CG Power (CGPOWER IN) Analyst meet takeaways
|
|
- Abel Simpson
- 5 years ago
- Views:
Transcription
1 INSTITUTIONAL EQUITY RESEARCH CG Power (CGPOWER IN) Analyst meet takeaways INDIA CAPITAL GOODS Company Update 22 November 2018 We recently interacted with the management of CG Power to better understand the disclosures on loans to group companies and get an update on the continuing operations of the company. In this report we present key highlights from the meeting. Loans and advances related: CG Power has loaned Rs 7.6bn to its group holding company (disclosed in 2Q) of which Rs 2.5bn was loaned in 1HFY19 and the balance was given in the past three years. The management expects to recover Rs 4bn of the Rs 7.6bn by March 2019; recovery timelines for the remaining loan are still not clear. CG is looking to refinance a third of its current debt (~Rs 28bn). One of its European subsidiary holding companies will raise low cost funds and repatriate these back to CG standalone. This will reduce the standalone debt, and loans and advances to the repatriating subsidiary. In this manner, by March 2019, CG hopes to halve its standalone debt to Rs 12bn (Rs 4bn from group holdco and Rs 8bn from refinancing). Discontinuing business related details CG and the proposed buyer of the Hungarian operations will resume full fledged operations of the Hungarian plant by December Financial closure of a large government contract by the new owner of the business, coupled with resumption of operations at the plant, will lead to the lenders giving an NOC, allowing for the sale of the business to go through (hopefully by March 2019). The management is actively debating the need to classify its operations in Ireland and Belgium as continuing ; these are currently part of discontinued operations. However, such a change would lead to a one time non cash loss of depreciation charges of these assets, as the current disclosure of discontinued losses are without considering any depreciation charges. Continuing operations related details CG Power is most upbeat about its industrial business (45% of sales). Growing market for railway products (traction motors and propulsion systems), new product offering in motors (IE 3&4), and market share gains in its drives business should help this segment achieve 20 25% CAGR in the next three years, in our view. CG expects its railways business to double in three years from Rs 10bn; likely to achieve this in FY19. Increasing product content per electric locomotive (to 33% from the 25%) and growth in annual manufacturing of electric locos by the Indian Railways (to 1,000 in 4 5 years from the current 300) should help CG achieve its target for the business. As its non compete clauses with LUCY Switch Gear and Crompton Greaves Consumer Electricals expires, CG is looking to introduce products such as pumps (for industrial usage), industrial fans, and ring main units. This should drive growth in revenues from new products over the next few years. Business outlook for power transformers is weak. However, manufacturing switch gears on behalf of the Indonesian JV would bring in US$ 40 50mn of new business for CG s power systems segment. Outlook and valuation While we are enthused by the performance of CRG s continuing operations, particularly in the industrial segment, we are concerned about the sustained deterioration in the quality of its balance sheet. Though the management did show a road map of its plans to improve its balance sheet (in our meeting), we would rather wait for this to play out. Hence, for want of greater clarity, we retain our Under Review rating. UNDER REVIEW CMP RS 40 / TARGET NA COMPANY DATA O/S SHARES (MN) : 627 MARKET CAP (RSBN) : 25 MARKET CAP (USDBN) : WK HI/LO (RS) : 99 / 33 LIQUIDITY 3M (USDMN) : 3.0 PAR VALUE (RS) : 2 SHARE HOLDING PATTERN, % Sep 18 Jun 18 Mar 18 PROMOTERS : FII / NRI : FI / MF : NON PRO : PUBLIC & OTHERS : PRICE PERFORMANCE, % 1MTH 3MTH 1YR ABS REL TO BSE PRICE VS. SENSEX Apr 16Oct 16Apr 17Oct 17Apr 18Oct 18 Crompton Source: Phillip Capital India Research KEY FINANCIALS Rs bn FY16 FY17 FY18 Net Sales 52,686 55,165 61,886 EBIDTA 4,303 4,424 4,550 Net Profit 1,678 1, EPS, Rs PER, x EV/EBIDTA, x PBV, x ROE, % Debt/Equity (%) Jonas Bhutta ( ) jbhutta@phillipcapital.in Vikram Rawat ( ) vrawat@phillipcapital.in BSE Sensex Page 1 PHILLIPCAPITAL INDIA RESEARCH
2 Financials Income Statement Net sales 55,054 52,686 55,165 61,886 Growth, % Raw material expenses 37,062 36,115 38,868 44,094 Employee expenses 6,689 5,590 5,133 5,320 Other Operating expenses 6,211 6,678 6,739 7,923 EBITDA (Core) 5,092 4,303 4,424 4,550 Growth, % (16.8) (15.5) Margin, % Depreciation 2,447 1,717 1,429 1,492 EBIT 2,645 2,586 2,995 3,058 Growth, % (24.4) (2.2) Margin, % Interest paid 1, ,861 2,193 Other Non Operating Income Pre tax profit 2,450 2,333 1,742 1,260 Tax provided Profit after tax 2,554 1,666 1, Others (Minorities, Associates) Net Profit 234 4,605 4,906 11,659 Growth, % 83.1 (35.0) (13.8) (65.8) Net Profit (adjusted) 2,582 1,678 1, Unadj. shares (m) Wtd avg shares (m) Balance Sheet Cash & bank 6,860 10,275 9,097 6,934 Debtors 30,699 20,770 18,772 20,092 Inventory 13,001 5,850 8,821 5,876 Loans & advances Other current assets 20,318 43,504 45,173 38,763 Total current assets 72,487 80,409 81,915 71,665 Investments 2,751 2,303 2,039 1,454 Gross fixed