Reliance Industries. Neutral. Result Update. Operational performance in line with estimate, lower interest cost boosts Q4 profit.

Size: px
Start display at page:

Download "Reliance Industries. Neutral. Result Update. Operational performance in line with estimate, lower interest cost boosts Q4 profit."

Transcription

1 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) of Rs86.3bn was inline with our estimate. However, net profit of Rs62.4bn was higher than our estimate of Rs59.5bn on account of lower interest cost. During the quarter RIL s refining vertical displayed a stellar performance with GRM of $10.1/bbl (yoy +0.8, qoq +$2.8/bbl) driven by wider auto fuel and naphtha spreads and lower fuel costs. Its difference over Singapore complex GRM widened sequentially from $1/bbl to $1.6/bbl. Petchem performance stabilized during the quarter with the vertical reporting EBIT of Rs21.2bn (yoy +1.2% qoq -3.4%). Petchem EBIT margin of the quarter improved by 197bps yoy to 10.6% due to firm polymer and polyester deltas. Gas production from KG-D6 decreased sequentially to 11.6mmscmd (yoy/qoq -1.9, 0.2mmscmd). Other income increased by 4.8% qoq to Rs21.3bn (26% of PBT) while Interest cost declined by 49.4% yoy due to lower exchange rate during the quarter. We maintain our NEUTRAL rating on the stock with a revised target price of Rs906. At the CMP, the stock is trading at 11.4x and 8.2x FY17e earnings and EV/EBITDA respectively. Net revenues for the quarter decreased by 41.1% yoy RIL s Q4FY15 net revenues stood at Rs560bn (yoy -41.1%, qoq -30.1%). Refining revenues during the quarter decreased by 44.5% yoy to Rs486bn (qoq -33.5%) due to 50% yoy decline witnessed in crude oil price (Brent). Crude throughput stood at 16.2mnt down 8.5% qoq due to planned turnaround during the quarter. Capacity utilisation stood at 105%. Petchem revenues for the quarter too decreased by 17.6% yoy to Rs200bn due to fall in petchem product prices. The Oil and Gas segment revenue witnessed a decline of 13.7% yoy to Rs12.2bn due to fall in crude oil prices and falling production of both oil and gas. Gas production from KG-D6 declined to 11.9mmscmd (yoy/qoq -1.9, 0.2mmscmd). Stellar performance by refining vertical, petchem holds the fort RIL s Q4FY15 operating profit for the quarter increased by 3.6% yoy to Rs86.3bn which was in line with our estimate. RIL s operating profit growth was mainly driven by strong performance by its refining vertical. During the quarter RIL s refining GRM grew by $10.1/bbl (yoy +0.8, qoq +$2.8/bbl) driven by wider auto fuel and naphtha spreads and lower fuel costs. Its difference over Singapore complex GRM widened sequentially from $1/bbl to $1.6/bbl. Consequently, refining EBIT for the quarter grew by 19.5% yoy to Rs47.3bn (qoq +47.8%). Petchem performance stabilized during the quarter with the vertical reporting EBIT of Rs21.2bn (yoy +1.2% qoq - 3.4%) which was 4.8% higher than our estimate. Petchem EBIT margin for the quarter improved by 197bps yoy to 10.6% due to firm polymer and polyester deltas. Oil and Gas EBIT for the quarter decreased by 56.6% yoy to Rs1.64bn due to lower production and fall in crude oil price. Stock Data Current Market Price (Rs) 927 Target Price (Rs) 906 Potential upside (%) (2) Reuters Bloomberg What s Changed RELI.BO RIL IN 12 month PriceTarget (Rs) From Rs 904 to Rs 906 FY2016 EPS (Rs) From Rs 77.8 to Rs 73.9 FY2017 EPS (Rs) Key Data NA Market Cap (Rs bn) 2, Week Range (Rs) 1,143 / 797 Avg Dly Trading Value last 6 mts (Rs.mn) 3,408 Promoters (%) FII Holding (%) DII Holding (%) Public & Others Holding (%) Fiscal YE YE Mar FY14 FY15 FY16e FY17e Total sales(rs bn) 4,345 3,754 2,828 3,162 EBITDA margins(%) PAT margins(%) EPS(Rs) P/E(x) P/BV(x) EV/EBITDA(x) ROE(%) ROCE(%) Dividend yield( %) Relative Price Performance Apr-14 Aug-14 Dec-14 Apr-15 Reliance Ind One Year Indexed S&P Bse Sensex (%) 1 Month 3 Months 12 Months Absolute 8 7 (3) BSE Relative 9 6 (28) Chirag Dhaifule chirag@lkpsec.com Disclaimer: The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and is for general guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company makes no guarantee and assumes no liability for any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. LKP Securities Ltd., and affiliates, including the analyst who have issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage o compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions. LKP Securities Ltd., and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

