BUY. Venky s India Ltd. A hen that will lay golden eggs. Venky s India Ltd Initiating Coverage. April
|
|
- Arthur Willis
- 5 years ago
- Views:
Transcription
1 Venky s India Ltd. A hen that will lay golden eggs Venky s is an integrated player in the poultry business. Venky s rears chicken which is sold as live birds to distributors and which are finally sold as chicken meat. Broiler meat business is a cyclical industry and for the last 18 months, broiler & Day Old Chick prices have been constrained, due to an oversupply. However, we believe that in the next 6 months, the supply dynamics will begin to improve. Markets in their wisdom generally price events well in advance. With demand for broilers continuing to grow at 15-18%, the stock is trading cheap at 5X FY13 for its many merits. We initiate coverage with a BUY recommendation. Investment Rationale: The demand for chicken continues to grow at a robust 15-18% per annum Venky s is one of the largest poultry producers in the country and is well equipped to cater to this growing demand Venky s is an excellent play on India s demographic & consumption story Key Risks: Supply overhang takes longer than anticipated to adjust The government remains extremely aggressive in pricing maize which is a key raw material (~70% of RMC ) for Venky s poultry business Industry vulnerable to spread of disease & resultant consumer averseness Key Financials: Y/E March (`cr) FY 2010 FY 2011 FY 2012E FY 2013E FY2014E Net Sales % Chg Net Profit % Chg EBIDTA (%) EPS (Rs) RoE (%) RoCE(%) P/E (x) P/BV (x) EV/Sales (x) EV/EBIDTA (x) Source: Company, EISEC research BUY CMP ` 395 Target Price ` 826 Stock Info VENK.BO / WH IN Market Cap (`cr) 371 Beta week High / Low 757 / 363 Avg. Daily Volume (6m) 68,720 Face Value (`) Sensex/ Nifty 17,486/5,323 Shares outstanding (cr) 0.94 Shareholding Pattern (%) Indian Promoters Foreign Promoters 0.00 FII 0.86 DII 3.69 Public ABS(%) 3m 1yr 3yr Sensex Venky s Research: Shalini Gupta Tel: shalinig@eisec.com Sales: Sanjeev Mohta Tel: sanjeevm@eisec.com April
2 What Venky s does Venky s rears chicken which are then sold as live birds. These live birds are sold as chicken meat in retail meat shops. Some of the birds are sold to fast food chains in the format prescribed by them. Poultry accounts for 57% of Venky s revenue. Venky s also makes chicken feed for sale as well as for internal consumption. Soya Oil and de-oiled cakes are by-products of chicken feed manufacturing. Venky s also manufactures medicines for chicken for its own use and sales. These are ancillary activities for Venky s and all these together account for 39% of total revenue. Other activities for Venky s include SPF eggs (used for - making vaccines and research laboratories) and selling grown commercial layers - chicken that lay eggs only. This accounts for 4% of Venky s revenue. Venky s in the only company in Asia which produces SPF eggs. Venky s Business Model One Day Old Broiler Breeder Parents are bought from Venco Research* Turnover Breakup(%) Misc 4% Grown Up Layers 1% SPF Eggs 3% Animal Health 10% De-oiled cakes 11% Refined Oil 9% Feed 9% Processed Chicken 16% Grown Up Broilers 18% Grown Up Parents 0% Day Old Chicks 19% 0% 5% 10% 15% 20% Parent chicks are reared in farms Female parents are artificially inseminated to get eggs These eggs are hatched in incubators Chicks coming out of these eggs are called commercial chicks These are then sold to various commercial poultry farmers and integrators......who then grow the commercial chicks in their own/ contract farms Once the commercial chicks are days old, they are sold as broiler birds for meat *Venco Research & Breeding Farm Pvt Ltd is a VH Group JV with Cobb Vantress Inc., USA. April
3 Excess supply broiler prices has softened Excess supply and high input prices negatively impacting this sector Due to an oversupply, broiler prices have been stable to declining, albeit the recent uptrend. Broiler Prices (`/kg) at Mahua, a big wholesale market Source: EISEC Research Source : Price of maize remains firm MSP for Maize over the years `/100 kg % inc Driven by aggressive minimum support price increases announced by the government, maize prices remain firm Spot Maize Prices in `/100 kg Source: EISEC Research Source : MCX Website Source: EISEC Research This has put margins under pressure: Pressure on margins 3QFY10 4QFY10 1QFY11 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 RM/Sales (%) 64% 62% 60% 65% 66% 65% 70% 68% 69% OPM(%) 13% 18% 19% 11% 11% 11% 7% 8% 3% April
