Cera Sanitaryware Limited
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1 December 14, 2010 BUY MEDIUM RISK PRICE Rs.156 TARGET Rs. 240 CONSUMER SHARE HOLDING (%) Promoters 53.7 FII 1.0 FI 0.1 Body Corporates 6.0 Public & Others 39.2 Reuters Code Bloomberg Code BSE Code NSE Symbol Market Capitalization* Shares Outstanding* STOCK DATA CERA.BO CRS IN CERA Rs mn US $ 43.8 mn 12.7 mn 52 Weeks (H/L) Rs.193 / 76 Avg. Daily Volume (6m) 21,856 Price Performance (%) 1M 3M 6M (10) (7) (21) 200 Days EMA: Rs.146 *On fully diluted equity shares Part of Bonanza ANALYST Bhavika Shah bhavika.shah@sushilfinance.com SALES: Devang Shah /61 devang.shah@sushilfinance.com Nishit Shah nishit.shah@sushilfinance.com Cera Sanitaryware Ltd. (CSL) is a pioneer in the sanitaryware segment in India. CSL is mainly engaged in manufacturing & marketing of sanitaryware & wellness products. The company is currently expanding its existing capacities in sanitaryware and is also setting up its Faucetsware Plant, to manufacture faucets popularly known as CP fittings. It has a strong brand recognition and distribution network of 6000 dealers. With revenues grown at a CAGR of more than 25% since last 4 years, CSL today is the one of the fastest growing sanitaryware company in India. We believe that CSL s APAT would grow at a CAGR of 24.5% over next two years. Capacity expansion in sanitaryware & setting up its Faucetsware Plant CSL is currently in process of expanding its capacity from 2.0 mn pieces to 2.6 mn pieces in sanitaryware division. This is expected to be operational by around middle of FY12; hence FY12 will have benefit of increased capacity for part of the year. CSL is also setting up its Faucetsware Plant, to manufacture faucets popularly known as CP fittings, within the same premises with a production capacity of 2500 pcs per day. This will be ready for commercial production in Q4FY11. The company generally operates at 99% utilization levels and during FY10 it manufactured 1.8 mn pcs of sanitaryware. Going ahead, we expect its plants to continue to operate at optimum levels leading to a Revenue growth of 19% CAGR over the next 2 years. Enhancing product portfolio and strong distribution network CSL has been enhancing its product portfolio every year; it has one the largest distribution channels in India with 6000 dealers that help in better market penetration. CSL is also pursuing inorganic growth through Mergers & Acquisitions to expand its footprint and capture a larger global customer base. The company is in dialogue with leading players in the European faucets and sanitaryware segment with intension of acquiring two super premium brands. There is major growth on cards with Cera becoming a complete bathroom solutions company. Strong Consumer Demand to Drive Sanitaryware Market growth Indian Sanitaryware market is estimated at Rs. 13,000 mn, of which about 60% is organized market, where CSL enjoys a 20% market share. Strong growth in the housing sector as well as increase in income levels has lead to robust growth in the sanitaryware market in India. While the volume growth of sanitaryware in India has been pretty strong, the value growth has been even stronger mainly because of improved standard of living & changing consumer preferences leading to huge demand for higher end sanitaryware products. Going ahead, we expect the industry to continue to grow at a fast pace with the key growth drivers being (a) Allowance of 100% FDI in construction /housing sector, (b) rising income of middle class, (c) easy availability of cheap home loans, (d) replacement demand and (e) increasing focus of the government to improve sanitation facilities. OUTLOOK & VALUATION India s strong recovery from Global Economic Crisis has boosted growth in infrastructure sector. Infrastructure growth is expected to sustain and a correction of 25 30% in housing costs coupled with favourable interest rates will catalyze real estate growth. During H1FY11, CSL s Revenues grew by 23% YoY, its EBIDTA increased by 34% YoY where as its margins increased by 150 bps and its APAT grew by 49% YoY with an EPS of Rs.9.5 (post 1:1 bonus issue). Going ahead, we believe that the company s Strong Brand, wide distribution network, strategy to introduce new products, capacity expansion & increased demand will lead to strong growth in Revenues & APAT. We initiate our coverage on the company with a BUY rating and a target price of Rs. 240 (10x FY12E EPS of Rs.24) Y/E Mar. Please refer to important disclosures at the end of the report Sushil Financial Services Private Limited Office : 12, Homji Street, Fort, Mumbai Revenue (Rs mn) APAT (Rs mn) KEY FINANCIALS APAT (% Ch.) Initiating Coverage Cera Sanitaryware Limited AEPS* (Rs.) P/E* (x) ROCE (%) ROE (%) P/BV* (x) FY FY FY11E FY12E * FY11E &FY12E is Adjusted Post 1:1 bonus issue. For private Circulation Only. Member : BSEL, SEBI Regn.No. INB/F NSEIL, SEBI Regn.No.INB/F Phone: Fax: info@sushilfinance.com
