ITD Cementation India
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- Irma Brooks
- 5 years ago
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1 1QCY212 Result Update Construction May 14, 212 ITD Cementation India Performance highlights Y/E December 1QCY12 4QCY11 % chg (qoq) 1QCY11 % chg (yoy) Total operating income Operating profit OPM (71)bp bp Adj. PAT (3.4) ITD Cementation (standalone) reported a strong set of numbers for 1QCY212. The company s revenue grew by 11.5% yoy to `384cr and its profit soared by 24% yoy to `12cr. Completion of the low-profit NH1 road projects helped the company to expand its margins. We are revising our estimates to factor in the company s 1QCY212 performance. We maintain our Buy view on the stock. Strong order book to drive revenue The company s order book stood at `3,6cr as of April 212, with government and private order ratio of 6:4. We expect the company s revenue to post a CAGR of 2% to `1,842cr, driven by strong order inflow worth `1,2cr in the first four months of CY212E as compared to `1,132cr in CY211. Interest cost reduction to drive bottom line Interest cost for the company was as high as 14.6% in CY211. However, the company expects interest rates to decline from 2HCY212. With the recent cut in repo rate by 5bp by the RBI, it is expected that interest rates will see a downward trend. We expect interest cost to decline to 14.2%, which will directly add to the company s bottom line, which is expected to be `44cr in CY213E. Outlook and valuation We expect ITD Cementation s revenue to post a CAGR of 2% to `1,842cr and profit to post a CAGR of 4% to `44cr over CY211-13E. At the CMP of `186, the stock is trading at PBV of.5x CY213E. We remain positive on the stock with a Buy view and a target price of `236 and a target PBV of.6x for CY213E. BUY CMP `186 Target Price `236 Investment Period 12 Months Stock Info Sector Construction Market Cap 215 Beta.6 52 Week High / Low 22 / 111 Avg. Daily Volume 2,386 Face Value (`) 1 BSE Sensex 16,216 Nifty 4,98 Reuters Code ITCM.BO Bloomberg Code ITCE@IN Shareholding Pattern Promoters 69.6 MF / Banks / Indian Fls 4.4 FII / NRIs / OCBs.5 Indian Public / Others 25.5 Abs. 3m 1yr 3yr Sensex (9.1) (11.6) 36.6 ITC Cementation 17. (3.) 53.8 Key financials (Standalone) Y/E Dec. CY28 CY29 CY21 CY211 CY212E CY213E Net sales ,57 1,283 1,535 1,842 % chg Adj. net profit (3) % chg (141.8) OPM EPS (`) (2.6) P/E (x) (7.6) P/BV (x) RoE (.9) RoCE EV/Sales (x) Tejashwini Kumari Ext: 6856 EV/EBITDA (x) tejashwini.kumari@angelbroking.com Please refer to important disclosures at the end of this report 1
2 ITD Cementation India 1QCY212 Result Update Exhibit 1: 1QCY212 performance (Standalone) Y/E March 1QCY12 4QCY12 % chg. (qoq) 1QCY11 % chg. (yoy) CY211 CY21 % chg Total operating income ,283 1, Net raw material (% of Sales) Employee cost (% of Sales) Other Expenses (6.4) (% of Sales) Total expenditure , Operating profit OPM (71)bp bp bp Interest Depreciation 8 9 (8.9) Other income 2 (2) (73.1) (45.8) PBT (% of Sales) Tax 4 (5.36) (169.8) (.55) 3 (119.3) (% of PBT) 23.8 (76.4) 31.5 (2.5) 23.3 Reported PAT (3.4) PATM Strong order book and margin expansion boost profit The company secured orders worth `1,2cr in the first four months of CY212, which helped the company s revenue to grow by 11.5% yoy. During the quarter, the company s other expenses declined considerably as a percentage of net sales, which helped the operating margin to expand substantially by 492bp yoy. This can mainly be attributed to completion of low-margin NH1 projects. The company s profit jumped considerably by 24% yoy to `12cr mainly due to margin expansion. Exhibit 2: Revenue growth trend Exhibit 3: Expanding EBITDA margin (`cr) QCY1 2QCY1 3QCY1 4QCY1 1QCY11 Revenue (LHS) 2QCY11 3QCY11 4QCY11 yoy growth (RHS) 1QCY (1) (2) (`cr) QCY1 2QCY1 3QCY1 4QCY1 EBITDA (LHS) 1QCY11 2QCY11 3QCY11 4QCY11 EBITDA Margin (RHS) 1QCY May 14, 212 2
