Larsen & Toubro. Revenues a positive surprise...so is other income! Q1FY13 Result Update
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- Brice McDaniel
- 6 years ago
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1 Revenues a positive surprise...so is other income! July 23, 2012 Rupa Shah rupashah@plindia.com Rating Accumulate Price Rs1,378 Target Price Rs1,517 Implied Upside 10.1% Sensex 16,877 Nifty 5,118 (Prices as on July 23, 2012) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 0.00% Foreign 14.07% Domestic Inst % Public & Other 47.52% Stock Performance (%) 1M 6M 12M Absolute (24.6) Relative (14.7) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: LART.BO, BB: LT IN) (Rs) 2,000 1,500 1, Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Revenues surprisingly higher, EBITDA margins below expectations: Larsen and Toubro (L&T) reported a healthy 26.1% YoY growth in net sales at Rs119bn in Q1FY13 (largely benefitted from robust order inflows in roads/buildings and on track execution) and was largely above our expectations of Rs106bn. Reported EBITDA included a forex MTM of Rs2.7bn and write-backs worth Rs500m. Adjusting to these items margin are expected to be 80bps lower YoY at 10.9% and below our expectations. Interest continues to be higher by 45% YoY, mainly on account of increased capex/wc needs and borrowings thereof. OI (aided by dividend from subsidiaries and higher treasury incomes at Rs2.2bn) was the major delta in earnings which was higher by 125% YoY and 96% QoQ at Rs6.1bn. Thus, PAT at Rs8.6bn, grew by 15.7% YoY. Adjusting to some one-off items, APAT is estimated to be at Rs8.5bn versus our expectation of Rs8bn. Sectoral performance: E&C division registered a revenue growth of 30%, with 10.9% EBITDA margins (90bps down YoY). E&E business registered 3% sales growth, with EBITDA margin of 13.5% (110bps higher YoY). MIP business continued to show a weak performance, with 18% de-growth in sales and 460bps decline in EBITDA margins at 15.5%. Others segment, though small, continues to be robust, with 80% YoY growth in sales at Rs3.5bn and a 770bps YoY improvement in EBITDA margins at 30.9%, mainly led by rupee depreciation and better capacity utilisation. Order inflow details of the undisclosed part: L&T had announced Rs151.5bn orders in Q1FY13 on exchanges. However, the declared order inflows came in at Rs196bn. The difference of Rs44.5bn orders are explained by Rs37.3bn order from Amravati Jalgaon Road project and Rs8.2bn (constituting small-sized projects) from infrastructure projects across verticals, where clients are not disclosed. Management, in Q4FY12, had indicated Rs bn worth of orders to spillover to Q1FY13 from FY12. Out of this, Rs78bn is booked as order inflow in Q1FY13. Contd 2 Key financials (Y/e March) E 2014E Revenues (Rs m) 434, , , ,978 Growth (%) EBITDA (Rs m) 52,136 62,826 72,095 83,729 PAT (Rs m) 36,720 44,196 47,429 53,172 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2014E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Q1FY13 Result Update Source: Bloomberg Source: Company Data; PL Research * adjusting for subsidiaries PrabhudasLilladher 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 FY13E order inflow target achievement a challenging task; however, OB still robust at Rs1.6trn: L&T, in Q1FY13, bagged orders worth Rs195bn, a growth of 21% YoY and down by 7.6% QoQ. The company has maintained the order inflow guidance of 15-20% YoY which amounts to Rs811bn. Though T&D has also grown, the company has lost considerable projects to competitors in the domestic market. Big chunks of orders are needed from Hydrocarbon and Utilities (including Hydro), along with stable and strong orders from Infrastructure sector (which the company is upbeat on), to draw it closer to the target. We still maintain a flat YoY order intake view in the absence of any signs of Industrial capex revival, bleak Hydrocarbon scenario in Indian and ME countries and looming crisis in the Power generation sector in India. Power equipment import duty hike could turn positive for the company s BTG manufacturing SBU but 13 th Plan orders will take its own time to get awarded. However, orders from Buildings and Factories will continue at its own (good) pace, setting a stage for reasonable order inflows for FY13E. Valuations and our take: A higher order intake in Infrastructure segment, which will reduce the gestation period, and thus lead to a higher revenue growth. However, will it come at a cost of lower margins is the key question? A 0-5% growth in order inflows in FY13E is more or less factored in CMP. However, the mix and timing will generate the delta in EBITDA margins for FY14E earnings. The increasing Working Capital requirement is eating away the free cash flows of the standalone entity. Over and above this, equity investments in IDPL (Rs1.5bn approx) would further put stress on the cash flows for the company. A stake sale in subsidiaries is expected as now the management has indicated some equity fund raising in IDPL which could be the trigger point in the stock. We have not touched our estimates currently. On core P/E basis, L&T is trading at 12.7xFY13E and 11.3x FY14E, which could have an upward bias if environment improves. We reiterate that in any cyclical economic improvement and with limited options available, L&T stands to benefit among its peers. Thus, we maintain our 'Accumulate on declines rating on the stock. July 23,
