Areva T&D India NEUTRAL. Performance Highlights CMP. `199 Target Price - 3QCY2011 Result Update Capital Goods. Investment Period -
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1 3QCY2011 Result Update Capital Goods November 17, 2011 Areva T&D India Performance Highlights (` cr) 3QCY11 3QCY10 % chg (yoy) 2QCY11 % chg (qoq) Revenue 1,055 1, EBITDA (18.4) EBITDA margin (%) (241)bp bp Reported PAT (24.1) For 3QCY2011, Areva T&D India (Areva) reported a mixed performance. The company s top line reported disappointing growth; however, earnings exceeded our estimates on the back to lower-than-expected margin contraction. Revenue remained nearly flat on a yoy basis at `1,055cr, 8.5% lower than (below street) our expectation of `1,153cr. Coupled with EBTDAM contraction (241bp yoy), PAT declined by 24.1% yoy to 47.8cr. The company s order intake grew strongly by 77.3% to `1,516cr, which was the only positive highlight during the quarter. Nonetheless, this does not warrant a change in our view; in fact, we see higher stress on the company on the earnings front. We remain Neutral on the stock. Flat revenue, owing to execution delays: For 3QCY2011, Areva s revenue remained nearly flat, growing by mere 0.7% yoy to `1,055cr due to lower execution. The company s EBITDAM during the quarter contracted by 241bp yoy 10.3% (vs. est. 8.9%) but improved on a sequential basis by 247bp on the back of operational efficiency. Hurt by disappointing revenue, PAT declined by 24.1% yoy to `47.8cr, but exceeded sharply by 35.3% from our (above street) estimate of `35.3cr due to lower-than-expected EBITAM compression. Outlook and valuation: Given the deteriorating dynamics in the T&D space (extremely competitive landscape), we believe Areva is likely to face pressures on the earnings front. Despite some improvement in the OPM during the current quarter, we believe margin recovery will not be as swift as anticipated (read concerns). Further, lack of positive news flow in the sector (read sector related) is likely to have a downward bias on the stock. Given these negatives, the stock appears expensive at the CMP (27.3x CY2011E EPS and 23.4x CY2012E EPS). Upside from the current level seems limited, in our view, until concerns dissipate. Hence, we continue to remain Neutral on the stock. Key financials Y/E December (` cr) CY2009 CY2010 CY2011E CY2012E Net sales 3,566 4,020 4,459 5,064 % chg Net profit % chg (12.7) (2.2) (6.8) 16.7 EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) NEUTRAL CMP `199 Target Price - Investment Period - Stock Info Sector Capital Goods Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume 4, / ,345 Face Value (`) BSE Sensex Nifty Reuters Code 2 16,462 4,935 AREVA.BO Bloomberg Code ATD@IN Shareholding Pattern (%) Promoters 73.4 MF / Banks / Indian Fls 16.1 FII / NRIs / OCBs 1.3 Indian Public / Others 9.2 Abs. (%) 3m 1yr 3yr Sensex (2.3) (17.1) 77.2 Areva T&D (10.7) (31.9) 27.9 Shailesh Kanani Ext: 6829 Shailesh.kanani@angelbroking.com Hemang Thaker Ext: 6817 hemang.thaker@angelbroking.com Please refer to important disclosures at the end of this report 1
2 Exhibit 1: Quarterly performance (` cr) 3QCY11 3QCY10 % chg (yoy) 2QCY11 % chg (qoq) 9MCY11 9MCY10 % chg (yoy) Net Sales 1,044 1,048 (0.3) ,030 2, Other operating income Total income 1,055 1, ,049 2, Stock adjustments (8.1) (7) (33) (79.7) (127.1) Raw Material ,152 1,978 (% of total income) Employee Cost (% of total income) Other Expenses (6.1) (% of total income) Total Expenditure ,778 2, EBITDA (18.4) (EBITDA %) Interest (7.0) Depreciation (3.3) Other Income PBT (25.6) (% of total income) Total Tax (28.6) (% of PBT) Reported PAT (24.1) (% of total income) EPS (`) (24.1) Exhibit 2: Actual vs. estimates (` cr) Actual Estimates Var. (%) Revenue 1,055 1,153 (8.5) EBITDA PAT EPS (`) November 17,