2 Actual v/s Estimates Revise our target price to Rs904 We expect the refining business to face headwinds going forward on account of higher global capacity additions compared to demand. Lack of demand growth has weighed down on RIL s other key business vertical petchem. To our mind, lack of demand growth would have a negative impact on RIL s petchem margins. RIL s upstream foray has been reeling under uncertainty with gas production from KG D6 falling to 11.6mmscmd. Add to it the uncertainty with respect to quantum and timing of gas price increase would further weigh down on the valuation of its domestic E&P business. We maintain our NEUTRAL rating on the stock with a revised target price of Rs906. At the CMP, the stock is trading at 11.4x and 8.2x FY17e earnings and EV/EBITDA respectively. Deviation Y/E, Mar (Rs. m) Q4FY15 Q3FY15 qoq (%) Q4FY14 yoy (%) LKP Estimates (%/bps) Revenue 560, , % 951, % 764, % EBITDA 86,290 72, % 83, % 85, % EBITDA (%) 15.4% 9.0% 641 bps 8.8% 665 bps 11.2% 418 bps PAT 62,430 50, % 56, % 59, % Result Table Y/E, Mar (Rs. mn) Q4FY14 Q3FY15 Q4FY15 yoy (%) qoq (%) FY14 FY15 yoy (%) Net Revenue 951, , , % -30.1% 3,901,170 3,290, % Raw Material Consumption 798, , , % -41.1% 3,297,250 2,579, % Purchase of products ,510 17, % -11.3% 5,240 71, % Employee Cost 9,480 8,320 9, % 19.4% 33,700 36, % Other Expenditure 60,420 67,550 73, % 8.4% 256, , % Total Operating Costs 868, , , % -35.0% 3,592,400 2,974, % EBITDA 83,310 72,080 86, % 19.7% 308, , % EBITDA (%) 8.8% 9.0% 15.4% 665bps 641bps 7.9% 9.6% 169bps Depreciation 22,750 21,050 21, % 1.3% 87,890 84, % Interest 7,990 8,810 4, % -54.1% 32,060 23, % Other Income 20,360 24,020 21, % -11.2% 89,360 87, % PBT 72,930 66,240 82, % 24.2% 278, , % Tax 16,620 15,390 19, % 28.8% 58,340 67, % Tax Rate (%) 22.8% 23.2% 24.1% 132bps 87bps 21.0% 22.9% 193bps Adj PAT 56,310 50,850 62,430 11% 23% 219, , % Rep PAT 56,310 50,850 62, % 22.8% 219, , % Shares outstanding (mn) 3,232 3,235 3,236 3,232 3,236 Reported EPS (Rs) % 22.7% % Segmental Breakup Y/E, Mar (Rs. mn) Q4FY14 Q3FY15 Q4FY15 yoy (%) qoq (%) FY14 FY15 yoy (%) Segment Revenue Petrochemicals 243, , , % -5.9% 964, , % Refining 876, , , % -33.5% 3,619,700 3,045, % Oil & Gas 14,170 13,470 12, % -9.2% 60,680 55, % Others 3,940 3,730 3, % -1.3% 15,490 11, % Segment EBIT Petrochemicals 20,960 21,970 21, % -3.4% 86,120 86, % Refining 39,540 31,990 47, % 47.8% 132, , % Oil & Gas 3,780 2,670 1, % -38.6% 16,260 12, % Others 1, , % 67.6% 4,190 3, % EBIT Margins Petrochemicals 8.6% 10.3% 10.6% 197bps 27bps 8.9% 9.6% 63bps Refining 4.5% 4.4% 9.7% 521bps 535bps 3.7% 5.1% 143bps Oil & Gas 26.7% 19.8% 13.4% -1327bps -641bps 26.8% 22.7% -410bps Others 50.5% 19.8% 33.7% -1681bps 1386bps 27.0% 27.4% 31bps LKP Research 2

3 Refining GRM increases to $10.1/bbl Refining revenues during the quarter decreased by 44.5% yoy to Rs486bn (qoq -33.5%) due to 50% yoy decline witnessed in crude oil price (Brent). During the quarter, crude throughput stood at 16.2mnt down 8.5% qoq due to planned turnaround. RIL s refining GRM grew by $10.1/bbl (yoy +0.8, qoq +$2.8/bbl) driven by wider auto fuel and naphtha spreads and lower fuel costs. RIL s difference over Singapore complex GRM widened sequentially from $1/bbl to $1.6/bbl. Consequently, refining EBIT for the quarter grew by 19.5% yoy to Rs47.3bn (qoq +47.8%). RIL s GRM at $10.1/bbl increased by $2.8/bbl on sequential basis 12.0 ($/bbl) Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 RIL GRM Singapore Complex GRM RIL s Q4FY15 crude throughput was lower due to planned turnaround during the quarter % 115% % 109% % 103% 15 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 100% Crude Processed (mmt) RIL's Refinery Utilization Rate LKP Research 3

