INDRAPRASTHA GAS (IGL)
|
|
- Griffin Flynn
- 6 years ago
- Views:
Transcription
1 COMPANY UPDATE Sumit Pokharna Summary table (Rs mn) FY15 FY16E FY17E Sales 40,480 39,808 41,548 Growth (%) EBIDTA 7,930 8,241 8,745 EBIDTA margin (%) PBT 6,490 6,793 7,324 Net profit 4,377 4,619 4,980 EPS (Rs) Growth (%) CEPS (Rs) BV/Share (Rs.) DPS (Rs) ROE (%) ROCE (%) Net Debt/(Cash) (861) (3,708) (6,729) EV/Sales (x) EV/EBIDTA (x) P/E (x) P/BV (x) P/CEPS (X) Source: Company, Kotak Securities - Private Client Research INDRAPRASTHA GAS (IGL) PRICE: RS.459 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.485 FY17E P/E: 12.9X We expect a sharp cut in domestic gas price, due for revision in Oct'15, reflecting a steep correction in regional gas prices used in the government suggested formula. From the current price of $5.2/mmbtu the domestic gas price can correct to ~$3.9/mmbtu on net calorific value (NCV). We believe city gas distribution (CGD) companies are best placed (in the oil and gas sector) to benefit from the lower gas prices as they are in the priority list in the domestic gas allocation policy. Additionally, the recent correction in crude oil prices and resultant fall in RLNG prices augurs well for IGL as RLNG constitutes ~14% of IGL's gas mix and APM is ~68% of gas mix. We expect FY16E EPS of Rs.33 & Cash EPS of Rs.44 and for FY17E EPS of Rs.36 & cash EPS of Rs.48. Based on our estimates, the stock at current market price of Rs.459 is trading at 6.6x EV/EBIDTA and 12.9x P/E on FY17E earnings. Post our previous sell recommendation, the stock has corrected meaningfully. Now, we recommend ACCUMULATE (BUY on dips) rating on the stock. Based on our DCF valuation model, the fair value of IGL is Rs. 485 (including investments in MNGL and CUGL). Expansion in network: IGL has acquired 50% stake in two city gas distribution companies. We believe IGL's investment in Maharashtra Natural Gas (MNGL) is positive, giving it access to industrial gas demand in Pune. IGL has also acquired 50% stake in Central UP Gas Limited (CUGL). CUGL is engaged in the CGD in the cities of Kanpur and Bareilly, Unnao and Jhansi in Uttar Pradesh. With this, IGL will get access to other CGD markets. We conservatively expect IGL to book CNG gas volume of ~837 Mn Kgs and PNG 340 MSCMPA of natural gas in FY16E and CNG gas volume of ~883 Mn Kgs and PNG 358 MSCMPA of natural gas in FY17E. The management believes that the strong trend in CNG and PNG segment will continue. IGL is best placed to benefit from rising gas consumption in India, we opine. Domestic gas price to be revised lower: We expect domestic natural gas price to be lowered in H2FY16 from current US$5.22/mmbtu to US$ 3.9/ mmbtu. We believe IGL will partly pass on the benefit of lower gas price to its end consumers to boost volume growth. We believe that in the medium to long term, growth prospects of city gas distribution company in India is bright mainly on account of government focus on CNG and PNG, lower current RLNG prices, expected fall in domestic gas price, etc. More specifically, the Delhi government is planning to bring the entire city under the PNG pipeline connectivity in the next five years. As part of government's smart city project, it may add over 15 lakh new piped natural gas users to the network. Aggressive plans of Delhi Integrated Multi Modal Transit to add buses and the Delhi government's move to introduce new blue-line buses for Delhi Metro will aid CNG volume growth going forward. IGL's core operations in NCR offer good demand potential due to lower CNG and PNG penetration and due to the Supreme Court's directive to have all public transport vehicles necessarily run on CNG. One of the key beneficiaries of the same will be IGL, we opine. Key risk remains in terms of 1). Cost and time run in project execution 2). Any major regulation by PNGRB on marketing margin and 3). Lower crude oil prices resulting in competition from substitute fuels. 4) Change in gas pricing formula may impact our valuation Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 2
2 1). Domestic gas price revision: In Oct'14, the Government had announced a new pricing formula for natural gas that led to rates rising by ~33% from US$4.2 per million British thermal unit (mmbtu) for a period up to March 31, From April 2015, the rates, on net calorific value (NCV) basis, dropped to $5.05/mmbtu for six month period. As per the system the domestic natural gas price is to be revised every six months by using weighted average or rates prevalent in gas-surplus economies of US/ Mexico, Canada and Russia. Now, the domestic gas price is due for revision from 1st Oct'15. As per the committee-recommended formula for natural gas, the domestic gas price would be computed based on the average of: P = VHH*PHH + VAC*PAC + VNBP*PNBP + VR*PR (VHH + VAC + VNBP + VR) Where (a) VHH = Total annual volume of natural gas consumed in USA & Mexico. (b) VAC = Total annual volume of natural gas consumed in Canada. (c) VNBP = Total annual volume of natural gas consumed in EU and FSU, excluding Russia. (d) VR = Total annual volume of natural gas consumed in Russia. (e) PHH and PNBP are the annual average of daily prices at Henry Hub (HH) and National Balancing Point (NBP) less the transportation and treatment charges. (f) PAC and PR are the annual average of monthly prices at Alberta Hub and Russia respectively less the transportation and treatment charges. Quarterly Trend Net gas Net gas Adjustments Gross gas Volume weighted price price Transportation & price on NCV average price on GCV on NCV Treatment charges $/mmbtu $/mmbtu Gross CV NET CV Assumed Source: Bloomberg. Note: These are tentative prices and actual prices may be different. We expect a sharp cut in domestic gas price, due for revision in Oct'15, reflecting steep correction in regional gas prices used in the government suggested formula. From the current price of $5.2/mmbtu the domestic gas price can correct to ~$3.9/mmbtu on net calorific value (NCV), if gas price remains here. Lower domestic gas price will also be positive for Power and Fertilizer sector. 2). CGD sector will become more competitive, post downward revision in gas prices. Post the expected correction in domestic gas price, gas sourcing costs for CGD players will reduce meaningfully. Lower domestic price will be big positive for city gas distribution companies as they can compete with substitute fuels such as petrol and diesel. We have worked-out the cost-benefit analysis of natural gas over alternative fuels. Post correction in CNG prices, the benefit of CNG over other liquid fuels will improve. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 3
3 Cost-benefit analysis of natural gas over alternative fuels Fuel CNG Diesel Petrol Comments Maruti Ertiga Unit Kg ltrs ltrs Fuel Cost -Delhi Rs/unit Mileage Kms/unit Fuel Operating Cost Rs/Km % compared to petrol 58% 45% - % compared to Diesel 23% - - Average vehicle running per day Kms/day Fuel cost Rs/day Savings per day Rs/day No. of days in a year Days/year Assumed Annual Savings with CNG Rs. 32,056 41,011 Cost of conversion kit Rs 35,000 35,000 one-time cost Pay-back period Months Break-even Kms Source: Kotak Securities - Private Client Research IGL's CNG stations and PNG domestic connections CNG Outlets Set up by IGL PNG Domestic Connection in Delhi & NCR , , , , , , , , , , , Source: Company India's gas demand to increase As per the working group on Petroleum & Natural Gas sector the demand of natural gas by various sectors during the period to as under: India s natural gas demand projection Year Demand of natural gas by various sectors (in MMSCMD) Source: Minister for Petroleum & Natural Gas 3). IGL's natural gas mix: IGL is sourcing gas from various sources such as 1). Firm allocation from Govt. of India for domestic gas -buying from GAIL, 2). Long term RLNG gas from promoter companies GAIL/BPCL and 3). Short term gas from the open market i.e. IOCL, GSPCL & Shell etc. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 4
4 Higher APM mix and expected cut in domestic gas prices will be positive for IGL RLNG 14% PMT 18% APM 68% Source: Company We believe city gas distribution (CGD) companies are best placed, in the oil and gas sector, to benefit from the lower gas prices as they are in the priority list in the domestic gas allocation policy. Additionally, the recent correction in crude oil prices and resultant fall in RLNG prices augurs well for IGL as RLNG constitutes ~14% of IGL's gas mix and APM is ~68% of gas mix. 4). Expansion through in-organic growth: The Company has highlighted that they are looking for growth through acquisition and by improving existing infrastructure. In this regard, IGL is augmenting CNG infrastructure/stations in Delhi & NCR to meet the additional demand in view of conversion of private cars and improvement in public transport system. It will also improve penetration of PNG business. It is also targeting industrial/commercial customers in both Delhi & NCR. It will also bid for CNG and PNG in new cities. IGL has acquired 50% stake in Central UP Gas Limited (CUGL) for Rs. 690 Mn. CUGL is engaged in the CGD in the cities of Kanpur and Bareilly, Unnao & Jhansi in Uttar Pradesh. IGL has also acquired 50% stake in Maharashtra Natural Gas Limited (MNGL) at a price of Rs.38 per equity share aggregating to Rs Bn. MNGL is engaged in the CGD in the city of Pune and nearby areas. The above has resulted in diversification of geographical areas. We believe this will boost its volume in the medium to long term. We recommend ACCUMULATE on Indraprastha Gas with a price target of Rs.485 Earnings estimates, Valuation & Recommendation We expect FY16E EPS of Rs.33 & Cash EPS of Rs.44 and for FY17E EPS of Rs.36 & cash EPS of Rs.48. Based on our estimates, the stock at current market price of Rs.459 is trading at 6.6x EV/EBIDTA and 12.9x P/E on FY17E earnings. We expect IGL to book CNG gas volume of ~837 Mn Kgs and PNG 340 MSCMPA of natural gas in FY16E and CNG gas volume of ~883 Mn Kgs and PNG 358 MSCMPA of natural gas in FY17E. Post our previous sell recommendation, the stock has corrected meaningfully. Now, we recommend ACCUMULATE (BUY on dips) rating on the stock. Based on our DCF valuation model, the fair value of IGL is Rs. 485 (including investments in MNGL and CUGL). Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 5
5 Business Background: Indraprastha Gas (IGL) is a City Gas Distribution company with rights to distribute CNG and PNG in Delhi and its adjoining areas. IGL was incorporated in 1998 as a JV between GAIL and Bharat Petroleum Corp. (BPCL). The government of Delhi owns another 5% stake. The company later took over the Delhi gas distribution project from GAIL. At present, IGL's gas distribution network spans over Delhi, Noida and Greater Noida, and Ghaziabad. The company supplies compressed natural gas (CNG) to the auto sector, piped natural gas (PNG) to households and commercial establishments, and R-LNG (re-gasified LNG) to industrial establishments. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 6
INDRAPRASTHA GAS LIMITED An Overview. 12 th August
INDRAPRASTHA GAS LIMITED An Overview 12 th August 2017 1 About us Incorporated in 1998, IGL is a Joint Venture of GAIL and BPCL. Govt. of NCT of Delhi is also holding 5% equity. IGL started its operations
More informationINDRAPRASTHA GAS LIMITED An Overview
INDRAPRASTHA GAS LIMITED An Overview August.208 Background Incorporated in 998, IGL is a Joint Venture of GAIL and BPCL. Govt. of NCT of Delhi is also holding 5% equity IGL started its operations in NCT
More informationINDRAPRASTHA GAS LIMITED An Overview
INDRAPRASTHA GAS LIMITED An Overview 30.05.208 Background Incorporated in 998, IGL is a Joint Venture of GAIL and BPCL. Govt. of NCT of Delhi is also holding 5% equity IGL started its operations in NCT
More informationINDRAPRASTHA GAS LIMITED An Overview
INDRAPRASTHA GAS LIMITED An Overview 3.02.208 Background Incorporated in 998, IGL is a Joint Venture of GAIL and BPCL. Govt. of NCT of Delhi is also holding 5% equity IGL started its operations in NCT
More informationINDRAPRASTHA GAS LIMITED (A Joint Venture of GAIL (India) Ltd., BPCL & Govt. of NCT of Delhi)
INDRAPRASTHA GAS LIMITED (A Joint Venture of GAIL (India) Ltd., BPCL & Govt. of NCT of Delhi) Ref. No.: IGLICS/208 February 5, 208 The Manager Dept. of Corporate Services Bombay Stock Exchange Ltd. Rotunda
More informationOIL INDIA LTD (OINL) PRICE: RS.615 TARGET PRICE: RS.685 FY16E P/E: 8.4X. Key developments: COMPANY UPDATE
COMPANY UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 OIL INDIA LTD (OINL) PRICE: RS.615 RECOMMENDATION: BUY TARGET PRICE: RS.685 FY16E P/E: 8.4X We expect Oil India Ltd (OINL) to likely
More informationPETRONET LNG LTD. (PLNG)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 PETRONET LNG LTD. (PLNG) PRICE: RS.165 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.180 FY14E P/E: 10X Good show: Higher marketing
More informationGUJARAT STATE PETRONET LTD (GSPL)
RESULT UPDATE MORNING INSIGHT Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 Summary table (Rs mn) FY17 FY18E FY19E Sales 10,276 12,210 12,945 Growth (%) 3.6 18.8 6.0 EBIDTA 8,883 10,638 11,284
More informationOil & gas. First big ticket reforms by government. Sector Update. ICICI Securities Ltd Retail Equity Research. October 20, 2014
Sector Update October 20, 2014 Oil & gas Rating Matrix Company CMP Target Price Rating ONGC 422 519 Buy GAIL 455 554 Buy Oil India 589 778 Buy IOCL 379 452 Buy HPCL 518 626 Buy Gujarat Gas 495 395 Hold
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 informationMahanagar Gas Limited
IPO note Oil & Gas June 20, 2016 Mahanagar Gas Limited Business to gain further traction, Valuations Attractive Company background: Mahanagar Gas Ltd (MGL) is the third largest city gas distribution (CGD)
More informationMahanagar Gas (MAHGAS)
Initiating Coverage Rating Matrix Rating : Buy Target : 1055 Target Period : 12 months Potential Upside : 18% YoY growth (%) FY16 FY17E FY18E FY19E Revenues (0.3) (2.4) 11.0 7.6 EBITDA 4.7 26.7 11.5 4.3
More informationPage. Mahanagar Gas Ltd. RESULT UPDATE 8 th August, 2018
1 RESULT UPDATE 8 th August, 2018 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 India Equity Institutional Research II Result Update Q1FY19 II 8 th August, 2018 2 CMP INR 961 Target INR 1,165 Potential Upside 21.2%
More informationMahanagar Gas Ltd BUY. Pioneer of City Gas Distribution in Mumbai