3 Disappointing show on the top line The company s top line for the quarter posted flat growth of 0.7% yoy to `1,055cr, owing to lower-than-expected execution. The execution was mainly affected by delays at the customer end. Poor show during the quarter resulted in modest growth of 12.5% yoy for 9MCY2011. Exhibit 3: Sales growth trend 1,500 1, (10.7) (15.0) 3QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY11 Sales (` cr, LHS) Growth (yoy %, RHS) Margins contract yoy, but improve sequentially EBITDAM for the quarter contracted by 241bp yoy to 10.3% (vs. est. 8.9%) but improved on a sequential basis by 247bp on the back of operational efficiency. Management attributed this improvement to better cost-efficiency measures adapted during the quarter (reflective through lower other expenses at 14.0%, which declined by 170bp qoq as a percentage of sales). Management also indicated that price undercutting has slowed down to some extent, which in our view could stabilize the margins at 9-10% going ahead. Nonetheless, it warrants similar profitability levels on current orders in the coming quarters, with sustained level of cost efficiency. November 17,
4 Exhibit 4: EBITDAM showing signs of recovery QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY11 EBITDA (` cr, LHS) EBITDAM (%, RHS) Strong order book, owing to robust order intake Order intake for the quarter grew by 77.3% yoy to `1,516cr, which in our view is impressive given the tough business environment where orders are hard to come in. Orders during the quarter constituted a balanced mix of base/large orders. This led to order book growing healthily by 16.9% yoy to `5,753cr (vs. flat order book of ~`5,000cr since the past several quarters). Management commentary has indicated strong ordering pipeline in the coming quarters on the back of increased spending by PGCIL. (Notably, PGCIL s ordering has gathered pace since 2HFY2012 with ~50 tenders released during October 2011, including sub-stations and transformer orders). Exhibit 5: Major orders received during the quarter (` cr) Utility segment RRVPNL (765 kv Substation Package) 400 Power Grid (765 kv Transformer at Bareilly) 85 Industry / Infrastructure Sterlite Technologies (765 kv Substation Package) 220 BHEL (GIS Package for SJVNL Rampur)) 58 Reliance Infra (220 kv Substation for Rajasthan Solar) 40 OPTCL (63 MVA Power Transformer Package) 34 Aditya Aluminium (ETC Package) 30 NEEPCO (132 kv Switchyard) 25 Indu Projects 18 November 17,
5 Exhibit 6: Strong order inflow... Exhibit 7:...leading to the highest-ever order backlog 1,800 1,500 1, (44.7) 16.7 (48.0) (17.7) (8.7) (5.6) QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY ,000 6,000 5,000 4,000 3,000 2,000 1, QCY08 4QCY08 1QCY09 2QCY09 3QCY09 4QCY09 1QCY10 2QCY10 3QCY10 4QCY10 1QCY11 2QCY11 3QCY Order inflow (` cr, LHS) Growth (yoy %, RHS) Order backlog (` cr, LHS) Growth (yoy %, RHS) Key highlights of the conference call Management indicated that domestic markets are captured by negative sentiments due to interest rate hikes, land acquisition challenges and deepening fuel crisis. Industrial capex is yet to show positive growth. During the quarter, pricing pressures continued Chinese and Korean suppliers continued to quote aggressive prices in 765 kv tenders of PGCIL. Management expects the transmission leg in the T&D segment to pick up shortly with increased ordering expected from PGCIL, SEBs and BOOT projects. November 17,
6 Investment concern Earnings to remain under pressure: Continuous price erosion in the products segment (25-30% in the transmission as well as distribution segment) and increasing proportion of the low-margin projects segment led to EBITDAM contracting from ~17% in CY2007 to ~11% in CY2010. Consequently, the company s earnings CAGR was dismal at (6%), despite a 26% revenue CAGR over from CY Despite measures adapted to improve profitability (cost optimization, localization and exit from underperforming distribution projects), margin recovery still seems distant. The downward pressure on margins exacerbated by factors such as intensified competition from domestic and Chinese/Korean players, pricing pressure, rising input costs and high interest rates will most likely offset any benefit arising from restructuring