3 ITD Cementation India 1QCY212 Result Update Investment arguments Strong order book to drive revenue The company s order book stood at `3,6cr as of April 212, with government and private order ratio of 6:4. With the completion of the low profitable NH1 projects, the current order book is more into the high-profitability segments. The company also completed civil works for Iron Ore Port Terminal at Ennore Port, Chennai and various other piling and civil works in U.P., Odisha, Gujarat and Andhra Pradesh. Exhibit 4: Order book (As of April 212) Segment % Marine and Specialist works (Piling & Foundation) 8 Roads 7 Airport and urban infrastructure project 8 Tunnels and irrigation projects 5 Total 1 The company successfully added new contracts worth `1,132cr in CY211. The major contracts were: Construction of ship repair facility at Lavgan, Maharashtra Road Project (six-laning of Pune Satara Road Phase 1), Maharashtra Construction of Terminal 12 Berth at Mundra, Gujarat Piling work at Cuddalore for 2x6MW Power Project in Tamil Nadu Construction of diaphragm wall and capping beam for proposed residential complex at Wadala, Mumbai, Maharashtra Piling work for multi-storey residential complex at Jaypee Greens, Noida The company s new order inflow in CY211 was less as compared to CY21, the major reasons being the sluggish economic environment, high interest rate and the upward trend in commodity prices. However, revenue growth outlook of the company looks healthy, as it has already bagged new orders for `1,2cr in the first four months of CY212E. We expect the company s revenue to post a CAGR of 2% over CY211-13E to `1,842cr. May 14, 212 3
4 ITD Cementation India 1QCY212 Result Update Exhibit 5: Strong order inflow expected in CY212 2,5 2, 1,5 1, (2) (4) CY27 CY28 CY29 CY21 CY211 CY212* (Till April) New contracts added (LHS) yoy growth (RHS) (6) Foray into the industrial and power segments A growth driver The company recently forayed into the industrial and power segments and has already bagged orders for `3cr in the first four months of CY212 and expects the segment to be worth `5cr-6cr by the end of CY212. The recent order in the segment is from Adani Power s Dahej Project in Gujarat. The segment being a high-margin segment is expected to help the company in expanding its operating margin. Interest cost reduction to drive bottom line Interest cost for the company was as high as 14.6% in CY211. However, the company expects interest rates to decline from 2HCY212 as the company is in the process of switching some of its high interest cost loans to low interest cost loans. With the recent 5bp cut in repo rate by the RBI, it is expected that interest rates will see a downward trend. We expect the company s interest cost to decline by 14.2%, which will directly add to the company s bottom line, which is expected to be `44cr in CY213E. May 14, 212 4
5 ITD Cementation India 1QCY212 Result Update Financials Revenue to post a 2% CAGR over CY211 13E The company s revenue is expected to post a 2% CAGR over CY211 13E to `1,842cr on the back of strong order book of `3,6cr as of April 212, executable over a period of two and a half years. Exhibit 6: Strong order book to drive revenue 2, 25 1,6 2 1, CY28 CY29 CY21 CY211 CY212E CY213E Revenue (LHS) Revenue growth (RHS) Exhibit 7: Revenue break-up Area of operation % Contribution to revenue Marine work and Pilling & foundation 6 Hydro/ Roads/ Bridges/ Tunnels 2 Power 1 Margin expands after the completion of low-margin contracts The company s operating margin improved by 144bp in CY211 to 1.6% from 9.2% in CY21, majorly due to reducing proportion of the low-margin NH1 road projects in the order book. These projects were almost completed as of April 212, which will further lead to margin expansion. Also, with a large share of pilling and foundation projects (having a higher gross margin of 12 13% compared to other projects with a gross margin of 8 9%) in total revenue, the company s margin is expected to improve further by 49bp to 11.1% in CY212E and stabilize around this level going forward. May 14, 212 5
