Lupin Ltd. RESULT UPDATE 31 st October 2017

Size: px
Start display at page:

Download "Lupin Ltd. RESULT UPDATE 31 st October 2017"

Transcription

1 RESULT UPDATE 31 st October nd May 217

2 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October, 217 Lupin Ltd CMP INR 127 Target 1,187 Potential Upside 15.7% New products to add growth, operational efficiency to continue... Market Cap (INR Mn) 464,335 Recommendation BUY Sector Pharma 2 Result highlights Lupin reported Q2FY18 revenue of INR 38,741 Mn which degrew 8% Y-o-Y and grew by 1.8% Q-o-Q. Strong growth from domestic and Ex-US business led to spurt in revenues. However, the company has witnessed decline of 15% Q-o-Q in its US business with sales at INR 13,611 VS INR 16,81 in Q1FY18. EBITDA stood at INR 8,53 Mn and has witnessed an increase in margin which stood 21.6% in Q2 FY18 as against 18.3% in Q1 FY18. Lower R&D and other expenses have resulted increase in EBITDA margins Q-o-Q. However, EBITDA has decline Y-O-Y on basis by 46 bps. PAT for Q2FY18 was INR 4,528 Mn with margins of 11.4% which has increased by 159 bps Q-o-Q and has witnessed decline of 914 bps y-o-y. Higher other income which had forex gain of INR 42 crores led to spurt in PAT margins. Lupin has 49 first to file (FTF) out of which 25 are exclusives MARKET DATA Shares outs (Mn) 452 EquityCap (INR Mn) 94 Mkt Cap (INR Mn) Wk H/L (INR) 1572/92 Volume Avg (3m K) 224. Face Value (INR) 2 Bloomberg Code LPC IN SHARE PRICE PERFORMANCE Sensex Lupin MARKET INFO SENSEX NIFTY 1364 KEY FINANCIALS Particulars (INR Mn) FY15 FY16 FY17 FY18E FY19E Revenues 1,25,997 1,37,16 1,71,198 1,78,915 2,,385 EBITDA 36,196 37,535 44,932 43,119 5,297 APAT 24,32 22,77 25,575 25,94 29,85 AEPS (Rs) P/E (x) EV/EBITDA(x) ROAE (%) Continued price erosion and competition led to muted growth in Q2FY18 The company has posted muted growth with a marginal growth of 1.8% Q-o-Q and degrowth of 8% Y-O-Y due to high base business in FY17 which had higher revenues from its gglumetza and gfortamet drugs which had a 18 days exclusivity in the US. We expect Lupin to post healthy revenues on the back of strong growth from its domestic and its Ex-US business. North America s business continues to see pressure: The North America s business has witnessed declining growth with sales at INR 13,611 Mn in Q2FY18 with a degrowth of 32% Y-o-Y and 15% Q-o-Q due to high base in FY17 and additional competition in Minastrin. The Company launched 5 products in the US market during the quarter making the total to 147 products in the US generics market. Going ahead, we expect the US price erosion to be in range of 8-9% on the base business. The US business will continue to see pressure due to increasing competition, channel consolidation,appreciating Rupee and base business erosion. Japan continues to grow well: The acquired brands from Shionogi performed well which led to increase in Japan s revenues from INR 4,935 in Q1FY18 to INR 4,898 in Q1FY18. Going ahead, we expect Japan revenues to deliver a growth of 16% in FY18 due to increasing market penetration of Shionogi brands. Domestic business grew strongly post GST: Domestic business of the company has outperformed the industry growth on high single digit and has posted robust sales of INR 11,593 registering Q-o-Q growth of 24.3% and Y-o-Y growth of 16.4%. The company has made additional product launches which has helped to boost the revenues. We expect the domestic business of the company to grow 15% on Y-o-Y basis. SHARE HOLDING PATTERN (%) Particulars Sep 17 Jun 17 Mar 17 Promoters FIIs DIIs Others Total % 8% PAT CAGR between FY 17 and Revenue CAGR between FY 17 and FY 19E FY 19E

3 INR mn % INR Mn INR Mn India Equity Institutional Research II Result Update Q2FY18 II 31st October, 217 Valuations & Views: We believe in Lupin s growth story led by its unique offerings of specialty drugs and biosimilar. We expect Lupin to deliver robust growth on the back of its exclusive products and complex generics which are limited competition products. The domestic and Ex-US business will also grow strongly. We believe that from FY19 Lupin will pick up its growth momentum on the back of approvals and launch of limited competition products in the market. The company has a basket of total 152 US ANDA out of which 49 are first to file and 25 are exclusive in nature. The company plans to launch Axiron, hydrocodone, Tamilfu, levothyroxine in FY19 which will give a boost to sales. The company is developing Enbrel (etarnacept) which is currently in Phase III and Lupin plans to file it in FY19 in Japan and later in Europe. Lupin has an exhaustive pipeline of DPI inhalers and complex generics which has a huge market size. These opportunities will give an escalated growth trend to the company s revenues and will give a boost to the topline in long run. Going ahead, we believe the topline to deliver a Y-o-Y growth of 12% with sales at INR 23,391 mn in FY19 and EBITDA at INR 5,297 with margins at 24.7%. At the CMP of INR 1,27 Lupin is trading at an EPS of INR 66 for FY19E, we recommend BUY rating on the stock, with a target price of INR 1,187 that offers a potential upside of 15.7% ,213 35,558 41,811 44,393 42,95 44,828 42,533 38,696 39, % Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18. Revenue EBITDA Adj PAT EBITDA margin (%) PAT margin(%) Exhibit 1: US witnessed decline in growth ,49 11,55 21,95 21,755 19,7 21,886 19,978 16,18 13,611 Q2FY16 Q4FY16 Q2FY17 Q4FY17 Q2FY18 US Sales YoY (%) (2) (4) Exhibit 2: But strong growth in domestic business was seen ,234 3,739 3,651 3,442 3,231 3,886 4,22 4,891 3,944 Q1FY16 Q3FY16 Q1FY17 Q3FY17 Q1FY18 RoW Sales YoY (%) %

