Emkay. Bonding strongly; Upgrade to BUY. Pidilite Industries. Stellar all-round show
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- Francine Stanley
- 5 years ago
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1 Pidilite Industries India Equity Research Consumers February 3, 2016 Result Update Emkay Your success is our success Bonding strongly; Upgrade to BUY CMP Rs567 Target Price Rs670 ( ) Rating Upside BUY ( ) 18.2 % Strong beat on all counts - Revenues +11% yoy to Rs 13.3bn, EBITDA +53% yoy to Rs 3bn, EBITDA margin strong at 22%, +600bps yoy, APAT at Rs 1.9bn, up 49% yoy Standalone consumer & bazaar grew at 11% led by 11% volume growth with steady performance across segments. Industrial also revived with 3% growth Stellar gross margin at 51.6% +750bps yoy driven by weak VAM prices, with EBITDA margin at 22%, up 600bps. We expect strong margin performance to sustain driven by low inputs, better mix and demand uptick We are enthused by the improvement in consumer & bazaar growth profile; further urban demand uptick and strong innovation pipeline are key revenue drivers, while margin performance is expected to remain stellar. We expect 14% revenue CAGR & 27% PAT CAGR over FY15-18E. Upgrade to BUY with revised price target of Rs 670/share Change in Estimates EPS Chg FY16E/FY17E (%) (0.7)/(2.8) Target Price change (%) 11.7 Previous Reco ACCUMULATE Emkay vs Consensus EPS Estimates FY16E FY17E Emkay Consensus Mean Consensus TP Rs 591 Stellar all-round show Pidilite Industries Q3FY16 result saw healthy all-round performance. Key highlights are: (1) Consolidated revenues at Rs 13.4bn, up 11.4% yoy above our estimate with domestic growth at 9% and International subsidiaries constant currency growth at ~26%. (2) EBITDA grew 52.7% yoy to Rs 2.9bn, Gross margins improved 750bps to 51.6% and EBITDA margins was also strong at 22%, up 600bps yoy, (3) APAT at Rs 1.9bn, up 49.3% yoy. Healthy volume uptick in consumer & bazaar; Industrial also partially recovers Domestic operations grew by 9% yoy to Rs 11.8bn, with volume growth at 10% yoy led by consumer & bazaar segment (11% revenue & volume growth). Growth was driven across business segments, with healthy growth in most key products. After 3 quarters of flat to decline in revenues, industrial segment grew 3.1% yoy. While demand sentiments remain benign, company continues to beat slowdown through strong product innovations and promotions. Gross margin strong; Healthy flow through to EBITDA as well Company reported stellar gross margin (51.6%, +750bps) led by benign inputs and favorable mix, while operating leverage and prudent cost management aided in healthy flow through from gross to EBITDA margin at 22%, +600bps. Company has made some price adjustments and also upped promotions in the quarter. With inputs expected to be benign, mix improvement and demand uptick with further drive margins. We estimate for 21.3%/22.4% EBITDA margins in FY16/17E. Growth profile improves; Upgrade to BUY We are enthused by the improvement in consumer & bazaar growth profile; We expect growth trends to improve further led by urban demand uptick and strong innovation pipeline, while margin performance is expected to remain stellar. We have marginally cut our earnings by 1%/2% in FY16/17E factoring rise in tax rate and we introduce FY18E estimates with EPS of Rs 21/share. We expect 14% revenue CAGR & 27% PAT CAGR over FY15-18E. We upgrade to BUY with revised target price of Rs 670/share (32x FY18E EPS). Financial Snapshot (Consolidated) (Rs mn) FY14 FY15 FY16E FY17E FY18E Net Sales 42,559 48,204 52,727 61,252 71,208 EBITDA 6,723 7,766 11,307 13,815 16,619 EBITDA Margin (%) APAT 4,516 5,175 7,247 8,892 10,744 EPS (Rs) EPS (% chg) ROE (%) P/E (x) EV/EBITDA (x) P/BV (x) Emkay Research is also available on Bloomberg EMKAY<GO>, Reuters and DOWJONES. Stock Details Bloomberg Code PIDI IN Face Value (Rs) 1 Shares outstanding (mn) Week H/L 638 / 507 M Cap (Rs bn/usd bn) 291 / 4.26 Daily Avg Volume (nos.) 5,26,001 Daily Avg Turnover (US$ mn) 4.4 Shareholding Pattern Dec '15 Promoters 69.7% FIIs 13.4% DIIs 6.0% Public and Others 10.9% Price Performance (%) 1M 3M 6M 12M Absolute Rel. to Nifty Relative price chart 650 Rs % Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Pidilite Industries (LHS) Rel to Nifty (RHS) Source: Bloomberg Prashant Kutty prashant.kutty@emkayglobal.com Dhaval Mehta dhaval.mehta@emkayglobal.com Emkay Global Financial Services Ltd.
