Cadila Healthcare 1QFY2011 Result Update
|
|
- Beverly Parrish
- 6 years ago
- Views:
Transcription
1 1QFY2011 Result Update Pharmaceutical July 27, 2010 Cadila Healthcare Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2009 % chg (qoq) 1QFY2010 % chg (yoy) Net sales 1, Other income Gross profit Operating profit Net profit Cadila Healthcare (Cadila) continued its strong performance and reported good set of numbers for 1QFY2011 driven by the US market and domestic formulation segment. For FY2011, the company maintained its guidance of US $1bn on the top-line front, implying 27-28% yoy growth with OPM improvement of 100bp from 19.5% in FY2010 to 20.5%. We maintain an Accumulate on the stock and reiterate it as one of our top picks in the sector. Results ahead of expectations: Cadila reported net sales of Rs1,055cr up 19.9% and ahead of our estimates of Rs1,002cr driven by the US market and domestic formulations. Cadila reported OPM of 20.7% (20.5%), which was flat yoy in spite of gross margins expanding by 123bp, as employee expenses increased during the quarter. Excluding the one-time licensing income of Rs47cr, recurring net profit grew by a healthy 29.4%. Outlook and Valuation: We expect net sales to post CAGR of 19.4% to Rs5,100cr and EPS to clock CAGR of 26.6% to Rs39.6 over FY E. The stock is currently trading at 20.9x and 16.1x FY2011E and FY2012E earnings, respectively. We maintain an Accumulate on the stock, with a Target Price of Rs714, valuing the company at 18x FY2012E earnings. ACCUMULATE CMP Rs640 Target Price Rs714 Investment Period 12 months Stock Info Sector Pharmaceutical Market Cap (Rs cr) Beta 52 Week High / Low 13, /254 Avg. Daily Volume Face Value (Rs) BSE Sensex Nifty Reuters Code Bloomberg Code 5 18,078 5,431 CADI.BO CDH@IN Shareholding Pattern (%) Promoters 74.8 MF / Banks / Indian Fls 14.2 FII / NRIs / OCBs 5.8 Indian Public / Others 5.2 Abs. (%) 3m 1yr 3yr Sensex Cadila Key Financials (Consolidated) Y E March (Rs cr) FY2009 FY2010 FY2011E FY2012E Net Sales 2,862 3,574 4,308 5,100 % chg Net Profit % chg EPS EBITDA Margin (%) P/E (x) RoE (%) RoCE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x) Sarabjit Kour Nangra Tel: Ext: 343 sarabjit@angeltrade.com Sushant Dalmia Tel: Ext: 320 sushant.dalmia@angeltrade.com Please refer to important disclosures at the end of this report 1
2 Exhibit 1: 1QFY2011 performance (consolidated) Y/E March (Rs cr) 1QFY2011 4QFY2009 % chg (qoq) 1QFY2010 % chg (yoy) FY2010 FY2009 % chg Net Sales 1, ,574 2, Other Income Total Income 1, ,703 2, Gross profit ,396 1, Gross margin (%) Operating profit Operating Margin (%) Financial Cost (31.8) Depreciation (21.1) PBT Provision for taxation PAT before Extra-ordinary item Exceptional (80.9) Minority 4 12 (67.5) 4 (0.7) 24 0 PAT after Extra-ordinary item & MI EPS (Rs) Exhibit 2: 1QFY2011- Actual v/s Angel estimates Rs cr Actual Estimates Variance (%) Net sales 1,055 1, Other income Operating profit Tax Net profit Revenues up 20% beats estimates: Cadila reported net sales of Rs1,055cr (Rs880.3cr), up 19.9% and ahead of our estimates of Rs1,002cr driven by the US and domestic formulation business. On the export front, the US business grew by a stellar 50.6% to Rs222.7cr (Rs147.9cr) driven by launch of new products. The company indicated that it has 20% market share in generic version of Flomax. Cadila filed 7 ANDAs during the quarter taking its cumulative ANDA pending approvals to 113, and received approval for 2 ANDAs in the US. The company expects to launch 5-8 products in the US in FY2011. However, sales in Europe remained flat yoy at Rs63.2cr (Rs63.8cr) due to currency depreciation. In constant currency terms, Europe grew by 11% yoy. Further, Emerging markets de-grew by 9.7% to Rs47.6cr (Rs52.7cr) while Latin America grew by 5.7% to Rs38.7cr (Rs36.6cr) on back of delay in product approvals. The company indicated that product approvals in Brazil came at the end of the quarter and is targeting 15% growth for the market in FY2011. On the API front, sales grew by a healthy 74.5% to Rs90.2cr (Rs51.7cr) on the back of strong demand for Clopidogrel. July 27,
