Aurobindo Pharma. Source: Company Data; PL Research
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1 Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty 8,160 (Prices as on May 31, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 53.90% Foreign 28.78% Domestic Inst. 6.50% Public & Other 10.86% Stock Performance (%) 1M 6M 12M Absolute 3.2 (3.1) 14.3 Relative (0.9) (5.1) 18.4 How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: ARBN.BO, BB: ARBP IN) (Rs) 1, May15 Jul15 Source: Bloomberg Sep15 Nov15 Jan16 Mar16 May16 Aurobindo reported 17% growth in sales to Rs36.7bn and 39% growth in PAT to Rs5.6bn with 22% EBITDA margin in. The company s sales were a tad below estimates as there were no major launches of the approved portfolio. With major number of approvals coming in second half of, Aurobindo plans to launch 7 new generics including major products such as Tramadol ER and Celecoxib. With a large portfolio of injectable overdue (27 pending ANDAs) for approvals, we expect the company s revenues to increase at a CAGR of 14% in FY1618E once these approvals are received. Management expects EBITDA margin to be above 23% in FY17E on the back of better revenue mix. Net debt decreased by US$22m to US$688m in. With increased approval of key drugs, there is strong visibility in earnings in FY17E and FY18E. We maintain BUY and retain TP at Rs943. Natrol, ARV to maintain 15% growth: With sales of US$110m, Aurobindo s acquired OTC brand Natrol achieved 13% YoY growth and being guided for 15% growth in FY17E and FY18E. Natrol s operating margin was higher than 23% and management expects to maintain the same in FY17E18E. ARV tender business expects to maintain 15% growth in FY17E18E and margin profile to improve with better product mix of ARV drugs. US pipeline remain robust: While robust revenues from injectables at US$95.2m (39% YoY growth) in FY16E, management expects strong flow of approvals of injectable from Unit4 to support better traction in FY17E and FY18E. Currently, Aurobindo is ranked 6 th in volume in US injectables and we expect US$200m injectable sales in FY17E and US$300m in FY18E on the back of strong flow of approvals and sales of high value products in liposomal, peptide and microsphere portfolio. The company received US$20m sales in Eptifibatide out of its sales of US$36.2m in as it received benefits of being only generic and supply shortage. Valuation: The stock currently trades at 17.4x and 14.2x FY17E and FY18E. We expect growth in the valuation will be triggered with approvals of large products and higher contribution from injectable in FY17E onwards. Maintain BUY with TP of Rs943. Key financials (Y/e March) E 2018E Revenues (Rs m) 121, , , ,579 Growth (%) EBITDA (Rs m) 25,636 29,601 38,327 44,410 PAT (Rs m) 16,354 19,558 26,471 32,411 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2018E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Result Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Key takeways from Conference call Increase in volume of Aurolife s products and launch of approved drugs since Feb 2016 to drive sales growth in FY17E. Major launches are Valcyte, Nexium, Crestor, Meropenem, Teramadol ER, Voriconazole and Celecoxib The product rationalisation in EU Actavis has helped the company to achieve net profit in last three quarters of FY16. Currently, EU Actavis s operating margin is at midsingle digit and expects to achieve high single digit operating margin by FY18E. The company has site transferred 12 products of EU Actavis generics to its Unit7. With termination of third party manufacturing costs by FY18E, EU Actavis generics will be able to reduce manufacturing and SGA costs. Management expects ramp up in Abilify and Raloxifen along with addition of new clients continue to drive its US sales growth in H1FY17E. The company filed 398 ANDAs, of which 147 ANDAs are pending with USFDA. Its injectable portfolio has 27 pending ANDAs and will add filing of 20 products in near to medium term. Management expects to launch 3040 products in FY17E. Natrol has been performing as per expectation of management and launched 6 new products in US OTC segments. The company is developing more such value added products in US With reduction of US$22mn QoQ, Aurobindo s net debt stood at US$688m in Capex was US$212m in FY16, of which intangible assets were US$18m. It plans a capex of Rs12bn in FY17E and Rs5bn in FY18E May 31,
3 Exhibit 1: Result Overview (Rs m) Y/e March YoY gr. (%) FY16 FY15 YoY gr. (%) Net Sales 36,747 31, , , , Raw Material 16,271 13, ,536 61,575 55, % of Net Sales Personnel Cost 4,088 3, ,010 15,508 13, % of Net Sales Others 8,285 7, ,179 29,821 27, % of Net Sales Total Expenditure 28,644 25, , ,905 95, EBITDA 8,103 6, ,596 29,601 24, Margin (%) Depreciation 1, ,926 3, EBIT 6,990 5, ,601 25,675 21, Other Income ,137 1, Interest (4.0) 98 1,587 1, PBT 7,711 5, ,206 27,225 21, ExtraOrd. Inc./Exps. (14) (5) (3) (39) (45) Total Taxes 2,097 1, ,860 7,444 5, ETR (%) Reported PAT 5,629 4, ,350 19,820 15, May 31,
4 Exhibit 2: Major Sources of revenues (Rs m) Y/e March YoY gr. (%) FY16 FY15 YoY gr. (%) Formulations 30,110 25, , ,657 95, % of Net Sales USA 16,663 12, ,706 61,440 46, % of Net Sales Europe & ROW 10,163 9, ,608 38,218 37, % of Net Sales ARV 3,284 2, ,054 11,999 9, % of Net Sales Natrol 1,313 NA 1,913 NA % of Net Sales API 7,746 6, ,952 28,837 27, % of Net Sales SSPs 5,020 2, ,493 18,566 8, % of Net Sales Cephalosporins 2,360 NA 9,300 NA % of Net Sales ARV & Others (NPNC) 2,726 2, ,459 10,271 9, % of Net Sales Dossier Income Gross Sales 37,909 31, , , , May 31,