3 Exhibit 1: Q1FY13 Result Overview (Rs m) Y/e March Q1FY13 Q1FY12 YoY gr. (%) Q4FY12 FY13E FY12 YoY gr. (%) Net Sales 119,554 94, , , , Expenditure Consumption of RM 37,201 21, , , , % of Net Sales Construction, Mfg. & Others 20,891 20, , , , % of Net Sales Sub Contracting 24,905 19, , , , % of Net Sales Total Expenditure 106,514 83, , , , EBIDTA 13,040 11, ,608 72,095 62, Margin (%) (83.5) (53.9) Depreciation 1,919 1, ,804 7,552 6, EBIT 11,121 9, ,804 64,543 55, Interest 2,284 1, ,211 7,400 6, Other Income 3,558 2, ,142 13,792 13, PBT 12,695 10, ,735 70,790 62, Tax 4,189 3, ,900 23,361 18, Tax Rate (%) Recurring Pat(ADJ) 8,506 7, ,836 47,429 44, PAT 8,637 7, ,204 47,429 44, Exhibit 2: Order Inflow Analysis (Rs bn) Order Inflow Order Book (RHS) 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1, Q1FY10 (Rs bn) Q2FY10 Q3FY10 Q4FY10 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Q3FY12 Q4Y12 Q1FY13E July 23,
4 Exhibit 3: Business Snapshot (Rs bn) Order inflow has been showing some signs of revival but components are too biased towards Infrastructure, mainly Buildings and Roads segment. Nearly Rs86bn worth of orders came from IDPL pertaining to two BOT projects and one EPC of BOT project worth Rs20bn. In E&C, the export inflows dropped by 53% YoY as ME orders have not started pouring in as expected. Business Snapshots QoQ Q1FY13 Q4FY12 Q3FY12 Q2FY12 Q1FY12 Sales Engineering & Construction Electrical & Electronics MIP Others EBIT Engineering & Construction Electrical & Electronics MIP Others EBIT (%) Engineering & Construction Electrical & Electronics MIP Others Exhibit 4: Order Book Composition Hydro carbon 8% Process 14% Others 4% Infrastructure 47% Power 27% July 23,
5 Exhibit 5: Order Book by Geography Middle East 9% Others 2% Domestic 89% Exhibit 6: Client wise Order Book Development Assets (In- House) 17% Pubilc 32% Private 51% Exhibit 7: Q1FY13 Sales Break up Others 3% MIP 4% Electrical & Electronics 6% Engineering & Construction 87% July 23,
6 Analyst call highlights MTM losses booked above EBITDA line in Q1FY13 were to the extent of Rs2.7bn (Rs1.6bn relating to loans and Rs1bn relating to operational business) and higher treasury and dividends for S&A was Rs2.2bn, netting off each others. The company also booked a reversal of Rs500m write-back above EBITDA margin. The working capital needs are rising and the reason for this is support to vendor chain. In Q1FY13, it stood at 15.3% to sales. There has been an increased level of cash at EWAC Lloyd, L&T Infotech and L&T Infocity which has led to higher dividend payouts to the parent. About 500 workers have taken VRS as the manufacturing base, mainly pertaining to electrical business, has been shifted to low cost places like Vadodara, Coimbatore and Ahmadnagar. Hyderabad metro work has commenced and the concession period has also officially started. Exhibit 8: SOTP Management has maintained a 15-20% growth in order inflow, 15-20% growth in revenues and aiming to maintain EBITDA at FY12 levels. Sectors Valuation Parameter Rs / Share Value (Rs m) L&T Standalone 13x (25% higher multiple than our coverage universe P/E) FY14 EPS of Rs86.8 1, ,897 L&T Infotech 8.5x FY14E PAT of Rs 5.9 HOLDCO 62 37,783 L&T Finance Holdings 25% HOLDCO Discount to Mkt Cap of LT Finance -LT share 82% 71 43,185 L & T IDPL 1.5x Equity in FY13E of HOLDCO of 25% ,844 LT Power Equipment P/E 7.8x FY14E PAT of Rs2.9bn on USD 1bn HOLDCO of 25% 27 16,446 L & T Manufacturing 5x FY14E Rs3bn PAT of various facilities 25 15,485 Others 5x FY14E Rs8bn PAT of various businesses 70 42,968 Total Value 1, ,608 Source: PL Research July 23,
7 Income Statement (Rs m) Net Revenue 434, , , ,978 Raw Material Expenses 100, , , ,424 Gross Profit 334, , , ,554 Employee Cost 28,845 9,754 39,887 45,828 Other Expenses 253, , , ,997 EBITDA 52,136 62,826 72,095 83,729 Depr. & Amortization 5,992 6,995 7,552 8,700 Net Interest 6,474 6,661 7,400 8,800 Other Income 16,511 13,383 13,937 13,424 Profit before Tax 56,181 62,553 71,080 79,653 Total Tax 19,459 18,357 23,361 26,189 Profit after Tax 36,722 44,196 47,719 53,464 Ex-Od items / Min. Int. (2) Adj. PAT 36,720 44,196 47,429 53,172 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 16,148 8,834 31,028 19,627 C/F from Investing (18,461) (29,069) (26,936) (18,896) C/F from Financing 5,298 20,713 (4,136) 217 Inc. / Dec. in Cash 2, (43) 947 Opening Cash 14,319 17,304 17,781 17,738 Closing Cash 17,304 17,781 17,738 18,685 FCFF 8,939 (1,225) 17,299 13,536 FCFE 12,542 26,132 29,953 33,490 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) (767) (759) (481) (375) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Shareholder's Funds 218, , , ,914 Total Debt 71,611 98, , ,577 Other Liabilities 2,635 1, Total Liabilities 292, , , ,394 Net Fixed Assets 74,581 86, , ,752 Goodwill Investments 146, , , ,627 Net Current Assets 71, , , ,973 Cash & Equivalents 17,304 17,781 17,738 18,685 Other Current Assets 332, , , ,971 Current Liabilities 278, , , ,683 Other Assets (94) Total Assets 292, , , ,394 Quarterly Financials (Rs m) Y/e March Q2FY12 Q3FY12 Q4FY12 Q1FY13 Net Revenue 112, , , ,554 EBITDA 11,741 13,431 25,608 13,540 % of revenue Depr. & Amortization 1,709 1,803 1,804 1,919 Net Interest 1,970 1,907 1,211 2,284 Other Income 3,632 4,487 3,142 3,558 Profit before Tax 11,694 14,208 26,285 12,895 Total Tax 3,709 4,292 7,081 4,255 Profit after Tax 7,985 9,915 19,204 8,637 Adj. PAT 7,985 9,915 18,836 8,640 Key Operating Metrics E&C (Rs m) 377, , , ,722 E&E (Rs m) 28,380 35,794 25,306 28,973 MIP (Rs m) 26,660 28,538 25,306 25,306 Others (Rs m) 6,600 9,630 4,222 18,338 Blended EBIDTA Marg. (%) Interest as a % to sales Order Book (Rs bn) 1,334 1,457 1,524 1,560 Other Inc. / PAT (%) Order intake (Rs bn) Int. Rate (%) Capex (Rs bn) NCA/Sales (%) RM & Const Cost (%) July 23,
