• Motilal Oswal Financial Services Ltd. was founded in 1987 as a small sub-broking unit.
  • The company is  a well-diversified financial services firm offering a range of financial products and services.
  • Motilal Oswal Wins “Best PMS in 10 years performance” across all categories at India’s Smart Money Manager Awards - 2021.


Company Overview

Motilal Oswal Financial Services Ltd. (NSE: MOFSL) was founded in 1987 as a small sub-broking unit, with just 2 people running the show. Focus on customer-first attitude, ethical and transparent business practices, respect for professionalism, research based value investing and implementation of cutting-edge technology have enabled it to blossom into an over 7900 member team. 1

Today MOFSL is a well-diversified financial services firm offering a range of financial products and services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, and Home Finance.

MOFSL has a diversified client base that includes retail customers (including High Net worth Individuals), mutual funds, foreign institutional investors, financial institutions and corporate clients. MOFSL is headquartered in Mumbai and as of March 2021, had a network spread over 550 cities and towns comprising 2500+ Business Locations operated by its Business Partners and it and 29,00,000+ customers.

Research is the solid foundation on which MOFSL advice is based. Almost 10% of revenue is invested in equity research and the company hire and train the best resources to become its advisors. At present MOFSL has 25+ research analysts’ researching over 250 companies across 20 sectors. From a fundamental, technical and derivatives research perspective, Motilal Oswal’s research reports have received wide coverage in the media.

Services offered

  • Financial Services
  • Broking & Distribution
  • Asset Management
  • Private Wealth Management
  • Home Finance
  • Institutional Equities
  • Private Equity
  • Investment Banking


Industry Overview

FY2020 was a challenging year for Indian market. NDA secured second term in the general elections and announced several economic measures to revive domestic economic growth that has slumped to lowest in decade led by weak auto sales, muted growth in personal and consumer loans and sluggish rural demand. The year saw various domestic events like default of a major housing finance company, removal of Article 370 of the Constitution of India, revival of a major private bank, merger of public sector banks etc. On global front the major events that made headlines include escalation in US China trade tensions and subsequently agreement on phase I of trade deal, sharp rate cuts by US Fed and European Central Bank (ECB) bringing it back to all-time lows, completion of BREXIT, fall in oil prices etc. However, the single biggest event of the year, which happened in last quarter, was origination and spread of corona virus pandemic. The virus that originated in China rapidly covered all major countries, especially in the month of March, 2020. Many economies implemented shutdown – partial or full and consequently economic activity was severely disrupted globally. This also resulted in a fall in most asset classes including equities, commodities and currencies. In India, to check the spread of the virus, government announced lockdown for 21 days till April 14 and later on extended it to May 31. 2

Government first announced an economic stimulus package worth Rs 1.7 trillion to help millions of low income cope with lockdown and a second package of Rs 20 lakh crore later on to revive the country’s economy. A host of measures were taken by RBI to help liquidity conditions in the economy which included Repo rate cut by 115 bps to 4%, moratorium of three months of EMIs on all outstanding loans which was later on extended by another three months till August end, auction of targeted long term repo operations worth Rs 1 crore etc.

Equity Markets

Market had a roller coaster ride in FY2020. Both Sensex and Nifty closed at an all-time high of 42,273 and 12,430 respectively in the month of January. Then came corona virus and as the pandemic rampaged across the world, Sensex and Nifty ended the year with large negative returns. With India in midst of a complete lockdown, Sensex and Nifty closed at 29,469 and 8,598 levels respectively in March, 2020.

FIIs sold massively during the month of March, 2020 with net equity outflows of Rs 620 billion but still ended FY2020 with net inflows of Rs 65 billion. The size of outflow in March, 2020 was highest ever in one month and was around 0.4% of Indian market capitalization. DIIs also witnessed net inflows of Rs 1293 billion which was 79% higher than the previous year.