3 Exhibit 3: Sales trend in US and Europe region (Rs cr) QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011 US Europe On the domestic front, net sales grew by a strong 17.3% to Rs436.1cr (Rs371.9cr) on the back of traction in the CVS and respiratory therapeutic segments. Cadila launched 30 new products including line extensions during the quarter. The company launched the H1N1 vaccine and clocked sales of Rs0.9cr for the quarter. The company increased its field force strength to 4,000 MRs at the beginning of the quarter. The company expects strong traction on the domestic front to continue during FY2011. Exhibit 4: Sales trend in domestic formulation and consumer division (Rs cr) QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011 Domestic Formulation Consumer division On the CRAMS front, the Nycomed joint venture (JV) clocked sales of Rs15.3cr (Rs29.4cr), down 48.0% yoy. The company has indicated that it will commence supplying 14 APIs by end of 3QFY2011. Contribution from Hospira was subdued at Rs13.9cr (Rs23.4cr), down 40.6%. The company indicated that it expects the Hospira JV to contribute higher during the year compared to the previous year (Rs83.9cr) and that the fall in sales during the quarter was a mere timing issue. The company expects to launch products from the Hospira JV in the US during 2HFY2011. July 27,
4 Exhibit 5: Sales trend in CRAMS segment (Rs cr) QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011 Nycomed Hospira OPM flat on higher employee expenses: Cadila reported flat OPM of 20.7% (20.5%), in spite of gross margins expanding by 123bp, as employee expenses increased 24.6% to Rs127.7cr (Rs102.5cr) during the quarter. Cadila increased the headcount on the R&D front by 100 during the quarter. Exhibit 6: OPM trend % QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011 Recurring net profit growth healthy: Net profit for the quarter came in at Rs199.5cr (Rs124.8cr), up 59.9% boosted by other income of Rs81.5cr (Rs27.5cr). The company received licensing income of Rs47cr during the quarter from Abbott for supply of 24 products to 15 emerging markets under a long-term supply contract. Excluding the one-time licensing income, recurring net profit grew by a healthy 29.4%. July 27,
5 Exhibit 7: Net profit trend (Rs cr) QFY2010 2QFY2010 3QFY2010 4QFY2010 1QFY2011 Net profit Concall takeaways For FY2011, the company reiterated top-line growth of 27-28% to US $1bn (Rs4,600cr) with OPM improvement of 100bp from 19.5% in FY2010 to 20.5% FY2011. The company expects momentum in domestic formulations seen during the quarter to continue going ahead as well. Cadila has net debt of Rs739cr, with a net debt/equity ratio of 0.4x. The company going forward could enter into long term supply agreements similar in nature of the Abbott deal with other global MNC players also. July 27,
6 Recommendation Rationale Strong domestic portfolio: The company is the fifth largest player in the domestic market with sales of about Rs1,445cr in FY2010, contributing 40% to top-line. Cadila enjoys leadership position in the CVS, GI, Women HC and Respiratory segments with a sales force of 4,000. The company, on an aggressive front, launched more than 60 new products including line extensions in FY2010. During FY , the company clocked CAGR of 10.8% in top-line in the domestic formulation business, but now Cadila expects the segment to grow at above industry average of 12-14% going forward on the back of new product launches and field force expansion. Further, the company has a strong consumer division through its stake in Zydus Wellness, which has premium brands under its umbrella, viz. Sugarfree, Everyuth and Nutralite with a top-line CAGR of 31.8% to Rs267.5cr over FY Exports on a strong footing: Cadila has a two-fold focus on exports wherein it is targeting both the developed and emerging markets, which contributed around 48% to FY2010 top-line. The company has developed a formidable presence in the developed markets of the USA, Europe (France, Spain) and Japan. On the US