L&T Finance Holdings
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- Austen Charles
- 6 years ago
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1 Steady quarter; return ratios to improve July 25, 2016 R Sreesankar rsreesankar@plindia.com / Pritesh Bumb priteshbumb@plindia.com / Vidhi Shah vidhishah@plindia.com / Rating BUY Price Rs77 Target Price Rs89 Implied Upside 15.6% Sensex 27,803 Nifty 8,541 (Prices as on July 22, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) 1, M Avg. Daily value (Rs m) Major shareholders Promoters 66.71% Foreign 14.88% Domestic Inst. 2.03% Public & Other 16.38% Stock Performance (%) 1M 6M 12M Absolute Relative (2.0) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: LTFH.BO, BB: LTFH IN) (Rs) Jul 15 Sep 15 Source: Bloomberg Nov 15 Jan 16 Mar 16 May 16 Jul 16 L&T Finance Holdings (LTFH) reported modest ~8% YoY growth in adjusted net profits at Rs2.07bn (PLe: Rs2.17 bn) on back of slightly higher credit cost from farm & infra business. NII growth stood at 15% YoY (PLe: 8.32) as loan growth of 19% YoY remained robust. Loan growth was led by microfinance, housing & renewable in respective businesses. LTFH has moved to 120dpd from 150dpd and hence quality of asset quality deterioration recognition improved but remained under control. We believe ROEs are set on improving trajectory but scaling up of businesses will be crucial as loan book is meaningful now, with capital efficiency. We maintain BUY with PT of Rs89 based on 2.0x Mar 18E ABV. Loan book grows 17% YoY; Wholesale business dominates at ~60%: LTFH reported 17% YoY growth in advances led by strong growth of 53% in housing biz improving loan mix to 18% (106bps QoQ up), while wholesale biz & rural biz continued to grow steadily at 17%/15% and is 60%/15% of loan mix respectively. Focus on profitability has commenced and hence the defocused biz declined by 26% YoY and share remains 7.6% in loans. Management expects defocus business to run down or be sold and some of the business is churned to IDF from wholesale, while rural & housing mix will improve along with growth. Asset quality deteriorates in rural & housing on seasonality, improves in wholesale: LTFH moved to 120dpd recognition from 150dpd, but overall asset quality improved helped by wholesale biz. GNPAs/NNPAs decreased by 27/69bp QoQ to 4.6%/3.1% respectively. Credit cost though remains high as farm credit cost remained high and management provided more on the wholesale business to improve PCR & secure balance sheet shocks. Capital efficiency to improve and so will return ratios: We expect ROEs could improve by bps by FY18E as LTFH is on course to improve its return ratios by defocusing & cutting unprofitable business which will release capital & can allocate to improve existing businesses. Challenge will be to scale up and manage risk in focus business as risk remains high. Retain BUY with PT of Rs89. Key Financials (Y/e March) E 2018E Net interest income (Rs m) 24,237 28,324 33,782 41,336 Growth (%) Non interest income (Rs m) 3,460 4,151 5,065 6,128 Operating Profit (Rs m) 16,926 19,450 23,278 29,475 PAT (Rs m) 7,108 8,031 9,901 13,134 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & valuation E 2018E Spreads / Margins (%) RoAE (%) RoAA (%) P/E (x) P/BV (x) P/ABV (x) Net dividend yield (%) Source: Company Data; PL Research Q1FY17 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 Despite focusing on profitable businesses and cutting down nonprofitable one, challenges on business still remain as credit cost continues to remain elevated from both farm & infra financing. LTFH has also moved to 120dpd in Q1FY17 from 150dpd recognition Exhibit 1: LTFH Q1FY17 Steady quarter; balance sheet strengthening gets going Consolidated (Figures in Rs mn) Q1FY17 Q1FY16 YoY gr. Q4FY16 QoQ gr. Income Statement Interest income 19,965 17,176 16% 19,580 2% Interest expense 11,557 9,845 17% 11,274 3% NII 8,408 7,331 15% 8,306 1% Other Income % % Total Income 8,751 7,739 13% 8,834 1% Staff expenses 1,095 1,148 5% 1,070 2% Other expenses 2,127 1,961 8% 2,359 10% Total Operating Expenses 3,222 3,108 4% 3,428 6% Operating profit 5,529 4,631 19% 5,405 2% Provisions 2,530 1,878 35% 2,063 23% PBT 2,999 2,752 9% 3,343 10% Tax % 983 3% PAT 2,048 1,921 7% 2,360 13% PAT post associates/minority 2,074 1,925 8% 2,369 12% Tax rate (%) Asset Quality at 150 days recognition GNPA (%) NNPA (%) Coverage ratio (%) 33.5% 34.4% (94) 32.8% 70 at 120 days recognition GNPA (Rs m) 25,990 26,350 1% 27,558 6% NNPA (Rs m) 17,512 21,177 17% 21,442 18% GNPA (%) (87) 4.9 (27) NNPA (%) (130) 3.8 (69) Coverage ratio (%) 32.6% 19.6% 1, % 104 Loans & advances see good growth of 17% YoY Balance Sheet Networth (excl. Preference Cap) 86,170 85,280 1% 84,090 2% Preference Capital 13,630 12,630 Borrowings 5,44,150 4,61,000 18% 5,28,290 3% Loans & Advances 5,77,360 4,92,190 17% 5,78,310 0% Disbursements 77,110 88,450 13% 1,06,880 28% July 25,