Broking Business

The average daily traded volumes (ADTO) for the equity markets during FY2020 stood at Rs 14.44 lakh crores, up 45% YoY from Rs 9.93 lakh crores in FY2019. The overall Cash market ADTO reported growth of 11% YoY at Rs 39,068 crores in FY2020. Delivery saw growth of 3% YoY to Rs 9,140 crores v/s 8% de-growth in FY2018-19. Within derivatives, future volumes increased 0.4% YoY to Rs 87,950 crores while options rose 51% to Rs 13.17 lakh crores. Amongst cash market participants, retail constitutes 52% of total cash volume, institution constitutes 25% of total cash volume and prop constitutes 23%. The proportion of DII in the cash market was 10.1%. The increase in demat accounts during the year stood at 13% with total number of accounts as on March, 2020 at 4.08 crores. The revival in market sentiments is expected to give push to the primary market activities and overall volumes.

Even though Indian equities witnessed continued net inflows from FIIs for most of the part of the financial year, with November recording the highest since March 2019, still the total net inflows for FY2020 saw a major decline from the previous year. This was mainly due to the highest ever sell-off by FIIs in the month of March, led by coronavirus-induced jitters. Contrary to that, net inflows from DIIs in March was highest ever recorded. Despite volatilities and uncertainties, Indian households are seen to hold the interest in equity and equity products with expectations of higher returns than traditional fixed income products.

Investment Banking

The year witnessed a lull period for IPO/ECM deals owing to the lack of confidence in the emerging markets. The financial year saw 38 IPOs as compared to 42 in FY2019. The amount of funds raised through IPOs in FY2020 was ~R 27,336 crores vs ~R 36,405 crores in FY2019. Some of the successful IPOs in FY2020 were IRCTC, CSB Bank, Polycab India, Metropolis Healthcare, Spandana Sphoorthy etc. The number of QIPs remained at stagnant at 13 in FY2020. The amount of funds raised through QIPs in FY2020 was Rs 51,216 crores, vs Rs 10,489 crores in the previous year.

Asset Management

Overall mutual fund industry AUM was Rs 22.26 lakh crores in FY2020. On the front of equity mutual fund (excluding arbitrage and including balanced and ELSS), AUM stood at Rs 8.13 lakh crores contributing 37% of the total AUM. Despite higher gross flows, the net inflows stood lower at Rs 0.6 lakh crore vs Rs 1.2 lakh crores in FY2019. The total flows to equity funds were impacted due to higher redemptions with net outflows in Q4FY2020. The highlight of FY2020 includes rising SIP accounts and flows. The total SIP accounts stood at 3.1 crores while the SIP contribution increased 8% from Rs 92,693 crores in FY2019 to Rs 1,00,084 crores in FY2020. During the year, the asset management companies were exposed to various regulatory changes like slab wise TER on AUM (from April 1, 2019), increase in ticket size in PMS from Rs 25 lakhs to Rs 50 lakhs, ban on set-up fees and upfront commission in PMS, Direct PMS scheme option. The rationale behind the regulatory change is to act in favour on investors which bodes well for the industry in the long term.

Private Equity

2019 emerged as a favourable year for PE investments in India touching $37 bn, according to data from Venture Intelligence. 74 PE investments were pegged at and above $100 mn accounting for 74% of the total investments which included five investments worth $1 bn. The infrastructure industry took the large share of the pie with 40% of the investments attracting $14.7 billion with 74 deals. Meanwhile, the energy industry led by Brookfield’s $1.9 bn investment in Reliance Pipeline Infra also saw a growth in investments taking the share to $4.9 bn. The RIL-Brookfield partnership further extended into telecom, with the Canadian investor agreeing to push about $3.7 bn in an SPV that will acquire a controlling stake in Jio’s tower infrastructure company. IT companies also saw an appreciation in investments with PayTM raking $1 bn by US-based T Rowe Price. The industry received 32% of the total PE investments in the year passing by as 9 new unicorn companies were raised, which include Delhivery, Dream11, BigBasket, Rivigo, Druva Software, Icertis, Citius Tech, Ola Electric, and Lenskart. In the past few years, the government was successful in implementing friendly regulations like removal of initial public offering (IPO) lock up for AIF investors, banks being allowed to invest in AIF 1 and 2 domestically, and clarification on the characterisation of tax for AIF and blanket exemption from angel tax for all start-ups. This put together is expected to bode well for the private markets in the long term.

