Dynamatic Technologies Ltd
|
|
- Cameron Byrd
- 6 years ago
- Views:
Transcription
1 Q2FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved.
2 Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process Analysis of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a five-point scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP). CRISIL Fundamental Grade Assessment CRISIL Valuation Grade Assessment 5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP) 4/5 Superior fundamentals 4/5 Upside (1-25% from CMP) 3/5 Good fundamentals 3/5 Align (+-1% from CMP) 2/5 Moderate fundamentals 2/5 Downside (- 1-25% from CMP) 1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP) Analyst Disclosure Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. Additional Disclosure This report has been sponsored by NSE - Investor Protection Fund Trust (NSEIPFT). Disclaimer: This Exchange-commissioned Report (Report) is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. The Data / Report are subject to change without any prior notice. Opinions expressed herein are our current opinions as on the date of this Report. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information only of the authorized recipient in India only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person especially outside India or published or copied in whole or in part, for any purpose. CRISIL Limited. All Rights Reserved.
3 Depreciation and interest costs to dent FY12 PAT Fundamental Grade Valuation Grade Industry 4/5 (Superior fundamentals) 3/5 (CMP is aligned) Auto component Dynamatic Technologies Ltd s (Dynamatic s) Q2FY12 revenues grew by 6.7% q-o-q, higher than CRISIL Research s expectations. The auto components business grew by ~4% q-o-q against our expectation of flat revenues. While EBITDA margin improved q-o-q, it was lower than expected. The domestic auto component segment continued to report loss at the EBITDA level, as in Q1FY12. Depreciation and interest costs were much higher than expected resulting in lower-than-expected PAT. We have revised our FY12 earnings estimate downwards after factoring in lower EBITDA margin, higher depreciation and interest costs. We maintain FY13 estimates and the fundamental grade of 4/5. However, given the large acquisition by Dynamatic in April 211, there will be (a) integration risks, (b) higher susceptibility to global economic downturn, (c) currency risks, and (d) higher gearing, which could impact the fundamental grade. Q2FY12 result analysis Dynamatic s Q2FY12 revenues were up 6.7% q-o-q to Rs 3,85 mn due to strong growth in the hydraulics segment (~17% q-o-q growth, ~21% of gross revenues). On a y-o-y basis, revenues were up mainly due to the acquisition of Germany s Eisenwerk Erla GmbH (Eisenwerk) in April 211. EBITDA margin improved by 188 bps q-o-q to 1.1%. Of this improvement, ~16 bps came from a decline in raw material cost as percentage of revenue. Impacted by lower margins of Eisenwerk, EBITDA margin continued to be lower y-o-y (~55 bps decline in Q2FY12). PAT margin was impacted by an 8.2% q-o-q increase in depreciation and 26.7% q-o-q increase in interest cost due to the debt taken for the Eisenwerk acquisition. While PAT margin increased by 7 bps q-o-q, it declined by 24 bps y-o-y to 1.8%. Adjusted EPS of Rs 12.6 was up 75.3% q-o-q and 31.1% y-o-y. Earnings estimates revised downwards We have raised FY12 revenue estimate by 5.3% to Rs 14.9 bn after factoring in higher growth in the auto components business. After factoring in lower profitability in the domestic auto