EBITDA 1,585 1,917 (17.3) 1,673 (5.2) EBITDA
|
|
- Allan Christopher Higgins
- 5 years ago
- Views:
Transcription
1 Result Update Institutional Equities The India Cements 28 May 218 Reuters: ICMN.BO; Bloomberg: ICEM IN Fall In Realisation, Higher Operating Costs Hurt Performance The India Cements (ICEM) reported a weak operating performance for because of the decline in realisation. Cement volume was up 6.4% YoY at 3.9mnmt (below our estimate of 3.34mnmt). However, realisation declined 2% YoY/rose 2%QoQ to Rs4,528/tn (above our estimate of Rs4,324/tn). Effectively, revenues grew only ~4% YoY to ~Rs13.9bn (below our estimate of ~Rs14.5bn). Operating costs increased ~1.1% YoY/5.5% QoQ to Rs4,24/tn because of raw material costs and other expenditure. Limited pass-through because of weakness in key ICEM markets led to EBITDA margin compression of 291bps YoY to 11.3% YoY. Effectively, EBITDA/tn stood at Rs51/tn, down ~23.7% YoY (below our estimate of Rs573/tn). Interest expenses declined 12% YoY to Rs718mn because of credit from subsidiary payments in the prior period. Adjusted PAT stood at Rs353mn, a rise of ~3% YoY/~58% QoQ. Considering the continued weakness in operating performance, high level of debt and lack of roadmap for future growth/debt reduction, we have valued ICEM at a replacement cost of Rs4.4bn (deep discount of 4%) to arrive at its fair value. We have retained our Sell rating on ICEM with a revised target price of Rs119 (from Rs126 earlier). Volume growth in key markets: Volume increased ~6% YoY to 3.9mnmt on account of revival of demand and a lower base because of the demonetisation impact in in Andhra Pradesh, Telangana and Karnataka which offset the muted demand in Tamil Nadu and Kerala (because of sand non-availability problem in ). Realisation declined 2% YoY/rose 2% QoQ to Rs4,528/tn following higher OPC demand and supply pressure in key ICEM markets. Cost inflation and a dent in realisation impacts EBITDA margin: Energy costs (adjusted to raw material costs) rose ~5% YoY on account of high pet-coke prices. Logistics costs were flat YoY at Rs1,74/tn because of muted demand in Tamil Nadu and Kerala. However, other expenditure increased ~3% YoY to Rs2.1bn because of higher overheads, repairs and packing charges. Effectively, operating costs rose 1.1% YoY/5.5% QoQ to Rs4,24/tn. Higher operating costs and realisation decline following demand weakness in key markets (Tamil Nadu and Kerala) led to compression in EBITDA margin by 291bps YoY to 11.3%. EBITDA/tn came in at Rs51 in, declining 24% from Rs668 in. Maintain our estimates: Despite the weak performance, we have retained our earnings estimates with EPS estimates at Rs5.6/Rs7.3 for FY19/FY2, respectively. With the sand nonavailability problem largely resolved, cement demand in Tamil Nadu market is likely to normalise. This, in addition to the recovery in Andhra Pradesh and Telangana, will lead to ICEM s healthy cement despatches in FY19/FY2. However, we expect EBITDA margin to hover ~14% for the next two years because of cement over-supply in these markets, thereby keeping realisation under pressure. Additionally, ICEM s cost inflation has not been showing a significant improvement and this is likely to continue. Further, the debt level is likely to be higher, impacting the interest outgo. Outlook: We have valued ICEM stock at Rs4.5bn/mt, at a deep discount of 4% to the replacement cost of Rs7.5bn/mt to arrive at a fair value, and retained our Sell rating on it with a revised target price of Rs119 (from Rs126 earlier). This is to factor in ICEM s elevated costs impacting the operating margin, lack of roadmap for debt reduction/capacity addition to cater to incremental demand and continued high debt. At our target price, the stock trades at EV/EBITDA of 7.6x FY2E earnings. SELL Sector: Cement CMP: Rs13 Target Price: Rs119 Downside: 9% Milind Raginwar Research Analyst milind.raginwar@nirmalbang.com Harshit Dhoot Research Associate harshit.dhoot@nirmalbang.com Key Data Current Shares O/S (mn) 38.9 Mkt Cap (Rsbn/US$mn) 4.2/ Wk H / L (Rs) 225/122 Daily Vol. (3M NSE Avg.) 3,41,398 Price Performance (%) 1 M 6 M 1 Yr The India Cements (1.3) (26.4) (34.5) Nifty Index (.8) Source: Bloomberg Y/E March (Rsmn) YoY % QoQ % Net sales 13,978 13, , Operating expenses 12, , , EBITDA 1,585 1,917 (17.3) 1,673 (5.2) EBITDA margin (%) (29bps) 13.8 (245bps) Other income Interest costs (12.4) 854 (15.9) Depreciation PBT (47.) Non-recurring items (7) (1.) PBT (after non-recurring items) (47.) Tax (11) 115 (196.2) - Reported PAT Adjusted PAT NPM (%) (3bps) bps Adjusted EPS (Rs)
2 Key conference-call takeaways ICEM s management gave industry growth guidance of 1%-15% for the southern region (including Maharashtra). In, Andhra Pradesh and Telangana grew 37% on a very weak base because of the demonetisation impact in. Karnataka & Goa/Tamil Nadu & Kerala grew 1%/4%, respectively. Demand revival is expected in Tamil Nadu and Kerala because of sand non-availability problem getting resolved. However, following competitive intensity, the management expects fluctuation in cement prices in FY19/FY2. Capacity utilisation in stood at 78% vs. 73% in and. ICEM is expecting it to improve further in 1HFY19. However, clinker capacity utilisation in FY18 was only 76%. Other expenses increased on account of higher packing charges because of the rise in prices of packaging bags (Rs7.5/bag in FY17 to Rs9/bag in FY18 and an increase of 3%-4% in itself). Further, repairs and maintenance costs (increased to Rs16mn in ) and stores and spares cost led to further addition in other expenses. Average pet-coke price in was US$11/tn, which rose to US$115/tn in 1QFY19. The tax reversal was largely due to the Sec.8I benefits available for the power plants. Gross debt of ICEM was Rs31.3bn in FY18. ICEM reduced debt of ~Rs 2bn during the quarter because of lower receivables that eased the working capital requirement. ICEM expects to repay Rs 1.5bn in FY19. Maintenance capex is expected to be ~Rs 2.bn-Rs2.5bn in FY19 and FY2, respectively. The management stated that currently there is no plan for greenfield/brownfield expansion. This will be considered in 2HFY19 based on the demand situation in 1HFY19. The management indicated that three of the company s cement plants have received environmental clearance and other approvals for further expansion. 2 The India Cements
