Bajaj Hindusthan NEUTRAL. Performance Highlights. 2QSY2010 Result Update I Sugar
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- Prosper Greer
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1 2QSY2010 Result Update I Sugar May 21, 2010 Bajaj Hindusthan Performance Highlights Bajaj Hindusthan (BJH) s 2QSY2010 results were below our expectations, primarily due to an increase in cane cost and a higher contribution from levy sales. Total Sales for the quarter grew 34% to Rs567cr, on the back of strong sugar prices. The Total Reported PAT declined by 61% to Rs32cr; however, after adjusting for a one-time exceptional item included in other operating income (pertaining to AS-11 and Forex), the company posted a loss of Rs15cr in the quarter (against a profit of Rs73cr in 2QSY2009). We have pruned our SY2011E estimates due to the poor 2QSY2010 performance. At the current levels, the stock is trading at fair valuations. Hence, we maintain our Neutral view on the stock. Higher Raw Material costs, Levy sales impact Margins: The Gross Margin for the quarter declined by 900bp to 37% in 2QSY2010 from 46% 2QSY2009, on the back of an increase in cane cost and higher contribution from levy sales. BJH incurred a cost of Rs2,470/tonnes on cane in SY2010, as against Rs1,494/tonnes spent in SY2009, an increase of 65% yoy. Cane prices increased primarily due to higher demand from mill operators, as the area under cane cultivation did not increase in tandem during the season. Hence, due to the shortage of sugar, the government increased the levy quota sales to 20% (of production) for SY2010 from 10% in SY2009. Levy sugar is being sold at a fixed price of Rs13.8/kg, which led to an approximate loss of Rs15/kg for the company during the quarter. Outlook and Valuation: Going ahead, sugar prices are likely to be under pressure due to the higher-than-expected sugar production in India and Brazil. As a result, we expect that the demand-supply of sugar would achieve balance in SY2011E, and that prices would further soften from the current levels. The Domestic ex-mill prices have corrected from a high of Rs42/kg to Rs28-29/kg over the past 4 months, while the cost of inventory is in the region of Rs28/kg. Thus, we expect most sugar companies to break-even or record losses at the Net level over the next six months. Give the fact that BJH has the highest raw sugar inventory (700,000 tonnes) in the industry at a cost of Rs28/kg, any further fall in sugar prices would put it at high risk. At the current levels, the stock is trading at fair valuations of 5.6x EV/EBITDA, 1x P/BV and 1x Enterprise Value/Invested Capital, on SY2011E Estimates. Hence, we maintain our Neutral view on the stock. NEUTRAL CMP Rs102 Target Price - Investment Period - Stock Info Sector Sugar Market Cap (Rs cr) 1,950 Beta WK High / Low 243/100 Avg. Daily Volume Face Value (Rs) 1 BSE Sensex 16,446 Nifty 4,931 Reuters Code BJHN.BO Bloomberg Code BJH@IN Shareholding Pattern (%) Promoters 41.8 MF/Banks/Indian FLs 25.6 FII/NRIs/OCBs 17.1 Indian Public 15.5 Abs. (%) 3m 1yr 3yr Sensex BHL (37.5) (23.8) (44.1) Key Financials Y/E Sept (Rs cr) SY2008 SY2009 SY2010E SY2011E Net Sales 2,070 2,026 5,485 5,133 % chg 16.3 (2.1) (6.4) Adj Profit (90) (33) (250) 183 % chg (63.2) EPS (Rs) EBITDA Margin (%) P/E (x) RoE (%) RoCE (%) P/BV (x) EV/Sales (x) EV/EBITDA (x) EV / IC (x) Sageraj Bariya Tel: Ext: sageraj.bariya@angeltrade.com Please refer to important disclosures at the end of this report Sebi Registration No: INB
2 Exhibit 1: 2QSY2010 Performance Y/E Sept (Rs cr) 2QSY10 2QSY09 % chg 1HSY10 1HSY09 % chg Sales , Other Op Income (84) (80) Total Revenues Consumption of RM (% of Sales) Gross Profit Gross margin (%) (20) Staff Costs (% of Sales) Other Expenses (% of Sales) Total Expenditure as % of sales EBITDA (58) EBITDA Margin (%) Depreciation (16) (6) EBIT (71) EBIT Margin (%) Other Income Interest (0) PBT (excl. Extr. Items) (14) Extr. (Income)/Expense (46) (8) - (60) (3) - PBT (incl. Extr. Items) (73) Provision for Taxation 1 37 (98) (% of PBT) (5) Reported PAT PM (%) Minority & Others Adj PAT (15) Adj NPM (%) (3) Equity capital (cr) EPS (Rs) (64) Adj EPS (Rs) (0.8) May 21,
