Surat Textile Mills Limited
|
|
- Shawn Chase
- 6 years ago
- Views:
Transcription
1 08 October 2012 CMP: Rs.1.71 Industry: Textiles BSE Group/Index: Group B Promoters Praful Shah and family Garden Vareli Group Year of incorporation 1945 Registered office Garden Mills Complex, Sahara Gate, Surat Gujarat Key Data (as on 8 Oct 12) BSE ISIN INE936A01025 Face Value (Rs.) 1 Mkt Cap (Rs.mn) Current P/E 1.8 Current P/BV week highlow (Rs.) day avg daily trading vol 17,957 nos. Equity capital (Rs.mn) Net worth (Rs.mn) Company Business Surat Textile Mills Limited ( STML ) is engaged in the manufacture and sale of polyester filament yarn, polyester chips and cotton spun yarns. It has three manufacturing units in Surat, Gujarat and one in Silvassa, Dadra and Nagar Haveli. The company has a total installed capacity to produce 25,000 tonnes of polyester chips and 5000 tonnes of polyester yarn across the four manufacturing facilities. STML, formerly known as Garden Cotton and Yarn, is part of the Garden Vareli group promoted by Praful Shah and family. The group s flagship company, Garden Silk Mills Limited, is a garment manufacturer and reported net losses of Rs.788 mn in FY12. Company website Write to us at: equity.research@outlook.com Peer group analysis Particulars (FY12, Surat Super Jindal Cotex Sarla Performance Rs.mn) Textile Mills Spinning Limited Fibres Total Income 2,174 3,924 2,745 1,912 EBIDTA 319 (126) EBIDTA margin 15% (3%) 5% 13% PAT 198 (429) (165) 109 PAT margin 9% (11%) (6%) 6% EPS 0.9 (7.8) (3.7) 15.7 Cash accruals 213 (239) (56) 179 BV/share Debt/EBIDTA (x) 0.0 (11.3) Debt/Equity (x) ROANW 33% (69%) (6%) 12% ROACE 31% (17%) 1% 13% P/E 1.6 (0.8) (14.9) 7.8 P/BV Source: Moneycontrol, Company STML has recently changed its operating strategy by moving away from auxiliary businesses (like trading) and increasing focus on its core textile operations. The strategy paid off in FY12 and STML performed better than most of its peers during the year. At a time when the industry is facing challenges on account of high raw material prices and mounting interest expenses, STML has benefited significantly by reducing its borrowings and achieving a near debtfree status. Page 1 of 6
2 Business capacities Business Capacity Annual Polyester Chips 25,000 tonnes Polyester Filament Yarn 5000 tonnes Cotton spindles figures for FY11 Share Price Performance 20% 8% 0% 20% 3 YR3% 2 YR 6% 1 YR 40% 32% 60% 80% 62% 63% STML BSE Small Cap Top Public Shareholders with >1% shareholding Sl. No. Name of the Shareholder No. of Shares held (mn) Shares as % of Total No. of Shares 1 IDBI Bank Ltd Total Change in Shareholding Pattern (%) Shareholding Pattern (%) Year Promoters DII FII Others Jun % 7.9% 11.3% Mar % 7.9% 11.3% Dec % 7.9% 11.3% Sep % 7.9% 11.3% Mar % 8.1% 10.7% Mar % 9.3% 8.7% Mar % 9.3% 8.7% Mar % 13.8% 8.7% 7.86% 11.29% 80.85% Promoters DII FII Others Page 2 of 6
3 Key strengths Diversified product mix STML has a diversified product portfolio which includes cotton yarn, polyester filament yarn (PFY) and polyester chips. Since cotton and polyester are substitutable products, the product mix gives STML a natural hedge against volatile and uncertain demand conditions. Key concerns Volatility in crude oil prices Competitive handicap Crude oil derivatives like Purified Terphthalic Acid (PTA) and Mono Ethylene Glycol (MEG) are used for manufacturing polyester chips the primary raw material for polyester filament yarns. Consequently, crude oil prices (which are subject to a high degree of volatility on account of global demand and exchange rates) have a direct impact on the company s expenses and any adverse movement is therefore likely to put additional pressure on its profit margins. STML currently has to pay taxes on sale of chips and yarns outside of Gujarat. This places it in disadvantageous position visàvis its peers located in other areas such as Silvassa and Daman, which are exempted from sales tax. While the proposed Goods and Services Tax (GST) will provide uniformity in taxes across states, STML is likely to take a hit on its margins till the