assets 70,102 42,413 30,772 32,292 Less: Depreciation 28,778 16,536 13,726 15,218 Net fixed assets 42,366 26,774 17,661 17,798 Total assets 1,17,604 1,09,486 1,01,615 90,917 Current liabilities 45,245 44,369 41,574 43,042 Provisions 3,982 1,332 1,553 1,854 Total current liabilities 49,227 45,701 43,127 44,896 Non current liabilities 25,300 17,813 17,377 18,880 Total liabilities 74,526 63,514 60,504 63,776 Paid up capital 1,254 1,254 1,254 1,254 Reserves & surplus 41,725 44,718 39,857 25,888 Shareholders equity 43,078 45,972 41,111 27,141 Total equity & liabilities 1,17,604 1,09,486 1,01,615 90,917 Source: Company, PhillipCapital India Research Estimates Cash Flow Pre tax profit 2,450 2,333 1,742 1,260 Depreciation 2,447 1,717 1,429 1,492 Chg in working capital 1,529 9,633 5,215 9,803 Total tax paid 6,013 2, ,025 Cash flow from operating activities 6, ,400 5,076 Capital expenditure 10,222 13,876 7,684 1,629 Chg in marketable securities 1,401 1, Cash flow from investing activities 4,285 4,320 4,968 6,511 Free cash flow 2,438 3, ,436 Equity raised/(repaid) Debt raised/(repaid) 3,038 5, ,780 Dividend (incl. tax) Cash flow from financing activities 1,572 2, Net chg in cash 866 1, ,160 Valuation Ratios FY15 FY16 FY17 FY18 Per Share data EPS (INR) Growth, % 83.1 (35.0) (13.8) (65.8) Book NAV/share (INR) FDEPS (INR) CEPS (INR) CFPS (INR) 14.0 (13.5) (4.3) 15.0 DPS (INR) 0.8 Return ratios Return on assets (%) Return on equity (%) Return on capital employed (%) Turnover ratios Asset turnover (x) Sales/Total assets (x) Sales/Net FA (x) Working capital/sales (x) Working capital days Liquidity ratios Current ratio (x) Quick ratio (x) Interest cover (x) Dividend cover (x) 5.1 Total debt/equity (%) Net debt/equity (%) Valuation PER (x) Price/Book (x) Yield (%) 2.0 EV/Net sales (x) EV/EBITDA (x) EV/EBIT (x) Page 2 PHILLIPCAPITAL INDIA RESEARCH
3 Stock Price, Price Target and Rating History S (TP 160) 60 N (TP 172) S (TP 160) N (TP 86) B (TP N (TP 180) 65) N (TP 59) N (TP 90) N (TP 92) N (TP 91) N (TP 91) N (TP 64) N (TP 56) N 15 J 16 F 16 A 16 M 16 J 16 A 16 O 16 N 16 J 17 F 17 A 17 M 17 J 17 A 17 O 17 N 17 J 18 F 18 A 18 M 18 J 18 A 18 O 18 Rating Methodology We rate stock on absolute return basis. Our target price for the stocks has an investment horizon of one year. Rating Criteria Definition BUY >= +15% Target price is equal to or more than 15% of current market price NEUTRAL 15% > to < +15% Target price is less than +15% but more than 15% SELL <= 15% Target price is less than or equal to 15%. Page 3 PHILLIPCAPITAL INDIA RESEARCH
4 Disclosures and Disclaimers PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives, and Private Client Group. This report has been prepared by Institutional Equities Group. The views and opinions expressed in this document may, may not match, or may be contrary at times with the views, estimates, rating, and target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd. This report is issued by PhillipCapital (India) Pvt. Ltd., which is regulated by the SEBI. PhillipCapital (India) Pvt. Ltd. is a subsidiary of Phillip (Mauritius) Pvt. Ltd. References to "PCIPL" in this report shall mean PhillipCapital (India) Pvt. Ltd unless otherwise stated. This report is prepared and distributed by PCIPL for information purposes only, and neither the information contained herein, nor any opinion expressed should be construed or deemed to be construed as solicitation or as offering advice for the purposes of the purchase or sale of any security, investment, or derivatives. The information and opinions contained in the report were considered by PCIPL to be valid when published. The report also contains information provided to PCIPL by third parties. The source of such information will usually be disclosed in the report. Whilst PCIPL has taken all reasonable steps to ensure that this information is correct, PCIPL does not offer any warranty as to the accuracy or completeness of such information. Any person placing reliance on the report to undertake trading does so entirely at his or her own risk and PCIPL does not accept any liability as a result. Securities and Derivatives markets may be subject to rapid and unexpected price movements and past performance is not necessarily an indication of future performance. This report does not regard the specific investment objectives, financial situation, and the particular needs of any specific person who may receive this report. Investors must undertake independent analysis with their own legal, tax, and financial advisors and reach their own conclusions regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this report and should understand that statements regarding future prospects may not be realised. Under no circumstances can it be used or considered as an offer to sell or as a solicitation of any offer to buy or sell the securities mentioned within it. The information contained in the research reports may have been taken from trade and statistical services and other sources, which PCIL believe is reliable. PhillipCapital (India) Pvt. Ltd. or any of its group/associate/affiliate companies do not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinions expressed reflect judgments at this date and are subject to change without notice. Important: These disclosures and disclaimers must be read in conjunction with the