4 No. of ANDA INR mn INR mn INR mn % INR mn India Equity Institutional Research II Result Update Q2FY18 II 31st October, Exhibit 3: RoW business saw a growing trend 12 9,912 9,499 8,738 8,788 9, ,615 9,858 8,851 8, Exhibit 4: Along with the APAC revenues. 7 6,118 6,357 5,416 5,989 5, ,42 4,317 5,61 5, % 45% 3% 15% Q1FY16 Q3FY16 Q1FY17 Q3FY17 Q1FY18 (5) % Q2FY16 Q4FY16 Q2FY17 Q4FY17 Q2 218 APAC YOY (%) Domestic Sales YoY (%) Exhibit 5: The R&D spend of the company has been decreased Exhibit 6: Along with the capex. 8 2% 8, 32% 6 15% 6, 24% 4 1% 4, 16% 2 5% 2, 8% Q2FY16 Q4FY16 Q2FY17 Q4FY17 Q2FY18 % % Q2FY16 Q4FY16 Q2FY17 Q4FY17 Q2FY18 R&D expenses (LHS) as a % of sales (RHS) Capex as a % of sales (RHS) Exhibit 7: The spend in R&D has resulted in higher product launches and ANDA filings for the past years FY12 FY13 FY14 FY15 FY16 FY17 Cumulative ANDA filings Cumulative ANDA launched

5 India Equity Institutional Research II Result Update Q2FY18 II 31st October, 217 Q2FY18 Result Snapshot 5 Exhibit 8: Consolidated Result Update (INR Mn) INR Mn Q2FY18 Q1FY18 Q2FY17 QoQ (%) YoY (%) Net Sales 38, ,68. 42, % -8.% Other operating income % -1.9% Total Income 39, , , % -7.9% Expenditure 3, ,12. 32, % -5.% Materials Consumed 12, , , % 3.5% % of sales 33.2% 32.4% 29.5% 2.6% 12.5% Employee Cost 7, , , % 1.8% % of sales 18.7% 18.9% 16.9% -.8% 1.6% Other Exp 1, , , % -16.8% % of sales 28.1% 3.2% 31.% -7.1% -9.6% EBITDA 8,53.1 7, , % -17.% EBITDA margin (%) 21.6% 19.9% 24.% 173bps -238bps Depreciation 2, ,65.1 2, % 28.9% EBIT 5,88.3 5,78.4 8, % -28.9% Other Income % 173.1% Interest expenses % 82.2% E/o expense....%.% PBT 6,69.5 4, , % -25.8% Tax 1,54.6 1,368. 1, % -3.1% Effective tax rate (%) 25.4% 27.6% 19.4% -8.% 3.6% PAT 4, , , % -31.3% Share of profit after tax of associate... Minority Interest % 2.% Reported PAT 4,51.3 3,58.5 6, % -31.5% Net Margin (%) 11.4% 9.3% 15.3% 216bps -393bps EPS % -28.1% Key Con-call Highlights: Management expects that there will be high single digit price erosion in the US which will impact the revenues. The pricing pressure in the US and competition from McKesson and Walmart is going to affect the business adversely. However, the entry of Amazon will be a positive surprise as the number of buyers will increase. The company will maintain its R&D spend to INR 2 Mn i.e approx of INR 5 Mn per quarter in order to grow and fund its ongoing clinical trials. The company has cut down its R&D spend without compromising its ongoing trials. The company expects India business to grow at 15% on Y-o-Y basis. The company has 154 pending ANDA filings which has a target market size of USD 76 bn. Out of these 154 ANDA, 45 are first to file and 11 are exclusive in nature. Lupin is developing a biosimilar of Enbrel (Etarnacept) which has market size of USD 25 mn in the international market. The company is planning to file it in Japan in FY19. It also plans to start the clinical trial and pivotal studies of Advair an inhaler which is in phase III trial in the end of FY18. The company remain intact with guidance of EBITDA margins to be in the range of 21-23% in Q3 and Q4 of FY18.