4 Petchem performance during the quarter supported by firm polymer and polyester deltas Petchem revenues for the quarter decreased by 17.6% yoy to Rs200bn due to fall in petchem product prices. Petchem performance stabilized during the quarter with the vertical reporting EBIT of Rs21.2bn (yoy +1.2% qoq -3.4%) Petchem EBIT was 4.8% higher than our estimate. EBIT margin for the quarter improved by 197bps yoy to 10.6% due to firm polymer and polyester deltas. Petchem margin increased by 27bps sequentially to 10.6% 30 (Rs bn) 12% 25 11% 20 10% 15 9% 10 8% 5 7% 0 Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 6% Petrochemicals EBIT (Rs bn) Petrochemicals EBIT (%) Petchem volumes trend 5.8 (mmt) Q4FY13 Q1FY14 Q2FY14 Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 LKP Research 4

5 Upstream business affected by lower gas production from KG D6 and lower oil price Gas production from KG-D6 averaged 11.6mmscmd during Q4FY15 as against 11.9mmscmd in Q3FY15. Total gas production (incl PMT) averaged 18mmscmd during the quarter. Crude oil production from KG-D6 decreased by 25.9% yoy to 4,778bpd (qoq %) while oil production from PM field declined by 6.5% yoy to 17.7kbpd. PMT fields continue to grapple with natural declines. Oil and Gas EBIT for the quarter decreased by 38.6% qoq to Rs1.64bn due to lower production and fall in crude oil price. We have modeled gas production at 15mmscmd and gas price of $5mmbtu for FY16e/17e. KG-D6 gas production at 11.6mmscmd Prodn at PM lower due to natural decline 20 7, , , , , , ,000 Q4FY13 Q2FY14 Q4FY14 Q2FY15 Q4FY ,000 Q3FY13 Q1FY14 Q3FY14 Q1FY15 Q3FY15 KG - D6 Gas Prodn (mmscmd) KG - D6 Oil Prodn (bpd) PM Gas Prodn (mmscmd) PM Oil Prodn (bpd) Tapti gas prodn continues to fall due to natural decline E&P segment EBIT at Rs1.6bn in Q4FY , , Q4FY13 Q2FY14 Q4FY14 Q2FY15 Q4FY15 Tapti Gas Prodn (mmscmd) Tapti Condensate Prodn (bpd) 0 Q4FY13 Q2FY14 Q4FY14 Q2FY15 Q4FY15 Oil & Gas EBIT (Rs bn) LKP Research 5

6 Valuation & View We expect the refining business to face headwinds going forward on account of higher global capacity additions compared to demand. Lack of demand growth has weighed down on RIL s other key business vertical petchem. This, to our mind, would maintain pressure on RIL s petchem margins. RIL s upstream foray has been reeling under uncertainty with gas production from KG D6 falling to 11.6mmscmd. Add to it the uncertainty with respect to quantum and timing of gas price increase would further weigh down on the valuation of its domestic E&P business. We value RIL using SOTP method valuing each of its businesses separately. We have valued RIL s Refining and Petrochemicals business using EV/EBITDA. To value the E&P business, we have valued the producing and developing assets on NPV basis. Other new ventures have been valued at book value or acquisition cost as they are still in a nascent stage and some time away from any meaningful contribution to the company. SOTP valuation - FY17e basis We maintain our NEUTRAL rating on the stock with a revised target price of Rs906. At the CMP, the stock is trading at 11.4x and 8.2x FY17e earnings and EV/EBITDA respectively. Business Segments Method Multiple Value (Rs mn) EV (Rs mn) (Rs/sh) Refining EV/EBITDA 7.5x 206,220 1,546, Petrochemicals EV/EBITDA 7.5x 152,086 1,140, E&P business NPV & EV/boe 214, Shale Gas Assets EV/boe 177, Retail Book Value 1x 112, , SEZ Book Value 1x 49,910 49, Infotel Book Value 1x 230, , Total EV 3,471,612 1,180 Net Debt / (Cash) 805, Equity Value 2,665, CMP 927 Upside / (Downside) -2% LKP Research 6