2 Healthy constant currency growth led by Bangladesh, MENA and USA Subsidiary reported strong constant currency growth of ~26% aided by Bangladesh, MENA and USA. Nina Waterproofing Systems result had been included in subsidiary performance, Nina performance was better than previous quarters. While, margin profile was lower than our estimates, it still improved 90bps yoy to 5.2% aided by strong gross margins. Exhibit 1: North America and Middle East drives international performance; Brazil continues to under pressure Region Revenue (Rs mn) CC Growth yoy (%) EBITDA (Rs mn) North America % % South America % % Middle East & Africa % % South and South East Asia % % EBITDA Margin (%) Comments Sales growth healthy led by art material and automotive chemical business. EBITDA for the region improved by 8.3% on account of higher sales and improvement in gross margins. Brazil business impacted due to continued slowdown of the economy. Losses at EBITDA level reduced to Rs 2.5mn led by healthy gross margin expansion and lower SG&A expenses. Commencement of distribution of Pidilite Industries products in the region, which hitherto was being done by a third party distributor. Adjusting for this, sales of product manufactured in MENA grew by 8%. Loss at EBIDTA level increased to Rs 37.1mn due to lower sales and higher SG&A expenses to support future sales growth in this region. Sales growth healthy led by improved market penetration and introduction of new products in Bangladesh. Thailand growth healthy led by project segment, while Sri Lanka geography also started operations through distribution and acquisition of business. Exhibit 2: Revision in Earnings Estimates FY16E FY17E FY18E Y/E, Mar (Rs. mn) Earlier Revised % Chg. Earlier Revised % Chg. Revised Revenues 53,175 53, ,919 61, ,599 EBITDA 11,368 11, ,103 13, ,624 EBITDA Margin (%) bps bps 23.2 APAT EPS Emkay Research February 3,
3 Exhibit 3: Quarterly Summary - Consolidated Y/E, Mar (Rs. m) Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 YoY (%) QoQ (%) 9MFY16 9MFY15 Gr (%) Revenue 12,022 10,435 14,695 13,201 13, ,286 38, Expenditure 10,088 9,097 11,258 10,187 10, ,883 31, Consumption of RM 6,708 5,556 7,486 6,355 6, ,315 21, as % of sales Employee Cost 1,276 1,137 1,423 1,393 1, ,258 3, as % of sales Other expenditure 2,104 2,404 2,348 2,439 2, ,309 6, as % of sales EBITDA 1,934 1,339 3,437 3,014 2, ,403 6, Depreciation EBIT 1,627 1,033 3,116 2,685 2, ,423 5, Other Income Interest PBT 1,618 1,029 3,187 2,765 2, ,646 5, Total Tax ,584 1, Adjusted PAT 1, ,261 1,929 1, ,062 4, (Profit)/loss from JV's/Ass/MI APAT after MI 1, ,255 1,917 1, ,043 4, Extra ordinary items Reported PAT 1, ,255 1,917 1, ,043 4, Adjusted EPS Margins (%) (bps) (bps) (bps) EBIDTA EBIT EBT PAT Effective Tax rate Exhibit 4: Segmental Performance - Consolidated Y/E, Mar (Rs. m) Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 YoY (%) QoQ (%) 9MFY16 9MFY15 Gr (%) Segment Revenues Consumer & Bazaar 10,009 8,418 12,559 11,160 11, ,094 31, Industrial 2,039 2,157 2,185 2,116 2, ,403 6,535 (2.0) Others (7.1) Total 12,171 10,674 14,882 13,376 13, ,824 38, Segment Results Consumer & Bazaar 1,897 1,269 3,364 2,913 2, ,142 6, Industrial , Others (79.7) Total 2,120 1,523 3,686 3,293 3, ,200 6, Add- Unall Income / (Exp) ,467 1, Less- Interest Exp (8.2) PBT 1,618 1,029 3,187 2,765 2, ,632 5, Segment Capital Employed Consumer & Bazaar 12,801 12,002 12,162 13,182 13, ,180 12, Industrial 2,540 2,474 2,506 2,507 2, ,447 2,540 (3.7) Others (14.0) Unallocated 8,071 7,837 9,304 10,872 12, ,901 8, Total 23,790 22,706 24,413 26,927 28, ,854 23, Segment Margins (%) (bps) (bps) (bps) Consumer & Bazaar Industrial Others (22.5) (35.5) (9.8) 10.1 (12.6) (4.5) (20.5) 1600 PBIT Margins% Emkay Research February 3,
