,359
14-Jul-17 1,079 BUY 1,322
1,100 4-Oct-17 1,060 BUY 1,371
900
10-Jan-18 939 BUY 1,210
17-Jan-18 896 BUY 1,165
700

500 Rating Definitions

Dec-17 BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
Oct-17
Aug-17
Apr-17
Jan-17

Nov-17

Jan-18
Feb-17

Sep-17
May-17

Jun-17
Jul-17
Mar-17

NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Page | 10
 MCX : RESULT REVIEW 3QFY18

Disclosure:
We, Amit Chandra, MBA & Apurva Prasad, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject
issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to
the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate may have
beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities
Ltd. or its associate does not have any material conflict of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

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Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received any
compensation/benefits from the subject company or third party in connection with the Research Report.

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022)
2496 5066
Compliance Officer: Binkle R. Oza Email: complianceofficer@hdfcsec.com Phone: (022) 3045 3600

HDFC Securities Limited, SEBI Reg. No.: NSE-INB/F/E 231109431, BSE-INB/F 011109437, AMFI Reg. No. ARN: 13549, PFRDA Reg. No. POP: 04102015, IRDA Corporate Agent License No.: HDF 2806925/HDF
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Mutual Funds Investments are subject to market risk. Please read the offer and scheme related documents carefully before investing.

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 MCX : RESULT REVIEW 3QFY18

HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel,Mumbai - 400 013
Board : +91-22-6171 7330 www.hdfcsec.com
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