Bharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
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1 Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal Poorvi Banka Rating Accumulate Price Rs728 Target Price Rs784 Implied Upside 7.7% Sensex 33,219 Nifty 10,303 (Prices as on November 08, 2017) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 45.85% Foreign 20.58% Domestic Inst % Public & Other 21.06% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff (6.7) Price Performance (RIC: BFRG.BO, BB: BHFC IN) (Rs) Nov 16 Jan 17 Mar 17 Source: Bloomberg May 17 Jul 17 Sep 17 Nov 17 Bharat Forge (BHFC) delivered a good performance in Q2FY18 registering strong growth across segments as well as geographies. Overall revenue growth for the quarter was at 41% YoY to Rs12.6bn, which was on expected lines. Growth in revenues was on the back of 27% YoY increase in sales tonnage and 16% improvement in per ton realisations. Operating performance too was strong with EBITDA margins expanding 160bps YoY as well as sequentially to 29.4% (PLe:29%) and EBITDA growth at ~49% YoY to Rs3.7bn. While both the automotive as well as the industrial segment for the company saw strong growth during the quarter, the industrial segment grew higher at ~79% YoY whereas the automotive segment revenues rose 26% YoY. As for the geographical mix, domestic revenues grew ~26% YoY while exports surged ~56% YoY, forming ~57% of total net sales in Q2FY18 (against 52% in Q2FY17). Wholly owned subsidiaries sustained the decent operating performance witnessed since Q4FY16. With revival in the overseas industrial segment, medium term and long term outlook for BHFC remains healthy and its strategy for Aerospace, Defence and Auto transmission parts provides further reason for optimism. North American truck demand too has recovered and has been seeing strong growth over the past few months while production volumes are expected to further improve by CY18. The company s expansion in the PV segment too would aid revenue growth ahead. On the domestic front, BS IV roll out related disruptions behind, increased government focus on infrastructure, strict overloading restrictions and better freight availability would auger well for the CV industry over the medium term. Further, the company has also said that it is seeing strong traction in the domestic industrial segment. We maintain Accumulate with a price target of Rs784, based upon 31x Sep 19 EPS. At the current market price, the stock is trading at 41x FY18E & 32x FY19E Standalone EPS. Key financials (Y/e March) E 2019E 2020E Revenues (Rs m) 63,961 74,317 85,516 98,756 Growth (%) (6.1) EBITDA (Rs m) 12,511 15,406 18,433 22,237 PAT (Rs m) 6,138 7,894 10,420 13,268 EPS (Rs) Growth (%) (6.5) (35.7) Net DPS (Rs) Profitability & Valuation E 2019E 2020E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q2FY18 Result Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 BHFC s Q2FY18 revenues were higher a strong 41% YoY (on lower base) to Rs12.6bn (in line with PLe). Shipment tonnage was up 27% YoY and realisations were higher 11.3% YoY. In the geographical mix, domestic sales were up 25.6% YoY and 5% QoQ, while exports were up a strong 56% YoY and 5% QoQ. In the sales mix, exports constituted 57.1% of net revenues, which was an impressive improvement YoY (Q2FY17 exports as % of sales were at 51.8%) while sequentially, it was stable. The company has attributed the growth in exports to recovery in the North American industrial segment, continuously improving US class 8 truck orders and the company s expansion in the PV segment in key export markets. For the quarter, sales in North America were up a strong 97.4% YoY (~38% of sales v/s 27% in Q2FY17 and 36% in Q1FY18), while sales in Europe were higher 8% YoY (~15% of sales v/s 20% in Q2FY17 and 16% in Q1FY18). India sales contributed ~44% to Q2 18 revenues. While both the automotive as well as industrial segments saw strong growth, overall industrial segment growth for Q2 was higher at ~79% YoY (Automotive segment growth at ~26% YoY). The growth in the industrial segment was on the back of growing demand for construction equipment, sustained recovery in NA shale gas and recovery in the mining