Narnolia Securities Ltd. ADITYA GUPTA 15-Feb-18
|
|
- Scott Stevens
- 5 years ago
- Views:
Transcription
1 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb Feb-18 INDUSTRY - Bloomberg Code: Gas Distribution MAHGL IN BSE Code NSE Code - MGL NIFTY % 23% 22% 21% 18% 17% 16% Company Data CMP 1048 Target Price 1251 Previous Target Price 1260 Upside 52wk Range H/L Mkt Capital (Rs Cr) Av. Volume (,000) RoE to maintain over in FY19E 23% Shareholding patterns % 1377/844 10, Key Highlights of the Report: Higher realization coupled with strong volume grwoth led stellar performance in Q3 FY18. Growth momentum is expected to be continued Company going ahead. is amplifying its network in adjoining areas of Mumbai and will add 1.5 lakh new connection every year which will boost PNG volume with the CAGR of 8-10% in coming fiscal. Financials/Valu FY15 FY16 FY17 FY18E FY19E Net ation Sales 2,292 2,285 2,239 2,472 2,777 EBITDA EBIT PAT QFY18 2QFY18 1QFY18 EPS (Rs) Promoters EPS growth (%) 1% 3% 14% 27% 13% Public ROE (%) 18% 21% Total ROCE (%) 30% 35% 35% BV Stock Performance % P/B (X) Mn 3Mn 1Yr P/E (x) Absolute (5.2) (6.6) % Rel.to Nifty (3.5) (9.6) (6.7) Concall Highlights: MGL NIFTY At present 1 CNG station in both Kharghar and Raigad district and total 6 stations(khargar -3, Raigad-3) are under construction ADITYA GUPTA aditya.gupta@narnolia.com 21% 24% FY14 FY15 FY16 FY17 FY18E MGL plans to add 20 new CNG stations every year in order to ensure 7-8% growth annually. We expect ROE to improve by bps to in FY19e on the back of strong volume growth. We reiterate "BUY"rating in this stock with the target price of Rs.1251 (18.4x FY19e EPS). Management has guided for 6 to 8% growth in volume in FY18. Management do not expect any impact on the margins and will be able to pass on the gas price hike on the consumers. Management has guided for 1 Lakh new connections in FY18 and 1.5 lakh connections in FY19. MGL plans to expand in authorized areas of Kalyan, Dombivali, Ambernath, Badlapur, Ulhasnagar, Bhiwandi, Panvel, Taloja and Kharghar Capex for FY18- Rs Cr which is to be done through internal accruals Management does not expect any major impact on arrival of electric vehicles, as CNG is the second cleanest fuel and there are multiple challenges in electric vehicles. Please refer to the Disclaimer at
2 Quarterly Performance Financials 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 YoY % QoQ% FY16 FY17 YoY % CNG volume (SCM % 1% % Million) PNG volume (SCM % 4% % Million) Net Sales % 2,285 2,239-2% Other Income % 2% % COGS % 14% 1,230 1,018-17% Employee Cost % 1% % Other Expenses % 18% % EBITDA % % Depreciation % 4% Interest 0.5 (0.1) % PBT % 0% % Tax % 1% % PAT % % Results in line with estimates on back of robust volume growth in both CNG and PNG Revenue has increased by to Rs. 638 Cr in 3QFY18 as compared to Rs. 554 Cr in the same quarter in FY17 on account of robust volume growth of 7% and 8% in CNG and PNG segment respectively. During the quarter the CNG realization has improved to Rs per SCM which is 6% higher than the same period of FY17. During the quarter the PNG realization has increased to Rs per SCM which is 11% higher than the same period of FY17. EBITDA margin has improved by 130bps to 31.5% in 3QFY18 mainly due to higher realization in both the CNG and PNG segment. During the quarter company has added 15,000 new PNG connections due to which total number of PNG connections grown to 10 lakhs. Profit after tax has improved to to Rs. 124 Cr in 2QFY18 as compared to Rs. 99 Cr in the same quarter in FY17 on account of higher revenue and better margins as compared to same period of FY17. As per management, total number of CNG vehicles in Mumbai has increased by 12% to 5.9 Lakh till Dec EBITDA (Rs. Cr.) EBITDA M% 35% 34% 30% 31% 29% 28% 28% 23% 24% 40% 35% 30% 10% 5% 0% PAT (Rs. Cr.) PAT M% 13% 17% 18% 18% 17% 21% 21% 10% 5% 0%
