Bank of Maharashtra ACCUMULATE. Performance Highlights CMP. `48 Target Price `55. 4QFY2012 Result Update Banking. Investment Period 12 Months
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1 4QFY2012 Result Update Banking May 10, 2012 Bank of Maharashtra Performance Highlights Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) NII Preprov. profit (41.2) PAT (46.3) Bank of Maharashtra reported a muted performance for 4QFY2012, registering net profit growth of just 4.9% yoy to `73cr, despite moderate growth in operating income and a sizeable decline in operating expenses, mainly due to higher provisioning expenses during the quarter. We recommend an Accumulate rating on the stock. Strong performance on the operating front: During 4QFY2012, the bank s advances grew at a healthy rate of 19.6% yoy, while deposits growth was moderate at 14.5% yoy. CASA deposits growth stood at 17.0% yoy, which was higher as compared to overall deposit growth, mainly due to 28.1% yoy growth in current account deposits, leading to an 89bp yoy improvement in CASA ratio to 41.3% (33bp sequentially). The bank shed around ~`3,000cr of high cost bulk deposits during 4QFY2012, taking its total bulk deposits to ~`4,000cr (5.0% of overall deposits as against 8.6% in 3QFY2012). Cost of funds for the quarter decreased by relatively low 11bp qoq compared to a 22bp qoq decrease in yield on funds. Consequently, reported NIM witnessed a decline of 11bp qoq to 3.2%. The bank s fee income witnessed healthy traction during 4QFY2012, growing by healthy 22.5% yoy to `117cr. The bank s asset quality deteriorated sequentially during 4QFY2012, with both absolute gross and net NPAs increasing on a qoq basis. While gross NPAs increased from 2.1% to 2.3%, net NPA ratio increased from 0.5% to 0.8%. Slippage ratio increased on a sequential basis to 3.9%, much above the comfortable 11.5% levels. PCR for the bank dipped by 664bp, but remained at comfortable levels. The bank restructured ~`485cr of loans during the quarter, taking its outstanding restructured advances to `3,227cr (~5.6% of the overall loan book). Outlook and valuation: At the CMP, the stock is trading at attractive valuations, in our view, of 0.6x FY2014E ABV, which is even below its lower trading range for the past five years (its fiveyear range of x and median of 0.9x). On the back of high NIM, moderate fee income and better provisioning coverage than peers, we expect the bank to deliver a healthy 38.5% earnings CAGR over FY E. We value the stock at 0.7x and, hence, recommend an Accumulate rating with a target price of `55. Key financials Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E NII 1,968 2,517 2,882 3,308 % chg Net profit % chg (24.8) NIM (%) EPS (`) P/E (x) P/ABV (x) RoA (%) RoE (%) ACCUMULATE CMP `48 Target Price `55 Investment Period 12 Months Stock Info Sector Banking Market Cap (` cr) 2,851 Beta Week High / Low 60/38 Avg. Daily Volume 66,874 Face Value (`) 10 BSE Sensex 16,420 Nifty 4,966 Reuters Code BMBK.BO Bloomberg Code BOMH@IN Shareholding Pattern (%) Promoters 79.0 MF / Banks / Indian Fls 11.1 FII / NRIs / OCBs 0.9 Indian Public / Others 9.0 Abs. (%) 3m 1yr 3yr Sensex (7.5) (11.3) 38.3 BOM (13.7) (16.3) Vaibhav Agrawal Ext: 6808 vaibhav.agrawal@angelbroking.com Varun Varma Ext: 6847 varun.varma@angelbroking.com Sourabh Taparia Ext: 6872 sourabh.taparia@angelbroking.com Please refer to important disclosures at the end of this report 1
2 Exhibit 1: 4QFY2012 performance Particulars (` cr) 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) Interest earned 1,898 1, , on Advances / Bills 1,448 1, , on investments on balance with RBI & others (95.7) on others 5 0 1, (15.8) Interest Expended 1,251 1, Net Interest Income Other income Other income excl. treasury Fee Income Treasury Income (4) 10 (144.8) 7 (159.7) Recoveries from written off a/c (15.5) Others Operating income Operating expenses (14.4) Employee expenses (20.2) Other Opex Preprovision Profit (41.2) Provisions & Contingencies (31.3) PBT (50.9) Provision for Tax (58.8) (27) (223.1) PAT (46.3) Effective Tax Rate (%) (593)bp (62.7) 9380bp Exhibit 2: 4QFY2012 Actual vs. Angel estimates Particulars (` cr) Actual Estimates Var. (%) Net interest income (2.9) Other income Operating income (0.1) Operating expenses Preprov. profit (42.5) Provisions & cont (51.0) PBT (24.6) Prov. for taxes PAT (34.1) May 10,