7 Financials Income statement Y/E, Mar (Rs. m) FY14 FY15 FY16e FY17e Net Sales 4,344,600 3,754,350 2,827,891 3,162,431 yoy (%) 9.4% -13.6% -24.7% 11.8% Raw Materials Exp 3,459,310 2,683,450 1,847,535 2,106,806 Purch - traded goods 170, , , ,061 Mfg Exp 167, , , ,896 Gross Profit 547, , , ,667 Employee Cost 55,720 62,620 50,675 54,380 Other Expenditure 143, , , ,544 Total Expenditure 3,996,610 3,380,710 2,416,680 2,715,688 EBITDA 347, , , ,743 EBITDA margin 8.0% 10.0% 14.5% 14.1% yoy (%) 5.3% 7.4% 10.1% 8.6% Depreciation 112, , , ,581 Core EBIT 235, , , ,162 Core EBIT margin 5.4% 6.9% 9.3% 9.3% Other Income 89,110 84,950 85,950 86,950 EBIT 325, , , ,112 EBIT margin 7.5% 9.1% 12.4% 12.1% Interest 38,360 33,160 35,463 35,463 PBT 286, , , ,650 Tax 62,150 74,740 75,858 83,143 Tax rate (%) 21.7% 24.1% 24.1% 24.0% Adj PAT 224, , , ,507 Minority Interest Adj PAT after MI 224, , , ,507 EOIs Reported PAT 224, , , ,507 Cash Flow Y/E, Mar (Rs. m) FY14 FY15 FY16e FY17e Profit after Tax 224, , , ,507 Add : Depreciation 112, , , ,581 Add : Non cash -22,500 29, Add : Misc exp w/off changes in Inventory -13,960 27, ,903-37,158 changes in debtors 3,390 40,960 13,122-4,738 changes in other CA -14, , changes in L & A -84,810-27, ,022-42,256 changes in CL & prov 186, , ,996 94,244 Net changes in WC 76, ,140-26,408 9,536 CFO 390, , , ,623 Capital expenditure -606,730-1,015, ,560-35,960 Investments -184, , CFI -791,500-1,166, ,560-35,960 Increase in debt 308, , Issue of Shares Share Premium dividend paid -32,680-35,590-35,590-35,590 CFF 276, ,860-35,590-35,590 Net cash generated -124, , , ,073 Opening balance 504, , , ,732 Closing balance 379, , , ,805 Free Cash flow -215, , , ,663 Balance sheet Y/E, Mar (Rs. m) FY14 FY15 FY16e FY17e Equity share capital 29,400 29,430 29,430 29,430 Reserves & surplus 1,957,470 2,155,560 2,358,954 2,586,871 Networth 1,986,870 2,184,990 2,388,384 2,616,301 Minority Interest 9,590 30,380 30,380 30,380 Secured Loans 94, , , ,564 Unsecured Loans 923,729 1,178,116 1,178,116 1,178,116 Loan Funds 1,018,260 1,298,680 1,298,680 1,298,680 Total Liabilities 3,014,720 3,514,050 3,717,444 3,945,361 Gross Block 3,246,420 4,261,980 4,409,540 4,445,500 Less: Depreciation 1,170,940 1,286,410 1,433,266 1,584,846 Net block 2,075,480 2,975,570 2,976,274 2,860,654 Capital WIP 253, , , ,630 Investment 613, , , ,510 Current Assets 1,346,070 1,051, ,844 1,430,626 Inventories 559, , , ,735 Sundry debtors 94,110 53,150 40,028 44,766 Cash & bank bal 379, , , ,805 Other assets 32,540 32,980 31,440 31,996 Loans & advances 279, , , ,324 Curr. Liab & Prov 1,154,460 1,401,070 1,140,074 1,234,319 Current liabilities 1,107,100 1,331,610 1,088,233 1,176,115 Provisions 47,360 69,460 51,842 58,204 Net current assets 191, , , ,307 Net Def tax liability -119, , , ,740 Misc expenditure Total Assets 3,014,720 3,514,050 3,717,444 3,945,361 Ratios Y/E, Mar FY14 FY15 FY16e FY17e Profitability Gross profit margin 12.6% 16.3% 21.1% 20.5% EBITDA margin 8.0% 10.0% 14.5% 14.1% Core EBIT margin 5.4% 6.9% 9.3% 9.3% APAT margin 5.2% 6.3% 8.5% 8.3% Tax Rate 21.7% 24.1% 24.1% 24.0% Per Share (Rs) EPS CEPS Book Value Per Share Dividend Per Share Valuations Ratios (x) PER P/CEPS P/BV EV/EBITDA EV/Sales M-Cap/EBITDA M-Cap/sales Financial ratios ROCE 9.2% 8.0% 7.4% 7.6% ROIC 12.2% 9.4% 8.4% 9.4% ROE 11.8% 11.3% 10.5% 10.5% Debt/Equity Dividend yield (%) 0.9% 1.0% 1.0% 1.0% Growth Net Sales 9.4% -13.6% -24.7% 11.8% EBITDA 5.3% 7.4% 10.1% 8.6% Core EBIT 8.2% 9.4% 2.4% 11.7% APAT after Min int 7.7% 4.8% 1.4% 10.3% LKP Research 7