time the bill is ratified and passed into law. Industry overview Key contributor to economy Growing demand for polyester fabric The Indian textile industry plays a major role in the economy and contributes 3% to the GDP and 14% to the overall industrial production in the country. The industry is also one of the largest exporters and India has set an export target of $40.5 bn (Rs.2106 bn) for the fiscal year While cotton fabric constituted 60% of the total textile production in the mid90s, its share had decreased to 48% by the end of FY09. This is largely attributable to a shift in consumer preferences and growing demand for noncotton manmade (synthetic) fabrics such as polyesters. India is now the second largest producer of manmade fibre (MMF) at 6.1 million tonnes per annum, 80% of which is contributed by polyester. The reversal is also driven by the limited availability of cotton/cotton yarn, which has resulted in a significant price differential between cotton and manmade fabric. Government policy Foreign Direct Investment (FDI) policy The government has approved 100% FDI in the textile sector under the automatic route. The ministry of textiles has also set up a FDI Cell to attract foreign investments in the textile sector. The role of the cell will be to assist foreign companies in finding out potential joint venture partners in India and to provide support for coordination with state governments. Company fundamentals Ceased to be a sick company STML had registered with the Board for Industrial and Financial Reconstruction (BIFR) in 2003 after recording a negative reserves and surplus balance of Rs mn. Subsequently however, the company has achieved a significant turnaround by revamping its operations and reducing its debt levels. In January 2010, BIFR passed an order following which the company has been discharged from the purview of the Sick Industrial Companies Act (SICA). Page 3 of 6
4 Discontinued trading activities Apart from manufacture and sale of polyester chips and textile yarn, the company also traded MEG and PTA, which contributed 37% to the overall sales in FY11. However, fluctuating prices of these materials prompted the company to discontinue its trading activities from this year and focus only on its manufacturing operations. Key financial indicators Improvement in profitability In FY12, the revenues of the company decreased by 22%, primarily due to the discontinuation of trading operations. While the loss in revenues was partly made up by the sale of some fixed assets, it still resulted in a net decline of around Rs.554 mn in the topline. However the company s strategy to focus only on core operations to improve its profitability paid off, and the EBITDA margin increased significantly to 15% (from 6% in FY11). The company has not paid any dividends to equity shareholders in the last ten years, citing the need to plough back its profits into the business. While the company s profitability and leverage ratios have improved significantly over the last few years, the shares are still underpriced in the market with low P/E and P/BV ratios as compared to the industry average. Nonprovisioning Reduction in borrowings The statutory auditor has remarked that no provisions have been made to recognize diminution in the value of longterm investments amounting to Rs mn (previous year Rs.74.3 mn), which is contrary to the accounting practice recommended by the Institute of Chartered Accountants of India. As a result, net worth is overstated by this extent. STML has taken concerted steps to reduce its borrowing levels over the years. In FY12, it disposed of some of its surplus land and buildings for an amount aggregating to Rs.281 mn and used the proceeds to repay some of its outstanding loans. The company, which had a total debt of Rs.1029 mn at the start of the decade, is currently debtfree. Quarterly results Particulars (Rs in mn) Apr 12 to Jun 12 Apr 11 to Jun 11 % Change 1 Jan 12 to Mar 12 % Change 2 Total income % % Total expenditure % % EBIDTA % 11.4 (21.9%) PAT 4.6 (12.4) (71.9) Cash Accruals 8.3 (9.1) (67.1) EPS 0.0 (0.1) (0.3) 1 compared to corresponding quarter in the previous year 2 sequential comparison Page 4 of 6