3 Key Q1FY17 conference call highlights: Strategy (i) LTFH s focus remains on ROE to top quartile in next few years which will be led by focusing on profitable business, lower costs by improving efficiency and proper capital allocation. Drag on overall ROE is due to some unprofitable business which is on course to move out of the book by sell down, divestment or run down as book growth has seen sharp decline of 26% YoY. (ii) Cost optimization remains the focus area but not to cut cost but relocate and rationalization of resources. (iii) Management remains on track to simplify the structure by merging some of the entities which will likely be completed by FY17 end. Businesses Rural Finance: Growth momentum remains good in rural business led by microfinance (100% growth), but farm equipment saw decline as LTFH ceded market share as collection rates have not improved and farmers are over borrowed so will need at least two crop cycles for improvement. As collections improve disbursements will increase. In 2W, focus was on profitability so has moved out from some unprofitable deals and saw ROE improve by 500bps YoY. Housing finance business: Housing business continues to be strong with growth of +50% YoY. Focus remains on housing loans for self employed, while have moved to in house sourced salaried loans from DSA sources. The real estate finance business will start gathering synergies from L&T s strong reach in realty business. Wholesale business: Infra finance continues to be dominant area with renewable continuing to be focus area as profitability has been good and risk has been well managed. LTFH also does some structured deals which are more opportunistic and lumpy & volatile in nature but have good team focus on the same and look for fee income avenues from these deals. LTFH will continue to churn some of its loan portfolio to IDF (another subsidiary) as leverage remains low, while profitability can be maximized. Margins Margins improved YoY as cost of funds came down. Margins in rural business remain very strong at ~ % as all products are high yielding. Asset quality LTFH has moved to 120dpd recognition of assets except for HFC which is already at 90dpd. Delinquencies in farm remain high in Q1 and are seasonal and collections have not improved much and remained lower than expectation. Outlook Will keep close vigil on tractor asset quality, while has been guiding 2 3 a/c from restructured book could slip in the wholesale business. Credit cost continues to remain elevated and management expects it to remain higher for some time mainly in wholesale book. July 25,
4 Exhibit 2: LTFH lending business Loans portfolio (Rs mn) Q1FY17 Q1FY16 YoY gr. Q4FY16 QoQ gr Micro Finance 24,210 12, % 22,340 8% 2W Finance 17,700 14,780 20% 17,610 1% Farm Equipment 43,940 47,960 8% 46,490 5% Rural Business 85,850 74,870 15% 86,440 1% Housing Loans/LAP 66,240 41,460 60% 63,130 5% Real Estate Finance 37,840 26,350 44% 34,980 8% Housing Business 1,04,080 67,810 53% 98,110 6% Structured Corp Finance 46,690 49,510 6% 46,690 0% Supply Chain Finance 21,100 18,230 16% 22,870 8% Infrastructure Finance 2,75,570 2,22,160 24% 2,66,070 4% Thermal power 39,360 31,380 25% 34,630 14% Renewable power 99,740 63,870 56% 93,870 6% Power Corp 24,230 24,380 1% 24,230 0% Roads 63,850 46,950 36% 63,850 0% Others 48,390 55,580 13% 48,390 0% Wholesale Business 3,43,360 2,89,900 18% 3,36,420 2% Total Lending Business 5,77,360 4,92,180 17% 5,78,310 0% Loans portfolio mix Q1FY17 Q1FY16 YoY Q4FY16 QoQ Micro Finance W Finance Farm Equipment Rural Business Housing Loans/LAP Real Estate Finance Housing Business Structured Corp Finance Supply Chain Finance Infrastructure Finance Thermal power Renewable power Power Corp Roads Others Wholesale Business Defocused Business July 25,
5 Exhibit 3: LTFH Margins remained stable, but pressure in margins of wholesale business 6.20% NIM % 6.00% 5.80% 5.60% 5.40% 5.20% 5.00% 4.80% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Exhibit 4: LTFH Overall asset quality slightly deteriorated mainly from the rural business GNPA % NNPA % PCR % 5.0% 50% 4.0% 40% 3.0% 30% 2.0% 20% 1.0% 10% 0.0% 0% 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Note FY16 asset quality based on 150dpd Exhibit 5: LTFH Credit cost has remained elevated as LTFH accelerated provisioning in infra business and as farm business continues to be under stress 2.00% Credit Cost % 1.50% 1.00% 0.50% 0.00% 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 July 25,
6 Exhibit 6: Company has clearly carved out focus and non focus products Exhibit 7: We value LTFH on SOTP basis of Rs89 per share based on Mar 18 book PT calculation and upside Total Fair value of LTFH 89 Target P/ABV lending business 2.0 Target P/E 13.6 Current price, Rs 73.4 Upside (%) 16% Dividend yield (%) 1% Total return (%) 17% July 25,
7 Exhibit 8: LTFH Historical P/ABV trends 3.0 P/ABV 3 yr avg. avg. + 1 SD avg. 1 SD Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16 July 25,