3 Exhibit 1: Operational details (Rs) YoY % QoQ % E Deviation % Volume (mnmt) (7.4) Cement realisation (net of freight) (Rs/mt) 4,525 4,62 (2.1) 4, , Operating costs (Rs/mt) 4,24 3, , , EBITDA (Rs/mt) (23.7) 69 (16.2) 573 (1.9) Exhibit 2: Detailed quarterly financials (Rs mn) YoY % QoQ % E Deviation % Net sales 13,978 13, , ,468 (3.4) Expenditure Change in stock (37.) (153.9) (76.) 98.5 (137.6) (22) 68.2 Raw material costs 2,535 2, , ,718 (6.7) Purchased products Power & fuel expenses 3,492 3, , ,82 (8.1) Freight costs 3,315 3, , ,518 (5.8) Employee costs Other exp 2,119 2, , , Total operating expenses 12,421 11, , ,559 (1.1) EBITDA 1,585 1,917 (17.3) 1,673 (5.2) 1,99 (17.) EBITDA margin (%) (291bps) 13.8 (245bps) 13.2 (186bps) Other income (2.) Interest costs (12.4) 854 (15.9) 855 (16.) Depreciation PBT (47.) (47.2) Non-recurring items (7) (1.) - - PBT (after non-recurring items) (47.) (47.2) Tax (11) 115 (196.2) (185.7) Tax rate (%) (46) 25 (281.5) (262.5) Reported PAT Adjusted PAT NPM (%) (3bps) bps bps Adjusted EPS (Rs) Exhibit 3: Trend in operating costs/mt Operating costs/mt(rs) YoY % QoQ % Consumption of raw material (5.1) Power and fuel costs 1, ,7 1,113 1,76 1,11 1,124 1, Freight costs 946 1,8 1,45 1,31 1,72 1,72 1,98 1,31 1, Total costs per mt 3,815 3,68 3,844 4,461 3,978 4,14 4,9 3,814 4, The India Cements
4 Exhibit 4: Change in our estimates Old estimates New estimates Change (%) (Rsmn) FY19E FY2E FY19E FY2E FY19E FY2E Net sales 58,125 64,778 58,125 64, Operating profit 8,146 9,213 8,113 9,172 (.4) (.4) Net profit 1,712 2,256 1,724 2, EPS (Rs) Target price (Rs) Rating Sell Sell 4 The India Cements
5 4QFY15 4QFY15 4QFY15 4QFY15 4QFY15 4QFY15 Institutional Equities Exhibit 5: Volume gain on account of good demand in key markets (Rsmn) (%) (1) -1.2 (2) Exhibit 6: Realisation decline impacts operating margin (Rsmn) (%) 5, 25 4,75 4,5 4,25 4, 3,75 3, (5) (1) (15) (2) Volumes (mn mt) Growth (% YoY, RHS) Realisations (Rs/mt) Growth (% YoY, RHS) Exhibit 7: Lower realisation impacts EBITDA/mt Exhibit 8: Logistics and energy expenses contribute to cost inflation (Rsmn) 1,1 1, , (Rsmn) (%) 5, 15 4,5 4, 1 3,5 5 3, 2,5 2, (5) 1,5 (1) 1, 5 (15) - (2) EBITDA/mt Operating costs/mt (Rs) Growth (% YoY, RHS) Exhibit 9: Freight costs continue to rise on account of high fuel prices (Rsmn) (%) 1, ,1 1,5 1, (5) (1) (15) Exhibit 1: Energy costs well controlled in (Rsmn) (%) 1,4 4 1,2 3 1, (1) 2 (2) - (3) Freight costs/mt (Rs) Growth (% YoY, RHS) Power & Fuel costs/mt (Rs) Growth (% YoY, RHS) 5 The India Cements
6 Apr-9 Aug-9 Jan-1 Jun-1 Nov-1 Mar-11 Aug-11 Jan-12 Jun-12 Oct-12 Mar-13 Aug-13 Jan-14 May-14 Oct-14 Mar-15 Aug-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Dec-17 May-18 Apr-9 Aug-9 Jan-1 Jun-1 Nov-1 Mar-11 Institutional Equities Aug-11 Jan-12 Jun-12 Oct-12 Mar-13 Aug-13 Jan-14 May-14 Oct-14 Mar-15 Aug-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 Dec-17 May-18 Exhibit 11: Valuation charts EV/EBITDA (Rs) EV/tn (Rs) Price Price $45 $6 $75 $9 $15 6 The India Cements
7 Financials Exhibit 12: Income statement Year ended March (Rsmn) FY16 FY17 FY18P FY19E FY2E Net sales 42,268 5,792 53,47 58,125 64,778 Growth (%) (4.4) Operating expenses (34,55) (42,157) (46,454) (49,979) (55,565) EBITDA 7,763 8,635 6,953 8,113 9,172 Growth (%) (19.5) Depreciation &amortisation (2,238) (2,571) (2,559) (2,64) (2,796) EBIT 5,739 6,25 4,562 5,652 6,551 Other income Interest paid (3,74) (3,65) (3,42) (3,29) (3,43) Extraordinary/Exceptional items PBT 2,3 2,61 1,161 2,362 3,121 Tax (625) (867) (179) (638) (858) Effective tax rate (%) (31) (33) (15) (27) (28) Net profit 1,378 1, ,712 2,256 Minority interest Reported Net profit 1,378 1, ,712 2,256 Non-recurring items (32) Adjusted Net profit 1,41 1, ,712 2,256 Growth (%) (43.4) Exhibit 14: Balance sheet Year ended March (Rsmn) FY16 FY17 FY18P FY19E FY2E Cash & bank balance Other current assets 31,436 27,8 28,413 3,379 34,431 Investments 15,855 6,19 9,86 11,14 12,49 Net fixed assets 35,23 7,474 69,141 69,51 7,138 Goodwill & intangible assets Other non-current assets 553 1, Total assets 82,94 16,453 17, , ,139 Current liabilities 18,218 21,71 14,32 22,862 24,75 Borrowings 24,52 27,15 34,419 29,285 33,493 Other non-current liabilities 4,142 6,556 6,932 6,532 6,222 Total liabilities 46,413 55,362 55,654 58,679 63,79 Share capital 3,72 3,72 3,82 3,82 3,82 Reserves & surplus 33,479 48,17 48,922 49,825 51,267 Shareholders' funds 36,491 51,91 52,3 52,97 54,349 Minority interest Total equity & liabilities 82,93 16,453 17, , ,139 Exhibit 13: Cash flow Year ended March (Rsmn) FY16 FY17 FY18P FY19E FY2E Pre-tax profit 2,3 2,61 1,161 2,362 3,121 Depreciation 2,617 (29,395) 2,559 2,64 2,796 Chg. in working capital (256) 6,288 (7,611) 5,831 (3,34) Total tax paid (293) 1, (185) (974) Other