5 Book value per share Key ratios BV/share EPS DPS Profitability ratios Leverage ratios 35.0% 33.3% % 25.0% 20.0% 15.0% 10.0% 5.0% 22.8% 30.9% 20.6% 13.1% 14.9% ROAE ROACE Debt to EBITDA Debt to Equity Segmentwise contribution to total revenue 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 37.3% 5.5% 24.5% 32.7% FY11 0.0% 5.4% 35.2% 59.4% FY12 Trading Spun/Cotton Yarn PFY Polyester chips Page 5 of 6
6 Financials P&L (Rs. mn) Balance Sheet (Rs. mn) Total income 2,430 2,728 2,174 Share Capital EBIDTA Reserves & Surplus EBIDTA margin 6% 6% 15% Net worth Depreciation Borrowings EBIT Other liabilities Interest Total liabilities 970 1, PBT Net fixed assets Tax Other noncurrent assets PAT Loans and Advances PAT Margin 3% 3% 9% Current Assets Dividend Total assets 970 1, Dividend Payout Cash Flow (Rs.mn) Valuation ratios PBT P/E CF from Operation 199 (118) 52 P/BV CF from Investment (60) CF from Financing (68) (36) (306) Inc/(dec) Cash 71 (112) 11 Closing Balance Disclaimer The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Our company shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation which may affect their investment in the securities of companies referred to in this document (including the merits and risks involved). The discussions or views expressed may not be suitable for all investors. This information is strictly confidential and is being furnished to you solely for your information. Page 6 of 6
Bangalore Fort Farms Limited
8 February 2016 CMP: Rs. 30.5 Industry: Miscellaneous BSE Group/Index: XT Promoters Revati Holding Private Ltd. Year of incorporation 1965 Registered office 18th K M Stone, Delhi Moradabad Rd, Village
More informationMysore Paper Mills Limited
12 December 2012 CMP: Rs.5.47 Industry: Paper BSE Group/Index: Group B Promoters Governor of Karnataka (GOK) Year of incorporation 1936 Registered office No. 16/4, Ali Asker Road Bangalore 560052 Karnataka
More informationKalpena Plastiks Limited
07 March 2013 CMP: Rs 9.38 Industry: Plastic Products BSE Group: T Promoters Kalpena Industries Ltd (36.2%) Shriram Financial Consultants Pvt. Ltd (36.3%) Year of incorporation 1989 Corporate office 3,
More informationBihar Sponge Iron Ltd
14 December 2012 CMP: Rs.4.55 Industry: Iron & Steel/Sponge iron BSE group: B Promoters Abhishek Kumar Modi Umesh Kumar Modi Bihar State Industrial Development Corporation Year of incorporation 1982 Corporate
More informationDevine Impex Limited. Key Data (as on 23 December 2015) 23 December 2015
23 December 2015 CMP: Rs.7.4 Industry: Trading BSE Group/Index: Group XT Promoters Rohit Jain and family Year of incorporation 1995 Registered office SCF 103, Chamber No. 7, I Floor, Phase XI, Mohali (S
More informationGovind Rubber Limited (GRL)
04 October 2012 CMP: Rs 24.2 Industry: Auto Tyres & Rubber Products BSE Group/Index: B/- Promoters R P Jagatia, J. P. Goenka, M. P. Kankani Year of incorporation 1964 Corporate office 418, Creative Industrial
More informationAsian Oilfield Services Limited
23 December 2015 CMP: Rs.63.2 Industry: Oil and Gas BSE Group/Index: XD Promoters Samara Capital Partners Fund Year of incorporation 1992 Registered office 703, IRIS Tech Park, Tower-A, 7th Floor, Sector
More informationBhoruka Aluminium Ltd
7 March 2013 CMP: Rs. 1.2 Industry: Aluminium BSE Group/Index: B/- Promoters Rajkumar Aggarwal Rajat Aggarwal Utsav Aggarwal Year of incorporation 1979 Corporate office No. 1, KRS Road, Metagalli, Mysore
More informationPowerhouse Fitness and Realty Limited
10 February 2016 CMP: Rs.33 Industry: Other Leisure facilities BSE Group/Index: M Promoters Gupta family Year of incorporation 2013 Registered office 702, Plot No. 1, Concord CHS, JVPD Scheme, Vile Parle
More informationLincoln Pharmaceuticals Limited
25 January 2016 CMP: Rs.219.5 Industry: Healthcare BSE Group/Index: B/ Promoters Patel family Year of incorporation 1995 Registered office Lincoln House, B/h Satyam Complex, Science City Road, Viilage
More informationIndiaCo Ventures Ltd.
