BGR Energy Systems ACCUMULATE. Performance Highlights CMP. `482 Target Price `520. 4QFY2011 Result Update Capital Goods. Investment Period 12 Months
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- Irene Simon
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1 4QFY2011 Result Update Capital Goods May 30, 2011 BGR Energy Systems Performance Highlights (` cr) 4QFY11 4QFY10 % chg (yoy) 3QFY11 % chg (qoq) Revenue 1,462 1,660 (11.9) 1, EBITDA (4.5) EBITDA margin (%) bp 11.7 (26)bp Reported PAT (9.2) After solid performance in the past few quarters, BGR Energy systems (BGR) retreated on its performance in 4QFY2011. The company s revenue and PAT declined by 11.9% (est. 9.9%) and 9.2% (est. 28.8%) yoy to `1,462cr and `98cr, respectively. The stock has substantially de-rated due to poor order inflows. We recommend Accumulate on the stock. 4Q lower but overall impressive performance: For 4QFY2011, revenue and PAT fell by 11.9% and 9.2%, respectively, due to high base effect. Despite higher raw-material costs, EBITDA margin improved by 90bp yoy to 11.5% due to lower employee cost and other expenses. For FY2011, revenue grew by 54.9% to `4,761cr (`3,074cr), led by solid execution of EPC projects. Profitability remained intact with 11.6% EBITDA margin and 61.3% growth in PAT to `324cr (`201cr). Outlook and valuation: Order backlog (`8,000cr 1.5x FY2012E revenue at the end of the quarter) provides reasonable revenue visibility for FY2012. With management s guidance of 15% of top-line growth, the existing order book is expected to deplete by 70%. Absence of high-value order inflows in the current fiscal will diminish the company s future growth trajectory. Historically, the stock has traded at 4 28x, with an average multiple of 12.5x. The stock has commanded premium valuations in the past on the back superior results in the previous quarters and strong growth prospects. However, the stock has been substantially de-rated amid poor order inflows and the consequent sustainability of future growth. Key triggers to the stock would be order wins from Rajasthan SEB and the NTPC bulk tender. We assign a multiple of 10.8x FY2013 EPS to arrive at a target price of `520. We recommend Accumulate on the stock. Key financials (Consolidated) Y/E March (` cr) FY2010 FY2011 FY2012E FY2013E Net sales 3,073 4,763 5,252 5,719 % chg Net profit % chg (0.6) 8.2 EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) ACCUMULATE CMP `482 Target Price `520 Investment Period 12 Months Stock Info Sector Capital Goods Market Cap (` cr) Beta 52 Week High / Low 3, /871 Avg. Daily Volume 452,142 Face Value (`) BSE Sensex Nifty Reuters Code 10 18,232 5,473 BGRE.BO Bloomberg Code BGRL@IN Shareholding Pattern (%) Promoters 81.1 MF / Banks / Indian Fls 6.5 FII / NRIs / OCBs 5.8 Indian Public / Others 6.6 Abs. (%) 3m 1yr 3yr Sensex BGR 18.4 (18.7) 40.0 Hemang Thaker Ext: 6817 hemang.thaker@angelbroking.com Please refer to important disclosures at the end of this report 1
2 Exhibit 1: Quarterly performance (Standalone) (` cr) 4QFY11 4QFY10 % chg (yoy) 3QFY11 % chg (qoq) FY11 FY10 % chg (yoy) Net Sales 1,457 1,657 (12.1) 1, ,747 3, Other operating income Total income 1,462 1,660 (11.9) 1, ,761 3, Stock adjustments (3) (3) 2 Raw Material 1,237 1,382 (10.5) 1, ,916 2, (% of total income) Employee Cost (25.6) 41 (14.7) (% of total income) Other Expenses (63.3) 58 (65.3) (% of total income) Total Expenditure 1,294 1,485 (12.8) 1, ,210 2, EBITDA (4.5) (EBITDA %) Interest Depreciation Other Income 2 4 (55.6) (57.3) PBT (12.4) (% of total income) Total Tax (26.4) (% of PBT) PAT (Reported) (9.2) (% of total income) EPS (`) (9.3) Exhibit 2: Actual vs. estimates (` cr) Actual Estimates Var. (%) Revenue 1,462 1,496 (2.3) EBITDA (0.7) PAT EPS (`) Working capital augments: BGR Energy s working capital requirements increased significantly during FY2011 due to non receipt of retention money from one of the projects. The company expected the money to come by the end of FY2011; however, the receipt was delayed, which resulted into increased debtors level. Management expects this payment to be received by next month. However, considering the macro headwinds, we believe the debtors levels will remain elevated going ahead, as we factor in similar delays toward payment of retention amounts, following the completion of projects. May 30,