Utilities - Utility Networks Bloomberg Code: MAHGL IN India Research - Stock Broking Pioneer of City Gas Distribution in Mumbai Sole authorised distributor of CNG and PNG in Mumbai and adjoining areas:
More informationMahanagar Gas Ltd. Gas ACCUMULATE RETAIL EQUITY RESEARCH
COMPANY INITIATING REPORT RETAIL EQUITY RESEARCH Mahanagar Gas Ltd. Gas BSE CODE: 539957 NSE CODE: MGL Bloomberg CODE: MAHGL:IN SENSEX: 31,291 ACCUMULATE Rating as per Mid Cap 12 month period CMP Rs988
More informationCASTROL INDIA LTD. (CIL)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 Summary table (Rs mn) CY11E CY12E CY13E Sales 29,816 31,948 33,984 Growth (%) 9.0 7.1 6.4 EBITDA 6,698 8,054 10,304 EBITDA Margin
More informationMAHANAGAR GAS LTD. 1 P a g e CMP. Add on dips to. Sequential Targets. Industry. Recommendation. Time Horizon Gas distribution
Industry CMP Recommendation Add on dips to Sequential Targets Time Horizon Gas distribution Rs. 973 Buy at CMP and add on declines Rs. 872-876 Rs. 1097-1188 4-6 Quarters HDFC Scrip Code MAHGASEQNR BSE
More informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
More informationIndian Oil Corporation (IOCL IN)
(IOCL IN) Rating: ACCUMULATE CMP: Rs148 TP: Rs142 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationGujarat State Petronet Ltd Initiating Coverage
Industry Gas Transmission Recommendation Accumulate CMP (INR) 94 Target Price (INR) 105 Upside / (Downside) % 11.5% Market Cap (INR in Mn) 52971 52 week High/Low (INR) 105 / 26 3M Average Daily Volume
More informationMahanagar Gas. Result Update. Accumulate
Result Update Mahanagar Gas Accumulate Volume Traction with Profitability Mahanagar Gas (MGL) numbers has outperformed on volume as well as profitability parameters. Volume traction was primarily driven
More informationBAJAJ AUTO LIMITED (BAL)
COMPANY UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6621 6143 BAJAJ AUTO LIMITED (BAL) PRICE: RS.1921 RECOMMENDATION: BUY TARGET PRICE: RS.2239 FY15E P/E: 13.7X BAL's performance in the domestic
More informationMahanagar Gas (MAHGAS) 985
Result Update Rating matrix Rating : Buy Target : 1085 Target Period : 12 months Potential Upside : 10% What s changed? Target Changed from 1055 to 1085 EPS FY18E Changed from 45.4 to 45.3 EPS FY19E Changed
More informationNarnolia Securities Ltd. ADITYA GUPTA 15-Feb-18
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 15-Feb-18 INDUSTRY - Bloomberg Code: Gas Distribution MAHGL IN BSE Code - 539957 NSE Code - MGL NIFTY - 10500
More informationKey Highlights. YoY (% change) Q1FY10. QoQ % Particulars 2Q FY10 2Q FY09 Realizations per tone 31,899 53,436-40% 30,462 5% Source: Company
29th October, 2009 Key Data INR CMP 743 Target Price 646 Earlier target price 481 Bloomberg Code JSTL IN Reuters Code JSTL.BO BSE Code 500228 NSE Code JSWSTEEL Face Value (INR) 10 Market Cap (INR bn) 142
More information3QFY16 results - Better than estimates
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 NIIT LTD (NIIT) PRICE: RS.79 RECOMMENDATION: BUY TARGET PRICE: RS.92 FY17E P/E: 11.1X NIIT's 3QFY16 performance was better than our expectations,
More informationMahanagar Gas (MAHGL IN)
(MAHGL IN) Rating: BUY CMP: Rs947 TP: Rs1,179 August 1, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More information'New and Renew' has seen significant progress
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 Summary table (Rs mn) FY15 FY16E FY17E Sales 533,190 620,910 695,150 Growth (%) 6.4 16.5 12.0 EBITDA 138,320 155,826 178,835 EBITDA margin
More informationMahanagar Gas. Play on the growing CGD market. Key Highlights. Source: Company Data; PL Research
Play on the growing CGD market June 15, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Price Band Subscribe Rs380 Rs421 Mahanagar Gas (MGL) is one of the largest City Gas Distributors
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationBharat Petroleum Corporation Ltd Speeding Ahead
Bharat Petroleum Corporation Ltd Speeding Ahead BSE Code 5547 NSE Code BPCLEQ Bloomberg Code BPCL@IN Face Value 1 CMP Rs 342 Market Cap Rs 12bn (as on August 2th 24) Share Holding Pattern 3% 1% 14% 1%
More informationStandalone result highlights. Standalone Quarterly performance (Rs mn)
RESULT UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6621 6143 TATA MOTORS (TAMO) PRICE: RS.364 RECOMMENDATION: BUY TARGET PRICE: RS.423 FY15E P/E: 7.0X On a consolidated basis, TAMO's 3QFY14 results
More informationGE SHIPPING COMPANY (GESCO)
COMPANY UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 GE SHIPPING COMPANY (GESCO) PRICE: RS.312 RECOMMENDATION: BUY TARGET PRICE: RS.380 FY15E P/E: 6.5X Shipping markets have stabilized -
More informationVOLTAS LTD PRICE: RS.154 RESULT UPDATE. Numbers are ahead of expectations on account of all-round margin expansion.