10 December 2012 CMP: Rs. 7.63 Industry: Finance BSE group/index: T Promoters Laquavit Consultants Pvt Ltd. & Laquavit Management Services Pvt Ltd Year of incorporation 1999 Corporate office 214, Surya
More informationD&H India Ltd. 21 November Key Data (as on 21 Nov 12)
21 November 2012 CMP: 14.50 Industry: Electrodes/Graphite BSE group: B Promoters Aman Vora Harsh Vora Saurabh Vora Year of incorporation 1993 Corporate office A-204, 2nd Floor, Kailash Esplanade, Opp.
More informationCenlub Industries Ltd. (CIL)
23 November 2012 CMP: Rs. 34.4 Industry: Industrial Machinery BSE Group / Index: B Promoters Vijendra Kumar Mittal & his family Vijendra Kumar Gupta & his family Minihyd Hydraulics Pvt. Ltd. Year of incorporation
More informationMosChip Semiconductor Technology Limited
19 January 2016 CMP: Rs.7.2 Industry: IT BSE Group/Index: B Promoters Reddy family Year of incorporation 1999 Registered office Plot No.83 & 84, 2nd Floor, Punnaiah Plaza, Road No.2, Banjara Hills, Hyderabad,
More informationS R K Industries Ltd. BSE Scrip Code:
S R K Industries Ltd. BSE Scrip Code: 531307 Textiles March 15, 2013 Equity Statistics Current Market Price Rs. 28.4 52 Week High/Low Rs. 32.65/2.90 Market Capitalisation Rs. Crores 10.71 Free Float Rs.
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 734.45 Target Price 845.00 WELSPUN INDIA LIMITED Result Update (CONSOLIDATED): Q2 FY16 OCTOBER 24 th 2015 ISIN: INE192B01023 Index Details Stock Data Sector Textiles BSE Code 514162 Face Value
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 1025.45 Target Price 1160.00 INDO COUNT INDUSTRIES LTD Result Update (PARENT BASIS): Q2 FY16 DECEMBER 1 st 2015 ISIN: INE483B01018 Index Details Stock Data Sector Textiles BSE Code 521016 Face
More informationFY11 FY12 FY13E FY14E
Plant Visit Note Institutional Equities JBF Industries 10 October 2012 Reuters: JBFI.BO; Bloomberg: JBF IN We paid a visit to the plants of JBF Industries at Silvassa, Dadra & Nagar Haveli and also at
More informationLahoti Overseas Ltd. BSE Scrip Code:
Lahoti Overseas Ltd. BSE Scrip Code: 531842 Comm, Trading and Distribution January 29, 2016 Current Market Price Rs. 52 Week High/Low Rs. Market Capitalisation Free Float Dividend Yield % Equity Statistics
More informationVolant Textile Mills Ltd BSE Scrip Code:
Volant Textile Mills Ltd BSE Scrip Code: 531865 Textiles October 09, 2012 Equity Statistics Current Market Price Rs. 3.11 52 Week High/Low Rs. 3.55/1.34 Market Capitalisation Rs. Crores 23.31 Free Float
More informationCompany Overview. Financial Performance
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 Shri Jagdamba Polymers Ltd. CMP: 44.2 January 15, 216 Stock Details BSE code 512453 BSE ID SHRJAGP Face value
More information- RM Cost Employee Cost Other Cost
Textiles industry topline up, but margins down significantly Overall sales of top companies have increased marginally, while EBITDA margins have declined significantly for, reveals the latest Wazir Advisors
More informationCompany Overview. Financial Performance
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Anisha Impex Ltd CMP: 11.85 December 31, 2015 Stock Details BSE code 537785 BSE ID Face value ( ) 10 No of shares (m)
More informationThe Varhad Group. Prag Bosimi Synthetics Ltd. Company Overview. FY15 and recent performance CMP: INR5.56. Stock data. Stock performance (%)