operating activities Operating CF 4,71 (18,592) (3,353) 1,648 1,99 Capital expenditure (892) (6,589) (1,226) (2,55) (3,883) Chg in investments (3) 9,664 (2,896) (2,54) (1,35) Other investing activities Investing CF (894) 3,76 (4,122) (4,64) (5,233) FCF 3,177 (15,517) (7,475) 6,44 (3,324) Equity raised/(repaid) Debt raised/(repaid) (2,731) 3,53 7,314 (5,134) 4,28 Dividend (incl. tax) - (741) - (247) (247) Other financing activities (478) 13, (574) (574) Financing CF (3,18) 15,547 7,491 (5,955) 3,387 Net chg in cash & bank bal. (2) Closing cash & bank bal Exhibit 15: Key ratios Year ended March (Rsmn) FY16 FY17 FY18P FY19E FY2E Profitability and return ratios (%) EBITDAM EBITM NPM RoE RoCE RoIC Per share data (Rs) O/s shares EPS FDEPS CEPS BV DPS Valuation ratios (x) PE P/BV EV/EBITDA EV/Sales Other key ratios D/E (x) DSO (days) DuPont analysis - RoE NPM (%) Asset turnover (x) Equity Multiplier (x) RoE (%) The India Cements
8 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Institutional Equities Rating track Date Rating Market price (Rs) Target price (Rs) 26 March 218 Sell May 218 Sell Rating track graph Not Covered Covered 8 The India Cements
9 DISCLOSURES This Report is published by Nirmal Bang Equities Private Limited (hereinafter referred to as NBEPL ) for private circulation. NBEPL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 214 having Registration no. INH1436. NBEPL is also a registered Stock Broker with National Stock Exchange of India Limited and BSE Limited in cash and derivatives segments. NBEPL has other business divisions with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets. NBEPL or its associates have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. NBEPL, its associates or analyst or his relatives do not hold any financial interest in the subject company. NBEPL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. NBEPL or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research report. NBEPL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. NBEPL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and NBEPL / analyst has not been engaged in market making activity of the subject company. Analyst Certification: I/We, Milind Raginwar, the research analysts and Harshit Dhoot, the research associate are the author of this report, hereby certify that the views expressed in this research report accurately reflects my/our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. 9 The India Cements
10 Disclaimer Stock Ratings Absolute Returns BUY > 15% ACCUMULATE -5% to15% SELL < -5% This report is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you. NBEPL is not soliciting any action based upon it. Nothing in this research shall be construed as a solicitation to buy or sell any security or product, or to engage in or refrain from engaging in any such transaction. In preparing this research, we did not take into account the investment objectives, financial situation and particular needs of the reader. This research has been prepared for the general use of the clients of NBEPL and must not be copied, either in whole or in part, or distributed or redistributed to any other person in any form. If you are not the intended recipient you must not use or disclose the information in this research in any way. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. NBEPL will not treat recipients as customers by virtue of their receiving this report. This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject NBEPL & its group companies to registration or licensing requirements within such jurisdictions. The report is based on the information obtained from sources believed to be reliable, but we do not make any representation or warranty that it is accurate, complete or up-to-date and it should not be relied upon as such. We accept no obligation to correct or update the information or opinions in it. NBEPL or any of its affiliates or employees shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. NBEPL or any of its affiliates or employees do not provide, at any time, any express or implied warranty of any kind, regarding any matter pertaining to this report, including without limitation the implied warranties of merchantability, fitness for a particular purpose, and noninfringement. The recipients of this report should rely on their own investigations. This information is subject to change without any prior notice. NBEPL reserves its absolute discretion and right to make or refrain from making modifications and alterations to this statement from time to time. Nevertheless, NBEPL is committed to providing independent and transparent recommendations to its clients, and would be happy to provide information in response to specific client queries. Before making an investment decision on the basis of this research, the reader needs to consider, with or without the assistance of an adviser, whether the advice is appropriate in light of their particular investment needs, objectives and financial circumstances. There are risks involved in securities trading. The price of securities can and does fluctuate, and an individual security may even become valueless. International investors are reminded of the additional risks inherent in international investments, such as currency fluctuations and international stock market or economic conditions, which may adversely affect the value of the investment. Opinions expressed are subject to change without any notice. Neither the company nor the director or the employees of NBEPL accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this