CMP* (Rs) 360 Upside/ (Downside) (%) 25. Market Cap. (Rs bn) 38 Free Float (%) 76 Shares O/S (mn) 104.5
|
|
- Tamsin Taylor
- 5 years ago
- Views:
Transcription
1 3QFY18 Result Update January 23, 2018 CMP* (Rs) 360 IN Market Cap. (Rs bn) 38 Free Float (%) 76 Shares O/S (mn) Stellar Performance; Fundamentals Remain Intact Central Depository Services () has reported another impressive financial performance in 3QFY18. Surpassing our estimates by 9%, its revenue rose by a healthy 36.1% YoY to Rs511mn, led by robust growth in key verticals, including Transaction Charges (+67% YoY), IPO/Corporate Action Charges (+122%) and KYC/Online Data Charges (+74%). From a segmental perspective, while revenue from Depository Services rose by 31.1% YoY to Rs395mn, revenue from Data Processing surged by a robust 58.1% YoY to Rs109mn. This impressive performance on revenue front can be attributed to good health of capital markets, with the key indices hitting all-time highs, robust primary market with new issuers coming in at a rapid rate and strong number of new demat account openings. Notably, its EBITDA margin expanded by a whopping 785bps YoY to 61.1%, which in absolute terms grew by 56.2% YoY to Rs312mn owing to operating leverage and eective cost control measures. However, its reported PAT rose at a slower pace than EBITDA albeit still at a healthy pace by 25.3% YoY to Rs254mn owing to 38.4% YoY decline in lower other income led by higher yields on investments, which led to falling bond prices. Share price (%) 1 mth 3 mth 12 mth Absolute performance (2.1) (4.1) N.A. Relative to Nifty (7.3) (12.7) N.A. Shareholding Pattern (%) Sep'17 Dec'17 Promoter Public Year Stock Price Performance Revenue Growth, Margins Impress Aided by all-round growth in both Depository and Data Processing segments, s revenue 290 grew by an impressive 36.1% YoY to Rs511mn. Its revenue from Depository Services rose by % YoY (9.6% QoQ) to Rs395mn, aided by healthy capital markets, strong primary market Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 and growth in DP accounts due to increasing investor interest. Further, its revenue from Data Processing surged by a robust 58.1% YoY (7.7% QoQ) to Rs109mn aided by healthy state of capital Note: * CMP as on January 22, 2018 markets and strong downstream revenue relating to KYC services led by new demat account openings. EBIT margin from Depository segment expanded by a strong 769bps YoY, while segmental EBIT surged by 53.9% YoY to Rs205mn. On the other hand, EBIT margin from Data Processing segment rose by 313bps YoY, while segmental EBIT rose by 64.6% YoY to Rs87mn. Thus, its consolidated EBIT margin rose by 673bps YoY to 57.5%, while consolidated EBIT surged by 54.2% YoY. Outlook & Valuation We continue to believe s stock is a good long-term investment in light of its highly predictable revenue model, good health of capital markets, market leadership based on incremental BO accounts, sustainable cash flow and newer business initiatives. At CMP, the stock trades at a PE of 29.3x/25.5x FY19E/FY20E EPS, respectively. Rolling over our estimates to FY20E, we maintain our recommendation on the stock with a revised Target Price of Rs450 (from Rs435 earlier). Key Financials (Rs mn) FY17 FY18E FY19E FY20E Net Sales 1,460 1,949 2,441 2,832 EBITDA 794 1,169 1,483 1,742 RPAT 858 1,049 1,283 1,476 Diluted EPS (Rs) P/E (x) Research Analyst: Harit Shah EV / EBITDA (x) Contact: RoE (%) harit.shah@relianceada.com 1
2 IN Conference Call Key Takeaways continues to remain the leader in demat segment in terms of incremental market share, at 64%. The company had Rs5.3bn cash on its books as of 3QFY18-end. Other income declined by 38.4% YoY owing to higher yields on investments, which led to falling bond prices. earned 7.52% yield on its bond investments during 9MFY18 compared to 9.78% in the year-ago period. One of its new initiatives i.e. National Academic Depository (NAD) is witnessing good traction with new universities and academic institutions having signed ups. Though cannot charge the universities for 2 years, it can collect verification charges from academic institutions and testing agencies. However, as these institutions are typically slow in uploading data, it could take some time before is able to monetise this segment. Risks to the View Emergence of new technologies like Blockchain could aect s e-voting and KYC biz. Fierce price competition from key competitor i.e. NSDL. Any sustained downturn in equity markets. Appointment of CERSAI as central KYC registration agency could impact Ventures KYC business, which contributed 12.8% to s total revenue in FY17. Generic risks typically faced by electronic online systems such as cyber-attacks. Exhibit 1: Quarterly Performance (Consolidated) Particulars (Rs mn) 3QFY18 3QFY17 YoY (%) 2QFY18 QoQ (%) Net Revenues Employee Expenses Other Operating Expenses EBITDA Depreciation EBIT Other Income (38.4) 91 (34.7) PBT (6.2) Minority Interest and associate profits 0 1 (71.1) 1 (69.2) Tax (8.3) APAT (5.1) E/o (adj for tax) RPAT (5.1) 2