8 Team LKP Pratik Doshi Director S. Ranganathan Head of Research Ashwin Patil Research Analyst Chirag Dhaifule Research Analyst Hardik Mehta Sales Varsha Jhaveri Sales Hitesh Doshi Sales Bharat Shah Dealing Kaushik Doshi Dealing LKP Securites Ltd, 13th Floor, Raheja Center, Free Press Road, Nariman Point, Mumbai Tel Fax

Reliance Industries. Neutral. Result Update. Strong show by petchem boosts RIL s operational performance, KG D6 continues to disappoint

Reliance 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 information

TVS Motor. Neutral. Cautious on sustainability of outperformance. October 25, Good quarter, in-line with our expectations

TVS Motor. Neutral. Cautious on sustainability of outperformance. October 25, Good quarter, in-line with our expectations October 25, 2013 Neutral TVS Motor Industry: Auto and Auto Components Industry View: Neutral l Result Update Cautious on sustainability of outperformance Good quarter, in-line with our expectations In

More information

Bajaj Auto. Outperformer. Time for a turnaround?? May 22, A good set of numbers adjusted for one-offs

Bajaj Auto. Outperformer. Time for a turnaround?? May 22, A good set of numbers adjusted for one-offs May 22, 2015 Outperformer Bajaj Auto Industry: Auto and Auto Components Industry View: Positive l Result Update Time for a turnaround?? A good set of numbers adjusted for one-offs Bajaj Auto s Q4 FY15

More information

Reliance Industries BUY. Performance Highlights CMP. `987 Target Price `1,160. 3QFY2011 Result Update Oil & Gas. Investment Period 12 Months

Reliance 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 information

Reliance Industries. Timing is everything BUY COMPANY UPDATE 1 OCT 2014

Reliance 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 information

GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -

GAIL 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 information

Bharat Petroleum Corporation Ltd

Bharat 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 information

NTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins

NTPC 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 information

Bharat Petroleum Corporation

Bharat Petroleum Corporation Result Update Bharat Petroleum Corporation Accumulate Bharat Petroleum Corporation (BPCL) s results were in-line with our estimates on revenues and below our estimates on profitability front. Revenues

More information

KEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials

KEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials 3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5

More information

KEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.

KEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart. May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Cable May 21, 2018 KEI Industries Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18

More information

Mahindra & Mahindra Ltd.

Mahindra & Mahindra Ltd. May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17

More information

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart

Inox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart 4QFY216 Result Update Capital Goods May 11, 216 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 4QFY16 4QFY15 % chg (yoy) 3QFY16 % chg (qoq) Total Income 1,829 93 96.6 941 94.2 EBITDA

More information

BHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188

BHEL 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 information

Phillips Carbon Black Ltd

Phillips Carbon Black Ltd 4 Recommendation BUY Snail Pace Recovery CMP (06/02/2013) Rs. 85 Target Price Rs. 110 Sector Stock Details Carbon Black BSE Code 506590 NSE Code Bloomberg Code PHILIPCARB PHCB IN Market Cap (Rs crs) 293

More information

Sanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation

Sanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN

More information

Narnolia Securities Ltd. ADITYA GUPTA 19-Sep-17. Key Highlights of the Report: RoE to maintain over 13%

Narnolia Securities Ltd. ADITYA GUPTA 19-Sep-17. Key Highlights of the Report: RoE to maintain over 13% Sep-1 Oct-1 Nov-1 Dec-1 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- 19-Sep- INDUSTRY - OIL & GAS BSE Code - 500325 NSE Code - RELIANCE NIFTY - 1018 Company Data CMP 84 Target Price 900 Previous Target

More information

Amber Enterprises India Ltd

Amber 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 information

SpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months.

SpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months. 1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138

More information

Near-term pressure, but long-term outlook positive

Near-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 information

MRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials

MRF 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 information

Reliance Industries NEUTRAL RESULTS REVIEW 4QFY17 25 APR Highlights of the quarter. CMP (as on 24 Apr 2017) Rs 1,414 Target Price Rs 1,375

Reliance Industries NEUTRAL RESULTS REVIEW 4QFY17 25 APR Highlights of the quarter. CMP (as on 24 Apr 2017) Rs 1,414 Target Price Rs 1,375 INDUSTRY OIL & GAS CMP (as on 24 Apr 2017) Rs 1,414 Target Price Rs 1,375 Nifty 9,218 Sensex 29,656 KEY STOCK DATA Bloomberg RIL IN No. of Shares (mn) 3,251 MCap (Rs bn) / ($ mn) 4,608/71,494 6m avg traded

More information

Cairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated)

Cairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated) 2QFY2013 Result Update Oil & Gas October 22, 2012 Cairn India Performance Highlights Quarterly highlights (Consolidated) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 4,443

More information

Reliance Industries Ltd (RIL) Integrated Oil & Gas BUY RETAIL EQUITY RESEARCH

Reliance Industries Ltd (RIL) Integrated Oil & Gas BUY RETAIL EQUITY RESEARCH COMPANY UPDATE RETAIL EQUITY RESEARCH Reliance Industries Ltd (RIL) Integrated Oil & Gas BSE CODE: 500325 NSE CODE: RELIANCE Bloomberg CODE: RIL:IN SENSEX: 33,251 BUY Rating as per Large Ccap 12 month

More information

Reliance Industries Ltd.

