Tech Mahindra. Source: Company Data; PL Research
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1 Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices as on November 01, 2017) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 36.41% Foreign 36.32% Domestic Inst % Public & Other 13.34% Stock Performance (%) 1M 6M 12M Absolute Relative (0.5) 5.0 (7.7) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Perf. (RIC: TEML.BO, BB: TECHM IN) (Rs) Oct 16 Dec 16 Source: Bloomberg Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Tech M s 2QFY18 results were inline with our estimates on revenues but delivered a beat on EBIDTA margin and PAT. Revenues at USD1179.2mn were up 3.6% QoQ and marginally above our estimates (PLe: USD1177mn). Revenues grew by 2.5% QoQ organically in USD (1.2% Organic growth in Constant Currency). Telecom vertical revenues (~43.7% of total revenues) were flat QoQ while Enterprise vertical (~57% of total revenues) grew by 6.1% QoQ (4% Organically). EBIDTA margin for the quarter came 14.5% up 180bps QoQ and above our estimates (PLe: ~13.5%). PAT came Rs8362mn was 19% above our estimates aided by margin beat and higher other income. Company reported second sequential quarter of headcount reduction in IT service segment. This has been the key driver for margin improvement. IT services Headcount came at 75,587 employees which represent a net decline of 3,400 employees QoQ. Tech M indicated of continued focus on margin improvement over coming quarters. Tech M has entered into an IP deal for Cloud and Virtualization product and would pay USD140mn for the deal (USD35mn paid in 2QFY18 and remaining to be paid in equal installments over a 12 quarter period). However, company indicated that it would give more details on this deal in 3QFY18. Aided by cross currency tailwind, we upgrade Tech M USD revenue growth assumptions to 9.5% for FY18 (vs 7.8% modeled earlier). This would imply an organic revenue growth of 6% in USD (4.2% constant currency YoY growth for FY18). Weakness in Telecom vertical owing to drag in LCC portfolio is leading to overall soft revenue growth for the company. We upgrade our EBIDTA margin assumptions to 14.2/14.8% for FY18/FY19E (vs 13.8/14.8% modeled earlier). Tech M already appears to have used headcount reduction as a margin lever over the past two quarters (IT services headcount down by 8% in 2QFY18 vs 4QFY17). We upgrade FY18 EPS estimates by 4.3% but we retain our FY19 EPS assumptions. Despite 18% rally over past three months, stock trades at 12.3x FY19E EPS and remains cheap. Infosys/ HCL Tech trading at 13/12.5x FY19E EPS. TP raised by 7% to Rs535/sh (13x Sep19E EPS vs 13x FY19E EPS earlier). Retain BUY Key financials (Y/e March) E 2019E Revenues (Rs m) 264, , , ,053 Growth (%) EBITDA (Rs m) 43,184 41,844 43,857 50,164 PAT (Rs m) 31,154 28,152 33,396 34,491 EPS (Rs) Growth (%) 13.3 (8.5) Net DPS (Rs) Profitability & Valuation E 2019E 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 Exhibit 1: Q2FY18 Result Table (Rs mn) Q2FY18 Q1FY18 QoQ Q2FY17 YoY Ple Variance (Actual vs PLe) Sales (US $ mn) 1,179 1, % 1, % 1, % Sales 76,064 73, % 71, % 75, % EBITDA 11,057 9, % 10, % 10, % EBITDA Margins 14.5% 12.7% 180 bps 14.9% 39 bps 13.5% 104 bps Net Income 8,362 7, % 6, % 7, % EPS (Rs) % % % Revenues beat estimates: Revenues at USD1,179mn were up 3.6% QoQ and above our estimates (USD1,177mn). HCI acquisition consolidation contributed to incremental USD13mn for the quarter. Cross currency movement was a tailwind of 130bps QoQ. Hence, organic constant currency revenue growth for the quarter stood at 1.2% QoQ Exhibit 2: USD Revenue growth (QoQ) 7.0% 6.5% 6.0% 5.3% 5.0% 4.0% 3.0% 2.0% 1.0% 3.7% 2.6% 4.0% 4.1% 2.2% 1.4% 0.5% 0.4% 0.7% 0.9% 3.6% 0.6% 0.0% Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 * Growth includes acquisitions Exhibit 3: US$ Revenues and growth YoY in (%) USD revenues Growth (YoY) 1,300 1,200 1,100 1, ,011 1,015 1,023 1,032 1,072 1,116 1,131 1,138 1, % 17.0% 12.0% 7.0% % Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18, acquisition have also aided in higher YoY USD revenue growth over FY15/FY16. November 01,
3 Steep margin erosion: EBIDTA margin came in at 14.5% up 180bps QoQ and above our estimates (PLe: 13.5%). Headcount reduction in IT services business has been the key driver for margins in our view. Company would have to scout for new levers to drive further margin expansion over 3Q and 4Q. Exhibit 4: EBIDTA Margins vs. Average rate (USD vs. INR) EBITDA Margins Average rate 22.0% 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 18.1% 20.0% 20.2% 15.2% 14.9% 16.6% 16.9% 16.9% 14.9% 14.9% 15.7% 12.0% 12.7% 14.5% Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Key Metrics Exhibit 5: Revenue mix by geography (%) Revenues by Geography Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Americas Europe ROW ROW drove most of the revenue growth for the quarter Exhibit 6: Geography wise revenues (USD mn) and growth in revenues (%) Revenues and growth by geography Q2FY18 Q1FY18 QoQ Q2FY17 YoY Americas % % Europe % % ROW % % November 01,