8 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 56.0% 23.3% 19.3% 1.3% BUY Accumulate Reduce Sell PL s Recommendation Nomenclature 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 This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document. July 23,
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Lower costs and higher scale off sets weaker realisations February 12, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs305
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 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 informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More 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 informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationHindustan Zinc. Source: Company Data; PL Research
Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More 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 informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More 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 informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More 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 informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
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 informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationState Bank of India. Strong operating performance. Source: Company Data; PL Research
Strong operating performance January 24, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs2,597 Target Price
More informationIs bet on big data going to be even bigger? Source: Company Data; PL Research
Is bet on big data going to be even bigger? April 23, 2014 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs531 Target 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 informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationKotak Mahindra Bank. Source: Company Data; PL Research. PE (x) Net dividend yield (%) Source: Bloomberg
Higher operating expenses affect bottomline January 21, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs419 Target
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More 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 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 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 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 informationKotak Mahindra Bank. Healthy operating performance. Source: Company Data; PL Research
Healthy operating performance May 06, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs422 Target Price Rs485
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More 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 informationICICI Bank. Source: Company Data; PL Research
Steady quarter, margin outlook seems more than cautious January 25, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,084
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 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 informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationSun Pharmaceutical Industries
Sun acquires Ranbaxy Gain size at a cost of margin premium April 09, 2014 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs630 Target Price Rs646 Implied Upside 2.5% Sensex
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 informationIDEA RESEARCH. Q2FY19 Result Update Tuesday, November 13, Mold Tek Packaging Lower gross margins & higher interest cost impacts profitability
(MTEP) reported Q2 results, slightly below expectations. Cons. net sales grew by 27.1% YoY but were marginally lower sequentially to Rs 1,005m. Q2 is a seasonally weak quarter (Q1 and Q4 being stronger).
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 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 informationNIIT Technologies. Source: Company Data; PL Research
Improvement in revenue trajectory is key positive October 22, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs614 Target Price Rs670 Implied Upside 9.1% Sensex 32,584 Nifty
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationBharat Electronics. Best defence bet! Source: Company Data; PL Research
Best defence bet! October 8, 212 Kunal Sheth kunalsheth@plindia.com +91-22-66322257 Riddhi Kothari riddhikothari@plindia.com +91-22-66322238 Rating BUY Price Rs1,224 Target Price Rs1,457 Implied Upside
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 informationHCL Technologies. Source: Company Data; PL Research
Strong seasonality in IBM IP aids growth beat January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs958 Target Price Rs1,020 Implied Upside 6.5% Sensex 35,512 Nifty 10,895
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 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 informationCadila Healthcare. Source: Company Data; PL Research
Result is in line; Tall guidance for US, Delivery remains clouded May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs327 Target Price Rs338 Implied Upside 3.4% Sensex 25,490
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 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 information