Divi's Laboratories (Divi's)
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1 Divi's Laboratories (Divi's) Institutional Equity Research Pharma India DIVI IN; DIVI.BO November 3, QF15 result review HOLD Weak F15 + Full valuation = Downgrade to Hold Current price (31 Oct) Rs 1,872 Target price Rs 1,885 Upside/(downside) % 1 Earning estimate Revised Market data Mkt capitalisation Rs bn Average daily vol ' week H/L Rs 1888 / 977 Shares O/S mn Free float mn 63.6 Promotor holding % 52.1 Foreign holding % 19.1 Face value Rs 2.0 Price performance (%) 1m 3m 6m 1yr Nifty (abs) Stock (abs) Relative to Index (3.2) Performance (Rs) Nov-13 Feb-14 May-14 Jul-14 Oct-14 Divi's Lab. (LHS) Source: Bloomberg, SSLe (%) Rel. to BSETHC (RHS) Divi s Laboratories (Divi s) reported exceptional sales and disappointed operating margins in 2QF15. Sales and adjusted profits grew 47% and 30% YoY to Rs8.3bn and Rs2.3bn, respectively. Strong sales largely resulted from bunching up of orders, which should normalize in 2H (F15e growth guidance intact ~21%). EBITDAM at 36.6% is weak (SSLe of 37% and consensus of 38%), dragged from lower gross margins of 57.8%, as the sales mix from CCS business dipped to 46% (47% in 1Q). We downgrade Divi s to HOLD with price target Rs1,885 (20x rollover forward valuation). Model changes: In view of tepid OPM for 1H, 36.6% and weak margin commentary for 2H, we lower EPS forecast for F15e by 5.7%. We also model for F17e with sales at Rs46.5bn (23% growth over F16e) and profits at Rs13.7bn (26% growth over F16e). Management commentary: While 21% sales growth is projected for F15e, the guidance on OPM is cut down to % (earlier 38%). In the short term, adverse business mix (low margin Generic API sales) and Vizag plant shutdown (Hudhud cyclone) have impacted the operating results, although 38 39% longterm margin will sustain. Utilisation of DSN facility appears to be normalizing. Tax rate guidance is about 21 22%. Other highlights: Forex gain during 2Q was Rs43mn included in other income. Contribution from Top 5 products remained stable at 46% of sales. Nutraceutical sales came at Rs440mn (Rs870mn in 1H). Downgrade to HOLD; price target Rs1,885: Moderation in the near-term business outlook and full valuation lead us to downgrade Divi s to HOLD from BUY. On our new EPS, P/E is at 31x for F15e and 23x for F16e, respectively. However, in the longer term we are positive on business fundamentals as we forecast elevated two-year EPS CAGR at 31% (F15e F17e) and expect high degree of operative leverage to converge into improved capital returns ratio. We raise our P/E multiple to 20x on 1-year forward EPS with DSN utilisation getting normalized. Our new price target is Rs1,885 (based on 20x rollover forward valuation on October 14). Vivek Kumar vivek.kumar@sbicapsec.com Aarti Rao aarti.rao@sbicapsec.com Financial summary Y/E March (Rs mn) F13 F14 F15e F16e F17e Net sales 21,448 25,140 30,615 37,687 46,479 growth (%) EBITDA margin (%) Adjusted net profit 5,906 7,413 8,002 10,872 13,662 EPS (Rs) growth (%) P/E (x) EV/EBITDA (x) Dividend yield (%) RoE (%) RoCE (%) Source: Company, SSLe SBICAP Research on Bloomberg SBICAP <GO>, Please refer to our disclaimer given at the last page.
