Hindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
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1 In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com Nishita Doshi nishitadoshi@plindia.com Rating Accumulate Price Rs1,505 Target Price Rs1,555 Implied Upside 3.3% Sensex 35,557 Nifty 10,807 (Prices as on May 14, 2018) Trading data Market Cap. (Rs bn) 3,250.7 Shares o/s (m) 2,16 3M Avg. Daily value (Rs m) Major shareholders Promoters 67.19% Foreign 12.56% Domestic Inst. 6.85% Public & Other 13.39% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: HLL.BO, BB: HUVR IN) (Rs) 1,600 1,400 1,200 1, May 17 Jul 17 Source: Bloomberg Sep 17 Nov 17 Jan 18 Mar 18 HUVR has reported a robust 11% volume growth and 240bps margin expansion as benefits of cost efficiency programs and improved product mix have boosted profitability. Medium term outlook looks encouraging given 1) gradual pick up in rural demand 2) sustained benefits from GST 3) normalisation of trade channels 4) low base for 1Q and 2Q19 and 5) success of new launches in naturals segment. Although HUL expects increase in competitive activity and higher input costs, sustained benefits of Premiumisation in Home Care, success in naturals with Lever Ayush, Citra, Indulekha etc. and strong growth in emerging categories (premium laundry, hand wash, Liquid dish wash, Hair conditioner, Face wash and Green tea) will enable steady margin expansion. We slightly tweak our numbers and increase EPS estimates by 2% for FY19 and 1% for FY20. We remain positive on the long term structural story; however, expect back ended returns post 53% returns in past 1 year. We retain Accumulate with a target price of Rs1555 at 43xSept20 EPS (Rs1387, 42xMarch 20EPS earlier). Concall Takeaways:1) Trade Channels have normalised, however No GST led transition from unorganised sector to organised sector is visible so far 2) E way bill implementation can led to some trade disruption in the short term 3) Demand has seen improvement in both urban and rural India, however rural has grown faster in certain pockets. 4) Input costs pressures would remain on rising crude oil prices which has increased ~20% 1Q19 5) There will be continued pressure from currency as it has already declined 6% in 1Q19. However, strong savings program led by control on the COGS would help ease pressure 6) HUL has launched Pure Derm Shampoo in the anti dandruff segment, however it is retaining CLEAR brand as of now 7) Innovations and activations shall increase adspends in FY19 8) HUL has made provision of Rs640mn for variable payable for Indulekha acquisition as the performance has been far better than expectations 9) The Categories of future and the naturals portfolio are growing at an 2x and 2.5x of the HUL average 10) HUL has seen higher growth in popular and the premium segments, economy segment has been tepid. Key financials (Y/e March) E 2020E Revenues (Rs m) 344, , , ,531 Growth (%) EBITDA (Rs m) 60,470 72,760 86, ,409 PAT (Rs m) 42,490 51,359 60,706 72,542 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2020E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q4FY18 REsult Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Exhibit 1: Q4FY18 Results (Rs m): Volumes up 11%, Adj. margins up 240bps, Adj. PAT up 19% Y/e March Q4FY18 Q4FY17 YoY gr. (%) Q3FY18 FY18 FY17 YoY gr. (%) Net Sales 90,970 82, ,900 3,45,250 3,18, Gross Profit 47,830 41, ,850 1,82,930 1,62, % of NS Advertising & Prom Exp. 10,700 8, ,070 41,050 34, % of NS Total Expenses 70,490 65, ,100 2,72,490 2,58, EBITDA 20,480 16, ,800 72,760 60, Margins (%) Depreciation 1,280 1, ,210 4,780 3, EBIT 19,200 15, ,590 67,980 56, Interest (33.3) (6.8) Other Income 1, ,520 5,690 5, PBT 20,160 16, ,060 73,470 61, Tax 6,070 4, ,080 22,110 