Balkrishna Industries
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- Regina Beasley
- 5 years ago
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1 Annual Report Analysis Balkrishna Industries Accumulate Distribution expansion is the focus area Balkrishna Industries (BKT) has highlighted the importance of distribution reach and higher number of SKUs to sustain volume growth momentum. Focus will also be on the backward integration through carbon black plant in Bhuj ensuring continuous supply and control on input cost. BKT endeavors to continues its strong growth momentum which will be driven by the expansion in the distribution through entering new geographies and going for deeper penetration in existing areas. Addition in the number of SKUs enables BKT to be a preferred vendor for major OEMs across the globe. With backward integration through carbon black plant in FY19, we feel that gross margins should expand. Distribution headroom and acceptability with more global customers will ensure healthy volume growth of double digit. Volume Growth remains strong Demand for the product profile catered by BKT is mainly driven by the economic development in the developed world. Challenges on growth will remain but BKT strategy to expand its distribution reach and penetrate deeper in its existing areas of presence will enable BKT to grow much ahead of the industry. Global industry is expected to grow in the range of 4% - 5% and we believe that BKT will be able to clock double digit volume growth. Input cost pressure to subside BKT key advantage compared to the competition is to produce equal quality products at a lower cost which is driven by the lower man power cost. However, this has been an accepted strength and BKT has a challenge to handle this cost difference as the input material prices get volatile / show upward trend. Carbon Black is under shortage and has seen a price surge of nearly 2% in the last year. BKT is going to get its carbon black plant up and running in FY19 and thereby negating any supply side issues. At the same time, pricing stability will also come and BKT can expand its margins due to this backward integration from second half of FY219. Raw material supply and currency volatility BKT currency exposure gets a natural hedge continues as 85% of revenues comes from exports. Major chunk of the raw material is imported. BKT also goes for near to medium term contracts for sourcing of key raw material like natural rubber. Policy to buy and stock during a lean period has paid off in the past and BKT will be open to any such opportunities in the future also. With BKT expanding its vendor base for raw material sourcing, risk of timely sourcing and pricing issues gets reduced to a large extent. FINANCIALS (` Mn) Particulars FY16 FY17 FY18 FY19E FY2E Net Sales 32,225 37,279 44,473 51,657 58,934 Growth (%) (14.7) EBITDA 8,381 11,32 11,67 14,881 17,98 OPM (%) PAT 4,386 7,156 7,393 9,777 11,913 NPM (%) EPS (`) Growth (%) (1.3) PER (x) ROANW (%) ROACE (%) July 13, 218 CMP ` 1,182 Target / Upside ` 1,356/15% BSE Sensex 36,542 NSE Nifty 11,19 Scrip Details Equity / FV ` 387mn/` 2/- Market Cap ` 229bn USD 3.3bn 52-week High/Low ` 1,352/718 Avg. Volume (no) NSE Symbol Bloomberg Code BALKRISIND Shareholding Pattern Mar 18 (%) BIL IN Promoters 58.3 MF/Banks/FIs 11. FIIs 18. Public / Others BIL Relative to Sensex Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 BIL BSE Sensex Sr. Analyst: Priyank Chandra Tel: priyank@dolatcapital.com Analyst: Kushal Shah Tel: kushals@dolatcapital.com