2 Expanding capacity of sanitaryware from 2.0 mn pieces to 2.6 mn pieces. Capacity expansion in sanitaryware & setting up its Faucetsware Plant CSL currently has a capacity of 2.0 mn pieces per year (equivalent to 24,000 MTPA) in Kadi, Gujarat. It is in the process of expanding its capacity to 2.6 mn pieces per year (equivalent to 31,200 MTPA) by FY12. The current capacity of 2.0 mn pieces has been running at above 90% utilization. The expansion would cost about Rs. 350 mn (excluding the working capital requirement) and would cater to the growing demand of its sanitaryware business. Going ahead, we expect its plants to continue to operate at optimum levels CAPACITY UTILIZATION OF SANITARYWARE FY07 FY08 FY09 FY10 FY11 FY12 Installed Capacity (MT) Production (MT) Source: Company & Sushil Finance Research estimates To benefit from the growing demand in the Faucetware business and to leverage on its wide distribution network, CSL is also setting up a Faucetsware Plant, to manufacture CP fittings with a production capacity of 2500 pcs per day with an investment of Rs 100 mn. Until now, the company was outsourcing its Faucets requirements. The plant is expected to go on stream from Q4FY11. Thereafter, the company plans to double the capacity from 2500 to 5000 pieces per day at a cost of Rs 250 mn (excluding the working capital requirement) in coming years. Sales & earnings to grow at a CAGR of 19% & 24.5% respectively over next two years. Overall, we expect CSL s Revenues, which includes sales from outsourcing of faucets, bath tubs, showers accessories, etc., to grow at a CAGR of 19% over next 2 years. We believe that this growth would be achieved through a combination of 12% volume CAGR and 6% CAGR in price realization, which would largely be through increased Revenues from high end products. In past, its realizations have grown due to introduction of new value added products to its existing range of products and also due to shift of consumer preference towards premium products. We have also included the sales of faucet business into our estimates for FY11 and FY12. And overall, we expect its earnings to grow at a CAGR of 19% over next two years. December 14,
3 Enhancing product portfolio and strong distribution network Cera, the flagship brand of CSL has strong brand recognition in the bathroom segment. Owing to its strong recognition in the industry, the Company also has one of the largest distribution networks of 6000 dealers to cater to all the states and regions of India. To achieve the desired growth in the rapidly changing retail market in the country, Cera has launched its one of a kind Cera Bath Studios in Ahmedabad, Bangalore, Chandigarh, Kolkata, Cochin, Hyderabad and Mumbai. Product Range Sanitaryware Faucets Cisterns Wash basins Seat Covers Sensors Urinals Bath Accessories Source: Company Showers Kitchen faucets Bathroom faucets With the opening of the Cera Bath Studios, the discerning consumers, architects and interior designers can have full view of the Cera s premium ranges of WC s, Wash Basins, Shower Panels, Shower Cubicles, Bath Tubs, Shower Temples, Whirlpools, CP fittings, etc. At Cera Bath Studios, CSL displays several Bathrooms formats, so that the customers get a feel of Cera s vast range of products, which complement its business growth through its existing network. Exclusive dealership with Novellini CSL has entered into an exclusive dealership agreement with Novellini, Europe s largest manufacturer of shower enclosures, covering 32 products from the range of its shower enclosures, equipped panels, bath tubs and shower temples. Under this dealership agreement, Novellini products would be sold through Cera's exclusive 'bath studios' and its selected dealership network. Novellini, 190 mn company, is also planning to increase its portfolio in India over next few months and is planning to spend around 1 mn in India for marketing its products over the next 3 years. Highlights of innovative achievements by CSL CSL was the first sanitaryware company to use natural gas; Cera has been on the forefront of launching a versatile colour range and introducing the bath suite concept. It also launched innovative designs and water saving products. The twin flush model launched in India by Cera for the first time, reduces the water needs of households considerably. WCs designed to flush in just 4 litres of water is another notable innovation by Cera. December 14,