6 India Equity Institutional Research II Result Update Q2FY18 II 31st October, Exhibit 9: Income Statement INR Mn FY15 FY16 FY17 FY18E FY19E Total operating income 1,27,7 1,42,85 1,74,943 1,81,599 2,3,391 Op. Expenses 91,54 1,4,55 1,3,12 1,38,48 1,53,94 EBITDA 36,196 37,535 44,932 43,119 5,297 Other Income 2,398 1,877 1,65 1,172 1,172 Depreciation 4,347 4,635 9,122 8,98 9,945 EBIT 34,246 34,777 36,875 35,31 41,524 Interest ,525 1,525 1,357 PBT 34,148 34,33 35,349 33,785 4,166 Tax 9,74 11,536 9,785 8,615 1,283 PAT 24,444 22,795 25,564 25,17 29,884 Minority Adj Pat 24,32 22,77 25,575 25,94 29,85 Exhibit 1 : Balance Sheet INR Mn FY15 FY16 FY17 FY18E FY19E Equity Share Capital Reserves & Surplus 87,842 1,8,943 1,34,73 1,51,219 1,76,412 Total Shareholders Fund 88,741 1,9,844 1,34,976 1,52,123 1,77,315 Minority Interest Non- current liabilities 5,764 6,341 69,546 63,898 58,37 Long term Borrowings 1,679 53,739 56,478 5,83 45,239 Deferred tax liabilities 2,24 2,45 3,949 3,949 3,949 Other LT liabilities & prov 2,61 4,557 9,12 9,12 9,12 Current Liabilities 36,631 53,872 61,25 6,131 59,959 Short-term borrowings 3,692 17,454 23,43 19,587 16,649 Trade payables 19,561 21,918 25,889 27,658 29,78 Other cur liabilities & Prov 13,379 14,5 12,273 12,887 13,531 Total Liabilities 1,31,377 2,24,377 2,66,72 2,76,497 2,95,927 Assets Non- current Assets 53,54 1,26,67 1,46,53 1,42,513 1,4,234 Fixed assets 49,442 1,16,23 1,31,659 1,31,717 1,29,267 Non-current investments ,84 1,192 Deferred tax assets (net) , Long-term loans & adv 2,742 9,73 8,81 8,889 8,951 Other non-current assets 3 Current assets 78,323 97,77 1,19,542 1,33,984 1,55,693 Current investments Trade receivables 26,566 45,498 43,73 42,891 5,58 Inventories 25,35 31,787 36,423 36,273 4,626 Cash & bank balances 4,814 8,379 6,994 21,87 3,128 Short-term loans & adv 3,42 7, Other current assets 18,488 4,734 32,893 33,551 34,222 Total Assets 1,31,377 2,24,377 2,66,72 2,76,497 2,95,927

7 India Equity Institutional Research II Result Update Q2FY18 II 31st October, 217 Exhibit 11: Cash flow statement INR Mn FY15 FY16 FY17 FY18E FY19E PBT 34,148 34,33 35,349 39,791 47,493 Depreciation 4,347 4,635 9,122 8,98 9,945 Interest Exp ,525 1,525 1,357 Others CF before W.cap 37,715 39,59 45,997 5,376 58,857 Inc/dec in W.cap ,537-21,412-2,832-1,133 Op CF after W.cap 36,766 7,972 24,585 47,544 48,725 Less Taxes -9,436-11,662-9,785-1,147-12,158 Net CF From Operations 27,33-3,689 14,8 37,397 36,566 Inc/(dec) in F.A + CWIP -8,676-57,152-34,31-9,38-7,495 (Pur)/sale of Investments -6,294-12, others 4,425 CF from Invst Activities -1,545-69,434-35,22-9,137-7,63 Loan Raised/(repaid) ,645 6,82-1,629-9,886 Equity Raised Dividend -1,573-4,55-4,543-4,525-5,441 CF from Fin Activities -1,969 58,126 2,261-15,154-15,328 Net inc /(dec) in cash 14,816-14,998-18,159 13,16 13,636 Others 22 1,929 17, Op. bal of cash 6,66 21,84 8,15 6,994 2,22 Cl. balance of cash 21,84 8,15 6,994 2,22 33,453 Exhibit 12: Ratio Analysis INR Mn FY15 FY16 FY17 FY18E FY19E EPS CEPS BVPS DPS Payout (%) Valuation (x) P/E P/BV EV/EBITDA Dividend Yield (%) Return ratio (%) EBIDTA Margin PAT Margin ROAE ROACE Leverage Ratios (x) Long Term D/E Net Debt/Equity Debt/EBITDA Interest Coverage Current ratio Growth Ratios (%) Income growth EBITDA growth PAT growth Turnover Ratios F.A Turnover x Inventory Days Payable days