3 Exhibit 3: 4QFY2012 performance analysis Particulars 4QFY12 3QFY12 % chg (qoq) 4QFY11 % chg (yoy) Advances (` cr) 56,060 49, , Deposits (` cr) 76,529 69, , CredittoDeposit Ratio (%) bp bp Current deposits (` cr) 8,452 6, , Saving deposits (` cr) 23,180 22, , CASA deposits (` cr) 31,632 28, , CASA ratio (%) bp bp CAR (%) bp 13.4 (92)bp Tier 1 CAR (%) bp bp Profitability Ratios (%) Cost of deposits bp bp Yield on advances (26)bp bp Yield on investments bp bp Yield on funds (22)bp bp Cost of funds (11)bp bp Reported NIM (11)bp 3.1 4bp Costtoincome ratio bp 91.0 (2148)bp Asset quality Gross NPAs (` cr) 1,297 1, , Gross NPAs (%) bp 2.5 (19)bp Net NPAs (` cr) (24.1) Net NPAs (%) bp 1.3 (48)bp Provision Coverage Ratio (%) (664)bp bp Slippage ratio (%) bp bp Business growth healthy in 4QFY2012 During 4QFY2012, the bank s advances grew at a healthy rate of 19.6% yoy, while deposits growth was moderate at 14.5% yoy. CASA deposits growth at 17.0% yoy was relatively high compared to overall deposit growth, mainly due to 28.1% yoy growth in current account deposits (as growth in savings account deposits remained moderate at 13.4% yoy), leading to an 89bp yoy improvement in CASA ratio to 41.3% (33bp sequentially). The bank shed around ~`3,000cr of high cost bulk deposits during 4QFY2012, taking its total bulk deposits to ~`4,000cr (5.0% of overall deposits as against 8.6% in 3QFY2012). Cost of funds for the quarter decreased by a relatively low 11bp qoq compared to the 22bp qoq decrease in yield on funds. Consequently, reported NIM witnessed a decline of 11bp qoq to 3.2%. May 10,
4 Exhibit 4: Business growth healthy Exhibit 5: CASA ratio maintained at healthy 40%+ levels Adv. yoy chg (%) Dep. yoy chg (%) CDR (%, RHS) CASA ratio (%) CASA yoy growth (%, RHS) Exhibit 6: Yield on funds decline sequentially by 22bp Exhibit 7: NIM declines by 11bp qoq (%) (%) Healthy growth in fee income drives 18.3% yoy growth in non interest income The bank s fee income witnessed healthy traction during 4QFY2012, growing by healthy 22.5% yoy to `117cr. Treasury operations reported a loss of `4cr during the quarter as against profit of `7cr in 4QFY2011, while recoveries from writtenoff accounts decreased by 15.5% yoy to `34cr. Asset quality deteriorates sequentially; slippages surge The bank s asset quality deteriorated sequentially during 4QFY2012, with both absolute gross and net NPAs increasing on a qoq basis. While gross NPAs increased from 2.1% to 2.3%, net NPA ratio increased from 0.5% to 0.8%. Slippage ratio increased on a sequential basis to 3.9%, much above the comfortable 11.5% levels. PCR for the bank dipped by 664bp, but remained at comfortable levels. The bank restructured ~`485cr of loans during the quarter, taking its outstanding restructured advances to `3,227cr (~5.6% of the overall loan book). May 10,
5 Exhibit 8: Slippages surge in 4QFY2012 Exhibit 9: Asset quality deteriorates sequentially (%) Gross NPAs (%) Net NPAs (%) PCR (%, RHS) (0.5) 20.0 ; Note: PCR including tech. writeoffs Staff expenses down on a yoy basis but increase sequentially Staff expenses decreased by 20.2% yoy to `423cr on account of high base in 4QFY2011. However, on a sequential basis, staff expenses increased by 81.0% on the back of actuarial provisions in 4QFY2012. Other expenses during the quarter increased by 8.1% yoy to `148. The bank s operating efficiency has been relatively low compared to peers, as reflected in the opex to average assets ratio of 2.7% in 4QFY2012 (2.0% in FY2012 highest amongst PSU banks). We have built in higher opex to average assets ratio of 1.9%, from 1.8% earlier, for both FY2013 and FY2014. Exhibit 10: Operating expenses trend for BOM Staff expenses (` cr) Other opex (` cr) Exhibit 11: Cost ratios structurally higher for BOM Opex to average assets (%) Costtoincome ratio (%, RHS) Capital infused by govt. and LIC, tieri ratio still at low 8.3% The bank had approached the government for an infusion of ~`860cr in 1QFY2012. In FY2012, the bank received `605cr via equity capital infusion from the government and LIC. As of 4QFY2012, the bank s total CAR stood at 12.43%, with tieri CAR of 8.31%. Accordingly, we have built in advances growth of 16.5% and 14.0% for FY2013 and FY2014, respectively. May 10,