2 Valuation BKT has rapidly progressed as a global player in the OHT segment and with lot of headroom available on distribution front, we expect BKT to grow at more than double the industry growth rate. Margins will further improve due to backward integration and with no major capex in coming 2-3 years, return ratios will expand. Despite the outperformance in the stock price, we believe that BKT is a structural bet and should be accumulated at all dips. Recommend Accumulate with a target price of ` 1,356. KTAs from Directors report and MDA BKT deals with specialized tyre segment and hence due to the nature of the business also deals with higher inventory levels. The developed countries, especially European and USA region, forms major part of the revenue generating economies for such segments. Around 2/3 rd part of the revenue for BKT comes agricultural segment which is characterized as non-cyclical while the rest of the revenue of BKT which majorly comes from industrial, construction and mining segment are cyclical in nature. As major part of BKT s revenue comes from export, the cyclical part of the revenue is dependent on the economic outlook of the world. The OHT segment grew by 4-5% in FY18 and the industry is witnessing good momentum since last 2 years. The industry is facing high shortage of carbon black coupled with increasing raw material prices because of rising crude prices. Despite challenges relating to shortage, BKT faced no production loss in FY18. BKT has planned to overcome the headwind by setting up its own carbon black plant with capacity of 6, MT at the capex of ` 1.5 bn. The plant is expected to commence production by the end of FY19. BKT issued 1:1 bonus shares in the month of December in FY18. BKT operates in the segment which is characterized by high capital requirements as well as being a labor-intensive industry. The segment benefits from stable demand and rarely suffers from any technological disruptions. BKT is also exploring others related segments such as Earthmovers & Mining tyres to push the top line growth further. BKT is also actively looking to capture the market through change in customer preference and hence have forayed into the all-steel OTR radial tyre plant at Bhuj location. BKT also faces challenges from smaller players in the industry, retention of employees and increasing raw material prices. July 13, 218 2
3 Annual Charts 7, 6, 5, 4, 3, 2, 1, Revenue (` mn) Revenue Growth (%) 58,934 51,657 44,473 37,279 32,225 FY16 FY17 FY18 FY19E FY2E (5) (1) (15) FY16 FY17 FY18 FY19E FY2E 21, 18, 15, 12, 9, 6, 3, EBITDA (` mn) EBITDA Margin (%) 32 17, , ,32 11, , FY16 FY17 FY18 FY19E FY2E 24 FY16 FY17 FY18 FY19E FY2E PAT (` mn) PAT Margin (%) 14, 11,913 12, 9,777 1, 8, 7,156 7,393 6, 4,386 4, 2, FY16 FY17 FY18 FY19E FY2E FY16 FY17 FY18 FY19E FY2E July 13, 218 3
4 ROE (%) ROCE (%) FY16 FY17 FY18 FY19E FY2E FY16 FY17 FY18 FY19E FY2E 3, 25, 2, 15, 1, 5, Capacity utilisation Segment sales (%) FY16 FY17 FY18 FY19E FY2E Achievable Installed Capacity (MTPA) - LHS Sales Volumes (MTPA) - LHS Capcity Utilization (%) - RHS FY14 FY15 FY16 FY17 FY18 Agriculture OTR Others 1 8 Sales Channel Profile (%) Geographical Revenue Breakup (%) FY14 FY15 FY16 FY17 FY18 Replacement OEM Others FY14 FY15 FY16 FY17 FY18 Europe America (North & South) Rest of the World India July 13, 218 4
5 Income Statement (` Mn) Particulars Mar17 Mar18 Mar19E Mar2E Net Sales 36,616 43,527 5,86 58,4 Other Operating Revenue Total Income 37,279 44,473 51,657 58,934 Total Expenditure 25,959 33,46 36,776 41,27 Cost of Material Consumed 15,731 21,652 24,387 27,279 Purchase of Stock-In-Trade Employees Benefit Exp. 2,243 2,488 2,737 3,1 Other Expenses 7,93 9,42 9,653 1,737 EBIDTA (Excl. OI) 11,32 11,67 14,881 17,98 EBIDTA (Incl. OI) 13,816 14,429 18,411 21,614 Other Income 2,496 3,362 3,53 3,77 Interest Depreciation 3,38 3,113 3,44 3,438 PBT & EO Items 1,563 11,185 14,813 18,51 Profit Before Tax 1,563 11,185 14,813 18,51 Tax 3,47 3,792 5,37 6,137 Net Profit 7,156 7,393 9,777 11,913 Balance Sheet (` Mn) Particulars Mar17 Mar18 Mar19E Mar2E Sources of Funds Equity Capital Securities Premium 125 Other Reserves 35,194 4,566 49,212 59,542 Net Worth 35,512 4,952 49,598 59,929 Secured Loans 4,99 2,597 1, Unsecured Loans 2,915 3,676 1, Loan Funds 7,824 6,273 3,137 1,568 Deferred Tax Liability 3,528 3,288 3,354 3,421 Total Capital Employed 46,864 5,514 56,89 64,918 Applications of Funds Gross Block 34,38 37,476 4,476 42,976 Less: Accumulated Dep. 5,894 8,987 12,427 15,865 Net Block 28,486 28,49 28,49 27,111 