Britannia Industries
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- Cecil Barnett
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1 Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal Gaurav Jogani Rating BUY Price Rs870 Target Price Rs1,148 Implied Upside 32.0% Sensex 24,717 Nifty 7,359 (Prices as on May 26, 2014) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) 178 Major shareholders Promoters 50.75% Foreign 20.10% Domestic Inst. 8.77% Public & Other 20.38% Stock Performance (%) 1M 6M 12M Absolute (2.3) (2.1) 51.3 Relative (11.2) (23.2) 25.9 How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: BRIT.BO, BB: BRIT IN) BRIT s Q4 results are in line with Adj. PAT of Rs1.1bn (PLe: Rs1bn), even as sales growth of 10% was lower then our estimates. Volume growth of 3% has been disappointing, although wheat prices were up 8.8% YoY and Palmoil prices are up 23.3% YoY, neutralise to some extent by 8% lower sugar prices YoY, BRIT continued to gain from strict cost control in a tough operating environment. Q4FY14 margin expansion continued despite Q4FY13 being a high base quarter. We expect margins expansion to moderate from the current levels, going forward. We estimate PAT CAGR of 23% for FY14 16.We value the stock at 23xMar 16 EPS and assign a value of Rs50 per share to subsidiaries (0.6xEV/Sales) and arrive at target price of Rs1,148. Maintain BUY. EBITDA margin at 10%; Adj. PAT up 27%: BRIT reported 10% increase in sales to Rs16.5bn; we estimate 3% (4.5% in Q3) volume growth, showing impact of demand slowdown. Gross margins expanded 110bps to 38.5%. EBITDA margin expanded by 120bps to 10% aided by 140bps decline in advertising expenses even as staff cost and other expenses were up by 50bps each. EBITDA increased 25%; PBT increased by 25% to Rs1.59bn as gain of 96% decline in interest cost was neutralised by 46% decline in other income. Adj. PAT was up by 27% to Rs 1.1bn as Tax rate declined by 120bps while PAT is up by 4% to Rs915m. Demand slowdown impacts volume; selective price increase to cost pressure: Volumes for BRIT remains impacted by demand slowdown, BRIT has effected selective price increase in Milk Bikis, Nutrichoice Ragi and Oats as wheat and milk prices were at an all time high in Q4, also palmoil prices and sugar prices touched year high levels putting pressure on costs, however in Q1FY15 we have seen prices of Wheat and palm oil correcting sharply, while milk and sugar have retraced from their highs. While we expect competitive environment to sustain due to pressure from players like Parle, ITC and UNIBIC to gain market share, sustained margin expansion in standalone operations will continue led by gains from improved sales mix, benefits of new manufacturing units, cost cutting in distribution and marketing and help from correcting raw material prices. Key financials (Y/e March) E 2016E Revenues (Rs m) 56,155 63,074 72,955 84,190 Growth (%) EBITDA (Rs m) 3,716 5,961 7,217 8,648 PAT (Rs m) 2,339 3,698 4,641 5,705 EPS (Rs) Growth (%) Net DPS (Rs) Q4FY14 Result Update (Rs) Profitability & Valuation E 2016E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Bloomberg Source: Company Data; PL Research 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 Exhibit 1: Q4FY14 Result Overview (Rs m); 27% Adj. PAT growth as EBITDA margins expands 120bps Y/e March Q4FY14 Q4FY13 YoY gr. (%) Q3FY14 FY14 FY13 YoY gr. (%) Net Sales 16,531 15,024 16,280 63,074 56, Gross Profit 6,359 5, ,395 24,977 20, Margins (%) Other Exp 4,712 4, ,909 19,015 17, % of Sales EBITDA 1,646 1, ,486 5,961 3, Margins (%) Depreciation Interest (96.3 ) (85.6 ) Other Income (45.9 ) (36.9 ) PBT 1,593 1, ,377 5,626 3, Tax , Rate (%) Adjusted PAT 1, ,898 2, Extraordinary Income Reported PAT ,698 2, Exhibit 2: Volume growth remains benign at 3% Exhibit 3: Sales growth impacted by demand slowdown QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 May 27,
3 Exhibit 4: Gross margins expands despite inflation in commodity cost in Q4FY14 Gross Margins have expanded by 80bps, while EBITDA margins have expanded 120bps Gross Margins (%) Overheads (%) EBIDTA Margins (%) (RHS) Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Lower ad spends helps in EBITDA margin expansion even as other expenses are conversion costs are up Exhibit 5: Ad spends down 140bps, overheads up 50bps and conversion cost is flat Ad Spend Conversion Cost Other expenses Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Exhibit 6: Margin improvement to be aided by rise in value added biscuits % Glucose Value added Biscuits 100% 80% 20% 67% 71% 77% 81% 83% 33% 29% 23% 19% 17% 0% May 27,