4 Exhibit 7: Revenue mix by verticals (%) Revenues by verticals Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Telecom Manufacturing Technology,media and Entertainment BFSI Retail, Transport and logistics Others Telecom vertical continued to remain weak on a directional basis with leakage in LCC remaining the key drag Exhibit 8: Vertical wise revenues (USD mn) and growth in revenues Revenues and growth by verticals Q2FY18 Q1FY18 QoQ Q2FY17 YoY Telecom % % Manufacturing % % Technology,media and Entertainment % % BFSI % % Retail, Transport and logistics % % Others % % Exhibit 9: Revenues by delivery (%) Revenues by delivery Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Onsite Offshore Exhibit 10: Client Metrics Revenues by client Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Top 5 client Top 10 clients Top Client Bucket >1 m > 5 m > 10 m >20 m > 50 m November 01,
5 Exhibit 11: Headcount Details 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 Software Professionals (IT services) , ,404 80,858 82,403 78,996 75,587 BPO 26, ,254 27,326 27,669 29,372 28,414 30,322 35,287 Sales and Support 7, ,053 6,300 6,813 6,865 6,876 6, Total Employees 105, , , , , , , , ,225 Net addition 1,562 1,902 (1,705) 1,784 5,670 4, (1,713) 1245 IT Attrition 20% 20% 21% 21% 19% 18% 17% 17% 16% IT Utilization 77% 77% 77% 78% 78% 77% 77% 77% 81% IT utilization (Excluding trainees) 79% 80% 80% 80% 82% 83% 81% 81% 81% Company has shown steep reduction in IT services headcount over the past two quarters. IT Services headcount came at 75,587 employees down 8% over 4QFY17. November 01,
6 Exhibit 12: Financial summary of Tech M FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E USD Revenues (USD mn) Growth (%) 6.8% 17.7% 18.3% 10.2% 7.8% 9.5% 9.8% 9.2% Organic Growth (%) 6.8% 12.7% 14.4% 1.0% 3.9% 6.0% 9.8% 9.2% Average Rate ( USD vs. INR) Revenues (Rs mn) 143, , , , , , , ,441 Growth (%) 22.5% 31.4% 20.1% 17.1% 10.0% 5.8% 10.3% 9.2% EBIDTA 30,632 41,837 41,529 43,184 41,843 43,857 50,164 55,716 EBIT 26,736 36,615 35,415 35,564 32,062 33,412 39,713 44,573 APAT 21,157 26,821 26,277 31,180 28,409 33,396 34,491 38,397 EBIDTA Margin (%) 21.4% 22.2% 18.4% 16.3% 14.4% 14.2% 14.8% 15.0% EBIT Margin (%) 18.7% 19.4% 15.7% 13.4% 11.0% 10.8% 11.7% 12.0% NPM (%) 14.8% 14.2% 11.6% 11.8% 9.7% 10.8% 10.1% 10.3% Adjusted Diluted EPS (ex Treasury) Growth (%) 17.1% 26.8% 2.0% 14.9% 9.1% 18.7% 3.3% 11.3% P/E(Ex Treasury Share EPS) EV/EBIDTA ROE (%) 36.3% 33.5% 24.5% 23.4% 18.4% 19.1% 17.5% 17.4% Consolidated Balance sheet ( Rs mn) Net Cash on Balance Sheet ,172 69, ,740 Net Cash per Share on balance sheet Net cash per share as a % of stock price 6.9% 8.5% 6.5% 10.6% 10.6% 12.1% 16.5% 24.8% Consolidated Cash Flows ( Rs mn) Cash flow from Operating Activities ,848 37,508 38,740 Capex+ Acquisitions (10,250) (10,508) (24,873) (9,046) (21,272) (9,000) (9,000) (9,000) Free Cash Flow 8,744 5,420 (899) 23,086 19,442 19,848 28,508 29,740 FCF/EBIDTA 28.5% 13.0% 2.2% 53.5% 46.5% 45.3% 56.8% 53.4% November 01,
7 Income Statement (Rs m) Y/e March E 2019E Net Revenue 264, , , ,053 Software Expenses 174, , , ,615 Gross Profit 90, ,869 89,323 99,438 Other Expenses 46,948 95,025 45,466 49,274 EBITDA 43,184 41,844 43,857 50,164 Depr. & Amortization 7,620 9,781 10,446 10,450 Net Interest 961 1,286 1, Other Income 5,566 7,776 12,129 6,400 Profit before Tax 40,169 38,553 44,385 45,313 Total Tax 8,602 10,021 10,727 10,422 Profit after Tax 31,567 28,532 33,658 34,891 Ex Od items / Min. Int Adj. PAT 31,154 28,152 33,396 34,491 Avg. Shares O/S (m) EPS (Rs.) Balance Sheet Abstract (Rs m) Y/e March E 2019E Shareholder's Funds 155, , , ,928 Total Debt 1,967 3,853 3,153 2,453 Other Liabilities 7,562 16,207 16,469 16,869 Total Liabilities 165, , , ,250 Net Fixed Assets 32,383 41,040 39,594 38,144 Goodwill 17,357 26,279 26,279 26,279 Investments 13,244 3,319 3,319 3,319 Net Current Assets 96,657 99, , ,752 Cash & Equivalents 51,828 53,833 66,332 83,723 Other Current Assets 114, , , ,459 Current Liabilities 69,560 63,929 64,115 65,430 Other Assets 5,869 26,753 26,753 26,753 Total Assets 165, , , ,250 Cash Flow Abstract (Rs m) Y/e March E 2019E C/F from Operations 32,132 40,714 28,848 37,508 C/F from Investing (14,668) (30,489) (2,871) (6,600) C/F from Financing (5,653) (7,799) (13,879) (13,917) Inc. / Dec. in Cash 11,811 2,426 12,098 16,991 Quarterly Financials (Rs m) Y/e March Q3FY17 Q4FY17 Q1FY18 Q2FY18 Net Revenue 75,575 74,950 73,361 76,064 EBITDA 11,865 8,987 9,347 11,057 % of revenue Depr. & Amortization 2,480 2,835 2,468 2,653 Net Interest (1,203) (2,060) (3,737) (2,836) Other Income 1,552 2,378 4,107 3,222 Profit before Tax 10,588 8,212 10,616 11,240 Total Tax 2,141 2,316 2,698 2,847 Profit after Tax 8,560 5,879 7,987 8,362 Adj. PAT 8,560 5,879 7,987 8,362. Key Financial Metrics Y/e March E 2019E Growth Revenue (%) EBITDA (%) 4.0 (3.1) PAT (%) 17.2 (9.6) EPS (%) 13.3 (8.5) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.3) (0.3) (0.3) (0.4) Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate November 01,
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Near term outlook muted, working on building a strong base November 11, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price
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 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 informationCoal India. Source: Company Data; PL Research