component segment, we have lowered FY12 EBITDA margin estimate by ~5 bps to 9.9%. After factoring in higher depreciation and interest costs, we have cut PAT estimate for FY12 by ~32% to Rs 259 mn (EPS of Rs 47.8). FY13 estimates are unchanged. Valuations: Current market price is aligned We continue to use the discounted cash flow method to value Dynamatic. We remain positive on the long-term growth in Dynamatic s cash flows and maintain the fair value of Rs 1,131 per share. KEY FORECAST (Rs mn) FY9 FY1 FY11 FY12E FY13E Operating income 4,126 4,447 5,16 14,98 15,88 EBITDA ,471 1,99 Adj PAT Adj EPS-Rs EPS growth (%) (92.3) Dividend yield (%) RoCE (%) RoE (%) PE (x) P/BV (x) EV/EBITDA (x) NM: Not meaningful; CMP: Current market price estimate November 29, 211 Fair Value Rs 1131 CMP Rs 189 CFV MATRIX KEY STOCK STATISTICS NIFTY 4851 NSE DYNAMATECH Face value (Rs per share) 1 Shares outstanding (mn) 5.4 Market cap (Rs mn)/(us$ mn) 5,897/113 Enterprise value (Rs mn) /(US$ mn) 9,63/ week range (Rs) (H/L) 1,594/944 Beta 1.1 Free float (%) 45.4% Avg daily volumes (3-days) 1295 Avg daily value (3-days) (Rs mn) 1.53 SHAREHOLDING PATTERN 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Excellent Fundamentals Fundamental Grade PERFORMANCE VIS-À-VIS MARKET Returns 1-m 3-m 6-m 12-m DYNAMATIC -9% 9% -16% 4% NIFTY -1% 2% -11% -16% ANALYTICAL CONTACT Chetan Majithia (Head) Urmil Shah Suresh Guruprasad Poor Fundamentals Strong Downside Valuation Grade 23.1% 21.6% 2.7% 21.2%.2%.2%.2%.2% 21.5% 23.4% 23.9% 23.5% 55.2% 54.8% 55.2% 55.1% Strong Upside Dec-1 Mar-11 Jun-11 Sep-11 Promoter FII DII Others chetanmajithia@crisil.com udshah@crisil.com sguruprasad@crisil.com Client servicing desk clientservicing@crisil.com CRISIL Limited. All Rights Reserved. CRISIL RESEARCH 1
4 Q2FY12 Result Summary (Rs mn) Q2FY12 Q1FY12 Q2FY11 q-o-q (%) y-o-y (%) H1FY12 H1FY11 y-o-y (%) Net sales 3,85 3,566 1, ,37 2, Consumption of Raw Materials 2,416 2, ,743 1, (Increase) / Decrease in stock in trade (8) (12) (2) (36.5) (6.7) (2) (3) (33.4) Raw material as a % of sales 63.3% 64.9% 5.1% (159) bps 1,318 bps 64% 49% 1,471 bps Other expenses Employees Cost , EBITDA EBITDA margin 1.1% 8.2% 15.6% 188 bps (551) bps 9.2% 14.8% (56) bps Depreciation EBIT Interest and finance charges Operating PBT Other Income (7.5) 8 16 (52.5) Extraordinary Income/(expense) NM NM - 15 NM PBT Tax (1.1) PAT Adj PAT Adj PAT margin 1.8% 1.1% 4.2% 7 bps (24) bps 1.5% 3.1% (166) bps No of equity shares (mn) Adj EPS (Rs) Revenue break-down trend (Rs mn) Q3FY1 Q4FY1 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Hydraulics y-o-y growth 17.2% 1.% 43.9% -1.5% -5.% 32.5% 19.% 29.6% q-o-q growth 6.2% -22.% 1.6% 7.5% 2.4% 8.9% -.7% 17.1% Aerospace y-o-y growth na 639.3% 28.9% 24.% 3.6% 39.5% 22.6% 5.9% q-o-q growth 5.% 13.5%.6% 3.3% 1.6% 21.2% -11.6% 27.2% Auto ,694 2,84 y-o-y growth 44.8% 8.3% -1.6% 16.1% -17.9% 11.8% 563.3% 484.3% q-o-q growth 22.5% -14.6% -6.% 18.1% -13.4% 16.2% 457.9% 4.1% Inter-segment (198) (14) (96) (121) (98) (128) (121) (189) Net Revenues 1,23 1,186 1,137 1,239 1,238 1,389 3,566 3,85 CRISIL Limited. All Rights Reserved. CRISIL RESEARCH 2
