Visaka Industries Ltd

Size: px
Start display at page:

Download "Visaka Industries Ltd"

Transcription

1 Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5% and an EBITDA expansion of 412 bps and we expect the margins to grow and EBITDA margin to reach 14.8% levels along with net profit margin reaching 6.6% levels by FY2E. We expect the investments made by the firm for expansion of capacities and new product launches to start paying off by FY2E. We expect improving capacity utilization levels to aid margins further. We retain BUY rating with a target price of Rs. 9 with an upside of 34%. On account of new investments made in expanding V-board capacities coupled with new roofing product launch called ATUM along with the company s focus in improving the non- asbestos revenue contribution, we expect the revenue to grow at 12% CAGR during FY17-FY2E and the margins to improve to 14.8% EBITDA & 6.6% net profit margin levels by FY2E. Enhance capacities coupled with de-risked in product mix: Visaka s brown-field expansion project to increase the fibre board capacities by 4% is expected to improve the profitability margins due to reduced lead time. The capacity at the new plant can further be increased to 75K MT from the current 5K MT. The outlook for asbestos sheets remains robust, in addition Visaka is planning to increase its non-asbestos revenue contribution to ~5% levels from the current 33% in next couple of years, which further adds to revenue with mitigated regulatory risk. New product launches along with strong reach: Visaka has launched an innovative solar roofing product, ATUM- a new age eco-friendly, energy efficient and energy generating roof and we expect a good amount of traction from industrial roofing segment for the product. We believe ATUM would become an upside catalyst in years to come. The company possesses a strong distribution network of more than 6, retailers mainly in rural and semi-urban markets; which aids in improved reach and increased sales. Valuation and Risks While continuing to remain positive about the company performance, we have upwardly revised the EPS by 8.2% for FY2E. We value the company at 18x (3 year average forward PE) to FY2E EPS and retain our BUY rating with a target price of Rs. 9 with an upside potential of 34%. Competition from alternate products along with potential ban on asbestos products may pose threat to the call. Exhibit 1: Valuation Summary Materials - Construction Materials Visaka Industries td Bloomberg Code: VSKI IN India Research - Stock Broking YE Mar (Rs. Mn) FY16 FY17 FY18E FY19E FY2E Net Sales EBITDA EBITDA Margin (%) Adj. Net Profit EPS (Rs.) RoE (%) PE (x) , *Represents multiples for FY16 & FY17 are based on historic market price For private circulation only. For important information about Karvy s rating system and other disclosures refer to the end of this material. Karvy Stock Broking Research is also available on Bloomberg, KRVY<GO>, Thomson Publishers & Reuters Recommendation (Rs.) Feb 2, 218 Visaka Industries td CMP (as on Feb 2, 218) 67 Target Price 9 Previous Target Price 8 Upside (%) 34 Stock Information Mkt Cap (Rs.mn/US$ mn) 1638 / wk High/ow (Rs.) 839 / 217 3M Avg. daily volume (mn).1 Beta (x) 1.4 Sensex/Nifty 3374 / 136 O/S Shares(mn) 15.9 Face Value (Rs.) 1. Shareholding Pattern (%) Promoters 41.3 FIIs 6.9 DIIs 1.4 Others 5.4 Stock Performance (%) 1M 3M 6M 12M Absolute Relative to Sensex Source: Bloomberg Relative Performance* Mar-17 Apr-17 May-17 Source: Bloomberg; *Index 1 Earnings Revision (%) Analyst Contact Arvind Vinjamoori arvind.vinjamoori@karvy.com BUY YE Mar FY18E FY19E FY2E Sales (%)... EBITDA (%) PAT (%) Source: Karvy Research Jun-17 Visaka Talbros Jul-17 Sep-17 Oct-17 Nov-17 Dec-17 Sensex Jan-18 1

