Bharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1
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1 [ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28, 2013) BSE Sensex 20,160 Nifty S&P 6,111 Stock Detail BSE Group A BSE Code NSE Code BHARATFORGE Bloomberg Code BHFC IN Market Cap (`bn) Free Float (%) 60% 52wk Hi/Lo 322 / 196 Avg. Daily Volume (NSE) Face Value / Div. per share (`) 2.00 / 2.40 Shares Outstanding (mn) Shareholding Pattern (in %) Promoters FIIs DII Others Financial Snapshot (`mn) Y/E Mar FY11 FY12 FY13E FY14E Net Sales 28,434 35,766 30,892 33,507 EBITDA 6,119 8,075 6,535 7,533 PAT 3,108 3,621 3,056 3,821 EPS ROE (%) ROCE (%) P/E EV/EBITDA Share Price Performance Q4FY13 Result Highlights On Standalone basis, Bharat Forge reported 31% drop in revenues in Q4FY13 to `6,603 mn vs `9,558 mn in Q4FY12. This drop was due to continuing deceleration in exports (-32% y-o-y) in addition to decline in domestic revenue (-29% y-o-y). The demand drop is attributed to shrinking customer demand across the segment coupled with continuing slowdown in domestic market mostly in CVs and lower non auto business. Even volumes for Q4FY13 were lower by 35% y-o-y to 37,119 tons vs 57,242 tons, however surprisingly realization improved by 7% y-o-y to `177,874 per ton. Even non-auto segment continued to remain sluggish. With continuation of revenue decline, its effect was keenly visible on EBITDA margins, as it was down by 460bps y-o-y to 21% due to lower capacity utilization which was a result of subdued demand. With interest cost declining marginally by 3% y-o-y to `334 mn the reported net profit stood at `501 mn, down by 9% y-o-y. The decline in net profit was not significant as compared to revenue and EBITDA is due to lower outgo of tax in Q4FY13 y-o-y (33% as compared to 49% in Q4FY12). Foreign subsidiaries continue to disappoint due to continued severe downturn in the Heavy Truck and Passenger Vehicles market in China and decline in demand in Europe. Revenue for Q4FY13 decreased by 6.5% y-o-y to `6,648 mn, however, EBITDA margin witnessed an improvement despite challenging environment. For Q4FY13, EBITDA margin stood at 7.9% vs 5.9% in Q3FY12 due to cost rationalisation initiatives and productivity improvements followed by PBT of `144 mn as compared to loss of `277 mn in Q3FY13. However on y-o-y basis PBT for Q4FY13 stood at 115% higher. Valuation This overhang is expected to remain in near future due to weakness in the domestic market and Subdued market conditions in China and Europe. We have lowered our revenue estimates and growth for FY13 and FY14, further we have also lowered the utilization rate from 67% to 60% in FY13 and from 72% to 65% in FY14. We maintain the rating of the stock to HOLD with a target price of `238 per share. Quarterly Result Snapshot Y/E Mar ` mn Q3FY13 Q3FY12 Y-o-Y Chg Q2FY13 Q-o-Q Chg Net Sales 6, , (28.3)% 8, (22.5)% EBITDA 1, , (40.4)% 1, (27.2)% PAT , (53.9)% 1, (53.8)% EPS (53.9)% 4.41 (53.8)% Margin Profile Y-o-Y Chg Q-o-Q Chg EBITDA Margin % 19.73% 23.74% (401)bps 21.00% (121)bps PAT Margin % 7.19% 11.20% (401)bps 12.06% (487)bps 60 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Bharat Forge BSE SENSEX Rel. Perf. 1Mth 3 Mths 6Mths 1Yr Bharat F (%) (4.9) 3.3 (11.1) (26.8) SENSEX (%) Analyst Gaurav Oza gaurav@geplcapital.com Institutional Research 1
2 Quarterly Financial table (` mn) Q4FY13 Q4FY12 Y-o-Y FY13 FY12 Y-o-Y Gross Income Domestic Sales 3, , (29)% 16, , (18)% Exports 3, , (32)% 15, , (9)% Total Gross Sales 6, , (30)% 32, , (13)% Less: Excise Duty (19)% 1, , (5)% Net Sales 6, , (31)% 30, , (14)% Other Operating Income (33)% (37)% Total Net Sales 6, , (31)% 31, , (15)% Operating expenses: Raw Material Consumed 2, , (31)% 13, , (19)% (Inc)/Dec in stock in trade (79.90) (162.10) Employee costs (4)% 2, , % Manufacturing Exp 1, , (27)% 5, , (8)% Selling & Other expenses (8)% 2, , (5)% Total operating expenses 5, , (27)% 24, , (12)% Operating income 1, , (43)% 7, , (22)% Other Income % % PBIDT 1, , (39)% 8, , (18)% Interest (3)% 1, , % PBDT 1, , (44)% 6, , (21)% Depreciation % 2, , % PBT , (58)% 4, , (30)% Exceptional Item - (704.20) (704.20) PBT after exceptional Items , (30)% 4, , (19)% Provision for Taxes (53)% 1, , (27)% PAT (9)% 3, , (16)% EO Reported PAT (9)% 3, , (16)% Margins OPMs 21.0% 25.6% 22.7% 24.8% PBIDTM 24.1% 27.2% 25.6% 26.7% PBT 11.0% 18.2% 13.6% 16.8% PAT 7.4% 5.6% 9.7% 9.8% Tax Rate 32.7% 48.5% 30.6% 33.8% EPS Reported EPS CEPS No of shares issued Institutional Research Q4FY13 Result Update 2
3 Particulars Q4FY13 % of Total Q4FY12 % of Total Growth % India 3,634 54% 5,196 53% (30)% America 1,612 24% 2,356 24% (32)% Europe 1,316 20% 1,717 18% (23)% Asia Pacific 184 3% 503 5% (63)% Total 6,746 9,772 (31)% Particulars FY13 % of Total FY12 % of Total Growth % India 15,645 50% 19,513 53% (20)% America 8,933 28% 8,098 22% 10% Europe 5,862 19% 7,766 21% (25)% Asia Pacific 1,072 3% 1,483 4% (28)% Total 31,512 36,860 (15)% Weakness may continue in FY14 Improvement in macroeconomic scenario by rate cuts through the year would likely only set the stage for FY15. With the management indicating that inventory adjustment process is still underway at OEMs across geographies, we expect conditions to remain difficult in FY14. New customer additions BFL recently won a global passenger vehicle original equipment manufacturer (OEM) order for supply to its new platform. Also, BFL has witnessed new orders in the nonautomotive segments (oil and gas, construction and railway). The revenues from the new orders are likely to commence from Going ahead, BFL plans to focus on high technology products to drive growth Institutional Research Q4FY13 Result Update 3