front, the company achieved critical scale of US $ 140mn on the sales front in FY2010, with 40% of its product commanding a market share of more than 20%. This was primarily driven by market share gains in the US as some key competitors had manufacturing constraints due to the USFDA issue. In Europe, the company s growth going forward would be driven by new product launches and improvement in margins by product transfer to the Indian facilities. In the emerging markets, the company is aggressively targeting Brazil and the CIS region. One of the most profitable CRAMS players: Cadila s CRAMS joint venture with Nycomed and Hospira is one of the most profitable in the industry with OPM of more than 50% and 30%, respectively. Under Nycomed, Cadila expects to commence supply of 14 APIs in the near future. On the Hospira front, where current capacity utilisation is pegged at 15-20%, the company expects to scale it up further by taping the US region in FY2011 from current Europe only. Outlook and Valuation: We expect net sales to post a CAGR of 19.4% to Rs5,100cr and EPS to clock CAGR of 26.6% to Rs39.6 over FY E. At current levels, the stock is trading at 20.9x and 16.1x FY2011E and FY2012E earnings, respectively. We maintain an Accumulate on the stock, with a Target Price of Rs714, valuing the company at 18x FY2012E earnings. July 27,
7 Exhibit 8: Key assumptions FY2011E FY2012E Domestic Sales Growth (%) Export Sales Growth (%) Growth in Employee Expenses (%) Operating Margins (excl operating income) (%) Capex (Rs cr) Exhibit 9: One-year forward PE band 24x (Rs) x 12x - Apr-05 Jul-05 Oct-05 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 6x July 27,
8 Exhibit 10: Recommendation Summary Company Reco CMP Tgt Price Upside FY2012E FY10-12E FY2012E CAGR in (Rs) (Rs) % PE (x) EV/Sales (x) EV/EBITDA (x) RoCE ROE EPS (%) Alembic Buy Aventis* Reduce 1,910 1,658 (13) Cadila Healthcare Accumulate Cipla Accumulate Dr Reddy's # Neutral 1, Dishman Pharma Buy GSK Pharma* Sell 2,057 1,700 (17) Indoco Remedies Buy Ipca labs Neutral Lupin Accumulate 1,954 2, Orchid Chemicals Neutral Piramal Healthcare Neutral Ranbaxy* Neutral Sun Pharma Neutral 1, Source: Company, Angel research; Note: # The current estimates are as per IGAAP; *December year ending July 27,
9 Profit & Loss Statement (Consolidated) Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E Gross sales 1,875 2,535 2,917 3,615 4,361 5,162 Less: Excise duty Net Sales 1,786 2,266 2,862 3,574 4,308 5,100 Other operating income Total operating income 1,828 2,323 2,928 3,687 4,414 5,222 % chg Total Expenditure 1,477 1,865 2,322 2,878 3,440 4,028 Net Raw Materials ,178 1,439 1,699 Other Mfg costs Personnel Other ,259 1,226 1,401 EBITDA ,072 % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) Less: Minority interest (MI) 8 5 (0) PAT after MI (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (Rs) Fully Diluted EPS (Rs) % chg (40.1) July 27,
10 Balance Sheet (Consolidated) Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E SOURCES OF FUNDS Equity Share Capital Reserves& Surplus ,123 1,494 1,929 2,537 Shareholders Funds 866 1,062 1,191 1,562 2,032 2,639 Minority Interest Total Loans ,267 1,154 1, Deferred Tax Liability Total Liabilities 1,447 2,043 2,613 2,902 3,289 3,728 APPLICATION OF FUNDS Gross Block 1,311 1,627 1,809 2,289 2,585 2,881 Less: Acc. Depreciation ,032 1,190 Net Block ,052 1,400 1,553 1,690 Capital Work-in-Progress Goodwill Investments Current Assets 987 1,122 1,561 1,879 2,323 2,851 Cash Loans & Advances Other ,086 1,431 1,721 2,037 Current liabilities ,152 1,378 Net Current Assets ,172 1,473 Mis. Exp. not written off Total Assets 1,447 2,043 2,613 2,902 3,289 3,728 July 27,
11 Cash Flow Statement (Consolidated) Y/E March (Rs cr) FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E Profit before tax Depreciation (Inc)/Dec in Working Capital (39) (212) (121) (157) (140) (153) Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec.in Fixed Assets (203) (493) (388) (351) (296) (296) (Inc.)/Dec. in Investments (45) (1) (1) (1) - - Other income Cash Flow from Investing (214) (483) (368) (337) (274) (271) Issue of Equity Inc./(Dec.) in loans (10) (114) (110) (200) Dividend Paid (Incl. Tax) (70) (84) (71) (130) (157) (203) Others (114) Cash Flow from Financing (244) (267) (403) Inc./(Dec.) in Cash 55 (6) 159 (89) Opening Cash balances Closing Cash balances July 27,
