Bharat Electronics Ltd
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- Ashlyn Lindsey
- 6 years ago
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1 Company Update Excellent Margins Led by Strong Revenue Growth Revenue Analysis: Total order backlog as on Oct 1, 216 stood at Rs. 347 Bn, out of this, export order back log is US$.1 Bn. Incremental orders received during Q2FY17 was to the tune of Rs. 41 Bn. BEL s standalone Revenue for Q2FY17 grew by 16.2% (YoY). On the back of Indian government s focus on defense and increasing reforms in the defense sector, we expect the BEL consolidated revenues to grow at a CAGR of over 9.5% during FY16-18E to reach Rs Mn in FY18E. EBITDA and Margin Analysis: BEL s standalone EBITDA during Q2FY17 increased by 87.4% (YoY). EBITDA margin increased to 18.9% which was the highest in the last 5 years in the same corresponding quarter. We expect the EBITDA to grow at a CAGR of over 6.9% during FY16-FY18E to reach Rs Mn in FY17E and Rs Mn in FY18E while maintaining the EBITDA margin of 19.4% in FY17E and FY18E. PAT Analysis: Standalone PAT for the quarter without giving the effect for changes in other comprehensive income (on account of IndAS adoption) has grown by 68.2% to reach Rs Mn on account of healthy revenue growth and improved operating margins led by operating efficiencies. Outlook and Valuation We have rolled out FY18E estimates. BEL, the pure defense play in this sector, with its consistent track record in terms of execution and performance along with healthy balance sheet with almost zero debt, it is likely to benefit in terms of its performance. With the company s focus on indigenization along with indigenous R&D, collaborative R&D Tie-ups, partnership with academic institutions, selective tie-ups with foreign OEMs along with focus on modernization, consistently increasing the investment in capex backed by the healthy order book provides the long term visibility for the company s revenue growth. We have rolled forward our valuation to FY18E EPS and assigned a 21.x P/E to value BEL based on a 1 year forward FY18E EPS of Rs to arrive at an upwardly revised target price of Rs for a time frame of 9-12 months. Key Risks Any slowdown in Government s reform process or increasing competition from private players entering the defense business can put pressure on revenue growth as well as on the earnings. Exhibit 1: Valuation Summary Industrials - Aerospace & Defense - Aircraft & Parts Bloomberg Code: BHE IN India Research - Stock Broking Net Sales EBITDA EBITDA Margin (%) Adj. Net Profit EPS (Rs.)** RoE (%) PE (x) ; *Represents multiples for FY14, FY15 & FY16 are based on historic market price ** EPS for FY14 and FY15 are adjusted with the bonus issue in FY16 For private circulation only. For important information about Karvy s rating system and other disclosures refer to the end of this material. Karvy Stock Broking Research is also available on Bloomberg, KRVY<GO>, Thomson Publishers & Reuters Recommendation (Rs.) Nov 5, 216 CMP (as on Nov 4, 216) 135 Target Price 1449 Previous Target Price 14 Upside (%) 11 Stock Information Mkt Cap (Rs.mn/US$ mn) / wk High/Low (Rs.) 1417 / 18 3M Avg. daily volume (mn).3 Beta (x) 1. Sensex/Nifty 2743 / 8485 O/S Shares(mn) 24. Face Value (Rs.) 1. Shareholding Pattern (%) Promoters 74.4 FIIs 3.9 DIIs 15.3 Others 6.4 Stock Performance (%) 1M 3M 6M 12M Absolute Relative to Sensex Source: BSE, Bloomberg Relative Performance* Nov-15 Dec-15 Jan-16 Feb-16 Source: Bloomberg; *Index 1 Analyst Contact Kaushal Kumar Jaitliya Mar-16 BHE IN Apr-16 May-16 jaitliya.kaushal@karvy.com Jun-16 Jul-16 Aug-16 HOLD Sep-16 Sensex Oct-16 Nov-16 1
2 Exhibit 2: Q2FY17 Performance Comparison YE Mar (Rs. Mn) Q2FY17 Q1FY17 QoQ % Q2FY16 YoY % Turnover Expenditure EBITDA 3384 (391) NA Depreciation Interest 3 NA 3 (3.8) Other Income PBT Tax PAT Other Comprehensive Income/(Loss) (net of tax) (1.2) Adjusted PAT EBITDA Margin (%) 18.9 (4.2) 237 bps bps EBIT Margin (%) 16.3 (8.9) 2522 bps bps Net Profit Margin (%) bps bps Quarterly Performance Snapshot Exhibit 3: Quarterly Revenue Trend 2 Exhibit 4: Half-Yearly Revenue Trend H1FY13 H1FY14 H1FY15 H1FY16 H1FY17 Quarterly Revenue (Rs. Mn) Half Yearly Revenue (Rs. Mn) Exhibit 5: Quarterly EBITDA and EBITDA Margin Trend % -1.% % 9.2% % -1-1% EBITDA (Rs Mn) EBITDA Margin (%) % 2% 14% 8% 2% -4% Exhibit 6: Quarterly PAT and PAT Margin Trend % 5.2% % 1.5% % PAT (Rs. Mn) PAT Margin (%) % 12% 6% % 2