6 Investment arguments Healthy CASA share ensures lowcost funding Bank of Maharashtra has enjoyed a healthy CASA ratio in the vicinity of 40% over the past several years on the back of strong rural and semiurban presence (accounting for 53.3% of the entire branch network). Branch expansion seems to be gradually picking up, with the addition of 53 branches in FY2012 and a target of adding 200 branches in FY2013. We expect the bank to maintain its CASA share at ~40% levels over FY The benefit of healthy CASA ratio and a relatively low dependence on bulk deposits are reflected in the bank s relatively low cost of deposits compared to peers (at 6.56% for 4QFY2012). Attractive valuations At the CMP, the stock is trading at attractive valuations, in our view, of 0.6x FY2014E ABV, which is even below its lower trading range for the past five years (its fiveyear range of x and median of 0.9x). On the back of high NIM, moderate fee income and better provisioning coverage than peers, we expect the bank to deliver a healthy 38.5% earnings CAGR over FY E. We value the stock at 0.7x and, hence, recommend an Accumulate rating with a target price of `55. Exhibit 12: Key assumptions Particulars (%) Earlier estimates Revised estimates FY2013 FY2014 FY2013 FY2014 Credit growth Deposit growth CASA ratio NIMs Other income growth Growth in staff expenses Growth in other expenses Slippages Coverage Source: Angel Research May 10,
7 Exhibit 13: Change in estimates FY2013 FY2014 Particulars (` cr) Earlier Revised Earlier Revised Var. (%) Var. (%) estimates estimates estimates estimates NII 2,997 2,882 (3.9) 3,399 3,308 (2.7) Noninterest income Operating income 3,665 3,580 (2.3) 4,107 4,050 (1.4) Operating expenses 1,648 1, ,862 2, Preprov. profit 2,016 1,751 (13.1) 2,245 2,013 (10.3) Provisions & cont (26.1) (7.3) PBT 1,133 1,098 (3.1) 1,393 1,224 (12.1) Prov. for taxes (3.1) (12.1) PAT (3.1) (12.1) Source: Angel Research Exhibit 14: P/ABV band 140 Price(`) 0.4x 0.7x 1x 1.3x 1.6x Apr04 Sep04 Feb05 Jul05 Dec05 May06 Oct06 Mar07 Aug07 Jan08 Jun08 Nov08 Apr09 Sep09 Feb10 Jul10 Dec10 May11 Oct11 Mar12 Aug12 Jan13 May 10,
8 Exhibit 15: Recommendation summary Company Reco. CMP (`) Tgt. price (`) Upside (%) FY2014E P/ABV (x) FY2014E Tgt P/ABV (x) FY2014E P/E (x) FY201214E EPS CAGR (%) FY2014E RoA (%) FY2014E RoE (%) AxisBk Buy 979 1, FedBk Neutral HDFCBk Accumulate ICICIBk* Buy 813 1, SIB Neutral YesBk Buy AllBk Accumulate AndhBk Neutral BOB Buy BOI Buy BOM Accumulate CanBk Buy CentBk Neutral CorpBk Buy DenaBk Buy IDBI# Buy IndBk Buy IOB Buy J&KBk Neutral OBC Buy PNB Buy 754 1, SBI* Buy 1,844 2, SynBk Buy UcoBk Neutral UnionBk Buy UtdBk Buy VijBk Neutral ; Note:*Target multiples=sotp Target Price/ABV (including subsidiaries), # Without adjusting for SASF May 10,
9 Income statement Y/E March (` cr) FY09 FY10 FY11 FY12 FY13E FY14E Net Interest Income 1,257 1,296 1,968 2,517 2,882 3,308 YoY Growth (%) Other Income YoY Growth (%) (10.2) Operating Income 1,757 1,887 2,499 3,158 3,580 4,050 YoY Growth (%) Operating Expenses 963 1,073 1,644 1,643 1,829 2,037 YoY Growth (%) (0.1) Pre Provision Profit ,515 1,751 2,013 YoY Growth (%) Prov. & Cont YoY Growth (%) 88.2 (13.0) (23.7) 20.9 Profit Before Tax ,098 1,224 YoY Growth (%) (2.2) 11.3 (31.8) Prov. for Taxation as a % of PBT PAT YoY Growth (%) (24.8) Preference Dividend PAT avl. to Eq. shareholders YoY Growth (%) (32.5) Balance sheet Y/E March (` cr) FY09 FY10 FY11 FY12 FY13E FY14E Share Capital ,070 1,178 1,178 1,178 Equity Preference Reserve & Surplus 2,087 2,428 2,901 3,545 4,088 4,690 Deposits 52,255 63,304 66,845 76,529 87,243 99,457 Growth (%) Borrowings Tier 2 Capital 2,068 2,668 2,500 3,161 3,682 4,198 Other Liab. & Prov. 2,001 2,096 2,550 2,941 3,221 3,612 Total Liabilities 59,030 71,056 76,442 88, , ,994 Cash Balances 3,881 5,315 3,846 4,535 3,490 3,978 Bank Balances 224 1, ,209 1,376 1,566 Investments 18,382 21,324 22,491 22,911 26,255 29,767 Advances 34,291 40,315 46,881 56,060 65,310 74,453 Growth (%) Fixed Assets Other Assets 1,597 2,063 2,354 2,701 3,074 3,499 Total Assets 59,030 71,056 76,442 88, , ,994 Growth (%) May 10,