2 Boost from bunched up orders exceptional in nature Weak margins Forex gain Quarterly financials Y/E March (Rs mn) 2QF15 2QF14 YoY (%) 1QF15 QoQ (%) 2QF15e Var. (%) Net sales 8,298 5, , , Cost of goods 3,506 1,802 2,489 2,746 Employee benefits exp Other Expenses 1, ,056 EBITDA 3,034 2, , , EBITDAM (%) Depreciation and amort EBIT 2,742 2, , , EBITM (%) Other income Interest expenses Extraordinary/Exceptional Profit before tax 2,927 2, , , Tax expense Effective tax rate (%) PAT 2,296 2, , , Minority interest Reported net profit 2,296 2, , , Non-recurring items Adj. net profit 2,253 1, , , NPM (%) EPS (Rs) Source: Company, SSLe vivek.kumar@sbicapsec.com I aarti.rao@sbicapsec.com November 3,
3 Change in estimates: We have slashed our F15e EPS by 5.7% and decreased our F15e gross margin assumption by 270bps (due to on going adverse business mix into high generic API sales). This has compressed EBITDAM for F15e. Estimate revision (Rs mn) Revised Old Change (%) F15e F16e F15e F16e F15e F16e Sales 30,615 37,687 30,615 37, EBITDA 11,183 14,897 12,010 14,897 (6.9) 0.0 EBITDA margin (%) (270) bps 0 bps Adj. PAT 8,002 10,872 8,482 10,810 (5.7) 0.6 Source: SSLe Key assumptions Y/E Mar F 15e F 16e F 17e Generic APIs growth (%) CCS growth (%) US$/Rs Gross margin (%) Staff cost % to sales R&D spend % to sales Tax rate (%) Source: SSLe P/E distribution (1-year forward) We downgrade Divi s to HOLD with price target Rs1,885 (20x rollover forward valuation) (x) SD = Mean = SD = Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Source: Bloomberg, SSLe November 3,
4 Financials Income Statement Balance Sheet Y/E Mar (Rsmn) F13 F14 F15e F16e F17e Y/E Mar (Rsmn) F13 F14 F15e F16e F17e Net sales 21,448 25,140 30,615 37,687 46,479 Cash & Bank balances ,515 4,574 7,221 growth (%) Other Current assets 14,154 17,583 19,250 23,572 28,940 Operating expenses 13,297 14,951 19,432 22,790 28,106 Investments 4,078 5,046 6,308 7,885 9,856 EBITDA 8,152 10,189 11,183 14,897 18,372 growth (%) Net fixed assets 12,121 13,661 13,819 13,901 13,909 Depreciation &amortisation ,342 1,417 1,492 Goodwill & intangible assets EBIT 7,382 9,268 9,841 13,480 16,880 Other non-current assets 625 1,190 1,190 1,190 1,190 Other income Total assets 31,388 37,838 43,081 51,122 61,117 Interest paid Extraordinary/Exceptional items Current liabilities 4,957 6,375 6,742 8,148 9,804 PBT 7,812 10,086 10,294 13,938 17,515 Borrowings Tax 1,792 2,169 2,252 3,066 3,853 Other non-current liabilities 816 1,249 1,217 1,217 1,217 Effective tax rate (%) Total liabilities 6,167 7,808 8,142 9,549 11,205 Net profit 6,020 7,917 8,042 10,872 13,662 Minority interest Share capital Reported Net profit 6,020 7,917 8,042 10,872 13,662 Reserves & surplus 24,955 29,765 34,673 41,308 49,646 Non-recurring items (115) (504) (40) - - Shareholders' funds 25,221 30,030 34,938 41,574 49,912 Adjusted Net profit 5,906 7,413 8,002 10,872 13,662 Minority interest growth (%) Total equity & liabilities 31,388 37,838 43,081 51,122 61,117 Key Financials ratios Cash Flow Statement Y/E Mar F13 F14 F15e F16e F17e Y/E Mar (Rsmn) F13 F14 F15e F16e F17e Profitability and return ratios (%) Pre-tax profit 7,812 10,086 10,294 13,938 17,515 EBITDAM Depreciation ,342 1,417 1,492 EBITM Chg in working capital (1,409) (2,569) (1,332) (2,916) (3,711) NPM Total tax paid (1,609) (1,818) (2,252) (3,066) (3,853) RoE Other operating activities RoCE Operating CF 5,554 6,585 8,053 9,373 11,443 RoIC Capital expenditure (3,681) (2,425) (1,500) (1,500) (1,500) Chg in investments 692 (968) (1,262) (1,577) (1,971) Per share data (Rs) Other investing activities O/s shares (mn) Investing CF (2,989) (3,393) (2,762) (3,077) (3,471) EPS FCF 2,565 3,192 5,291 6,296 7,972 FDEPS Equity raised/(repaid) CEPS Debt raised/(repaid) (136) (209) (0) - - BV Dividend (incl. tax) (2,329) (3,106) (3,134) (4,237) (5,324) DPS Other financing activities (0) (0) Financing CF (2,466) (3,243) (3,134) (4,237) (5,324) Valuation ratios (x) Net chg in cash & bank bal. 100 (51) 2,157 2,059 2,648 PE Closing cash & bank bal ,515 4,574 7,221 P/BV EV/EBITDA EV/Sales Other key ratios D/E (x) DSO (days) Du Pont Analysis - RoE NPM (%) Asset turnover (x) Equity multiplier (x) RoE (%) Source: Company, SSLe November 3,