3 Exhibit 7: Quarterly Effective Tax Trend Exhibit 8: Quarterly Other Income as a % of Total Income 26% 25% 24% 23.3% 23% 22.6% 22.4% 24.1% 25.4% 14% 12.% 12% 9.5% 1% 7.9% 7.8% 8% 8.7% 22% 6% Effective tax trend (%) Other income to total income (%) Order Book Analysis: Total order backlog as on Oct 1,216 stood at Rs. 347 Bn, out of this, export order back log is US$.1 Bn. Incremental orders received during Q2FY17 were to the tune of Rs. 41 Bn. Major orders obtained amongst the product lines during the quarter were Electronic warfare suite (shakti and nayan), Advances composite communication system, Ship data network and Annual Maintenance Contract for Rohini radar. Revenue Analysis: BEL s standalone Revenue for Q2FY17 grew by 16.2% led by some major supplies from 3D Tactical Control Radar, Akash Weapon System (Army), L7 Gun Upgrade, Weapon locating radar and Hand held thermal imager with laser range finder. As of FY16, around 82% of the revenue has been from defense while the rest 18% has come from civilian products. Nearly 7% of the Indian defense requirements are met through imports. According to the officials at the Ministry of Defense, though the exports from India were only to the tune of Rs. 6.7 Bn in FY15, the government has simplified and streamlined the No Objection Certificate (NOC) processes to encourage Defence Public Sector Undertakings (DPSUs). We expect the BEL consolidated revenues to grow at a CAGR of over 9.5% during FY16-FY18E to reach Rs Mn in FY18E. This is on account of increasing reforms in the Indian defense sector backed by the increasing Make-in-India focus along with the increase in the order book while maintaining the execution pace against the order back log of.25 in FY17E and.26 in FY18E. Major orders expected in FY17E include Akash missile system (7 sqdn), Mobile cellular communication system, Commander TI sights, Samyukta upgrade, Long range surface to air missile and L-band tropo upgrade. EBITDA and Margin Analysis: BEL s standalone EBITDA during Q2FY17 increased by 87.4% (YoY) led by decrease in the cost of goods sold whereby witnessing an improvement in gross margins to 52.5% from 45.3%. EBITDA margin increased to 18.9% which was the highest in the last 5 years in the same corresponding quarter. We expect the EBITDA to grow at a CAGR of over 6.9% during FY16-FY18E to reach Rs Mn in FY17E and Rs Mn in FY18E while maintaining the EBITDA margin of 19.4% in FY17E and FY18E. PAT Analysis: Standalone PAT for the quarter without giving the effect for changes in other comprehensive income has grown by 68.2% to reach Rs Mn on account of healthy revenue growth and improved operating margins led by operating efficiencies. R&D expenditure as a % of revenue for FY16 stood at 9.4% which has increased from 7.7% in FY12. With the company s focus on increasing the spend towards R&D (which is Department of Scientific and Industrial Research (DSIR) recognized under Section 35(2AB) of the Income Tax Act, 1961), effective income tax rate for the quarter stood at 25.4% which made the PAT margin increase to 17.6%. We expect the PAT to grow at a CAGR of over 5.3% to reach Rs Mn in FY17E and Rs Mn in FY18E, while maintaining the PAT margin of 16.2% in FY17E and 16.% in FY18E. Update on Buy-back offer: During the month of Oct 216, BEL announced the buy-back of 166,37,27 shares at a price of Rs. 135/- per share of face value of Rs. 1 each leading to an estimated cash outflow of Rs. 21,711.5 Mn. This will be made out of its well-built reserves and increased cash balance. Post buyback, it is expected to witness a drop in its Networth leading to reduction in book value and simultaneously increasing the earnings per share and return ratios in terms of RoE and RoCE. We have factored in the amount spent on the buy-back in our estimates. 3
4 Exhibit 9: Shareholding Pre and Post Buy back Before Buy-back Post Buy-back Category No. of equity shares Holding (%) No. of equity shares Holding (%) Promoters 18,,42, ,62,13, DIIs 3,48,94, ,42,5, Foreign Investors 91,85, ,29, Others 1,58,76, ,42,13, Total 24,,, 1. 22,33,62, Source: BSE, Karvy Research Outlook: With the government s reform towards promoting self-reliance, increasing the indigenization, technology up-gradation, achieving economies of scale under Make-in-India initiative, developing capabilities for exports in the defense sector along with the focus on faster execution of defense projects and increasing the foreign investment in defense sector thereby increasing the Make-in-India opportunities. The government s recent decision to raise cap on Foreign Direct Investment (FDI) from 26% to 49% in the defense sector, allowing foreign manufacturers to build more defense components without licenses will further make it easier for Indian firms to partner foreign firms. With the Prime Minister of India laid down an ambitious plan to sharpen the country s combat capabilities and transform India from the world s largest arms importer to a major defense equipments manufacturer, this provides visibility for the companies engaged in the defense activities. BEL, the pure defense play in this sector, with its consistent track record in terms of execution and performance along with healthy balance sheet with almost zero debt, it is likely to benefit in terms of its performance. With the company s focus on indigenization along with indigenous R&D, collaborative R&D Tie-ups, partnership with academic institutions, selective tie-up with foreign Original Equipment Manufacturers (OEMs) along with focus on modernization, consistently increasing the investment in capex backed by the healthy order book provides the long term