Wealth Management

As per latest Karvy Wealth Report, India’s individual wealth stands at Rs 430 lakh crores as of FY2019 which has grown at 10% on YoY basis. More-over the proportion of financial assets in the total wealth has grown to 61% in FY2019 from 58% in FY2017. The financial assets grew at 11% YoY to Rs 262 lakh crores. The year witnessed an increase in share of cash, provident fund and mutual funds. The proportion of equity and equity products in the financial asset mix declined from 21% in 2018 to 20% in 2019. The composition of equities in overall assets is still very less in India, as compared to the world. In the last 5 years, HNI population in India has grown by 64% to reach 2.56 lakhs in 2018 from 1.56 lakhs in 2014. It is estimated that individual wealth in India will grow at a CAGR of 13.2% over next 5 years which is more than the global average.

Housing Finance

As per ICRA’s report, the total outstanding housing credit as on December 2019 stood at Rs 20.7 lakh crores. Out of the total outstanding credit, Housing Finance Companies (HFCs) and Non-Banking Financial Corporations (NBFCs) contributed around Rs 7 lakh crores. The share of HFCs in the credit portfolio remained consistent at 34% even after slower growth in disbursements. The dip in growth was due to lower disbursements because of continued funding constraints for the sector. Also, the HFCs resorted to higher activity in securitization of assets/portfolio sale outs to maintain the liquidity balance. The stagnant growth in HFCs was opportune by banks which led to overall market growth of ~13% till December 2019. The share of CP borrowings remained at 5% of the overall borrowings of HFCs as on December 2019. The CP borrowings have largely been refinanced by bank borrowings, the share of which increased to 26% as on December 2019 from 24% as on March 31, 2019, and by securitization, the share of which increased to 14% of the overall borrowing mix from 12% during the same period. The Covid-19 induced slowdown is likely to impact the performance of HFCs. Although various initiatives have been taken by the Government and the RBI to bolster the segment, the business growth and key performance parameters are expected to weaken over the next 1-2 quarters. As per ICRA, the housing credit growth is expected in the range of 7%-10% in FY2021. The growth is estimated to be slower in H1 FY2021 while recovery in H2 FY2021 would depend on the overall economic turnaround.


Business Overview

Motilal Oswal Financial Services Limited (MOFSL) is diversified financial services company with stock broking business activity. MOFSL operates in businesses such as Retail and Institutional broking, Investment banking, Asset Management, Wealth Management, Private equity and Housing finance. In each of the businesses MOFSL offers unique value proposition to its customers and creates its niche in each of the business segment and command premium position over peers. MOFSL carries its lending business by running Loan against shares book under the name of Motilal Oswal Finvest Limited and retail mortgage backed lending in affordable housing segment under the name of Motilal Oswal Home Finance Ltd.

Broking Business

Motilal Oswal Financial Services was successful in expanding its retail client base despite market headwinds during the year. The company had more than 14,48,935 retail broking and distribution clients growing at a CAGR of 16% from FY2016-20. Client acquisition stood at ~2,42,000 during the year, +72% YoY. Reflecting on the experiences and learnings in broking business, the company adopted franchisee based model few years ago. This model has yielded dividends across cycles, particularly in down-cycles. MOFSL has started with Insurance broking business this year and registered strong premium collection in first year of business, envisaging future business potential. MOFSL has tie-ups with HDFC Life, ICICI Pru Life and Bajaj Life for life insurance products. The company's business focus remained to improve its scale and competitiveness through enhanced customer experience, high-quality advisory, digital initiatives, assets-based product distribution, system-driven trading products and network expansion. MOFSL has robust dedicated advisory desks for mass-retail and affluent clientele. The company's focus on knowledge, advisory, and client segmentation differentiates it from the threats of discount brokers.

MOFSL is progressively developing its distribution arm to achieve linearity in the cyclical nature of broking business. The distribution revenues contribute 15% / 9.3% of the gross / net total income respectively with continual traction in distribution business. The company's financial product distribution AUM was Rs 9,034 crores as of Mar 2020, with net sales of Rs 924 crores in FY2020. The company's leverage on its strong retail network to cross sell financial products provides room for scaling up the business. In addition, its client penetration at 16% of its total retail client base paves the way for growth scalability.

Investment Banking

FY2020 has been a year under pressure, the primary reason being volatile market sentiments which led many companies to put their capital raising plans on hold. The company follow an expertise-led approach focusing on specific sub-segments of strength, where MOFSL has relationships and track record. Sectoral focus on BFSI, Auto, Consumer, Healthcare and Industrials will yield benefits in the medium to long term. The company continue to have rich pipeline, and are constantly engaging on a wide cross-section of mandated transactions across capital markets and advisory. As the markets recover, the company expect a number of these transactions to conclude successfully.