segment. EBITDA margin stood at 29.4%, higher 160bps YoY as well as QoQ (PLe: 29%), as EBITDA grew 49% YoY (up 11% QoQ) to Rs3.7bn. The improvement in margins was mainly on account of improved product mix, enhanced productivity and favourable forex realisation. Gross margins were lower 60bps YoY (stable QoQ). Staff costs as a % of sales were lower 160bps YoY (down 40bps QoQ) and other expenses as a % of sales too were lower 50bps YoY (lower 120bps QoQ). Q2FY18 Net profit for BHFC grew a robust 60.5% YoY to Rs2.03bn (on expected lines). The company has mentioned that with BS IV emission norms and GST related disruptions somewhat behind, the domestic automotive segment is seeing improved traction and BHFC s M&HCV segment for the quarter surged 65% after a tepid Q1. The domestic passenger vehicle segment has also done well and the company has gained market share in the segment. As for the overseas automotive division, the company s NA class 8 truck segment has registered decent growth YoY as well as sequentially and the company expects this growth to continue in H2FY18 too. BHFC s overseas subsidiaries have reported decent performance, with revenue growth of ~25% YoY and EBITDA margin at 7.7% (lower 100bps YoY but up 30bps QoQ). November 08,
3 Conference call highlights The company has secured new orders worth Rs40mn in the domestic segment and Rs60mn for the export market. The NA Oil and gas segment revenues for the quarter were marginally above Q1FY18 levels (Q1 revenues were at ~Rs1.6bn) and the company continue to see strong demand in the segment. The company has gained market share in the domestic CV segment in H1FY18. The company had taken a price hike of ~Rs1,500/unit in the quarter and another price increase is expected to come in Q3FY18 to pass on the commodity price rise. BHFC got a second order for Aerospace in the quarter. However, the company has said that its announced target of attaining USD100mn of revenues by 2020 from this segment seems difficult. BHFC is currently operating at ~75% of forging capacity and 80% machining capacity. The company is hence looking at debottlenecking and cycle time reduction. Capex guidance for the same is ~Rs3 3.5bn, most of which is to be spent over FY18. The company is also looking at a Greenfield plant in Andhra Pradesh to cater to the need for light weighing solutions and the EV segment. Initial capex for the same is at Rs2bn to be spent over 3 years. The plant is planned to be commissioned in FY19. BHFC has fairly strong customer traction for the plant already. November 08,
4 Exhibit 1: Q2FY18 Result Overview (Rs m) Y/e March Q2FY18 Q2FY17 YoY gr. (%) Q1FY18 H1FY18 H1FY17 YoY gr. (%) Net Revenues 12,580 8, ,008 24,588 17, Raw Materials 4,409 3, ,208 8,617 6, % of Net Sales Personnel 1, ,064 2,135 1, % of Net Sales Manufacturing & Other Exp 3,406 2, ,403 6,809 5, % of Net Sales Total Expenditure 8,886 6, ,675 17,561 13, EBITDA 3,694 2, ,333 7,028 4, EBITDA Margin (%) Depreciation ,555 1, EBIT 2,913 1, ,559 5,473 3, Interest Expenses Non operating income PBT 3,063 1, ,633 5,696 4, Tax Total 1, ,908 1, Tax Rate (%) Total Reported PAT 2,037 1, ,751 3,788 2, Adj. PAT 2,037 1, ,751 3,788 2, Source: Company Data, PL Research November 08,
5 Exhibit 2: Operating Metrics Y/e March Q2FY18 Q2FY17 YoY gr. (%) Q1FY18 H1FY18 H1FY17 YoY gr. (%) Volume (MT) 58,659 46, , ,759 95, Realisation / ton (Rs) 219, , , , , Gross Profit / ton (Rs) 139, , , , , Staff Cost / ton (Rs) 18,250 19,570 (6.7) 19,314 18,765 19,097 (1.7) Other Mfg cost / ton (Rs) 58,070 53, ,757 59,855 52, EBITDA / ton (Rs) 62,978 53, ,497 61,776 51, Adj. Profit / ton (Rs) 34,726 27, ,780 33,299 27, Domestic / Export Mix Domestic sales 5,285 4, ,032 10,317 9, % of gross sales Exports 7,039 4, ,714 13,753 8, % of gross sales Source: Company Data, PL Research November 08,
