Bharat Forge Ltd RESULT UPDATE
|
|
- Brook Gibson
- 6 years ago
- Views:
Transcription
1 RESULT UPDATE 9 th November 2017
2 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov India Equity Institutional Research II Result Update Q2FY18 II 9 th November, 2017 CMP INR 738 Target INR 840 Result highlights Bharat Forge Limited s (BFL) Net Sales in Q2FY18 stood at INR 12,580 Mn which was up by 34.42% y-o-y and remained flat as compared to Q1FY18. Top line growth of the company was driven by 40.9% growth in passenger vehicle segment and 36.5% growth in commercial vehicle segment. EBIDTA stood at INR 3,694 Mn which grew by 49.17% y-o-y and 10.84% q-o-q. EBIDTA margin came in at 29.4% which were above our estimate of 25.5%. EBIDTA margins reported robust growth of 290 bps y-o-y and 287 bps q-o-q. PAT stood at INR 1,592 Mn which de-grew by 11.19% y-o-y but increased by 5.90% q-o-q. PAT was affected mainly on account of increase in Tax provision by 70.52% y-o-y. PAT Margin stood at 16.2% against our estimates of 13.8%. PAT margins improved by 264bps y-o-y and 227bps q-o-q. 70 MARKET DATA Shares outs (Mn) 466 Equity Cap (INR Mn) 931 Mkt Cap (INR Mn) Wk H/L (INR) 738/383 Volume Avg (3m K) Face Value (INR) 2 Bloomberg Code SHARE PRICE PERFORMANCE Sensex MARKET INFO Potential Upside 13.8% BHFC IN Bharat Forge SENSEX NIFTY Market Cap (INR Mn) 339,065 KEY FINANCIALS Pickup in exports and new business to drive the growth Recommendation ACCUMULATE Sector AUTO Particulars (INR Mn) FY16 FY17 FY18E FY19E FY20E Net Sales EBITDA PAT EPS OPM (%) 20.98% 19.75% 20.24% 20.10% 20.15% NPM (%) 9.78% 9.43% 10.90% 11.76% 12.45% PE (x) Robust growth in exports, passenger vehicle segment and US markets aided the top line growth : BFL posted a top-line of INR 12,580 Mn in Q2FY18 reporting a robust growth of 34.42%. While, the domestic business of the company grew by 26.0% y-o-y, exports of the company reported a robust growth of 56%. Company witnessed about 97.4% y-o-y increase in sales from American markets, on the back of revival in demand from all sectors but majorly on account of revival in demand for class-8 trucks. The company s passenger vehicle segment also reported a growth of 40.9% y-o-y and Commercial vehicles grew by 36.5% y-o-y. BFL gearing up for E-vehicles and BS-VI variant: BFL acquired 100 acres land in Andhra Pradesh for setting up Light weight technology (LWT) manufacturing facility to carter the needs from BS IV to BS VI in India and also growing buzz for EV. This facility will focus on producing aluminum and magnesium components and products for various sectors like automotive, industrial, aerospace etc. BFL is planning to invest INR 2,000 Mn in phase-1 of this new plant, Also the management of the company aims at ramping up the production at this new facility by end of FY19. Hence we expect Top line to grow at a CAGR of 10% from FY17 to F20E EBIDTA margins to remain under pressure, while PAT margins likely to improve : Going forward we believe company to post EBIDTA of INR 17, Mn in FY20 as against INR 12, Mn in FY17 reporting a CAGR of 11%. However EBIDTA margins are likely to remain stagnant account of increase in company s spending in R&D, also increase in input costs are likely to keep EBIDTA margins under pressure. PAT margins are likely to improve from 9.43% in FY17 to 12.45% in FY20 on back of reduction in interest cost and increase in other income. Valuations & Views: We remain optimistic on BFL on back of company s revival in demand from US, improving sentiments globally and revival in crude and commodity linked economies should result in healthy order inflow for company. We have assigned a P/E of 30x for FY20 EPS of INR 28. At the current market price of INR 738, the stock is trading at 28.5x FY17 EPS of INR. 25.9, 45.8x on FY 18 EPS of 16.1, 38.6x FY19E EPS of INR 19.1 and 26.4x on FY 20 EPS of 28. We recommend a Accumulate rating on the stock and value the stock at 30x FY20E EPS of INR 28 with a target price of INR 840 showing an upside of 13.8%. 2 SHARE HOLDING PATTERN (%) Particulars Sep 17 Jun 17 Mar 17 Promoters FIIs DIIs Others Total % Revenue CAGR between FY 17 and FY 20E 20.5% PAT CAGR between FY 17 and FY 20E