4 Exhibit 7: Growth in Bread, Cakes and Rusk higher than biscuits Biscuits Bread, cake and Rusk FY09 FY10 FY11 FY12 FY13 FY14E FY15E FY16E Exhibit 8: Bread, Cakes and Rusk share to increase in future Biscuits Bread, Cakes and Rusk 100% 80% 12.9% 14.5% 14.8% 16.2% 17.2% 18.2% 18.8% 19.3% 87.1% 85.5% 85.2% 83.8% 82.8% 81.8% 81.2% 80.7% 20% 0% FY09 FY10 FY11 FY12 FY13 FY14E FY15E FY16E Palm Oil Prices (17% of the total raw Exhibit 9: Q4FY14 Palm Oil Prices up 23.3% YoY and 3.8% QoQ material cost) are down 14.8% in Q1FY15 from high of Rs 54243/ton 65,000 60,000 55,000 50,000 45,000 40,000 60,478 50,103 41,042 54,243 46,233 35,000 30,000 36,114 36,144 25,000 Dec 11 Feb 12 Apr 12 Jun 12 Oct 13 Dec 13 Feb 14 Apr 14 Jun 14 (Rs/MT) Source: Bloomberg, PL Research May 27,
5 Exhibit 10: Wheat Prices up 8.7% YoY and 3.4% QoQ in Q4FY14 Wheat (27% of raw materials) prices are down 12.4% in Q1FY15 (Rs / Quintal) 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 1,520 1,450 1,538 1,520 1,538 Jun 12 Jul 12 Sep 12 Nov 12 Jan 13 Mar 13 May 13 Jul 13 Sep 13 Oct 13 Nov 13 Dec 13 Jan 14 Feb 14 Mar 14 Apr 14 May 14 Source: Bloomberg, PL Research Sugar prices are firmer by % from Exhibit 11: Sugar Prices down 8% YoY in Q4FY14 Q4FY14 averages 4,100 3,900 3,895 3,700 3,500 3,300 3,100 3,195 3,418 3,245 2,900 2,700 2,895 2,950 2,500 Dec 11 Feb 12 Apr 12 Jun 12 Oct 13 Dec 13 Feb 14 Apr 14 (Rs / MT) Source: Bloomberg, PL Research May 27,
6 Income Statement (Rs m) Net Revenue 56,155 63,074 72,955 84,190 Raw Material Expenses 40,104 38,097 49,535 56,838 Gross Profit 16,051 24,977 23,420 27,352 Employee Cost 1,435 1,725 1,989 2,296 Other Expenses 10,901 17,291 14,214 16,408 EBITDA 3,716 5,961 7,217 8,648 Depr. & Amortization Net Interest (177) (299) (251) (486) Other Income Profit before Tax 3,322 5,626 6,678 8,268 Total Tax 983 1,728 2,037 2,563 Profit after Tax 2,339 3,898 4,641 5,705 Ex Od items / Min. Int. (200) (2) Adj. PAT 2,339 3,698 4,641 5,705 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 2,711 5,792 5,716 6,885 C/F from Investing (538) 1,098 3,584 3,593 C/F from Financing (2,913) (3,999) (2,194) (3,212) Inc. / Dec. in Cash (740) 2,891 7,106 7,266 Opening Cash Closing Cash 645 1, FCFF 1,588 3,967 4,031 5,761 FCFE 7 1,437 4,547 5,511 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity 0.2 (0.3) (0.5) Net Wrkng Cap. (days) 5 (8) 4 4 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 Balance Sheet Abstract (Rs m) Shareholder's Funds 6,435 8,535 10,579 13,614 Total Debt 2, Other Liabilities Total Liabilities 9,199 8,769 11,329 14,114 Net Fixed Assets 5,801 6,429 6,448 6,608 Goodwill Investments 1,896 3,730 1,896 1,896 Net Current Assets 1,638 (1,299) 2,938 5,439 Cash & Equivalents 1, ,279 6,970 Other Current Assets 7,588 7,628 9,379 10,801 Current Liabilities 7,495 9,584 10,720 12,332 Other Assets (136) (92) Total Assets 9,199 8,769 11,329 14,114 Quarterly Financials (Rs m) Y/e March Q1FY14 Q2FY14 Q3FY14 Q4FY14 Net Revenue 14,163 16,100 16,280 16,531 EBITDA 1,297 1,532 1,486 1,646 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 1,249 1,408 1,377 1,593 Total Tax Profit after Tax Adj. PAT ,115. May 27,
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 % of Total Coverage 50% 30% 20% 10% 0% 52.9% 26.0% 21.2% % BUY Accumulate Reduce Sell PL s Recommendation Nomenclature 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 This document has been prepared by the Research Division of Prabhudas Lilladher Pvt. Ltd. Mumbai, India (PL) and is meant for use by the recipient only as information and is not for circulation. This document is not to be reported or copied or made available to others without prior permission of PL. It should not be considered or taken as an offer to sell or a solicitation to buy or sell any security. The information contained in this report has been obtained from sources that are considered to be reliable. However, PL has not independently verified the accuracy or completeness of the same. Neither PL nor any of its affiliates, its directors or its employees accept any responsibility of whatsoever nature for the information, statements and opinion given, made available or expressed herein or for any omission therein. Recipients of this report should be