10 Ratio analysis Y/E March FY09 FY10 FY11 FY12 FY13E FY14E Profitability ratios (%) NIMs Cost to Income Ratio RoA RoE B/S ratios (%) CASA Ratio Credit/Deposit Ratio CAR Tier I Asset Quality (%) Gross NPAs Net NPAs Slippages Loan Loss Prov. /Avg. Assets Provision Coverage Per Share Data (`) EPS ABVPS (75% cover.) DPS Valuation Ratios PER (x) P/ABVPS (x) Dividend Yield DuPont Analysis NII () Prov. Exp Adj. NII Treasury Int. Sens. Inc Other Inc Op. Inc Opex PBT Taxes RoA Pref. Div RoA after Pref. Div Leverage RoE May 10,
11 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 Bank of Maharashtra 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%) May 10,
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More informationHDFC Bank BUY. Performance Highlights. CMP `1,965 Target Price `2,350. Q2FY2019 Result Update Banking. 3-year price chart. Exhibit 1: Key Financials
Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Q2FY2019 Result Update Banking Oct 20, 2018 HDFC Bank Performance Highlights Particulars (` cr) Q2FY19 Q1FY19 % chg (qoq) Q2FY18 %
More informationHDFC Bank BUY. Operating performance strong; improved NIM. CMP `2,268 Target Price `2,500. Q4FY2019 Result Update Banking. 3-year price chart
Apr-16 Sep-16 Feb-17 Jul-17 Dec-17 May-18 Oct-18 Mar-19 Q4FY2019 Result Update Banking Apr 22, 2019 HDFC Bank Operating performance strong; improved NIM Particulars (` cr) Q4FY19 Q3FY19 % chg (qoq) Q4FY18
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More informationAxis Bank BUY. CMP Target Price `620 `750. Update Bank. Earnings to normalize with stabilizing credit costs. 3-year price chart.
Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Update Bank Jan 02, 2019 Axis Bank Earnings to normalize with stabilizing credit costs Axis is the third-largest
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Result Review Banking February 26, 2013 Banking - 3QFY2013 Result Review Economic environment remains challenging 3QFY2013 snapshot - Asset quality stress continues, as slippages remain elevated; but the
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Nov-15 Jan-16 Apr-16 Jun-16 Sep-16 Nov-16 Feb-17 Apr-17 Jul-17 Sep-17 Dec-17 Feb-18 May-18 Jul-18 Oct-18 Dec-18 RBL RBL (RBL), formerly Ratnakar, was founded in 1943 and is a 75-year old bank now. Post
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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
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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 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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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 informationKEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials
3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5
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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
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Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
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2QCY2012 Result Update Cement Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 2QCY2012 1QCY2012 % chg qoq 2QCY2011 % chg yoy Net Sales 2,566 2,633 (2.6) 2,173 18.1
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1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138
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4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)
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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 informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
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 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More informationYes Bank BUY. CMP Target Price `380 `435. Initiating Coverage Banking. Growth affirmed. 3-year price chart. Key Financials (Standalone)
Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Initiating Coverage Banking July 18, 2018 Yes Bank Growth affirmed Yes Bank (YES), incorporated in 2004, is a private Indian bank.