research and/or further communication in relation to this research. Here it may be noted that neither NBEPL, nor its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost revenue or lost profit that may arise from or in connection with the use of the information contained in this report. Copyright of this document vests exclusively with NBEPL. Our reports are also available on our website Access all our reports on Bloomberg, Thomson Reuters and Factset. Team Details: Name Id Direct Line Rahul Arora CEO rahul.arora@nirmalbang.com - Girish Pai Head of Research girish.pai@nirmalbang.com / 18 Dealing Ravi Jagtiani Dealing Desk ravi.jagtiani@nirmalbang.com , Pradeep Kasat Dealing Desk pradeep.kasat@nirmalbang.com /811, Michael Pillai Dealing Desk michael.pillai@nirmalbang.com /813, Nirmal Bang Equities Pvt. Ltd. Correspondence Address B-2, 31/32, Marathon Innova, Nr. Peninsula Corporate Park, Lower Parel (W), Mumbai-413. Board No. : /1; Fax. : The India Cements
EBITDA 1,548 1,814 (14.7) 1,561 (0.8) EBITDA
Result Update The India Cements 12 November 218 Reuters: ICMN.BO; Bloomberg: ICEM IN Lackluster Performance The India Cements (ICEM) reported a listless operating performance in because of the sustained
More informationDalmia Bharat Enterprises
Result Update Dalmia Bharat Enterprises 1 November 218 Reuters: DALA.BO; Bloomberg: DBEL IN Performance In Line; Stock Under Review Post Odisha Cement Amalgamation Dalmia Bharat Enterprises (DBEL) reported
More informationEBITDA 2,503 2,904 (13.8) 2,722 (8.0) EBITDA
1QFY19 Result Update The Ramco Cements 3 August 218 Reuters: TRCE.BO; Bloomberg: TRCL IN Challenging Business Environment Aptly Handled The Ramco Cements (TRCL) reported a stable operating performance
More informationEBITDA 5,076 3, , EBITDA
Result Update Ambuja Cements 21 February 218 Reuters: ABUJ.BO; Bloomberg: ACEM IN Healthy Volume Growth, Operating Costs Under Control Ambuja Cements (ACEM) reported a good set of numbers for owing to
More informationEBITDA 6,223 6,511 (4.4) 5, EBITDA
Result Update Institutional Equities Ambuja Cements 26 July 218 Reuters: ABUJ.BO; Bloomberg: ACEM IN Performance Beats Expectations, Sustainability Is Key Challenge Ambuja Cements (ACEM) reported steady
More informationDalmia Bharat Enterprises
Result Update Institutional Equities Dalmia Bharat Enterprises Reuters: DALA.BO; Bloomberg: DBEL IN 14 August 218 Listless Performance, But Valuation Premium Continues Dalmia Bharat Enterprises (DBEL)
More informationDalmia Bharat Enterprises
Result Update Dalmia Bharat Enterprises Reuters: DALA.BO; Bloomberg: DBEL IN 22 May 218 Healthy Performance Led By Good Volume Growth Dalmia Bharat Enterprises (DBEL) reported a healthy performance for
More informationInstitutional Equities
4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
More informationIndian Oil Corporation
3QFY18 Result Update Institutional Equities Indian Oil Corporation 1 February 2018 Reuters: IOC.BO; Bloomberg: IOCL IN Earnings Outperformance On Account Of Inventory Gains Indian Oil Corporation (IOCL)
More informationMangalam Cement. Institutional Equities. 3QFY18 Result Update. Higher Operating costs Hurt Performance BUY
Result Update Mangalam Cement 16 February 2018 Reuters: MGLC.BO; Bloomberg: MGC IN Higher Operating costs Hurt Performance Mangalam Cement (MGC) reported a weak performance for on account of higher operating
More informationPower Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution
2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of
More informationThe Ramco Cements. Institutional Equities. Event Update BUY
Event Update The Ramco Cements 21 December 2018 Reuters: TRCE.BO; Bloomberg: TRCL IN Capacity Expansion To Boost Its Presence In Andhra & Telangana The Ramco Cements (TRCL) has announced 3.15mt cement
More informationJamna Auto Industries
2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationColgate-Palmolive (India)
Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue
More informationGillette India. Institutional Equities. 1QFY18 Result Update
1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance
More informationACC. Institutional Equities. Event Update. Capacity Expansion To Consolidate Presence In Central India ACCUMULATE
Event Update Institutional Equities ACC 19 December 218 Reuters: ACC.BO; Bloomberg: ACC IN Capacity Expansion To Consolidate Presence In Central India ACC has announced 5.9mt capacity expansion by adding
More informationSanofi India. Institutional Equities. 3QCY18 Result Update. Robust Performance BUY
3QCY18 Result Update Institutional Equities Sanofi India Reuters: SANO.BO; Bloomberg: SANL IN Robust Performance Sanofi India s revenues in 3QCY18 stood at Rs7,438mn which were above our/consensus estimate
More informationInstitutional Equities
2QFY18 Result Update Institutional Equities KCP 5 December 2017 Reuters: KCP.BO; Bloomberg: KCPL IN Other Income Drives PAT; High International Coal Price Is Cause For Concern KCP reported a weak set of
More informationITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%
4QFY18 Result Update Institutional Equities ITC 17 May 2018 Reuters: ITC.NS; Bloomberg: ITC IN Tracking Expectations ITC s growth in 4QFY18 was modest and in line with expectations. On the revenue side,
More informationPunjab National Bank
4QFY18 Result Update Institutional Equities Punjab National Bank 16 May 2018 Reuters: PNB.BO; Bloomberg: PNB IN Prompt Corrective Action Looms Punjab National Bank (PNB) reported its 4QFY18 results with
More informationSouth Indian Bank. Institutional Equities. 4QFY18 Result Update. Asset Quality Pain To Ease Hereafter BUY. 15 May 2018