6 ITD Cementation India 1QCY212 Result Update Exhibit 8: EBITDA margin to stabilize going forward (1) CY28 CY29 CY21 CY211 CY212E CY213E PAT (LHS) PAT growth (RHS) (5) (1) (15) (2) Profit to show impressive growth The company has been reporting low profit in the past few years due to low margins and high cost of credit. However, going forward, margins are expected to improve and interest rates are expected to come down from 14.6% in CY211 to 14.2% in CY212E. Aided by these factors, we expect the company s profit to post a CAGR of 4% over CY211 13E to `44cr. Exhibit 9: PAT to post a CAGR of 4% over CY211-13E (1) CY28 CY29 CY21 CY211 CY212E CY213E PAT (LHS) PAT growth (RHS) (5) (1) (15) (2) May 14, 212 6
7 ITD Cementation India 1QCY212 Result Update Outlook and valuation During the first four months of CY212E, the company bagged orders worth `1,2cr, with the total order book of `3,6cr as of April 212, executable over two and half years. We expect the company s revenue to post a CAGR of 2% and profit to post a CAGR of 4% over CY211-13E to `1,842cr and `44cr, respectively. We remain positive on the stock with a Buy recommendation with a target price of `236 and a target PBV of.6x for CY213E. Exhibit 1: One-year forward PBV band (`) Jan-8 Jul-8 Jan-9 Aug-9 Mar-1 Sep-1 Apr-11 Oct-11 May-12 Price.2x.4x.6x.8x Competition ITD Cementation looks attractive vis-à-vis its peers with a PBV of.4x and a PE of 4.9x for CY213E. The company s earnings are expected to witness a robust CAGR of 4% over CY21 12E to `44cr. Although Patel Engineering is trading at a PBV of.4x, ITD Cementation looks better with a PE of 4.5x and RoE of 1.2% for CY213E. Simplex Infra looks costly with a higher PBV of.7x and PE of 6.2x for FY214E. Exhibit 11: Attractively valued as compared to peers Company Year end Mcap Sales OPM PAT EPS (`) RoE P/E (x) P/BV (x) EV/Sales (x) ITD Cementation CY212E 215 1, CY213E 215 1, Patel Engg. FY213E 612 3, FY214E 612 3, Simplex Infra FY213E 1,23 6, FY214E 1,23 7, May 14, 212 7
8 ITD Cementation India 1QCY212 Result Update Concerns Proper execution of ongoing projects is necessary for the company as any slowdown or freezing of projects either because of some approvals, clearance or investment issues may adversely affect the company s performance, as it directly affects the company s revenue. Disruption in the schedule of projects due to natural calamities is a big risk for the company. Volatility in raw-material prices in the coming years (i.e., steel and cement prices) may put pressure on the company s margin. Competition in the business also poses a big threat for the company. Any further slowdown in the economy may adversely affect the company s performance. May 14, 212 8
9 ITD Cementation India 1QCY212 Result Update Profit and Loss (Standalone) Y/E December CY28 CY29 CY21 CY211 CY212E CY213E Gross sales ,72 1,297 1,557 1,868 Less: Excise duty Net Sales ,57 1,283 1,535 1,842 Other operating income Total operating income ,57 1,283 1,535 1,842 % chg Net Raw Materials % chg 36.1 (7.1) Other Mfg costs % chg 8..2 (12.1) Personnel % chg Other % chg Total Expenditure EBITDA % chg (4.5) (% of Net Sales) Depreciation & Amortisation EBIT % chg (16.6) (% of Net Sales) Interest & other Charges Other Income (% of Net Sales) Recurring PBT (8) (1) (12) % chg (124.) (178.9) PBT (reported) Tax (1) (% of PBT) (2.5) PAT (reported) Extraordinary Expense/(Inc.) 9 ADJ. PAT (3) % chg (141.8) (% of Net Sales) (.3) Basic EPS (`) (2.6) Fully Diluted EPS (`) (2.6) % chg (141.8) May 14, 212 9
10 ITD Cementation India 1QCY212 Result Update Balance Sheet (Standalone) Y/E December CY28 CY29 CY21 CY211 CY212E CY213E SOURCES OF FUNDS Equity Share Capital Reserves& Surplus Shareholder s Funds Total Loans Deferred Tax (Net) (8) (8) (8) Total Liabilities ,7 1,13 1,288 APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Lease adjustment Goodwill Investments Current Assets Cash Loans & Advances Inventory Debtors Current liabilities Net Current Assets ,79 Misc. Exp. not written off Total Assets ,7 1,13 1,288 May 14, 212 1