8 Income Statement (Rs m) Int. Inc. / Opt. Inc. 59,915 71,772 88, ,817 Interest Expenses 35,678 43,448 54,552 67,480 Net interest income 24,237 28,324 33,782 41,336 Growth (%) Non interest income 3,460 4,151 5,065 6,128 Growth (%) Net operating income 27,697 32,475 38,847 47,465 Expenditure Employees 3,523 4,298 5,200 6,032 Other expenses 6,293 7,677 9,213 10,687 Depreciation 955 1,051 1,156 1,271 Total expenditure 10,771 13,026 15,569 17,990 PPP 16,926 19,450 23,278 29,475 Growth (%) Provision 6,617 7,347 8,348 9,654 Other income Exchange Gain / (Loss) Profit before tax 10,309 12,103 14,930 19,820 Tax 3,241 4,115 5,076 6,739 Effective tax rate (%) PAT 7,108 8,031 9,901 13,134 Growth (%) Quarterly Financials (Rs m) Y/e March Q2FY16 Q3FY16 Q4FY16 Q1FY17 Int. Inc. / Operating Inc. 17,934 18,198 19,580 19,965 Income from securitization Interest Expenses 9,976 10,146 11,274 11,557 Net Interest Income 7,957 8,052 8,306 8,408 Growth Non interest income Net operating income 8,399 8,494 8,834 8,751 Growth Operating expenditure 3,392 3,200 3,428 3,222 PPP 5,007 5,294 5,405 5,529 Growth Provision 1,834 2,035 2,063 2,530 Exchange Gain / (Loss) Profit before tax 3,173 3,259 3,343 2,999 Tax 1,029 1, Prov. for deferred tax liability Effective tax rate (%) PAT 2,154 2,120 2,369 2,074 Growth Balance Sheet (Rs m) Sources of funds Equity 17,203 17,521 17,521 17,521 Reserves & Surplus 46,562 53,924 60,105 68,420 Networth 63,765 71,446 77,626 85,941 Growth (%) Loan funds 420, , , ,092 Growth (%) Others Minority Interest Deferred Tax Liability (2,898) (3,188) (3,634) (4,034) Total 495, , , ,634 Application of funds Net fixed assets 13,572 14,341 15,107 16,051 Advances 457, , , ,070 Growth (%) Net current assets (3,209) (2,998) (968) 709 Investments 26,492 34,440 41,328 49,593 Growth (%) (3.0) Other Assets 6,642 7,306 8,037 8,840 Total 496, , , ,634. Key Ratios CMP (Rs) Eq. Shrs. O/s. (m) 1,720 1,752 1,752 1,752 Market Cap (Rs m) 132, , , ,651 Market Cap to AUM (%) EPS (Rs) Book Value (Rs) Adjusted Book Value (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Asset Quality Gross NPAs (Rs m) 10,450 18,609 19,369 20,338 Net NPAs (Rs m) 5,800 12,121 12,653 13,388 Gross NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) Profitability (%) NIM RoAA RoAE July 25,
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Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 60% 50% 40% 30% 20% 10% 0% 48.7% 36.5% 14.8% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. R Sreesankar (B.Sc ), Mr. Pritesh Bumb (MBA, M.com), Ms. Vidhi Shah (CA), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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Muted performance; balance sheet transition continues January 30, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs172
More informationTVS 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 informationHDFC Bank. Remains strong in all areas. Source: Company Data; PL Research
Remains strong in all areas January 20, 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
More informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationShriram Transport Finance (SHTF IN)
(SHTF IN) Rating: BUY CMP: Rs1,411 TP: Rs1,787 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationCummins India. Source: Company Data; PL Research
Technology leadership, cost optimization key focus October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs852
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 informationYES Bank. Strong on all counts. Source: Company Data; PL Research
Strong on all counts April 26, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com / +91 22 66322245
More informationHDFC Bank. In line results; loan growth holding nicely. Source: Company Data; PL Research
In line results; loan growth holding nicely February 14, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs1,066 Target Price
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 informationMaruti 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 informationSpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research
Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices
More informationThermax. Source: Company Data; PL Research
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 Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
More informationAsian Paints. Source: Company Data; PL Research
Premium valuations to sustain, Accumulate October 4, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,1 Target Price Rs1,9 Implied
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 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 informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationBank of Baroda. Source: Company Data; PL Research
Fresh impairment lower but guidance maintained November 15, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationHDFC Bank. Source: Company Data; PL Research
Enviable performance in challenging environment April 21, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com
More informationIndusInd Bank. Source: Company Data; PL Research
Strong performance despite challenging environment January 10, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationSouth Indian Bank. Source: Company Data; PL Research
On track; one off provisions impact earnings October 11, 2017 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Vidhi Shah vidhishah@plindia.com
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 informationSource: Company Data; PL Research