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4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503
More informationCentury Plyboards 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 Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17
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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
More informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
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
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 informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
More informationAmbuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone)
1QCY2011 Result Update Cement April 29, 2011 Ambuja Cements Performance Highlights Y/E Dec. (` cr) 1QCY2011 4QCY2010 % chg qoq 1QCY2010 % chg yoy Net sales 2,207 1,788 23.4 1,990 10.9 Operating profit
More informationCairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated)
2QFY2013 Result Update Oil & Gas October 22, 2012 Cairn India Performance Highlights Quarterly highlights (Consolidated) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 4,443
More informationReliance Communication
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More informationBGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period -
3QFY213 Result Update Capital Goods February 8, 213 BGR Energy Systems Performance Highlights Quarterly Highlights (Standalone) (` cr) 3QFY13 3QFY12 % chg (yoy) 2QFY13 % chg (qoq) Revenue 85 84.2 627 28.3
More informationMatrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.
4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8
More 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
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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
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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 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
More informationHindustan Media Ventures
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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)
More informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationPrakash Industries BUY. Performance Highlights. CMP Target Price `81 `124. 3QFY2011 Result Update Steel
3QFY211 Result Update Steel February 11, 211 Prakash Industries Performance Highlights Particulars (` cr) 3QFY11 3QFY1 % chg (yoy) 2QFY11 % chg (qoq) Net sales 382 36 6.1 421 (9.2) EBITDA 72 88 (18.6)
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)
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Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 1QFY2019 Result Update Automobile July 27, 2018 Maruti Suzuki India Performance
More informationTech Mahindra ACCUMULATE. Performance Highlights. CMP Target Price `659 `693. 3QFY2012 Result Update IT. Key financials (Consolidated, Indian GAAP)
3QFY2012 Result Update IT February 9, 2012 Tech Mahindra Performance Highlights (` cr) 3QFY12 2QFY12 % chg (qoq) 3QFY11 % chg (yoy) Net revenue 1,445 1,333 8.4 1,211 19.3 EBITDA 234 204 14.8 250 (6.2)
More informationAlembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months
1QFY2011 Result Update Pharmaceutical August 2, 2010 Alembic Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2010 % chg (qoq) 1QFY2010 % chg (yoy) Net Sales 279 267 4.6 291 (4.0) Other Income 1 1
More informationTech Mahindra ACCUMULATE. Performance Highlights CMP. `955 Target Price `1,070. 2QFY2013 Result Update IT. Investment Period 12 months
2QFY2013 Result Update IT November 5, 2012 Tech Mahindra Performance Highlights (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) Net revenue 1,631 1,543 5.7 1,333 22.4 EBITDA 338 330 2.3 204 65.4 EBITDA
More informationProcter & Gamble Hygiene & Health Care
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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
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2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
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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 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 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 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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2QFY2013 Result Update Pharmaceutical November 7, 2012 Cadila Healthcare Performance Highlights ACCUMULATE CMP 860 Target Price 926 Y/E March (` cr) 2QFY2013 1QFY2013 % chg (qoq) 2QFY2012 % chg (yoy) Investment
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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 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
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More informationTata Consultancy Services (TCS)
Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 3QFY2019 Result Update IT January 11, 2019 Tata Consultancy Services (TCS) Performance highlights (` cr) 3QFY19 2QFY19 % chg (QoQ) 3QFY18 % chg (yoy)
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 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
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Deep Value Quick take BUY CMP Rs811 Target Price Rs1,166 (ABNL), a diversified business conglomerate, emerged from the three-way merger of Indian Rayon, Birla Global Finance and Indo Gulf in 2005. ABNL
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 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,
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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 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 informationJK Lakshmi Cement BUY. Performance Highlights CMP. `63 Target Price `79. 4QFY2012 Result Update Cement. Investment Period 12 Months
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
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 informationKPIT Cummins ACCUMULATE. Performance Highlights CMP. `121 Target Price `132. 2QFY2013 Result Update IT. Investment Period 12 Months
2QFY2013 Result Update IT October 29, 2012 KPIT Cummins Performance Highlights (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) Net revenue 567 538 5.4 325 74.5 EBITDA 95 81 16.4 44 113.1 EBITDA margin
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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