Textiles l BSE Research Prag Bosimi Synthetics Ltd. CMP: INR5.56 Stock data BSE code 500192 BSE ID PRAGBOS Face value (INR) 10.0 No of shares (m) 74.4 Market cap (INRm) 413.6 3m avg. daily vol (No) 2,491.6
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationKPR Mills Ltd 1QFY18 Result Update Target: Rs 944. Textile revenue impacted by slowdown due to GST, recovery from 2QFY18 onwards
KPR Mills Ltd 1QFY18 Result Update Target: Rs 944 Previous Rating: Accumulate Current Rating: Accumulate Textile revenue impacted by slowdown due to GST, recovery from 2QFY18 onwards CMP (Rs) 806 Target
More informationTRIDENT LTD. 21 Sept 2017 CMP INR 101. Initiating Coverage (BUY) Target Price INR 126
21 Sept 2017 TRIDENT LTD CMP INR 101 Initiating Coverage (BUY) Target Price INR 126 Stock Details Industry TEXTILES Bloomberg Code TRID:IN BSE Code 521064 Face Value (Rs.) 10.00 Market Cap. (Rs. mn) 52,376.6
More informationTrident Ltd. Buy & Add on dips
Trident Ltd. Buy & Add on dips 33,351.8 38,689.6 37,553.3 36,656.6 46,944.2 18-Apr-17 18-May-17 18-Jun-17 18-Jul-17 18-Aug-17 18-Sep-17 18-Oct-17 18-Nov-17 18-Dec-17 18-Jan-18 18-Feb-18 18-Mar-18 Trident
More informationWipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold
Wipro 3QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 328 Recommendation: Hold Market statistics Current stock price (`) 328 Shares O/S (cr.) 452.3 Mcap (` cr) 148,571
More informationFineotex Chemical Ltd
Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to
More informationAmber Enterprises India Ltd
3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)
More informationBALKRISHNA INDUSTRIES LTD
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 BALKRISHNA INDUSTRIES LTD 8888888888888888888888888888888888888888888888888888888888888888888s.. January19, 2016
More 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 informationPROCTER & GAMBLE HYGIENE & HEALTH CARE LTD Result Update (PARENT BASIS): Q4 FY15
PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD Result Update (PARENT BASIS): Q4 FY15 ISIN: INE179A01014 OCTOBER 5 th 2015 STOCK DETAILS Sector FMCG BSE Code 500459 Face Value 10.00 52wk. High / Low (Rs.) 7435.00/5144.40
More informationWipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold
Wipro 4QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 287 Recommendation: Hold Market statistics Current stock price (`) 287 Shares O/S (cr.) 452.3 Mcap (` cr) 129,927
More informationCompany Overview. Financial Performance
CMP: 14.00 February 11, 2016 Stock Details BSE code 521167 BSE ID FRONTBUSS Face value ( ) 5 No of shares (m) 21.3 52 week H/L 31.3/12.1 Market cap ( m) 298.5 30 days avg vol (No) 42,670 Free float ( m)
More informationBajaj Auto Ltd. CMP: Rs.1426 Recommendation: Buy Target Price: Rs March. 1 P age. 21 st July Key Data Financial Year End
CMP: Rs.1426 Recommendation: Buy Target Price: Rs.1593 Key Data Financial Year End March Market Cap (Rs. Cr.) 41,241 Market Cap (USD Bn.) 9.2 Free Float Factor 0.49 52 Week H/L 1664.5/1189.6 Avg. 12M volumes
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationKEI 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 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 informationKEI 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 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 informationAPOLLO TYRES LTD. October 19 th, CMP (Rs.) 194. Key Developments
Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 s. APOLLO TYRES LTD.. October 19 th, 2015 BSE Code: 500877 NSE Code: APOLLOTYRE Reuters Code: APLO.NS Bloomberg
More informationBUY. IFB AGRO INDUSTRIES LTD Result Update (PARENT BASIS): Q1 FY16. CMP Target Price SEPTEMBER 30 th 2015 SYNOPSIS
BUY CMP 382.00 Target Price 440.00 IFB AGRO INDUSTRIES LTD Result Update (PARENT BASIS): Q1 FY16 SEPTEMBER 30 th 2015 ISIN: INE076C01018 Index Details Stock Data Sector Breweries & Distilleries BSE Code
More informationShalimar Wires Industries Ltd. BSE Scrip Code:
Shalimar Wires Industries Ltd. BSE Scrip Code: 532455 Paper Machine Clothing and EMD Wires October 15, 2012 Equity Statistics Current Market Price Rs. 7.61 52 Week High/Low Rs. 14.00/6.72 Market Capitalisation
More informationBloomberg Code: ATA IN
Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew
More informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationWires & Fabriks (SA) Limited BSE Scrip Code:
Wires & Fabriks (SA) Limited BSE Scrip Code: 507817 Textiles September 17, 2012 Equity Statistics Current Market Price Rs. 77.0 52 Week High / Low Rs. 106.80/68.50 Market Capitalisation Rs. crores 23.5
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 191.60 Target Price 220.00 SESHASAYEE PAPER & BOARDS LTD Result Update (PARENT BASIS): Q3 FY15 APRIL 8 th, 2015 ISIN: INE630A01016 Index Details Stock Data Sector Paper & Paper Products BSE Code
More informationReliance Chemotex Industries Ltd BSE Scrip Code:
Reliance Chemotex Industries Ltd BSE Scrip Code: 503162 Textile - Spinning January 22, 2016 Equity Statistics Current Market Price Rs. 45.5 52 Week High/Low Rs. 57.95/36.10 Market Capitalisation Rs. Crore
More informationResult Update. Sterling Tools. Buy
Sterling Tools Buy Result Update Growth momentum continues Sterling tools (STRT) number were broadly in line with estimates. Margins on a sequential basis have started showing signs of improvement at gross
More informationBUY GARWARE-WALL ROPES LTD SYNOPSIS. CMP Target Price DECEMBER 17 th Result Update (PARENT BASIS): Q2 FY15
BUY CMP 169.90 Target Price 192.00 GARWARE-WALL ROPES LTD Result Update (PARENT BASIS): Q2 FY15 DECEMBER 17 th 2014 ISIN: INE276A01018 Stock Details Stock Data Sector Textiles BSE Code 509557 Face Value
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
More informationBUY. NILKAMAL LIMITED Result Update(PARENT BASIS): Q1 FY 16 SYNOPSIS. CMP Target Price OCTOBER 12 th 2015 ISIN: INE310A01015
BUY CMP 974.25 Target Price 1100.00 NILKAMAL LIMITED Result Update(PARENT BASIS): Q1 FY 16 OCTOBER 12 th 2015 ISIN: INE310A01015 Index Details Stock Data Sector Plastic Products BSE Code 523385 Face Value
More informationGoodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 43.05 Target Price 50.00 KAMDHENU ISPAT LTD Result Update (PARENT BASIS): Q3 FY15 APRIL 4 th 2015 ISIN: INE390H01012 Index Details Stock Data Sector Iron & Steel/Interm.Products BSE Code 532741
More informationBUY. KDDL LTD Result Update (PARENT BASIS): Q1 FY16 SYNOPSIS. CMP Target Price AUGUST 22 nd 2015 ISIN: INE291D01011
BUY CMP 280.10 Target Price 322.00 KDDL LTD Result Update (PARENT BASIS): Q1 FY16 AUGUST 22 nd 2015 ISIN: INE291D01011 Index Details Stock Data Sector Other Apparels & Accessories BSE Code 532054 Face
More informationVadodara 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 informationQuick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.
Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,
More informationBUY. Outperformance continues GULF OIL LUBRICANTS INDIA. Target Price: Rs 1,000. Hike estimates and TP; maintain BUY
Outperformance continues Gulf Oil s core volumes grew 7% YoY in Q1FY18 (vs. 10% normal growth) even as GST-led destocking led to 10-15% volume degrowth for peer lubricant players. Volumes are likely to
More informationPidilite Industries Ltd
Company Update De-stocking as an initial response to GST implementation caused subdued performance; Brighter long term business prospects ahead The company has recorded sales of Rs. 16693 Mn in as against
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 1750.50 Target Price 1995.00 BAJAJ FINSERV LIMITED (CONSOLIDATED) Result Update: Q1 FY16 SEPTEMBER 26 th, 2015 ISIN: INE918I01018 Index Details Stock Data Sector Financial Services BSE Code 532978
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 informationSuper Sales India Limited
Super Sales India Limited Date: 20 th January, 2016 Stock Performance Details Shareholding Details September 2015 Current Price : ` 400.0^ Face Value : ` 10 per share 52 wk High / Low : ` 518.0 / 221.6
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 informationMRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
More informationAstra Microwave Products
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Research Desk Stock Broking Capital Goods - Defence August 4, 2014 RESULT REVIEW Bloomberg: ASTM@IN Reuters: ASTM.BO Results in-line with expectation-maintain
More informationCompany Overview. Financial Performance
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 CMP: 25.20 December 30, 2015 Stock Details BSE code 524440 BSE ID CAMEXLTD Face value ( ) 10 No of shares (m) 10.2 52
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 informationCCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
More informationVisaka Industries BUY. Performance Highlights CMP. `119 Target Price `144. 2QFY2016 Result Update Cement Products. Investment Period 12 Months
2QFY2016 Result Update Cement Products November 18, 2015 Visaka Industries Performance Highlights Y/E March (` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Net sales 192 210 (8.2) 321 (40.2) EBITDA
More informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
More informationOrbit Exports Limited
Orbit Exports Limited Date: 5 th January, 2016 Stock Performance Details Shareholding Details September 2015 Current Price : ` 387.9^ Face Value : ` 10 per share 52 wk High / Low : ` 494.8 / 302.2 Total
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. NIIT TECHNOLOGIES LTD Result Update (PARENT BASIS): Q2 FY16 SYNOPSIS. CMP Target Price OCTOBER 17 th, 2015
BUY CMP 493.05 Target Price 560.00 NIIT TECHNOLOGIES LTD Result Update (PARENT BASIS): Q2 FY16 OCTOBER 17 th, 2015 ISIN: INE591G01017 Index Details Stock Data Sector IT Consulting & Software BSE Code 532541
More informationQuick 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 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 informationIndag Rubber Ltd Bloomberg Code: IDR IN
Industrials-Transportation Equipment-Commercial Vehicles Bloomberg Code: IDR IN India Research - Stock Broking Set to Ride on Commercial Vehicle Growth with Strong Cash Flows and Balance Sheet Recovery
More informationInstitutional Equities
4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
More informationSwiss Glascoat Equipments
Management Meet Update Institutional Equities Swiss Glascoat Equipments 28 December 17 Reuters: SWGE.BO; Bloomberg: SWGE IN We had a meeting with the management of Swiss Glascoat Equipments (SGEL) recently
More informationMCX Ltd. Rating: Target price: EPS: Tepid volume growth continues. Target. Rating CMP. Rs. 1,080 SELL. Rs. 1,176
: price: EPS: Tepid volume growth continues 4QFY15 traded volumes in MCX showed a small improvement sequentially whereas declined yoy. FY15 traded Values are at a sever year low. We retain our cautious
More informationBUY. NCC LIMITED Result Update (CONSOLIDATED): Q1 FY16 SYNOPSIS. CMP Target Price SEPTEMBER 21 st, 2015 ISIN: INE868B01028