5 Exhibit 3: Formulation sales, growth Sales (Rs m) 35,000 30,000 25,000 20,000 15,000 10,000 5, Exhibit 4: US generic sales (US$ m), growth Sales (US$ m) Exhibit 5: EU & ROW sales, growth Sales (Rs m) 12,000 10,000 8,000 6,000 4,000 2, May 31,
6 Exhibit 6: API sales, growth Sales (Rs m) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, Exhibit 7: Overall sales, growth Sales (Rs m) 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, Exhibit 8: EBITDA, margin EBITDA (Rs m) Margin (%) (RHS) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, May 31,
7 Income Statement (Rs m) Net Revenue 121, , , ,579 Raw Material Expenses 55,056 61,575 69,498 74,958 Gross Profit 66,149 74,931 89, ,621 Employee Cost 13,023 15,508 16,699 17,658 Other Expenses 27,490 29,821 34,511 39,554 EBITDA 25,636 29,601 38,327 44,410 Depr. & Amortization 3,326 3,926 4,755 4,313 Net Interest Other Income 808 3,137 3,325 3,525 Profit before Tax 22,275 27,885 36,221 43,174 Total Tax 5,966 8,365 9,780 10,794 Profit after Tax 16,309 19,519 26,441 32,381 ExOd items / Min. Int. (596) (660) (693) (728) Adj. PAT 16,354 19,558 26,471 32,411 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 12,368 17,213 19,403 26,540 C/F from Investing (14,085) (4,559) (6,800) (6,736) C/F from Financing 932 (8,816) (9,625) (13,778) Inc. / Dec. in Cash (785) 3,838 2,978 6,026 Opening Cash 5,275 4,506 8,344 11,322 Closing Cash 4,506 8,344 11,322 17,347 FCFF (3,361) 3,462 14,066 21,290 FCFE 3,610 6,462 7,900 13,107 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Shareholder's Funds 51,560 70,567 90, ,309 Total Debt 44,754 47,754 41,589 33,405 Other Liabilities 2,316 2,959 1, Total Liabilities 98, , , ,232 Net Fixed Assets 41,253 46,142 51,520 57,861 Goodwill Investments Net Current Assets 52,323 64,302 77,440 88,899 Cash & Equivalents 4,691 8,344 11,322 17,347 Other Current Assets 78,100 91, , ,439 Current Liabilities 30,468 35,712 40,590 43,887 Other Assets 4,855 4,341 5,176 6,470 Total Assets 98, , , ,232 Quarterly Financials (Rs m) Y/e March Net Revenue 32,637 32,801 34,321 36,747 EBITDA 6,680 7,222 7,596 8,103 % of revenue Depr. & Amortization ,113 Net Interest Other Income Profit before Tax 6,182 6,125 7,206 7,711 Total Tax 1,865 1,622 1,860 2,097 Profit after Tax 4,324 4,518 5,350 5,629 Adj. PAT 4,324 4,518 5,350 5,629 Key Operating Metrics (Rs m) US Formulations 48,317 63,760 79,076 89,836 EU & ROW 37,630 36,788 40,134 43,796 ARV formulations 9,639 11,557 12,503 13,702 APIs 27,062 27,983 29,211 31,255. May 31,
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Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationHindustan Zinc. Source: Company Data; PL Research
Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationLupin Result beats expectations; Near term revenue drivers improves grows visibility
Result beats expectations; Near term revenue drivers improves grows visibility February 10, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs1,495 Target Price Rs1,730 Implied
More informationCadila Healthcare. Source: Company Data; PL Research
Result is in line; Tall guidance for US, Delivery remains clouded May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs327 Target Price Rs338 Implied Upside 3.4% Sensex 25,490
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationCadila Healthcare. Source: Company Data; PL Research
Sales marginally better, EBITDA disappoints February 08, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs326 Target Price Rs338 Implied Upside 3.7% Sensex 24,617 Nifty 7,489
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationCadila Healthcare. Source: Company Data; PL Research
Overall performance disappoints, headwinds continue October 26, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs388 Target Price Rs337 Implied Upside 13.1% Sensex 27,837 Nifty
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationSource: Company Data; PL Research
US generics, low RM costs lead to margin surprise May 08, 2014 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs990 Target Price Rs1,156 Implied Upside 16.8% Sensex 22,324 Nifty
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
More informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationSource: Company Data; PL Research
Result disappoints; Competition catching up in key drugs May 14, 2015 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs1,632 Target Price Rs1,823 Implied Upside 11.7% Sensex
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationSource: Company Data; PL Research
Sales beat, headline margins miss on pricing pressure in US August 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs1,608 Target Price Rs1,419 Implied Upside 11.8% Sensex
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
More informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
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 informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationTata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
More informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
More informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
More informationHCL Technologies. Source: Company Data; PL Research
Strong seasonality in IBM IP aids growth beat January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs958 Target Price Rs1,020 Implied Upside 6.5% Sensex 35,512 Nifty 10,895
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More informationGujarat State Fertilisers & Chemicals
Capro benzene spreads remain weak; near term muted October 25, 2013 Balwindar Singh balwindarsingh@plindia.com +91-22-66322239 Rating Accumulate Price Rs54 Target Price Rs60 Implied Upside 11.1% Sensex
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