3 Exhibit 3: Segment-wise performance Y/E March (` cr) 4QFY2011 4QFY2010 % chg (yoy) FY2011 FY2010 % chg (yoy) Revenue Capital goods Const. and EPC contracts 1,336 1,575 (15.2) 4, Total revenue 1,457 1,657 (12.1) 4,747 3, EBIT (excl. net unallocable inc.) Capital goods Const. and EPC contracts (8.3) Total EBIT (6.8) Revenue mix (%) Capital goods Const. and EPC contracts EBIT margin (%) Capital goods Const. and EPC contracts Total EPC segment driving growth: The EPC segment continues to play a pivotal role in shaping BGR Energy s future revenue growth. During FY2011, the Mettur (600MW) and Kalisind (2X600MW) EPC projects witnessed ramp-up in execution with ~80% completion of each project. Chandrapur and Marwar EPC projects have also been executed by 40% and 20%, respectively. Muted order inflows: Order inflows remained subdued at `2,941cr for FY2011 vs. `3,684cr for FY2010. Poor inflows in the current year have resulted in a 22% yoy drop in the order backlog to `8,000cr (`10,230cr). The company needs sizable orders to regain momentum. Since the past several quarters, BGR Energy has been riding high on the back of two big projects awarded in July ) 1X600MW EPC at Mettur, Tamil Nadu (worth `3,100cr) and 2) 2x600MW EPC Kalisind TPS, Rajasthan (worth `4,900cr). The projects have been completed by 80%, which implies that the order book has to be fast replenished with such big orders to provide growth visibility for the coming years. Notably, in FY2011, the company secured only one BoP order of 2X660MW supercritical thermal project (`2,168cr). Exhibit 4: Order backlog 14,000 11,200 8,400 5,600 10,881 12,197 11,609 10,230 9,397 10,532 9,317 8,000 2,800-1QFY10 2QFY10 3QFY10 4QFY10 1QFY11 (` cr) 2QFY11 3QFY11 4QFY11 May 30,
4 Recommendation rationale Key triggers for BGR Energy currently clouded with uncertainties: The Rajasthan SEB order, the NTPC bulk tender and revival in the power sector space (which is currently marred with delays) are key triggers for the company to position itself for the coming years. The company is currently placed at L2 in two EPC contracts of Rajasthan SEB (2X660MW of `6,100cr each). The tender conditions permit Rajasthan SEB to award one of the EPC contracts to the L2 bidder, provided the company matches the L1 price. However, the tenders are deferred due to delay in coal linkage. Management has guided that linkages issues should be resolved by July The opening of bids for NTPC's bulk tender of 11X660MW boiler is likely to take place after the Delhi High Court gives its verdict on the plea filed by Ansaldo, challenging its disqualification from the bidding. We would like to highlight that further delays in the awarding of the Rajasthan SEB EPC contracts and NTPC's bulk tender are likely to negatively affect BGR Energy s FY2013 revenue and profitability. Outlook and valuation: Order backlog (`8,000cr 1.5x FY2012E revenue at the end of the quarter) provides reasonable revenue visibility for FY2012. With management s guidance of 15% of top-line growth, the existing order book is expected to deplete by 70%. Absence of high-value order inflows in the current fiscal will diminish the company s future growth trajectory. Historically, the stock has traded at 4 28x, with an average multiple of 12.5x. The stock has commanded premium valuations in the past on the back superior results in the previous quarters and strong growth prospects. However, the stock has been substantially de-rated amid poor order inflows and the consequent sustainability of future growth. Key triggers to the stock would be order wins from Rajasthan SEB and the NTPC bulk tender. We assign a multiple of 10.8x FY2013 EPS to arrive at a target price of `520. We recommend Accumulate on the stock. Exhibit 5: Actual vs. estimates FY2012E FY2013E Earlier estimates Revised estimates Var. (%) Earlier estimates Revised estimates Var. (%) Revenue 5,911 5,252 (11.2) 9,678 5,719 (40.9) EBITDA (13.7) (41.4) PAT (10.3) (13.4) May 30,
5 Exhibit 6: Key assumptions Particulars FY2012E FY2013E Order inflow (` cr) 4,500 5,000 Exhibit 7: Angel EPS forecast vs. consensus Y/E March Angel forecast Bloomberg consensus Var. (%) FY2012E (5.3) FY2013E (7.4) Exhibit 8: One-year forward P/E band 1,300 1, May-08 Jul-08 Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Share Price (`) 5x 11x 17x 23x Exhibit 9: Peer comparison Company Reco. CMP Tgt. price Upside/ P/BV(x) P/E(x) FY E RoCE (%) RoE (%) (`) (`) (Downside) (%) FY12E FY13E FY12E FY13E EPS CAGR FY12E FY13E FY12E FY13E ABB* Sell (25.8) Areva T&D* Neutral BHEL Neutral 1, BGR Energy Accum Crompton Greaves Buy Jyoti Structures Buy KEC International Buy Thermax Neutral ; Note: December year ending May 30,
6 Profit & loss account (Consolidated) Y/E March (` cr) FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E Operating income 1,521 1,930 3,073 4,763 5,252 5,719 % chg Total Expenditure 1,365 1,721 2,729 4,214 4,676 5,089 Raw Materials 1,108 1,352 2,187 3,915 3,912 4,260 Mfg costs Personnel Costs Other Costs EBITDA % 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) Add: Share of earnings of asso Less: Minority interest (MI) Prior period items PAT after MI (reported) ADJ. PAT % chg (0.6) 8.2 (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg (68.4) (0.6) 8.2 May 30,
