Disclosure

The Research entity or Research analyst or his associates or his relatives have no financial interest in the subject company.
The Research analyst or research entity or its associates or relatives, have no actual/beneficial ownership of one per cent or more in securities of the subject company, at the end of the month immediately preceding the date of publication of the research report or date of the public appearance or research recommendation.
The Research analyst or research entity or its associates or relatives, have no material conflicts of interest, at the time of publication of the research report or at the time of the public appearance.
The Research analyst or research entity or its associates or relatives, have not received any compensation from the subject company in the past twelve months.
The Research analyst or research entity or its associates or relatives, have not managed or co-managed the public offering of securities of the subject company in past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation for investment banking or merchant banking or brokerage services from the subject company in past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
The Research analyst or research entity or its associates or relatives, have not received any compensation or other benefits from the subject company or third party in connection with the research report.
The Research analyst or research entity or its associates or relatives, have not received any compensation for any public appearances for products or services, from the subject company in past twelve months.
The subject company is or was not a client of the Research analyst or research entity or its associates or relatives, during twelve months preceding the date of distribution of the research report.
The Research analyst or research entity or its associates or relatives, shall not be required to make a disclosure as per sub-clauses (c), (d) and (e) of clause (ii) or sub-clauses (a) and (b) of clause (iii) to the extent such disclosure would reveal material non-public information regarding specific potential future investment banking or merchant banking or brokerage services transactions of the subject company.
The Research Analyst has not served as an officer, director, or employee of the subject company.
The Research analyst or research entity, have not been engaged in market making activity of the subject company.
All the other disclosures in the research report and public appearances are as specified by the Board under any other regulations.
The Research Report has been generated using artificial intelligence (AI) following the identification of an opportunity by our proprietary in-house software. Clients are hereby advised to thoroughly assess all potential risks associated with the use of generative AI.

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CRAFTERS FINANCIAL RESEARCH PRIVATE LIMITED (Research Analyst) | SEBI Regn., No. INH000016117