Reliance Industries Ltd. May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18. Volume No.. I Issue No. 175 Reliance Industries Ltd. May 25, 2018 BSE Code: 500325 NSE Code: RELIANCE Reuters

More information

SpiceJet ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I Aviation

SpiceJet ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I Aviation 4QFY2010 Result Update I Aviation June 3, 2010 SpiceJet Performance Highlights For 4QFY2010, SpiceJet s Top-line grew 34.3% yoy but fell 12.8% qoq to Rs560cr, slightly lower than our estimate of Rs590cr.

More information

Adani Ports & SEZ Rating: Target price: EPS:

Adani 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 information

Key Highlights. YoY (% change) Q1FY10. QoQ % Particulars 2Q FY10 2Q FY09 Realizations per tone 31,899 53,436-40% 30,462 5% Source: Company

Key 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 information

Reliance Industries Ltd.

Reliance Industries Ltd. 1. RESULT UPDATE 22 nd January, 2018 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 India Equity Institutional Research II Result Update Q3FY18 II 22nd January, 2018 CMP INR 929 Result highlights Target

More information

ITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months

ITC 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 information

Parag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months

Parag 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 information

Bloomberg Code: ATA IN

Bloomberg 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 information

Ambuja Cements NEUTRAL. Performance Highlights CMP. `184 Target Price - 2QCY2012 Result Update Cement. Quarterly results (Standalone)

Ambuja Cements NEUTRAL. Performance Highlights CMP. `184 Target Price - 2QCY2012 Result Update Cement. Quarterly results (Standalone) 2QCY2012 Result Update Cement Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 2QCY2012 1QCY2012 % chg qoq 2QCY2011 % chg yoy Net Sales 2,566 2,633 (2.6) 2,173 18.1

More information

Century Plyboards Ltd

Century Plyboards Ltd May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Plywood May 19, 2018 Century Plyboards Ltd Performance Update (Rs cr) 4QFY18 4QFY17 % yoy 3QFY17

More information

Inox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart

Inox 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 information

Cummins India Ltd Bloomberg Code: KKC IN

Cummins 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 information

ACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period -

ACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period - 4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503

More information

Oil & Gas. 4QFY17E Results Preview. 13 Apr Deepak Kolhe

Oil & 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 information

Q4 EARNINGS REPORT Welspun India 25 Apr 17

Q4 EARNINGS REPORT Welspun India 25 Apr 17 Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Q4 EARNINGS REPORT Welspun India 25 Apr 17 CMP (Rs) 94 TP (Rs) 112 Maintain Outperformer

More information

Blue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.

Blue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart. May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)

More information

Mahindra & Mahindra Ltd.

Mahindra & 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 information

BGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period -

BGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period - 3QFY213 Result Update Capital Goods February 8, 213 BGR Energy Systems Performance Highlights Quarterly Highlights (Standalone) (` cr) 3QFY13 3QFY12 % chg (yoy) 2QFY13 % chg (qoq) Revenue 85 84.2 627 28.3

More information

Goodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials

Goodyear 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 information

Phillips Carbon Black Ltd

Phillips Carbon Black Ltd 4 Recommendation BOOK PROFITS Pain not yet over CMP (09/02/2015)* Rs. 131 Phillips Carbon Black (PCB) reported results in line with expectations; with EBITDA margins at 10.0% vs 9.3% in Q2FY15. The company

More information

Reliance Communication

Reliance Communication 1QFY213 Result Update Telecom August 13, 212 Reliance Communication Performance highlights (` cr) 1QFY13 4QFY12 % chg (qoq) 1QFY12 % chg (yoy) Net sales 5,319 5,31.2 4,94 7.7 EBITDA 1,65 1,632 1.1 1,61

More information

Indian Oil Corporation Ltd.

Indian 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 information

Hindustan Unilever (RHS)

Hindustan Unilever (RHS) Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16

More information

Mahindra & Mahindra Ltd.