12 Key Ratios Y/E March FY2007 FY2008 FY2009 FY2010 FY2011E FY2012E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (Rs) 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) July 27,
13 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 Cadila 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 Rs 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%) July 27,
Cadila Healthcare ACCUMULATE. Performance Highlights. CMP 860 Target Price QFY2013 Result Update Pharmaceutical. Key financials (Consolidated)
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
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 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 informationLupin NEUTRAL. Performance Highlights CMP. `448 Target Price - 2QFY2011 Result Update Pharmaceutical. Investment Period -
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 informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `390 Target Price - 2QFY2017 Result Update Pharmaceutical. Investment Period -
2QFY2017 Result Update Pharmaceutical November 7, 2016 Cadila Healthcare Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg (qoq) 2QFY2016 % chg (yoy) Net sales 2,336 2,216 5.4 2,267 3.1 Other
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
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `440 Target Price. 3QFY2017 Result Update Pharmaceutical. Investment Period -
3QFY2017 Result Update Pharmaceutical February 22, 2017 Cadila Healthcare Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 2,250 2336 (3.7) 2268 (0.8)
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 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 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 informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 2QCY2017 Result Update Pharmaceutical. 3-year price chart.
2QCY2017 Result Update Pharmaceutical August 28, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 2QCY2017 1QCY2017 % chg (qoq) 2QCY2016 % chg (yoy) Net sales Other income Operating profit 556
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,301 Target Price - 4QCY2016 Result Update Pharmaceutical. Investment Period - 3-year price chart
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 informationKEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Cable May 21, 2018 KEI Industries Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18
More informationSanofi India ACCUMULATE. Performance Highlights. CMP `4,410 Target Price `4,738. 1QCY2016 Result Update Pharmaceutical. 3-year price chart
1QCY2016 Result Update Pharmaceutical May 5, 2016 Sanofi India Performance Highlights Y/E Dec. (` cr) 1QCY2016 4QCY2015 % chg (qoq) 1QCY2015 % chg (yoy) Net sales 506 522 (3.1) 460 10.1 Other income 64
More informationGraphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods
1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59
More informationDr. Reddy s Laboratories
2QFY2017 Result Update Pharmaceutical November 7, 2016 Dr. Reddy s Laboratories Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg (qoq) 2QFY2016 % chg (yoy) Net sales 3,586 3,235 10.9 3,989
More informationGraphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months
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)
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationLupin 1QFY2018 Result Update
Jul-12 Nov-12 Mar-13 Jul-13 Nov-13 Mar-14 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 1QFY2018 Result Update Pharmaceutical August 07, 2017 Lupin Performance Highlights Y/E March
More informationLupin BUY. Performance Highlights. CMP `1,493 Target Price `1,809. 2QFY2017 Result Update Pharmaceutical. 3-year price chart
2QFY2017 Result Update Pharmaceutical November 11, 2016 Lupin Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg qoq 2QFY2016 % chg yoy Net sales 4,212 4,316 (2.4) 3,193 31.9 Other income