initiatives. All in all, Areva will find it extremely challenging to regain its previous profitability levels, given the current shape of the T&D industry. Outlook and valuation: Given the deteriorating dynamics in the T&D space (extremely competitive landscape), we believe Areva is likely face pressures on the earnings front. Despite some improvement in OPM during the current quarter, we believe margin recovery will not be as swift as anticipated (read concerns). Further, the lack of positive news flow in the sector (read sector related) is likely to have a downward bias on the stock. Given these negatives, the stock appears expensive at the CMP (27.3x CY2011E EPS and 23.4x CY2012E EPS). Upside from the current level seems limited, in our view, until concerns dissipate. Hence, we continue to remain Neutral on the stock. November 17,
7 Exhibit 8: Revised estimates CY2011E CY2012E (` cr) Earlier estimates Revised estimates Var. (%) Earlier estimates Revised estimates Var. (%) Revenue 4,504 4,459 (1.0) 5,162 5,064 (1.9) EBITDA (9.0) (19.6) PAT (9.8) (25.0) Exhibit 9: Angel EPS vs. Consensus Angel forecast Bloomberg consensus Var. (%) CY2011E (9.3) CY2012E (15.9) Exhibit 10: One-year forward P/E band Nov-05 Mar-06 Jul-06 Nov-06 Mar-07 Jul-07 Nov-07 Mar-08 Jul-08 Nov-08 Mar-09 Jul-09 Nov-09 Mar-10 Jul-10 Nov-10 Mar-11 Jul-11 Nov-11 Share Price (`) 21x 30x 39x 48x Exhibit 11: Peer valuation Company Reco. CMP Tgt. price Upside/ P/BV(x) P/E(x) FY E RoCE (%) RoE (%) (`) (`) (Downside) (%) FY12E FY13E FY12E FY13E EPS CAGR FY12E FY13E FY12E FY13E ABB* Sell (24.6) Areva* Neutral BHEL Neutral BGR Energy Sell (18.2) (14.5) Crompton Greaves Buy (5.9) Jyoti Structures Buy KEC International Neutral Thermax Neutral ; *Note: December year ending November 17,
8 Profit & Loss Statement Y/E December (` cr) CY2008 CY2009 CY2010 CY2011E CY2012E Net Sales 2,641 3,566 4,020 4,459 5,064 Other operating income Total operating income 2,641 3,566 4,020 4,459 5,064 % chg Total Expenditure 2,216 3,164 3,596 4,057 4,610 Net Raw Materials 1,726 2,493 2,753 3,122 3,545 Other Mfg costs Personnel Other EBITDA % chg 18.8 (5.6) 5.6 (5.1) 12.9 (% of Net Sales) Depreciation& Amortisation EBIT % chg 16.8 (13.0) (3.0) (7.9) 15.0 (% of Net Sales) Interest & other Charges Other Income (% of PBT) Others Recurring PBT % chg 9.3 (20.1) (6.1) (8.5) 16.7 Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Add: Share of earnings of associate Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg 1.2 (12.7) (2.2) (6.8) 16.7 (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg 1.2 (12.7) (2.2) (6.8) 16.7 November 17,
9 Balance Sheet Y/E December ( ` cr) CY2008 CY2009 CY2010 CY2011E CY2012E SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus ,078 1,231 Shareholders Funds ,002 1,126 1,278 Minority Interest Total Loans Deferred Tax Liability (39) (10) Total Liabilities 1,154 1,623 1,901 2,095 2,248 APPLICATION OF FUNDS Gross Block 374 1,050 1,162 1,232 1,324 Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets 2,160 2,876 3,574 3,768 4,605 Cash Loans & Advances Other Current liabilities 1,652 2,142 2,566 2,548 3,227 Net Current Assets ,008 1,220 1,377 Mis. Exp. not written off Total Assets 1,154 1,623 1,901 2,095 2,248 November 17,
10 Cash Flow Statement Y/E December ( ` cr) CY2008 CY2009 CY2010 CY2011E CY2012E Profit before tax Depreciation (Inc)/Dec in Working Capital (93) (138) (286) (198) (59) Less: Other income Direct taxes paid Cash Flow from Operations (9) (Inc.)/Dec.in Fixed Assets (446) (278) (82) (80) (100) (Inc.)/Dec. in Investments - - (0.2) - - Other income Cash Flow from Investing (432) (261) (66) (62) (81) Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others (6) (26) (16) - - Cash Flow from Financing (50) Inc./(Dec.) in Cash (13) Opening Cash balances Closing Cash balances November 17,
11 Key Ratios Y/E December CY2008 CY2009 CY2010 CY2011E CY2012E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets OB / Sales Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Working capital cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Interest) November 17,