Capital Work in Progress 1,97 1, Investments 13,9 11,113 11,335 11,561 Current Assets, Loans & Advances Inventories 4,597 5,942 6,264 7,156 Sundry Debtors 4,122 5,19 6,264 7,156 Cash and Bank Balance ,978 18,754 Loans and Advances 1,89 2,799 2,939 3,86 Other Current Assets 3,49 3,655 3,838 4,3 sub total 14,74 17,661 29,282 4,181 Less : Current Liabilities & Provisions Current Liabilities 1,59 7,728 12,953 14,63 Provisions sub total 1,692 7,932 13,177 14,31 Net Current Assets 3,382 9,729 16,15 25,871 Total Assets 46,864 5,514 56,89 64,918 E Estimates Cash Flow (` Mn) Particulars Mar17 Mar18 Mar19E Mar2E Profit before tax 1,563 11,185 14,813 18,51 Depreciation & w.o. 3,38 3,113 3,44 3,438 Net Interest Exp Direct taxes paid (3,125) (3,858) (5,37) (6,137) Change in Working Capital (1,133) (2,151) 3,356 (99) Other (997) (816) (53) (644) (A) CF from Opt. Activities 8,417 7,533 16,2 13,844 Capex (1,613) (4,19) (2,417) (2,275) Free Cash Flow 6,85 3,424 13,783 11,569 Inc./ (Dec.) in Investments (4,45) 3, Other (B) CF from Invt. Activities (5,337) (919) (1,975) (1,792) Inc./(Dec.) in Debt (5,299) (5,28) (3,137) (1,568) Interest exp net (218) (132) (157) (125) Dividend Paid (Incl. Tax) (644) (1,212) (1,131) (1,583) (C) CF from Financing (6,162) (6,553) (4,424) (3,277) Net Change in Cash (3,81) 61 9,82 8,776 Opening Cash balances 3, ,978 Closing Cash balances ,978 18,754 Important Ratios Particulars Mar17 Mar18 Mar19E Mar2E (A) Measures of Performance (%) Gross Margin EBIDTA Margin (excl. O.I.) Interest / Sales Tax/PBT Net Profit Margin (B) As Percentage of Net Sales Exc. Duty % of Gross Sales Cost of materials consumed Employee Benefits Expense Other Expenses (C) Measures of Financial Status Debt / Equity (x) Interest Coverage (x) Average Cost of Debt (%) Debtors Period (days) Closing stock (days) Inventory Turnover Ratio (x) Fixed Assets Turnover (x) WC Turnover (x) Non-Cash WC (` Mn) 3,246 9,483 6,127 7,117 (D) Measures of Investment EPS (`.) CEPS (`.) DPS (`.) Dividend Payout (%) Book Value (`.) RoANW (%) RoACE (%) RoAIC (%) (E) Valuation Ratios CMP (`.) 1,182 1,182 1,182 1,182 P/E (x) Market Cap. (`. Mn.) 228,51 228,51 228,51 228,51 MCap/ Sales (x) EV (`. Mn.) 236, , ,66 211,316 EV/Sales (x) EV/EBDITA (x) P/BV (x) Dividend Yield (%) E Estimates July 13, 218 5
6 DART RATING MATRIX Total Return Expectation (12 Months) Buy > 2% Accumulate 1 to 2% Reduce to 1% Sell < % Rating and Target Price History Month Rating TP (`) Price (`) * Apr-18 Buy 1,345 1,81 May-18 Buy 1,348 1, Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 BKT Target * As on Recommended Dated DART Team Purvag Shah Managing Director purvag@dolatcapital.com Amit Khurana, CFA Head of Equities amit@dolatcapital.com CONTACT DETAILS Equity Sales Designation Direct Lines Dinesh Bajaj VP - Equity Sales dineshb@dolatcapital.com Kartik Sadagopan VP - Equity Sales kartiks@dolatcapital.com Kapil Yadav VP - Equity Sales kapil@dolatcapital.com Derivatives Strategist Designation Bhavin Mehta VP - Derivatives Strategist bhavinm@dolatcapital.com Equity Trading Designation P. Sridhar VP and Head of Sales Trading sridhar@dolatcapital.com Chandrakant Ware AVP - Equity Sales Trading chandrakant@dolatcapital.com Derivatives Trading Designation Shirish Thakkar AVP - Derivatives shirisht@dolatcapital.com Hardik Mehta Sales Trader hardikm@dolatcapital.com Dolat Capital Market Private Limited. 2, Rajabahadur Mansion, 1st Floor, Ambalal Doshi Marg, Fort, Mumbai - 4 1
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HDFC Bank Accumulate Result Update Results in line, Caution on agricultural book HDFC bank reported a steady profit growth of 20% YoY aided by a NII growth of 22% YoY on stable NIMs, a robust core fees
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Result Update Sagar Cement Buy Better than expected cost rationalization, drives operating performance SGC reported topline growth of 6.2% YoY to ` 2.74bn (2.3% lower than D est). EBITDA at ` 364Mn (-14.2%
More informationDilip Buildcon. Visit Note. Buy. FY18E a bumper year! Show continues!
Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Visit Note Dilip Buildcon Buy FY18E a bumper year! Show continues! Company and Strategy DBL with its differentiated business
More informationJK Cement. Result Update. Buy. Q3FY18 Result (` Mn)
Result Update JK Cement Buy Volume growth supports top-line JK Cement reported a revenue of ` 11.2bn (+26.8% YoY, +1.7% QoQ), 2% higher than D est. The cement dispatches during the quarter rose by 20.3%
More informationICICI Bank. Result Update. Buy
Result Update ICICI Bank Buy Stress priced-in; Servings are on course Lull operating performance; retail broadens out PAT at ` 20.4bn (in-line with our est. ` 20.2bn) reporting soft QoQ growth and 8% YoY
More informationKEC International. Annual Report Analysis. Accumulate
Annual Report Analysis KEC International Accumulate KEC International - Strong FY18 enabled by T&D and Rail business FY18 was a strong year despite facing challenges regarding GST implementation in 1HFY18
More informationRepco Home Finance REPCO IN
11 August 2014 Price: `431 India Banking & Financial Services Company Update BUY Repco Home Finance REPCO IN 12m Price Target: `460 Steady quarter REPCO reported 1Q15 net profit at `248mn, up 11% YoY and
More informationQ3FY13 Q3FY12 YOY(%) Q2FY13
Plastics / Result Update Supreme Industries CMP: ` 310 TP: ` 409 Buy High Points Supreme Industries Q3 FY13 results review Supreme Industries (SIL) for Q3FY13 has reported net revenues at ` 9.04bn (Dolat
More informationBalkrishna Industries Ltd
RESULT UPDATE 3 rd August 2017 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Please vote for us in Asiamoney Brokers Poll 2017: https://www.euromoney.com/article/b13j49qfcr6j pp/asiamoney-brokers-poll-2017-vote-now
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Yes Bank Buy Result Update Returning to old glory days, Expect a strong rerating With the appointment of the new MD and CEO from outside the group, we believe the hiatus in the Yes bank s story is now
More informationMRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
More informationSanofi India. Company Update. Buy
May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Company Update Sanofi India Buy Cardio time ahead CY17 has been an evolving year for the domestic pharma industry including
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationBALKRISHNA INDUSTRIES LTD
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 BALKRISHNA INDUSTRIES LTD 8888888888888888888888888888888888888888888888888888888888888888888s.. January19, 2016
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin
More informationFineotex Chemical Ltd
Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to
More 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 informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationStill on track. Exhibit 1: ICT is on track for FY09E
Country: India Sector: Indian Education Diviya Nagarajan Diviya.Nagarajan@jmfinancial.in Tel: (91 22) 6630 3066 Subhashini Gurumurthy Subhashini.Gurumurthy@jmfinancial.in Tel: (91 22) 6630 3069 Price:
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
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More informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
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More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationBloomberg Code: ATA IN
Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More informationJK Lakshmi Cement. Source: Company Data; PL Research
Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs385 Target
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More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
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 (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.
Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT
More informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
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. RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside
More informationTransport Corporation of India Ltd.
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 January 31, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 6,035; Sensex: 19,895 CMP Target Price Rs71 Rs66 Potential
More informationAmber Enterprises India Ltd
3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)
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More informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
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Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 January 12, 212 COMPANY RESULTS REPORT REVIEW TTK Prestige Ltd. Enough steam left BUY Nifty: 4,831; Sensex: 16,38
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
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Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 July 26, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 5,908; Sensex: 19,805 CMP Target Price Rs49 Rs81 Potential
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
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Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
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Q2FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 144 173 % 33,219 10,303 Operational efficiency to continue ' Revenue (growth not comparable due to change
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Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
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Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
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Run continues, Royalty reduction positive ; Buy January 29, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs9,277
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