4 What can change? Supply Dynamics - oversupply will likely get corrected in 2 quarters We believe that the supply dynamics will begin to improve in next 6 months The Day Old Broiler Breeder Parent Chicks (which Venky s sources from Venco Research) have a life of 68 weeks. Depending upon the supply side dynamics, Venky s & other players adjust their orders for the coming year. Additionally, in case of an oversupply, farmers have the option to incubate lesser number of eggs of the parent. This brings about a natural adjustment of the oversupply situation. Venky s RM to sales & margin data clearly indicate that the oversupply situation has been hurting Venky s since 2QFY11. We believe that the broiler meat industry is near the cusp of the turnaround and the worst of the oversupply situation is already behind and supply dynamics should start looking up for Venky s within two quarters. However, maize prices will continue to rule firm We believe that with the government s endeavour to improve the outlook for agriculture, MSPs going up is a given. The robust demand growth of 15-18% will help offset RM price inflation as pricing power will return once the supply dynamics improve, as discussed above. Why maize is so critical for the poultry industry Maize constitutes 70% of feed given to chicken. The rest is protein, mainly, soya bean. So far, companies have not been able to substitute maize with other carbohydrates such as rice or wheat. Market sources tell us that ~50% of all maize produced is consumed by the poultry industry and a large part of the rest by the glucose and starch industry. Also, maize prices have been going up largely driven by robust demand for poultry. April
5 Poultry industry looks interesting from an investment perspective as Indians are consuming more of high value food items Investment Case An excellent play on India s demographic & consumption growth story as rising affluence is leading to more consumption of high value food items. Venky s has all the strengths required to succeed in the business: o Assured sourcing of parent chicks from group company o Good understanding of poultry medicines o Robust veterinary practices in place set over the last 35 yrs o A good distribution network o And most importantly a vast land bank in northern and western states. Broilers are commoditised products because no single producer can influence prices and all are price takers. Yet the industry is interesting as it is growing at a very high rate and by the looks of it will continue to do so. Raw material cost inflation is a concern but we believe that robust growth in poultry demand will ensure pricing power. We believe that in just about 6 months, the excess supply will begin to clear. We therefore recommend investors to buy the stock at current valuation of 5X FY13 earnings. Risk to our call Supply overhang takes longer than anticipated to adjust The government remains extremely aggressive in pricing maize which is a key raw material (~70% of RMC) for Venky s poultry business Industry vulnerable to spread of disease & resultant consumer averseness Comparative Valuation The only listed comparable is Srinivasa Hatcheries though it is a much smaller player as compared to Venky s. FY13 (` cr) Sales OPM(%) EPS ROCE(%) ROE(%) MCap P/E Mktcap/Sales EV/EBIDTA Price Srinivasa % 16 37% 26% Gr (%) Venky s % 80 25% 23% Gr (%) N.B: We do not have coverage of Srinivasa Hatcheries. For the purpose of this comparison, we have: i) broadly projected the sales, OPM & EPS for FY13 & for FY12 ii) debt and cash have been taken at their 9MFY12 levels for Srinivasa April