5 Q2 revenue growth driven by growth in hydraulics and aerospace segments (Rs mn) 4, 3,5 3, 2,5 2, 1,5 1, % 14.6% 1,44 Q2FY1 1,23 Q3FY1 14.4% 1,186 Q4FY1 13.9% 1,137 Q1FY % 1,239 Q2FY % 16.5% 1,238 1,389 Q3FY11 Q4FY11 1.1% 8.2% 3,566 3,85 Q1FY12 Q2FY12 18% 16% 14% 12% 1% 8% 6% 4% 2% % 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % 42.1% 36.4% 35.7% 38.7% 33.6% 34.8% 75.5% 73.7% 15.9% 19.% 19.9% 18.9% 21.% 22.6% 57.9% 45.8% 52.8% 52.1% 53.4% 51.8% 7.8% 9.3% 2.% 22.% Q3FY1 Q4FY1 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Net Sales EBITDA Margin (RHS) Hydraulics Aerospace Auto EBIT margin up q-o-q across all segments, aerospace being the best performer PAT margin continued to be impacted by depreciation and interest costs 4% 35% 3% 25% 2% 24.1% 32.1% 31.8% 28.8% 3.6% 35.8% 27.7% (Rs mn) % 5.4% 3.6% 6.% 7% 6% 5% 4% 15% 1% 5% % -5% -1% 8.6% 7.6% 9.1% 7.8% 6.9% 4.4% 5.1% 6.% 8.6% 6.3% 5.1% 2.8% -5.9% 3.% 3.6% 2.5%.% 3QFY1 4QFY1 1QFY11 2QFY11 3QFY11 4QFY11 Q1FY12 Q2FY % 9 41 Q2FY1 Q3FY1 2.3% 1.9% 1.8% 1.1% Q4FY1 Q1FY11 Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 3% 2% 1% % Hydraulics Aerospace Auto Share price movement PAT PAT Margin (RHS) Fair value movement since initiation 4 (Rs) (') ,75 1,5 1,25 1, Feb-9 Apr-9 Jul-9 Sep-9 Dec-9 Feb-1 May-1 Jul-1 Oct-1 Dec-1 Mar-11 Jun-11 Aug-11 Nov Nov-1 2-Dec-1 17-Jan Feb Mar Apr May Jun Jul-11 8-Aug-11 8-Sep-11 7-Oct-11 8-Nov-11 -indexed to 1 Dynamatic NIFTY Total Traded Quantity (RHS) CRISIL Fair Value Dynamatic CRISIL Limited. All Rights Reserved. CRISIL RESEARCH 3
6 EARNINGS ESTIMATES REVISED DOWNWARDS Particulars Unit FY12E FY13E Old New % change Old New % change Revenue (Rs mn) 14,158 14,98 5.3% 15,88 15,88.% EBITDA (Rs mn) 1,471 1,471.% 1,99 1,99.% EBITDA margin % bps bps Depreciation (Rs mn) % % Interest cost (Rs mn) % 7 7.% Other income (Rs mn) % 2 2.% PAT (Rs mn) % % PAT margin % bps bps EPS Rs % % Source: CRISIL Research Reasons for change in estimates Line item FY12 FY13 Revenues Increased revenue estimate for Eisenwerk, thereby for Dynamtic s auto components No change segment. This has resulted in 5.3% increase in the overall revenue forecast. EBITDA margins The domestic auto component business is expected to continue to report loss at the No change EBITDA level in Q3FY12 (as in H1FY12) and profit in Q4FY12. EBITDA margin of 35.8%, highest in past eight quarters, in the aerospace segment is expected to moderate to 3% in H2FY12. PAT margins Dynamatic has published its consolidated balance sheet as of end-q2fy12. We have got No change more clarity on the fixed assets and debt compared to Q1FY12 results, when the company did not publish the balance sheet. Depreciation has been increased by 24.4% on the back of higher-than-expected addition to gross and net fixed assets. Interest cost has been increased by 22.2% on the back of higher average debt assumed for FY11. CRISIL Limited. All Rights Reserved. CRISIL RESEARCH 4
7 VALUATION We continue to use the discounted cash flow method to value Dynamatic and maintain our fair value of Rs 1,131. The stock is currently trading at Rs 1,89. At the current market price, our valuation grade is 3/5. One-year forward P/E band (Rs) 3, 2,5 2, 1,5 1, 5 One-year forward EV/EBITDA band (Rs mn) 3, 25, 2, 15, 1, 5, Mar-7 Aug-7 Jan-8 Jun-8 Nov-8 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Nov-11 Mar-7 Aug-7 Jan-8 Jun-8 Nov-8 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Nov-11 Dynamatic 15x 18x 21x 24x 27x P/E premium/discount to NIFTY P/E movement Dynamatic 8x 1x 12x 14x 7% 6% 5% 4% 3% 2% 1% % -1% (Times) std dev -1 std dev Mar-7 Aug-7 Jan-8 Jun-8 Nov-8 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Nov-11 Mar-7 Aug-7 Jan-8 Jun-8 Nov-8 Apr-9 Sep-9 Mar-1 Aug-1 Jan-11 Jun-11 Nov-11 Premium/Discount to NIFTY Median premium/discount to NIFTY 1yr Fwd PE (x) Median PE CRISIL IER reports released on Dynamatic Technologies Ltd Date Nature of report Fundamental grade Fair value Valuation grade CMP (on the date of report) 19-Nov-1 Initiating coverage* 4/5 Rs 1,241 3/5 Rs 1,182 8-Mar-11 Q3FY11 result update 4/5 Rs 1,241 4/5 Rs 1,1 9-June-11 Q4FY11 result update 4/5 Rs 1,241 3/5 Rs 1,35 3-Sep-11 Q1FY12 result update 4/5 Rs 1,131 3/5 Rs 1,1 24-Nov-11 Q2FY12 result update 4/5 Rs 1,131 3/5 Rs 1,89 * For detailed initiating coverage report please visit: CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters. CRISIL Limited. All Rights Reserved. CRISIL RESEARCH 5