4 Outlook: Still bleak Management has given clear indications that coming two quarters might see further decline in volumes from both export as well as domestic front as majority of BFL s clientele will take the required necessary corrective measures of clearing off its inventory. This might impact its revenue growth and EBITDA margin. This makes us believe that the there would be more than expected time required to find light at the end of the tunnel. Valuation This overhang is expected to remain in near future due to weakness in the domestic market and Subdued market conditions in China and Europe. We have lowered our revenue estimates and growth for FY13 and FY14, further we have also lowered the utilization rate from 67% to 60% in FY13 and from 72% to 65% in FY14. We maintain the rating of the stock to HOLD with a target price of `238 per share. SOTP Valuation BFL's Investment (in ` Mn) FY14 EPS Assigned P/E Multiple (x) Value Per Share BFL standalone BFL Alstom JV 3, Total Target Price (`) 238 Institutional Research Q4FY13 Result Update 4
5 Income Statement Y/E Dec (`mn) FY10(A) FY11(A) FY12(A) FY13(UA) FY14(E) Total net revenues 18,045 28,434 35,766 30,892 33,507 COGS 11,385 18,161 22,732 21,783 21,288 Gross Profit 6,660 10,272 13,034 9,109 12,219 Employee Cost 1,436 2,105 2,543 2,574 2,639 Selling & Admin Exp. 1,588 2,049 2, ,047 EBITDA 3,637 6,119 8,075 6,535 7,533 EBITDA Margin (%) Depreciation 1,644 1,933 2,149 2,239 2,227 Other Income 842 1,502 1,754 1,537 1,508 Interest (Net) 1,028 1,214 1,505 1,534 1,110 Exceptional Items - - (704.16) PBT 1,807 4,474 5,471 4,405 5,703 PBT Margin (%) Tax 537 1,365 1,850 1,349 1,882 Adjusted PAT 1,270 3,108 3,621 3,056 3,821 Extraordinary Items Reported PAT 1,270 3,108 3,621 3,056 3,821 Key Ratio Y/E Dec (`mn) FY10(A) FY11(A) FY12(A) FY13(E) FY14(E) Per Share Ratios Fully diluted E P S Book Value Dividend per share per share FCFO 4.2 (0.3) Valuation Ratio P/E P/BV EV/EBITDA EV/Sales Growth Ratios Sales Growth (8.7) (13.6) 8.5 EBITDA Growth (19.1) 15.3 Net Profit Growth (15.6) 25.0 EPS Growth (17.9) 25.0 Common size Ratios Gross Margin EBITDA Margin PAT Margin Employee Cost S&G Expenses Return ratios RoNW RoCE Turnover ratios (days) Debtors ( Days) Creditors ( Days) Inventory (Days) Solvency Ratios Total Debt/Equity Interest coverage Balance Sheet Y/E Dec (`mn) FY10(A) FY11(A) FY12(A) FY13(E) FY14(E) Equity capital Reserves & Surplus 14,827 19,488 20,965 24,937 27,933 Net worth 15,272 19,954 21,431 25,416 28,411 FCM Transaction Deferred tax liability 1,065 1,556 1,272 1,272 1,272 Total debt 18,528 14,734 16,852 15,184 11,874 Total Liabilities & Equity 34,877 36,244 39,555 41,871 41,556 Net block 17,761 17,633 17,962 16,723 14,995 Capital WIP 1,385 1,611 2,891 2,891 2,891 Total fixed assets 19,146 19,244 20,853 19,613 17,886 Investments 7,209 9,198 8,848 8,848 8,848 Other Fixed Assets Current Assets 18,116 18,867 22,793 24,220 25,581 Inventories 3,948 4,684 5,031 4,476 4,024 Debtors 3,072 4,197 4,912 4,062 4,223 Cash & bank 4,935 1,466 5,386 8,656 10,265 Loans & advances 5,584 7,525 6,670 6,348 6,334 Other Current Assets Current Liab. & Prov. 9,595 11,065 13,727 11,598 11,547 Creditors 7,032 6,908 12,072 9,943 9,892 Provisions 2,563 4,157 1,655 1,655 1,655 Net Working capital 8,521 7,802 9,066 12,622 14,034 Total Assets 34,877 36,244 39,555 41,871 41,556 Cash Flow Y/E Dec (`mn) FY10(A) FY11(A) FY12(A) FY13(E) FY14(E) PBT 1,807 4,476 5,471 4,405 5,703 Add: Depreciation 1,644 1,933 2,149 2,239 2,227 Other Adjustments 945 1,283 2, Change in working capital 1,603 (3,446) (603) (286) 196 Taxes paid (416) (531) (1,708) (1,349) (1,882) Extra Ordinary Items (253) (304) (468) 0 0 CF from operations 5,331 3,410 6,969 5,009 6,244 Change in fixed assets (1,164) (2,025) (4,259) (1,000) (500) Investment in Subsidiaries (1,059) (805) (103) 0 0 Change in investments (2,298) 329 (1,606) 0 0 Other Adjustments 130 (989) CF from investing acti. (4,391) (3,491) (5,462) (1,000) (500) Change in debt 1,711 (3,800) 4,176 (1,669) (3,310) Change in Equity capital 0 2, ,755 0 Changes in Pref. capital Dividend & dividend tax (261) (272) (1,343) (826) (826) Interest paid (1,095) (1,139) (1,308) 0 0 Other Adjustments (27) (97) CF from financing acti. 328 (2,533) 1,559 (739) (4,136) Change in cash 1,268 (2,615) 3,066 3,270 1,609 Opening cash 3,667 4,935 2,320 5,386 8,656 Closing cash 4,935 2,320 5,386 8,656 10,265 Du-Pont Analysis (%) FY10(A) FY11(A) FY12(A) FY13(E) FY14(E) Net Profit Margin Asset Turnover Leverage ROE Institutional Research Q4FY13 Result Update 5