2 Exhibit 2: Q3FY18 Feb 2, 218 Visaka Industries td YE Mar (Rs. Mn) Q3FY18 Q2FY18 QoQ % Q3FY18 YoY % YTD FY18 YTD FY17 YoY % Turnover Expenditure (2.9) EBIDTA Depreciation (.8) Interest (4.8) (9.1) Other Income 1 1 (2.7) 1 (3.5) (26.5) PBT Tax Adj PAT EBITDA Margin (%) (234) bps bps bps EBIT Margin (%) (163) bps bps bps Net Profit Margin (%) (114) bps bps bps Exhibit 3: Margin Analysis YE Mar Q3FY18 Q2FY18 QoQ % Q3FY18 YoY % YTD FY18 YTD FY17 YoY % Material Expenses as % of Net Sales (25) bps 59.2 (562) bps (612) bps Employee Expenses as % of Net Sales (83) bps bps bps Other Expenses as % of Net Sales bps bps (74) bps EBITDA Margin (%) (234) bps bps bps Tax Rate (%) (6) bps 36.6 (176) bps (282) bps Net Profit Margin (%) (114) bps bps bps Exhibit 4: Segment-wise Financials YE Mar (Rs. Mn) Q3FY18 Q2FY18 QoQ % Q3FY18 YoY % YTD FY18 YTD FY17 YoY % Segment-wise revenues Building Products Synthetic Blended Yarn (9.4) Segment-wise EBITDA Building Products (1.9) Synthetic Blended Yarn (4.7) (44.5) Segment-wise EBITDA Margin (%) Building Products (293) bps bps bps Synthetic Blended Yarn bps 9.6 (51) bps (46) bps Segment-wise EBIT Building Products Synthetic Blended Yarn (25.2) (72.2) Segment-wise EBIT Margin (%) Building Products (139) bps bps bps Synthetic Blended Yarn bps 8.2 (21) bps (814) bps 2

3 Feb 2, 218 Visaka Industries td Exhibit 5: Segment-wise Revenue Synthetic Blended Yarn 18.6% Exhibit 6: QoQ Revenue Trend % 5% 25% % -25% -5% Building Products 81.4% Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Revenue (Rs Mn) QoQ Growth (%) YoY Growth (%) Exhibit 7: QoQ EBITDA & EBITDA Margin Exhibit 8: QoQ PAT & PAT Margin 1 2% 25 8% Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 15% 1% 5% % Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 6% 4% 2% % EBITDA (Rs Mn) EBITDA Margin (%) PAT (Rs. Mn) PAT Margin (%) Exhibit 9: Change in Earnings Estimates YE Mar (Rs. Mn) FY18E FY19E FY2E Old New % Change Old New % Change Old New % Change Net Sales EBITDA EBITDA Margin (%) bps bps bps Adj. PAT EPS (Rs.) Source: Karvy Research Exhibit 1: Visaka Industries 1 year PE Band May-8 Aug-8 Nov-8 Feb-9 May-9 Aug-9 Nov-9 Feb-1 May-1 Aug-1 Nov-1 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 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 May-16 Aug-16 Nov-16 May-17 Nov-17 Feb-18 1yr forward PE Average P/E 1 SD 2SD Source: BSE, Karvy Research 3

4 Feb 2, 218 Visaka Industries td Exhibit 11: Visaka Industries 5 year PE Band Source: Bloomberg, Karvy Research Exhibit 12: S&P BSE Industrial Price Index Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Apr-17 Jun-17 Oct-17 Dec-17 Feb-18 Price 25.4x 18.5x 11.6x 4.7x Price (Rs.) 45.2x 39.2x 33.2x 27.2x 21.2x Source: Bloomberg, Karvy Research 4

5 Feb 2, 218 Visaka Industries td Financials Exhibit 13: Income Statement YE Mar (Rs. Mn) FY16 FY17 FY18E FY19E FY2E Revenues Growth (%) (1.6) (3.8) Operating Expenses EBITDA Growth (%) (.7) Depreciation & Amortization EBIT Other Income Interest Expenses PBT Tax Adjusted PAT Growth (%) Exhibit 14: Balance Sheet YE Mar (Rs. Mn) FY16 FY17 FY18E FY19E FY2E Cash & Cash Equivalents Sundry Debtors Inventory oans & Advances Investments 11 Gross Block Net Block CWIP Total Assets Current iabilities & Provisions Debt Other iabilities Total iabilities Shareholders Equity Reserves & Surplus Total Networth Total Networth & iabilities