research report of which it forms part. Receipt and use of the research report is subject to all aspects of these disclosures and disclaimers. Additional information about the issuers and securities discussed in this research report is available on request. Certifications: The research analyst(s) who prepared this research report hereby certifies that the views expressed in this research report accurately reflect the research analyst s personal views about all of the subject issuers and/or securities, that the analyst(s) have no known conflict of interest and no part of the research analyst s compensation was, is, or will be, directly or indirectly, related to the specific views or recommendations contained in this research report. Additional Disclosures of Interest: Unless specifically mentioned in Point No. 9 below: 1. The Research Analyst(s), PCIL, or its associates or relatives of the Research Analyst does not have any financial interest in the company(ies) covered in this report. 2. The Research Analyst, PCIL or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities of the company (ies)covered in this report as of the end of the month immediately preceding the distribution of the research report. 3. The Research Analyst, his/her associate, his/her relative, and PCIL, do not have any other material conflict of interest at the time of publication of this research report. 4. The Research Analyst, PCIL, and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in this report, in the past twelve months. 5. The Research Analyst, PCIL or its associates have not managed or co managed in the previous twelve months, a private or public offering of securities for the company (ies) covered in this report. 6. PCIL or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the research report. 7. The Research Analyst has not served as an Officer, Director, or employee of the company (ies) covered in the Research report. 8. The Research Analyst and PCIL has not been engaged in market making activity for the company(ies) covered in the Research report. 9. Details of PCIL, Research Analyst and its associates pertaining to the companies covered in the Research report: Sr. no. Particulars Yes/No 1 Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for No investment banking transaction by PCIL 2 Whether Research Analyst, PCIL or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of No the company(ies) covered in the Research report 3 Whether compensation has been received by PCIL or its associates from the company(ies) covered in the Research report No 4 PCIL or its affiliates have managed or co managed in the previous twelve months a private or public offering of securities for the No company(ies) covered in the Research report 5 Research Analyst, his associate, PCIL or its associates have received compensation for investment banking or merchant banking or brokerage services or for any other products or services from the company(ies) covered in the Research report, in the last twelve months No Independence: PhillipCapital (India) Pvt. Ltd. has not had an investment banking relationship with, and has not received any compensation for investment banking services from, the subject issuers in the past twelve (12) months, and PhillipCapital (India) Pvt. Ltd does not anticipate receiving or intend to seek compensation for investment banking services from the subject issuers in the next three (3) months. PhillipCapital (India) Pvt. Ltd is not a market maker in the securities mentioned in this research report, although it, or its affiliates/employees, may have positions in, purchase or sell, or be materially interested in any of the securities covered in the report. Suitability and Risks: This research report is for informational purposes only and is not tailored to the specific investment objectives, financial situation or particular requirements of any individual recipient hereof. Certain securities may give rise to substantial risks and may not be suitable for certain investors. Each investor must make its own determination as to the appropriateness of any securities referred to in this research report based upon the legal, tax and accounting considerations applicable to such investor and its own investment objectives or strategy, its financial situation and its investing experience. The value of any security may be positively or adversely affected by changes in foreign exchange or interest rates, as well as by other financial, economic, or political factors. Past performance is not necessarily indicative of future performance or results. Page 4 PHILLIPCAPITAL INDIA RESEARCH