visibility for the company s revenue growth. Valuation: BEL over the last 7 years (after adjustment towards the bonus issue of 2 shares for every 1 share held in Sep 15) on an average has traded in the average 1 year forward P/E multiple of 16.8x while trading at 18.8x in FY15 and 25.4x in FY16. Similarly, on an average 1 year forward P/B multiple, BEL has traded at an average 2.8x in the last 7 years. We assign a 21.x P/E to value BEL based on a 1 year forward FY18E EPS of Rs to arrive at a target price of Rs for a time frame of 9-12 months which is also the price based on 3.7x FY18E book value per share. Exhibit 1: P/E Trend Exhibit 11: P/B Trend Apr-9 Sep-9 Feb-1 Jul-1 Dec-1 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 1 Yr Forward P/B 1 Yr TTM P/B Apr-9 Sep-9 Feb-1 Jul-1 Dec-1 May-11 Oct-11 Mar-12 Aug-12 Jan-13 Jun-13 Nov-13 Apr-14 Sep-14 Feb-15 Jul-15 Dec-15 May-16 Oct-16 1 Yr Forward P/E 1 Yr TTM P/E Source: BSE, Karvy Research Source: BSE, Karvy Research 4
5 Financials Exhibit 12: Income Statement Revenues Growth (%) Operating Expenses EBITDA Growth (%) Depreciation & Amortization Other Income EBIT Interest Expenses PBT Tax Adjusted PAT Growth (%) Exhibit 13: Balance Sheet Cash & Cash Equivalents Sundry Debtors Inventory Loans & Advances Investments Gross Block Net Block CWIP Miscellaneous Total Assets Current Liabilities & Provisions Debt Other Liabilities Total Liabilities Shareholders Equity Reserves & Surplus Total Networth Minority Interest Total Networth & Liabilities
6 Exhibit 14: Cash Flow Statement PBT Depreciation Interest Tax Paid (255) (3556) (4383) (486) (5261) Inc/dec in Net WC (12371) Other Income (431) (4328) (4717) (5495) (577) Other non cash items (528) (215) Cash flow from operating activities (5666) Inc/dec in capital expenditure (3747) (2272) (6571) (5) (51) Inc/dec in investments 73 (1479) (12459) 5 Others Cash flow from investing activities 7594 (8392) (14241) Inc/dec in borrowings (1) Dividend paid (292) (22) (2962) (5376) (5914) Interest paid (4) (27) (62) (69) (76) Others (24) (112) (29) (21712) Cash flow from financing activities (2158) (29) (3197) (27128) (5959) Net change in cash (23) (823) 7475 Exhibit 15: Key Ratios YE Mar FY14 FY15 FY16 FY17E FY18E EBITDA Margin (%) EBIT Margin (%) Net Profit Margin (%) Dividend Payout Ratio (%) Net Debt/Equity (x) (.6) (.7) (.8) (.8) (.8) RoE (%) RoCE (%) Exhibit 16: Valuation Parameters YE Mar FY14 FY15 FY16 FY17E FY18E EPS (Rs.)** DPS (Rs.)** BVPS (Rs.)** PE (x) P/BV (x) EV/EBITDA (x) EV/Sales (x) ; *Represents multiples for FY14, FY15 & FY16 are based on historic market price **EPS, DPS, BVPS for FY14 and FY15 are adjusted with the bonus issue in FY16 6
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Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 CMP: 25.20 December 30, 2015 Stock Details BSE code 524440 BSE ID CAMEXLTD Face value ( ) 10 No of shares (m) 10.2 52
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JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
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RESULT UPDATE 3 rd August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationCompany Overview. Financial Performance
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Nimbus Projects Limited CMP: 34. December 4, 15 Stock Details BSE code 511714 BSE ID NIMBSPROJ Face value ( ) 1 No of
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Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Anisha Impex Ltd CMP: 11.85 December 31, 2015 Stock Details BSE code 537785 BSE ID Face value ( ) 10 No of shares (m)
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Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
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Technology - Application Software Bloomberg Code: SQSI IN India Research - Stock Broking World s Leading Specialist in Financial Services Testing Benefits from SQS Group drive growth opportunities: SQS
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Consumer Staples-Household Products Bloomberg Code: BJCOR IN India Research - Stock Broking In Pursuit of Excellence, with Almond Drops Hair Oil Leading position in Light Hair Oil market and Well established
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationChange EPS. (Rs) FY
17 AUG 217 / Quarterly Update BUY Target Price: Rs. 662 : Revenue up 21% Y-o-Y, strong growth in Non-GLE segment GMM Pfaudler Ltd(GMM) in 1QFY18posted revenues of Rs 69 Cr. (up 21% Y-o-Y, down 13% Q-o-Q)
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4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
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 informationBharat Forge Ltd RESULT UPDATE
RESULT UPDATE 11 th August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationMaruti Suzuki. Source: Company Data; PL Research
Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More 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 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 informationMaruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.
Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT
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2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were
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 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 informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More 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 informationInfibeam Incorporation Ltd.
RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationCompany Overview. Financial Performance
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Superior Industrial Enterprises Limited CMP: 19.6 December 24, 215 Stock Details BSE code 519234 BSE ID SIEL Face value
More informationBritannia Industries Ltd.
. RESULT UPDATE 30th May, 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 30 th May, 2017 2 Growth Path ahead CMP INR 3419 Target
More informationKey estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,
: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
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
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Jan/15 Feb/15 Mar/ Apr/15 May/ Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/ Dec/15 Parnax Lab Limited CMP: 53.90 January 08, 2016 Stock Details BSE code 506128 BSE ID PARNAXLAB Face value ( ) 10 No of shares
More informationSkipper Ltd. May 17, Towering high. CMP INR 205 Target INR 238 Result Update - BUY. Company Background. Investment Rationale
May 17, 2017 Skipper Ltd. Towering high CMP INR 205 Target INR 238 Result Update - BUY Key Share Data Face Value (INR) 1.0 Equity Capital (INR Mn) 102.3 Market Cap (INR Mn) 20,979.9 52 Week High/Low (INR)
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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 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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Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 KMC Speciality Hospitals India Ltd CMP: 7.61 January 21, 2015 Stock Details BSE code 524520 BSE ID KMCSHIL Face value
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationBUY MULTI COMMODITY EXCHANGE OF INDIA. Demonetization,GST uncertainty impact Q4. Target Price: Rs 1,397. Concall highlights
09 MAY 2017 Quarterly Update BUY Target Price: Rs 1,397 Demonetization,GST uncertainty impact Q4 Revenue declined 12% QoQ at Rs 874 mn due to lower traded value (down 10% QoQ). Bullion (~35% of traded
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 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 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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Feb-14 Mar-14 Apr-14 Jun-14 Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Jan-15 Institutional Equities India Research Auto Components February 03, 2015 RESULT UPDATE Bloomberg: EXID IN Reuters: EXID.BO BUY Volume
More informationCMP* (Rs) 242 Upside/ (Downside) (%) 2. Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630
4QFY17 Result Update June 02,2017 Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630 Decent Performance to Continue; Maintain Crompton Greaves Consumer Electricals (CGCEL) has delivered a
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Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 CMP: 31.25 December 24, 2015 Stock Details BSE code 523878 BSE ID TOTEX Face value ( ) 10 No of shares (m) 8.1 Market
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CMP: 14.00 February 11, 2016 Stock Details BSE code 521167 BSE ID FRONTBUSS Face value ( ) 5 No of shares (m) 21.3 52 week H/L 31.3/12.1 Market cap ( m) 298.5 30 days avg vol (No) 42,670 Free float ( m)
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
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More informationD-Link India (DLILIM) 105
Company Update Rating matrix Rating : Buy Target : 140 Target Period : 18-24 months Potential Upside : 34% What s Changed? Target Changed from 150 to 140 EPS FY18E Changed from 11.4 to 9.5 EPS FY19E Introduced
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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Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationColgate-Palmolive (India)
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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
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2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues
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. RESULT UPDATE 9th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
More informationMCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176
: price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious
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: price: EPS: How does our one year outlook change? We retain our positive outlook on WIL and believe that revival in MHCV industry, increasing content per vehicle and opportunity in exports would drive
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RESULT UPDATE 9 th November 2017 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 160 130 100 India Equity Institutional Research II Result Update Q2FY18 II 9 th November, 2017 CMP INR 738 Target INR 840
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2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of
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. RESULT UPDATE 18 th July 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 125 105 India Equity Institutional Research II Result Update - FY18 II 18th July, 2017 CMP INR 1158 Target INR 1206 MARKET
More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
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