11 ITD Cementation India 1QCY212 Result Update Cash Flow (Standalone) Y/E December CY28 CY29 CY21 CY211 CY212E CY213E Profit before tax Depreciation Change in Working Capital (3) (78) 12 (98) (134) (175) Direct taxes paid (1) (2) (3) 1 (13) (19) Others (14) (17) Cash Flow from Operations (272) (81) (11) (Inc.)/Dec. in Fixed Assets (87) (27) (39) (64) (2) (21) (Inc.)/Dec. in Investments (8) (1) (14) (4) - - Others Cash Flow from Investing (58) (23) (36) (62) (6) (4) Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) (1) (1) (2) (3) (2) (2) Others (42) (72) (77) (89) - - Cash Flow from Financing 29 9 (51) Inc./(Dec.) in Cash (41) () 24 (12) 5 () Opening Cash balances Closing Cash balances May 14,
12 ITD Cementation India 1QCY212 Result Update Key Ratios (Standalone) Y/E December CY28 CY29 CY21 CY211 CY212E CY213E Valuation Ratio (x) P/E (on FDEPS) (7.6) P/CEPS P/BV Dividend yield EV/Net sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) (2.6) EPS (fully diluted) (2.6) 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 (.7) (1.) Returns ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE (.9) Turnover ratios (x) Asset TO (Gross Block) Inventory / Net sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Int. Coverage (EBIT/ Int.) May 14,
13 ITD Cementation India 1QCY212 Result Update 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 Broking 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, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking 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 Broking 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 Broking 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 Broking Limited, nor its directors, employees or 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). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report. Disclosure of Interest Statement ITD Cementation 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 ` 1 lakh for Angel, its Group companies and Directors. Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%) Reduce (-5% to 15%) Sell (< -15%) May 14,
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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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationApollo Tyres BUY. Performance Highlights. CMP Target Price `71 `82. 4QFY2011Result Update Tyre. Key financials (Consolidated)
4QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 4QFY11 4QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,762 1,313 34.2 1,49 18.2 EBITDA (` cr) 146 185 (2.7)
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 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 informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
2QFY2013 Result Update Media November 15, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 2QFY13 2QFY12 % yoy 1QFY13 %qoq Revenue 433 451 (4.0) 426 1.8 EBITDA 329 365 (10.0)
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 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 informationHFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials
1QFY2013 Result Update HFC July 11, 2012 HDFC Performance Highlights Particulars (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) NII 1,258 1,681 (25.1) 998 26.0 Preprov. profit 1,420 1,849 (23.2) 1194
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 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 informationNestle India NEUTRAL. Performance Highlights. CMP `4,387 Target Price - 2QCY2012 Result Update FMCG. Quarterly results. Investment Period -
2QCY2012 Result Update FMCG August 6, 2012 Nestle India Performance Highlights Quarterly results (` cr) 2QCY12 2QCY11 % yoy 1QCY12 % qoq Revenue 1,987 1,763 12.7 2,047 (3.0) EBITDA 429 344 24.5 457 (6.2)
More informationBGR Energy Systems ACCUMULATE. Performance Highlights CMP. `482 Target Price `520. 4QFY2011 Result Update Capital Goods. Investment Period 12 Months