8 India Equity Institutional Research II Result Update Q2FY18 II 31st October, 217 Date CMP (INR) TP (INR) Recommendation 31-Oct BUY 3-Aug BUY 1-Feb-17 1,495 1,73 BUY 1-Nov-16 1,529 1,769 BUY 1-Aug-16 1,68 1,863 BUY 23-May-16 1,56 1,838 BUY 8-Feb-16 1,819 1,838 HOLD 28-Oct-15 1,945 2,13 ACCUMULATE 14-Oct-15 1,92 1,986 HOLD 24-Jul-15 1,68 1,78 ACCUMULATE 7-Jul-15 1,92 1,774 HOLD 14-May-15 1,684 1,774 HOLD 9-Apr-15 2,9 2,1 HOLD Our Rating Rating Legend Upside Buy More than 15% Accumulate 5% - 15% Hold 5% Reduce -5% Sell Less than -5% 8 CERTIFICATION: We, Vaibhav Chowdhry (B.Com, MBA), research analyst and Dhara Patwa (BBA,MBA), research associate, author and the name subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect my views about the subject issuer(s) or securities. I also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. Terms & Conditions and other disclosures: KRChoksey Shares and Securities Pvt. Ltd (hereinafter referred to as KRCSSPL) is a registered member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and MCX Stock Exchange Limited. KRCSSPL is a registered Research Entity vides SEBI Registration No. INH1295 under SEBI (Research Analyst) Regulations, 214. We submit that no material disciplinary action has been taken on KRCSSPL and its associates (Group Companies) by any Regulatory Authority impacting Equity Research Analysis activities. KRCSSPL prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analyst covers. The information and opinions in this report have been prepared by KRCSSPL and are subject to change without any notice. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KRCSSPL. While we would endeavor to update the information herein on a reasonable basis, KRCSSPL is not under any obligation to update the information. Also, there may be regulatory, compliance or other reasons that may prevent KRCSSPL from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable regulations and/or KRCSSPL policies, in circumstances where KRCSSPL might be acting in an advisory capacity to this company, or in certain other circumstances. This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KRCSSPL will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. The recipient should independently evaluate the investment risks. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. KRCSSPL accepts no liabilities whatsoever for any loss or damage of any kind arising out of the use of this report. Past performance is not necessarily a guide to future performance. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Actual results may differ materially from those set forth in projections. Forward-looking statements are not predictions and may be subject to change without notice. Our employees in sales and marketing team, dealers and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed herein,.in reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise to real or potential conflicts of interest. Associates (Group Companies) of KRCSSPL might have received any commission/compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in respect of brokerage services or specific transaction or for products and services other than brokerage services. KRCSSPL or its Associates (Group Companies) have not managed or co-managed public offering of securities for the subject company in the past twelve months KRCSSPL encourages the practice of giving independent opinion in research report preparation by the analyst and thus strives to minimize the conflict in preparation of research report. KRCSSPL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report. Accordingly, neither KRCSSPL nor Research Analysts have any material conflict of interest at the time of publication of this report. It is confirmed that, Vaibhav Chowdhry (B.Com, MBA), research analyst and Dhara Patwa (BBA,MBA), research associate, of this report have not received any compensation from the companies mentioned in the report in the preceding twelve months. Compensation of our Research Analysts is not based on any specific brokerage service transactions. KRCSSPL or its associates (Group Companies) collectively or its research analyst do not hold any financial interest/beneficial ownership of more than 1% (at the end of the month immediately preceding the date of publication of the research report) in the company covered by Analyst, and has not been engaged in market making activity of the company covered by research analyst. It is confirmed that, Vaibhav Chowdhry (B.Com, MBA), research analyst and Dhara Patwa (BBA,MBA), research associate, do not serve as an officer, director or employee of the companies mentioned in the report. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other Jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject KRCSSPL and affiliates to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform them of and to observe such restriction. Please send your feedback to research.insti@krchoksey.com Visit us at Kisan Ratilal Choksey Shares and Securities Pvt. Ltd Registered Office: 112, Stock Exchange Tower, Dalal Street, Fort, Mumbai 4 1. Phone: ; Fax: Corporate Office: ABHISHEK, 5th Floor, Link Road, Andheri (W), Mumbai Phone: ; Fax:

Lupin Ltd. RESULT UPDATE

Lupin Ltd. RESULT UPDATE RESULT UPDATE 3rd August 217 22 nd May 217 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 217: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-217-vote-now

More information

Symphony Ltd. RESULT UPDATE 31st October 2017

Symphony 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 information

Cipla Ltd. RESULT UPDATE

Cipla Ltd. RESULT UPDATE RESULT UPDATE 14th August 2017 22 nd May 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

ITC Ltd. RESULT UPDATE 27th October, 2017

ITC 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 information

Colgate-Palmolive India Ltd.

Colgate-Palmolive India Ltd. RESULT UPDATE 5th February, 2018 Feb-15 Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 India Equity Institutional Research II Result Update - Q3FY18 II 5th February, 2018 CMP INR 1,120 MARKET DATA Target INR

More information

Nestle India Ltd. RESULT UPDATE

Nestle India Ltd. RESULT UPDATE RESULT UPDATE 15th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update Q1CY17 II 15th May, 2017 CMP INR 6819 Target INR 7075 Potential Upside

More information

Sun Pharmaceutical Industries Ltd.

Sun Pharmaceutical Industries Ltd. Sun Pharmaceutical Industries Ltd. RESULT UPDATE 14th August 2017 22 nd May 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j

More information

Hindustan Unilever Ltd.

Hindustan Unilever Ltd. . RESULT UPDATE 18 th July 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 125 105 India Equity Institutional Research II Result Update - FY18 II 18th July, 2017 CMP INR 1158 Target INR 1206 MARKET

More information

Suzlon Energy Ltd RESULT UPDATE 16th August, 2017

Suzlon 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 information

Prabhat Dairy Ltd. RESULT UPDATE 8th June, 2018

Prabhat Dairy Ltd. RESULT UPDATE 8th June, 2018 RESULT UPDATE 8 th June, 2018 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 8 th June, 2018 2 Under Expansion Mode CMP

More information

Britannia Industries Ltd.

Britannia Industries Ltd. . RESULT UPDATE 30th May, 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 30 th May, 2017 2 Growth Path ahead CMP INR 3419 Target

More information

Britannia Industries Ltd.

Britannia Industries Ltd. . RESULT UPDATE 9th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Balkrishna Industries Ltd

Balkrishna Industries Ltd RESULT UPDATE 3 rd August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Hindustan Unilever Ltd.

Hindustan Unilever Ltd. . RESULT UPDATE 25th October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 25th October 2017 CMP INR 1273 Target INR 1392 Potential Upside

More information

Tata Consultancy Services

Tata Consultancy Services Tata Consultancy Services SALES NOTE 19 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Sales Note II 19th May, 2017 CMP INR 2536 Target INR 2833 Potential

More information

Bharat Forge Ltd RESULT UPDATE

Bharat 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 information

Bharat Forge Ltd RESULT UPDATE

Bharat Forge Ltd RESULT UPDATE RESULT UPDATE 11 th August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Infibeam Incorporation Ltd.

Infibeam Incorporation Ltd. RESULT UPDATE 16 th August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now

More information

Persistent Systems Ltd.

Persistent Systems Ltd. RESULT UPDATE 26 th April2017 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 India Equity Institutional Research II Result Update - Q4FY17 II 26th April, 2017 2 Investment Mode Off, Return Mode On CMP INR 564 Target

More information

HCL Technologies Ltd.