4 Key Financials (Consolidated) Income Statement Y/E Mar (Rs mn) FY14 FY15 FY16E FY17E FY18E Net Sales 42,559 48,204 52,727 61,252 71,208 Expenditure 36,062 40,675 41,699 47,767 54,980 EBITDA 6,723 7,766 11,307 13,815 16,619 Depreciation 812 1,178 1,312 1,558 1,818 EBIT 5,912 6,588 9,995 12,257 14,800 Other Income Interest expenses PBT 6,142 6,828 10,310 12,650 15,286 Tax 1,653 1,694 3,050 3,743 4,525 Extraordinary Items (65) (49) Minority Int./Income from Assoc Reported Net Income 4,451 5,126 7,247 8,892 10,744 Adjusted PAT 4,516 5,175 7,247 8,892 10,744 Balance Sheet Y/E Mar (Rs mn) FY14 FY15 FY16E FY17E FY18E Equity share capital Reserves & surplus 19,014 22,193 27,385 33,363 40,027 Net worth 19,526 22,706 27,898 33,876 40,540 Minority Interest Loan Funds Net deferred tax liability Total Liabilities 20,564 23,907 28,946 34,924 41,588 Net block 7,291 9,785 9,944 10,086 9,967 Investment 2,662 3,667 6,973 6,973 6,973 Current Assets 14,750 15,077 16,364 23,543 31,923 Cash & bank balance 1, ,389 6,162 11,733 Other Current Assets Current liabilities & Provision 8,719 9,240 9,207 10,550 12,148 Net current assets 6,030 5,837 7,156 12,993 19,775 Misc. exp Total Assets 20,564 23,907 28,946 34,924 41,588 Cash Flow Y/E Mar (Rs mn) FY14 FY15 FY16E FY17E FY18E PBT (Ex-Other income) (NI+Dep) 5,748 6,432 9,858 12,121 14,664 Other Non-Cash items 23 (251) (14) (15) (17) Chg in working cap (1,271) (689) (791) (1,063) (1,212) Operating Cashflow 3,938 5,520 7,905 9,523 11,487 Capital expenditure (1,936) (3,709) (1,726) (1,700) (1,700) Free Cash Flow 2,002 1,811 6,179 7,823 9,787 Investments 269 (1,005) (3,305) 0 0 Other Investing Cash Flow 287 (42) (523) (530) (622) Investing Cashflow (987) (4,359) (5,102) (1,700) (1,700) Equity Capital Raised Loans Taken / (Repaid) (651) 125 (144) 0 0 Dividend paid (incl tax) (1,559) (1,619) (2,081) (2,914) (4,080) Other Financing Cash Flow (42) (1) Financing Cashflow (2,415) (1,651) (2,362) (3,050) (4,216) Net chg in cash 537 (490) 441 4,773 5,571 Opening cash position 1,506 1, ,389 6,162 Closing cash position 2, ,389 6,162 11,733 Emkay Research February 3,
5 Key Ratios Profitability (%) FY14 FY15 FY16E FY17E FY18E EBITDA Margin EBIT Margin Effective Tax Rate Net Margin ROCE ROE RoIC Per Share Data (Rs) FY14 FY15 FY16E FY17E FY18E EPS CEPS BVPS DPS Valuations (x) FY14 FY15 FY16E FY17E FY18E PER P/CEPS P/BV EV / Sales EV / EBITDA Dividend Yield (%) Gearing Ratio (x) FY14 FY15 FY16E FY17E FY18E Net Debt/ Equity (0.1) (0.2) (0.3) Net Debt/EBIDTA (0.2) 0.0 (0.1) (0.4) (0.7) Working Cap Cycle (days) Growth (%) FY14 FY15 FY16E FY17E FY18E Revenue EBITDA EBIT PAT Quarterly (Rs mn) Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Revenue 12,022 10,435 14,695 13,201 13,391 EBITDA 1,934 1,339 3,437 3,014 2,953 EBITDA Margin (%) PAT 1, ,255 1,917 1,857 EPS (Rs) Shareholding Pattern (%) Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Promoters FIIs DIIs Public and Others Emkay Research February 3,