3 Investment Arguments: PNG Volume Growth- Mahanagar Gas has added 15,000 new customers in Q3FY18 and has targeted to add more than 1 lakh new PNG customers in FY18 and 1.5 lakh in FY19, which will improve the PNG volume by 7% till March Growth opportunities- Government now allocates domestic natural gas upto 110% demand of CNG and domestic PNG. This gives us the assured availability and cost advantage against other competing fuels such as petrol, diesel and high speed diesel, paving the way for volume growth in future. CNG volume growth- With the target of adding 20 new CNG stations every year, management is planning to grap the un tapped market in the most possible manner. Bidding for new Goegraphies - MGL plans to expand in authorized areas of Kalyan, Dombivali, Ambernath, Badlapur, Ulhasnagar, Bhiwandi, Panvel, Taloja and Kharghar. 2 wheeler CNG- On 1 Jan 2017, company has launched CNG-fueled Two-Wheelers in Mumbai.Higher cost of two-wheeler CNG kit ~ Rs ,as these Kits are currently manufactured outside India.The cost of kit will cut by ~30% once these kits were manufactured in India. No threat from Electrical vehicles in near to medium term- We does not expect any major impact of arrival of electric vehicles in near to medium term, as CNG is the second cleanest fuel and there are multiple challenges (like infrastructure development, charging time, availability etc.) in electric vehicles. Challenges- Mumbai is heavily populated city and the company is facing challenges to obtain space to open new outlets. Volume Trend CNG volume (SCM Million) PNG volume (SCM Million) View & Valuation Mahanagar gas has reported another good set of numbers. It has reported sales and PAT growth of and YoY respectively in Q3 FY18. This growth is driven by PNG segment which records sales growth of 21% YoY and volume growth of 9% YoY. In Q3 FY18, company has added 15,000 new connections and has guided for the run rate of 1.5 Lakh new connections every year for next 3-4 years. The untapped market size of PNG connections, in the authorized distribution network, is approx. 30 lakh households. Currently MGL caters to only 10 lakh households and this gives us confidence of volume growth with the CAGR of 8-10% going ahead. In the CNG segment, volume has grown by 7% YoY. On account of CNG vehicles which has grown by 12% YoY to 5.9 lakh. With the government s constant focus on the clean fuel, vehicles conversion rate in Maharashtra is expected to be around 0-1 autos, cars, -200 buses per month. This gives us volume growth visibility of around 7-8% annually. Going forward we expect ROE to improve by bps to, with stable margins and consistent future cash flows, we are positive on this stock and maintain BUY with a target price of Rs
4 Income Statement in Rs Crores Cash Flow Statement in Rs Crores Y/E March FY16 FY17 FY18E FY19E Y/E March FY16 FY17 FY18E FY19E Revenue from Operation 2,285 2,239 2,472 2,777 PBT Change (%) 0% -2% 10% 12% (inc)/dec in Working Capital Other Income Non Cash Op Exp EBITDA Int Paid (+) Change (%) 4% 26% 26% 12% Tax Paid Margin (%) 22% 28% 32% 32% others (30) (35) 1 1 Depr & Amor CF from Op. Activities EBIT (inc)/dec in FA & CWIP (215) (257) (282) (282) Int. & other fin. Cost Free Cashflow Other Income (Pur)/Sale of Inv (17) (67) - - EBT others Exp Item CF from Inv. Activities (222) (278) (282) (282) Tax inc/(dec) in NW Minority Int & P/L share of Ass inc/(dec) in Debt (3) (2) - - Reported PAT Int. Paid (0) (0) (1) (1) Adjusted PAT Div Paid (inc tax) (188) (282) (312) (351) Change (%) 3% 27% 27% 13% others Margin(%) 13% 17% CF from Fin. Activities (191) (284) (313) (352) Inc(Dec) in Cash 5 (15) Balance Sheet in Rs Crores Add: Opening Balance Y/E March FY16 FY17 FY18E FY19E Closing Balance Share Capital Reserves 1,639 1,741 1,928 2,139 Key Ratios Networth 1,728 1,840 2,027 2,237 FY16 FY17 FY18E FY19E Debt ROE 18% 21% Total Capital Employed ROCE 30% 35% 35% Net Fixed Assets (incl CWIP) 1,733 1,843 2,030 2,240 Asset Turnover Non Cur Investments 1,558 1,716 1,889 2,047 Debtor Days Other Non Cur Asst Inv Days Non Curr Assets Payable Days Inventory 1,631 1,828 2,001 2,159 Int Coverage Debtors P/E Cash Price / Book Value Bank Balance EV/EBITDA Other Curr Assets FCF per Share Curr Assets ,033 Div Yield 0% 3% 3% Creditors Financials Snap Shot Provisons Key Assumptions Other Curr Liab FY16 FY17 FY18E FY19E Curr Liabilities CNG customers('000s) Net Curr Assets CNG Volume (mmscmd) Total Assets 2,370 2,624 2,893 3,192 PNG Customers('000s) ,025 1,125 PNG Volume (mmscmd)