More informationCipla REDUCE. Performance Highlights. CMP Target Price `564 `490. 2QFY2017 Result Update Pharmaceutical. Investment Period - 3-Year Daily Price Chart
2QFY2017 Result Update Pharmaceutical November 11, 2016 Cipla Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg qoq 2QFY2016 % chg yoy Net sales 3,672 3,500 4.9 3,379 8.7 Other income 106
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
More informationQuick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure
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 informationDr Reddy s Laboratories
1QFY2017 Result Update Pharmaceutical July 29, 2016 Dr Reddy s Laboratories Performance Highlights Y/E March (` cr) 1QFY2017 4QFY2016 % chg (qoq) 1QFY2016 % chg (yoy) Net sales 3,235 3,756 (13.9) 3,758
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationSun Pharma BUY. Performance Highlights. `783 Target Price `944 CMP. 1QFY2017 Result Update Pharmaceutical. Investment Period 12 months
1QFY2017 Result Update Pharmaceutical August 17, 2016 Sun Pharma Performance Highlights (` cr) 1QFY2017 4QFY2016 % chg QoQ 1QFY2016 % chg yoy Net sales 8,007 7,414 8.0 6,527 22.7 Other income 393 185 112.3
More informationACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period -
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 informationAmbuja Cements NEUTRAL. Performance Highlights CMP. `184 Target Price - 2QCY2012 Result Update Cement. Quarterly results (Standalone)
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
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationFY2017 FY2018E FY2019E
Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 Jan-15 Jun-15 Nov-15 Apr-16 Sep-16 Feb-17 Jul-17 2QFY2018 Result Update Pharmaceutical November 20, 2017 Lupin Performance Highlights Y/E March (`cr) 2QFY2018
More informationSun Pharma BUY. Performance Highlights. `739 Target Price `944 CMP. 4QFY2016 Result Update Pharmaceutical. Investment Period 12 months
4QFY2016 Result Update Pharmaceutical June 10, 2016 Sun Pharma Performance Highlights (` cr) 4QFY2016 3QFY2016 % chg QoQ 4QFY2015 % chg yoy Net sales 7,414 7,047 5.2 6,145 20.7 Other income 185 255 (27.2)
More informationSpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months.
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
More informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
More informationDr. Reddy s Laboratories
Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 Mar-17 Aug-17 2QFY2018 Result Update Pharmaceutical November 24, 2017 Dr. Reddy s Laboratories Performance Highlights
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 informationMRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
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
More informationSun Pharma BUY. Performance Highlights. `683 Target Price `847 CMP. 2QFY2017 Result Update Pharmaceutical. Investment Period 12 months
2QFY2017 Result Update Pharmaceutical November 17, 2016 Sun Pharma Performance Highlights (` cr) 2QFY2017 1QFY2017 % chg (qoq) 2QFY2016 % chg (yoy) Net sales 7,764 8,007 (3.0) 6,858 13.2 Other income 621
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 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 informationHindustan Media Ventures
2QFY216 Result Update Media October 27, 215 Hindustan Media Ventures Performance Highlights Quarterly Data (` cr) 2QFY16 2QFY15 % yoy 1QFY15 % qoq Revenue 227 2 13.7 224 1.4 EBITDA 52 39 33.1 55 (4.5)
More informationParag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
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%
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
More informationGlaxoSmithKline Pharmaceuticals
3QFY2017 Result Update Pharmaceutical February 15, 2017 GlaxoSmithKline Pharmaceuticals Performance Highlights Y/E Mar (` cr) 3QFY2017 2QFY2017 % chg (QoQ) 3QFY2016 % chg (YoY) NEUTRAL CMP `2,683 Target
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 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 informationMahindra & Mahindra Ltd.