3 IN Exhibit 2: Margin Break Up Particulars (%) 3QFY18 3QFY17 YoY (bps) 2QFY18 QoQ (bps) Employee Expenses % Net Revenues (244) 14.0 (9) Other Expenses % Net Revenues (540) EBITDA Margin (%) (236) EBIT Margin (%) (301) Tax Rate (%) (87) 28.7 (64) APAT Margin (%) (428) 56.6 (694) Exhibit 3: Earlier, revised estimates Particulars Earlier estimates Revised estimates % change Earlier estimates Revised estimates % change FY19E FY20E Revenue (Rs mn) 2,149 2, ,427 2, EBITDA (Rs mn) 1,274 1, ,456 1, EBITDA margin (%) bps bps EPS (Rs) Source: RSec Research Exhibit 4: Segment-wise contribution (% of gross revenue) 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 Depository Activity Data Processing Services Others Total Exhibit 5: Segment-wise growth (YoY, %) 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 Depository Activity (1.7) Data Processing Services Others (26.5) Total Exhibit 6: Segment-wise EBIT margins (% of revenue) 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 Depository Activity Data Processing Services Others (29.9) Total Exhibit 7: Segment-wise EBIT contribution (% of gross EBIT) 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 Depository Activity Data Processing Services Others (0.9) Total
4 IN Profit and Loss Statement Y/E March (Rs mn) FY17 FY18E FY19E FY20E Net Sales 1,460 1,949 2,441 2,832 Growth (%) Employee Expenses Other Expenses EBITDA 794 1,169 1,483 1,742 EBITDA (%) EBITDA Growth (%) Depreciation & Amortisation EBIT 757 1,106 1,417 1,673 EBIT (%) EBIT Growth (%) Other Income PBT Margin (%) PBT Growth (%) Tax (incl deferred) Minority Interest Extraordinary Items APAT 858 1,049 1,283 1,476 PAT Margin (%) PAT Growth (%) (5.7) EPS (Rs) EPS Growth (%) (5.7) Balance Sheet Y/E March (Rs mn) FY17 FY18E FY19E FY20E SOURCES OF FUNDS Share Capital - Equity 1,045 1,045 1,045 1,045 Reserves 4,288 4,960 5,781 6,726 Total Shareholders' Funds 5,333 6,005 6,826 7,771 Minority Interest Long Term Provisions & Others Deferred Tax Liabilities (Net) Creditors Other Current Liabilities & Provns Total Current Liabilities TOTAL SOURCES OF FUNDS 6,072 6,771 7,643 8,627 APPLICATION OF FUNDS Net Block Goodwill & Other Intangible Assets Investments 2,729 2,729 2,729 2,729 Deferred Tax Assets LT Loans & Advances, Others Total Non Current Assets 3,035 3,030 3,025 3,012 Cash & Bank 483 1,133 1,942 2,883 Liquid Investments 2,300 2,300 2,300 2,300 Debtors Loans & Advances and Others Total Current Assets 3,038 3,742 4,618 5,615 TOTAL APPLICATION OF FUNDS 6,072 6,771 7,643 8,627 4
5 IN Cash Flow Statement Y/E March (Rs mn) FY17 FY18E FY19E FY20E PAT 858 1,094 1,272 1,419 Non-operating & EO items 0 (63) (77) (89) Depreciation Working Capital Change (101) (35) (25) (24) Cash Flow from Operations (a) 794 1,059 1,236 1,375 Capex (53) (58) (61) (57) Investments Cash Flow from Investing (b) 182 (58) (61) (57) Debt Issuance/(Repaid) Share capital Issuance Dividend (314) (315) (385) (443) Cash Flow from Financing (c) (314) (315) (385) (443) NET CASH FLOW (a+b+c) EO items, others (609) (37) Closing Cash Balance 483 1,133 1,942 2,883 Free Cash Flow 742 1,001 1,175 1,318 Key Ratios Y/E March FY17 FY18E FY19E FY20E Profitability (%) EBITDA Margin APAT Margin RoE RoIC or Core RoCE RoCE Eiciency Tax Rate (%) Fixed Asset Turnover (x) Payables (days) Cash Conversion Cycle (days) (16) (10) (7) (5) Net Debt/EBITDA (x) (6.9) (5.3) (4.7) (4.5) Net Debt/Equity (x) (1.0) (1.0) (1.0) (1.0) Interest Coverage (x) N.A. N.A. N.A. N.A. Per Share Data (Rs) EPS CEPS DPS BV Valuation P/E (x) P/BV (x) EV/EBITDA (x) OCF/EV (%) FCF/EV (%) FCFE/mkt cap (%) Dividend Yield (%)
6 IN Rating Guides Rating Expected absolute returns (%) over 12 months >10% HOLD -5% to 10% REDUCE >-5% Reliance Securities Limited (RSL), the broking arm of Reliance Capital is one of the India s leading retail broking houses. Reliance Capital is amongst India s leading and most valuable financial services companies in the private sector. Reliance Capital has interests in asset management and mutual funds, life and general insurance, commercial finance, equities and commodities broking, wealth management services, distribution of financial products, private equity, asset reconstruction, proprietary investments and other activities in financial services. The list of associates of RSL is available on the website RSL is registered as a Research Analyst under SEBI (Research Analyst) Regulations, 2014 General Disclaimers: This Research Report (hereinafter called Report ) is prepared and distributed by RSL for information purposes only. The recommendations, if any, made herein are expression of views and/or opinions and should not be deemed or construed to be neither advice for the purpose of purchase or sale of any security, derivatives or any other