Mahindra & 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 information

Reliance Industries. Impressive performance. Source: Company Data; PL Research

Reliance Industries. Impressive performance. Source: Company Data; PL Research Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as

More information

Tata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart

Tata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart 2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689

More information

Garware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months

Garware 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 information

Bharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1

Bharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1 [ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) 241 238 Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28,

More information

Marico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015

Marico 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 information

Visaka Industries Ltd

Visaka 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 information

Exide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE

Exide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE Feb-14 Mar-14 Apr-14 Jun-14 Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Jan-15 Institutional Equities India Research Auto Components February 03, 2015 RESULT UPDATE Bloomberg: EXID IN Reuters: EXID.BO BUY Volume

More information

Procter & Gamble Hygiene & Health Care

Procter & Gamble Hygiene & Health Care 3QFY216 Result Update FMCG May 6, 216 Procter & Gamble Hygiene & Health Care Performance Highlights Quarterly Data (` cr) 3QFY16 3QFY15 % yoy 2QFY16 % qoq Revenue 614 555 1.5 714 (14.) EBITDA 133 123 8.5

More information

GMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months

GMM 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 information

ACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement

ACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement 3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742

More information

Goodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials

Goodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with

More information

Vadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x

Vadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x Gujarat Industries Power India Equity Research Power February 10, 2017 Result Update Emkay Your success is our success Vadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x CMP Target Price

More information

Tata Steel BUY. Performance Highlights. 3QFY2010 Result Update I Steel

Tata Steel BUY. Performance Highlights. 3QFY2010 Result Update I Steel 3QFY2010 Result Update I Steel January 29, 2010 Tata Steel Performance Highlights Tata Steel s standalone 3QFY2010 net revenue increased by 33.2% yoy and 12.0% qoq to Rs6,307.5cr, ahead of our estimates

More information

ITC. Rating: Target price: EPS: Relative better visibility despite the smoke, Maintain BUY CMP. Target. Rating. Rs.389. Buy. Rs.

ITC. Rating: Target price: EPS: Relative better visibility despite the smoke, Maintain BUY CMP. Target. Rating. Rs.389. Buy. Rs. : price: EPS: Relative better visibility despite the smoke, Maintain BUY ITC reported revenues of Rs.~87.2bn (+13% y-o-y), operating profits of Rs.32.8bn (+15% y-o-y) and PAT of Rs.~23.8bn (+16% y-o-y).

More information

Simplex Infrastructures

Simplex 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 information

CCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.

CCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart. Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17

More information

Ambuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone)

Ambuja Cements NEUTRAL. Performance Highlights CMP. `155 Target Price - 1QCY2011 Result Update Cement. Investment Period - Key financials (Standalone) 1QCY2011 Result Update Cement April 29, 2011 Ambuja Cements Performance Highlights Y/E Dec. (` cr) 1QCY2011 4QCY2010 % chg qoq 1QCY2010 % chg yoy Net sales 2,207 1,788 23.4 1,990 10.9 Operating profit

More information

Matrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.

Matrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart. 4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8

More information

Hindustan Media Ventures

Hindustan 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 information

Fineotex Chemical Ltd

Fineotex 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 information

Amara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart

Amara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart 2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales

More information

Maruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart

Maruti 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 information

Asian Granito BUY. Performance Highlights CMP. `270 Target Price `351. Outlook and valuation. 3QFY2017 Result Update Ceramics

Asian Granito BUY. Performance Highlights CMP. `270 Target Price `351. Outlook and valuation. 3QFY2017 Result Update Ceramics 3QFY2017 Result Update Ceramics January 25, 2017 Asian Granito Performance Highlights Quarterly Data (` cr) 3QFY17 3QFY16 % yoy 2QFY17 % qoq Revenue 247 236 4.3 265 (7.1) EBITDA 34 27 25.3 31 7.2 Margin

More information

Graphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months

Graphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months 4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)

More information

Simplex Infrastructures

Simplex Infrastructures Result Update Simplex Infrastructures Sell Working capital pressure continues SIL posted 7.4% YoY rise in Q1FY18 standalone revenue (increased post 6 consecutive quarters of de-growth) to `15.1bn (in line

More information

Maruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.

Maruti 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 information

Apollo Tyres BUY. Performance Highlights. CMP Target Price `71 `82. 4QFY2011Result Update Tyre. Key financials (Consolidated)

Apollo Tyres BUY. Performance Highlights. CMP Target Price `71 `82. 4QFY2011Result Update Tyre. Key financials (Consolidated) 4QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 4QFY11 4QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,762 1,313 34.2 1,49 18.2 EBITDA (` cr) 146 185 (2.7)

More information

Indian Oil Corporation

Indian 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 information

SUN TV Network NEUTRAL. Performance Highlights CMP. `297 Target Price - 1QFY2013 Result Update Media. Investment Period -