BUY CMP 68.20 Target Price 78.00 NCC LIMITED Result Update (CONSOLIDATED): Q1 FY16 SEPTEMBER 21 st, 2015 ISIN: INE868B01028 Index Details Stock Data Sector Construction & Engineering BSE Code 500294 Face
More informationBUY. HSIL LTD Result Update(PARENT BASIS): Q2 FY15. CMP Target Price DECEMBER 4 th 2014 SYNOPSIS
BUY CMP 367.10 Target Price 415.00 HSIL LTD Result Update(PARENT BASIS): Q2 FY15 DECEMBER 4 th 2014 ISIN: INE415A01038 Stock Details Stock Data Sector Containers & Packaging BSE Code 500187 Face Value
More informationWipro. 3QFY17 Result Update. Guidance subdued, maintain Hold. Sector: Technology CMP: ` 474. Recommendation: Hold
Wipro 3QFY17 Result Update Guidance subdued, maintain Hold Sector: Technology CMP: ` 474 Recommendation: Hold Market statistics Current stock price (`) 474 Shares O/S (cr.) 243.1 Mcap (` cr) 115,090 52W
More informationPEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 6847.80 Target Price 7540.00 WABCO INDIA LTD Result Update (PARENT BASIS): Q1 FY16 OCTOBER 7 th 2015 ISIN: INE342J01019 Index Details Stock Data Sector Auto Parts & Equipment BSE Code 533023 Face
More informationSymphony Ltd. RESULT UPDATE 31st October 2017
. RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential
More informationRecommendation HOLD Dismal performance drags margins Appreciating Japanese Yen, drop in volumes and increase in. Rs. 1,126.
Recommendation HOLD Dismal performance drags margins Appreciating Japanese Yen, drop in volumes and increase in Rs. 1,126 Raw material costs pulled down Maruti s EBITDA margin to Rs 1,200 6.5% in Q2FY12
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 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 informationKey estimate revision. Financial summary. Year
: price: EPS: How does our one year outlook change? We retain our positive outlook on WIL and believe that revival in MHCV industry, increasing content per vehicle and opportunity in exports would drive
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 informationTextile Sector Performance Update. Annual Report : Wazir Textile Index. June 2018
Annual Report : 2017-18 Textile Sector Performance Update Wazir Textile Index June 2018 2 Contents Wazir Textile Index Annual Financial Performance Quarterly Analysis Market Update Key Economic Indicators
More informationMphasis. 1QFY17 Result Update. Muted quarter, Direct business still weak. Sector: Technology CMP: ` 540. Recommendation: Sell
MphasiS 1QFY17 Result Update Muted quarter, Direct business still weak Sector: Technology CMP: ` 540 Recommendation: Sell Market statistics Current stock price (`) 540 Shares O/S (cr.) 21.0 Mcap (` cr)
More informationBUY. MAGMA FINCORP LIMITED Result Update (CONSOLIDATED BASIS): Q1 FY16 SYNOPSIS. CMP Target Price SEPTEMBER 9 th, 2015 ISIN: INE11C01022
BUY CMP 87.50 Target Price 102.00 MAGMA FINCORP LIMITED Result Update (CONSOLIDATED BASIS): Q1 FY16 SEPTEMBER 9 th, 2015 ISIN: INE11C01022 Index Details Stock Data Sector Finance (NBFCs) BSE Code 524000
More informationMRF. 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 informationITC Ltd. RESULT UPDATE 27th October, 2017
. RESULT UPDATE 27th October, 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update - II 27th October, 2017 CMP INR 269 Target INR 349 Potential Upside
More informationInvestment Idea. Alok Industries Ltd. Alok Industries Ltd. INVESTMENT IDEA. 2 February Investment Argument. Recommendation. Risks and Concerns
Web: www.alokindustries.com Risk Price (Rs.) Market Cap (Rs.Crs.) 52 High / Low (Rs.) Sales/MCap Book Value (Rs.) BSE NSE Reuters Bloomberg Public & Others 21% Promoters 36% Technical Trends Share Holding
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 informationSwaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE
2QFY18 Result Update Institutional Equities Swaraj Engines 13 November 2017 Reuters: SWAR.BO; Bloomberg: SWE IN Strong Realisation Drives Earnings Growth Swaraj Engines (SEL) 2QFY18 earnings were 5% above
More information