7 Balance sheet (Consolidated) Y/E March (` cr) FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves & Surplus ,117 1,337 Shareholders Funds ,189 1,410 Minority Interest Total Loans ,337 1,487 1,637 Deferred Tax Liability Total Liabilities 1,015 1,350 1,798 2,649 3,036 3,407 APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Deferred Tax Asset Current Assets 1,333 2,569 3,770 5,115 4,989 5,413 Cash ,028 1, Loans & Advances ,186 1,291 Inventories Debtors 736 1,279 1,980 3,158 3,022 3,291 Others Current liabilities 484 1,233 1,896 2,397 2,117 2,488 Net Current Assets 809 1,246 1,641 2,364 2,370 2,343 Mis. Exp. not written off Total Assets 1,015 1,350 1,798 2,649 3,036 3,407 May 30,
8 Cash flow statement (Consolidated) Y/E March (` cr) FY2008 FY2009 FY2010 FY2011E FY2012E FY2013E PAT Adjustments Opr Profits Before WC Chng Changes in Working Capital (323) (153) (67) (545) (343) 25 Taxes Paid during the year (6) (4) 25 (158) (165) (176) Cash Flow from Operations (170) (144) (Inc.)/Dec in Fixed Assets (16) (57) (63) (128) (75) (75) (Inc.)/Dec in Investments (151) (350) (350) (Inc.)/Dec in Loans/advances Other Income Cash Flow from Investing (163) 97 (63) (128) (425) (425) Issue of Equity Inc/(Dec) in Loans Dividend Paid (incl.tax) (3) (14) (22) (84) (84) (84) Others (26) (58) (54) (31) (64) (102) Cash Flow from Financing (36) Cash generated/(utilised) (330) 44 Cash at start of the year ,028 1, Cash at end of the year ,028 1, May 30,
9 Key ratios Y/E March FY2008 FY2009 FY2010 FY2011E FY2012E FY2013E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis(%) EBIT margin Tax retention ratio (%) Asset turnover (x) RoIC (Pre-tax) 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) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to Equity (0.1) Net debt to EBITDA (0.3) Interest Coverage May 30,
10 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 BGR Energy Systems 1. Analyst ownership of the stock No 2. Angel and its Group companies ownership of the stock Yes 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%) May 30,
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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 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 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 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 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 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 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 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 informationAreva T&D India NEUTRAL. Performance Highlights CMP. `264 Target Price - 1QCY2011 result Update Capital Goods. Investment Period -
1QCY2011 result Update Capital Goods May 17, 2011 Areva T&D India Performance Highlights (` cr) 1QCY11 1QCY10 % chg (yoy) 4QCY10 % chg (qoq) Revenue 995 777 28.1 1,327 (25.0) EBITDA 84 44 89.6 178 (53.0)
More informationJK Lakshmi Cement BUY. Performance Highlights CMP. `63 Target Price `79. 4QFY2012 Result Update Cement. Investment Period 12 Months
4QFY2012 Result Update Cement May 22, 2012 JK Lakshmi Cement Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg qoq 4QFY2011 % chg yoy Net revenue 527 440 19.7 417 26.3 Operating profit 113
More informationRallis India NEUTRAL. Performance Highlights CMP. `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 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 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 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 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 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 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 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 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 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 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 informationCadila 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 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 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 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 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 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 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 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 informationMRF BUY. Performance Highlights. CMP `40,703 Target Price `47,548. 1QSY2015 Result Update Tyre
1QSY2015 Result Update Tyre February 13, 2015 MRF Performance Highlights Y/E Sept. (` cr) 1QSY2015 1QSY2014 % chg (yoy) 4QSY2014 % chg (qoq) Net sales 3,353 3,201 4.8 3,361 (0.2) EBITDA 626 419 49.5 608