security through RSL nor any solicitation or oering of any investment /trading opportunity on behalf of the issuer(s) of the respective security(ies) referred to herein. These information / opinions / views are not meant to serve as a professional investment guide for the readers. No action is solicited based upon the information provided herein. Recipients of this Report should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed trading/investment decision before executing any trades or making any investments. This Report has been prepared on the basis of publicly available information, internally developed data and other sources believed by RSL to be reliable. RSL or its directors, employees, ailiates or representatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information / opinions / views. While due care has been taken to ensure that the disclosures and opinions given are fair and reasonable, none of the directors, employees, ailiates or representatives of RSL shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information / opinions / views contained in this Report. Risks: Trading and investment in securities are subject to market risks. There are no assurances or guarantees that the objectives of any of trading / investment in securities will be achieved. The trades/ investments referred to herein may not be suitable to all categories of traders/investors. The names of securities mentioned herein do not in any manner indicate their prospects or returns. The value of securities referred to herein may be adversely aected by the performance or otherwise of the respective issuer companies, changes in the market conditions, micro and macro factors and forces aecting capital markets like interest rate risk, credit risk, liquidity risk and reinvestment risk. Derivative products may also be aected by various risks including but not limited to counter party risk, market risk, valuation risk, liquidity risk and other risks. Besides the price of the underlying asset, volatility, tenor and interest rates may aect the pricing of derivatives. Disclaimers in respect of jurisdiction: The possession, circulation and/or distribution of this Report may be restricted or regulated in certain jurisdictions by appropriate laws. No action has been or will be taken by RSL in any jurisdiction (other than India), where any action for such purpose(s) is required. Accordingly, this Report shall not be possessed, circulated and/ or distributed in any such country or jurisdiction unless such action is in compliance with all applicable laws and regulations of such country or jurisdiction. RSL requires such recipient to inform himself about and to observe any restrictions at his own expense, without any liability to RSL. Any dispute arising out of this Report shall be subject to the exclusive jurisdiction of the Courts in India. Disclosure of Interest: The research analysts who have prepared this Report hereby certify that the views /opinions expressed in this Report are their personal independent views/ opinions in respect of the securities and their respective issuers. None of RSL, research analysts, or their relatives had any known direct /indirect material conflict of interest including any long/short position(s) in any specific security on which views/opinions have been made in this Report, during its preparation. RSL s Associates may have other potential/material conflict of interest with respect to any recommendation and related information and opinions at the time of publication of research report. RSL, its Associates, the research analysts, or their relatives might have financial interest in the issuer company(ies) of the said securities. RSL or its Associates may have received a compensation from the said issuer company(ies) in last 12 months for the brokerage or non brokerage services.rsl, its Associates, the research analysts or their relatives have not received any compensation or other benefits directly or indirectly from the said issuer company(ies) or any third party in last 12 months in any respect whatsoever for preparation of this report. The research analysts has served as an oicer, director or employee of the said issuer company(ies)?: No RSL, its Associates, the research analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies).?: No Copyright: The copyright in this Report belongs exclusively to RSL. This Report shall only be read by those persons to whom it has been delivered. No reprinting, reproduction, copying, distribution of this Report in any manner whatsoever, in whole or in part, is permitted without the prior express written consent of RSL. RSL s activities were neither suspended nor have defaulted with any stock exchange with whom RSL is registered. Further, there does not exist any material adverse order/judgments/ strictures assessed by any regulatory, government or public authority or agency or any law enforcing agency in last three years. Further, there does not exist any material enquiry of whatsoever nature instituted or pending against RSL as on the date of this Report. Important These disclaimers, risks and other disclosures must be read in conjunction with the information / opinions / views of which they form part of. RSL CIN: U65990MH2005PLC SEBI registration no. ( Stock Brokers: NSE - INB / INF / INE ; BSE - INB / INF / INE , Depository Participants: IN-DP IN-DP-NSDL , Research Analyst: INH ); AMFI ARN No