6 Key Financials YE March (`Cr) FY09 FY10 FY11 FY12E FY13E FY14E Total Revenues Gr % EBIDTA Gr % Net Profit Gr % Tot Equity/Tot Cap employed 59% 66% 68% 67% 69% 81% Total Debt/Total Cap Employed 36% 29% 28% 30% 30% 19% Total Capital Employed Gr % Gross Block Gr % Investments Key Operating Ratios YE March FY09 FY10 FY11 FY12E FY13E FY14E Diluted EPS (`) Gr % CEPS (`) EBIDTA (%) NPM (%) Tax / PBT (%) RoE (%) 14% 30% 30% 11% 23% 27% RoCE (%) 15% 30% 31% 14% 25% 31% Fixed Asset Turnover (x) Book Value per Share (Rs.) Debt/ Equity (x) Dividend Payout Ratio (%) 16% 7% 6% 9% 12% 9% April
7 Cash Flow Analysis YE March (`Cr) FY09 FY10 FY11 FY12E FY13E FY14E Sources of Funds Cash from Operations Add : Loans (repaid)/ raised Add : Equity Raised Uses of Funds Less : Inc / (Dec)in WC Less: Capex Less : (Inc)/Dec in investments Less :Dividend paid Cash Generated Add prev yr Cash Balance Closing Cash Common Sized Profit & Loss Account YE March FY09 FY10 FY11 FY12E FY13E FY14E Total Revenues 100% 100% 100% 100% 100% 100% Raw Material Consumed 69% 66% 64% 69% 66% 66% Power & Fuel 4% 4% 3% 4% 4% 4% Personnel 7% 6% 7% 7% 7% 8% Other Expenses 13% 12% 13% 14% 13% 11% EBIDTA 7% 13% 13% 6% 10% 12% Depreciation & amortisation 2% 1% 1% 1% 1% 1% Interest Paid 1% 1% 1% 1% 1% 1% Non-Operating Income 1% 1% 1% 1% 1% 1% Extraordinary Expense 0% 0% 0% 0% 0% 0% Profit Before Tax 6% 12% 13% 5% 9% 11% Tax 2% 4% 4% 2% 3% 4% Net Profit 4% 8% 9% 3% 6% 8% Cash Profit 5% 9% 10% 4% 7% 9% April
8 Valuation Ratios YE March FY09 FY10 FY11 FY12E FY13E FY14E P/E (x) P/CEPS (x) P/BV (x) EV/EBIDTA (x) EV/Sales (x) Market Cap/Sales (x) Net Cash/Market Cap (%) 3% 2% 4% 6% 10% 12% Dividend Yeild (%) 1% 1% 1% 1% 3% 3% Enterprise Value YE March (`Cr) FY09 FY10 FY11 FY12E FY13E FY14E Price (Rs.) No. of shares (cr) Market Cap Total Debt Cash Enterprise Value Disclaimer: This document has been prepared by the investment research department of East India Securities Limited (EISEC), for the purpose of information only. This document is not to be reproduced, copied, redistributed or published or made available to others, in whole or in part without prior permission from EISEC. This document should not be construed as a solicitation, to any person, to buy or sell a security. Recipients of this document should be aware that past performance is not necessarily a guide for future performance. Although the information contained in this document has been obtained from reliable sources, its accuracy or completeness has not been fully verified by EISEC independently and cannot be guaranteed. Neither EISEC nor any of its affiliates, its directors or its employees accepts any responsibility, of any nature, for the information, statements and opinion given or expressed herein or for any omission or for any liability arising from the use of this document. Opinions expressed are our current opinions as of the date appearing on this material and are subject to change without notice. EISEC directors, employees and its clients may have holdings in the stocks mentioned in the report. April
Parag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
More informationParag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months
1QFY2019 Result Update Dairy Products August 8, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q1FY19 Q1FY18 % yoy Q4FY18 % qoq Net sales 549 413 32.9 518 5.9 EBITDA 60 29 103% 55 8.4% EBITDA
More informationAmber 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 informationKEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials
3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5
More informationACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period -
4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
More informationKEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Cable May 21, 2018 KEI Industries Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18
More informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
More informationProcter & Gamble Hygiene & Health Care
3QFY216 Result Update FMCG May 6, 216 Procter & Gamble Hygiene & Health Care Performance Highlights Quarterly Data (` cr) 3QFY16 3QFY15 % yoy 2QFY16 % qoq Revenue 614 555 1.5 714 (14.) EBITDA 133 123 8.5
More informationQuick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.
Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,
More informationHindustan Media Ventures
2QFY216 Result Update Media October 27, 215 Hindustan Media Ventures Performance Highlights Quarterly Data (` cr) 2QFY16 2QFY15 % yoy 1QFY15 % qoq Revenue 227 2 13.7 224 1.4 EBITDA 52 39 33.1 55 (4.5)
More informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales
More informationGoodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials
Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with
More informationCentury Plyboards Ltd
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin
More informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
More informationAsian Granito BUY. Performance Highlights CMP. `270 Target Price `351. Outlook and valuation. 3QFY2017 Result Update Ceramics
3QFY2017 Result Update Ceramics January 25, 2017 Asian Granito Performance Highlights Quarterly Data (` cr) 3QFY17 3QFY16 % yoy 2QFY17 % qoq Revenue 247 236 4.3 265 (7.1) EBITDA 34 27 25.3 31 7.2 Margin
More informationCoal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining
Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787
More informationBata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 1QFY2019 Result Update Footwear July 23, 2018 Bata India Performance Update Y/E March (` cr) 1QFY19 1QFY18 % yoy
More informationAmbuja Cements ACCUMULATE. Performance Highlights. CMP Target Price `207 `233. 3QCY2015 Result Update Cement. Quarterly results (Standalone)
Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net Sales 2,095 2,493 (16.0) 2,188 (4.2) EBIDTA 310 384 (19.2) 393 (21.2)
More informationLT Foods BUY. Performance Update. CMP Target Price `92 `128. 3QFY2018 Result Update Media February 12, 2018
Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 3QFY2018 Result Update Media February 12, 2018 LT Foods Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy
More informationMaruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart
Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 3, 2018 Maruti Suzuki India Performance Update Y/E March (` cr) 2QFY19
More informationMahindra & Mahindra Ltd.
Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationQuick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure
Deep Value Quick take BUY CMP Rs811 Target Price Rs1,166 (ABNL), a diversified business conglomerate, emerged from the three-way merger of Indian Rayon, Birla Global Finance and Indo Gulf in 2005. ABNL
More informationACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement
3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742
More informationSpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months.
1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138
More informationAmbuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone)
1QCY2011 Result Update Cement April 29, 2011 Ambuja Cements Performance Highlights Y/E Dec. (` cr) 1QCY2011 4QCY2010 % chg qoq 1QCY2010 % chg yoy Net sales 2,207 1,788 23.4 1,990 10.9 Operating profit
More informationMaruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart
Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 1QFY2019 Result Update Automobile July 27, 2018 Maruti Suzuki India Performance
More informationMRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
More informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationBata India BUY. Performance Update. CMP `1,008 Target Price `1,243. 2QFY2019 Result Update Footwear. Historical share price chart.
Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Footwear November 3, 2018 Bata India Performance Update Y/E March (` cr) 2QFY19 2QFY18
More informationGraphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods
1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59
More informationGraphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months
4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)
More informationAmbuja Cements NEUTRAL. Performance Highlights CMP. `184 Target Price - 2QCY2012 Result Update Cement. Quarterly results (Standalone)
2QCY2012 Result Update Cement Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 2QCY2012 1QCY2012 % chg qoq 2QCY2011 % chg yoy Net Sales 2,566 2,633 (2.6) 2,173 18.1
More informationInox 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 informationMusic Broadcast BUY. Performance Update. CMP Target Price `293 `475. 3QFY2019 Result Update Media. Stock Info Sector Market Cap (Rs cr) Media
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 3QFY2019 Result Update Media January 31, 2019 Music Broadcast Performance Update Y/E March (` cr) 3QFY19 3QFY18 % yoy
More informationRallis India NEUTRAL. Performance Highlights CMP. `215 Target Price - 3QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
3QFY2017 Result Update Agrichemical January 25, 2017 Rallis India Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 326 540 (39.7) 306 6.5 Other income
More informationSpiceJet ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I Aviation
4QFY2010 Result Update I Aviation June 3, 2010 SpiceJet Performance Highlights For 4QFY2010, SpiceJet s Top-line grew 34.3% yoy but fell 12.8% qoq to Rs560cr, slightly lower than our estimate of Rs590cr.