HCL Technologies Ltd. RESULT UPDATE 12 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 12 th May, 2017 CMP INR 839 Target INR 1068 Potential Upside

More information

Tech Mahindra Ltd. RESULT UPDATE

Tech Mahindra Ltd. RESULT UPDATE Ltd. RESULT UPDATE 29 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 29 th May, 2017 CMP INR 374 Target INR 473 Potential

More information

Bharat Forge Ltd RESULT UPDATE

Bharat Forge Ltd RESULT UPDATE RESULT UPDATE 25 th May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 25th May, 2017 2 Pricey valuation limits further upside CMP

More information

Sun Pharmaceutical Industries Ltd

Sun Pharmaceutical Industries Ltd 1 Sun Pharmaceutical Industries Ltd Event Update 23 rd March, 2018 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 India Equity Institutional Research II Event Update II 23 rd March, 2018 2 CMP INR 508

More information

Sagar Cements Ltd. Management Meet Update

Sagar Cements Ltd. Management Meet Update Management Meet Update 26th September, 2017 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 India Equity Institutional Research II Management Meet Update II 26th September, 2017 2 Robust earnings outlook!

More information

Tech Mahindra Ltd. RESULT UPDATE

Tech Mahindra Ltd. RESULT UPDATE Ltd. RESULT UPDATE 1 st August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 India Equity Institutional Research II Result Update - Q1FY18 II 1st August, 2017 CMP INR 403 MARKET DATA Target INR

More information

Page. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017

Page. ICICI Bank Ltd. RESULT UPDATE 31 st July, 2017 1. RESULT UPDATE 31 st July, 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 India Equity Institutional Research II Result Update Q1FY18 II 31st July, 2017 2 Asset quality still worrisome, slippages

More information

Godrej Consumer Products Ltd.

Godrej Consumer Products Ltd. RESULT UPDATE 1st August, 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 India Equity Institutional Research II Result Update Q1FY18 II 1st August, 2017 CMP INR 1,035 Target INR 1,120 Potential

More information

Reliance Industries Ltd.

Reliance Industries Ltd. 1. RESULT UPDATE 22 nd January, 2018 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 India Equity Institutional Research II Result Update Q3FY18 II 22nd January, 2018 CMP INR 929 Result highlights Target

More information

Page. Mahanagar Gas Ltd. RESULT UPDATE 8 th August, 2018

Page. Mahanagar Gas Ltd. RESULT UPDATE 8 th August, 2018 1 RESULT UPDATE 8 th August, 2018 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 India Equity Institutional Research II Result Update Q1FY19 II 8 th August, 2018 2 CMP INR 961 Target INR 1,165 Potential Upside 21.2%

More information

Page. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017

Page. ICICI Bank Ltd. RESULT UPDATE 30 th October, 2017 1. RESULT UPDATE 30 th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 30th October, 2017 2 Stress situation continues to improve

More information

Fineotex Chemical Ltd

Fineotex Chemical Ltd Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to

More information

Visaka Industries Ltd

Visaka Industries Ltd Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%

More information

Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank Ltd. 1. RESULT UPDATE 26 th October, 2017 Oct/14 Apr/15 Oct/15 Apr/16 Oct/16 Apr/17 Oct/17 India Equity Institutional Research II Result Update Q2FY18 II 26 th October, 2017 CMP INR 1014 Target INR 1104 Result

More information

NIIT Technologies. 3QFY19 Result Update. Robust revenue visibility, Outlook robust

NIIT Technologies. 3QFY19 Result Update. Robust revenue visibility, Outlook robust NIIT Technologies 3QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1227 Recommendation: Buy Market statistics Current stock price (`) 1,227 Shares O/S (cr.) 6.1 Mcap

More information

NIIT Technologies. 2QFY19 Result Update. Robust revenue visibility, Outlook robust

NIIT Technologies. 2QFY19 Result Update. Robust revenue visibility, Outlook robust NIIT Technologies 2QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1199 Recommendation: Buy Market statistics Current stock price (`) 1,199 Shares O/S (cr.) 6.1 Mcap

More information

Cummins India Ltd Bloomberg Code: KKC IN

Cummins 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 information

Mphasis. 1QFY18 Result Update. Margins dip; valuations not supportive. Sector: Technology CMP: ` 614. Recommendation: Sell

Mphasis. 1QFY18 Result Update. Margins dip; valuations not supportive. Sector: Technology CMP: ` 614. Recommendation: Sell MphasiS 1QFY18 Result Update Margins dip; valuations not supportive Sector: Technology CMP: ` 614 Recommendation: Sell Market statistics Current stock price (`) 614 Shares O/S (cr.) 19.3 Mcap (` cr) 11,851

More information

SQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E

SQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting

More information

Hindustan Unilever (RHS)

Hindustan Unilever (RHS) Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16

More information

D-Link India (DLILIM) 105

D-Link India (DLILIM) 105 Company Update Rating matrix Rating : Buy Target : 140 Target Period : 18-24 months Potential Upside : 34% What s Changed? Target Changed from 150 to 140 EPS FY18E Changed from 11.4 to 9.5 EPS FY19E Introduced

More information

KPIT. 1QFY18 Result Update. Profitability does it again, looking for sustenance. Sector: Technology CMP: ` 130. Recommendation: Hold

KPIT. 1QFY18 Result Update. Profitability does it again, looking for sustenance. Sector: Technology CMP: ` 130. Recommendation: Hold KPIT 1QFY18 Result Update Profitability does it again, looking for sustenance Sector: Technology CMP: ` 130 Recommendation: Hold Market statistics Current stock price (`) 130 Shares O/S (cr.) 19.7 Mcap