8 FINANCIALS Income statement Balance Sheet (Rs mn) FY9 FY1 FY11 FY12E FY13E (Rs mn) FY9 FY1 FY11 FY12E FY13E Operating income 4,126 4,447 5,16 14,98 15,88 Liabilities EBITDA ,471 1,99 Equity share capital EBITDA margin 12.3% 15.2% 16.4% 9.9% 12.% Reserves 988 1,128 1,289 1,472 1,891 Depreciation Minorities EBIT ,58 1,468 Net worth 1,42 1,182 1,343 1,526 1,945 Interest Convertible debt Operating PBT Other debt 2,834 2,526 3,322 7,76 7,456 Other income Total debt 2,834 2,526 3,322 7,76 7,456 Exceptional inc/(exp) (98) 1 (6) - - Deferred tax liability (net) PBT (28) Total liabilities 4,94 3,948 4,935 9,532 9,73 Tax provision Assets Minority interest Net fixed assets 2,225 2,342 2,697 5,284 5,293 PAT (Reported) (8) Capital WIP Less: Exceptionals (98) 1 (6) - - Total fixed assets 2,535 2,448 3,236 5,823 5,832 Adjusted PAT Investments Current assets Ratios Inventory ,26 2,262 FY9 FY1 FY11 FY12E FY13E Sundry debtors ,171 2,859 3,45 Growth Loans and advances Operating income (%) C ash & bank balance EBITDA (%) (7.4) Marketable securities Adj PAT (%) (91.4) Total current assets 2,83 2,36 2,497 5,796 6,188 Adj EPS (%) (92.3) Total current liabilities ,24 3,23 3,432 Net current assets 1,14 1,72 1,257 2,566 2,756 Profitability Intangibles/Misc. expenditure ,142 1,142 EBITDA margin (%) Total assets 4,94 3,948 4,935 9,532 9,73 Adj PAT Margin (%) RoE (%) Cash flow RoCE (%) (Rs mn) FY9 FY1 FY11 FY12E FY13E RoIC (%) Pre-tax profit Total tax paid 12 (32) (57) (13) (238) Valuations Depreciation Price-earnings (x) Working capital changes (92) 39 (271) (1,955) (75) Price-book (x) Net cash from operations (618) (1,254) 916 EV/EBITDA (x) Cash from investments EV/Sales (x) C apital expenditure (974) (138) (1,39) (3,) (45) Dividend payout ratio (%) (31.6) Investments and others Dividend yield (%) Net cash from investments (974) (138) (1,39) (3,) (45) Cash from financing B/S ratios Equity raised/(repaid) Inventory days Debt raised/(repaid) 1,192 (37) 796 4,384 (25) Creditors days Dividend (incl. tax) (25) (48) (63) (78) (14) Debtor days Others (incl extraordinaries) (317) Working capital days Net cash from financing 1,586 (271) 734 4,38 (351) Gross asset turnover (x) C hange in cash position (6) (2) (72) Net asset turnover (x) C losing cash Sales/operating assets (x) Current ratio (x) Quarterly financials Debt-equity (x) (Rs mn) Q2FY11 Q3FY11 Q4FY11 Q1FY12 Q2FY12 Net debt/equity (x) Net Sales 1,239 1,238 1,389 3,566 3,85 Interest coverage C hange (y-o-y) 18.7% 2.9% 17.1% 213.5% 27.1% EBITDA Per share Change (y-o-y) 49.2% 15.8% 34.3% 85.4% 98.5% FY9 FY1 FY11 FY12E FY13E EBITDA margin 15.6% 16.5% 16.5% 8.2% 1.1% Adj EPS (Rs) PAT C EPS Adj PAT Book value Change (y-o-y) 138.2% 19.7% 45.2% 77.% 31.1% Dividend (Rs) Adj PAT margin 4.2% 3.9% 6.% 1.1% 1.8% Actual o/s shares (mn) Adj EPS Note: All ratios are computed on Adj PAT estimate CRISIL Limited. All Rights Reserved. CRISIL RESEARCH 6