Asset Management

Motilal Oswal Asset Management (MOAMC) operates PMS, AIF and Mutual Fund (MF) in the public equities space. MOAMC has crafted its niche with majority of AUM in equities. The company's public market AUM was Rs 29,691 crores as of March, 2020 after achieving its peak in January 2020 at Rs 41,100 crores. As of March, 2020, its Mutual Fund AUM stood at Rs 15,980 crores, PMS AUM was at Rs 11,628 crores and AIF AUM was at Rs 1,891 crores. The effect of industry wide impact on net sales was also seen in its AMC’s net sales which stood at Rs 38 crores in FY2020. The company firmly believe in its QGLP philosophy which has rewarded it over the years in terms of performance and will continue to hold and improvise it. The company's AMC business has always been the promoter of trail based model and hence, the ban on upfront fee structure has been in its favour. Slab wise TER on AUM has triggered higher redemption in 1st quarter of the year resulting in negative net flows for the quarter. However, improvement in performance of most the schemes and effort of right communication to customers resulted in positive net flows for the remaining quarters of FY2020. The impact of TER change has been shared with distributors in same proportion of commission sharing, so net impact to it is lower. On a blended basis, its net yields stand at 0.84% in FY2020. As of Mar 2020, ~19% of its non-MF AUM was performance-fee-linked, within which AIF was entirely performance-based. The company aim to push more performance-linked AUM in both PMS and AIF, as it should help push net yields. The company's rank in Equity AUM was 15 whereas the company continued to remain market leader in PMS industry. The company's ~1.9% market share in Equity MF AUM is expected to improve as the company scale up further. MOFSL has significantly invested in branding and advertising in past few years and the same has started realizing benefits in terms of brand-recall in the long term. While its business has built a strong positioning across the domestic institution segment, it is now in process of tapping global pools of capital with offshore initiatives. MOFSL is expecting traction in its offshore assets, going forward.

Private Equity

The company's PE arm manages three growth capital funds and four real estate funds. The QGLP philosophy is extended in private equity business too. The growth funds focus on themes that may benefit from structural changes like domestic consumption, domestic savings, infrastructure, etc. MOPE Funds have been successful in gaining investors’ confidence with stellar returns over the years. IBEF I has delivered a portfolio XIRR of 27.9%. Fund II has committed 100% across 11 investments so far after raising commitments from marquee institutions and exits from fund will contribute, going forward. Strong performance and positioning has enabled MOPE to raise Fund III (“IBEF-III”) in very quick succession to Fund II. Fund III was launched in FY2018, which, after exhausting its green-shoe option, stands fully raised at ~R 2,300 crores. IBEF III has already deployed around ~R 980 crores across 6 investments and, the Fund is extensively evaluating opportunities across its preferred sectors.

The encouraging performance is not limited to growth funds but real estate funds too. IREF I has fully exited from all 7 investments, translating into ~118% capital returned to investors. IREF II is fully deployed across 14 investments. The Fund has secured 10 complete exits and 1 structured exit and has returned money equaling 125.4% of the Fund Corpus back to the investors. Average IRR on exited investments is 21.4%. IREF III has deployed Rs 1,354 crores including reinvestments across 24 investments. The Fund has secured 6 full exits and has returned money equaling 26.4% representing income earned & distributed to its investors. Average IRR on exited investments is 22.4%. IREF IV, launched in the third quarter of 2018 achieved its final close in February 2020 at Rs 1,148 crores. The fund has deployed Rs 530 crores across 9 investments. Going forward, its focus will be on opportune on growth stories in private space and provide best returns through its existing and future funds.

Wealth Management

The company's wealth AUM stood at Rs 15,624 crores during FY2020. The company implemented conservative approach in Relationship Manager (RM) additions in this volatile year and rather focused more on training and knowledge development. The company follow philosophy of ‘home grown talent’ which involves lower-cost junior RMs to assist the senior RMs to expand their books, while getting mentored to take a bigger role in the future. The rise in RM vintage and play of operating leverage will lead to scaling up of margins. The client acquisition too saw an encouraging growth with number of families under its business increasing 13% YoY to 4,186. This traction was largely a result of its RM base and its advisory capabilities. The company's product mix contains ~61% of the equity products which helps in garnering higher yields. Also, inclination towards trail based model since inception has kept the business immune from any regulatory changes. The company's trail revenues, which account for 70% of total revenues, now cover 80% of fixed costs. This will provide cushion to margins in downturn.