6 Emkay Rating Distribution BUY Expected total return (%) (Stock price appreciation and dividend yield) of over 25% within the next months. ACCUMULATE Expected total return (%) (Stock price appreciation and dividend yield) of over 10% within the next months. HOLD Expected total return (%) (Stock price appreciation and dividend yield) of upto 10% within the next months. REDUCE Expected total return (%) (Stock price depreciation) of upto (-) 10% within the next months. SELL The stock is believed to underperform the broad market indices or its related universe within the next months. Emkay Global Financial Services Ltd. CIN - L67120MH1995PLC th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai India Tel: Fax: Web: DISCLAIMERS AND DISCLOSURES: Emkay Global Financial Services Limited (CIN-L67120MH1995PLC084899) and its affiliates are a full-service, brokerage, investment banking, investment management and financing group. 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More informationAsian Granito BUY. Performance Highlights CMP. `270 Target Price `351. Outlook and valuation. 3QFY2017 Result Update Ceramics
3QFY2017 Result Update Ceramics January 25, 2017 Asian Granito Performance Highlights Quarterly Data (` cr) 3QFY17 3QFY16 % yoy 2QFY17 % qoq Revenue 247 236 4.3 265 (7.1) EBITDA 34 27 25.3 31 7.2 Margin
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%
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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 informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
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 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 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 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 informationRallis India NEUTRAL. Performance Highlights CMP. `215 Target Price - 3QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
3QFY2017 Result Update Agrichemical January 25, 2017 Rallis India Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 326 540 (39.7) 306 6.5 Other income
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 informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
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 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 informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
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 informationParag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months
1QFY2019 Result Update Dairy Products August 8, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q1FY19 Q1FY18 % yoy Q4FY18 % qoq Net sales 549 413 32.9 518 5.9 EBITDA 60 29 103% 55 8.4% EBITDA
More informationMaruti Suzuki. Source: Company Data; PL Research
Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationResult Update. Sterling Tools. Buy
Sterling Tools Buy Result Update Growth momentum continues Sterling tools (STRT) number were broadly in line with estimates. Margins on a sequential basis have started showing signs of improvement at gross
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationBharat Forge Ltd RESULT UPDATE
RESULT UPDATE 9 th November 2017 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 160 130 100 India Equity Institutional Research II Result Update Q2FY18 II 9 th November, 2017 CMP INR 738 Target INR 840
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 informationColgate-Palmolive India Ltd.