12 Research Team Tel: Website: DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report. Disclosure of Interest Statement Areva T&D India 1. Analyst ownership of the stock No 2. Angel and its Group companies ownership of the stock No 3. Angel and its Group companies' Directors ownership of the stock No 4. Broking relationship with company covered No Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors. Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%) Reduce (-5% to 15%) Sell (< -15%) November 17,
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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 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
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)
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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)
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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
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Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
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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 informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
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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 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
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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 informationTV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months
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 Media February 14, 2019 TV Today Network Performance Update Y/E March (` cr) 3QFY19 3QFY18
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 informationMRF BUY. Performance Highlights. CMP `40,703 Target Price `47,548. 1QSY2015 Result Update Tyre
1QSY2015 Result Update Tyre February 13, 2015 MRF Performance Highlights Y/E Sept. (` cr) 1QSY2015 1QSY2014 % chg (yoy) 4QSY2014 % chg (qoq) Net sales 3,353 3,201 4.8 3,361 (0.2) EBITDA 626 419 49.5 608
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4QFY2012 Result Update Cement May 22, 2012 JK Lakshmi Cement Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg qoq 4QFY2011 % chg yoy Net revenue 527 440 19.7 417 26.3 Operating profit 113
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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
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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 informationSesa Goa NEUTRAL. Performance Highlights CMP. `372 Target Price - 2QFY2011 Result Update Mining. Investment Period -
2QFY211 Result Update Mining October 18, 21 Sesa Goa Performance Highlights Particulars (` cr) 2QFY211 2QFY21 % chg (yoy) 1QFY211 % chg (qoq) Net sales 918 539 7.5 2,413 (61.9) EBITDA 34 153 122.5 1,46
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 informationBata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 1QFY2019 Result Update Footwear July 23, 2018 Bata India Performance Update Y/E March (` cr) 1QFY19 1QFY18 % yoy
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 informationSUN TV Network NEUTRAL. Performance Highlights CMP. `297 Target Price - 1QFY2013 Result Update Media. Investment Period -
1QFY2013 Result Update Media August 8, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 1QFY13 1QFY12 % yoy 4QFY12 %qoq Revenue 426 454 (6.2) 427 (0.3) EBITDA 323 366 (11.7)
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 3QCY2017 Result Update Pharmaceutical. Investment Period 12 months
3QCY2017 Result Update Pharmaceutical November 20, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 3QCY2017 2QCY2017 % chg (qoq) 3QCY2016 % chg (yoy) Net sales Other income Operating profit 627
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 informationBata India BUY. Performance Update. CMP `1,008 Target Price `1,243. 2QFY2019 Result Update Footwear. Historical share price chart.