4QFY2011 Result Update Capital Goods May 30, 2011 BGR Energy Systems Performance Highlights (` cr) 4QFY11 4QFY10 % chg (yoy) 3QFY11 % chg (qoq) Revenue 1,462 1,660 (11.9) 1,257 16.3 EBITDA 167 175 (4.5)
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 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 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 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 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 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 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 informationReliance Communication
1QFY213 Result Update Telecom August 13, 212 Reliance Communication Performance highlights (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) Net sales 5,319 5,31.2 4,94 7.7 EBITDA 1,65 1,632 1.1 1,61
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 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 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 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 informationTech Mahindra ACCUMULATE. Performance Highlights. CMP Target Price `659 `693. 3QFY2012 Result Update IT. Key financials (Consolidated, Indian GAAP)
3QFY2012 Result Update IT February 9, 2012 Tech Mahindra Performance Highlights (` cr) 3QFY12 2QFY12 % chg (qoq) 3QFY11 % chg (yoy) Net revenue 1,445 1,333 8.4 1,211 19.3 EBITDA 234 204 14.8 250 (6.2)
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 informationCipla BUY. Performance Highlights CMP. `310 Target Price `369. 2QFY2012 Result Update Pharmaceutical. Investment Period 12 months
2QFY2012 Result Update Pharmaceutical November 16, 2011 Cipla Performance Highlights Y/E March (` cr) 2QFY2012 1QFY2012 % chg qoq 2QFY2011 % chg yoy Net sales 1,731 1,550 11.7 1,580 9.6 Other income 71
More informationMahindra & Mahindra BUY. CMP Target Price `860 `990. Company Update Automobile
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 Company Update Automobile May 9, 2018 Mahindra & Mahindra Mahindra & Mahindra Ltd (M&M) is an India-based company,
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 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 informationApollo Tyres BUY. Performance Highlights. CMP Target Price `56 `65. 3QFY2011Result Update Tyre. Key Financials (Consolidated)
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)
More informationPunjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking.
3QFY2011 Result Update Banking January 21, 2011 Punjab National Bank Performance Highlights Particulars (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) NII 3,203 2,977 7.6 2,329 37.5 Pre-prov. profit
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 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 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
More informationSun Pharma NEUTRAL. Performance Highlights CMP. 1QFY2013 Result Update Pharmaceutical. `676 Target Price - Investment Period -
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
More informationKirloskar Oil Engines
2QFY216 Result Update Capital Goods November 17, 215 Kirloskar Oil Engines Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg. (yoy) 1QFY15 % chg. (qoq) Net Sales 59 628 (6.) 582 1.5 EBITDA 48
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 informationTech Mahindra ACCUMULATE. Performance Highlights CMP. `955 Target Price `1,070. 2QFY2013 Result Update IT. Investment Period 12 months
2QFY2013 Result Update IT November 5, 2012 Tech Mahindra Performance Highlights (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) Net revenue 1,631 1,543 5.7 1,333 22.4 EBITDA 338 330 2.3 204 65.4 EBITDA
More informationAurobindo Pharma BUY. Performance Highlights CMP. `109 Target Price `156. 1QFY2013 Result Update Pharmaceutical. Investment Period 12 months
1QFY2013 Result Update Pharmaceutical August 8, 2012 Aurobindo Pharma Performance Highlights Y/E march (` cr) 1QFY2013 4QFY2012 % chg (qoq) 1QFY2012 % chg (yoy) Net sales 1197 1171 2.3 1065 12.4 Other
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