BERNSTEIN ON ANAND RATHI WEALTH

BERNSTEIN SAYS WE HAVE CONCERNS AROUND THE ESOP COSTS & THE OFFSETTING REVALUATION GAINS THE EXPECTED ESOP CHARGES TO THE P&L OVER THE NEXT 15 QUARTERS WILL BE ~INR 3.5 BN, BEFORE TAX (~14% OF FY27/28/29 COMBINED PROFIT FORECAST) THIS WILL CREATE A MEANINGFUL DRAG ON EARNINGS GROWTH FOR THE COMPANY