6 NOTES GEPL CAPITAL Pvt Ltd Reg Office: D-21 Dhanraj mahal, CSM Marg, Colaba, Mumbai Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Name : Gaurav Oza Sector : Forging & Industrials Disclaimer: This report has been prepared by GEPL Capital Private Limited ("GEPL Capital "). GEPL Capital is regulated by the Securities and Exchange Board of India. This report does not constitute a prospectus, offering circular or offering memorandum and is not an offer or invitation to buy or sell any securities, nor shall part, or all, of this presentation form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities. This report is for distribution only under such circumstances as may be permitted by applicable law. Nothing in this report constitutes a representation that any investment strategy, recommendation or any other content contained herein is suitable or appropriate to a recipient s individual circumstances or otherwise constitutes a personal recommendation. All investments involve risks and investors should exercise prudence in making their investment decisions. The report should not be regarded by the recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of GEPL Capital as a result of using different assumptions and criteria. GEPL Capital is under no obligation to update or keep current the information contained herein. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. Any prices stated in this report are for information purposes only and do not represent valuations for individual securities or other instruments. There is no representation that any transaction can or could have been effected at those prices and any prices do not necessarily reflect GEPL Capital s internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions, by GEPL Capital or any other source may yield substantially different results. GEPL Capital makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. Further, GEPL Capital assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Neither GEPL Capital nor any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report. In no event shall GEPL capital be liable for any direct, special indirect or consequential damages, or any other damages of any kind, including but not limited to loss of use, loss of profits, or loss of data, whether in an action in contract, tort (including but not limited to negligence), or otherwise, arising out of or in any way connected with the use of this report or the materials contained in, or accessed through, this report. GEPL Capital and its affiliates and/or their officers, directors and employees may have similar or an opposite positions in any securities mentioned in this document (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). The disclosures contained in the reports produced by GEPL Capital shall be strictly governed by and construed in accordance with Indian law. GEPL Capital specifically prohibits the redistribution of this material in whole or in part without the written permission of GEPL Capital and GEPL Capital accepts no liability whatsoever for the actions of third parties in this regard. Institutional Research Q4FY13 Result Update 6
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More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
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 informationITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%
4QFY18 Result Update Institutional Equities ITC 17 May 2018 Reuters: ITC.NS; Bloomberg: ITC IN Tracking Expectations ITC s growth in 4QFY18 was modest and in line with expectations. On the revenue side,
More informationCoal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining
Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787
More informationAlembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months
1QFY2011 Result Update Pharmaceutical August 2, 2010 Alembic Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2010 % chg (qoq) 1QFY2010 % chg (yoy) Net Sales 279 267 4.6 291 (4.0) Other Income 1 1
More informationPhillips Carbon Black Ltd
4 Recommendation BOOK PROFITS Pain not yet over CMP (09/02/2015)* Rs. 131 Phillips Carbon Black (PCB) reported results in line with expectations; with EBITDA margins at 10.0% vs 9.3% in Q2FY15. The company
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationGraphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods
1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59
More 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 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 informationBharat Forge Ltd RESULT UPDATE
RESULT UPDATE 9 th November 2017 Nov-14 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 160 130 100 India Equity Institutional Research II Result Update Q2FY18 II 9 th November, 2017 CMP INR 738 Target INR 840
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More 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 informationColgate-Palmolive (India)
Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
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 informationHindustan Media Ventures
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More informationPower Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution
2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
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 informationParag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months
1QFY2019 Result Update Dairy Products August 8, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q1FY19 Q1FY18 % yoy Q4FY18 % qoq Net sales 549 413 32.9 518 5.9 EBITDA 60 29 103% 55 8.4% EBITDA
More informationInstitutional Equities
4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
More 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 informationColgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG
4QFY2010 Result Update I FMCG May 27, 2010 Colgate-Palmolive Performance Highlights ACCUMULATE CMP Target Price Rs715 Rs752 We highlight the fact that the current quarter results are not comparable yoy/qoq,
More 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 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 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 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 informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More 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 informationSpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months.
1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138
More 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 informationCentury Plyboards Ltd
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17
More informationColgate-Palmolive. Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,083. Recommendation: HOLD
Colgate-Palmolive Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,083 Recommendation: HOLD Market Statistics Current stock price (`) 1,083 Shares O/S (cr.) 27.2
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationFederal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector
1QFY218 Result Update Banking August 2, 217 Federal Bank Performance Highlights Particulars (` cr) 1QFY18 4QFY17 % chg (qoq) 1QFY17 % chg (yoy) NII 8.7 842.4 (5.) 692.7 15.6 Pre-prov. profit 557.9 549.2
More informationGillette India. Institutional Equities. 1QFY18 Result Update
1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance
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 informationReligare Investment Call
v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321
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 informationPower Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy
2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues
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Q2FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 144 173 % 33,219 10,303 Operational efficiency to continue ' Revenue (growth not comparable due to change
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3QFY2017 Result Update Agrichemical January 25, 2017 Rallis India Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 326 540 (39.7) 306 6.5 Other income
More informationSkipper Ltd. May 17, Towering high. CMP INR 205 Target INR 238 Result Update - BUY. Company Background. Investment Rationale
May 17, 2017 Skipper Ltd. Towering high CMP INR 205 Target INR 238 Result Update - BUY Key Share Data Face Value (INR) 1.0 Equity Capital (INR Mn) 102.3 Market Cap (INR Mn) 20,979.9 52 Week High/Low (INR)
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
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BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter
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BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter
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 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
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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
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Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
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: price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious
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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%
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Colgate-Palmolive Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,063 Recommendation: HOLD Market Statistics Current stock price (`) 1,063 Shares O/S (cr.) 27.2
More informationBajaj Electricals Ltd.
4 Recommendation CMP Target Price Sector Stock Details Book Profit Rs. 197 Rs. 178 Consumer Durable Quarterly Analysis Bajaj Electricals has reported a dismal performance where the EBIDTA margin was down
More informationTransport Corporation of India Ltd.
Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 July 26, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 5,908; Sensex: 19,805 CMP Target Price Rs49 Rs81 Potential
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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 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 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 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
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
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