5 Sources, Completeness and Accuracy: The material herein is based upon information obtained from sources that PCIPL and the research analyst believe to be reliable, but neither PCIPL nor the research analyst represents or guarantees that the information contained herein is accurate or complete and it should not be relied upon as such. Opinions expressed herein are current opinions as of the date appearing on this material, and are subject to change without notice. Furthermore, PCIPL is under no obligation to update or keep the information current. Without limiting any of the foregoing, in no event shall PCIL, any of its affiliates/employees or any third party involved in, or related to computing or compiling the information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this document. Copyright: The copyright in this research report belongs exclusively to PCIPL. All rights are reserved. Any unauthorised use or disclosure is prohibited. No reprinting or reproduction, in whole or in part, is permitted without the PCIPL s prior consent, except that a recipient may reprint it for internal circulation only and only if it is reprinted in its entirety. Caution: Risk of loss in trading/investment can be substantial and even more than the amount / margin given by you. Investment in securities market are subject to market risks, you are requested to read all the related documents carefully before investing. You should carefully consider whether trading/investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances. PhillipCapital and any of its employees, directors, associates, group entities, or affiliates shall not be liable for losses, if any, incurred by you. You are further cautioned that trading/investments in financial markets are subject to market risks and are advised to seek independent third party trading/investment advice outside PhillipCapital/group/associates/affiliates/directors/employees before and during your trading/investment. There is no guarantee/assurance as to returns or profits or capital protection or appreciation. PhillipCapital and any of its employees, directors, associates, and/or employees, directors, associates of PhillipCapital s group entities or affiliates is not inducing you for trading/investing in the financial market(s). Trading/Investment decision is your sole responsibility. You must also read the Risk Disclosure Document and Do s and Don ts before investing. Kindly note that past performance is not necessarily a guide to future performance. For Detailed Disclaimer: Please visit our website For U.S. persons only: This research report is a product of PhillipCapital (India) Pvt Ltd., which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker dealer and therefore the analyst(s) is/are not subject to supervision by a U.S. broker dealer, and is/are not required to satisfy the regulatory licensing requirements of FINRA or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public appearances, and trading securities held by a research analyst account. This report is intended for distribution by PhillipCapital (India) Pvt Ltd. only to "Major Institutional Investors" as defined by Rule 15a 6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the Exchange Act) and interpretations thereof by the U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may not be copied, duplicated, and/or transmitted onward to any U.S. person, which is not a Major Institutional Investor. In reliance on the exemption from registration provided by Rule 15a 6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional Investors, PhillipCapital (India) Pvt Ltd. has entered into an agreement with a U.S. registered broker dealer, Decker & Co, LLC. Transactions in securities discussed in this research report should be effected through Decker & Co, LLC or another U.S. registered broker dealer. If Distribution is to Australian Investors This report is produced by PhillipCapital (India) Pvt Ltd and is being distributed in Australia by Phillip Capital Limited (Australian Financial Services Licence No ). This report contains general securities advice and does not take into account your personal objectives, situation and needs. Please read the Disclosures and Disclaimers set out above. By receiving or reading this report, you agree to be bound by the terms and limitations set out above. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately. PhillipCapital (India) Pvt. Ltd. Registered office: No. 1, 18th Floor, Urmi Estate, 95 Ganpatrao Kadam Marg, Lower Parel West, Mumbai Page 5 PHILLIPCAPITAL INDIA RESEARCH
KDDL (KDDL IN) In expansion mode
INSTITUTIONAL EQUITY RESEARCH KDDL (KDDL IN) In expansion mode INDIA MIDCAP Quarterly Update Top takeaways from 2QFY19 Results in line, recovery in manufacturing & strong growth in precision engineering.
More informationColgate Palmolive (CLGT IN) Volume growth revival is the biggest positive
INSTITUTIONAL EQUITY RESEARCH Colgate Palmolive (CLGT IN) Volume growth revival is the biggest positive INDIA FMCG Quarterly Update Top takeaways from Q2FY19 In line results. Benefits of gross margin improvement
More informationIndo Count (ICNT IN) Cost and currency impacted the margins
INSTITUTIONAL EQUITY RESEARCH Indo Count (ICNT IN) Cost and currency impacted the margins INDIA MIDCAP TEXTILE Quarterly Update Top takeaways from 2QFY19 Results were lower than estimates on margin decline,
More informationBHEL (BHEL IN) Weak execution and margins lead to the miss in earnings
INSTITUTIONAL EQUITY RESEARCH BHEL (BHEL IN) Weak execution and margins lead to the miss in earnings INDIA CAPITAL GOODS Quarterly Update 26 October 2018 Top takeaways from 2QFY19 BHEL s reported earnings
More informationThe India Cements Ltd (ICEM IN) Volumes consistency maintained, confident of regaining pricing power
INSTITUTIONAL EQUITY RESEARCH The India Cements Ltd (ICEM IN) Volumes consistency maintained, confident of regaining pricing power INDIA CEMENT Quarterly Update 12 November 218 Top takeaways from Q2FY19
More informationCeat Ltd (CEAT IN) Competitive scenario easing?