3 Q2FY18 Result Snapshot Exhibit 1 Standalone Result Update (INR Mn) 3 Particulars Q2 FY18 Q1 FY18 Q2 FY17 Q-o-Q change % Y-o-Y change % Gross Sales % 34.42% Sales & Other Operating Income % 34.42% Total Expenditure % 29.11% (Increase) / Decrease In Stocks % -4.84% Cost of Raw Materials % 42.12% Employee Cost % 18.39% Excise duty paid on sales % % Other Expenses % 38.48% PBIDT (Excl OI) % 49.17% EBITDA Margins (%) 29.4% 26.5% 26.5% 287bps 290bps Depreciation % 7.57% EBIT & Exceptional Item % 66.42% Other Income % 18.44% EBIT % 59.22% Interest % 14.41% EBT % 63.75% Tax % 70.52% Net Profit from ordinary activity after tax % 60.55% Other Comprehensive Income % % PAT % % PAT Margin (%) 16.2% 13.9% 13.6% 227bps 264bps EPS % 60.66% Key Con-call Highlights: BFL acquired 100 acres land in Andhra Pradesh for setting up Light weight technology (LWT) manufacturing facility. This facility will focus on producing aluminum and magnesium components and products for various sectors like automotive, industrial, aerospace etc. BFL will invest INR 2,000 Mn in phase-1 of this new plant, Also the management of the company aims at ramping up the production at this new facility by end of FY19. Currently the production capacity of the company for forging stands at 75% and machining capacity stands at 80%. Company s other expenses in Q2FY18 were on higher side, the management stated these are one off expenses which mainly relate to forex. BFL s management specified that in H1FY18 industry de grew by 20%, where as Bharat Forge reported a growth of 12% The company is actively working for manufacturing new technology for e-vehicles and also for BS-VI vehicles. BFL has been working on prototypes for their global customers. Going forward the management expects company to see continued improvement on back of increase in demand across geographies, better product mix, and new customers.
4 4 Key Financials Exhibit 2: Income Statement Total Sales Total Raw Materials COGS EBITDA Depreciation Interest & Finance charges Other Income Extraordinary items EBT (as reported) Tax PAT Min. Int Share in gain/loss of assoc RPAT Extraordinaries adj APAT RPAT after pref. div APAT after pref. div Exhibit 3: Balance Sheet Equity Share Capital Reserves Net worth Minority Interest Total loans Deferred tax liability (Net) Capital Employed Gross Block Depreciation Net block CWIP Goodwill Intangible Investments Inventories Sundry debtors Cash and bank Loans and advances Other Current Assets Total Current assets Total Current liabilities Net Current assets Capital Deployed
5 Exhibit 4 : Cash flow statement PAT Depriciation & Amortization Incr/(Decr) in Deferred Tax Liability (Incr)/Decr in Working Capital Cash Flow from Operating (Incr)/ Decr in Gross PP&E (Incr)/Decr In Work in Progress (Incr)/Decr In Investments (Incr)/Decr in Other Non-Current Assets Cash Flow from Investing (Decr)/Incr in Debt (Decr)/Incr in Minority Int (Decr)/Inc in Other reserves Dividend Cash Flow from Financing Incr/(Decr) in Balance Sheet Cash Cash at the Start of the Year Cash at the End of the Year Exhibit 5 : Ratio Analysis Growth (%) Total Sales EBITDA APAT Profitability (%) EBITDA Margin Adj. Net Profit Margin ROIC ROE Per Share Data (Rs.) AEPS Reported CEPS BVPS Valuations (x) PER (x) PEG (x) (2.9) (3.0) P/BV (x) EV/EBITDA (x) EV/Net Sales (x) Dividend Yield (%) Turnover days Debtor Days Payable Days Gearing Ratio D/E
6 6 Rating Legend Date CMP (INR) TP (INR) Recommendation Our Rating Upside 09-Nov ACCUMULATE Buy More than 15% 11-Aug ACCUMULATE Accumulate 5% 15% 25-May ACCUMULATE Hold 0 5% 09-Feb BUY Reduce -5% 0 09-Nov ACCUMULATE Sell Less than 5% 08-Aug ACCUMULATE CERTIFICATION: We, Ankit Merchant (M.Com, BMS), research analyst and Udit Gaijiwala (B.Com), research associate, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer(s) or securities. I also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & Conditions and other disclosures: KRChoksey Shares and Securities Pvt. Ltd (hereinafter referred to as KRCSSPL) is a registered member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange Limited. KRCSSPL is a registered Research Entity vides SEBI Registration No. INH under SEBI (Research Analyst) Regulations, We submit that no material disciplinaryaction has been taken on KRCSSPL and its associates (Group Companies) by any Regulatory Authority impacting Equity Research Analysis activities. KRCSSPL prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analyst covers. The information and opinions in this report have been prepared by KRCSSPL and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KRCSSPL. While we would endeavor to update the information herein on a reasonable basis, KRCSSPL is not under any obligation to update the information. Also, there may be regulatory, compliance or other reasons that may prevent KRCSSPL from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or KRCSSPL policies, in circumstances where KRCSSPL might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities orother financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KRCSSPL will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. KRCSSPL accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Our