5 N arnolia Securities Ltd 201 2nd Floor Marble Arch Building 236B-AJC Bose Road Kolkata , Ph : narnolia@narnolia.com, website : Risk Disclosure & Disclaimer: This report/message is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice to you.. (Hereinafter referred as NSL) is not soliciting any action based upon it. This report/message is not for public distribution and has been furnished to you solely for your information and should not be reproduced or redistributed to any other person in any from. The report/message is based upon publicly available information, findings of our research wing East wind & information that we consider reliable, but we do not represent that it is accurate or complete and we do not provide any express or implied warranty of any kind, and also these are subject to change without notice. The recipients of this report should rely on their own investigations, should use their own judgment for taking any investment decisions keeping in mind that past performance is not necessarily a guide to future performance & that the the value of any investment or income are subject to market and other risks. Further it will be safe to assume that NSL and /or its Group or associate Companies, their Directors, affiliates and/or employees may have interests/ positions, financial or otherwise, individually or otherwise in the recommended/mentioned securities/mutual funds/ model funds and other investment products which may be added or disposed including & other mentioned in this report/message.
Narnolia Securities Ltd. ADITYA GUPTA 01-Nov-17. Key Highlights of the Report: RoE to decline in FY19E
Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 May17 Jun17 Jul17 Aug17 Sep17 Oct17 01Nov17 INDUSTRY BSE Code 530965 NSE Code IOC NIFTY 10335 OIL MARKETING 145 135 125 115 105 Company Data CMP 414 Target Price
More informationNarnolia Securities Ltd. ADITYA GUPTA 19-Sep-17. Key Highlights of the Report: RoE to maintain over 13%
Sep-1 Oct-1 Nov-1 Dec-1 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- 19-Sep- INDUSTRY - OIL & GAS BSE Code - 500325 NSE Code - RELIANCE NIFTY - 1018 Company Data CMP 84 Target Price 900 Previous Target
More informationFinancials/Valu FY15 FY16 FY17 FY18E FY19E
29Aug17 INDUSTRY Eng. & Cons. BSE Code 540047 NSE Code NIFTY DBL 9912 Company Data CMP 625 Target Price 6 Previous Target Price 595 Upside 9% 52wk Range H/L Mkt Capital (Rs Cr) Av. Volume (,000) Superior
More informationFinancials/Valu CY15 CY16 CY17E CY18E FY19E
14-Nov-17 INDUSTRY - Con. Staples BLOOMBERG - NEST IN BSE Code - 579 NSE Code - NESTLEIND NIFTY - 1225 Company Data CMP 7715 Target Price 845 Previous Target Price 75 Upside 1% 52wk Range H/L Mkt Capital
More informationFinancials/Valu FY15 FY16 FY17 FY18E FY19E. Almond Drops Hair Oil (ADHO) volume declined by 7% YoY and 120 BAJAJCORP NIFTY
14-Jul-17 INDUSTRY - Con. Staples BSE Code - 533229 NSE Code - BAJAJCORP NIFTY - 9892 Company Data CMP 406 Target Price 410 Previous Target Price 455 Upside 1% 52wk Range H/L Mkt Capital (Rs Cr) Av. Volume
More informationNarnolia Securities Ltd. RAJEEV ANAND 28-Jul-17
28-Jul-17 INDUSTRY - Con. Staples BSE Code - 579 NSE Code - NESTLEIND NIFTY - 121 Company Data CMP 6789 Target Price 75 Previous Target Price 792 Upside 1 52wk Range H/L Mkt Capital (Rs Cr) Av. Volume
More informationFinancials/Valuation. 1Mn 3Mn 1Yr P/B (X) Absolute (7.8) (6.3) (5.3) P/E (x) Rel.to Nifty (6.5) (8.6) (25.0) Recent Developments:
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 08-Feb-18 Bloomberg- INDUSTRY - CIPLA IN BSE Code - 500087 NSE Code - NIFTY - PHARMACEUTICAL CIPLA 10476 Comapany
More informationNarnolia Securities Ltd. NAVEEN KUMAR DUBEY AUTOMOBILE. 02-Apr-18
Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 02-Apr-18 Company Data CMP 8863 Target Price 9367 Previous Target Price 9048 Upside 52wk Range H/L Mkt Capital
More informationNarnolia Securities Ltd. RAJEEV ANAND 15-Jan-18
15-Jan-18 INDUSTRY - Con. Staples Bloomberg Code- BJCOR IN BSE Code - 533229 NSE Code - BAJAJCORP NIFTY - 10681 Company Data CMP 508 Target Price 570 Previous Target Price 410 Upside 12% 52wk Range H/L
More informationNarnolia Securities Ltd. RAJEEV ANAND 16-Oct-17
16-Oct-17 INDUSTRY - Con. Staples Bloomberg Code- BJCOR IN BSE Code - 533229 NSE Code - BAJAJCORP NIFTY - 10167 Company Data CMP 414 Target Price 410 Previous Target Price 410 Upside -1% 52wk Range H/L
More informationNarnolia Securities Ltd. NAVEEN KUMAR DUBEY 20-Dec-17
20-Dec-17 INDUSTRY - AUTOMOBILE BLOOMBERG MSIL IN BSE Code - 532500 NSE Code - MARUTI NIFTY - 10463 Company Data CMP 9804 Target Price 52wk Range H/L Mkt Capital (Rs Cr) Av. Volume (,000) NA Previous Target
More informationNarnolia Securities Ltd. NAVEEN KUMAR DUBEY 01-Feb-18
01Feb18 INDUSTRY AUTO ANCILLARY BLOOMBERG SUBR IN BSE Code 517168 NSE Code SUBROS NIFTY 11028 CMP 341 Target Price 375 Previous Target Price 297 Upside 52wk Range H/L Mkt Capital (Rs Cr) Av. Volume (,000)
More informationFinancials/Val. FY15 FY16 FY17 FY18E FY19E. and Suzuki Motor Corporation (13% stake). The company is India s leading 150
30Nov17 Company Data CMP 263 Target Price 297 Previous Target Price NA Upside 1 52wk Range H/L 291/147 Mkt Capital (Rs Cr) 1,578 Av. Volume (,000) 19 RoE to improve sharply in FY19 RoE 25% 2 2 1 Key Highlights
More informationHigher provision drags profitability
25 May 2018 RATING Free float (%) Avg. Vol 1M (,000) 544 No. of Shares (Crore) 25 Promoters Pledged % NEUTRAL CMP 120 Price Target 6 Previous Target 207 Potential Upside % Stock Info 52wk Range H/L 228/116
More informationFinancials/Valu FY15 FY16 FY17 FY18E FY19E. Approval of glialda, a significant milestone:cadila received approval 155
Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 15-Nov-17 INDUSTRY - Pharmaceuticals BLOOMBERG- CDH IN BSE Code - 532321 NSE Code - CADILAHC NIFTY - 10186 Company
More informationNarnolia Securities Ltd. DEEPAK KUMAR 21-Dec-17
21Dec17 INDUSTRY BANKING BLOOMBERG HDFCB IN BSE Code 500180 NSE Code HDFCBANK NIFTY 10444 CMP 1868 Target Price 2057 Previous Target Price 1989 Upside 10% Change from Previous 3% 52wk Range H/L 1905/1169
More informationInox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart
4QFY216 Result Update Capital Goods May 11, 216 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 4QFY16 4QFY15 % chg (yoy) 3QFY16 % chg (qoq) Total Income 1,829 93 96.6 941 94.2 EBITDA
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 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 informationAmber Enterprises India Ltd
3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)
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 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 informationPage. Mahanagar Gas Ltd. RESULT UPDATE 8 th August, 2018
1 RESULT UPDATE 8 th August, 2018 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 India Equity Institutional Research II Result Update Q1FY19 II 8 th August, 2018 2 CMP INR 961 Target INR 1,165 Potential Upside 21.2%
More informationBharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1
[ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) 241 238 Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28,
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin
More informationHindustan Aeronautics Ltd
IPO Note "SUBSCRIBE" 16th Mar 2018 ISSUE DETAIL : COMPANY OVERVIEW: Type Issue Size Offer Price Min App Size Issue Open Issue Close Shares Offer Face Value Lead Mgrs Listing Registrar 100% Book Building
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 informationReligare Investment Call
Q3FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 10) Market Cap (Rs Cr) 3M Avg Volume 52 week
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
More informationTransport Corporation of India Ltd.
Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 July 26, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 5,908; Sensex: 19,805 CMP Target Price Rs49 Rs81 Potential
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 informationReligare Investment Call
Q2FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 144 173 % 33,219 10,303 Operational efficiency to continue ' Revenue (growth not comparable due to change
More informationColgate-Palmolive. Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,083. Recommendation: HOLD
Colgate-Palmolive Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,083 Recommendation: HOLD Market Statistics Current stock price (`) 1,083 Shares O/S (cr.) 27.2
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationFLASH NOTE Welspun India 31 Jan 17
Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 FLASH NOTE Welspun India 31 Jan 17 CMP (Rs) 76 TP (Rs) 81 Outperformer Key Figures
More informationLarsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
More informationHOLD. Coal India Ltd Coal RETAIL EQUITY RESEARCH. Uncertainty remains. GEOJIT BNP PARIBAS Research
COMPANY UPDATE Dec-15 Jan-16 Feb-16 Mar-16 GEOJIT BNP PARIBAS Research Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 RETAIL EQUITY RESEARCH Coal India Ltd Coal BSE CODE:533278 NSE CODE:
More informationReligare Investment Call
Q3FY18 Result Update Consumer Durables Symphony Ltd. BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M
More informationBloomberg Code: ATA IN
Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew
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 informationReligare Investment Call
v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 v-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 5,813 Target Price (Rs) 6,519 Potential Upside 12.1% Sensex
More informationApollo Hospitals Enterprise Ltd.
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17. Volume No.. I Issue No. 154 Apollo Hospitals Enterprise Ltd. December 19, 2017 BSE Code: 508869 NSE Code: APOLLOHOSP
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 informationMaruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart
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 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,
More informationIndian Oil Corporation Ltd.
Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 s. Indian Oil Corporation Ltd.. October 25, 217 BSE Code: 53965 NSE Code: IOC Reuters Code: IOC.NS Bloomberg Code:
More informationMahindra & Mahindra Ltd.
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 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 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 informationKEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials
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
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 informationReligare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
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 (`
More informationMahindra & Mahindra Ltd.
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 informationNIIT Technologies. 2QFY19 Result Update. Robust revenue visibility, Outlook robust
NIIT Technologies 2QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1199 Recommendation: Buy Market statistics Current stock price (`) 1,199 Shares O/S (cr.) 6.1 Mcap
More informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
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
More informationTransport Corporation of India Ltd.
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 January 31, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 6,035; Sensex: 19,895 CMP Target Price Rs71 Rs66 Potential
More informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691
More informationColgate-Palmolive. Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,063. Recommendation: HOLD
Colgate-Palmolive Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,063 Recommendation: HOLD Market Statistics Current stock price (`) 1,063 Shares O/S (cr.) 27.2
More informationKey Risks to our rating and target Sharp rise in the prices of crude and LLP. Higher other expenses. KEY FINANCIAL/VALUATIONS
IEA Report Tuesday, July 17, 2018 RATING BUY CMP 411 Price Target 490 Previous Target 570 Potential Upside 19% Key Highlights Bajajcorp has reported strong volume growth of 9%YoY led by green shoot in
More informationNIIT Technologies. 3QFY19 Result Update. Robust revenue visibility, Outlook robust
NIIT Technologies 3QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1227 Recommendation: Buy Market statistics Current stock price (`) 1,227 Shares O/S (cr.) 6.1 Mcap
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `293 `475. 3QFY2019 Result Update Media. Stock Info Sector Market Cap (Rs cr) Media
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 3QFY2019 Result Update Media January 31, 2019 Music Broadcast Performance Update Y/E March (` cr) 3QFY19 3QFY18 % yoy
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationExide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE
Feb-14 Mar-14 Apr-14 Jun-14 Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Jan-15 Institutional Equities India Research Auto Components February 03, 2015 RESULT UPDATE Bloomberg: EXID IN Reuters: EXID.BO BUY Volume
More informationCMP* (Rs) 336 Upside/ (Downside) (%) 21 Bloomberg Ticker. MOIL IN Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133
4QFY17 Result Update June 06, 2017 Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133 Mixed Quarterly Performance; Volume to Remain Strong has reported a mixed performance in 4QFY17. Its blended
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `329 `475. 2QFY2019 Result Update Media. Historical share price chart.