INSTITUTIONAL EQUITY RESEARCH Ceat Ltd (CEAT IN) Competitive scenario easing? INDIA AUTOMOBILES Company Update Ceat has underperformed its peers CYTD with the stock falling by more than 25% mainly because
More informationManappuram Finance (MGFL IN) Healthy operating performance
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Healthy operating performance INDIA BFSI Quarterly Update Top takeaways from Q2FY19 Operating results ahead of expectations with NII/PAT at Rs
More informationManappuram Finance (MGFL IN) Growth picks up in gold loan; Microfinance drive profitability
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Growth picks up in gold loan; Microfinance drive profitability INDIA BFSI Quarterly Update Top takeaways from Q1FY19 Operating results inline
More informationLarsen & Toubro (LT IN) Shines on all parameters and we get constructive
INSTITUTIONAL EQUITY RESEARCH Larsen & Toubro (LT IN) Shines on all parameters and we get constructive INDIA CAPITAL GOODS Quarterly Update Top takeaways from 2QFY19 Recurring PAT (Rs 19.4bn, 15% yoy)
More informationAtul Ltd (ATLP IN) Sustained price & AkzoNobel JV to drive value growth
INSTITUTIONAL EQUITY RESEARCH Atul Ltd (ATLP IN) Sustained price & AkzoNobel JV to drive value growth INDIA SPECIALTY CHEMICALS Quarterly Update Top takeaways from Q3FY19 Standalone sales at Rs 10.19bn
More informationBHEL (BHEL IN) Margins continue to disappoint
INSTITUTIONAL EQUITY RESEARCH BHEL (BHEL IN) Margins continue to disappoint INDIA CAPITAL GOODS Quarterly Update 6 February 2019 Top takeaways from 3QFY19 BHEL s recurring earnings (Rs 2.8bn; +31% yoy)
More informationLarsen & Toubro (LT IN) Well played on all fronts but for margins
INSTITUTIONAL EQUITY RESEARCH Larsen & Toubro (LT IN) Well played on all fronts but for margins INDIA CAPITAL GOODS Quarterly Update Top takeaways from 3QFY19 Recurring PAT (Rs 20.4bn, 36% yoy) was 20%/8%
More informationAarti Industries (ARTO IN) A structural specialty chemical growth play
INSTITUTIONAL EQUITY RESEARCH Aarti Industries (ARTO IN) A structural specialty chemical growth play INDIA SPECIALTY CHEMICALS Company Update We recently visited ARTO s plant in Jhagadia (Gujarat). This
More informationNIIT Technologies (NITEC IN) Strong performance across the board; maintain BUY
INSTITUTIONAL EQUITY RESEARCH NIIT Technologies (NITEC IN) Strong performance across the board; maintain BUY INDIA IT SERVICES Quarterly Update NIIT Tech reported strong performance in this quarter delivering
More informationInfosys (INFO IN) Strong performance; small miss on margins maintain BUY
INSTITUTIONAL EQUITY RESEARCH Infosys (INFO IN) Strong performance; small miss on margins maintain BUY INDIA IT SERVICES Quarterly Update 11 January 2019 Infosys reported mix set of numbers this quarter
More informationHDFC Bank (HDFCB IN) Continue to perform strong
INSTITUTIONAL EQUITY RESEARCH HDFC Bank (HDFCB IN) Continue to perform strong INDIA FINANCIALS Quarterly Update Top takeaways from Q3FY19 Earnings were in line with estimate. NII growth at 22% (vs expectation
More informationAsian Paints (APNT IN) Not a colorful performance
INSTITUTIONAL EQUITY RESEARCH Asian Paints (APNT IN) Not a colorful performance INDIA FMCG Quarterly Update Top takeaways from Q2FY19 Results were significantly below our estimates as: (1) it deferred
More informationPhillipCapital-Actionable Trades (P-ACT)
Alternative Research INDIA 13 October 2017 armg@phillipcapital.in DAILY REPORT PhillipCapital-Actionable Trades (P-ACT) KEY POINTS» Outlook & Chart» Sharp Shooter Trading & Delivery Trades» Silent Samurai
More informationICICI Bank (ICICIBC IN) Strong improvement in asset quality
INSTITUTIONAL EQUITY RESEARCH ICICI Bank (ICICIBC IN) Strong improvement in asset quality INDIA FINANCIALS Quarterly Update Top takeaways from Q3FY19 ICICI Bank s reported Profit after tax of Rs 16bn,
More informationdepreciation the stood at 1.4x 2%) positive impacted by impact of INR share in the room duty continue to UCP vs months
INSTITUTIONAL EQUITY Voltas Limited (VOLT IN) Strong project execution made up for a weak AC business INDIA CAPITAL GOODS Quarterly Update 7 vember 2018 Top takeaways from 2QFY19 Recurring PAT (Rs 1bn,
More informationCamlin Fine Sciences (CFIN IN) At the inflexion point
INSTITUTIONAL EQUITY RESEARCH Camlin Fine Sciences (CFIN IN) At the inflexion point INDIA SPECIALTY CHEMICALS Quarterly Update Top takeaways from Q2FY19 Consolidated sales at Rs 2.01bn (5% miss to our
More informationEmami (HMN IN) Seasonality jinx continues
INSTITUTIONAL EQUITY RESEARCH Emami (HMN IN) Seasonality jinx continues INDIA FMCG Quarterly Update 1 February 2019 Despite gross-margin pressure Emami s 3QFY19 was slightly above our estimates due to
More informationIT Services Deal Monitor: ISG 3QCY18 Takes a breather
INSTITUTIONAL EQUITY RESEARCH IT Services Deal Monitor: ISG 3QCY18 Takes a breather INDIA IT SERVICES Quarterly Update ISG announced the Q3CY18 dealflow data yesterday. The strong deal momentum of the