SUN TV Network NEUTRAL. Performance Highlights CMP. `297 Target Price - 1QFY2013 Result Update Media. Investment Period - 1QFY2013 Result Update Media August 8, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 1QFY13 1QFY12 % yoy 4QFY12 %qoq Revenue 426 454 (6.2) 427 (0.3) EBITDA 323 366 (11.7)

More information

Ahluwalia Contracts (India)

Ahluwalia 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 information

Hindustan Petroleum Corporation

Hindustan 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 information

Result Analysis. Recommendation CMP (09/02/2010) Rs. 212

Result Analysis. Recommendation CMP (09/02/2010) Rs. 212 Recommendation BUY CMP (09/02/2010) Rs. 212 Sector Stock Details BSE Code NSE Code Bloomberg Market Cap (Rs. cr) Free Float (%) 52- wk HI/Lo Avg. volume BSE (Quarterly) Face Value Dividend (FY09) Shares

More information

Prakash Industries BUY. Performance Highlights. CMP Target Price `81 `124. 3QFY2011 Result Update Steel

Prakash Industries BUY. Performance Highlights. CMP Target Price `81 `124. 3QFY2011 Result Update Steel 3QFY211 Result Update Steel February 11, 211 Prakash Industries Performance Highlights Particulars (` cr) 3QFY11 3QFY1 % chg (yoy) 2QFY11 % chg (qoq) Net sales 382 36 6.1 421 (9.2) EBITDA 72 88 (18.6)

More information

Apollo Tyres. Profitability likely to improve. Source: Company Data; PL Research

Apollo Tyres. Profitability likely to improve. Source: Company Data; PL Research Profitability likely to improve November 09, 2011 Surjit Arora surjitarora@plindia.com +91-22-66322235 Rating Accumulate Price Rs59 Target Price Rs66 Implied Upside 11.9% Sensex 17,362 (Prices as on November

More information

Bharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research

Bharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January

More information

Graphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods

Graphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods 1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59

More information

Maruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart

Maruti 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 information

Colgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG

Colgate-Palmolive ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I FMCG 4QFY2010 Result Update I FMCG May 27, 2010 Colgate-Palmolive Performance Highlights ACCUMULATE CMP Target Price Rs715 Rs752 We highlight the fact that the current quarter results are not comparable yoy/qoq,

More information

Cig volumes surprise. Source: Company Data; PL Research

Cig volumes surprise. Source: Company Data; PL Research Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,

More information

SQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E

SQS 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 information

Hero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,226 Target Price `3,466. 3QFY2017 Result Update Automobile. 3-year price chart

Hero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,226 Target Price `3,466. 3QFY2017 Result Update Automobile. 3-year price chart 3QFY2017 Result Update Automobile February 14, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,226 Target Price `3,466 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment

More information

Quick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure

Quick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure Deep Value Quick take BUY CMP Rs811 Target Price Rs1,166 (ABNL), a diversified business conglomerate, emerged from the three-way merger of Indian Rayon, Birla Global Finance and Indo Gulf in 2005. ABNL

More information

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining

Coal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787

More information

Alembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months

Alembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months 1QFY2011 Result Update Pharmaceutical August 2, 2010 Alembic Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2010 % chg (qoq) 1QFY2010 % chg (yoy) Net Sales 279 267 4.6 291 (4.0) Other Income 1 1

More information

TTK Prestige Ltd. Result Highlights. Revenue growth of 41% YoY, shows no slowdown yet. OPM at ~15.8%; in line with our estimate

TTK 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 information

Result Update. Atul Auto. Accumulate

Result Update. Atul Auto. Accumulate Atul Auto Accumulate Result Update Looking out for margin and distribution expansion Atul Auto (ATA) top line growth was in-line with our estimates at ` 1,765 mn but margins were lower due to higher other

More information

MRF. Result Update. Accumulate

MRF. Result Update. Accumulate Result Update MRF Accumulate Revenue disappoints MRF posted weak topline growth of 8.1% YoY at ` 38.6 bn for the quarter ended along with gross and EBITDA margins of 39.8% and 15.4% respectively. The gross

More information

Bata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.

Bata 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

Parag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months

Parag 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 information

FLASH NOTE Welspun India 31 Jan 17

FLASH NOTE Welspun India 31 Jan 17 Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 FLASH NOTE Welspun India 31 Jan 17 CMP (Rs) 76 TP (Rs) 81 Outperformer Key Figures

More information

Pennar Industries Ltd.

Pennar Industries Ltd. 4 Recommendation CMP Target Price Sector Stock Details BUY Rs. 25 Rs.31 Metals Moderate Quarter Pennar Industries has reported a moderate consolidated quarter due to lower demand in the auto, engineering,

More information

HOLD Rating as per Large Cap 12 months investment period

HOLD 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 information