employees in sales and marketing team, dealers and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed herein,.in reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Associates (Group Companies) of KRCSSPL might have received any commission/compensation from the companies mentioned in the report during the period preceding twelve months from the date ofthis report for services inrespect of brokerage services or specific transaction or for products and services other than brokerage services. KRCSSPL or its Associates (Group Companies) have not managed or co-managed public offering of securities for the subject company inthe past twelve months KRCSSPL encourages the practice of giving independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of research report. KRCSSPL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither KRCSSPL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that, Ankit Merchant (M.Com, BMS), research analyst and Udit Gaijiwala (B.Com), research associate, of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific brokerage service transactions. KRCSSPL or its associates (Group Companies) collectively or its research analyst do not hold any financial interest/beneficial ownership of more than 1% (at the end of the month immediately precedingthe date of publication of the research report) in the company covered by Analyst, and has not been engaged in market making activity of the company covered by research analyst. It is confirmed that, Ankit Merchant (M.Com, BMS), research analyst and Udit Gaijiwala (B.Com), research associate, do not serve as an officer, director or employee of the companies mentioned in the report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other Jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject KRCSSPL and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category ofinvestors. Persons in whose possession this document may come are required to inform them of and to observe such restriction. Please send your feedback to research.insti@krchoksey.com Visit us at Kisan Ratilal Choksey Shares and Securities Pvt. Ltd Registered Office: 1102, Stock Exchange Tower, Dalal Street, Fort, Mumbai Phone: ; Fax: Corporate Office: ABHISHEK, 5th Floor, Link Road, Andheri (W), Mumbai Phone: ; Fax:
Bharat 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 informationBharat Forge Ltd RESULT UPDATE
RESULT UPDATE 25 th 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 25th May, 2017 2 Pricey valuation limits further upside CMP
More informationBalkrishna Industries Ltd
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 informationColgate-Palmolive India Ltd.
RESULT UPDATE 5th February, 2018 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 India Equity Institutional Research II Result Update - Q3FY18 II 5th February, 2018 CMP INR 1,120 MARKET DATA Target INR
More informationSymphony Ltd. RESULT UPDATE 31st October 2017
. RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential
More informationITC Ltd. RESULT UPDATE 27th October, 2017
. RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside
More informationNestle India Ltd. RESULT UPDATE
RESULT UPDATE 15th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update Q1CY17 II 15th May, 2017 CMP INR 6819 Target INR 7075 Potential Upside
More informationSuzlon Energy Ltd RESULT UPDATE 16th August, 2017
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 informationPrabhat Dairy Ltd. RESULT UPDATE 8th June, 2018
RESULT UPDATE 8 th June, 2018 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 8 th June, 2018 2 Under Expansion Mode CMP
More informationSagar Cements Ltd. Management Meet Update
Management Meet Update 26th September, 2017 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 India Equity Institutional Research II Management Meet Update II 26th September, 2017 2 Robust earnings outlook!
More informationHindustan Unilever Ltd.
. 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 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 informationMinda Industries Ltd RESULT UPDATE
RESULT UPDATE 22 nd 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 22 nd May, 2017 CMP INR 568 Target INR 678 Potential Upside
More informationSolar Industries India Ltd
RESULT UPDATE 15 th May, 2018 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 15 th May, 2018 CMP INR 1091 Target INR 1353 Potential Upside
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 informationHindustan Unilever Ltd.
. RESULT UPDATE 25th October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 25th October 2017 CMP INR 1273 Target INR 1392 Potential Upside
More informationBritannia Industries Ltd.