More information

Ahluwalia Contracts (India)

Ahluwalia Contracts (India) May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted

More information

Solar Industries India Ltd

Solar Industries India Ltd RESULT UPDATE 15 th May, 2018 May-15 Nov-15 May-16 Nov-16 May-17 Nov-17 May-18 India Equity Institutional Research II Result Update - Q4FY18 II 15 th May, 2018 CMP INR 1091 Target INR 1353 Potential Upside

More information

Tech Mahindra. 1QFY18 Result Update. Steps in the right direction, compelling valuation. Sector: Technology CMP: ` 385. Recommendation: Buy

Tech Mahindra. 1QFY18 Result Update. Steps in the right direction, compelling valuation. Sector: Technology CMP: ` 385. Recommendation: Buy Tech Mahindra 1QFY18 Result Update Steps in the right direction, compelling valuation Sector: Technology CMP: ` 385 Recommendation: Buy Market statistics Current stock price (`) 385 Shares O/S (cr.) 97.5

More information

Tech Mahindra. 4QFY17 Result Update. Short term blip, compelling valuation. Sector: Technology CMP: ` 429. Recommendation: Buy

Tech Mahindra. 4QFY17 Result Update. Short term blip, compelling valuation. Sector: Technology CMP: ` 429. Recommendation: Buy Tech Mahindra 4QFY17 Result Update Short term blip, compelling valuation Sector: Technology CMP: ` 429 Recommendation: Buy Market statistics Current stock price (`) 429 Shares O/S (cr.) 97.1 Mcap (` cr)

More information

NIIT Technologies. 4QFY17 Result Update. Robust revenue visibility, Margin expansion story intact. Sector: Technology CMP: `471. Recommendation: Buy

NIIT Technologies. 4QFY17 Result Update. Robust revenue visibility, Margin expansion story intact. Sector: Technology CMP: `471. Recommendation: Buy NIIT Technologies 4QFY17 Result Update Robust revenue visibility, Margin expansion story intact Sector: Technology CMP: `471 Recommendation: Buy Market statistics Current stock price (`) 471 Shares O/S

More information

Mphasis. 1QFY17 Result Update. Muted quarter, Direct business still weak. Sector: Technology CMP: ` 540. Recommendation: Sell

Mphasis. 1QFY17 Result Update. Muted quarter, Direct business still weak. Sector: Technology CMP: ` 540. Recommendation: Sell MphasiS 1QFY17 Result Update Muted quarter, Direct business still weak Sector: Technology CMP: ` 540 Recommendation: Sell Market statistics Current stock price (`) 540 Shares O/S (cr.) 21.0 Mcap (` cr)

More information

Ultratech Ltd. RESULT UPDATE

Ultratech Ltd. RESULT UPDATE Ultratech Ltd. RESULT UPDATE 26th April 2017 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 India Equity Institutional Research II Result Update - Q4FY17 II 26th April, 2017 CMP INR 4238 Target INR 4266 Potential

More information

Simplex Infrastructures

Simplex Infrastructures May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve

More information

Wipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold

Wipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold Wipro 4QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 287 Recommendation: Hold Market statistics Current stock price (`) 287 Shares O/S (cr.) 452.3 Mcap (` cr) 129,927

More information

Bajaj Finserv (BAFINS) 5443

Bajaj Finserv (BAFINS) 5443 Aug-17 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 May-16 Mar-16 Jan-16 Nov-15 Sep-15 Company Update Rating matrix Rating Buy Target 6000 Target Period 12 months Potential Upside 10% What s Changed? Target

More information

HCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.

HCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS. Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully

More information

Reliance Capital (RELCAP)

Reliance Capital (RELCAP) Event Update Rating matrix Rating : Buy Target : 466 Target Period : 12 months Potential Upside : 41% Key Financials (Consolidated) crore FY10 FY11 FY12E FY13E Revenues 6141 5499 6452 7129 PBT 592 287.3

More information

Praj Industries (PRAIN)

Praj Industries (PRAIN) Result Update October 18, 211 Rating matrix Rating : Buy Target : 96 Target Period : 12-15 months Potential Upside : 25% WHAT S CHANGED Praj Industries (PRAIN) 77 Key Financials Crore FY1 FY11 FY12E FY13E

More information

Bajaj Finserv (BAFINS) 4375

Bajaj Finserv (BAFINS) 4375 Company Update Rating matrix Rating Buy Target 4900 Target Period 12 months Potential Upside 12% What s Changed? Target Changed from 3620 to 4900 EPS FY17E Changed from 146.2 to 150.3 EPS FY18E Changed

More information

Wabco India (WABTVS) Having a safe and brake free ride! Management Meet Note. ICICI Securities Ltd Retail Equity Research.

Wabco India (WABTVS) Having a safe and brake free ride! Management Meet Note. ICICI Securities Ltd Retail Equity Research. Management Meet Note Rating matrix Rating : Buy Target : 6750 Target Period : 12 months Potential Upside : 14% What s Changed? Target Changed from 6400 to 6750 EPS FY17E Unchanged EPS FY18E Unchanged Rating

More information

Infosys. 3QFY19 Result Update. Decent quarter; Strong deal wins. Sector: Technology CMP: ` 684. Recommendation: Buy

Infosys. 3QFY19 Result Update. Decent quarter; Strong deal wins. Sector: Technology CMP: ` 684. Recommendation: Buy Infosys 3QFY19 Result Update Decent quarter; Strong deal wins Sector: Technology CMP: ` 684 Recommendation: Buy Market statistics Current stock price (`) 684 Shares O/S (cr.) 436.9 Mcap (` cr) 298,684

More information

Larsen & Toubro Ltd.