RESULT UPDATE Sanjeev Zarbade sanjeev.zarbade@kotak.com +91 22 6621 6305 VOLTAS LTD PRICE: RS.154 RECOMMENDATION: BUY TARGET PRICE: RS.185 FY10E P/E: 15.8X Numbers are ahead of expectations on account
More informationDOLLAR INDUSTRIES LTD
SECTOR REPORT June 3, 217 Pankaj Kumar pankajr.kumar@kotak.com +91 22 6218 6434 DOLLAR INDUSTRIES LTD PRICE: RS.21 RECOMMENDATION: NOT RATED Dollar Industries Limited was promoted by Dindayal Gupta under
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 information4QFY16 results - Mixed bag. NIIT's 4Q revenues beat estimates but margins disappointed
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6218 5409 NIIT LTD (NIIT) PRICE: RS.84 RECOMMENDATION: BUY TARGET PRICE: RS.96 FY18E P/E: 10.3X NIIT's 4QFY16 performance was a mixed bag for us with
More informationMahanagar Gas BUY RESULTS REVIEW 1QFY19 01 AUG Highlights of the quarter. CMP (as on 1 Aug 2018) Rs 947 Target Price Rs 1,292
INDUSTRY OIL & GAS CMP (as on 1 Aug 2018) Rs 947 Target Price Rs 1,292 Nifty 11,346 Sensex 37,522 KEY STOCK DATA Bloomberg MAHGL IN No. of Shares (mn) 99 MCap (Rs bn) / ($ mn) 94/1,367 6m avg traded value
More informationOil & Gas. 4QFY17E Results Preview. 13 Apr Deepak Kolhe
Oil & Gas Results Preview 13 Apr 2017 Satish Mishra satish.mishra@hdfcsec.com +91-22-6171-7334 Deepak Kolhe deepak.kolhe@hdfcsec.com +91-22-6171-7316 1QFY15 2QFY15 3QFY15 FY15 1QFY16 2QFY16 3QFY16 FY16
More informationMaruti Suzuki ACCUMULATE. Performance Highlights. CMP `5,715 Target Price `6,006. 2QFY2017 Result Update Automobile. 3-year price chart
2QFY2017 Result Update Automobile November 7, 2016 Maruti Suzuki Performance Highlights ACCUMULATE CMP `5,715 Target Price `6,006 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
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 informationPETRONET LNG LTD (PLNG)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 PETRONET LNG LTD (PLNG) PRICE: RS.267 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.285 FY19E PE: 17.7X PLNG s Q2FY18 result is better
More informationAEPS. P/BV (Rs.mn) (Rs.mn) (Rs.) (% Chg.)