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 2QFY2019 Result Update Media November 3, 2018 Music Broadcast Performance Update Y/E March (` cr) 2QFY19 2QFY18 % yoy 1QFY19 % qoq
More informationRobust Revenu visibility :-
KEC International BUY 18-Jan-17 Result Update Robust Revenu visibility :- CMP Target Price 238 330 JKIL has 10000 0 Cr worth of Orders in hand as of 30th Sep 2016. 3 metro projects in Mumbai and one on-going
More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
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 informationParag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
More informationKEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.
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 Cable May 21, 2018 KEI Industries Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18
More informationBajaj Electricals Ltd.
4 Recommendation CMP Target Price Sector Stock Details Book Profit Rs. 197 Rs. 178 Consumer Durable Quarterly Analysis Bajaj Electricals has reported a dismal performance where the EBIDTA margin was down
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 informationColgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG
4QFY2010 Result Update I FMCG May 27, 2010 Colgate-Palmolive Performance Highlights ACCUMULATE CMP Target Price Rs715 Rs752 We highlight the fact that the current quarter results are not comparable yoy/qoq,
More informationProcter & Gamble Hygiene & Health Care
3QFY216 Result Update FMCG May 6, 216 Procter & Gamble Hygiene & Health Care Performance Highlights Quarterly Data (` cr) 3QFY16 3QFY15 % yoy 2QFY16 % qoq Revenue 614 555 1.5 714 (14.) EBITDA 133 123 8.5
More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
More informationHavells India. Q1FY18 Result Update Strong Sales growth; Margins decline. Sector: Consumer Durable CMP: ` 467. Recommendation: BUY
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
More informationMRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
More informationReligare Investment Call
v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321
More informationKey estimate revision. Year FY14 23,28,609 3,48,027 1,40, FY15E 25,74,029 3,94,133 1,69,
: price: EPS: How does our one year outlook change? We retain our positive stance on TTMT driven by continued strong performance at JLR on both revenues & margins and expected reduction in losses at standalone
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 informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationMaruti Suzuki India Ltd.
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18. Volume No.. I Issue No. 192 Maruti Suzuki India Ltd. November 19, 2018 BSE Code: 532500 NSE Code: MARUTI Reuters
More informationSanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation
Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationMatrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.
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
More informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,226 Target Price `3,466. 3QFY2017 Result Update Automobile. 3-year price chart
3QFY2017 Result Update Automobile February 14, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,226 Target Price `3,466 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
More informationQ4 EARNINGS REPORT Welspun India 25 Apr 17
Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Q4 EARNINGS REPORT Welspun India 25 Apr 17 CMP (Rs) 94 TP (Rs) 112 Maintain Outperformer
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
More informationPennar Industries Ltd.
4 Recommendation CMP Target Price Sector Stock Details BUY Rs. 25 Rs.31 Metals Moderate Quarter Pennar Industries has reported a moderate consolidated quarter due to lower demand in the auto, engineering,
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 informationMaruti Suzuki India Ltd.
Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17. Volume No.. II Issue No. 132 Maruti Suzuki India Ltd. August 4, 2017 BSE Code: 532500 NSE Code: MARUTI Reuters
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
More informationHero MotoCorp NEUTRAL. Performance Highlights. CMP `2,245 Target Price - 4QFY2012 Result Update Automobile. Investment Period - Key financials
4QFY212 Result Update Automobile Hero MotoCorp Performance Highlights Y/E March (` cr) 4QFY12 4QFY11 % chg (yoy) Angel est. % diff NEUTRAL CMP `2,245 Target Price - Investment Period - Net sales 6,35 5,391
More informationHindustan Media Ventures
2QFY216 Result Update Media October 27, 215 Hindustan Media Ventures Performance Highlights Quarterly Data (` cr) 2QFY16 2QFY15 % yoy 1QFY15 % qoq Revenue 227 2 13.7 224 1.4 EBITDA 52 39 33.1 55 (4.5)
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).
More informationReligare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 378 430 13.7% 31,159 9,625 Future looks promising Wonderla Holidays Ltd's Q4FY17 result was a mixed bag as the company reported healthy growth
More informationJK Tyre & Industries Ltd.
Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18. Volume No.. II Issue No. 177 JK Tyre & Industries Ltd. June 11, 2018 BSE Code: 530007 NSE Code: JKTYRE Reuters
More information