. 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 informationTata Consultancy Services
Tata Consultancy Services SALES NOTE 19 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Sales Note II 19th May, 2017 CMP INR 2536 Target INR 2833 Potential
More informationTech Mahindra Ltd. RESULT UPDATE
Ltd. RESULT UPDATE 29 th 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 29 th May, 2017 CMP INR 374 Target INR 473 Potential
More informationPersistent Systems Ltd.
RESULT UPDATE 26 th April2017 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 India Equity Institutional Research II Result Update - Q4FY17 II 26th April, 2017 2 Investment Mode Off, Return Mode On CMP INR 564 Target
More informationHCL Technologies Ltd.
RESULT UPDATE 12 th 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 12 th May, 2017 CMP INR 839 Target INR 1068 Potential Upside
More informationReliance Industries Ltd.
1. RESULT UPDATE 22 nd January, 2018 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 India Equity Institutional Research II Result Update Q3FY18 II 22nd January, 2018 CMP INR 929 Result highlights Target
More informationTech Mahindra Ltd. RESULT UPDATE
Ltd. RESULT UPDATE 1 st August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 India Equity Institutional Research II Result Update - Q1FY18 II 1st August, 2017 CMP INR 403 MARKET DATA Target INR
More informationLupin Ltd. RESULT UPDATE 31 st October 2017
RESULT UPDATE 31 st October 217 22 nd May 217 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October, 217 Lupin Ltd CMP INR 127 Target
More informationPage. Mahanagar Gas Ltd. RESULT UPDATE 8 th August, 2018
1 RESULT UPDATE 8 th August, 2018 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 India Equity Institutional Research II Result Update Q1FY19 II 8 th August, 2018 2 CMP INR 961 Target INR 1,165 Potential Upside 21.2%
More informationGodrej Consumer Products Ltd.
RESULT UPDATE 1st August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 India Equity Institutional Research II Result Update Q1FY18 II 1st August, 2017 CMP INR 1,035 Target INR 1,120 Potential
More informationPage. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017
1. RESULT UPDATE 31 st July, 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 India Equity Institutional Research II Result Update Q1FY18 II 31st July, 2017 2 Asset quality still worrisome, slippages
More informationSun Pharmaceutical Industries Ltd.
Sun Pharmaceutical Industries Ltd. RESULT UPDATE 14th August 2017 22 nd May 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
More informationUltratech Ltd. RESULT UPDATE
Ultratech Ltd. RESULT UPDATE 26th April 2017 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 India Equity Institutional Research II Result Update - Q4FY17 II 26th April, 2017 CMP INR 4238 Target INR 4266 Potential
More informationCipla Ltd. RESULT UPDATE
RESULT UPDATE 14th August 2017 22 nd May 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 informationLupin Ltd. RESULT UPDATE
RESULT UPDATE 3rd August 217 22 nd May 217 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 217: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-217-vote-now
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationAPL Apollo Tubes India Limited 14 th August, 2018 BUY. Result Update. Result Highlights
APL Apollo Tubes India Limited 14 th August, 2018 Result Update BUY Result Highlights Sector- Iron and Steel Products CMP 1,749 Target Price 2,615 % Up Side 50% Bloomberg Code Stock Info APAT IN Market
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationPage. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017
1. RESULT UPDATE 30 th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 30th October, 2017 2 Stress situation continues to improve
More informationKotak Mahindra Bank Ltd.