Larsen & Toubro Ltd. 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:

More information

UltraTech Cement (ULTCEM)

UltraTech Cement (ULTCEM) April 20, 2009 Cement Company Update UltraTech Cement (ULTCEM) Current Price Rs 546 Potential upside 15.4% Target Price Rs 630 Time Frame 12-15 months Powered by savings Historically, UltraTech Cement

More information

Bajaj Finserv (BAFINS) 3130

Bajaj Finserv (BAFINS) 3130 Company Update Rating matrix Rating Buy Target 3470 Target Period 12 months Potential Upside 11% What s Changed? Target Changed from 2900 to 3470 EPS FY17E EPS FY18E EPS FY19E Introducing at 242.3 Rating

More information

Punjab National Bank

Punjab National Bank Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery

More information

Minda Industries Ltd RESULT UPDATE

Minda Industries Ltd RESULT UPDATE RESULT UPDATE 22 nd May 2017 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 India Equity Institutional Research II Result Update - Q4FY17 II 22 nd May, 2017 CMP INR 568 Target INR 678 Potential Upside

More information

Hexaware. 2QCY17 Result Update. Margin pressure ahead, rich valuations. Sector: Technology CMP: ` 262. Recommendation: Hold

Hexaware. 2QCY17 Result Update. Margin pressure ahead, rich valuations. Sector: Technology CMP: ` 262. Recommendation: Hold Hexaware 2QCY17 Result Update Margin pressure ahead, rich valuations Sector: Technology CMP: ` 262 Recommendation: Hold Market statistics Current stock price (`) 262 Shares O/S (cr.) 29.7 Mcap (` cr) 7,774

More information

Wipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold

Wipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold Wipro 3QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 328 Recommendation: Hold Market statistics Current stock price (`) 328 Shares O/S (cr.) 452.3 Mcap (` cr) 148,571

More information

Pidilite Industries Ltd

Pidilite Industries Ltd Company Update De-stocking as an initial response to GST implementation caused subdued performance; Brighter long term business prospects ahead The company has recorded sales of Rs. 16693 Mn in as against

More information

Marico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015

Marico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015 RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap

More information

Hexaware. 4QCY18 Result Update. Margin miss, rich valuations. Sector: Technology CMP: ` 322. Recommendation: Hold

Hexaware. 4QCY18 Result Update. Margin miss, rich valuations. Sector: Technology CMP: ` 322. Recommendation: Hold Hexaware 4QCY18 Result Update Margin miss, rich valuations Sector: Technology CMP: ` 322 Recommendation: Hold Market statistics Current stock price (`) 322 Shares O/S (cr.) 29.7 Mcap (` cr) 9,589 52W H/L

More information

I Direct. nstinct. September 19, 2017

I Direct. nstinct. September 19, 2017 I Direct nstinct September 19, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on

More information

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart

Inox 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 information

IndusInd Bank (INDBA) 1717

IndusInd Bank (INDBA) 1717 Event Update Rating matrix Rating : Buy Target : 1920 Target Period : 12 months Potential Upside : 12% What s Changed? Target EPS FY18E EPS FY19E Rating Price chart October 16, 2017 IndusInd Bank (INDBA)

More information

BUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights

BUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due

More information

Monte Carlo Fashions (MONCAR) 580

Monte Carlo Fashions (MONCAR) 580 Analyst Meet Note December 13, 217 Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials ( Crore) FY14 FY15 FY16 FY17 Net Sales 53.1 582.6 621.5 584.1 EBITDA

More information

Amber Enterprises India Ltd

Amber Enterprises India Ltd 3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)

More information

Maruti Suzuki. Source: Company Data; PL Research

Maruti Suzuki. Source: Company Data; PL Research Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty

More information

SSG continues to disappoint

SSG continues to disappoint Shoppers Stop SSG continues to disappoint India Equity Research Retail February 2, 2018 Result Update Refer to important disclosures at the end of this report Emkay Your success is our success CMP Target

More information

Vakrangee Ltd BUY. Speciality Retail. Company Update. Aug 07, Vakrangee Ltd. Recommendation (Rs.)

Vakrangee Ltd BUY. Speciality Retail. Company Update. Aug 07, Vakrangee Ltd. Recommendation (Rs.) Company Update Speciality Retail Addition of Service Offerings will Ramp up the Business PAT increased by 38.3% YoY on strong revenue growth: During Q1FY18, the revenue stood at Rs. 13047 Mn as against

More information

CMP* (Rs) 1,033 Upside/ (Downside) (%) (0.3) Bloomberg Ticker Market Cap. (Rs bn) 467 Free Float (%) 53 Shares O/S (mn) 452

CMP* (Rs) 1,033 Upside/ (Downside) (%) (0.3) Bloomberg Ticker Market Cap. (Rs bn) 467 Free Float (%) 53 Shares O/S (mn) 452 2QFY18 Result Update October 31, 2017 Market Cap. (Rs bn) 467 Free Float (%) 53 Shares O/S (mn) 452 US Biz to Remain Weak; Maintain Led by weak performance in the US markets, (LPC) has delivered a weak

More information

Q4 EARNINGS REPORT Welspun India 25 Apr 17

Q4 EARNINGS REPORT Welspun India 25 Apr 17 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Q4 EARNINGS REPORT Welspun India 25 Apr 17 CMP (Rs) 94 TP (Rs) 112 Maintain Outperformer

More information

Near-term pressure, but long-term outlook positive

Near-term pressure, but long-term outlook positive INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)