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 3QCY2017 Result Update Pharmaceutical. Investment Period 12 months
3QCY2017 Result Update Pharmaceutical November 20, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 3QCY2017 2QCY2017 % chg (qoq) 3QCY2016 % chg (yoy) Net sales Other income Operating profit 627
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 2QCY2017 Result Update Pharmaceutical. 3-year price chart.
2QCY2017 Result Update Pharmaceutical August 28, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 2QCY2017 1QCY2017 % chg (qoq) 2QCY2016 % chg (yoy) Net sales Other income Operating profit 556
More informationLT Foods BUY. Performance Update. CMP Target Price `76 `128. 4QFY2018 Result Update Media
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Media May 28, 2018 LT Foods Performance Update (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Revenue
More informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
More informationCCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
More informationTV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Media February 14, 2019 TV Today Network Performance Update Y/E March (` cr) 3QFY19 3QFY18
More informationRallis India NEUTRAL. Performance Highlights CMP. `242 Target Price - 4QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 4QFY2017 Result Update Agrichemical May 2, 2017 Rallis India Performance Highlights Y/E March (` cr) 4QFY2017 3QFY2017 % chg
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `329 `475. 2QFY2019 Result Update Media. Historical share price chart.
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 2QFY2019 Result Update Media November 3, 2018 Music Broadcast Performance Update Y/E March (` cr) 2QFY19 2QFY18 % yoy 1QFY19 % qoq
More informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,718 Target Price `4,130. 1QFY2018 Result Update Automobile. 3-year price chart
1QFY2018 Result Update Automobile July 27, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,718 Target Price `4,130 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationTata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart
2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `440 Target Price. 3QFY2017 Result Update Pharmaceutical. Investment Period -
3QFY2017 Result Update Pharmaceutical February 22, 2017 Cadila Healthcare Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 2,250 2336 (3.7) 2268 (0.8)
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `495 Target Price - 4QFY2017 Result Update Pharmaceutical.
Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 4QFY2017 Result Update Pharmaceutical June 5, 2017 Cadila Healthcare Performance Highlights Y/E March (`
More informationMRF BUY. Performance Highlights. CMP `40,703 Target Price `47,548. 1QSY2015 Result Update Tyre
1QSY2015 Result Update Tyre February 13, 2015 MRF Performance Highlights Y/E Sept. (` cr) 1QSY2015 1QSY2014 % chg (yoy) 4QSY2014 % chg (qoq) Net sales 3,353 3,201 4.8 3,361 (0.2) EBITDA 626 419 49.5 608
More informationPrakash Industries BUY. Performance Highlights. CMP Target Price `81 `124. 3QFY2011 Result Update Steel
3QFY211 Result Update Steel February 11, 211 Prakash Industries Performance Highlights Particulars (` cr) 3QFY11 3QFY1 % chg (yoy) 2QFY11 % chg (qoq) Net sales 382 36 6.1 421 (9.2) EBITDA 72 88 (18.6)
More informationSimplex Infrastructures
3QFY2014 Result Update Infrastructure February 18, 2014 Simplex Infrastructures Performance Highlights Quarterly Highlights Standalone Y/E March (` cr) 3QFY14 3QFY13 2QFY14 % chg (yoy) % chg (qoq) Net
More informationCairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated)
2QFY2013 Result Update Oil & Gas October 22, 2012 Cairn India Performance Highlights Quarterly highlights (Consolidated) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 4,443
More informationMatrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.