4 Strong Consumer Demand to Drive Sanitaryware Market growth With the increase in standard of living & change in consumers choice & preferences there is a strong consumer demand for sanitaryware in India. The volume growth of sanitaryware in India is less as compared to the value growth mainly because of huge demand for higher end products. The demand for high value sanitaryware in India is growing at a fast pace. The key drivers for growth in the sanitaryware industry are: 100% FDI allowed in construction /housing sector, rising income of middle class, easy availability of cheap home loans, replacement demand, and increasing focus of the government to improve sanitation facilities. Replacement demand expected to pick up Fresh Demand Replacement Demand Developed economies 20% 80% India 93% 7% Source: Company Indian Sanitaryware market is estimated at Rs. 13 bn, of which about 60% is organized market. The organized market is governed by 7 players as shown below. HSIL enjoys the highest share of the organized markets followed by Roca & Cera. MARKET SHARE OF SANITARYWARE & FITTINGS (%) HSIL Roca Bathroom Products Pvt. Cera Sanitaryware Neycer India & LLM appliances Others Sanitaryware companies have upgraded their manufacturing system and improved their quality by introducing high value product range in the market, which has been accepted and appreciated. Source: CMIE The market for sanitaryware in India comprises the institutional and individual segment. While institutional customers buy directly from companies and use material in construction projects like apartments, commercial complexes and shopping malls, the individuals buy from retail outlets for residential applications. Sanitaryware Industry in India for the last few years has shown very dramatic growth with major players increasing their production capacities. Companies have also upgraded their manufacturing system and improved their quality by introducing high value product range in the market, which has been accepted and appreciated. The December 14,
5 demand for high value sanitaryware in India is growing very fast. Most Companies are now focusing on the premium & high end of the market where per ton realization is very good, which ultimately results in good profitability. In order to educate the customers in India to go for quality products and also for higher value sanitarywares, companies have adopted a very aggressive advertisement campaign. Companies have also strengthened their dealer network by offering showroom incentives and some of the companies have also gone for their own retail outlets in major towns INDIAN HOUSING SCENARIO Number of houses (mn units) Shortages (mn units) Source: Company FINANCIALS OUTLOOK Sales to grow at CAGR of 19% over FY10 FY12 CSL s net sales have grown at a 25% CAGR of the past 4 years (FY06 FY10). We expect that on back of increased volumes, improving realization (which would be achieved through improved sales of premium products) and sales of faucets would lead to a net sales CAGR of 19% over FY10 FY12. Total Sales to grow at a CAGR of 19% over next two years on back of improved sales of premium products and expansion of plants. Sales (Rs. Mn) FY07 FY08 FY09 FY10 FY11 FY12 Source: Company & Sushil Finance Research estimates December 14,
6 Improvement in margins expected on back of improved process innovation & efficient production planning. EBITDA margins expected to grow to 20% CSL has continuously improved its operational efficiencies by technological upgradation and process innovation which resulted in reduction of wastages in sanitaryaware division. Additionally margins were boosted by improved process innovation, efficient production planning. We believe that CSL will be able to improve its margins by 70 bps in FY11 and then further by 50 bps in FY EBIDTA & EBIDTA Margins FY07 FY08 FY09 FY10 FY11 FY12 EBIDTA (Rs. Mn) EBIDTA Margins (%) Source: Company & Sushil Finance Research estimates APAT to grow at CAGR of 24.5% over FY10 FY12. APAT to grow at CAGR of 24.5% over FY10 FY12 After having factored incremental depreciation and interest on the expanded capacities and increased level of debt, we expect the APAT to grow at CAGR of 24.5% over FY10 FY APAT & EPS FY07 FY08 FY09 FY10 FY11 FY12 APAT (Rs. Mn) EPS (Rs.) Source: Company December 14,