4QFY18 Result Update Institutional Equities South Indian Bank 15 May 2018 Reuters: SIBK.BO; Bloomberg: SIB IN Asset Quality Pain To Ease Hereafter South Indian Bank (SBL) reported 4QFY18 results with the
More informationNESCO. Institutional Equities. Event Update. Revenues From Bombay Exhibition Centre May Take A Hit BUY
Event Update Institutional Equities NESCO 27 August 2018 Reuters: NSEN.NS; Bloomberg: NSE IN Revenues From Bombay Exhibition Centre May Take A Hit This event update relates to an application made on 14
More informationIndian Oil Corporation
4QFY18 Result Update Institutional Equities Indian Oil Corporation 24 May 2018 Reuters: IOC.BO; Bloomberg: IOCL IN Subdued Earnings Because Of Lower GRM and Higher Expenses Indian Oil Corporation (IOCL)
More informationThermax. Institutional Equities. 3QFY18 Result Update. Healthy Execution, But Margins Disappoint SELL
3QFY18 Result Update Institutional Equities Thermax 8 February 2018 Reuters: THMX.BO; Bloomberg: TMX IN Healthy Execution, But Margins Disappoint Thermax posted healthy execution in 3QFY18 with standalone
More informationMold-Tek Packaging. Institutional Equities. Conference Update. Promising Growth Outlook BUY
Conference Update Institutional Equities Mold-Tek Packaging 20 August 2018 Reuters: MOLT.BO; Bloomberg: MTEP IN Promising Growth Outlook We recently interacted with the management of Mold-Tek Packaging
More informationInstitutional Equities
3QFY18 Result Update Institutional Equities Atul Auto 15 February 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Drag Profitability Atul Auto s (AAL) 3QFY18 earnings missed our expectations
More informationBata India. Institutional Equities. 1QFY19 Result Update BUY
1QFY19 Result Update Institutional Equities Bata India 23 July 2018 Reuters: BATA.BO; Bloomberg: BATA IN Strong Margin Improvement To Drive Consensus EPS Upgrade Bata India s (BIL) YoY net sales growth
More informationEicher Motors. Institutional Equities. Management Meet Update BUY. Reuters: EICH.NS; Bloomberg: EIM IN
Management Meet Update Institutional Equities Eicher Motors 17 July 2018 Reuters: EICH.NS; Bloomberg: EIM IN We had a meeting with the management of Eicher Motors (EML) recently. Following are the key
More informationInstitutional Equities
1QFY19 Result Update Institutional Equities Aurobindo Pharma 13 August 2018 Reuters: ARBP.NS; Bloomberg: ARBP IN One-offs Impact Margin Aurobindo Pharma (APL) reported 1QFY19 revenues of Rs42,503mn which
More informationPunjab National Bank
Company Update Punjab National Bank 19 September 2018 Reuters: PNB.BO; Bloomberg: PNB IN Concerns Remain; Assign Accumulate We take Punjab National Bank (PNB) out from Under Review and assign an Accumulate
More information26 October 2018 Reuters: MRTI.BO; Bloomberg: MSIL IN
2QFY19 Result Update Maruti Suzuki India 26 October 2018 Reuters: MRTI.BO; Bloomberg: MSIL IN Better-than-expected Margins; Retain Buy Maruti Suzuki India (MSIL) s 2QFY19 earnings were 18% above our estimate
More informationVoltas. Institutional Equities. 1QFY19 Result Update. EMPS Shines, UCP Proves Its Mettle Again ACCUMULATE
1QFY19 Result Update Voltas 13 August 218 Reuters: VOLT.BO; Bloomberg: VOLT IN EMPS Shines, UCP Proves Its Mettle Again Voltas reported consolidated revenues of Rs21.5bn for 1QFY19, up 11% YoY and 5%/6%
More informationPower Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy
2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues
More informationNestle India. Institutional Equities. 1QCY18 Result Update. Resurgence Continues BUY. Sector: FMCG CMP: Rs8,981 Target Price: Rs10,700 Upside: 19%
1QCY18 Result Update Institutional Equities Nestle India 11 May 218 Reuters: NEST.BO; Bloomberg: NEST IN Resurgence Continues Nestle India (NEST) reported strong overall performance during 1QCY18 driven
More informationSwaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE
2QFY18 Result Update Institutional Equities Swaraj Engines 13 November 2017 Reuters: SWAR.BO; Bloomberg: SWE IN Strong Realisation Drives Earnings Growth Swaraj Engines (SEL) 2QFY18 earnings were 5% above
More informationKarnataka Bank. Institutional Equities. 4QFY18 Result Update. Plucky Bank And Low Hanging Fruit BUY. 17 May Reuters: KBNK.NS; Bloomberg: KBL IN
4QFY18 Result Update Institutional Equities Karnataka Bank 17 May 2018 Reuters: KBNK.NS; Bloomberg: KBL IN Plucky Bank And Low Hanging Fruit Karnataka Bank (KBL) reported 4QFY18 results with the key strategic
More informationEBITDA 5,019 4,211 5, EBITDA
Result Update Institutional Equities Dalmia Bharat Reuters: DALA.BO; Bloomberg: DBEL IN Outperformance Likely To Continue Dalmia Bharat (DBL) reported a good set of numbers for, given the challenging environment
More informationMuthoot Finance. Institutional Equities. 2QFY18 Result Update BUY
2QFY18 Result Update Institutional Equities Muthoot Finance 10 November 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Really Glitters Strong profitability numbers of Muthoot Finance (MFL)
More informationInstitutional Equities
Economy Update March CPI Inflation/February IIP 15 April 2019 CPI Inflation Inches Up To 2.86%; IIP Growth Plunges To 0.1% Consumer Price Index or CPI inflation in March 2019 stood at 2.86%, slightly above
More informationInstitutional Equities
1QFY19 Result Update Institutional Equities Dr. Reddy s Laboratories 27 July 2018 Reuters: REDY.BO; Bloomberg: DRRD IN Drug Pipeline In Place, But Regulatory Hurdles Testing Patience Dr. Reddy s Laboratories
More informationInstitutional Equities