18,419 2 Effective tax rate (%) Adjusted PAT 14,090 11, ,980 51,360 43, Extraordinary (100) (190) 1,280 (1,010) (1,766) Reported Profit 13,990 11, ,260 50,350 41, Net Sales up 10.8% to Rs90.97bn, volumes up 11%, consumer sales up 16% Gross margin up 150bps and EBIDTA margin up 240bps as staff costs and other expenses declined by 30bps and 190bps, ad spend increased by 25.4% (140bps) Adj. EBIDTA at Rs20.48b up 24% YoY Adj Pat Rs14.1b up 19% as other income increased 20% and tax rate also increased by 320bps. Home Care had double digit volume growth with sales up 3.5% and EBIT up 30.8% on 350bps margin expansion Personal care sales up 0.5%, EBIT up 8.3% on 180bps margin expansion and strong growth in FAL, hair Care and Colour Cosmetics Refreshments sales up 8.4%, EBIT up 16.9% on 130bps higher margins. Tea had double digit growth, Ice cream had double digit growth led by geographical expansion. Packaged food sales were up 1.4% and EBIT was up 10.7% to Rs.310mn on 90bps expansion. Rural demand is picking up and has grown at a rate faster than urban demand in pockets. Lower prices post GST rate reduction has also boosted demand. May 14,
3 Exhibit 2: Exhibit 2: Adjusted consumer sales up 16%, reported sales impacted by GST led adjustments Source: Company Data Exhibit 3: HUVR s innovation focus continues in core categories Source: Company Data May 14,
4 Exhibit 4: HUVR is progressively building the naturals portfolio Source: Company Data Exhibit 5: HUVR s strong savings program aids margins Source: Company Data May 14,
5 Exhibit 6: Comparable FMCG sales up 16% Exhibit 7: Volumes up 11% on a low base (%) Q4FY16 Q1FY Q2FY17 Q3FY Q4FY Q1FY18 1 Q2FY Q3FY18 Q4FY (2.0) () (6.0) (%) Q4FY16 Q1FY17 (1.0) Q2FY17 () Q3FY17 Q4FY17 Q1FY18 Q2FY Q3FY Q4FY18 Exhibit 8: Ad spend up 140bps on increased brand building (%) Q4FY1 6 Q1FY1 7 Q2FY1 7 Q3FY1 7 Q4FY1 7 Q1FY1 8 Q2FY1 8 Q3FY1 8 Q4FY1 8 Exhibit 10: (%) PFAD prices down 15.3% YoY and 2.2% QoQ YoY QoQ Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Exhibit 9: GM up 150bps; EBITDA margins up 240bps Q4FY16 Gross Margins (%) Q1FY17 Q2FY17 Q3FY Q4FY17 Exhibit 11: (Rs/Kg) EBITDA Margins (%) (RHS) Q1FY18 Q2FY18 Q3FY18 Q4FY LAB prices are up 3.9% QoQ and up 7% YoY Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 Dec 17 Mar 18 Source :PL Research May 14,
6 Exhibit 12: Sales not comparable due to GST, Home care, Personal care and Refreshments see margin expansion Quarterly Segmental 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 4QFY18 Net Sales (Rs m) 83,210 87,886 84,700 83,073 88,750 92,130 83,030 85,900 90,970 Home Care 27,980 28,760 27,770 26,891 30,040 30,470 27,390 27,410 31,020 Personal Care 37,700 42,216 40,280 39,802 40,750 43,680 39,100 40,900 40,960 Foods 2,880 2,722 2,778 2,785 2,950 2,840 2,820 3,000 2,990 Refreshments 11,760 12,149 11,692 11,641 13,000 13,460 12,220 12,480 14,090 Others 2,890 2,038 2,181 1,954 2,010 1,680 1,500 2,110 1,910 Sales Growth % (0.8) (2.0) Home Care (1.4) Personal Care 2.7 (0.3) (2.7) (2.9) Foods Refreshments Others (14.3) (15.2) (27.3) (30.4) (17.6) (31.2) 8.0 (5.0) EBIT (Rs m) 14,514 15,768 13,981 13,359 16,160 18,170 15,560 15,300 18,640 Home Care 3,023 3,559 2,800 2,342 3,890 4,480 3,830 3,540 5,090 Personal Care 9,027 10,214 9,226 9,208 9,840 10,790 9,480 10,070 10,660 Foods Refreshments 1,943 1,921 1,726 1,713 2,190 2,550 2,140 1,690 2,560 Others EBIT Growth % (5.5) Home Care (0.6) Personal Care (7.1) Foods (20.7) (16.2) (25.1) (26.5) (57.9) 10.7 Refreshments (1.3) 16.9 Others (128.6) (36.6) (165.6) (33.5) (15) EBIT Margin % Home Care Personal Care Foods Refreshments May 14,