3 Key highlights Strong realisations support Sales growth: Net Sales for 2QSY2010 grew 34% yoy to Rs567cr (Rs425cr). Sugar Division Sales grew 38% yoy, while Sales of the Power Division increased by 110% yoy. Such strong growth was witnessed inspite of the sugar sales volume falling by 18% during the quarter. Thus, the Top-line was supported by a 48% surge in Sugar realisation, which grew on account of a demand-supply mismatch. Increase in Raw Material costs, high contribution of levy sales impact Margins: The company s Gross Margin fell by a substantial 900bp to 37% in 2QSY2010 (from 46% in 2QSY2009). Margins were hit due to the increase in cane costs and a higher contribution of levy sales. BJH incurred a cost of Rs2,470/tonne of cane in SY2010, as against Rs1,494/tonne in SY2009, an increase of 65% yoy. Cane prices were driven by high demand from the mill operators, as sugar prices kept increasing, while the area under cane cultivation remained flat during the season. The levy quota (sales to PDS) increased to 20% in SY2010, from 10% in SY2009, due to the shortage in sugar production. Levy sugar is being sold at a fixed price of Rs13.8/kg, which led to a loss of Rs15/kg for the company during 2QSY2010. Exhibit 2: Segmental Performance Y/E Sept (Rs cr) 2QSY10 2QSY09 % chg 1HSY10 1HSY09 % chg REVENUES Sugar Cogeneration (9) Distillery Total revenues PBIT Sugar (11) Cogeneration 10 (1) (962) 7 (8) (184) Distillery Total PBIT PBIT margin (%) Sugar Cogeneration 29 (3) 4 (15) Distillery Exhibit 3: 2QSY2010 Quantitative data Y/E Sept (Rs cr) 2QSY10 2QSY09 % chg 1HSY10 1HSY09 % chg Cane crushed (mn tones) Production Sugar cane based (mn tones) raw (mn tones) Distillery ( mn litres) Sales Sugar (mn tonnes) (17.7) (11.1) Distillery ( mn litres) (21.5) (8.9) Power ( mn units) Realisation Sugar ( Rs / kg) Distillery ( Rs / ltr) (4.3) Power (Rs/ unit) May 21,
4 Exhibit 4: Sugar Realisation Trend Rs / Kg QSY2009 2QSY2009 1QSY2010 2QSY2010 Other developments BJH has decided to hive-off its power venture into an SPV, where it plans to hold a minimum 26% stake. We believe that the sharp correction in sugar prices has led the management to reconsider its power venture plan, one which would entail a huge investment. As per disclosed plans, BJH was planning to set up a 450MW thermal power plant on land adjacent to its sugar mill. This would have entailed investment of roughly Rs1,800cr (Rs4cr/MW). Considering that BJH is likely to have net debt:equity of 1.2x at the end of SY2011E, the power venture would have put additional pressure on the company s balance sheet and cash flow. Outlook and Valuation BJH s 2QSY2010 performance was below our expectations. Going ahead, sugar prices are likely to be under pressure due to the higher-than-expected sugar production in India and Brazil. As a result, we expect that the demand-supply of sugar would achieve balance in SY2011E, and that prices would further soften from the current levels. The Domestic ex-mill prices have corrected from a high of Rs42/kg to Rs28-29/kg over the past 4 months. The correction in prices has been severe and sharp, owing to which we expect a small bounce back in the near term. However, the rise would not take realisations to the earlier highs of Rs42/kg. We have revised our SY2011E and SY2012E estimates for BJH, due to the lackluster 2QSY2010 performance. We have lowered our SY2011E sugar realisation from the earlier Rs33.5/kg to Rs30.5/kg, and for SY2012E from Rs25/kg to Rs24/kg. We estimate the inventory cost of BJH to be in the region of Rs28/kg, slightly above its peers, due to a higher cane cost borne by the company BJH paid Rs2,470/ tonne of cane against Rs2,260/tonne paid by Balrampur Chini. Thus, we estimate BJH to a post loss in SY2010E. At the current levels of Rs102, the stock is trading at fair valuations of 5.6x EV/EBITDA, 1x P/BV and 1x Enterprise Value/Invested Capital on SY2011E Estimates. Hence, we maintain our Neutral view on the stock. May 21,
5 Exhibit 5: Revised Estimates Rs crore Old New % change SY2010 SY2011 SY2010 SY2011 SY2010 SY2011 Sales 5,471 5,301 5,485 5,133 0 (3) EBITDA (76) (5) EBITDA % PAT (250) (9) EPS (9) Exhibit 6: One-year Forward EV/IC Chart 12,000 10,000 8,000 6,000 4,000 2,000 0 Oct-01 Apr-02 Oct-02 EV (Rs cr) Apr-03 Oct-03 Apr-04 Oct-04 Apr-05 Oct-05 Apr-06 Oct-06 Apr-07 Oct-07 Apr-08 Oct-08 Apr-09 Oct-09 Apr-10 Source: C-line, Angel Research EV 0.8x 1.1x 1.3x 1.6x 1.8x May 21,