Realisations drive the beat; E auction to surprise positively in H2 November 13, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY
More informationAsian Paints. Source: Company Data; PL Research
Premium Valuations to sustain, Accumulate May, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,18 Target Price Rs1,171 Implied
More informationAllcargo Logistics. Source: Company Data; PL Research
Slow capex continue to impact PES, weak show continues May 24, 2018 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating Accumulate Price Rs120 Target
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationCoal India. Source: Company Data; PL Research
Earnings marred by weak realisations; Downgrade to Accumulate September 14, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate
More informationHindustan Zinc. Source: Company Data; PL Research
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 informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
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 informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
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 informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
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 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 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 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 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 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 informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 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 informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
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 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 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 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 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 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 informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
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 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 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 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 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 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 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 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 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 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 informationWipro (WPRO IN) Solid revenue beat, BFSI remains strong. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs309 TP: Rs350.
(WPRO IN) Rating: ACCUMULATE CMP: Rs309 TP: Rs350 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
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 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 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 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 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 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 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 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 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 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 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 informationPunjab National Bank
Steady on all fronts February 07, 2018 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 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 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 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 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 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 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 informationLupin Result beats expectations; Near term revenue drivers improves grows visibility
Result beats expectations; Near term revenue drivers improves grows visibility February 10, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs1,495 Target Price Rs1,730 Implied
More informationLIC Housing Finance. Source: Company Data; PL Research
Strong performance, but loan growth key to sustainability in earnings July 18, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah
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 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 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 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 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 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 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 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 informationInsurance. Bajaj Allianz. Birla Sunlife
Dec 2015 APE sales: Private players further gain market share January 21, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 India life insurance:
More informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
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 informationPunjab National Bank
Asset quality worries intensifies May 08, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Reduce Price Rs146 Target Price Rs155 Implied
More information