5 Recommendation History (Rs) BUY HOLD SELL Stock Price Target Price Date Stock Price TP Rec. 7-Feb-13 1,064 1,393 BUY 4-Mar-13 1,041 1,393 BUY 20-May-13 1,082 1,323 BUY 2-Aug ,323 BUY 8-Nov-13 1,020 1,367 BUY 3-Feb-14 1,313 1,551 BUY 23-May-14 1,296 1,575 BUY 14-Aug-14 1,461 1,690 BUY 31-Oct-14 1,872 1,885 HOLD 800 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Source: Bloomberg, SSLe SBICAP Securities Limited Corporate Office: Mafatlal Chambers, A-Wing, 2nd Floor, N. M. Joshi Marg, Lower Parel, Mumbai Tel.: /01 Fax: KEY TO INVESTMENT RATINGS (w.e.f. February 2013) Guide to the expected return over the next 12 months. 1=BUY (expected to give absolute returns of 15 or more percentage points); 2=HOLD (expected to give absolute returns between -10 to 15 percentage points); 3=SELL (expected to give absolute returns less then -10 percentage points) DISCLAIMER We, Vivek Kumar MBA (Finance) Analyst and Aarti Rao MMS (Finance) - Associate authors of this report, hereby certify that all of the views expressed in this research report accurately reflect our personal views about any and all of the subject issuer(s) or securities. This report has been prepared based upon information available to the public and sources, believed to be reliable. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report. SBICAP Securities Limited (SSL),a full service Stock Broking Company and a member of National Stock Exchange of India Ltd. 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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
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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
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Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery
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
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Result Update Institutional Equities Dalmia Bharat Enterprises Reuters: DALA.BO; Bloomberg: DBEL IN 14 August 218 Listless Performance, But Valuation Premium Continues Dalmia Bharat Enterprises (DBEL)
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 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 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 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 informationIndian Oil Corporation Ltd.
Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 February 12, 2016 COMPANY RESULTS REPORT REVIEW Analyst Sudeep Anand +91-22-4322 1190 sudeep.anand@idbicapital.com
More 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 informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationHCL Technologies. Rating: Target price: EPS: Target CMP. Rating. Rs. 826 REDUCE. Rs.760
: price: EPS: How does our one year outlook change? HCLT registered a strong quarter with revenues growing at 6.5% qoq (4% qoq organic) including $40m contribution from Volvo, after a disappointing show
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 informationGraphite India Ltd. Hold. Margins dip due to weak realizations; maintain hold INDIA. Metals
INDIA Metals Result Update 12 May 2014 Hold Margins dip due to weak realizations; maintain hold We maintain Hold rating on (GIL) with a target price of Rs93 as operating environment remains challenging
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 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 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 informationKaveri Seed Company Overhang of Royalty issue to remain; cut target price: maintain BUY
Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 1QFY16 Result Review (Wholly owned subsidiary of Bank of Baroda) BUY Kaveri Seed Company Overhang of Royalty issue to
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 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 informationEBITDA 5,076 3, , EBITDA
Result Update Ambuja Cements 21 February 218 Reuters: ABUJ.BO; Bloomberg: ACEM IN Healthy Volume Growth, Operating Costs Under Control Ambuja Cements (ACEM) reported a good set of numbers for owing to
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 informationDalmia Bharat Enterprises
Result Update Dalmia Bharat Enterprises Reuters: DALA.BO; Bloomberg: DBEL IN 22 May 218 Healthy Performance Led By Good Volume Growth Dalmia Bharat Enterprises (DBEL) reported a healthy performance for
More informationPower Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution
2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of
More informationHOLD. Nestle. Good Performance Irrespective of GST Pangs. Target Price: Rs6,624. Institutional Equity Research. 2QCY17 Result Update July 27,2017
2QCY17 Result Update July 27,2017 Market Cap. (Rs bn) 657 Free Float (%) 37.3 Shares O/S (mn) 96 Good Performance Irrespective of GST Pangs Nestlé India has reported a good set of numbers for 2QCY17 in