1. RESULT UPDATE 26 th October, 2017 Oct/14 Apr/15 Oct/15 Apr/16 Oct/16 Apr/17 Oct/17 India Equity Institutional Research II Result Update Q2FY18 II 26 th October, 2017 CMP INR 1014 Target INR 1104 Result
More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationFineotex Chemical Ltd
Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to
More informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationHindustan Unilever (RHS)
Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16
More informationSun Pharmaceutical Industries Ltd
1 Sun Pharmaceutical Industries Ltd Event Update 23 rd March, 2018 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 India Equity Institutional Research II Event Update II 23 rd March, 2018 2 CMP INR 508
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationBharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1
[ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) 241 238 Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28,
More informationBajaj Finserv (BAFINS) 5443
Aug-17 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 May-16 Mar-16 Jan-16 Nov-15 Sep-15 Company Update Rating matrix Rating Buy Target 6000 Target Period 12 months Potential Upside 10% What s Changed? Target
More informationUltraTech Cement (ULTCEM)
April 20, 2009 Cement Company Update UltraTech Cement (ULTCEM) Current Price Rs 546 Potential upside 15.4% Target Price Rs 630 Time Frame 12-15 months Powered by savings Historically, UltraTech Cement
More informationPraj Industries (PRAIN)
Result Update October 18, 211 Rating matrix Rating : Buy Target : 96 Target Period : 12-15 months Potential Upside : 25% WHAT S CHANGED Praj Industries (PRAIN) 77 Key Financials Crore FY1 FY11 FY12E FY13E
More informationFY17 FY18 FY19E FY20E
13-Aug-15 09-Aug-16 06-Aug-17 03-Aug-18 Result Update STRONG BUY * August 13, 2018 Dalmia Bharat Result Update Top-line growth led by improved realization & volume growth The company posted a revenue of
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 informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
More informationFY17 FY18 FY19E FY20E
3-Aug-15 3-Oct-15 3-Dec-15 3-Feb-16 3-Apr-16 3-Jun-16 3-Aug-16 3-Oct-16 3-Dec-16 3-Feb-17 3-Apr-17 3-Jun-17 3-Aug-17 3-Oct-17 3-Dec-17 3-Feb-18 3-Apr-18 3-Jun-18 Result Update STRONG BUY * August 6, 218
More informationAutomobiles. Heading Into Strong Earnings Growth Quarter QUARTERLY PREVIEW
India Research April 19, 2018 QUARTERLY PREVIEW Mar'18 Quarterly PAT Company PAT (Rs mn) Maruti Suzuki 20,605 M&M 10,367 Hero MotoCorp 8,774 Bajaj Auto 11,253 TVS Motor 2,432 Ashok Leyland 6,472 Bharat
More informationCEAT LTD Result Update 3rd May 2017
CEAT LTD Result Update 3 rd May 2017 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 India Equity Institutional Research II Result Update - Q4FY17 II 3 rd May, 2017 2 Rising input cost weighs on profitability CMP INR
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 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 informationEmkay. Bonding strongly; Upgrade to BUY. Pidilite Industries. Stellar all-round show
Pidilite Industries India Equity Research Consumers February 3, 2016 Result Update Emkay Your success is our success Bonding strongly; Upgrade to BUY CMP Rs567 Target Price Rs670 ( ) Rating Upside BUY
More informationBajaj Finserv (BAFINS) 3130
Company Update Rating matrix Rating Buy Target 3470 Target Period 12 months Potential Upside 11% What s Changed? Target Changed from 2900 to 3470 EPS FY17E EPS FY18E EPS FY19E Introducing at 242.3 Rating
More informationEmkay. Demand environment remain weak. Century Plyboards. Result highlights. Slowdown in plywood segment impacted revenue growth
Century Plyboards India Equity Research Others January 29, 2016 Result Update Emkay Your success is our success Demand environment remain weak CMP Rs150 Target Price Rs166 ( ) Rating Upside ACCUMULATE
More informationWabco India (WABTVS) Having a safe and brake free ride! Management Meet Note. ICICI Securities Ltd Retail Equity Research.
Management Meet Note Rating matrix Rating : Buy Target : 6750 Target Period : 12 months Potential Upside : 14% What s Changed? Target Changed from 6400 to 6750 EPS FY17E Unchanged EPS FY18E Unchanged Rating
More informationI Direct. nstinct. February 7, 2018
I Direct nstinct February 7, 2018 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationSchaeffler India (FAGBEA) 4800
Event update Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Stock Data Particular Amount Market Capitalization ( crore) 7,968 Net Debt (CY16) ( crore) (640.6) Net Worth
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More 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 informationIndusInd Bank (INDBA) 1717
Event Update Rating matrix Rating : Buy Target : 1920 Target Period : 12 months Potential Upside : 12% What s Changed? Target EPS FY18E EPS FY19E Rating Price chart October 16, 2017 IndusInd Bank (INDBA)
More informationBajaj Finserv (BAFINS) 4375
Company Update Rating matrix Rating Buy Target 4900 Target Period 12 months Potential Upside 12% What s Changed? Target Changed from 3620 to 4900 EPS FY17E Changed from 146.2 to 150.3 EPS FY18E Changed
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 informationFY18 FY19 FY20E FY21E
8-215 11-215 2-216 5-216 8-216 11-216 2-217 5-217 8-217 11-217 2-218 5-218 8-218 Result Update Institutional Research October 31, 218 The Ramco Cements Result Update Strong volume growth to maintain profitability
More informationCapacity expansion to drive growth; Retain Buy
Century Plyboards India Equity Research Building Materials August 3, 2017 Result Update Refer to important disclosures at the end of this report Capacity expansion to drive growth; Retain Buy Emkay Your
More informationVakrangee Ltd BUY. Speciality Retail. Company Update. Aug 07, Vakrangee Ltd. Recommendation (Rs.)