6 Profit & Loss Statement (Consolidated) (Rs cr) Y/E Sept SY2006 SY2007 SY2008 SY2009 SY2010E SY2011E Gross sales 1,565 1,914 2,218 2,115 5,721 5,354 Less: Excise duty Net Sales 1,483 1,780 2,070 2,026 5,485 5,133 Other operating income Total operating income 1,483 1,780 2,070 2,026 5,485 5,133 % chg (2.1) (6.4) Total Expenditure 1,169 1,590 1,776 1,605 5,283 4,352 Net Raw Materials 975 1,205 1,369 1,221 4,364 3,525 Other Mfg costs Personnel Other EBITDA % chg 56.2 (39.2) (52.0) (% of Net Sales) Depreciation& Amortisation EBIT (164) 409 % chg 43.5 (87.5) (51.8) (% of Net Sales) (3.0) 8.0 Interest & other Charges Other Income (% of PBT) Recurring PBT 302 (29) (143) (47) (334) 280 % chg Extraordinary (Expense)/Inc (152) - - PBT (reported) 302 (29) (273) 105 (334) 280 Tax 117 (20) (98) 46 (67) 56 (% of PBT) PAT (reported) 185 (9) (175) 60 (267) 224 Add: Share of earnings of associate Less: Minority interest (MI) - (11) (41) Prior period items PAT after MI (reported) 185 (21) (157) 62 (250) 183 ADJ. PAT 226 (34) (90) (33) (250) 183 % chg (% of Net Sales) Basic EPS (Rs) Fully Diluted EPS (Rs) % chg May 21,
7 Balance Sheet (Consolidated) (Rs cr) Y/E Sept SY2006 SY2007 SY2008 SY2009 SY2010E SY2011E SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves& Surplus 1,347 1,392 1,187 2,096 1,875 2,002 Shareholders Funds 1,361 1,406 1,201 2,114 1,894 2,021 Minority Interest Total Loans 1,541 3,593 4,335 4,056 3,439 2,820 Deferred Tax Liability Total Liabilities 3,029 5,127 5,608 6,283 5,464 4,931 APPLICATION OF FUNDS Gross Block 1,379 2,922 4,745 5,295 5,315 5,330 Less: Acc. Depreciation ,060 1,426 1,798 Net Block 1,074 2,455 4,026 4,235 3,889 3,532 Capital Work-in-Progress 1,472 1, Goodwill Investments Current Assets Cash Loans & Advances 444 1,240 1,571 1,859 1,481 1,540 Other ,006 1,734 1,552 Current liabilities 402 1,013 1,169 1,100 2,218 2,218 Net Current Assets 483 1,042 1,423 1,893 1,420 1,244 Others Total Assets 3,029 5,127 5,608 6,283 5,464 4,931 Cash Flow (Consolidated) (Rs cr) Y/E Sept SY2006 SY2007 SY2008 SY2009 SY2010E SY2011E Profit before tax 280 (29) (293) 105 (334) 280 Depreciation Change in Working Capital (357) (25) (128) (263) 1, Less: Other income Direct taxes paid (73) (20) (25) (14) 59 (49) Cash Flow from Operations (77) 88 (166) 174 1, (Inc.)/ Dec. in Fixed Assets (1,229.3) (1,696.9) (291.6) (160.4) (20.0) (15.0) (Inc.)/ Dec. in Investments (148.3) (301.5) (1.2) Inc./ (Dec.) in loans and adv Other income Cash Flow from Investing (1,378) (1,998) (293) (125) (20) (15) Issue of Equity Inc./(Dec.) in loans 996 2, (428) (617) (619) Dividend Paid (Incl. Tax) (8) (10) (10) (10) (14) (45) Others (50) (126) (250) (399) (281) (235) Cash Flow from Financing 1,672 1, (95) (837) (898) Inc./(Dec.) in Cash (93.4) (46.8) (53.6) Opening Cash balances Closing Cash balances May 21,
8 Key Ratios Y/E Sept SY2006 SY2007 SY2008 SY2009 SY2010E SY2011E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets EV / IC Per Share Data (Rs) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Int.) May 21,
9 Research Team Tel: Website: DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Securities Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, and are for general guidance only. Angel Securities Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Securities Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Securities Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Securities Limited nor its directors, employees and affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Disclosure of Interest Statement Bajaj Hindusthan 1. Analyst ownership of the stock No 2. Angel and its Group companies ownership of the stock No 3. Angel and its Group companies Directors ownership of the stock No 4. Broking relationship with company covered No Note: We have not considered any Exposure below Rs 1 lakh for Angel and its Group companies. Address: Acme Plaza, A Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai Tel : (022) / Angel Broking Ltd: BSE Sebi Regn No : INB / CDSL Regn No: IN - DP - CDSL / PMS Regn Code: PM/INP Angel Securities Ltd:BSE: INB /INF NSE: INB /INF Membership numbers: BSE 028/NSE:09946 Angel Capital & Debt Market Ltd: INB / NSE FNO: INF / NSE Member code Angel Commodities Broking (P) Ltd: MCX Member ID: / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID / FMC Regn No: NCDEX / TCM / CORP / 0302 May 21,
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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 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 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 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 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 informationHero MotoCorp NEUTRAL. Performance Highlights. CMP `2,245 Target Price - 4QFY2012 Result Update Automobile. Investment Period - Key financials
4QFY212 Result Update Automobile Hero MotoCorp Performance Highlights Y/E March (` cr) 4QFY12 4QFY11 % chg (yoy) Angel est. % diff NEUTRAL CMP `2,245 Target Price - Investment Period - Net sales 6,35 5,391