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 Footwear November 3, 2018 Bata India Performance Update Y/E March (` cr) 2QFY19 2QFY18
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 informationSimplex Infrastructures
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More informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
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More informationProcter & Gamble Hygiene & Health Care
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More informationITD Cementation India
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More informationHindalco NEUTRAL. Performance highlights CMP. `112 Target Price - 1QFY2013 Result Update Base Metals. Investment Period -
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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 informationApollo Tyres BUY. Performance Highlights. CMP Target Price `71 `82. 4QFY2011Result Update Tyre. Key financials (Consolidated)
4QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 4QFY11 4QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,762 1,313 34.2 1,49 18.2 EBITDA (` cr) 146 185 (2.7)
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 informationReliance Communication
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More informationSanofi India ACCUMULATE. Performance Highlights. CMP `4,410 Target Price `4,738. 1QCY2016 Result Update Pharmaceutical. 3-year price chart
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More informationTech Mahindra ACCUMULATE. Performance Highlights. CMP Target Price `659 `693. 3QFY2012 Result Update IT. Key financials (Consolidated, Indian GAAP)
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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 informationAurobindo Pharma BUY. Performance Highlights CMP. `109 Target Price `156. 1QFY2013 Result Update Pharmaceutical. Investment Period 12 months
1QFY2013 Result Update Pharmaceutical August 8, 2012 Aurobindo Pharma Performance Highlights Y/E march (` cr) 1QFY2013 4QFY2012 % chg (qoq) 1QFY2012 % chg (yoy) Net sales 1197 1171 2.3 1065 12.4 Other
More informationTech Mahindra ACCUMULATE. Performance Highlights CMP. `955 Target Price `1,070. 2QFY2013 Result Update IT. Investment Period 12 months
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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 informationCipla BUY. Performance Highlights CMP. `310 Target Price `369. 2QFY2012 Result Update Pharmaceutical. Investment Period 12 months
2QFY2012 Result Update Pharmaceutical November 16, 2011 Cipla Performance Highlights Y/E March (` cr) 2QFY2012 1QFY2012 % chg qoq 2QFY2011 % chg yoy Net sales 1,731 1,550 11.7 1,580 9.6 Other income 71
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4QCY2016 Result Update Pharmaceutical March 10, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 4QCY2016 3QCY2016 % chg (qoq) 4QCY2015 % chg (yoy) Net sales 552 583 (5.3) 522 5.6 Other income
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 informationHFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials
1QFY2013 Result Update HFC July 11, 2012 HDFC Performance Highlights Particulars (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) NII 1,258 1,681 (25.1) 998 26.0 Preprov. profit 1,420 1,849 (23.2) 1194
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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 informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
More informationMahindra & Mahindra BUY. CMP Target Price `860 `990. Company Update Automobile
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Company Update Automobile May 9, 2018 Mahindra & Mahindra Mahindra & Mahindra Ltd (M&M) is an India-based company,
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2QFY2011 Result Update Pharmaceutical November 8, 2010 Lupin Performance Highlights Y/E March (` cr) 2QFY11 1QFY11 % chg qoq 2QFY10 % chg yoy Net Sales 1,405 1,312 7.1 1,115 26.0 Other Income 29 23 25.6
More informationSun Pharma NEUTRAL. Performance Highlights CMP. 1QFY2013 Result Update Pharmaceutical. `676 Target Price - Investment Period -
1QFY2013 Result Update Pharmaceutical August 10, 2012 Sun Pharma Performance Highlights (` cr) 1QFY2013 4QFY2012 % chg qoq 1QFY2012 % chg yoy Net sales 2,658 2,330 14.1 1,636 62.5 Other income (2) 218-110
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `495 Target Price - 4QFY2017 Result Update Pharmaceutical.
Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 4QFY2017 Result Update Pharmaceutical June 5, 2017 Cadila Healthcare Performance Highlights Y/E March (`
More informationAdvisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months
Ltd. Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current
More informationDr. Reddy s Laboratories
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More informationCCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
More informationContainer Corporation of India
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More informationApollo Tyres BUY. Performance Highlights. CMP Target Price `56 `65. 3QFY2011Result Update Tyre. Key Financials (Consolidated)
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More informationDr Reddy s Laboratories
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More informationColgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG
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More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
2QFY2013 Result Update Media November 15, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 2QFY13 2QFY12 % yoy 1QFY13 %qoq Revenue 433 451 (4.0) 426 1.8 EBITDA 329 365 (10.0)
More informationAurobindo Pharma ACCUMULATE. Performance Highlights. `780 Target Price CMP `855. 2QFY2019 Result Update Pharmaceutical. Investment Period 12 months
Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 2QFY2019 Result Update Pharmaceutical November 17, 2018 Aurobindo Pharma Performance Highlights Y/E march (` cr) 2QFY19 1QFY19 % chg
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