More informationHindustan Unilever Ltd (HUVR IN) Gross margin pressure managed well
INSTITUTIONAL EQUITY RESEARCH Hindustan Unilever Ltd (HUVR IN) Gross margin pressure managed well INDIA FMCG Quarterly Update Top takeaways from Q2FY19 HUL saw its fourth consecutive quarter of double
More informationMahindra & Mahindra (MM IN) Robust quarter, largely in line
INSTITUTIONAL EQUITY RESEARCH Mahindra & Mahindra (MM IN) Robust quarter, largely in line INDIA AUTOMOBILES Quarterly Update Top takeaways from Q1FY19 Revenue at Rs 134bn was largely in line EBITDA at
More informationNalco (NACL IN) Alumina volumes drive profits
INSTITUTIONAL EQUITY RESEARCH Nalco (NACL IN) Alumina volumes drive profits INDIA METALS Quarterly Update Top takeaways from Q4FY18 Net sales at Rs 28.6bn was 2% above estimates as higher alumina sales
More informationBHEL (BHEL IN) Elevated provisions and taxes led to the disappointment
INSTITUTIONAL EQUITY RESEARCH BHEL (BHEL IN) Elevated provisions and taxes led to the disappointment INDIA CAPITAL GOODS Quarterly Update 30 May 2018 Top takeaways from 4QFY18 BHEL s recurring profit (Rs
More informationRamkrishna Forgings (RMKF IN) Marginally ahead, story intact
INSTITUTIONAL EQUITY RESEARCH Ramkrishna Forgings (RMKF IN) Marginally ahead, story intact INDIA AUTOMOBILES Quarterly Update Top takeaways from Q4FY18 Revenue at Rs 4.4bn up 10% qoq (+52% yoy) was 1%
More informationTata Elxsi Ltd. CMP: Rs. 1,192 Future Stallion.. BUY. Stock Data. Stock Performance (%) Company Update IT Software India Research
Company Update IT Software India Research Tata Elxsi Ltd. CMP: Rs. 1,192 Future Stallion.. BUY Nifty 10,742 Sensex 35,319 Nifty PE 26.66 Sensex PE 23.48 Stock Data Sector IT Software BSE Code 500408 NSE
More informationLarsen & Toubro (LT IN) In line results; current orders momentum is a positive
INSTITUTIONAL EQUITY RESEARCH Larsen & Toubro (LT IN) In line results; current orders momentum is a positive INDIA CAPITAL GOODS Quarterly Update Top takeaways from 4QFY18 Recurring PAT (Rs 31.8bn, flat
More informationMonetary Policy A sound monetary policy on all parameters after a long time
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Mar-10 Jun-11 Sep-12 Dec-13 Mar-15 Jun-16 Sep-17 Dec-18 INSTITUTIONAL
More informationApollo Tyres (APTY IN) Hungary Plant Visit: Finally benefiting from its greenfield expansion
INSTITUTIONAL EQUITY RESEARCH Apollo Tyres (APTY IN) Hungary Plant Visit: Finally benefiting from its greenfield expansion 20 June 2018 INDIA AUTOMOBILES Company Update Hungary plant visit: Key takeaways
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 informationIndia Banking Trends Q2FY19 results review: Early signs of the credit cost cycle normalising
INSTITUTIONAL EQUITY RESEARCH India Banking Trends Q2FY19 results review: Early signs of the credit cost cycle normalising INDIA FINANCIAL FORTNIGHTLY Private corporate banks outperformed: PBT for banks
More informationABB India (ABB IN) Bottom cycle valuation despite stable outlook
INSTITUTIONAL EQUITY RESEARCH ABB India (ABB IN) Bottom cycle valuation despite stable outlook INDIA CAPITAL GOODS Quarterly Update Top takeaways from 2QCY18 ABB's 2QCY18 PAT (Rs 1bn, +36% yoy) was 12%
More informationIndia Strategy Adding currency play to consumption
INSTITUTIONAL EQUITY RESEARCH India Strategy Adding currency play to consumption INDIA STRATEGY 2 August 218 Rupee has weakened past 7 led by dollar strength. While Indian economic fundamentals remain
More informationVoltas Limited (VOLT IN) Higher margins offset weak revenues
INSTITUTIONAL EQUITY RESEARCH Voltas Limited (VOLT IN) Higher margins offset weak revenues INDIA CAPITAL GOODS Quarterly Update 17 May 2018 Top takeaways from 4QFY18 Recurring PAT (Rs 1.94bn, 2% yoy) was
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
More informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationFLASH 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 informationNestle India (NEST IN) Altius, Citius, Fortius
INSTITUTIONAL EQUITY RESEARCH Nestle India (NEST IN) Altius, Citius, Fortius INDIA FMCG Company Update We attended Nestle analyst meet yesterday and came pretty impressed with 1) management agility on
More informationManappuram Finance (MGFL IN) Operating performance was below expectation
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Operating performance was below expectation INDIA BFSI Quarterly Update Top takeaways from Q4FY18 Operating results below expectations with NII/PAT
More informationConsolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE
Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in
More informationLARGE CAP & 1,970 BSE
Batlivala & Karani RESULT UPDATE LARGE CAP Share Data Reuters code DIVI.BO Bloomberg code DIVI IN Market cap. (US$ mn) 4,97 6M avg. daily turnover (US$ mn) 4.7 Issued shares (mn) 133 Target price (Rs)
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationQ4 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 informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationInitiating Coverage. Uflex Ltd.