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 informationAdvisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months
Ltd. Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current
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 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 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 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 informationSimplex Infrastructures
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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 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 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 informationSesa Goa NEUTRAL. Performance Highlights CMP. `372 Target Price - 2QFY2011 Result Update Mining. Investment Period -
2QFY211 Result Update Mining October 18, 21 Sesa Goa Performance Highlights Particulars (` cr) 2QFY211 2QFY21 % chg (yoy) 1QFY211 % chg (qoq) Net sales 918 539 7.5 2,413 (61.9) EBITDA 34 153 122.5 1,46
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 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 informationInox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart
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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 informationCadila Healthcare ACCUMULATE. Performance Highlights. CMP 860 Target Price QFY2013 Result Update Pharmaceutical. Key financials (Consolidated)
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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 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 informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
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More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
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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 informationContainer Corporation of India
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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 informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
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More informationReliance Communication
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More informationLupin NEUTRAL. Performance Highlights CMP. `448 Target Price - 2QFY2011 Result Update Pharmaceutical. Investment Period -
2QFY2011 Result Update Pharmaceutical November 8, 2010 Lupin Performance Highlights Y/E March (` cr) 2QFY11 1QFY11 % chg qoq 2QFY10 % chg yoy Net Sales 1,405 1,312 7.1 1,115 26.0 Other Income 29 23 25.6
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More informationTech Mahindra ACCUMULATE. Performance Highlights. CMP Target Price `659 `693. 3QFY2012 Result Update IT. Key financials (Consolidated, Indian GAAP)
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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 informationKEC International BUY. Performance Highlights. CMP Target Price `492 `648. 2QFY2011 Results Update Capital Goods. Key Financials (Consolidated)
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More informationITD Cementation India
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More informationBGR Energy Systems ACCUMULATE. Performance Highlights CMP. `482 Target Price `520. 4QFY2011 Result Update Capital Goods. Investment Period 12 Months
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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
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More informationThermax NEUTRAL. Performance Highlights CMP. `673 Target Price - 3QFY2011 Results Update Capital Goods. Investment Period -
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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 (`
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More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
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1QFY2013 Result Update Pharmaceutical August 10, 2012 Sun Pharma Performance Highlights (` cr) 1QFY2013 4QFY2012 % chg qoq 1QFY2012 % chg yoy Net sales 2,658 2,330 14.1 1,636 62.5 Other income (2) 218-110
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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
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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
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3QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 3QFY11 3QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,432 1,323 8.2 1,259 13.7 EBITDA (` cr) 149 25 (27.4)
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