7 Peer Valuation FY12 (Rs. Mn) Net Sales EBIDTA EBIDTA Margins (%) Net Profit EPS (Rs.) Cera Sanitaryware Kajaria Ceramics HSIL Source: Sushil Finance Research estimates & Bloomberg Consensus estimates Risks & Concerns Fortunes of sanitaryware are highly linked to fresh demand in housing. A slowdown in the real estate sector may dampen HSIL s growth prospects. The prices of power & fuel and soda ash which together constitute major manufacturing cost may rise in future which could impact the earnings of the company. OUTLOOK & VALUATION India s strong recovery from Global Economic Crisis has boosted growth in infrastructure sector. Infrastructure growth is expected to sustain and a correction of 25 30% in housing costs coupled with favourable interest rates will catalyze real estate growth. During H1FY11, CSL s Revenues grew by 23% YoY, its EBIDTA increased by 34% YoY where as its margins increased by 150 bps and its APAT grew by 49% YoY with an EPS of Rs.9.5 (post 1:1 bonus issue). Going ahead, we believe that the company s Strong Brand, wide distribution Network, strategy to introduce new products, capacity expansion & increased demand will lead to strong growth in Revenues & APAT. We initiate our coverage on the company with a BUY rating and a target price of Rs. 240 (10x FY12E EPS of Rs.24). P/E (x) December 14,
8 ANNEXURE Cera started its business in 1979 as a small plant with a capacity to manufacture about 1,000 pieces of sanitaryware per day is now the third largest sanitaryware company in India. Cera Sanitaryware Limited (CSL) now commands a 20% share in the Rs 1,000 crore organised market. Vikram Somany, chairman and managing director of CSL, started out on his own after a Split in the family business (run through Hindustan Sanitaryware). He chose sanitaryware as it was one business he felt comfortable with. Today Cera has 500 distributors and retails through 5,000 outlets in India. What set the plant apart from the rest is the use of natural gas in its kiln right since the inception. Those days most furnaces used coal or other fuel that left specks on the ceramic. V. Somany decided to use natural gas and that made a huge difference in quality. In fact, right from day one, Cera was focused on just one aspect quality. December 14,
9 PROFIT & LOSS STATEMENT Rs.mn Y/E March FY09 FY10 FY11E FY12E Total Sales Total Raw Material Cost Power and Fuel Cost Personnel Cost Other Cost EBITDA Interest Depreciation Other Income Extraordinary items PBT incl OI Tax APAT FINANCIAL RATIO STATEMENT Y/E March FY09 FY10 FY11E FY12E Growth (%) Net Sales APAT EBITDA Profitability (%) EBITDA Margin Adj. PAT Margin ROCE ROE Per Share Data (Rs.) Adj. EPS Adj. CEPS BVPS Valuations (X) PER PEG (0.2) 0.3 P/BV EV / EBITDA EV / Net sales Dividend Yield (%) Turnover Days Debtors days Creditors days Gearing Ratio Total Debt to Equity Source : Company, Sushil Finance Research Estimates BALANCE SHEET STATEMENT Rs.mn As on 31 st March FY09 FY10 FY11E FY12E Equity Share Capital Reserves Net worth Total loans Deferred tax liab (Net) Capital Employed Gross Block Depreciation Net block CWIP Investments Inventories Sundry debtors Cash and bank Loans and advances Other Current Assets Total Current assets Total Current Lia Net Current assets Misc Exp Capital Deployed CASH FLOW STATEMENT Rs. mn Y/E March FY09 FY10 FY11E FY12E PAT Depreciation Chg in Deferred tax 14.0 (4.7) Chg in Working cap (17.4) 5.8 (47.1) (52.1) Chg in Misc Exp (0.1) (0.1) Cash flow from operations Chg in Gross PPE (45.8) (0.5) (450.0) (340.0) Chg in WIP 6.8 (19.5) (8.4) (10.0) Chg in Investments Cash flow from investing (39.0) (19.9) (458.4) (350.0) Chg in debt (25.0) (93.9) Chg in Share Capital (4.1) Chg in other reserves (10.8) (0.0) Dividend (14.5) (18.4) (22.2) (25.9) Cash flow from financing (54.4) (111.0) Chg in cash (143.1) 22.8 Cash at start Cash at end December 14,