2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationMahindra and Mahindra Maintain Outperformer. (Rs mn) Mar 14 Mar 15 YoY (%) Dec 14 QoQ (%) FY14 FY15P YoY (%) FY16E YoY (%) FY17E YoY (%)
Batlivala & Karani RESULT UPDATE Mahindra and Mahindra Maintain Outperformer LARGE CAP Share Data Reuters code Bloomberg code MAHM.BO MM IN Market cap. (US$ mn) 12,243 6M avg. daily turnover (US$ mn) 21.0
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
More informationNestlé India Outlook Hazy; Valuations Prohibitive
Nestlé India Outlook Hazy; Valuations Prohibitive Nestlé India s net sales, EBITDA and net profit surged by 35% yoy, 67% yoy & 116% yoy to Rs23.5bn, Rs4.5bn & Rs2.7bn, respectively in 3QCY16. This growth
More informationMCX Ltd. Rating: Target price: EPS: Is commodity option a game changer for MCX? - Unlikely. Target. Rating CMP. Rs. 1,080 SELL. Rs.
: price: EPS: Is commodity option a game changer for MCX? - Unlikely In the union budget 2015-16, the Finance Minister announced the much anticipated merger of SEBI and FMC. Given the powers accorded to
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
More informationBUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.
At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174
More informationKey estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,
: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
More informationTata Steel (TATA IN) Is Bhushan a Corus Part 2? We don t think so
INSTITUTIONAL EQUITY RESEARCH Tata Steel (TATA IN) Is Bhushan a Corus Part 2? We don t think so INDIA METALS Company Update Media reports suggest that Tata Steel is leading the race to acquire Bhushan
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 informationKEC International (KECI IN)
(KECI IN) Rating: BUY CMP: Rs370 TP: Rs425 June 15, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY - Target Price 425 -
More informationRepco Home Finance REPCO IN
11 August 2014 Price: `431 India Banking & Financial Services Company Update BUY Repco Home Finance REPCO IN 12m Price Target: `460 Steady quarter REPCO reported 1Q15 net profit at `248mn, up 11% YoY and
More informationCoal India (COAL IN) Strong volumes and cost control drive profitability
INSTITUTIONAL EQUITY RESEARCH Coal India (COAL IN) Strong volumes and cost control drive profitability INDIA Power Utilities Quarterly Update Top takeaways from Q3FY16 CIL continues to maintain a strong
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
More informationSource: Company Data; PL Research
Strong inflow growth, renewable/railways key drivers October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,063
More informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
More informationCummins India (KKC IN) GST led disruption in sales impacted earnings
INSTITUTIONAL EQUITY RESEARCH Cummins India (KKC IN) GST led disruption in sales impacted earnings INDIA CAPITAL GOODS Quarterly Update Top takeaways from 2QFY18 Recurring PAT (Rs 1.5bn, 22% yoy) was 25%/
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationCMP* (Rs) 336 Upside/ (Downside) (%) 21 Bloomberg Ticker. MOIL IN Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133
4QFY17 Result Update June 06, 2017 Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133 Mixed Quarterly Performance; Volume to Remain Strong has reported a mixed performance in 4QFY17. Its blended
More informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationCMP* (Rs) 417 Upside/ (Downside) (%) 46 Bloomberg Ticker. SUNP IN Market Cap. (Rs bn) 1,001 Free Float (%) 46 Shares O/S (mn) 2399
Company Update January 22, 2019 Market Cap. (Rs bn) 1,001 Free Float (%) 46 Shares O/S (mn) 2399 Multiple Growth Drivers in Place despite Near-term Headwinds Industries (SUNP) has released an investor
More informationFinancials The wait for recoveries is getting longer
INSTITUTIONAL EQUITY RESEARCH Financials The wait for recoveries is getting longer 4 October 2018 INDIA Financials Q2FY19 Results Preview Our banking universe will see +11% yoy ( 4% qoq) growth in net
More informationMaruti Suzuki. Source: Company Data; PL Research
Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationIndia Cements Rating: Target price:
: price: EPS: Another weak quarter; Maintain SELL ICEM reported weak 2QFY14 results, with a revenue de-growth of 3.3% y-o-y and EBITDA de-growth of 37.8% y-o-y. Volumes de-grew by 3% y-o-y to 4mt. Realisations
More informationSanghvi 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$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationKDDL (KDDL IN) PAN card notification continues to hurt retail profitability
INSTITUTIONAL EQUITY RESEARCH KDDL (KDDL IN) PAN card notification continues to hurt retail profitability INDIA MIDCAP Quarterly Update Top takeaways from Q2FY17 Marginally below estimates, PAN card notification
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationJubilant FoodWorks NEUTRAL RESULTS REVIEW 4QFY17 30 MAY Highlights of the quarter
INDUSTRY FMCG CMP (as on 29 May 17) Rs 94 Target Price Rs 995 Nifty 9,65 Sensex 31,19 KEY STOCK DATA Bloomberg JUBI IN No. of Shares (mn) 66 MCap (Rs bn)/(us$ mn) 62/962 6m avg traded value (Rs mn) 574
More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
More informationBharat 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 informationAsian Paints. Source: Company Data; PL Research
Premium valuations to sustain, Accumulate October 4, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,1 Target Price Rs1,9 Implied
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 informationGeneral Insurance Corporation of India Ltd.