More informationHindalco NEUTRAL. Performance highlights CMP. `112 Target Price - 1QFY2013 Result Update Base Metals. Investment Period -
1QFY213 Result Update Base Metals August 21, 212 Hindalco Performance highlights Standalone (` cr) 1QFY13 1QFY12 % chg (yoy) 4QFY12 % chg (qoq) Net sales 5,964 5,979 (.2) 7,563 (21.1) EBITDA 463 868 (46.6)
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 informationITD Cementation India
1QCY212 Result Update Construction May 14, 212 ITD Cementation India Performance highlights Y/E December 1QCY12 4QCY11 % chg (qoq) 1QCY11 % chg (yoy) Total operating income 384 327 17.6 344 11.5 Operating
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 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 informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
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 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 informationHFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials
1QFY2013 Result Update HFC July 11, 2012 HDFC Performance Highlights Particulars (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) NII 1,258 1,681 (25.1) 998 26.0 Preprov. profit 1,420 1,849 (23.2) 1194
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 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 informationSimplex Infrastructures
4QFY2012 Result Update Infrastructure May 31, 2012 Simplex Infrastructures Performance Highlights Quarterly Highlights Standalone Y/E March (` cr) 4QFY12 4QFY11 3QFY12 % chg (yoy) % chg (qoq) Net sales
More informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
2QFY2017 Result Update Media December 5, 2016 TV Today Network Performance Update Y/E March (` cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Net sales 132 126 5.1 137 (3.4) EBITDA 37 38 (2.4) 37 0.4 EBITDA margin
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 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 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 informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
2QFY2013 Result Update Media November 15, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 2QFY13 2QFY12 % yoy 1QFY13 %qoq Revenue 433 451 (4.0) 426 1.8 EBITDA 329 365 (10.0)
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 informationApollo Tyres BUY. Performance Highlights. CMP Target Price `56 `65. 3QFY2011Result Update Tyre. Key Financials (Consolidated)
3QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 3QFY11 3QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,432 1,323 8.2 1,259 13.7 EBITDA (` cr) 149 25 (27.4)
More informationMahindra & Mahindra BUY. CMP Target Price `860 `990. Company Update Automobile
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 Company Update Automobile May 9, 2018 Mahindra & Mahindra Mahindra & Mahindra Ltd (M&M) is an India-based company,
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 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 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 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 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 informationCCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
More informationAdvisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months
Ltd. Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current
More informationTransport Corporation of India
3QFY2016 Result Update Logistics February 3, 2016 Transport Corporation of India Performance Highlights Quarterly Data (Standalone) (` cr) 3QFY16 3QFY15 % yoy 2QFY15 % qoq Revenue 551 555 (0.6) 556 (0.8)
More informationNestle India NEUTRAL. Performance Highlights. CMP `4,387 Target Price - 2QCY2012 Result Update FMCG. Quarterly results. Investment Period -
2QCY2012 Result Update FMCG August 6, 2012 Nestle India Performance Highlights Quarterly results (` cr) 2QCY12 2QCY11 % yoy 1QCY12 % qoq Revenue 1,987 1,763 12.7 2,047 (3.0) EBITDA 429 344 24.5 457 (6.2)
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 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 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 informationQuick take. Ashok Leyland Ltd BUY. Scrappage policy to drive faster growth. Target Price. Investment Period 12 Months. 3-year price chart
Ltd Scrappage policy to drive faster growth Ltd (ALL) is the flagship company of the Hinduja Group, and one of the largest commercial vehicle manufacturers in India. ALL is engaged in the manufacturing
More informationQuick take. VIP Industries BUY. Travelling smart on the luggage track. CMP Target Price `153 ` year daily price chart
Travelling smart on the luggage track Ltd (VIP) is engaged in the manufacturing of hard and soft luggage both. VIP's brands include Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese and its product
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