Tata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
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1 Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal Poorvi Banka Rating BUY Price Rs296 Target Price Rs378 Implied Upside 27.7% Sensex 35,179 Nifty 10,685 (Prices as on June 06, 2018) Trading data Market Cap. (Rs bn) 1,003.5 Shares o/s (m) 3, M Avg. Daily value (Rs m) 4047 Major shareholders Promoters 36.53% Foreign 20.26% Domestic Inst % Public & Other 25.71% Stock Performance (%) 1M 6M 12M Absolute (11.6) (25.5) (35.9) Relative (12.3) (33.4) (48.7) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC:TAMO.BO, BB:TTMT IN) (Rs) Jun 17 Aug 17 Oct 17 Source: Bloomberg Dec 17 Feb 18 Apr 18 Jun 18 Tata Motors held its Investor day where the management discussed in detail about its medium to long term strategy (Turnaround 2.0) for the domestic business. With focus on topline growth, customer centricity, process improvement, agile cost management and a lean and accountable organization, the management reiterated their key objectives: 1) Regaining market share in both commercial vehicles and passenger vehicles (up 70bps in CVs and up 50bps in PV for FY18) 2) EBIT margin target of 3 5% between FY19 21 and 5 7% in the long run (FY18 EBIT margins at 0.8%) 3) Higher free cash flow generation due to better operating performance and investments within affordable limits. Commercial Vehicles Aim to win back market share: Management expects the industry to easily deliver a low double digit growth over FY19 20 driven by GDP growth, accelerated infra spending, curbs on overloading, etc. After losing over ~14% market share over the last 5 6 years, management is getting its act together by strengthening its product portfolio, enhancing customer engagement, improving customer engagement/experience, increasing focus on dealer profitability and network clean up/expansion. Passenger Vehicles Rebuild the brand and increase market share: With the PV segment suffering from a poor brand perception, recent steps and new launches have helped improve the perception in the last few years (appeal index up 29 points). For future models, the company is working on two new modular architectures (Alpha and Omega) and these would promote commonality and capability of developing models across multiple segments. Products from these new platforms/architecture include five and seven seater SUVs, which are expected to be launched by end of FY19. Contd...2 Key financials (Y/e March) E 2020E Revenues (Rs m) 2,696,925 2,946,192 2,913,692 3,187,811 Growth (%) (1.2) 9.2 (1.1) 9.4 EBITDA (Rs m) 369, , , ,538 PAT (Rs m) 102,499 58, , ,651 EPS (Rs) Growth (%) (28.6) (43.1) Net DPS (Rs) Profitability & Valuation E 2020E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Analyst Meet Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Favourable macro factors, low double digit growth over FY19 20 Vendor consolidation and agile cost management: Over the last few years, the company has consolidated its vendor base (reduced by ~30%) and aims to leverage from modularity and drive re use across products for both the PV and CV segment. Apart from focusing on dealer profitability, company has increased focus on vendor profitability and is offering financial support if required via Tata Motor Finance. Agile cost saving initiatives over the last few years have resulted in cost savings of Rs19bn in FY18, which helped somewhat off set rise in input costs. Management expects these benefits to continue and reiterated its target of being FCFF positive in FY19. Commercial vehicle Key takeaways from management commentary Win decisively in CVs and strengthen leadership. Better products to address white spaces, new power train solutions and building modularity in production Enhance customer engagement through better service responsiveness and availability of spare parts Expand the dealer network from the current 1,266 outlets and service 2,098 touch points and further increase rural penetration Company took a massive tear down exercise of all global competitors to analyse areas of cost reduction with ~60% of raw material covered Warranty complaints have reduced by 57% over the past three years and management plans to reduce it even further Despite talks of high discounts in the system, realizations have improved by 1.3% in FY18, which was driven by a combination of better mix and pricing decisions Growth guidance low double digit growth for the next two years (FY18 at 20%) June 06,
3 Network expansion with focus on SCV segment, used vehicle business & rural segment Slide 36 Passenger vehicle segment takeaways New launches (Nexon/Hexa/Tiago) over the last year have resulted in higher market share (5.7% in FY18 v/s 4.6% in FY16) as well as improved brand perception as Net Promoter score (NPS) has increased from 1 to +14 in three years and appeal index up 29 points Two new platform launches during FY19 and FY20 ALFA architecture will be used for small hatch up to an SUV OMEGA architecture is a variant of the existing Land Rover platform. Both these architectures can be used for various segments and will be fungible between petrol/diesel powertrains and will be ready for EV introduction as well Network expanded by 68% in three years. Continuing focus on rural (35% of volumes) Increased focus on Tata assured channel (second hand car outlets). For FY18, 30% of Tata Motors' new car sales were to an exchange customer Also targeting the growing rural segment, which currently forms ~35% of the overall market June 06,
4 Rapid PV network expansion Focus on increasing leverage June 06,