Company Update Speciality Retail Addition of Service Offerings will Ramp up the Business PAT increased by 38.3% YoY on strong revenue growth: During Q1FY18, the revenue stood at Rs. 13047 Mn as against
More informationBUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.
At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174
More informationAluminium business sale to improve financials; maintain Buy
India Equity Research Engineering & Capital Goods January 1, 2019 Event Update Dynamatic Technologies Refer to important disclosures at the end of this report Aluminium business sale to improve financials;
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationLumax Industries (LUMIND)
Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore FY14 FY15 FY16 FY17 Net Sales 1,117 1,143 1,255 1,300 EBITDA 51 59 89 100 Net
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 informationSSG continues to disappoint
Shoppers Stop SSG continues to disappoint India Equity Research Retail February 2, 2018 Result Update Refer to important disclosures at the end of this report Emkay Your success is our success CMP Target
More informationRecovery to be gradual; Maintain HOLD
Dabur India Equity Research Consumers June 22, 2017 Company Update Refer to important disclosures at the end of this report Recovery to be gradual; Maintain HOLD Emkay Your success is our success CMP Target
More informationCement. Pet coke ban to dent margins in short-term. Sector Update. ICICI Securities Ltd Retail Equity Research. November 20, 2017
Sector Update Sectoral View Cement Positive Rating matrix Companies Rating Target Price Old Revised Old Revised Shree Cement Hold Hold 19700 19000 JK Lakshmi Cement Buy Buy 495 470 Mangalam Cement Buy
More informationVadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x
Gujarat Industries Power India Equity Research Power February 10, 2017 Result Update Emkay Your success is our success Vadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x CMP Target Price
More informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationReliance Capital (RELCAP) 549
Company Update Rating matrix Rating Buy Target 718 Target Period 12 months Potential Upside 31% Key Financials crore FY16E FY17E FY18E FY19E Revenues 9998 16776 18727 21501 PBT 1733 1459 1974 2560 Adjusted
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
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
More informationCapacity expansion to drive revenue and operating performance
Century Plyboards India Equity Research Building Materials May 24, 217 Result Update Refer to important disclosures at the end of this report Capacity expansion to drive revenue and operating performance
More informationResult Update. Atul Auto. Accumulate
Atul Auto Accumulate Result Update Looking out for margin and distribution expansion Atul Auto (ATA) top line growth was in-line with our estimates at ` 1,765 mn but margins were lower due to higher other
More informationBUY. Robust quarter with clear growth visibility DILIP BUILDCON. Target Price: Rs 610. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E
Robust quarter with clear growth visibility Dilip Buildcon s (DBL) Q1FY18 sales grew 60% YoY to Rs 16.6 bn, ahead of our estimate of Rs 12.0 bn and consensus of Rs 13.6 bn. EBITDA was up 47% at Rs 3.0
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 informationCummins India. Growth/margin bottoming. Source: Company Data; PL Research
Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
More informationStock Trader: ONGC. Research Analysts.
Research Analysts Amit Gupta Raj Deepak Singh Azeem Ahmad Stock Trader: ONGC amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com December 3, 2014 Important
More informationReliance Capital (RELCAP)
Event Update Rating matrix Rating : Buy Target : 466 Target Period : 12 months Potential Upside : 41% Key Financials (Consolidated) crore FY10 FY11 FY12E FY13E Revenues 6141 5499 6452 7129 PBT 592 287.3
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 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 informationI Direct. nstinct. November 27, 2017
I Direct nstinct November 27, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management
More informationAll the more bullish, TP upgraded
Sterlite Tech India Equity Research Small & Mid Cap April 18, 2017 Company Update Emkay Your success is our success All the more bullish, TP upgraded CMP Target Price Rs150 Rs208 ( ) Rating Upside BUY
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 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 informationCummins India. Source: Company Data; PL Research
Technology leadership, cost optimization key focus October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs852
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 informationDCB Bank (DCB) 208. Healthy fundamentals priced in. Company Update. ICICI Securities Ltd Retail Equity Research. June 13, 2017
Company Update Rating matrix Rating : Hold Target : 200 Target Period : 12 months Potential Upside : -4% What s Changed? Target Changed from 165 to 200 EPS FY18E EPS FY19E Rating Key Financials Crore FY16
More informationPunjab National Bank
Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery
More informationSpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research
Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices
More information