Strong inflow growth, renewable/railways key drivers October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,063
More informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationPunjab National Bank
Some sanity in asset quality November 08, 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
More informationIndusInd Bank. Earnings momentum remains strong. Source: Company Data; PL Research
Earnings momentum remains strong April 21, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationState Bank of India. Source: Company Data; PL Research
Asset quality divergence disappoint earnings February 09, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCoal India. Source: Company Data; PL Research
Lower costs and higher scale off sets weaker realisations February 12, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs305
More informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
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 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 informationICICI Bank. Source: Company Data; PL Research
Better late than never, but guidance remains grim January 28, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs233 Target
More informationSBI Life Insurance. Source: Company Data; PL Research
Recent correction gives further reason to enter March 15, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
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 informationBank of Baroda. Source: Company Data; PL Research
In line performance with stable asset quality February 12, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationJK Lakshmi Cement. Source: Company Data; PL Research
Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs385 Target
More informationFederal Bank. Source: Company Data; PL Research
Continues to improve quarter after quarter October 16, 2017 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Vidhi Shah vidhishah@plindia.com
More informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
More informationKotak Mahindra Bank. Opportunity on a platter, focused on where and how to grow. Management Meet Update
Opportunity on a platter, focused on where and how to grow June 10, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 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 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 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 informationKotak Mahindra Bank. A lean quarter. Source: Company Data; PL Research
A lean quarter July 31, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs717 Target Price Rs715 Implied Upside.3% Sensex
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 informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More 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 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 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 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 informationBank of Baroda. On right track; no quick fix though. Source: Company Data; PL Research
On right track; no quick fix though May 15, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationKotak Mahindra Bank. Core performance on track. Source: Company Data; PL Research
Core performance on track January 19, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs667 Target Price Rs725 Implied
More informationKotak Mahindra Bank. Healthy performance but limited upside. Source: Company Data; PL Research
Healthy performance but limited upside April 30, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com
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 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 informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs2,189 TP: Rs2,492 July 22, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More 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 informationState Bank of India (SBIN IN)
(SBIN IN) Rating: BUY CMP: Rs295 TP: Rs355 November 5, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
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 informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationAxis Bank. Shocker on asset quality. Source: Company Data; PL Research
Shocker on asset quality October 17, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
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 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 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 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 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 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 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 informationKotak Mahindra Bank (KMB IN)
(KMB IN) Rating: HOLD CMP: Rs1,177 TP: Rs1,291 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating HOLD HOLD Target
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 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 informationAxis Bank (AXSB IN) Asset quality stress coming off gradually. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs611 TP: Rs681.
(AXSB IN) Rating: ACCUMULATE CMP: Rs611 TP: Rs681 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More information