BUY CDSL. Strong Operating Performance; Maintain BUY. Target Price: Rs435. Institutional Equity Research. 2QFY18 Result Update October 31, 2017
2QFY18 Result Update October 31, 2017 CMP* (Rs) 371 Market Cap. (Rs bn) 39 Free Float (%) 76 Shares O/S (mn) 104.5 Strong Operating Performance; Maintain Central Depository Services () has reported a strong
More informationCMP* (Rs) 1,464 Upside/ (Downside) (%) 10. Market Cap. (Rs bn) 91 Free Float (%) 55 Shares O/S (mn) 62
1QFY19 Result Update July 25, 2018 Market Cap. (Rs bn) 91 Free Float (%) 55 Shares O/S (mn) 62 Healthy Revenue Growth with Impressive Operating Margin (TEL) has posted a impressive performance in 1QFY19
More informationCMP* (Rs) 242 Upside/ (Downside) (%) 2. Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630
4QFY17 Result Update June 02,2017 Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630 Decent Performance to Continue; Maintain Crompton Greaves Consumer Electricals (CGCEL) has delivered a
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationCMP* (Rs) 840 Upside/ (Downside) (%) (2.4) Bloomberg Ticker Market Cap. (Rs bn) 379 Free Float (%) 53 Shares O/S (mn) 451.6
Event Update November 08, 2017 Market Cap. (Rs bn) 379 Free Float (%) 53 Shares O/S (mn) 451.6 USFDA Warning Letter Entails Further Downside Risk to US Biz The US FDA has issued a Warning Letter (WL) to
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
More informationCMP* (Rs) 166 Upside/ (Downside) (%) 28 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245
3QFY18 Result Update February 05, 2018 CMP* (Rs) 166 Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245 Wage Provisioning, Lower in Plant Availability Impede Earnings Growth has delivered
More informationCMP* (Rs) 336 Upside/ (Downside) (%) 21 Bloomberg Ticker. MOIL IN Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133
4QFY17 Result Update June 06, 2017 Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133 Mixed Quarterly Performance; Volume to Remain Strong has reported a mixed performance in 4QFY17. Its blended
More informationCMP* (Rs) 203 Upside/ (Downside) (%) 23. Market Cap. (Rs bn) 116 Free Float (%) 61 Shares O/S (mn) 572
3QFY19 Result Update February 05, 2019 Market Cap. (Rs bn) 116 Free Float (%) 61 Shares O/S (mn) 572 Strong Performance with Positive Outlook; Maintain (ATL) has reported strong volume performance in 3QFY19.
More informationCMP* (Rs) 161 Upside/ (Downside) (%) 19 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,329 Free Float (%) 30.3 Shares O/S (mn) 8,245
4QFY17 Result Update May 30, 2017 CMP* (Rs) 161 Market Cap. (Rs bn) 1,329 Free Float (%) 30.3 Shares O/S (mn) 8,245 Better Days Ahead s reported earnings declined by 25.0% YoY to Rs20.8bn in 4QFY17 owing
More informationNestlé India Outlook Hazy; Valuations Prohibitive
Nestlé India Outlook Hazy; Valuations Prohibitive Nestlé India s net sales, EBITDA and net profit surged by 35% yoy, 67% yoy & 116% yoy to Rs23.5bn, Rs4.5bn & Rs2.7bn, respectively in 3QCY16. This growth
More informationCMP* (Rs) 1,458 Upside/ (Downside) (%) 10 Bloomberg Ticker. ABB IN Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212
2QCY17 Result Update July 20, 2017 Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212 Well-placed in Power T&D Hi-tech Space; Order Book Remains Robust India s revenue rose by 6.0% YoY to Rs23.3bn
More informationCMP* (Rs) 1,033 Upside/ (Downside) (%) (0.3) Bloomberg Ticker Market Cap. (Rs bn) 467 Free Float (%) 53 Shares O/S (mn) 452
2QFY18 Result Update October 31, 2017 Market Cap. (Rs bn) 467 Free Float (%) 53 Shares O/S (mn) 452 US Biz to Remain Weak; Maintain Led by weak performance in the US markets, (LPC) has delivered a weak
More informationCMP* (Rs) 346 Upside/ (Downside) (%) 17. Market Cap. (Rs bn) 23 Free Float (%) 42.0 Shares O/S (mn) 67
Consturction India 3QFY18 Result Update February 20, 2018 Market Cap. (Rs bn) 23 Free Float (%) 42.0 Shares O/S (mn) 67 Healthy Show on Higher Margin: Maintain (ACIL) has reported a better-than-expected
More informationCMP* (Rs) 172 Upside/ (Downside) (%) 11.6 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,414 Free Float (%) 30.3 Shares O/S (mn) 8,245
1QFY18 Result Update August 03, 2017 CMP* (Rs) 172 Market Cap. (Rs bn) 1,414 Free Float (%) 30.3 Shares O/S (mn) 8,245 Decent Quarterly Performance; Maintain has delivered a decent performance in 1QFY18.