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 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 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 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
More informationLupin NEUTRAL. Performance Highlights. CMP `1,838 Target Price - 2QFY2016 Result Update Pharmaceutical. Investment Period -
2QFY2016 Result Update Pharmaceutical November 10, 2015 Lupin Performance Highlights Y/E March (` cr) 1QFY2016 4QFY2015 % chg qoq 1QFY2015 % chg yoy Net sales 3,178 3,074 3.4 3,117 2.0 Other income 184
More informationAurobindo Pharma BUY. Performance Highlights. `708 Target Price CMP `823. 2QFY2018 Result Update Pharmaceutical. Investment Period 12 months
Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 2QFY2018 Result Update Pharmaceutical November 20, 2017 Aurobindo Pharma Performance Highlights Y/E march
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 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 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)
More informationAurobindo Pharma BUY. Performance Highlights CMP. `580 Target Price `823. 4QFY2017 Result Update Pharmaceutical. Investment Period 12 months
Nov-12 Jun-13 Dec-13 Jul-14 Jan-15 Aug-15 Feb-16 Sep-16 Apr-17 4QFY2017 Result Update Pharmaceutical June 2, 2017 Aurobindo Pharma Performance Highlights Y/E march (` cr) 4QFY17 3QFY17 % chg (QoQ) 4QFY16
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 informationMaruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart
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 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 informationIpca Laboratories ACCUMULATE. Performance Highlights. `533 Target Price CMP. 2QFY2018 Result Update Pharmaceutical. Investment Period 12 Months
May-12 Nov-12 May-13 Nov-13 May-14 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 2QFY2018 Result Update Pharmaceutical November 28, 2017 Ipca Laboratories Performance Highlights % chg % chg Y/E March (` cr)
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
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 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 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 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 informationParag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months
1QFY2019 Result Update Dairy Products August 8, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q1FY19 Q1FY18 % yoy Q4FY18 % qoq Net sales 549 413 32.9 518 5.9 EBITDA 60 29 103% 55 8.4% EBITDA
More 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 informationAurobindo Pharma BUY. Performance Highlights CMP. `686 Target Price `877. 3QFY2017 Result Update Pharmaceutical. Investment Period 12 months
3QFY2017 Result Update Pharmaceutical February 23, 2017 Aurobindo Pharma Performance Highlights Y/E march (` cr) 3QFY17 2QFY17 % chg (QoQ) 3QFY16 % chg (yoy) Net sales 3,844 3,714 3.5 3,432 12.0 Other
More informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales
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 informationProcter & Gamble Hygiene & Health Care
3QFY216 Result Update FMCG May 6, 216 Procter & Gamble Hygiene & Health Care Performance Highlights Quarterly Data (` cr) 3QFY16 3QFY15 % yoy 2QFY16 % qoq Revenue 614 555 1.5 714 (14.) EBITDA 133 123 8.5
More informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
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 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 informationAmbuja Cements ACCUMULATE. Performance Highlights. CMP Target Price `207 `233. 3QCY2015 Result Update Cement. Quarterly results (Standalone)
Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net Sales 2,095 2,493 (16.0) 2,188 (4.2) EBIDTA 310 384 (19.2) 393 (21.2)
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 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 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 informationSpiceJet ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I Aviation
4QFY2010 Result Update I Aviation June 3, 2010 SpiceJet Performance Highlights For 4QFY2010, SpiceJet s Top-line grew 34.3% yoy but fell 12.8% qoq to Rs560cr, slightly lower than our estimate of Rs590cr.
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 informationACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement
3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742
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 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 informationSimplex Infrastructures
3QFY2014 Result Update Infrastructure February 18, 2014 Simplex Infrastructures Performance Highlights Quarterly Highlights Standalone Y/E March (` cr) 3QFY14 3QFY13 2QFY14 % chg (yoy) % chg (qoq) Net
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 informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
More 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
More informationColgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG
4QFY2010 Result Update I FMCG May 27, 2010 Colgate-Palmolive Performance Highlights ACCUMULATE CMP Target Price Rs715 Rs752 We highlight the fact that the current quarter results are not comparable yoy/qoq,
More informationGoodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials
Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with
More 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 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 informationKEC International BUY. Performance Highlights. CMP Target Price `492 `648. 2QFY2011 Results Update Capital Goods. Key Financials (Consolidated)
2QFY2011 Results Update Capital Goods November 3, 2010 KEC International Performance Highlights (` cr) 2QFY11 2QFY10 % chg (yoy) 1QFY11 % chg (qoq) Revenues 1,001 875 14.3 846 18.3 EBITDA 101 91 11.3 84
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 informationContainer Corporation of India
1QFY2011 Result Update Logistics July 20, 20 Container Corporation of India Performance Highlights Y/E March (Rs cr) 1QFY2011 1QFY20 % yoy 4QFY20 % qoq Net sales 916 907 0.9 951 (3.6) EBITDA 247 248 (0.4)
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 informationReliance Communication
1QFY213 Result Update Telecom August 13, 212 Reliance Communication Performance highlights (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) Net sales 5,319 5,31.2 4,94 7.7 EBITDA 1,65 1,632 1.1 1,61
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 informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationTata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart
2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689
More 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 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 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 information