Economy Update August CPI Inflation/ July IIP 14 September 2018 CPI Inflation Moderates To 3.69% YoY; IIP Growth Slows To 6.6% YoY Consumer Price Index or CPI inflation stood at 3.69% in August 2018, below
More informationInstitutional Equities
December 2017 Quarter Result Preview Institutional Equities Oil & Gas Sector 8 January 2018 Higher Crude Oil Prices To Result In Inventory Gains We expect 60%/4.4%/3.7%/6.5% QoQ growth in the December
More informationTVS Motor Company. Institutional Equities. 3QFY19 Result Update SELL
3QFY19 Result Update TVS Motor Company 23 January 2019 Reuters: TVSM.BO; Bloomberg: TVSL IN Better-Than-Expected Margins TVS Motor Company s 3QFY19 performance was above our expectations as it reported
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
More informationMuthoot Finance. Institutional Equities. 1QFY18 Result Update. Gold Loan Business Continues To Glitter BUY. 10 August 2017
1QFY18 Result Update Institutional Equities Muthoot Finance 10 August 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Continues To Glitter Strong profitability numbers of Muthoot Finance (MFL)
More informationBharat Financial Inclusion
3QFY18 Result Update Bharat Financial Inclusion Reuters: BHAF.NS; Bloomberg: BHAFIN IN 31 January 2018 Customer Acquisition Accelerates Meaningfully Bharat Financial Inclusion (BFIL) reported its 3QFY18
More informationInstitutional Equities
3QFY15 Result Update Institutional Equities GlaxoSmithKline Consumer Healthcare Reuters: GLSM.BO; Bloomberg: SKB IN 4 February 2015 Price Hike Leads To Sales Growth Glaxo SmithKline Consumer Healthcare
More informationPNB Housing Finance. Institutional Equities. 4QFY18 Result Update BUY. Continued Display of Embedded Scalability. 4 May 2018
4QFY18 Result Update Institutional Equities PNB Housing Finance 4 May 2018 Reuters: PNBH.NS; Bloomberg: PNBHOUSI IN Continued Display of Embedded Scalability PNB Housing Finance (PNBHF) reported 4QFY18
More informationManappuram Finance. Institutional Equities. 3QFY18 Result Update. The Glitter Is Back In Gold Loans BUY. 9 February 2018
3QFY18 Result Update Institutional Equities Manappuram Finance 9 February 2018 Reuters: MNFL.BO; Bloomberg: MGFL IN The Glitter Is Back In Gold Loans Manappuram Finance (MFL) reported its 3QFY18 results
More informationConsolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE
Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in
More informationCrompton Greaves. Institutional Equities. 4QFY15 Result Update ACCUMULATE. Overseas Losses Continue; More Business Exits Likely
4QFY15 Result Update Crompton Greaves 29 May 2015 Reuters: CROM.BO; Bloomberg: CRG IN Overseas Losses Continue; More Business Exits Likely The 4QFY15 performance of Crompton Greaves (CGL) was below expectation
More informationDabur India. Institutional Equities. 1QFY19 Result Update
1QFY19 Result Update Institutional Equities Dabur India 2 August 2018 Reuters: DABU.NS; Bloomberg: DABUR IN Consistency Is Key To The Game Dabur India s (DABUR) operating performance in 1QFY19 was better
More information3,746 2,551 3, NIM
4QFY17 Result Update Institutional Equities Capital First 11 May 2017 Reuters: CAPF.BO; Bloomberg: CAFL IN Net Interest Income Up, But Offset By Elevated Credit Costs Although the net interest income or
More informationInitiating Coverage. Uflex Ltd.
2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
More information2,09,057 1,85,859 2,17, (4.1) NIM
2QFY19 Result Update Institutional Equities State Bank of India 6 November 2018 Reuters: SBI.BO; Bloomberg: SBIN IN Domestic Credit Growth Improves Materially State Bank of India (SBI) reported its 2QFY19
More informationCrisil. Institutional Equities. 3QCY17 Result Update ACCUMULATE. Weak SME Rating Revenues & Currency Movement Play Spoilsport
3QCY17 Result Update Institutional Equities Crisil 18 October 2017 Reuters: CRSL.BO; Bloomberg: CRISIL IN Weak SME Rating Revenues & Currency Movement Play Spoilsport Crisil s 3QCY17 performance was below
More informationIFB Industries. Institutional Equities. 3QFY18 Result Update. Healthy Revenues, Strong Gross Margin; Retain Buy BUY.
3QFY18 Result Update Institutional Equities IFB Industries Reuters: IFBI.BO; Bloomberg: IFBI IN Healthy Revenues, Strong Gross Margin; Retain Buy IFB Industries (IFB) posted a healthy 17% YoY rise in net
More information9,500 7,914 8, NIM
3QFY18 Result Update Institutional Equities Federal Bank 16 January 2018 Reuters: FED.BO; Bloomberg: FB IN Quarter Typifies Balanced Growth Engine Federal Bank (FBL) reported 3QFY18 results with the key
More informationCARE Ratings. Institutional Equities. 2QFY18 Result Update BUY
2QFY18 Result Update Institutional Equities CARE Ratings 17 November 217 Reuters: CREI.BO; Bloomberg: CARE IN Mixed Performance CARE Ratings (CARE) reported an increase of 12.3% in revenues for 2QFY18
More informationDabur India. Institutional Equities. 4QFY18 Result Update. Growth Volatility Is Still Fairly High ACCUMULATE
4QFY18 Result Update Institutional Equities Dabur India 3 May 2018 Reuters: DABU.NS; Bloomberg: DABUR IN Growth Volatility Is Still Fairly High Dabur India s (DABUR) consolidated top-line performance in
More informationHindustan Unilever. Institutional Equities. 4QFY18 Result Update
4QFY18 Result Update Institutional Equities Hindustan Unilever 15 May 2018 Reuters: HLL.BO; Bloomberg: HUVR IN Reaping Rewards Of Consistency 4QFY18 was the third consecutive quarter wherein Hindustan
More informationMuthoot Finance. Institutional Equities. 3QFY18 Result Update. Funding Cost Decline Combines With Operating Leverage BUY.