More informationCMP* (Rs) 263 Upside/ (Downside) (%) 7.3. Market Cap. (Rs bn) 635 Free Float (%) 59 Shares O/S (mn) 2,417
2QFY18 Result Update November 01, 2017 Market Cap. (Rs bn) 635 Free Float (%) 59 Shares O/S (mn) 2,417 In-line Performance; Margins to Remain Strong (JSTL) has delivered an in-line performance in 2QFY18
More informationCMP* (Rs) 417 Upside/ (Downside) (%) 46 Bloomberg Ticker. SUNP IN Market Cap. (Rs bn) 1,001 Free Float (%) 46 Shares O/S (mn) 2399
Company Update January 22, 2019 Market Cap. (Rs bn) 1,001 Free Float (%) 46 Shares O/S (mn) 2399 Multiple Growth Drivers in Place despite Near-term Headwinds Industries (SUNP) has released an investor
More informationCMP* (Rs) 289 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) 30 Free Float (%) 69 Shares O/S (mn) 105
3QFY18 Result Update February 08, 2018 CMP* (Rs) 289 Market Cap. (Rs bn) 30 Free Float (%) 69 Shares O/S (mn) 105 IITS Revenue Continues to Remain Buoyant; Margin Growth Heartening In-line with our estimate,
More informationHOLD ACC. Strong Performance on Better Volume and Firm Realizations. Target Price: Rs1,640. Institutional Equity Research
2QCY17 Result Update July 18,2017 Market Cap. (Rs bn) 328 Free Float (%) 45 Shares O/S (mn) 188 Strong Performance on Better Volume and Firm Realizations reported better-than-estimated performance in 2QCY17
More informationCMP* (Rs) 205 Upside/ (Downside) (%) 12 Bloomberg Ticker. NACO IN Market Cap. (Rs bn) 29 Free Float (%) 27 Shares O/S (mn) 143
1QFY18 Result Update July 25, 2017 Market Cap. (Rs bn) 29 Free Float (%) 27 Shares O/S (mn) 143 Limited DPD Impact; Upgrade to (NCL) has delivered a decent performance in 1QFY18. Surpassing volume growth,
More informationHOLD. Nestle. Good Performance Irrespective of GST Pangs. Target Price: Rs6,624. Institutional Equity Research. 2QCY17 Result Update July 27,2017
2QCY17 Result Update July 27,2017 Market Cap. (Rs bn) 657 Free Float (%) 37.3 Shares O/S (mn) 96 Good Performance Irrespective of GST Pangs Nestlé India has reported a good set of numbers for 2QCY17 in
More informationBUY NCC. An Ordinary Quarterly Performance; Maintain BUY. Target Price: Rs98. Institutional Equity Research. 4QFY17 Result Update May 24, 2017
4QFY17 Result Update May 24, 2017 Market Cap. (Rs bn) 46 Free Float (%) 80 Shares O/S (mn) 556 An Ordinary Quarterly Performance; Maintain s reported performance has come in below the expectation as dismal
More informationTitan Company BUY. Back to Value Zone Validate Rating Upgrade. Institutional Equity Research. November 05, Target Price Rs428.
CMP* (Rs) 369 Market Cap. (Rs bn) 328 Free Float (%) 47 Shares O/S (mn) 888 Titan Company Back to Value Zone Validate Rating Upgrade Titan Company delivered decent performance in 2QFY17 despite reporting
More informationSonata Software HOLD. Unimpressive Show; IITS Revenue Disappoints. Institutional Equity Research. February 06, Target Price Rs190.