General Insurance Corporation of India Ltd. Reco: Subscribe 10 th October, 2017 Fresh Issue of 1.72 Crore Equity Shares & Offer For Sale of 10.75 Crore Equity Shares of FV Rs 5/- each (Rs. 11,372 Crs)
More informationKey estimate revision. Year CY14 87,383 11,148 6, CY15E 1,20,126 17,838 9,
: price: EPS: How does our one year outlook change? We retain our positive view on EIM on the back of expected improvement in volume and margin at Royal Enfield (RE) and expected revival in VECV on the
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationCentury Plyboards (I) Limited
ANTIQUE STOCK BROKING LIMITED 2 November 2017 1 Current Reco Previous Reco CMP Basudeb Banerjee +91 22 4031 3443 basudeb.banerjee@antiquelimited.com Market data Sensex : 33,600 Sector : Mid Cap Market
More informationCummins India (KKC IN) Poor sales mix and weak exports drag earnings
INSTITUTIONAL EQUITY RESEARCH Cummins India (KKC IN) Poor sales mix and weak exports drag earnings INDIA CAPITAL GOODS Quarterly Update Top takeaways from 4QFY17 Recurring PAT (Rs 1.6bn, 5% yoy) was 24%/
More informationCMP* (Rs) 242 Upside/ (Downside) (%) 2. Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630
4QFY17 Result Update June 02,2017 Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630 Decent Performance to Continue; Maintain Crompton Greaves Consumer Electricals (CGCEL) has delivered a
More informationTransport Corporation of India Ltd.
Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 July 26, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 5,908; Sensex: 19,805 CMP Target Price Rs49 Rs81 Potential
More informationAmbuja Cements (ACEM IN) Marginally below estimates, most positives appears factored in
INSTITUTIONAL EQUITY RESEARCH Ambuja Cements (ACEM IN) Marginally below estimates, most positives appears factored in INDIA CEMENT Quarterly Update 25 October 217 Top takeaways from Q3CY17 Ambuja s operating
More informationTata Steel (TATA IN) And a beat again; strong performance continues
INSTITUTIONAL EQUITY RESEARCH Tata Steel (TATA IN) And a beat again; strong performance continues INDIA METALS Quarterly Update Top takeaways from Q1FY18 Net sales at Rs 293.9bn, 10% above estimates helped
More informationCMP* (Rs) 1,458 Upside/ (Downside) (%) 10 Bloomberg Ticker. ABB IN Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212
2QCY17 Result Update July 20, 2017 Market Cap. (Rs bn) 309 Free Float (%) 25 Shares O/S (mn) 212 Well-placed in Power T&D Hi-tech Space; Order Book Remains Robust India s revenue rose by 6.0% YoY to Rs23.3bn
More informationCMP* (Rs) 263 Upside/ (Downside) (%) 7.3. Market Cap. (Rs bn) 635 Free Float (%) 59 Shares O/S (mn) 2,417
2QFY18 Result Update November 01, 2017 Market Cap. (Rs bn) 635 Free Float (%) 59 Shares O/S (mn) 2,417 In-line Performance; Margins to Remain Strong (JSTL) has delivered an in-line performance in 2QFY18
More informationTata Motors (TTMT IN) Tough world, downgrade to Neutral
INSTITUTIONAL EQUITY RESEARCH Tata Motors (TTMT IN) Tough world, downgrade to Neutral INDIA AUTOMOBILES Quarterly Update 9 August 2017 Top takeaways from Q1FY18 JLR revenues at 5.6bn was 2% ahead of estimates
More informationQuarterly results (YE Mar) 4QFY13 4QFY14 YoY(%) FY13 FY14 YoY(%)
India I Equities Metals & Mining Result Update Change in Estimates Target Reco 14 May 2014 Graphite India Cash generation accelerates; Buy Key takeaways Revenues driven by greater volumes. Graphite India
More informationMaruti Suzuki (MSIL IN) Steady performance, royalty to decrease
INSTITUTIONAL EQUITY RESEARCH Maruti Suzuki (MSIL IN) Steady performance, royalty to decrease INDIA AUTOMOBILES Quarterly Update Top takeaways from Q3FY18 Revenue at Rs 193bn, up 14% yoy; largely in line
More informationAlstom T&D (ATD IN) Earnings dented by lower margins
INSTITUTIONAL EQUITY RESEARCH Alstom T&D (ATD IN) Earnings dented by lower margins INDIA CAPITAL GOODS Quarterly Update Top takeaways from Q3FY16 Alstom T&D reported a net loss of Rs 182mn vs. our estimates
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 information