9 CRISIL Research Team Senior Director Mukesh Agarwal +91 (22) Analytical Contacts Tarun Bhatia Director, Capital Markets +91 (22) Prasad Koparkar Head, Industry & Customised Research +91 (22) Chetan Majithia Head, Equities +91 (22) Jiju Vidyadharan Head, Funds & Fixed Income Research +91 (22) Ajay D'Souza Head, Industry Research +91 (22) Ajay Srinivasan Head, Industry Research +91 (22) Sridhar C Head, Industry Research +91 (22) sridharc@crisil.com Manoj Mohta Head, Customised Research +91 (22) mmohta@crisil.com Sudhir Nair Head, Customised Research +91 (22) snair@crisil.com Business Development Vinaya Dongre Head, Industry & Customised Research +91 (22) vdongre@crisil.com Ashish Sethi Head, Capital Markets +91 (22) asethi@crisil.com CRISIL s Equity Offerings The Equity Group at CRISIL Research provides a wide range of services including: Independent Equity Research IPO Grading White Labelled Research Valuation on companies for use of Institutional Investors, Asset Managers, Corporate Other services by the Research group include Funds & Fixed Income Research Mutual fund rankings Wealth Tracking and Financial Planning tools for asset managers, wealth managers and IFAs Valuation for all debt instruments Developing and maintaining debt and hybrid indices Consultancy and research support to retirement funds Industry & Customized Research Provide comprehensive research coverage across 65 sectors Customised research on market sizing, demand modelling and entry strategies Customised research content for Information Memorandum and Offer Documents CRISIL Limited. All Rights Reserved.
10 About CRISIL Limited CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations. About CRISIL Research CRISIL Research is the country s largest independent and integrated research house with strong domain expertise on Indian economy, industries and capital markets. We leverage our unique research platform and capabilities to deliver superior perspectives and insights to over 12 domestic and global clients, through a range of research reports, analytical tools, subscription products and customised solutions. To know more about CRISIL IER, please contact our team members: Vinaya Ashish Sethi Dongre Head, Head, Business Development vdongre@crisil.com asethi@crisil.com I I Phone : : Ashish Sagar Sawarkar Sethi Head, Senior Business Manager, Development Business Development ssawarkar@crisil.com asethi@crisil.com I Phone I Phone : : Sagar Sawarkar Senior Manager, Business Development ssawarkar@crisil.com I Phone : Regional Contacts: Ahmedabad / Mumbai Vishal Shah - Manager, Business Development vishah@crisil.com I Phone : Bengaluru Gayathri Ananth Senior Manager, Business Development gs@crisil.com I Phone : Chennai / Hyderabad Kaliprasad Ponnuru - Manager, Business Development kponnuru@crisil.com I Phone : Delhi Arjun Gopalkrishnan - Manager, Business Development agopalakrishnan@crisil.com I Phone : Kolkata Priyanka Agarwal - Manager, Business Development priyagarwal@crisil.com I Phone : Mumbai / Pune Vivek Tandon - Manager, Business Development vtandon@crisil.com I Phone : Head Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai Phone : CRISIL Limited. All Rights Reserved. Web: Download reports from:
The Jeypore Sugar Company Ltd
Q1FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationeclerx Services Ltd Q3FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved.
Q3FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationLakshmi Finance and Industrial Corporation Ltd
Q1FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationSavera Industries Ltd
Q2FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationHitech Plast Ltd. Q4FY11 First Cut. Enhancing investment decisions. CRISIL Limited. All Rights Reserved.