CMP* (Rs) 194 Market Cap. (Rs bn) 20 Free Float (%) 69 Shares O/S (mn) 105 Sonata Software Unimpressive Show; IITS Revenue Disappoints Sonata Software (Sonata) delivered an unimpressive performance in
More informationBUY NTPC. Higher Regulated Equity to Aid Profitability; Maintain BUY. Target Price: Rs192. Institutional Equity Research
2QFY18 Result Update November 16, 2017 CMP* (Rs) 174 Market Cap. (Rs bn) 1,438 Free Float (%) 37.0 Shares O/S (mn) 8,245 Higher Regulated Equity to Aid Profitability; Maintain has delivered a decent performance
More informationCMP (Rs) 249 Upside/ (Downside) (%) Market Cap. (Rs bn) 25.5 Free Float (%) 29.7 Shares O/S (mn) 102.3
Capital Goods India 3QFY18 Result Update February 08, 2018 Market Cap. (Rs bn) 25.5 Free Float (%) 29.7 Shares O/S (mn) 102.3 Transmission Capex Play; On Right Track continued to deliver a strong performance
More informationCMP (Rs) 326 Upside/ (Downside) (%) 24. Market Cap. (Rs bn) 21.7 Free Float (%) 42.0 Shares O/S (mn) 67
Management Meet Update March 29, 2019 Market Cap. (Rs bn) 21.7 Free Float (%) 42.0 Shares O/S (mn) 67 Healthy Growth Visibility & Attractive Valuations Augur Well We recently visited (India) Ltd. (AHLU)
More informationCMP* (Rs) 237 Upside/ (Downside) (%) 29 Bloomberg Ticker. APTY IN Market Cap. (Rs bn) 136 Free Float (%) 55.9 Shares O/S (mn) 509
2QFY18 Result Update November 03, 2017 Market Cap. (Rs bn) 136 Free Float (%) 55.9 Shares O/S (mn) 509 Soft Performance Though Indian Operation Improves (ATL) has reported a dismal performance in 2QFY18
More informationBUY. DCB Bank. Improving Capital Consumption to Aid Returns; Maintain BUY. Target Price: Rs202. Institutional Equity Research
3QFY19 Result Update January 17, 219 Market Cap. (Rs bn) 56 Free Float 85 Shares O/S (mn) 39 Improving Capital Consumption to Aid Returns; Maintain continued to deliver a stable set of numbers in 3QFY19
More informationCMP* (Rs) 198 Upside/ (Downside) (%) 12. Market Cap. (Rs bn) 61 Free Float (%) 84 Shares O/S (mn) 308
1QFY18 Result Update July 18, 217 Upside/ (Downside) 12 Market Cap. (Rs bn) 61 Free Float 84 Shares O/S (mn) 38 Healthy Core Operating Performance on Key Metrics; Maintain has posted a higher-than-estimated
More informationCMP* (Rs) 189 Upside/ (Downside) (%) (1) Bloomberg Ticker PNB IN Market Cap. (Rs bn) 402 Free Float (%) 38 Shares O/S (mn) 2,128
2QFY18 Result Update November 8, 217 Market Cap. (Rs bn) 42 Free Float 38 Shares O/S (mn) 2,128 Credit Cost to Remain Elevated; Reiterate (PNB) has delivered a healthy performance in 2QFY18. Its PAT rose
More informationCMP* (Rs) 145 Upside/ (Downside) (%) 32 Bloomberg Ticker BOB IN Market Cap. (Rs bn) 384 Free Float (%) 36 Shares O/S (mn) 2,646
4QFY18 Result Update May 28, 218 Market Cap. (Rs bn) 384 Free Float 36 Shares O/S (mn) 2,646 Improving Outlook; Maintain (BoB) has reported elevated fresh slippages of Rs125.7bn (+123% QoQ and +28% YoY)
More informationCMP (Rs) 133 Upside/ (Downside) (%) 35 Bloomberg Ticker. ICEM IN Market Cap. (Rs bn) 41 Free Float (%) 71.6 Shares O/S (mn) 308.1
4QFY18 Result Update May 28, 2018 Market Cap. (Rs bn) 41 Free Float (%) 71.6 Shares O/S (mn) 308.1 Subdued Operating Show on Cost Pressure (ICL) has reported a subdued set of numbers for 4QFY18. Its reported
More informationKNR Constructions Robust Performance on Execution Ramp-up
Market Cap. (Rs bn) 18 Free Float (%) 39 Shares O/S (mn) 28 KNR Constructions Robust Performance on Execution Ramp-up KNR Constructions (KNRC) has reported a better-than-expected performance in 1QFY17,
More informationCMP* (Rs) 1,424 Upside/ (Downside) (%) 19 Bloomberg Ticker Market Cap. (Rs bn) 268 Free Float (%) 46 Shares O/S (mn) 188
Company Update February 28, 2018 IN Market Cap. (Rs bn) 268 Free Float (%) 46 Shares O/S (mn) 188 In a Sweet Spot Despite Challenges is expected to witness a decent recovery in its operational performance
More informationCMP (Rs) 166 Upside/ (Downside) (%) (1) Bloomberg Ticker Market Cap. (Rs bn) 125 Free Float (%) 37 Shares O/S (mn) 726
2QFY18 Result Update November 8, 217 Market Cap. (Rs bn) 125 Free Float 37 Shares O/S (mn) 726 PSB Recap A Big Positive; but Earnings to Remain Tepid With lower fresh slippages (lowest in last 8 quarters)
More informationCMP (Rs) 702 Upside/ (Downside) (%) 42 Bloomberg Ticker. JKCE IN Market Cap. (Rs bn) 54 Free Float (%) 42 Shares O/S (mn) 77.3
Company Update January 08, 2019 Market Cap. (Rs bn) 54 Free Float (%) 42 Shares O/S (mn) 77.3 Capacity Expansion on Track; Ease of Funding Concern Augurs Well We have interacted with the senior management
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 informationAurobindo Pharma. Institutional Equity Research. Sector - Pharmaceuticals. RSec TradEdge India. March 02, 2017
Recommendation Range STOP LOSS Target 678 638 765 Aurobindo Pharma Sector - Pharmaceuticals Background & Business Aurobindo Pharma (ARBP) is a mid-sized Indian pharma company with one of the largest product
More informationSonata Software BUY. Laying the Platform for Growth. Institutional Equity Research. December 01, Target Price Rs185.