4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8
More informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,226 Target Price `3,466. 3QFY2017 Result Update Automobile. 3-year price chart
3QFY2017 Result Update Automobile February 14, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,226 Target Price `3,466 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
More informationHT Media ACCUMULATE. Performance Highlights CMP. `102 Target Price `113. 3QFY2013 Result Update Media. Investment Period 12 months
3QFY13 Result Update Media February 13, 13 HT Media Performance Highlights Quarterly Data (Consolidated) (` cr) 3QFY13 3QFY12 % yoy 2QFY13 %qoq Revenue 547 524 4.4 511 7.1 EBITDA 87 78 12.0 57 54.8 OPM
More informationColgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG
4QFY2010 Result Update I FMCG May 27, 2010 Colgate-Palmolive Performance Highlights ACCUMULATE CMP Target Price Rs715 Rs752 We highlight the fact that the current quarter results are not comparable yoy/qoq,
More informationCadila Healthcare ACCUMULATE. Performance Highlights. CMP 860 Target Price QFY2013 Result Update Pharmaceutical. Key financials (Consolidated)
2QFY2013 Result Update Pharmaceutical November 7, 2012 Cadila Healthcare Performance Highlights ACCUMULATE CMP 860 Target Price 926 Y/E March (` cr) 2QFY2013 1QFY2013 % chg (qoq) 2QFY2012 % chg (yoy) Investment
More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `297 Target Price - 1QFY2013 Result Update Media. Investment Period -
1QFY2013 Result Update Media August 8, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 1QFY13 1QFY12 % yoy 4QFY12 %qoq Revenue 426 454 (6.2) 427 (0.3) EBITDA 323 366 (11.7)
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,301 Target Price - 4QCY2016 Result Update Pharmaceutical. Investment Period - 3-year price chart
4QCY2016 Result Update Pharmaceutical March 10, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 4QCY2016 3QCY2016 % chg (qoq) 4QCY2015 % chg (yoy) Net sales 552 583 (5.3) 522 5.6 Other income
More informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
2QFY2017 Result Update Media December 5, 2016 TV Today Network Performance Update Y/E March (` cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Net sales 132 126 5.1 137 (3.4) EBITDA 37 38 (2.4) 37 0.4 EBITDA margin
More informationGoodyear India BUY. Performance Highlights. CMP Target Price `487 `582. 4QFY2016 Result Update Tyres. 3-year Daily Price Chart.
Nov/12 Feb/13 May/13 Aug/13 Nov/13 Feb/14 May/14 Aug/14 Nov/14 Feb/15 May/15 Aug/15 Nov/15 Feb/16 4QFY2016 Result Update Tyres February 9, 2016 Goodyear India Performance Highlights Y/E December (` cr)
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.
Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance
More informationAlembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months
1QFY2011 Result Update Pharmaceutical August 2, 2010 Alembic Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2010 % chg (qoq) 1QFY2010 % chg (yoy) Net Sales 279 267 4.6 291 (4.0) Other Income 1 1
More informationVisaka Industries BUY. Performance Highlights CMP. `119 Target Price `144. 2QFY2016 Result Update Cement Products. Investment Period 12 Months
2QFY2016 Result Update Cement Products November 18, 2015 Visaka Industries Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Net sales 192 210 (8.2) 321 (40.2) EBITDA
More informationUltratech Cement ACCUMULATE. Performance Highlights. Outlook and Valuation: 3QFY2010 Result Update I Cement
3QFY2010 Result Update I Cement January 18, 2010 Ultratech Cement Performance Highlights ACCUMULATE CMP Target Price Rs1,002 Rs1,090 Top-line flat at Rs1,652cr: Ultratech Cement (ULTC) posted a marginal