More information

Gillette India. Institutional Equities. 1QFY18 Result Update

Gillette 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 information

Lumax Industries (LUMIND)

Lumax Industries (LUMIND) Management Meet Note Rating matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore FY14 FY15 FY16 FY17 Net Sales 1,117 1,143 1,255 1,300 EBITDA 51 59 89 100 Net

More information

Stock Trader: Budget Beneficiary Stock Larsen & Toubro

Stock Trader: Budget Beneficiary Stock Larsen & Toubro Stock Trader: Budget Beneficiary Stock Larsen & Toubro Amit Gupta Raj Deepak Singh Azeem Ahmad amit.gup@icicisecurities.com rajdeepak.singh@icicisecurities.com azeem.ahmad@icicisecurities.com February

More information

NIIT Technologies. Analyst Meet Update. Non-linearity to boost revenues, margins. Sector: Technology CMP: `496. Recommendation: Buy

NIIT Technologies. Analyst Meet Update. Non-linearity to boost revenues, margins. Sector: Technology CMP: `496. Recommendation: Buy NIIT Technologies Analyst Meet Update Non-linearity to boost revenues, margins Sector: Technology CMP: `496 Recommendation: Buy Market statistics Current stock price (`) 496 Shares O/S (cr.) 6.1 Mcap (`

More information

BUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.

BUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E. At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174

More information

Emkay. Demand environment remain weak. Century Plyboards. Result highlights. Slowdown in plywood segment impacted revenue growth

Emkay. Demand environment remain weak. Century Plyboards. Result highlights. Slowdown in plywood segment impacted revenue growth Century Plyboards India Equity Research Others January 29, 2016 Result Update Emkay Your success is our success Demand environment remain weak CMP Rs150 Target Price Rs166 ( ) Rating Upside ACCUMULATE

More information

I Direct. nstinct. November 27, 2017

I Direct. nstinct. November 27, 2017 I Direct nstinct November 27, 2017 I-direct Instinct Key risks to investing in I-direct Instinct It is a quick pitch note, which captures the essence of an idea in brief Instinct idea may be based on management

More information

Colgate-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 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 information

Emmbi Industries (EMMPOL)

Emmbi Industries (EMMPOL) Management Meet Note Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Key Financials Crore Net Sales 2.2 139.7 157.9 182.6 EBITDA 9.8 12.6 15.3 19.7 Net Profit 3.3 3.2

More information

Union Bank of India (UNIBAN)

Union Bank of India (UNIBAN) Result Update Rating matrix Rating : Hold Target : 22 Target Period : 12 months Potential Upside : 5 % Key Financials crore FY1 NII 4192 6216 714 8312 PPP 3659 435 496 552 PAT 275 282 1915 2439 Valuation

More information

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE 2QFY18 Result Update Institutional Equities Swaraj Engines 13 November 2017 Reuters: SWAR.BO; Bloomberg: SWE IN Strong Realisation Drives Earnings Growth Swaraj Engines (SEL) 2QFY18 earnings were 5% above

More information

Wipro. 3QFY17 Result Update. Guidance subdued, maintain Hold. Sector: Technology CMP: ` 474. Recommendation: Hold

Wipro. 3QFY17 Result Update. Guidance subdued, maintain Hold. Sector: Technology CMP: ` 474. Recommendation: Hold Wipro 3QFY17 Result Update Guidance subdued, maintain Hold Sector: Technology CMP: ` 474 Recommendation: Hold Market statistics Current stock price (`) 474 Shares O/S (cr.) 243.1 Mcap (` cr) 115,090 52W

More information

Schaeffler India (FAGBEA) 4800

Schaeffler India (FAGBEA) 4800 Event update Rating Matrix Rating : Unrated Target : NA Target Period : NA Potential Upside : NA Stock Data Particular Amount Market Capitalization ( crore) 7,968 Net Debt (CY16) ( crore) (640.6) Net Worth

More information

Persistent Systems. Analyst Meet Update. Futuristic technologies, short term hazy, Hold. Sector: Technology CMP: ` 655. Recommendation: Hold

Persistent Systems. Analyst Meet Update. Futuristic technologies, short term hazy, Hold. Sector: Technology CMP: ` 655. Recommendation: Hold Persistent Systems Analyst Meet Update Futuristic technologies, short term hazy, Hold Sector: Technology CMP: ` 655 Recommendation: Hold Market statistics Current stock price (`) 655 Shares O/S (cr.) 8.0

More information

Consolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE

Consolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in

More information

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance

HOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and

More information

Reliance Capital (RELCAP) 549

Reliance Capital (RELCAP) 549 Company Update Rating matrix Rating Buy Target 718 Target Period 12 months Potential Upside 31% Key Financials crore FY16E FY17E FY18E FY19E Revenues 9998 16776 18727 21501 PBT 1733 1459 1974 2560 Adjusted

More information

Colgate-Palmolive (India)

Colgate-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 information

Colgate-Palmolive. Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,063. Recommendation: HOLD

Colgate-Palmolive. Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,063. Recommendation: HOLD 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 information

ITC Ltd. BUY CMP (Rs.) 304 Target (Rs.) 336 Potential Upside(%) 11% Valuation: Investment Rationale. For private circulation only

ITC Ltd. BUY CMP (Rs.) 304 Target (Rs.) 336 Potential Upside(%) 11% Valuation: Investment Rationale. For private circulation only Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18. Volume No.. I Issue No. 186 ITC Ltd September 21, 2018 BSE Code: 500875 NSE Code: ITC Reuters Code: ITC.NS Bloomberg

More information

TVS Motors. Source: Company Data; PL Research

TVS Motors. Source: Company Data; PL Research Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709

More information