7 Income Statement (Rs m) Net Revenue 344, , , ,531 Raw Material Expenses 182, , , ,453 Gross Profit 162, , , ,078 Employee Cost 16,200 17,450 19,893 22,027 Other Expenses 85,380 92,720 99, ,642 EBITDA 60,470 72,760 86, ,409 Depr. & Amortization 3,960 4,781 5,095 5,440 Net Interest Other Income 5,260 5,690 6,002 6,882 Profit before Tax 61,550 73,469 86, ,631 Total Tax 19,060 22,110 26,017 31,089 Profit after Tax 42,490 51,359 60,706 72,542 Ex Od items / Min. Int. 4,820 2,023 1,000 1,000 Adj. PAT 42,490 51,359 60,706 72,542 Avg. Shares O/S (m) 2,16 2,16 2,17 2,17 EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 54,340 65,260 61,233 82,929 C/F from Investing (13,460) (14,440) (4,231) (20,733) C/F from Financing (42,630) (45,739) (56,166) (61,271) Inc. / Dec. in Cash (1,750) 5, Opening Cash 2, ,730 6,566 Closing Cash 650 5,730 6,566 7,490 FCFF 36,680 57,230 55,517 77,252 FCFE 36,680 57,230 55,517 77,252 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.2) (0.5) (0.4) (0.5) Net Wrkng Cap. (days) (63) (88) (83) (83) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Shareholder's Funds 64,900 70,751 75,418 86,734 Total Debt Other Liabilities 5,740 6,660 7,248 7,880 Total Liabilities 70,640 77,411 82,666 94,613 Net Fixed Assets 42,270 45,720 43,675 43,384 Goodwill Investments 42,860 31,110 33,210 43,510 Net Current Assets (14,490) 580 5,781 7,719 Cash & Equivalents 11,640 33,730 33,647 39,855 Other Current Assets 50,740 60,930 64,573 70,861 Current Liabilities 76,870 94,080 92, ,997 Other Assets Total Assets 70,640 77,410 82,665 94,613 Quarterly Financials (Rs m) Y/e March Q1FY18 Q2FY18 Q3FY18 Q4FY18 Net Revenue 85,290 83,090 85,900 90,970 EBITDA 18,660 16,820 16,800 20,480 % of revenue Depr. & Amortization 1,140 1,150 1,210 1,280 Net Interest Other Income 1,130 2,040 1,520 1,000 Profit before Tax 18,590 17,650 17,060 20,160 Total Tax 5,670 5,290 5,080 6,070 Profit after Tax 12,920 12,360 11,970 13,990 Adj. PAT 12,920 12,360 11,980 14,090 Key Operating Metrics Volume Growth % (1.5) May 14,
8 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 50% 40% 30% 20% 10% 0% 43.4% 44.2% 12.4% % BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Amnish Aggarwal (MBA, CFA), Ms. Nishita Doshi (CA, CFA Level 1, B.Com), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationHindustan Zinc. Source: Company Data; PL Research
Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationHindustan Unilever. Source: Company Data; PL Research
Levered to play recovery in demand; Accumulate May 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs846
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationTata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
More informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationLIC Housing Finance. Source: Company Data; PL Research
Strong performance, but loan growth key to sustainability in earnings July 18, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationPantaloon Retail India
Sequential moderation in SSS growth May 16, 211 Gautam Duggad gautamduggad@plindia.com +91 22 66322233 Rating BUY Price Rs241 Target Price Rs332 Implied Upside 37.8% Sensex 18,531 (Prices as on May 13,
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More informationColgate Palmolive. Source: Company Data; PL Research
Building blocks in place to ride demand recovery July 15, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More informationHindustan Unilever (HUVR IN)
(HUVR IN) Rating: HOLD CMP: Rs1,752 TP: Rs1,874 January 17, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating HOLD HOLD Target
More informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
More informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
More informationCoal India. Source: Company Data; PL Research
Working on a realistic target of 1bn tonnes output by FY2020 June 01, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More information