6 Feb 2, 218 Visaka Industries td Exhibit 15: Cash Flow Statement YE Mar (Rs. Mn) FY16 FY17 FY18E FY19E FY2E PBT Depreciation Interest Tax Paid (223) (248) (352) (37) (431) Inc/dec in Net WC (172) (26) Other Income (47) (55) (49) Cash flow from operating activities Inc/dec in capital expenditure (287) (641) (912) (24) (155) Inc/dec in investments 3 2 Others Cash flow from investing activities (284) (639) (912) (24) (155) Inc/dec in borrowings (137) Issuance of equity Dividend paid (15) (41) (41) (41) (41) Interest paid (29) (176) (18) (184) (188) Others 357 (1241) (26) 6 (33) Cash flow from financing activities (139) (1246) (218) (198) (237) Net change in cash 469 (367) Exhibit 16: Key Ratios YE Mar FY16 FY17 FY18E FY19E FY2E EBITDA Margin (%) EBIT Margin (%) Net Profit Margin (%) Dividend Payout Ratio (%) Net Debt/Equity (x) RoE (%) RoCE (%) Exhibit 17: Valuation Parameters YE Mar FY16 FY17 FY18E FY19E FY2E EPS (Rs.) DPS (Rs.) BVPS (Rs.) PE (x) P/BV (x) EV/EBITDA (x) EV/Sales (x) , *Represents multiples for FY16 & FY17 are based on historic market price 6

7 Feb 2, 218 Visaka Industries td Stock Ratings Absolute Returns Buy : > 15% Hold : 5-15% Sell : < 5% Connect & Discuss More at (Toll Free) research@karvy.com ive Chat f in You Tube Disclaimer y Analyst certification: The following analyst(s), Arvind Vinjamoori, who is (are) primarily responsible for this report and whose name(s) is/are mentioned therein, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report. y Disclaimer: Karvy Stock Broking imited [KSB] is registered as a research analyst with SEBI (Registration No INH23265). KSB is also a SEBI registered Stock Broker, Depository Participant, Portfolio Manager and also distributes financial products. The subsidiaries and group companies including associates of KSB provide services as Registrars and Share Transfer Agents, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, financial consultancy and advisory services, realty services, data management, data analytics, market research, solar power, film distribution and production, profiling and related services. Therefore associates of KSB are likely to have business relations with most of the companies whose securities are traded on the exchange platform. The information and views presented in this report are prepared by Karvy Stock Broking imited and are subject to change without any notice. This report is based on information obtained from public sources, the respective corporate under coverage and sources believed to be reliable, but no independent verification has been made nor is its accuracy or completeness guaranteed. The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of KSB. While we would endeavor to update the information herein on a reasonable basis, KSB is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent KSB from doing so. The value and return on investment may vary because of changes in interest rates, foreign exchange rates or any other reason. This report and information herein is solely for informational purpose and shall not be used or considered as an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. KSB will not treat recipients as customers by virtue of their receiving this report. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy is suitable or appropriate to your specific circumstances. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither KSB nor any associate companies of KSB accepts any liability arising from the use of information and views mentioned in this report. Investors are advised to see Risk Disclosure Document to understand the risks associated before investing in the securities markets. Past performance is not necessarily a guide to future performance. Forward-looking statements are not predictions and may be subject to change without notice. Actual results may differ materially from those set forth in projections. y Associates of KSB might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in the past twelve months. y Associates of KSB might have received compensation from the subject company mentioned in the report during the period preceding twelve months from the date of this report for investment banking or merchant banking or brokerage services from the subject company in the past twelve months or for services rendered as Registrar and Share Transfer Agent, Commodity Broker, Currency and forex broker, merchant banker and underwriter, Investment Advisory services, insurance repository services, consultancy and advisory services, realty services, data processing, profiling and related services or in any other capacity. y KSB encourages independence in research report preparation and strives to minimize conflict in preparation of research report. y Compensation of KSB s Research Analyst(s) is not based on any specific merchant banking, investment banking or brokerage service transactions. y KSB generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. y KSB or its associates collectively or Research Analysts do not own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. y KSB or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report and have no financial interest in the subject company mentioned in this report. y Accordingly, neither KSB nor Research Analysts have any material conflict of interest at the time of publication of this report. y It is confirmed that KSB and Research Analysts, primarily responsible for this report and whose name(s) is/ are mentioned therein of this report have not received any compensation from the subject company mentioned in the report in the preceding twelve months. y It is confirmed that Arvind Vinjamoori, Research Analyst did not serve as an officer, director or employee of the companies mentioned in the report. y KSB may have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report. y Neither the Research Analysts nor KSB have been engaged in market making activity for the companies mentioned in the report. y We submit that no material disciplinary action has been taken on KSB by any Regulatory Authority impacting Equity Research Analyst activities. Karvy Stock Broking imited Plot No.31, 6th Floor, Karvy Millennium Towers, Financial District, Nanakramguda, Hyderabad, 5 32, India Tel: ; Fax: For More updates & Stock Research, visit 7