More informationDalmia Bharat Enterprises
Result Update Dalmia Bharat Enterprises 1 November 218 Reuters: DALA.BO; Bloomberg: DBEL IN Performance In Line; Stock Under Review Post Odisha Cement Amalgamation Dalmia Bharat Enterprises (DBEL) reported
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
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 informationTitan Company BUY. Back to Value Zone Validate Rating Upgrade. Institutional Equity Research. November 05, Target Price Rs428.
CMP* (Rs) 369 Market Cap. (Rs bn) 328 Free Float (%) 47 Shares O/S (mn) 888 Titan Company Back to Value Zone Validate Rating Upgrade Titan Company delivered decent performance in 2QFY17 despite reporting
More informationWeekly Techno-Funda Calls
Retail Research 24th September, 2015 Axis Bank Buy: Rs514.0 Target: Rs539.7 SL: Rs500.0 Axis Bank 510.6 534.7 497.1 514.0 458.2 477.7 495.8 515.3 533.4 552.9 571.0 Axis Bank, third largest private sector
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 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 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 informationITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%
4QFY18 Result Update Institutional Equities ITC 17 May 2018 Reuters: ITC.NS; Bloomberg: ITC IN Tracking Expectations ITC s growth in 4QFY18 was modest and in line with expectations. On the revenue side,
More informationCMP* (Rs) 840 Upside/ (Downside) (%) (2.4) Bloomberg Ticker Market Cap. (Rs bn) 379 Free Float (%) 53 Shares O/S (mn) 451.6
Event Update November 08, 2017 Market Cap. (Rs bn) 379 Free Float (%) 53 Shares O/S (mn) 451.6 USFDA Warning Letter Entails Further Downside Risk to US Biz The US FDA has issued a Warning Letter (WL) to
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 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 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 informationDr Reddy s Laboratories
: price: EPS: How does our one year outlook change? We maintain rating on DRRD post the company s 3QFY16 results Revenue growth for the quarter was muted (3% yoy) due to disappointing performances in Russia
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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 informationHero MotoCorp NEUTRAL. Performance Highlights. CMP `2,245 Target Price - 4QFY2012 Result Update Automobile. Investment Period - Key financials
4QFY212 Result Update Automobile Hero MotoCorp Performance Highlights Y/E March (` cr) 4QFY12 4QFY11 % chg (yoy) Angel est. % diff NEUTRAL CMP `2,245 Target Price - Investment Period - Net sales 6,35 5,391
More informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
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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 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
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: 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
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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)
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Sterlite Tech India Equity Research Small & Mid Cap April 18, 2017 Company Update Emkay Your success is our success All the more bullish, TP upgraded CMP Target Price Rs150 Rs208 ( ) Rating Upside BUY
More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
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%
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Railways and T&D driving inflows November 23, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,055 Target Price Rs1,230
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
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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
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4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)
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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
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More informationAsian Paints. Source: Company Data; PL Research
Premium Valuations to sustain, Accumulate May, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,18 Target Price Rs1,171 Implied
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Shoppers Stop SSG continues to disappoint India Equity Research Retail February 2, 2018 Result Update Refer to important disclosures at the end of this report Emkay Your success is our success CMP Target
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