JK Lakshmi Cement. Source: Company Data; PL Research
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- Aubrey Barker
- 5 years ago
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1 Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar Ankit Shah Rating BUY Price Rs385 Target Price Rs470 Implied Upside 22.1% Sensex 26,403 Nifty 8,095 (Prices as on June 27, 2016) Trading data Market Cap. (Rs bn) 45.3 Shares o/s (m) M Avg. Daily value (Rs m) 5.5 Major shareholders Promoters 45.94% Foreign 12.21% Domestic Inst % Public & Other 23.79% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: JKLC.BO, BB: JKLC IN) (Rs) Jun 15 Aug 15 Source: Bloomberg Oct 15 Dec 15 Feb 16 Apr 16 Jun 16 We met the management of JK Lakshmi cement (JKLC) for an update on the market outlook as well as its expansion projects. While Management sounded confident on the sustainability of discipline in the northern market in terms of price, the Eastern market is likely to remain under pressure (constitutes ~24% of total volumes) due to ongoing capacity addition by new players. However, the impact of weaker prices in Eastern region would be offset by lower power costs and higher scale of operations thanks to capacity expansion. We reiterate BUY given the strong play on large capacity base, efficient operations and attractive valuations. We value the stock at Rs470 (earlier Rs450), EV/EBITDA of 10x FY18E. Expansion plans on track, vision to become 20m tonnes by 2020: JKLC is currently expanding capacity by 4.4mt post which its total capacity would increase by 50% to 13mt. Expansion is expected to be completed in 18 months (3.8mt would be commissioned during next 6 months). Company plans to raise capacity to 20mt over the next 5 years through brown field expansion largely in North (~2/3 of additional capacity would be in North), though the final decision would only be made after completion of current expansion. Capex on existing projects largely done, debt levels peaked out: Company would spend limited capex of Rs2.5bn on completion of current expansion and waste heat recovery of 7MW at Durg. Consequently, management believes debt to have peaked at current levels of gross/net debt of Rs19.2/16.7bn with gross debt/net worth at 1.44x (Net debt/net worth at 1.25x). JKLC expects to repay debt of Rs2bn/year starting from current year onwards. Furthermore, company has also successfully brought down its interest cost to 9.5% (10.3% earlier) by renegotiating a 100bps lower rate on its long term debt of Rs16bn. Contd...2 Key financials (Y/e March) E 2018E Revenues (Rs m) 23,071 26,199 31,375 36,668 Growth (%) EBITDA (Rs m) 3,495 2,701 5,175 7,048 PAT (Rs m) 1, ,529 3,115 EPS (Rs) Growth (%) 52.2 (96.5) 2, Net DPS (Rs) Profitability & Valuation E 2018E EBITDA margin (%) RoE (%) RoCE (%) EV / EBITDA (x) EV / Tonne ($) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Management Meet 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 Cost reduction efforts to continue, Udaipur plant to alleviate logistical disadvantage: The Company expects to sign agreement with private power producers in the next six months at an investment of Rs50 70m to replace the expensive grid power, leading to savings of Rs or 15% 18% per unit in their Durg plant. This coupled with higher scale (capacity to increase by 50% to 2.7mt by Jun 16) is expected to reduce cost further. Commencement of Udaipur plant in Rajasthan with capacity of 1.6mtpa (likely to get commissioned in Dec 16) would help reduce logistics costs for northern operations due to proximity to NCR and high consuming markets in Rajasthan and Punjab. Plant would enjoy sales tax incentive of 50% (equivalent to Rs100/t) and lower income tax due to unabsorbed depreciation of Rs1bn. Exhibit 1: Commissioning schedule of capacity expansions Mn tonnes Odisha by Sep Udaipur by Dec Durg by Jun Surat by Sep FY16 FY17E FY18E June 28,
3 Exhibit 2: State wise breakup of despatches from Northern and Eastern plants Exhibit 3: Location wise cement (clinker) capacity spread in mn tonnes June 28,
4 Income Statement (Rs m) Net Revenue 23,071 26,199 31,375 36,668 Raw Material Expenses 5,851 6,926 7,717 8,977 Gross Profit 17,220 19,272 23,658 27,691 Employee Cost 1,461 1,970 2,091 2,300 Other Expenses 12,264 14,601 16,393 18,343 EBITDA 3,495 2,701 5,175 7,048 Depr. & Amortization 1,119 1,629 1,728 1,831 Net Interest 907 1,923 1,831 1,632 Other Income (351) Profit before Tax 1,118 (355) 1,897 3,865 Total Tax 75 (418) Profit after Tax 1, ,529 3,115 Ex Od items / Min. Int. (590) 5 Adj. PAT 1, ,529 3,115 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 3,515 3,369 6,003 6,482 C/F from Investing (4,062) (2,613) (1,535) (1,415) C/F from Financing 335 (749) (3,866) (4,095) Inc. / Dec. in Cash (211) Opening Cash Closing Cash ,733 FCFF (8,400) 805 1,945 2,556 FCFE (5,721) 2,305 (55) 556 Key Financial Metrics Growth Revenue (%) EBITDA (%) 15.7 (22.7) PAT (%) 52.2 (96.5) 2, EPS (%) 52.2 (96.5) 2, Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) (233) (185) (220) (200) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT 16.1 (159.5) Eff. Depr. Rate (%) FCFE / PAT (350.3) 3,976.4 (3.6) Balance Sheet Abstract (Rs m) Shareholder's Funds 13,307 12,761 13,826 15,997 Total Debt 18,992 20,492 18,492 16,492 Other Liabilities 1,946 2,599 2,859 3,459 Total Liabilities 34,245 35,852 35,177 35,948 Net Fixed Assets 29,846 30,964 31,016 30,845 Goodwill Investments 1,688 1,688 1,688 1,688 Net Current Assets 2,711 3,200 2,473 3,416 Cash & Equivalents 2,693 2,700 3,301 4,273 Other Current Assets 6,645 6,934 6,502 7,505 Current Liabilities 6,627 6,434 7,330 8,362 Other Assets Total Assets 34,245 35,852 35,177 35,948 Quarterly Financials (Rs m) Y/e March Q1FY16 Q2FY16 Q3FY16 Q4FY16 Net Revenue 5,908 6,457 6,483 7,351 EBITDA % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax (349) (221) (90) 305 Total Tax (114) (72) (53) (179) Profit after Tax (235) (150) (37) 484 Adj. PAT (180) (97) (117) 484 Key Operating Metrics Volume (mn te) Cement Cement Realisation (Rs/te) 3, , , ,855.3 EBITDA (Rs/ te) RM cost (Rs/ te) , ,111.2 Power, Oil & Fuel (Rs/ te) Freight Charges (Rs/ te) June 28,
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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% 45.2% 39.1% 15.7% 0.0% 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. Kamlesh Bagmar (CA), Mr. Ankit Shah (BE, MBA, CFA (US)), 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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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 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 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 informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
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 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 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 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 informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
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 informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationCoal India. Rs340, EV/EBITDA of 6.5x FY20E. Source: Company Data; PL Research
Strong earnings revival; Momentum to continue in FY19e/FY20e June 01, 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 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 informationCement. Realisations for the quarter hit by a weak demand. Sector Update
Realisations for the quarter hit by a weak demand March 26, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index 180
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 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 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 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 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 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 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 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 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 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 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 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 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 informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
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 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 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 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 informationHeidelberg Cement India (HEIM IN)
(HEIM IN) Rating: BUY CMP: Rs159 TP: Rs200 July 31, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 200
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 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 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 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 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 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 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 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 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 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 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 informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationGujarat State Fertilisers & Chemicals
Capro benzene spreads remain weak; near term muted October 25, 2013 Balwindar Singh balwindarsingh@plindia.com +91-22-66322239 Rating Accumulate Price Rs54 Target Price Rs60 Implied Upside 11.1% Sensex
More informationReliance Infrastructure
Battle Ready! March 02, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating Not Rated Price Rs552 Target Price NA Implied Upside NA Sensex 28,840 Nifty 8,900 (Prices as on March 02, 2017) Trading
More informationTata Steel (TATA IN)
(TATA IN) Rating: BUY CMP: Rs568 TP: Rs815 July 2, 2018 Event Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY17E FY18E Rating BUY BUY Target Price 815 830 Sales
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 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 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
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