10 Rating Scale This is a guide to the rating system used by our Equity Research Team. Our rating system comprises of six rating categories, with a corresponding risk rating. Risk Rating Risk Description Low Risk Medium Risk High Risk Predictability of Earnings / Dividends; Price Volatility High predictability / Low volatility Moderate predictability / volatility Low predictability / High volatility Total Expected Return Matrix Rating Low Risk Medium Risk High Risk Buy Over 15 % Over 20% Over 25% Accumulate 10 % to 15 % 15% to 20% 20% to 25% Hold 0% to 10 % 0% to 15% 0% to 20% Sell Negative Returns Negative Returns Negative Returns Neutral Not Applicable Not Applicable Not Applicable Not Rated Not Applicable Not Applicable Not Applicable Please Note Recommendations with Neutral Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses). ** Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks, we have enhanced our return criteria for such stocks by five percentage points. Additional information with respect to any securities referred to herein will be available upon request. This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, recirculated, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. This report is to be used only by the original recipient to whom it is sent. This is for private circulation only and the said document does not constitute an offer to buy or sell any securities mentioned herein. While utmost care has been taken in preparing the above, we claim no responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising from the use thereof and the investors are requested to use the information contained herein at their own risk. This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained from sources, which we believe to be reliable, but we have not independently verified such information and we do not guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice. Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers and employees (to be collectively known as SFSPL), may, from time to time, have a long or short position in the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information contained herein prior to the publication thereof. December 14,
March 16, 2010 BUY HIGH RISK PRICE Rs TARGET Rs.300. APAT (Rs mn) Revenue (Rs mn)
ANALYST Ishpreet Batra +91 22 4093 5091 ishpreet.batra@sushilfinance.com Shreyas Bhukhanwala +91 22 4093 5096 shreyas.bhukanwala@sushilfinance.com SALES: Devang Shah +91 22 4093 6060/61 devang.shah@sushilfinance.com
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Havells India Q1FY18 Result Update Strong Sales growth; Margins decline Sector: Consumer Durable CMP: ` 467 Recommendation: BUY Market statistics Current stock price (`) 467 Shares O/S (cr.) 62.5 Mcap
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4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8
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2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales
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Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 1QFY2019 Result Update Automobile July 27, 2018 Maruti Suzuki India Performance
More informationRobust results, TLT margins improved profitability.
Power Transmission Equipment Result Update Skipper Ltd BUY Robust results, TLT margins improved profitability. Institutional Research Nifty: 8,4; Sensex: 26,553 CMP (Rs) 153 Target (Rs) 17 Key Stock Data
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Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with
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1QFY2018 Result Update Automobile July 28, 2017 Maruti Suzuki Performance Highlights ACCUMULATE CMP `7,622 Target Price `8,501 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationMaruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.
Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT
More informationMaruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart
Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 3, 2018 Maruti Suzuki India Performance Update Y/E March (` cr) 2QFY19
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4 Recommendation BUY Snail Pace Recovery CMP (06/02/2013) Rs. 85 Target Price Rs. 110 Sector Stock Details Carbon Black BSE Code 506590 NSE Code Bloomberg Code PHILIPCARB PHCB IN Market Cap (Rs crs) 293
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May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationRecommendation HOLD Dismal performance drags margins Appreciating Japanese Yen, drop in volumes and increase in. Rs. 1,126.