Stock Review of Techno Funda Research Product Portfolio Track - Buy Portfolio Track Information Data BSE Code Grade FV (Rs.) CMP 52Weeks H/L Kirloskar Pneumatic Co-Ltd 505283 D 10 Rs.531.2 Rs. 563/348
More informationGAIL (India) On a fast track. Source: Company Data; PL Research
On a fast track October 1, 217 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs446 Target Price Rs513 Implied Upside 15.% Sensex 31,847 Nifty 9,989 (Prices as on October 9, 217)
More informationHOLD Rating as per Large Cap 12 months investment period
COMPANY UPDATE RETAIL EQUITY RESEARCH Bharat Petroleum Corp. Ltd. (BPCL) Oil Marketing & Distribution BSE CODE: 500547 NSE CODE: BPCL Bloomberg CODE: BPCL:IN SENSEX: 31,497 HOLD Rating as per Large Cap
More informationHT MEDIA TARGET PRICE: RS.115 FY13E P/E: 14.6X COMPANY UPDATE
COMPANY UPDATE Ritwik Rai ritwik.rai@kotak.com +91 22 6621 6310 Summary table (Rs mn) FY12 FY13E FY14E Sales 20,030 21,173 22,922 Growth (%) 12.1 5.7 8.3 EBITDA 2,869 2,763 3,215 EBITDA margin (%) 14.3
More informationTV18 BROADCAST FY14E P/E: 12X TARGET PRICE: RS.30 COMPANY UPDATE
COMPANY UPDATE Ritwik Rai ritwik.rai@kotak.com +91 22 6621 6310 TV18 BROADCAST PRICE: RS.20 TARGET PRICE: RS.30 RECOMMENDATION: BUY FY14E P/E: 12X Summary table (Rs mn) FY13(AE) FY14E FY15E Sales 16,704
More informationINDIAN OIL CORPORATION LIMITED RESEARCH
RESULTS REVIEW Indian Oil Corporation Ltd. Hold Share Data Market Cap Rs. 439.99 bn Price Rs. 369.0 BSE Sensex 15,185.32 Reuters Bloomberg Avg. Volume (52 Week) IOC.BO IOCL IN 0.19 mn 52-Week High/Low
More informationNIIT TECHNOLOGIES LTD (NIITT)
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 NIIT TECHNOLOGIES LTD (NIITT) PRICE: RS.394 RECOMMENDATION: REDUCE TARGET PRICE: RS.396 FY16E P/E: 10.9X NIITT's operational results were
More informationSub: ADDroval of Audited Financial Results for the year ended March and recommendation of dividend for FY
IGLICS/AFR/2018-19 INDRAPRASTHA GAS LIMITED (A Joint Venture of GAIL (IndiaJ Ltd.;.,BPCL & Govt. of NCT of Delhi) May L3, 2018 The Manager Dept. of Corporate Services Bombay Stock Exchange Ltd. Rotunda
More informationIndian Oil Corporation
4QFY18 Result Update Institutional Equities Indian Oil Corporation 24 May 2018 Reuters: IOC.BO; Bloomberg: IOCL IN Subdued Earnings Because Of Lower GRM and Higher Expenses Indian Oil Corporation (IOCL)
More informationReliance Industries. Timing is everything BUY COMPANY UPDATE 1 OCT 2014
INDUSTRY OIL & GAS Timing is everything COMPANY UPDATE 1 OCT 2014 Reliance Industries BUY CMP (as on 30 Sep 2014) Rs 945 Target Price Rs 1,100 Nifty 7,965 Sensex 26,631 KEY STOCK DATA Bloomberg/Reuters
More informationPRESENTATION TO INVESTORS
PRESENTATION TO INVESTORS June, 2017 MGL : An Introduction 2 One of the largest CGD Companies in India Attractive Market Sole authorized distributor of CNG and PNG in Mumbai, its Adjoining Areas and Raigad
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 informationHindustan Petroleum Corporation
RESULTS REVIEW 4QFY17 03 JUN 2017 Hindustan Petroleum Corporation INDUSTRY OIL & GAS CMP (as on 2 Jun 2017) Rs 537 Target Price Rs 550 Nifty 9,654 Sensex 31,273 KEY STOCK DATA Bloomberg HPCL IN No. of
More informationPetronet LNG. CMP: INR146 TP: INR205 Buy
BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) 750.0 52-Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) 109.7 M.Cap. (USD b) 2.0 1 August 2012 1QFY13 Results
More informationCONTAINER CORPORATION OF INDIA (CONCOR)
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 CONTAINER CORPORATION OF INDIA (CONCOR) PRICE: RS.1210 RECOMMENDATION: BUY TARGET PRICE: RS.1660 FY17E P/E: 18.2X Concor reported weak
More informationPakistan State Oil. PSO: Pessimism overplayed. WE Detailed Report
1 KEY DATA KATS Code PSO Reuters Code PSO.KA Current Price (Rs) 198.97 Year High, Low (Rs) 251.74, 198.45 Market Cap (Rs' bn) 49 Market Cap (US$ mn) 496 Shares Outstanding (mn) 247 Free Float (%) 46 Source:
More informationHindustan Petroleum Corporation
INDUSTRY OIL & GAS CMP (as on 08 Aug 2018) Rs 282 Target Price Rs 463 Nifty 11,450 Sensex 37,888 KEY STOCK DATA Bloomberg HPCL IN No. of Shares (mn) 1,524 MCap (Rs bn) / ($ mn) 431/6,274 6m avg traded
More informationDiscounting $45/bbl of realisation
INDUSTRY OIL & GAS CMP (as on 13 Aug 2018) Rs 211 Target Price Rs 314 Nifty 11,356 Sensex 37,645 KEY STOCK DATA Bloomberg OINL IN No. of Shares (mn) 1,135 MCap (Rs bn) / (D mn) 241/3,450 6m avg traded
More informationMaruti Suzuki India Ltd. 25 th August 2011
CMP: Rs.1115 Recommendation: BUY Target Price: Rs.1424 Key Data Financial Year End March Market Cap (Rs. Cr.) 32,228 Market Cap (USD Bn.) 7.0 52 Week H/L 1599.9/1087.2 Avg. 12M volumes ('000) (BSE+NSE)
More informationObjects of the Issue
Recommendation SUBSCRIBE Background Price Band Rs. 160 175 Bidding Date Book Running Lead Manager Registrar Sector 18 th Apr 21 th Apr ICICI Sec, Kotak Mahindra Link Intime India Pvt Ltd Retail Application
More informationEmkay. Gujarat Industries Power Company Ltd. On powerful track BUY. Private Client Research. Coverage. Initiating. Rs 100 Rs 130.