More informationJK Lakshmi Cement BUY. Performance Highlights CMP. `63 Target Price `79. 4QFY2012 Result Update Cement. Investment Period 12 Months
4QFY2012 Result Update Cement May 22, 2012 JK Lakshmi Cement Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg qoq 4QFY2011 % chg yoy Net revenue 527 440 19.7 417 26.3 Operating profit 113
More informationRallis India SELL. Performance Highlights. `231 Target Price 189 CMP. 2QFY2018 Result Update Agrichemical. Investment Period 12 months
Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 2QFY2018 Result Update Agrichemical November 21, 2017 Rallis India Performance Highlights Y/E March
More informationBGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period -
3QFY213 Result Update Capital Goods February 8, 213 BGR Energy Systems Performance Highlights Quarterly Highlights (Standalone) (` cr) 3QFY13 3QFY12 % chg (yoy) 2QFY13 % chg (qoq) Revenue 85 84.2 627 28.3
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `390 Target Price - 2QFY2017 Result Update Pharmaceutical. Investment Period -
2QFY2017 Result Update Pharmaceutical November 7, 2016 Cadila Healthcare Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg (qoq) 2QFY2016 % chg (yoy) Net sales 2,336 2,216 5.4 2,267 3.1 Other
More informationGlaxoSmithKline Pharmaceuticals
3QFY2017 Result Update Pharmaceutical February 15, 2017 GlaxoSmithKline Pharmaceuticals Performance Highlights Y/E Mar (` cr) 3QFY2017 2QFY2017 % chg (QoQ) 3QFY2016 % chg (YoY) NEUTRAL CMP `2,683 Target
More informationBharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1
[ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) 241 238 Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28,
More informationQuick take. Ashok Leyland Ltd BUY. Scrappage policy to drive faster growth. Target Price. Investment Period 12 Months. 3-year price chart
Ltd Scrappage policy to drive faster growth Ltd (ALL) is the flagship company of the Hinduja Group, and one of the largest commercial vehicle manufacturers in India. ALL is engaged in the manufacturing
More informationSafari Industries BUY. On a fast paced Safari. Initiating Coverage Luggage February 21, CMP Target Price `532 ` year daily price chart
Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 On a fast paced Safari Ltd (Safari ) is the third largest branded player in the Indian luggage industry. Post
More informationTransport Corporation of India
3QFY2016 Result Update Logistics February 3, 2016 Transport Corporation of India Performance Highlights Quarterly Data (Standalone) (` cr) 3QFY16 3QFY15 % yoy 2QFY15 % qoq Revenue 551 555 (0.6) 556 (0.8)
More informationMaruti Suzuki ACCUMULATE. Performance Highlights. CMP `5,715 Target Price `6,006. 2QFY2017 Result Update Automobile. 3-year price chart
2QFY2017 Result Update Automobile November 7, 2016 Maruti Suzuki Performance Highlights ACCUMULATE CMP `5,715 Target Price `6,006 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
More informationAbbott India ACCUMULATE. Performance Highlights. CMP `3,405 Target Price `3,711. 2QFY2015 Result Update Pharma. Key financials
2QFY2015 Result Update Pharma November 22, 2014 Abbott India Performance Highlights Y/E March (` cr) 2QFY2015 3QCY2013 % chg (yoy) 1QFY2015 % chg (qoq) Net sales 589 457 28.9 525 12.1 EBITDA 88 65 34.4
More informationQuick take. VIP Industries BUY. Travelling smart on the luggage track. CMP Target Price `153 ` year daily price chart
Travelling smart on the luggage track Ltd (VIP) is engaged in the manufacturing of hard and soft luggage both. VIP's brands include Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese and its product
More informationContainer Corporation of India