3QFY18 Result Update Institutional Equities Muthoot Finance 12 February 2018 Reuters: MUTT.BO; Bloomberg: MUTH IN Funding Cost Decline Combines With Operating Leverage Muthoot Finance (MFL) reported its
More information18,948 15,784 18, NIM
3QFY18 Result Update IndusInd Bank 12 January 2018 Reuters: INBK.BO; Bloomberg: IIB IN Alive to all Opportunities IndusInd Bank (IBL) reported its 3QFY18 results with the key strategic takeaways being
More informationBajaj Electricals. Institutional Equities. 3QFY15 Result Update
3QFY15 Result Update Institutional Equities Bajaj Electricals 13 February 2015 Reuters: BJEL.BO; Bloomberg: BJE IN Final Phase Of Transition Pain; Retain Buy Bajaj Electricals (BJE) posted 3QFY15 revenue
More informationManappuram Finance. Institutional Equities. 3QFY17 Result Update BUY
3QFY17 Result Update Institutional Equities Manappuram Finance 9 February 2017 Reuters: MNFL.BO; Bloomberg: MGFL IN Profitability Beats Expectations Amid Some Spike In Loan Delinquency Strong Profit &
More informationSequent Scientific. Institutional Equities. 1QFY19 Result Update BUY
1QFY19 Result Update Sequent Scientific 13 August 2018 Reuters: SEQU.BO; Bloomberg: SEQ IN Regulatory Changes And Adverse Forex Movement Dampens Momentum Sequent Scientific or SSL s revenues at Rs2,369mn
More informationHindustan Unilever. Institutional Equities. 1QFY19 Result Update
1QFY19 Result Update Institutional Equities Hindustan Unilever 17 July 218 Reuters: HLL.BO; Bloomberg: HUVR IN Breakout Growth Hindustan Unilever (HUVR) has delivered strong volume led top-line growth
More informationCement Sector 27 February 2018
Channel Check Cement Sector 27 February 2018 Demand Displays A Mixed Trend; Prices Flat MoM All-India retail cement prices remained flat at Rs311/bag MoM (Rs309/bag in January 2018). However, prices rose
More informationBata India. Institutional Equities. Management Meet Update. On Right Track ACCUMULATE. Sector: Retail CMP: Rs692 Target Price: 696 Upside: 1%
Management Meet Update Bata India Reuters: BATA.BO; Bloomberg: BATA IN On Right Track We had a meeting recently with Mr. R. K. Gupta, Chief Financial Officer (CFO) of Bata India (BIL) to understand recent
More informationInstitutional Equities
10 April 2019 4QFY19 Result Preview Gains Versus El Nino Headwind Holds The Key; Retain Buy We remain positive on and retain our Buy call on it based on 24% upside to our blended target price of Rs1,134
More informationE&P To Stay Strong; Consumer Segment To Revive
Management Meet Update Institutional Equities Bajaj Electricals 30 August 2017 Reuters: BJEL.BO; Bloomberg: BJE IN E&P To Stay Strong; Consumer Segment To Revive We had a meeting with the management of
More informationMuthoot Finance. Institutional Equities. 1QFY19 Result Update
1QFY19 Result Update Institutional Equities Muthoot Finance 6 September 2018 Reuters: MUTT.BO; Bloomberg: MUTH IN Sequential Gold Loan AUM Growth Accelerates Further Muthoot Finance (MFL) reported its
More informationCement Sector 6 June 2018
Result Review Cement Sector 6 June 218 Realisation Gain Offsets Cost Escalation, But Sustainability Is Key We have reviewed the March 218 quarterly earnings performance of 12 cement companies under our
More informationPNB Housing Finance. Institutional Equities. 2QFY19 Result Update BUY. Relatively Soft Quarter Not Structural In Nature.
2QFY19 Result Update Institutional Equities PNB Housing Finance 6 November 2018 Reuters: PNBH.NS; Bloomberg: PNBHOUSI IN Relatively Soft Quarter Not Structural In Nature PNB Housing Finance (PNBHF) reported
More informationInstitutional Equities
Event Update Institutional Equities Aurobindo Pharma 10 September 2018 Reuters: ARBP.NS; Bloomberg: ARBP IN Acquires Dermatology and Oral Solids Businesses Of Sandoz Aurobindo Pharma s (APL) acquisition
More information93,707 77,814 90, NIM
1QFY18 Result Update Institutional Equities HDFC Bank Reuters: HDBK.BO; Bloomberg: HDFCB IN Higher Fee Income Offsets Higher Provisioning HDFC Bank s net interest income or NII grew 20% in 1QFY18 driven
More informationV-Guard Industries. Institutional Equities. Conference-call Update BUY. Sector: White Goods CMP: Rs914 Target Price: Rs1,109 Upside: 21%
Conference-call Update Institutional Equities V-Guard Industries 7 November 214 Reuters: VGUA.NS; Bloomberg: VGRD IN We hosted the conference-call of V-Guard Industries (VIL) on 5 November 214 to discuss
More informationPunjab National Bank
4QFY15 Result Update Institutional Equities Punjab National Bank 11 May 2015 Reuters: PNB.BO; Bloomberg: PNB IN Asset Quality Disappointment Continues Punjab National Bank (PNB) posted dismal 4QFY15 performance,
More informationLa Opala RG. Institutional Equities. 4QFY17 Result Update UNDER REVIEW. Revenues Soar, But Margins Take A Hit. Sector: Tableware CMP: Rs536
4QFY17 Result Update La Opala RG 11 May 217 Reuters: LAOP.BO; Bloomberg: LOG IN Revenues Soar, But Margins Take A Hit La Opala RG (LORL) reported revenues of Rs761mn for 4QFY17, up 41% YoY. The stellar
More informationMuthoot Finance. Institutional Equities. 2QFY19 Result Update. Weak quarter not structural in any way BUY. 10 December 2018
2QFY19 Result Update Institutional Equities Muthoot Finance 10 December 2018 Reuters: MUTT.BO; Bloomberg: MUTH IN Weak quarter not structural in any way Muthoot Finance (MFL) reported its 2QFY19 results