Emkay Private Client Research Gujarat Industries Power Company Ltd On powerful track Initiating Coverage 27 May, 2008 BUY Price Target Rs 100 Rs 130 Sensex 16,385 Price Performance % 1M 3M 6M 12M Absolute
More informationHBL Power Systems Ltd.
Stock Review of Techno Funda Research Product Early Signals Early Signals Call Information Data Scrip Code Grade Face Value CMP Target Stop Loss HBL Power Systems Ltd. 517271 D 10 213 300 175 SHARE HOLDING
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 55.30 Target Price 65.00 UMANG DAIRIES LTD Result Update (PARENT BASIS): Q4 FY15 JUNE 17 th 2015 ISIN: INE864B01027 Index Details Stock Data Sector Packaged Foods BSE Code 500231 Face Value 5.00
More informationBUY. Venky s India Ltd. A hen that will lay golden eggs. Venky s India Ltd Initiating Coverage. April
Venky s India Ltd. A hen that will lay golden eggs Venky s is an integrated player in the poultry business. Venky s rears chicken which is sold as live birds to distributors and which are finally sold
More informationBharat Petroleum Corporation Ltd
Institutional Equity Research Key data 19 June 2008 Sector Oil& Gas Market Cap Rs.7bn/US$2.3bn 52 Wk H/L (Rs) 560/260.25 Avg. daily vol. (6 month) 799,179 BSE Code 500547 NSE Code BPCL Bloomberg BPCLIN
More informationAXIS BANK PRICE: RS.581 TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X
RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.581 RECOMMENDATION: BUY TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X Q1FY16 results: Marginal uptick in fresh
More informationBHARAT FORGE LIMITED RESEARCH
EQUITY September 05, 2008 RESULTS REVIEW Share Data Market Cap Rs. 56 bn Price Rs. 250.45 BSE Sensex 14,483.83 Reuters Bloomberg Avg. Volume (52 Week) BFRG.BO BHFC IN 0.1 mn 52-Week High/Low Rs. 389.75/215.05
More informationCapacity expansion to drive growth and profitability
STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
More informationInstitutional Equities
December 2017 Quarter Result Preview Institutional Equities Oil & Gas Sector 8 January 2018 Higher Crude Oil Prices To Result In Inventory Gains We expect 60%/4.4%/3.7%/6.5% QoQ growth in the December
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 informationTATA CONSULTANCY SERVICES LTD (TCS)
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 TATA CONSULTANCY SERVICES LTD (TCS) PRICE: RS.1104 RECOMMENDATION: BUY TARGET PRICE: RS.1241 FY13E P/E: 16.9X TCS' 3Q operating results were
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 informationAstra Microwave Products
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Research Desk Stock Broking Capital Goods - Defence August 4, 2014 RESULT REVIEW Bloomberg: ASTM@IN Reuters: ASTM.BO Results in-line with expectation-maintain
More informationGAIL BUY COMPANY UPDATE 14 DEC Key Highlights. CMP (as on 14 Dec 2016) Rs 419 Target Price Rs 515
INDUSTRY OIL & GAS CMP (as on 14 Dec 2016) Rs 419 Target Price Rs 515 Nifty 8,182 Sensex 26,603 KEY STOCK DATA loomberg GAIL IN No. of Shares (mn) 1,268 MCap (Rs bn) / ($ mn) 532/7,869 6m avg traded value
More informationReliance Industries. Neutral. Result Update. Operational performance in line with estimate, lower interest cost boosts Q4 profit.