Q4FY11 First Cut Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationThe Jeypore Sugar Company Ltd
The Jeypore Sugar Company Ltd Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses
More informationKandagiri Spinning Mills Ltd
Q1FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationWendt (India) Ltd. Q1FY12 Result Update. Enhancing investment decisions. CRISIL Limited. All Rights Reserved.
Q1FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationSavera Industries Ltd
Q4FY11 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationKandagiri Spinning Mills Ltd
Q4FY11 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationThe West Coast Paper Mills Ltd
Q4FY11 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationOmaxe Ltd. Q2FY12 Result Update. Enhancing investment decisions. CRISIL Limited. All Rights Reserved.
Q2FY12 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationPunjab Chemicals and Crop Protection Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationPlastiblends India Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationSiyaram Silk Mills Ltd
Q4FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationShri Lakshmi Cotsyn Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationKLRF Ltd. Q3FY11 Result Update. Enhancing investment decisions
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationeclerx Services Ltd Q4FY11 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved.
Q4FY11 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationHydro S&S Industries Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationThe West Coast Paper Mills Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationSagar Cements Ltd. Q3FY11 Result Update. Enhancing investment decisions
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationHydro S&S Industries Ltd
Q2FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationKLRF Ltd. Q2FY11 Result Update. Enhancing investment decisions
Q2FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationLakshmi Finance and Industrial Corporation Ltd
Q2FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationWendt (India) Ltd. Q4FY11 Result Update. Enhancing investment decisions. CRISIL Limited. All Rights Reserved.
Q4FY11 Result Update Enhancing investment decisions CRISIL Limited. All Rights Reserved. Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationKandagiri Spinning Mills Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationNavin Flourine International Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationSiyaram Silk Mills Ltd
Q3FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationNavin Fluorine International Ltd
Q2FY11 Result Update Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationCRISIL IERIndependentEquityResearch
CRISIL IERIndependentEquityResearch Insecticides (India) Ltd Q2FY14 Results First Cut Enhancing investment decisions CRISIL IERIndependentEquityResearch Explanation of CRISIL Fundamental and Valuation
More informationCRISIL IER Independent Equity Research
CRISIL IER Independent Equity Research Enhancing investment decisions Hinduja Global Solutions Ltd Q3FY17 Results Update Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL
More informationCRISIL IERIndependentEquityResearch
CRISIL IERIndependentEquityResearch Helios and Matheson Information Technology Ltd Results Update Enhancing investment decisions CRISIL IERIndependentEquityResearch Explanation of CRISIL Fundamental and
More informationCRISIL SME IERIndependentEquityResearch
CRISIL SME IERIndependentEquityResearch OPAL Luxury Time Products Ltd H1FY14 Results Update Enhancing investment decisions CRISIL SME IERIndependentEquityResearch Explanation of CRISIL SME Fundamental
More informationCRISIL SME IERIndependentEquityResearch
CRISIL SME IERIndependentEquityResearch Thejo Engineering Ltd H2FY13 Result Update Enhancing investment decisions CRISIL SME IERIndependentEquityResearch Explanation of CRISIL SME Fundamental and Valuation
More informationCRISIL IER Independent Equity Research
CRISIL IER Independent Equity Research KSE Ltd Q3FY14 Results Update Enhancing investment decisions CRISIL IER Independent Equity Research Explanation of CRISIL Fundamental and Valuation (CFV) matrix The
More informationCRISIL IER Independent Equity Research
RESEARCH CRISIL IER Independent Equity Research KRBL Ltd Q3FY15 Results Update Enhancing investment decisions CRISIL IER Independent Equity Research Explanation of CRISIL Fundamental and Valuation (CFV)
More informationeclerx Services Ltd Initiating coverage Enhancing investment decisions CRISIL Limited. All Rights Reserved.