1QFY2011 Result Update Logistics July 20, 20 Container Corporation of India Performance Highlights Y/E March (Rs cr) 1QFY2011 1QFY20 % yoy 4QFY20 % qoq Net sales 916 907 0.9 951 (3.6) EBITDA 247 248 (0.4)
More informationSanofi India ACCUMULATE. Performance Highlights. CMP `4,410 Target Price `4,738. 1QCY2016 Result Update Pharmaceutical. 3-year price chart
1QCY2016 Result Update Pharmaceutical May 5, 2016 Sanofi India Performance Highlights Y/E Dec. (` cr) 1QCY2016 4QCY2015 % chg (qoq) 1QCY2015 % chg (yoy) Net sales 506 522 (3.1) 460 10.1 Other income 64
More informationAvenue Supermarts Limited
IPO Note Retail March 4, 2017 Avenue Supermarts Limited A retailer with a growth appetite Avenue Supermarts Ltd (ASL), founded in 2002, is the owner of well established supermarket chain D-Mart. ASL is
More informationThermax NEUTRAL. Performance Highlights CMP. `673 Target Price - 3QFY2011 Results Update Capital Goods. Investment Period -
3QFY2011 Results Update Capital Goods January 31, 2011 Thermax Performance Highlights (` cr) 3QFY11 3QFY10 % chg (yoy) 2QFY11 % chg qoq Revenues 1,241 748 65.9 1,092 13.7 EBITDA 146 89 63.8 129 13.9 EBITDA
More informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691
More informationMaruti Suzuki ACCUMULATE. Performance Highlights. CMP `7,622 Target Price `8,501. 1QFY2018 Result Update Automobile
1QFY2018 Result Update Automobile July 28, 2017 Maruti Suzuki Performance Highlights ACCUMULATE CMP `7,622 Target Price `8,501 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationKEC International BUY. Performance Highlights. CMP Target Price `492 `648. 2QFY2011 Results Update Capital Goods. Key Financials (Consolidated)
2QFY2011 Results Update Capital Goods November 3, 2010 KEC International Performance Highlights (` cr) 2QFY11 2QFY10 % chg (yoy) 1QFY11 % chg (qoq) Revenues 1,001 875 14.3 846 18.3 EBITDA 101 91 11.3 84
More informationHindalco NEUTRAL. Performance highlights CMP. `112 Target Price - 1QFY2013 Result Update Base Metals. Investment Period -
1QFY213 Result Update Base Metals August 21, 212 Hindalco Performance highlights Standalone (` cr) 1QFY13 1QFY12 % chg (yoy) 4QFY12 % chg (qoq) Net sales 5,964 5,979 (.2) 7,563 (21.1) EBITDA 463 868 (46.6)
More informationTata Consultancy Services (TCS)
Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 3QFY2019 Result Update IT January 11, 2019 Tata Consultancy Services (TCS) Performance highlights (` cr) 3QFY19 2QFY19 % chg (QoQ) 3QFY18 % chg (yoy)
More informationBajaj Auto ACCUMULATE. Performance Highlights. CMP `2,815 Target Price `3,151. 1QFY2018 Result Update Automobile. 24 July 2017
1QFY2018 Result Update Automobile 24 July 2017 Bajaj Auto Performance Highlights ACCUMULATE CMP `2,815 Target Price `3,151 Y/E March (` cr) Q1FY18 Q1FY17 % chg (yoy) Q4FY17 % chg (qoq) Net Sales 5,442
More informationHester Biosciences Limited
Pharmaceuticals September 24, 2012 CMP Rs. 123.5 BSE Code 524669 BSE ID HESTERBIO High/Low 1Y (Rs.) 142.5/100.0 Average Volume (3M) 2,954 Market Cap (Rs. Cr.) 70 Shareholding % Jun-12 Mar-12 Promoters
More informationDr Reddy s Laboratories
1QFY2017 Result Update Pharmaceutical July 29, 2016 Dr Reddy s Laboratories Performance Highlights Y/E March (` cr) 1QFY2017 4QFY2016 % chg (qoq) 1QFY2016 % chg (yoy) Net sales 3,235 3,756 (13.9) 3,758
More informationCadila Healthcare 1QFY2011 Result Update
1QFY2011 Result Update Pharmaceutical July 27, 2010 Cadila Healthcare Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2009 % chg (qoq) 1QFY2010 % chg (yoy) Net sales 1,055 816 29.3 880 19.9 Other
More informationSimplex Infrastructures
4QFY2012 Result Update Infrastructure May 31, 2012 Simplex Infrastructures Performance Highlights Quarterly Highlights Standalone Y/E March (` cr) 4QFY12 4QFY11 3QFY12 % chg (yoy) % chg (qoq) Net sales
More information