6 Income Statement (Rs m) Net Revenue 63,961 74,317 85,516 98,756 Raw Material Expenses 24,358 28,575 32,832 37,794 Gross Profit 39,604 45,742 52,684 60,962 Employee Cost 9,309 10,428 11,565 12,805 Other Expenses 17,784 19,908 22,686 25,920 EBITDA 12,511 15,406 18,433 22,237 Depr. & Amortization 4,521 4,747 4,865 4,987 Net Interest 1, Other Income 2,477 1,275 1,364 1,459 Profit before Tax 9,468 11,032 14,387 18,216 Total Tax 2,492 3,199 4,028 5,009 Profit after Tax 6,976 7,833 10,359 13,207 Ex Od items / Min. Int. 838 (61) (61) (61) Adj. PAT 6,138 7,894 10,420 13,268 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 15,506 9,906 11,992 14,399 C/F from Investing (10,343) 32 (6,000) (6,000) C/F from Financing (7,165) (8,974) (9,081) (9,029) Inc. / Dec. in Cash (2,001) 965 (3,090) (630) Opening Cash 4,493 3,361 4,325 1,236 Closing Cash 2,492 4,325 1, FCFF 6,921 4,440 6,384 8,843 FCFE 700 1,440 3,384 5,843 Key Financial Metrics Growth Revenue (%) (6.1) EBITDA (%) (11.2) PAT (%) (6.5) EPS (%) (6.5) (35.7) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Source: Company Data, PL Research. Balance Sheet Abstract (Rs m) Shareholder's Funds 41,164 43,925 48,747 56,417 Total Debt 23,213 20,213 17,213 14,213 Other Liabilities 2,568 2,693 2,818 2,943 Total Liabilities 66,944 66,831 68,778 73,573 Net Fixed Assets 36,878 32,100 32,235 32,248 Goodwill Investments 11,916 11,916 12,916 13,916 Net Current Assets 17,726 22,391 23,203 26,985 Cash & Equivalents 3,361 4,325 1, Other Current Assets 35,511 41,435 47,670 54,689 Current Liabilities 21,145 23,370 25,702 28,310 Other Assets Total Assets 66,944 66,831 68,778 73,573 Quarterly Financials (Rs m) Y/e March Q3FY17 Q4FY17 Q1FY18 Q2FY18 Net Revenue 9,437 11,257 12,008 12,580 EBITDA 2,606 3,200 3,333 3,694 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 1,892 2,492 2,633 3,063 Total Tax ,026 Profit after Tax 1,286 2,075 1,751 2,037 Adj. PAT 1,286 1,820 1,751 2,037 Key Operating Metrics Standalone Sales tonnage (MT) 186, , , ,383 Standalone Realisation / ton (Rs) 207, , , ,411 Standalone Gross margin / ton (Rs) 136, , , ,723 Standalone EBITDA / ton (Rs) 57, , , ,921.1 Standalone Adjusted profit / ton (Rs) 29,366 39,037 43,952 47,064 Source: Company Data, PL Research. November 08,
7 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 50% 40% 30% 20% 10% 0% 40.6% 43.0% 16.4% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Saksham Kaushal (BSc Accounting & Finance (Hons.)), Ms. Poorvi Banka (MSc. 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Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationTata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
More informationMaruti Suzuki (MSIL IN)
(MSIL IN) Rating: BUY CMP: Rs6,513 TP: Rs7,600 January 28, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationTVS Motors (TVSL IN)
(TVSL IN) Rating: ACCUMULATE CMP: Rs535 TP: Rs618 October 23, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationApollo Tyres. Profitability likely to improve. Source: Company Data; PL Research
Profitability likely to improve November 09, 2011 Surjit Arora surjitarora@plindia.com +91-22-66322235 Rating Accumulate Price Rs59 Target Price Rs66 Implied Upside 11.9% Sensex 17,362 (Prices as on November
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
More informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationPantaloon Retail India
Sequential moderation in SSS growth May 16, 211 Gautam Duggad gautamduggad@plindia.com +91 22 66322233 Rating BUY Price Rs241 Target Price Rs332 Implied Upside 37.8% Sensex 18,531 (Prices as on May 13,
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
More informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
More informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
More informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationIDEA RESEARCH. Q2FY19 Result Update Tuesday, November 13, Mold Tek Packaging Lower gross margins & higher interest cost impacts profitability
(MTEP) reported Q2 results, slightly below expectations. Cons. net sales grew by 27.1% YoY but were marginally lower sequentially to Rs 1,005m. Q2 is a seasonally weak quarter (Q1 and Q4 being stronger).
More informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
More informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
More informationHCL Technologies. Source: Company Data; PL Research
Strong seasonality in IBM IP aids growth beat January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs958 Target Price Rs1,020 Implied Upside 6.5% Sensex 35,512 Nifty 10,895
More informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More information