Fineotex Chemical Ltd

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

More information

Cummins India Ltd Bloomberg Code: KKC IN

Cummins India Ltd Bloomberg Code: KKC IN Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn

More information

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

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

More information

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

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

More information

Pidilite Industries Ltd

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

More information

Bharat Electronics Ltd

Bharat Electronics Ltd Company Update Excellent Margins Led by Strong Revenue Growth Revenue Analysis: Total order backlog as on Oct 1, 216 stood at Rs. 347 Bn, out of this, export order back log is US$.1 Bn. Incremental orders

More information

Hindustan Unilever (RHS)

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

More information

Simplex Infrastructures

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

More information

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

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

More information

Ahluwalia Contracts (India)

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

More information

Bloomberg Code: ATA IN

Bloomberg Code: ATA IN Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew

More information

Punjab National Bank

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

More information

Indag Rubber Ltd Bloomberg Code: IDR IN

Indag Rubber Ltd Bloomberg Code: IDR IN Industrials-Transportation Equipment-Commercial Vehicles Bloomberg Code: IDR IN India Research - Stock Broking Set to Ride on Commercial Vehicle Growth with Strong Cash Flows and Balance Sheet Recovery

More information

Automobiles. Heading Into Strong Earnings Growth Quarter QUARTERLY PREVIEW

Automobiles. Heading Into Strong Earnings Growth Quarter QUARTERLY PREVIEW India Research April 19, 2018 QUARTERLY PREVIEW Mar'18 Quarterly PAT Company PAT (Rs mn) Maruti Suzuki 20,605 M&M 10,367 Hero MotoCorp 8,774 Bajaj Auto 11,253 TVS Motor 2,432 Ashok Leyland 6,472 Bharat

More information

The Byke Hospitality Ltd

The Byke Hospitality Ltd Consumer Discretionary-Gaming, Lodging & Restaurants Bloomberg Code: BYKE IN India Research - Stock Broking Unique Asset Light Business Model Continues to Scale New Heights Room inventory addition to drive

More information

Symphony Ltd. RESULT UPDATE 31st October 2017

Symphony Ltd. RESULT UPDATE 31st October 2017 . RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential

More information

ITC Ltd. RESULT UPDATE 27th October, 2017

ITC Ltd. RESULT UPDATE 27th October, 2017 . RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside

More information

Tata Elxsi Ltd BUY. Outlook & Valuation

Tata Elxsi Ltd BUY. Outlook & Valuation Company Update Exhibit 1: Valuation Summary Technology - Software Bloomberg Code: TELX IN India Research - Stock Broking Consistent Performance Bolstered by Affluent Financials; Recently Entered Ventures

More information

Astra Microwave Products

Astra Microwave Products Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Research Desk Stock Broking Capital Goods - Defence August 4, 2014 RESULT REVIEW Bloomberg: ASTM@IN Reuters: ASTM.BO Results in-line with expectation-maintain

More information

Nestle India Ltd. RESULT UPDATE

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

More information

Colgate-Palmolive India Ltd.

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

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Feb/16 Mar/16 Monarch Networth Capital Limited CMP: 26.00 March 23, 2016 Stock Details BSE code 511551 BSE ID MONARCH Face value (

More information

Amber Enterprises India Ltd

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

More information

Tata Motors BUY. New Products at JLR to Drive Profitability Favorable Exchange to Benefit Going Forward; Automobiles August 29, 2016

Tata Motors BUY. New Products at JLR to Drive Profitability Favorable Exchange to Benefit Going Forward; Automobiles August 29, 2016 Aug15 Oct15 Nov15 Dec15 Feb16 Mar16 Apr16 Jun16 Jul16 Aug16 Institutional Equities India Research Automobiles August 29, 2016 RESULT REVIEW Bloomberg: TTMT IN Reuters: TAMO.BO New Products at JLR to Drive

More information

Vakrangee Ltd Bloomberg Code: VKI IN

Vakrangee Ltd Bloomberg Code: VKI IN Jan 4, 216 Technology - Software - Infrastructure Software Jan 4, 216 Bloomberg Code: VKI IN India Research - Stock Broking Riding on Growing Impetus to Financial Inclusion Company to shift its focus from