Housing Finance

The company cater to pure-retail affordable housing space through Motilal Oswal Home Finance (previously known as Aspire Home Finance Corporation). During the year, the company concentrated its efforts in re-building its home finance business in terms of processes, system, manpower and structure to strengthen its business. As a result, the company followed a conservative approach in its disbursements which stood at Rs 192 crores in FY2020. The loan book stood at Rs 3,667 crores across 47,900+ families as of Mar 2020. The company's average ticket-size at sourcing stood at Rs 8.8 lakhs in FY2020. MOFSL has put in place a vertical organization structure comprising sales, credit, collection and technical team. The implementation of cluster level credit layer along with 4 layer credit approval system based on loan ticket sizes and differentiated pricing methodology for loans based on risk type should likely result in improve underwriting, going forward. MOHFL has sold NPA book of Rs 424 cr at ~50% haircut this has resulted in multiple benefits including lower NPAs. MOFSL has received credit rating upgrade from CRISIL to AA-/Stable from earlier A+/Stable. This rating upgrade was on account of corrective measures taken with visible positive developments on new management team, strengthening collections and recovery teams, enhanced credit appraisal and risk monitoring and strong capital position. This also represents the conviction MOFSL has over its efforts to revive this business. The company's gearing declined to 3.4x as of Mar 2020. The company's liability profile remains diversified with ~51% of the borrowings from the capital markets in the form of NCDs and ~49% from banks. MOHFL had credit lines from 22 banks as of Mar 2020. MOFSL has limited borrowing repayments for next 1 year, strong undrawn borrowing lines and ALM places it in comfortable liquidity situation.


Financial Highlights

The consolidated revenues during the FY2020 were Rs 2,365 crores, a decrease of 4% as compared to the previous year.

Broking and related income grew 8% YoY to Rs 1,225 crores. The average daily traded volumes (ADTO) for the equity markets during FY2019-20 stood at Rs 14.44 lakh crores, up 45% YoY from Rs 9.93 lakh crores in FY2018-19. The overall Cash market ADTO reported growth of 11% YoY at Rs 39,068 crores in FY2019-20. Delivery saw growth of 3% YoY to Rs 9,140 crores v/s 8% de-growth in FY2018-19. Within derivatives, future volumes increased 0.4% YoY to Rs 87,950 crores while options rose 51% to Rs 13.17 lakh crores. Amongst cash market participants, retail constitutes 52% of total cash volume, institution constitutes 25% of total cash volume and prop constitutes 23%. The proportion of DII in the cash market was 10.1%. The increase in demat accounts during the year stood at 13% with total number of accounts as on March, 2020 at 4.08 crores. The revival in market sentiments is expected to give push to the primary market activities and overall volumes.

The company had more than 14,48,935 retail broking and distribution clients growing at a CAGR of 16% from FY2019-20. Client acquisition stood at ~2,42,000 during the year, +72% YoY.

The distribution revenues contribute 15% / 9.3% of the gross / net total income respectively with continual traction in distribution business. The company's financial product distribution AUM was Rs 9,034 crores as of March, 2020, with net sales of Rs 924 crores in FY2020.

Investment banking fee saw a decline over the previous year, to Rs 12 crores. The overall market volatility caused due to various issues like economic slowdown, global trade war and the COVID-19 pandemic kept the IPO & QIP transactions muted during the year. The pipeline remains robust and is likely to fructify once the pandemic ends.

Asset management income declined by 4% YoY to Rs 556 crores, as compared to last year. Total assets under management / advice across mutual funds, PMS and private equity businesses was Rs 29,691 crores, down 24% YoY. Within this, the mutual fund AUM was down 20% YoY to Rs 15,981 crores, PMS AUM was down 27% YoY to Rs 11,628 crores and AIF AUM was Rs 1,891 crores. The company entered into the arena of passive investing and launched six index funds this year.