5 Tata Motors Finance key takeaways The company has an AUM of Rs280bn as of March 2018 and is in the business of financing new vehicles, used vehicles as well as corporate lending to dealers and suppliers Market share within Tata Motors products is 25% Metrics are improving GNPA declined from 19.9% in FY16 to 4.7% in FY18. Current ROE is 13% Targets for FY20 Increase AUM to Rs500bn and ROE to 20% by reducing credit losses to 0.5% of AUM (1.1% currently) and cost to income ratio to 38% (50% currently) Valuations We welcome the increased disclosures and disinvestments from loss making/noncore subsidiaries. Management s focus on improving the performance of the standalone entity is now clearly visible and we expect it to continue. The near term outlook for JLR, however, remains muted both for volumes and profitability, EBIT margin target of ~7 9% (earlier 8 10%) mainly due to accelerated product development expenses. With JLR s full product range available in EV/Hybrid variants from 2020 gives us further confidence. Given the attractive valuations and buoyant management guidance, we maintain BUY with a target price of Rs378, where we value JLR at 2.75x Mar 20E EV/EBITDA and Standalone entity at 10x Mar 20 EPS. June 06,
6 Income Statement (Rs m) Y/e March E s 2020E Net Revenue 2,696,925 2,946,192 2,913,692 3,187,811 Raw Material Expenses 1,658,942 1,858,500 1,760,339 1,972,562 Gross Profit 1,037,984 1,087,692 1,153,352 1,215,249 Employee Cost 283, , , ,842 Other Expenses 385, , , ,869 EBITDA 369, , , ,538 Depr. & Amortization 213, , , ,724 Net Interest 42,380 46,818 49,159 50,634 Other Income 7,545 8,889 9,778 10,756 Profit before Tax 93, , , ,936 Total Tax 32,512 43,419 37,024 30,426 Profit after Tax 60,636 68, , ,510 Ex Od items / Min. Int. (12,003) 55,411 91, ,400 Adj. PAT 102,499 58, , ,651 Avg. Shares O/S (m) 3, , , ,396.1 EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 82, , , ,054 C/F from Investing (109,681) (538,329) (368,000) (368,000) C/F from Financing 82,900 (11,766) (69,159) (70,634) Inc. / Dec. in Cash 56,175 (14,640) (103,952) 52,421 Opening Cash 304, , , ,187 Closing Cash 360, , , ,608 FCFF 353,990 (331,402) (58,181) 84,703 FCFE 479,269 (296,350) (78,181) 64,703 Key Financial Metrics Growth Revenue (%) (1.2) 9.2 (1.1) 9.4 EBITDA (%) (11.6) PAT (%) (28.6) (43.1) EPS (%) (28.6) (43.1) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) (41) (44) (25) (24) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT (508.5) (60.4) 38.4 Source: Company Data, PL Research. Balance Sheet Abstract (Rs m) Shareholder's Funds 580, ,279 1,113,687 1,327,338 Total Debt 744, , , ,944 Other Liabilities (40,258) 24,922 24,922 24,922 Total Liabilities 1,285,252 1,759,144 1,898,552 2,092,203 Net Fixed Assets 1,289,696 1,613,309 1,741,307 1,864,865 Goodwill 6,733 1,165 1,165 1,165 Investments 203, , , ,128 Net Current Assets (214,557) (63,457) (70,047) (17,954) Cash & Equivalents 360, , , ,608 Other Current Assets 820,426 1,103,178 1,081,655 1,169,163 Current Liabilities 1,395,762 1,512,774 1,393,890 1,481,725 Other Assets Total Assets 1,285,252 1,759,144 1,898,552 2,092,203 Quarterly Financials (Rs m) Y/e March Q1FY18 Q2FY18 Q3FY18 Q4FY18 Net Revenue 584, , , ,791 EBITDA 57,773 97,034 94, ,252 % of revenue Depr. & Amortization 53,370 57,349 64,944 75,191 Net Interest 11,089 11,473 12,474 11,783 Other Income 1,541 1,888 1,816 3,644 Profit before Tax 37,370 30,814 20,290 23,077 Total Tax 12,074 10,898 10,676 9,771 Profit after Tax 31,823 24,828 11,986 21,252 Adj. PAT (10,692) 24,113 10,766 34,098 Key Operating Metrics Standalone M&HCV sales (units) 175, , , ,192 Standalone LCV sales (units) 209, , , ,709 Standalone PC sales (units) 137, , , ,236 Standalone UV sales (units) 20,198 53,071 53,071 53,071 Total standalone sales (units) 542, , , ,208 Standalone EBITDA margin (%) Jaguar volume (units) 178, , , ,460 Land Rover volume (units) 422, , , ,656 Total JLR volume (units) 600, , , ,116 JLR EBITDA margin IFRS (%) Source: Company Data, PL Research. June 06,
7 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 50% 40% 30% 20% 10% 0% 45.3% 42.2% 12.5% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Saksham Kaushal (BSc Accounting & Finance (Hons.)), Ms. Poorvi Banka (MSc. 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Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
More informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationMaruti Suzuki (MSIL IN)
(MSIL IN) Rating: BUY CMP: Rs6,513 TP: Rs7,600 January 28, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
More informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationTVS Motors (TVSL IN)
(TVSL IN) Rating: ACCUMULATE CMP: Rs535 TP: Rs618 October 23, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationGujarat State Fertilisers & Chemicals
Capro benzene spreads remain weak; near term muted October 25, 2013 Balwindar Singh balwindarsingh@plindia.com +91-22-66322239 Rating Accumulate Price Rs54 Target Price Rs60 Implied Upside 11.1% Sensex
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
More informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
More informationReliance Infrastructure
Battle Ready! March 02, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating Not Rated Price Rs552 Target Price NA Implied Upside NA Sensex 28,840 Nifty 8,900 (Prices as on March 02, 2017) Trading
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
More informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
More informationCoal India. Rs340, EV/EBITDA of 6.5x FY20E. Source: Company Data; PL Research
Strong earnings revival; Momentum to continue in FY19e/FY20e June 01, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationLupin Result beats expectations; Near term revenue drivers improves grows visibility
Result beats expectations; Near term revenue drivers improves grows visibility February 10, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs1,495 Target Price Rs1,730 Implied
More information