More information

Emami Ltd BUY. Market Leader of Cooling Hair Oil, Beating the Heat

Emami Ltd BUY. Market Leader of Cooling Hair Oil, Beating the Heat Consumer Staples-Household Products Bloomberg Code: HMN IN India Research - Stock Broking Market Leader of Cooling Hair Oil, Beating the Heat High Margin Products in the Portfolio are expected to drive

More information

Suzlon Energy Ltd RESULT UPDATE 16th August, 2017

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

More information

Company Overview. Industry Overview. Financial Performance

Company Overview. Industry Overview. Financial Performance Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 CMP: 27.80 January 20, 2016 Stock Details BSE code 534623 BSE ID JUPITERIN Face value ( ) 10 No of shares (m) 10 52 week

More information

Pidilite Industries Ltd

Pidilite Industries Ltd Materials-Chemicals-Specialty Chemicals Bloomberg Code: PIDI IN India Research - Stock Broking Backed by Brands Like Fevicol, Scaling Up Leadership Position in Adhesives and Sealants Products on Economic

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 CMP: 32.30 February 11, 2016 Stock Details BSE code 526558 BSE ID JAMEHOT Face value ( ) 10 No of shares (m) 8.0 52 week

More information

Prabhat Dairy Ltd. RESULT UPDATE 8th June, 2018

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

More information

Garware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months

Garware 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 information

Company Overview. Industry Overview. Financial Performance

Company Overview. Industry Overview. Financial Performance Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Trade Wings Limited CMP: 105.00 January 29, 2016 Stock Details BSE code 509953 BSE ID TRADWIN Face value ( ) 10 No of

More information

Britannia Industries Ltd.

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

More information

Hindustan Unilever Ltd.

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

More information

Institutional Equities

Institutional Equities 4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account

More information

Gillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance

Gillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance 2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings

More information

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

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

More information

Colgate-Palmolive (India)

Colgate-Palmolive (India) Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue

More information

Mahindra & Mahindra Ltd.

Mahindra & 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 information

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

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

More information

Adani Ports & SEZ Rating: Target price: EPS:

Adani Ports & SEZ Rating: Target price: EPS: Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT

More information

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE

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

More information

Britannia Industries Ltd.

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

More information

Blue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.

Blue 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 information

HOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights

HOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization

More information

Balkrishna Industries Ltd

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

More information

Mahindra & Mahindra Ltd.

Mahindra & 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 information

ITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%

ITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1% 4QFY18 Result Update Institutional Equities ITC 17 May 2018 Reuters: ITC.NS; Bloomberg: ITC IN Tracking Expectations ITC s growth in 4QFY18 was modest and in line with expectations. On the revenue side,

More information

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

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

More information

Hindustan Media Ventures

Hindustan 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 information

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution 2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of

More information

Jamna Auto Industries

Jamna Auto Industries 2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were

More information

Maruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart

Maruti 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 information

CMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7

CMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.

More information

Maruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.

Maruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation. Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT

More information

SQS India BFSI Ltd BUY. World s Leading Specialist in Financial Services Testing. Valuation and Outlook. Key Risks

SQS India BFSI Ltd BUY. World s Leading Specialist in Financial Services Testing. Valuation and Outlook. Key Risks Technology - Application Software Bloomberg Code: SQSI IN India Research - Stock Broking World s Leading Specialist in Financial Services Testing Benefits from SQS Group drive growth opportunities: SQS

More information

Key estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,

Key estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23, : price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)

More information

ITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months

ITC 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 information

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

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart 4QFY216 Result Update Capital Goods May 11, 216 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 4QFY16 4QFY15 % chg (yoy) 3QFY16 % chg (qoq) Total Income 1,829 93 96.6 941 94.2 EBITDA

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Eastern Treads Ltd CMP: 91.20 February 11, 2016 Stock Details BSE code 531346 BSE ID EASTRED Face value ( ) 10 No of

More information

BUY MULTI COMMODITY EXCHANGE OF INDIA. Demonetization,GST uncertainty impact Q4. Target Price: Rs 1,397. Concall highlights