aware that past performance is not necessarily a guide to future performance and value of investments can go down as well. The suitability or otherwise of any investments will depend upon the recipient's particular circumstances and, in case of doubt, advice should be sought from an independent expert/advisor. Either PL or its affiliates or its directors or its employees or its representatives or its clients or their relatives may have position(s), make market, act as principal or engage in transactions of securities of companies referred to in this report and they may have used the research material prior to publication. We may from time to time solicit or perform investment banking or other services for any company mentioned in this document. May 27,
Britannia Industries
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More informationSource: Company Data; PL Research
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Is bet on big data going to be even bigger? April 23, 2014 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs531 Target Price
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 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 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 informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
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 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 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 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 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 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 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 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 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 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 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 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 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 informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
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 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 informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationColgate Palmolive. Source: Company Data; PL Research
Building blocks in place to ride demand recovery July 15, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
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 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 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 informationState Bank of India. Strong operating performance. Source: Company Data; PL Research
Strong operating performance January 24, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs2,597 Target Price
More informationSun Pharmaceutical Industries
Sun acquires Ranbaxy Gain size at a cost of margin premium April 09, 2014 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs630 Target Price Rs646 Implied Upside 2.5% Sensex
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 informationKotak Mahindra Bank. Healthy operating performance. Source: Company Data; PL Research
Healthy operating performance May 06, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs422 Target Price Rs485
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 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 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 informationKotak Mahindra Bank. Source: Company Data; PL Research. PE (x) Net dividend yield (%) Source: Bloomberg
Higher operating expenses affect bottomline January 21, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs419 Target
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 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 Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
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 informationSource: Company Data; PL Research
Risk reward favourable; Upgrade to Accumulate January 22, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationCadila Healthcare. Source: Company Data; PL Research
Sales marginally better, EBITDA disappoints February 08, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs326 Target Price Rs338 Implied Upside 3.7% Sensex 24,617 Nifty 7,489
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 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 informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More information