More informationInstitutional Equities
Economy Update Institutional Equities May Inflation/April Index of Industrial Production 13 June 2018 CPI Inflation At 4.9%; IIP Growth Also At 4.9% Consumer Price Index or CPI inflation in India stood
More informationAtul Auto. Institutional Equities. Management Meet Update ACCUMULATE. Sector: Automobile CMP: Rs445 Target Price: Rs489 Upside: 10% 23 August 2017
Management Meet Update Atul Auto 23 August 2017 Reuters: ATUL.BO; Bloomberg: ATUL IN We had a meeting with the management of Atul Auto (AAL) recently to gauge its performance in the aftermath of a relatively
More informationPunjab National Bank
1QFY16 Result Update Institutional Equities Punjab National Bank 29 July 2015 Reuters: PNB.BO; Bloomberg: PNB IN Some Respite On Asset Quality Front Punjab National Bank (PNB) reported moderate 1QFY16
More informationInstitutional Equities
Company Update Institutional Equities Dr. Reddy s Laboratories 5 September 2017 Reuters: REDY.BO; Bloomberg: DRRD IN Suboxone Generic Opportunity To Be Lucrative, Can Sustain For Longer Time The district
More informationSouth Indian Bank. Institutional Equities. 1QFY19 Result Update. Performance Troughs, Pessimism Peaks BUY. 23 July 2018
1QFY19 Result Update Institutional Equities South Indian Bank 23 July 2018 Reuters: SIBK.BO; Bloomberg: SIB IN Performance Troughs, Pessimism Peaks South Indian Bank (SBL) reported 1QFY19 results with
More informationPunjab National Bank
1QFY18 Result Update Institutional Equities Punjab National Bank 3 August 2017 Reuters: PNB.BO; Bloomberg: PNB IN Asset Quality Continues To Disappoint Punjab National Bank s (PNB) annualised loan slippage
More information9,251 7,812 8, NIM
4QFY15 Result Update Institutional Equities IndusInd Bank 17 April 2015 Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Robust Performance IndusInd Bank s 4QFY15 profit beat our estimate by 12%. Its bottom-line
More informationInstitutional Equities
Management Meet Update Institutional Equities Kaya Reuters: KAYA.NS; Bloomberg: KAYA IN We interacted with the management of Kaya at an investor conference held by us recently. Following are the key takeaways:
More informationOperating expenses tracked lower than core total income growth as ABL displayed continued
1QFY19 Result Update Axis Bank 31 July 2018 Reuters: AXSB.BO; Bloomberg: AXSB IN Sub-investment Grade Book Portends Lower Credit Costs Axis Bank (ABL) reported 1QFY19 results with the key strategic pointers
More information9,807 8,007 9, NIM
1QFY16 Result Update Institutional Equities IndusInd Bank Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Stellar Performance IndusInd Bank s 1QFY16 profit beat our estimate by 4%. Its bottom-line grew
More informationKEC International. Institutional Equities. Management Meet Update BUY. On Course Towards Recovery In Operating Margin
Management Meet Update Institutional Equities KEC International Reuters: KECL.BO; Bloomberg: KECI IN On Course Towards Recovery In Operating Margin We had a meeting with the management of KEC International
More informationState Bank of India. Institutional Equities. 1QFY18 Result Update
1QFY18 Result Update Institutional Equities State Bank of India 14 August 2017 Reuters: SBI.BO; Bloomberg: SBIN IN Merger With Associate Banks Accentuates The Pain State Bank of India s (SBI) annualised
More informationCadila Healthcare. Institutional Equities. 3QFY15 Result Update UNDER REVIEW. Stable Performance. Sector: Pharmaceuticals CMP: Rs1,514
3QFY15 Result Update Institutional Equities Cadila Healthcare 11 February 2015 Reuters: CADI.BO; Bloomberg: CDH IN Stable Performance Cadila Healthcare s (CHL) 3QFY15 earnings were in line with our expectations
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
More informationVoltas. Institutional Equities. Management Meet Update ACCUMULATE. Sector: Capital Goods CMP: Rs309 Target Price: Rs325 Upside: 5% 23 December 2016
Management Meet Update Institutional Equities Voltas Reuters: VOLT.BO; Bloomberg: VOLT IN We had a meeting with the management of Voltas recently to get the latest business update. While the management
More informationState Bank of India. Institutional Equities. 3QFY19 Result Update BUY
3QFY19 Result Update State Bank of India 4 February 2019 Reuters: SBI.BO; Bloomberg: SBIN IN Domestic Growth Continues To Accelerate State Bank of India (SBI) reported its 3QFY19 results with the key pointers
More informationManappuram Finance. Institutional Equities. 2QFY19 Result Update BUY
2QFY19 Result Update Manappuram Finance 9 November 2018 Reuters: MNFL.BO; Bloomberg: MGFL IN Positive All-round Results Should Set The Tone Manappuram Finance (MFL) reported its 2QFY19 results with the
More informationInstitutional Equities
2QFY13 Result Update Institutional Equities Reliance Infrastructure 7 November 2012 Reuters: RELIN.BO; Bloomberg: RELI IN Project Execution On Track Reliance Infrastructure reported revenue decline of
More informationIndia Cements Rating: Target price:
: price: EPS: Another weak quarter; Maintain SELL ICEM reported weak 2QFY14 results, with a revenue de-growth of 3.3% y-o-y and EBITDA de-growth of 37.8% y-o-y. Volumes de-grew by 3% y-o-y to 4mt. Realisations
More information