BUY MULTI COMMODITY EXCHANGE OF INDIA. Demonetization,GST uncertainty impact Q4. Target Price: Rs 1,397. Concall highlights 09 MAY 2017 Quarterly Update BUY Target Price: Rs 1,397 Demonetization,GST uncertainty impact Q4 Revenue declined 12% QoQ at Rs 874 mn due to lower traded value (down 10% QoQ). Bullion (~35% of traded

More information

GMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months

GMM 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 information

Marico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015

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

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Nimbus Projects Limited CMP: 34. December 4, 15 Stock Details BSE code 511714 BSE ID NIMBSPROJ Face value ( ) 1 No of

More information

Maruti Suzuki. Source: Company Data; PL Research

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

More information

Gillette India. Institutional Equities. 1QFY18 Result Update

Gillette India. Institutional Equities. 1QFY18 Result Update 1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance

More information

TV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months

TV 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 information

Bajaj Finserv (BAFINS) 5443

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

More information

Parag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months

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 information

MCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176

MCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176 : price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious

More information

KEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials

KEI 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 information

Company Overview. Financial Performance

Company Overview. Financial Performance Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Anisha Impex Ltd CMP: 11.85 December 31, 2015 Stock Details BSE code 537785 BSE ID Face value ( ) 10 No of shares (m)

More information

Quick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.

Quick 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 information

Infibeam Incorporation Ltd.

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

More information

Near-term pressure, but long-term outlook positive

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

More information

Tata Consultancy Services

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

More information

Mahindra & Mahindra Ltd.

Mahindra & 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 information

Change EPS. (Rs) FY

Change EPS. (Rs) FY 17 AUG 217 / Quarterly Update BUY Target Price: Rs. 662 : Revenue up 21% Y-o-Y, strong growth in Non-GLE segment GMM Pfaudler Ltd(GMM) in 1QFY18posted revenues of Rs 69 Cr. (up 21% Y-o-Y, down 13% Q-o-Q)

More information

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy 2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues

More information

KEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.

KEI 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 information

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining

Coal 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 information

Music Broadcast BUY. Performance Update. CMP Target Price `293 `475. 3QFY2019 Result Update Media. Stock Info Sector Market Cap (Rs cr) Media

Music 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 information

BUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E

BUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined

More information

Mahindra & Mahindra. Source: Company Data; PL Research

Mahindra & Mahindra. Source: Company Data; PL Research Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty

More information

Exide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE

Exide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE Feb-14 Mar-14 Apr-14 Jun-14 Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Jan-15 Institutional Equities India Research Auto Components February 03, 2015 RESULT UPDATE Bloomberg: EXID IN Reuters: EXID.BO BUY Volume

More information

Company Overview. Financial Performance

Company Overview. Financial Performance Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 CMP: 25.20 December 30, 2015 Stock Details BSE code 524440 BSE ID CAMEXLTD Face value ( ) 10 No of shares (m) 10.2 52

More information

Inox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart

Inox 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 information

D-Link India (DLILIM) 105

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

More information

Music Broadcast BUY. Performance Update. CMP Target Price `329 `475. 2QFY2019 Result Update Media. Historical share price chart.

Music 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 information

Goodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials

Goodyear 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 information

MRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials

MRF 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 information

Procter & Gamble Hygiene & Health Care

Procter & 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 information

Bata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.

Bata 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 information

Ramco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360

Ramco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360 : price: EPS: How does our one year outlook change? We maintain our positive stance on s (TRCL). The company is one of the largest cement producers in South and remains among the best plays on Southern

More information

TVS Motors. Source: Company Data; PL Research

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

More information

Bloomberg Code: FNXP IN

Bloomberg Code: FNXP IN Feb 3, 215 Consumer Goods - Non Durable Finolex Industries Feb 3, 215 Ltd India Research Stock Broking Bloomberg Code: FNXP IN Shift in business & backward integration to accelerate growth (FIL) could

More information

Bajaj Corp Ltd Bloomberg Code: BJCOR IN

Bajaj Corp Ltd Bloomberg Code: BJCOR IN Consumer Staples-Household Products Bloomberg Code: BJCOR IN India Research - Stock Broking In Pursuit of Excellence, with Almond Drops Hair Oil Leading position in Light Hair Oil market and Well established

More information

Bata India BUY. Performance Update. CMP `1,008 Target Price `1,243. 2QFY2019 Result Update Footwear. Historical share price chart.

Bata 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 information

Religare Investment Call

Religare Investment Call v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321

More information