Initiating coverage CRISIL Limited. All Rights Reserved. Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix)
More informationResponsive Industries Ltd
Detailed report Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationCRISIL IERIndependentEquityResearch
YEARS MAKING MARKETS FUNCTION BETTER CRISIL IERIndependentEquityResearch Insecticides (India) Apollo LtdHospitals Enterprise Ltd Detailed Report Q1FY13 Results Update Enhancing investment decisions CRISIL
More informationIndependent Equity Research
Independent Equity Research Enhancing investment decisions Business Prospects Financial Performance Management Evaluation Corporate Governance In-depth analysis of the fundamentals and valuation KLRF Ltd
More informationSagar Cements Ltd. Initiating coverage. Enhancing investment decisions
Initiating coverage Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More informationThe Jeypore Sugar Company Ltd
The Jeypore Sugar Company Ltd Initiating coverage Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses
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 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 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 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 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 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 informationHindustan Oil Exploration Co. Ltd
GICS Industry : Oil, Gas & Consumable Fuels l Sub Industry : Oil & Gas Exploration & Production l Website : www.hoec.com Hindustan Oil Exploration Co. Ltd Key Stock Indicators NSE Ticker : HINDOILEXP Bloomberg
More informationReligare Investment Call
v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `329 `475. 2QFY2019 Result Update Media. Historical share price chart.
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 2QFY2019 Result Update Media November 3, 2018 Music Broadcast Performance Update Y/E March (` cr) 2QFY19 2QFY18 % yoy 1QFY19 % qoq
More informationGAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
More informationReligare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 378 430 13.7% 31,159 9,625 Future looks promising Wonderla Holidays Ltd's Q4FY17 result was a mixed bag as the company reported healthy growth
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 informationPower Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy
2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues
More 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 informationMusic Broadcast BUY. Performance Update. CMP Target Price `293 `475. 3QFY2019 Result Update Media. Stock Info Sector Market Cap (Rs cr) Media
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 3QFY2019 Result Update Media January 31, 2019 Music Broadcast Performance Update Y/E March (` cr) 3QFY19 3QFY18 % yoy
More informationReligare Investment Call
v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 v-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 5,813 Target Price (Rs) 6,519 Potential Upside 12.1% Sensex
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 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 informationIndependent Equity Research
Independent Equity Research Enhancing investment decisions Business Prospects Financial Performance Management Evaluation Corporate Governance In-depth analysis of the fundamentals and valuation Wendt
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 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 informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationMahindra & 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 informationGraphite 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 informationJamna Auto Industries
2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were
More informationColgate-Palmolive (India)
Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue
More 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 informationIndependent Equity Research
Independent Equity Research Enhancing investment decisions Business Prospects Financial Performance Management Evaluation Corporate Governance In-depth analysis of the fundamentals and valuation Savera
More informationMahindra & Mahindra Ltd.
Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationEQUI-GRADE Analytical Power for Investment Decision
Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 EQUI-GRADE Analytical Power for Investment Decision Iron & Steel and Lighting Products November 28, 2013 Good Fundamentals,
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 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 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 informationReligare Investment Call
Q2FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 144 173 % 33,219 10,303 Operational efficiency to continue ' Revenue (growth not comparable due to change
More informationAluminium business sale to improve financials; maintain Buy
India Equity Research Engineering & Capital Goods January 1, 2019 Event Update Dynamatic Technologies Refer to important disclosures at the end of this report Aluminium business sale to improve financials;
More informationHindustan 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 informationLarsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
More informationCentury 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 informationMaruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart
Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Automobile November 3, 2018 Maruti Suzuki India Performance Update Y/E March (` cr) 2QFY19
More 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 informationMatrimony.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 informationExide 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 informationReligare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More 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 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 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 informationReligare Investment Call
Q3FY18 Result Update Auto Ancillary BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 10) Market Cap (Rs Cr) 3M Avg Volume 52 week
More informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationTTK Prestige Ltd. Result Highlights. Revenue growth of 41% YoY, shows no slowdown yet. OPM at ~15.8%; in line with our estimate
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 January 12, 212 COMPANY RESULTS REPORT REVIEW TTK Prestige Ltd. Enough steam left BUY Nifty: 4,831; Sensex: 16,38
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More 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 informationMaruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart
Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 1QFY2019 Result Update Automobile July 27, 2018 Maruti Suzuki India Performance
More informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
More informationMaruti 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 informationAlok Industries Ltd. Initiating coverage. Enhancing investment decisions
Initiating coverage Enhancing investment decisions Explanation of CRISIL Fundamental and Valuation (CFV) matrix The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis
More information