CMP* (Rs) 157 Market Cap. (Rs bn) 17 Free Float (%) 69 Shares O/S (mn) 15 Sonata Software Laying the Platform for Growth Sonata Software (Sonata) a mid-sized IT firm based in Bangalore caters to Travel,
More informationJubilant FoodWorks. Institutional Equity Research. Sector - FMCG. RSec TradEdge India. January 17, 2017
Recommendation Range STOP LOSS Target 825-833 775 960 Jubilant FoodWorks Sector - FMCG Background & Business Jubilant FoodWorks (JFL) a Jubilant Bhartia Group Company incorporated in 1995 is India s largest
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 informationCMP* (Rs) 301 Upside/ (Downside) (%) 25. Market Cap. (Rs bn) 19.6 Free Float (%) 26 Shares O/S (mn) 65
Infrastructure India Initiating Coverage March 19, 2018 Market Cap. (Rs bn) 19.6 Free Float (%) 26 Shares O/S (mn) 65 Moving towards the Big League (HGI), a newly listed company, is primarily engaged in
More informationCentral Depository Services
INDUSTRY EXCHANGES CMP (as on 23 Apr 2018) Rs 296 Target Price Rs 415 Nifty 10,585 Sensex 34,451 KEY STOCK DATA Bloomberg CDSL IN No. of Shares (mn) 105 MCap (Rs bn) / ($ mn) 31/465 6m avg traded value
More informationKey estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,
: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
More informationHealty cigarette-driven growth
INDUSTRY FMCG CMP (as on 27 Jul 2017) Rs 289 Target Price Rs 353 Nifty 10,021 Sensex 32,383 KEY STOCK DATA Bloomberg ITC IN No. of Shares (mn) 12,161 12,162 MCap (Rs bn)/(us$ mn) 3,509/54,743 6m avg traded
More informationCentral Depository Services
INDUSTRY EXCHANGES CMP (as on 30 Jul 2018) Rs 267 Target Price Rs 370 Nifty 11,320 Sensex 37,494 KEY STOCK DATA Bloomberg CDSL IN No. of Shares (mn) 105 MCap (Rs bn) / ($ mn) 28/406 6m avg traded value
More informationCentral Depository Services
INDUSTRY EXCHANGES CMP (as on 29 Oct 2018) Rs 240 Target Price Rs 380 Nifty 10,251 Sensex 34,067 KEY STOCK DATA Bloomberg CDSL IN No. of Shares (mn) 105 MCap (Rs bn) / ($ mn) 25/341 6m avg traded value
More informationBLS International Services
INDUSTRY IT Processing CMP (as on 23 May 218) Rs 17 TP Rs 23 Nifty 1,43 Sensex 34,345 KEY STOCK DATA Bloomberg BLSIN IN No. of Shares (mn) 12 MCap (Rs bn) / ($ mn) 18/255 6m avg traded value (Rs mn) 89
More informationPower Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution
2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of
More informationCrompton Greaves Consumer Electricals
INDUSTRY APPLIANCES CMP (as on 27 Oct 2017) Rs 219 Target Price Rs 268 Nifty 10,323 Sensex 33,157 KEY STOCK DATA Bloomberg CROMPTON IN No. of Shares (mn) 627 MCap (Rs bn)/(us$ mn) 137/2,106 6m avg traded
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)
More informationCrompton Greaves Consumer Electricals
INDUSTRY APPLIANCES CMP (as on 27 July 2017) Rs 209 Target Price Rs 252 Nifty 10,021 Sensex 32,383 KEY STOCK DATA Bloomberg CROMPTON IN No. of Shares (mn) 627 MCap (Rs bn)/(us$ mn) 131/2,046 6m avg traded
More informationKEC International. Recovering from a weak phase. Institutional Equity Research. Order inflow traction remains intact
Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Hindustan Exide Industries Unilever KEC International Recovering from a weak phase KEC International s stock price
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationMulti Commodity Exchange
INDUSTRY EXCHANGES CMP (as on 30 Apr 2018) Rs 779 Target Price Rs 1,040 Nifty 10,739 Sensex 35,160 KEY STOCK DATA Bloomberg MCX IN No. of Shares (mn) 51 MCap (Rs bn) / ($ mn) 40/595 6m avg traded value
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 informationStrides Arcolab. Inline 4Q, recent acquisitions to deepen asset growth. Institutional Equity Research. Strides Arcolab. Pharmaceuticals India
Strides Arcolab Inline 4Q, recent acquisitions to deepen asset growth Strides reported in-line 4QFY15 adjusting for one-time expenses. We remain optimistic on company s business prospects in India, Africa
More informationConsolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE
Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationColgate-Palmolive (India)
Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue
More informationCyient. Good show, priced in NEUTRAL RESULTS REVIEW 4QFY17 21 APRIL Highlights of the quarter
INDUSTRY IT CMP (as on 20 Apr 2017) Rs 503 Target Price Rs 540 Nifty 9,136 Sensex 29,422 KEY STOCK DATA Bloomberg CYL IN No. of Shares (mn) 113 MCap (Rs bn) / ($ mn) 57/876 6m avg traded value (Rs mn)
More informationGillette India. Institutional Equities. 1QFY18 Result Update
1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance
More informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
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 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 informationTTK Prestige Ltd. Result Highlights. Revenue growth of 41% YoY, shows no slowdown yet. OPM at ~15.8%; in line with our estimate
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 informationHindustan Media Ventures
2QFY216 Result Update Media October 27, 215 Hindustan Media Ventures Performance Highlights Quarterly Data (` cr) 2QFY16 2QFY15 % yoy 1QFY15 % qoq Revenue 227 2 13.7 224 1.4 EBITDA 52 39 33.1 55 (4.5)
More informationJubilant FoodWorks NEUTRAL RESULTS REVIEW 4QFY17 30 MAY Highlights of the quarter
INDUSTRY FMCG CMP (as on 29 May 17) Rs 94 Target Price Rs 995 Nifty 9,65 Sensex 31,19 KEY STOCK DATA Bloomberg JUBI IN No. of Shares (mn) 66 MCap (Rs bn)/(us$ mn) 62/962 6m avg traded value (Rs mn) 574
More informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.
Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance
More 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 informationInstitutional Equities
4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
More informationITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%
4QFY18 Result Update Institutional Equities ITC 17 May 2018 Reuters: ITC.NS; Bloomberg: ITC IN Tracking Expectations ITC s growth in 4QFY18 was modest and in line with expectations. On the revenue side,
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 informationJubilant FoodWorks BUY RESULTS REVIEW 1QFY18 18 JULY Highlights of the quarter
INDUSTRY FMCG CMP (as on 17 Jul 17) Rs 1,273 Target Price Rs 1,45 Nifty 9,916 Sensex 32,75 KEY STOCK DATA Bloomberg JUBI IN No. of Shares (mn) 66 MCap (Rs bn)/(us$ mn) 84/1,35 6m avg traded value (Rs mn)
More informationAhluwalia Contracts. Cautious optimism BUY RESULTS REVIEW 4QFY17 31 MAY Highlights of the quarter
RESULTS REVIEW 4QFY17 31 MAY 2017 Ahluwalia Contracts BUY INDUSTRY INFRASTRUCTURE CMP (as on 31 May 2017) Rs 350 Target Price Rs 393 Nifty 9,621 Sensex 31,146 KEY STOCK DATA Bloomberg AHLU IN No. of Shares
More informationPower Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy
2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues
More informationParag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
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 informationTransport Corporation of India Ltd.
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 informationMahindra & Mahindra Ltd.
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 Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationMahindra & Mahindra Ltd.
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 Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
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 informationReligare Investment Call
Q3FY18 Result Update Consumer Durables Symphony Ltd. BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M
More informationIntellect Design Arena
INDUSTRY IT PRODUCTS CMP (as on 07 May 2018) Rs 209 Target Price Rs 275 Nifty 10,716 Sensex 35,208 KEY STOCK DATA Bloomberg INDA IN No. of Shares (mn) 126 MCap (Rs bn) / ($ mn) 26/391 6m avg traded value
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 informationInitiating Coverage. Uflex Ltd.
2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
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 informationWipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold
Wipro 3QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 328 Recommendation: Hold Market statistics Current stock price (`) 328 Shares O/S (cr.) 452.3 Mcap (` cr) 148,571
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
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 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 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 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 informationBajaj Finance Limited (BFL) NBFC. BUY Rating as per Large Cap 12 months investment period RETAIL EQUITY RESEARCH
COMPANY UPDATE Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 RETAIL EQUITY RESEARCH Bajaj Finance Limited (BFL) NBFC BSE CODE: 500034 NSE CODE: BAJFINANCE Bloomberg
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
More informationNIIT Technologies. 3QFY19 Result Update. Robust revenue visibility, Outlook robust
NIIT Technologies 3QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1227 Recommendation: Buy Market statistics Current stock price (`) 1,227 Shares O/S (cr.) 6.1 Mcap
More informationBata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.
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 information