Recommendation HOLD Dismal performance drags margins Appreciating Japanese Yen, drop in volumes and increase in Rs. 1,126 Raw material costs pulled down Maruti s EBITDA margin to Rs 1,200 6.5% in Q2FY12
More informationHavells India. Q4FY17 Result Update Strong Sales growth; Margins stable. Sector: Consumer Durable CMP: ` 515. Recommendation: BUY
Havells India Q4FY17 Result Update Strong Sales growth; Margins stable Sector: Consumer Durable CMP: ` 515 Recommendation: BUY Market statistics Current stock price (`) 515 Shares O/S (cr.) 62.5 Mcap (`
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STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
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More informationITC. Rating: Target price: EPS: Relative better visibility despite the smoke, Maintain BUY CMP. Target. Rating. Rs.389. Buy. Rs.
: price: EPS: Relative better visibility despite the smoke, Maintain BUY ITC reported revenues of Rs.~87.2bn (+13% y-o-y), operating profits of Rs.32.8bn (+15% y-o-y) and PAT of Rs.~23.8bn (+16% y-o-y).
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2QFY2017 Result Update Automobile November 7, 2016 Maruti Suzuki Performance Highlights ACCUMULATE CMP `5,715 Target Price `6,006 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
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3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5
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More informationSuzlon Energy Ltd RESULT UPDATE 16th August, 2017
RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
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More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
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Wipro 3QFY17 Result Update Guidance subdued, maintain Hold Sector: Technology CMP: ` 474 Recommendation: Hold Market statistics Current stock price (`) 474 Shares O/S (cr.) 243.1 Mcap (` cr) 115,090 52W
More informationLT Foods BUY. Performance Update. CMP Target Price `92 `128. 3QFY2018 Result Update Media February 12, 2018
Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 3QFY2018 Result Update Media February 12, 2018 LT Foods Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy
More informationHavells India. Q4FY16 Result Update In-line result; Consistent improvement in performance. Sector: Consumer Durable CMP: ` 342. Recommendation: BUY
Havells India Q4FY16 Result Update In-line result; Consistent improvement in performance Sector: Consumer Durable CMP: ` 342 Recommendation: BUY Market statistics Current stock price (`) 342 Shares O/S
More informationTV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months
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More informationAcrysil Ltd. BSE Scrip Code:
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More informationEmkay. Demand environment remain weak. Century Plyboards. Result highlights. Slowdown in plywood segment impacted revenue growth
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More informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
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Channel-check takeaways Growth recovery pace sees moderation, competitive headwinds continue to prevail Growth traction turns subdued in 4Q - Our channel-check interactions on a pan India basis is indicating
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Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.
Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance
More informationTTK Prestige. Q2FY18 Result Update Healthy Sales growth; Margins expands. Sector: Consumer Durable CMP: ` 6,145. Recommendation: HOLD
TTK Prestige Q2FY18 Result Update Healthy Sales growth; Margins expands Sector: Consumer Durable CMP: ` 6,145 Recommendation: HOLD Market statistics Current stock price (`) 6,145 Shares O/S (cr.) 1.2 Mcap
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1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138
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Recommendation HOLD Results in line with our expectations CMP (15/10/2010) Rs. 3212 Target Rs. 3208 Sector IT & Software BSE Code NSE Code Bloomberg Code Market Cap (Rs. cr) Free Float (%) 52- wk HI/Lo
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3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742
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INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
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0 4 Recommendation BUY Delisting Offer Price - Still a long way CMP Rs. 73 Target Price Rs. 89 Sector Stock Details Comm. Trading & Distribution BSE Code 517496 NSE Code Bloomberg Code NA RPGR IN Market
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4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)
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More informationLT Foods BUY. Performance Update. CMP Target Price `76 `128. 4QFY2018 Result Update Media
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Media May 28, 2018 LT Foods Performance Update (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Revenue
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4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503
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More informationQuick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.
Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,
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