April 20, 2015 Neutral Reliance Industries Industry : Oil & Gas Result Update Operational performance in line with estimate, lower interest cost boosts Q4 profit RIL s Q4FY15 operating profit (standalone)
More informationInvestor Meet Mumbai 25 th March 2010
Investor Meet 2010 Mumbai 25 th March 2010 1 Disclaimer Statements in this presentation may contain forward-looking information concerning Gujarat Gas Company Limited (GGCL) s strategy, operations, financial
More informationDEWAN HOUSING. PNC Infratech Ltd. Hold. Growing business at cheap valuation
DEWAN HOUSING PNC Infratech Ltd. Hold Growing business at cheap valuation 31000 34000 55000 54000 48350 20-Dec-16 20-Jan-17 20-Feb-17 20-Mar-17 20-Apr-17 20-May-17 20-Jun-17 20-Jul-17 20-Aug-17 20-Sep-17
More informationBajaj Auto ACCUMULATE. Performance Highlights. CMP `2,815 Target Price `3,151. 1QFY2018 Result Update Automobile. 24 July 2017
1QFY2018 Result Update Automobile 24 July 2017 Bajaj Auto Performance Highlights ACCUMULATE CMP `2,815 Target Price `3,151 Y/E March (` cr) Q1FY18 Q1FY17 % chg (yoy) Q4FY17 % chg (qoq) Net Sales 5,442
More informationICICI BANK PRICE: RS.277 TARGET PRICE: RS.400 FY17E P/E: 11.2X, P/ABV: 1.7X. Q2FY16 results: Earnings in line; slippages remained elevated
RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 ICICI BANK PRICE: RS.277 RECOMMENDATION: BUY TARGET PRICE: RS.400 FY17E P/E: 11.2X, P/ABV: 1.7X Q2FY16 results: Earnings in line; slippages
More informationRevenues flat QoQ; in line with guidance
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 KPIT CUMMINS PRICE: RS.115 RECOMMENDATION: BUY TARGET PRICE: RS.139 FY14E P/E: 9.3X KPIT's 3QFY13 results were marginally lower than estimates
More informationIndian Oil Corporation Ltd.
Nov-14 Dec-14 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 Feb-16 February 12, 2016 COMPANY RESULTS REPORT REVIEW Analyst Sudeep Anand +91-22-4322 1190 sudeep.anand@idbicapital.com
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationMaruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart
Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 3, 2018 Maruti Suzuki India Performance Update Y/E March (` cr) 2QFY19
More informationQuarterly result- Revenues in line with our Expectations, Profits Disappoint.
Recommendation HOLD Snapshot CMP (09/06/2010) Rs. 1295 Maruti Suzuki India Limited, a subsidiary of Suzuki Motor Corporation Sector Auto of Japan, is the leader in the Indian car market with 54% market
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 informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
More informationNewgen Software Technologies Ltd
IPO Note IT Jan 12, 2018 Newgen Software Technologies Ltd Incorporated in 1992, Newgen Software Technologies Limited (NSTL) is a New Delhi based IT company and a global provider of Business Process Management
More informationBUY. Outperformance continues GULF OIL LUBRICANTS INDIA. Target Price: Rs 1,000. Hike estimates and TP; maintain BUY
Outperformance continues Gulf Oil s core volumes grew 7% YoY in Q1FY18 (vs. 10% normal growth) even as GST-led destocking led to 10-15% volume degrowth for peer lubricant players. Volumes are likely to
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 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 informationBharat Petroleum Corporation
INDUSTRY OIL & GAS CMP (as on 30 May 2017) Rs 738 Target Price Rs 720 Nifty 9,625 Sensex 31,159 KEY STOCK DATA Bloomberg BPCL IN No. of Shares (mn) 1,446 MCap (Rs bn) / ($ mn) 1,067/16,510 6m avg traded
More informationReliance Industries BUY. Performance Highlights CMP. `987 Target Price `1,160. 3QFY2011 Result Update Oil & Gas. Investment Period 12 Months
3QFY2011 Result Update Oil & Gas January 21 2010 Reliance Industries Performance Highlights Y/E March (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) Net Operating Income 59,789 57,479 4.0 56,856 5.2
More informationMargins(%) EBITDA 30.0% 26.3% 25.4% NPM 26.5% 12.5% 18.1%
RESULTS REVIEW Share Data Market Cap Rs. 1,460.7 bn Price Rs. 177.2 BSE Sensex 15,049.86 Reuters NTPC.BO Bloomberg NATP IN Avg. Volume (52 Week) 2.6 mn 52-Week High/Low Rs. 291 / 148.75 Shares Outstanding
More informationTrend in deposit maturity profile
COMPANY UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 ICICI BANK PRICE: RS.1571 RECOMMENDATION: BUY TARGET PRICE: RS.1821 FY16E P/E: 13.5X, P/ABV: 2.1X ICICI bank has continued to demonstrate
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 informationSOMANY CERAMICS LIMITED Q2/HY1 FY15 Investor Update. October 2014
SOMANY CERAMICS LIMITED Q2/HY1 FY15 Investor Update October 2014 Key Industry highlights Industry very gung-ho on the scope of opportunities presented by the Government through the Swachh Abhiyan scheme
More informationReliance Industries. Neutral. Result Update. Strong show by petchem boosts RIL s operational performance, KG D6 continues to disappoint
October 14, 2014 Neutral Reliance Industries Industry : Oil & Gas Result Update Strong show by petchem boosts RIL s operational performance, KG D6 continues to disappoint RIL s Q2FY15 operating profit
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 information