The private equity income excluding the share of lumpy profits on investment exits stood at Rs 107 crores. The income from wealth management business stood at Rs 100.7 crores. The wealth management AUM continued to attract assets with closing AUM for FY2020 at Rs 15,624 crores.

Housing finance related gross income of Rs 233 crores. The focus was more on improving the asset quality and risk management. HFC loan book was Rs 3,667 crores, as of March, 2020

Q4FY21 Result

April 29, 2021: Motilal Oswal Financial Services Ltd. announced its results for the quarter and full year ended March 31, 2021 post approval by the Board of Directors at a meeting held in Mumbai on April 29, 2021. 3

Performance for the quarter and full year ended March 31, 2021:

  • In Q4FY21, consolidated revenues grew by 316% YoY at Rs 1,200 cr, Consolidated PAT grew by 34% QoQ at Rs 448 cr including gains on investments (Rs 264 cr, +25% QoQ).
  • Consolidated revenues in FY21 grew by 69% YoY at Rs 3,923 cr, consolidated profit grew by 579% YoY at Rs 1,245 cr including gains on investments (Rs 779 cr).
  • Key highlights for the Q4FY21 and FY21
  • Highest-ever Consolidated Quarterly and yearly Revenues & Profits. Strong Sequential growth revenues and profitability across businesses.
  • The company added ~2000 employees (+34% YoY) and ~6+ lacs net customers addition (+28% YoY) in FY21. The company's assets under advice (AUA) grew by 94% YoY to cross Rs 2 trillion mark in FY21.
  • Broking - Highest ever Revenues & profitability, market share gains 30 bps YoY to 2.7%, highest ever quarterly clients addition, significant investments made in last 12 months in expanding talent pool & distribution network.
  • Asset Management– Highest ever AUM, MF gross sales gaining traction, increase in SIP addition, strong traction in AIF gross sales. IREF V launched with target size of Rs 800 cr.
  • Home Finance - Sharp reduction in cost of funds driving margin expansion, improvement in collection efficiency, strong pick-up in disbursements, traction in login/sanction pipeline, geared up for FY22 with expansion in sales force.
  • Consolidated net worth is at all-time high at Rs 4,430 cr, net debt is Rs 4,062 cr. Excluding Home finance, net debt is Rs 1,546 cr. Total D/E declined to 1.3x. Ex-MOHF D/E stood at 0.6x. Net of investments, MOFSL has a net cash balance sheet. RoE for FY21 stands at 38% (ex-OCI).
  • During FY21, company has completed Buyback of its equity shares amounting to Rs 150 cr (including tax) resulting in increase in promoter equity in the company by 1.3% to 70.67%.
  • The board has declared final dividend of Rs 5 per share (FV Re 1/share).

Besides financial performance, recent time has been very eventful in terms of its successes in brand building, advertising and several other fronts. MOFSL rank 1st “Best Local Brokerage” in Asia Money broker’s poll 2020. MOFSL once again recognized as a “Great Place to Work” - India certified organization, Motilal Oswal Wins “Best PMS in 10 years performance” across all categories at India’s Smart Money Manager Awards - 2021. Motilal Oswal Private Equity has been awarded as "Growth Capital Investor of the Decade" at the Venture Intelligence APEX PE-VC Awards. The company's latest Ad on “Skin in the Game” has received appreciation in various media. These and several other recognitions of Motilal Oswal as a preferred consumer and employee brand in financial services space.

Speaking on the performance of the company, Mr. Motilal Oswal, MD & CEO said “This financial year has been a landmark year for it. MOFSL has achieved highest ever revenues and profits. Most of its fee based businesses are touching new high in terms of scale. The company's retail broking business which is its cash cow business has achieved new highs on various parameters and benefitting from industry consolidation with its knowledge driven phygital offerings. The company's Institutional Broking business has been ranked #1 as local brokerage house in Asia money poll2020. The company's strategy to invest business profits in its own equity investment products has registered highest ever profits and as result its Net worth has touched new high. Moreover, its strategy to diversify its business model towards linear sources of earnings continues to deliver results. The company's Asset Management business is likely to gain from process driven investing and its niche offerings. The company's Housing finance business is geared up for profitable growth. Each of its 7 businesses offers headroom for growth.


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Created by Asif Farooqui on 2021/07/07 19:07

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