RESULT UPDATE 5th February, 2018 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 India Equity Institutional Research II Result Update - Q3FY18 II 5th February, 2018 CMP INR 1,120 MARKET DATA Target INR
More informationITC Ltd. RESULT UPDATE 27th October, 2017
. RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside
More informationBharat Forge Ltd RESULT UPDATE
RESULT UPDATE 11 th August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationSuzlon Energy Ltd RESULT UPDATE 16th August, 2017
RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More 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 informationKEC International (KECI IN)
(KECI IN) Rating: BUY CMP: Rs370 TP: Rs425 June 15, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY - Target Price 425 -
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 informationPidilite Industries Ltd
Company Update De-stocking as an initial response to GST implementation caused subdued performance; Brighter long term business prospects ahead The company has recorded sales of Rs. 16693 Mn in as against
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 informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationHindustan Unilever (RHS)
Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16
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 informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
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 informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationQuick take. Ashok Leyland Ltd BUY. Scrappage policy to drive faster growth. Target Price. Investment Period 12 Months. 3-year price chart
Ltd Scrappage policy to drive faster growth Ltd (ALL) is the flagship company of the Hinduja Group, and one of the largest commercial vehicle manufacturers in India. ALL is engaged in the manufacturing
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 informationMCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176
: price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious
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 informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
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 informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
More informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationCoal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining
Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787
More informationHikal Limited. CMP: Rs253 Target1:Rs295 Target2:Rs325 28%
Hikal Limited Hikal Ltd representing a classic Ascending triangle breakout. Stock is in uptrend from early April of 2016. stock remained in the range of 232-200 for almost a year. Price breakout is supported
More informationRallis India SELL. Performance Highlights. `231 Target Price 189 CMP. 2QFY2018 Result Update Agrichemical. Investment Period 12 months
Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 2QFY2018 Result Update Agrichemical November 21, 2017 Rallis India Performance Highlights Y/E March
More informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
2QFY2017 Result Update Media December 5, 2016 TV Today Network Performance Update Y/E March (` cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Net sales 132 126 5.1 137 (3.4) EBITDA 37 38 (2.4) 37 0.4 EBITDA margin
More informationBalkrishna Industries Ltd
RESULT UPDATE 3 rd August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationBUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.
At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174
More informationHT Media ACCUMULATE. Performance Highlights CMP. `102 Target Price `113. 3QFY2013 Result Update Media. Investment Period 12 months
3QFY13 Result Update Media February 13, 13 HT Media Performance Highlights Quarterly Data (Consolidated) (` cr) 3QFY13 3QFY12 % yoy 2QFY13 %qoq Revenue 547 524 4.4 511 7.1 EBITDA 87 78 12.0 57 54.8 OPM
More informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,718 Target Price `4,130. 1QFY2018 Result Update Automobile. 3-year price chart
1QFY2018 Result Update Automobile July 27, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,718 Target Price `4,130 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationCMP* (Rs) 203 Upside/ (Downside) (%) 23. Market Cap. (Rs bn) 116 Free Float (%) 61 Shares O/S (mn) 572
3QFY19 Result Update February 05, 2019 Market Cap. (Rs bn) 116 Free Float (%) 61 Shares O/S (mn) 572 Strong Performance with Positive Outlook; Maintain (ATL) has reported strong volume performance in 3QFY19.
More informationBLS International Services
INDUSTRY IT Processing CMP (as on 23 May 218) Rs 17 TP Rs 23 Nifty 1,43 Sensex 34,345 KEY STOCK DATA Bloomberg BLSIN IN No. of Shares (mn) 12 MCap (Rs bn) / ($ mn) 18/255 6m avg traded value (Rs mn) 89
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 informationTata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart
2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689
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 informationInfibeam Incorporation Ltd.
RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationGoodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials
Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with
More informationRallis India NEUTRAL. Performance Highlights CMP. `242 Target Price - 4QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 4QFY2017 Result Update Agrichemical May 2, 2017 Rallis India Performance Highlights Y/E March (` cr) 4QFY2017 3QFY2017 % chg
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