Lupin Result beats expectations; Near term revenue drivers improves grows visibility
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- Eunice Johnson
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1 Result beats expectations; Near term revenue drivers improves grows visibility February 10, 2017 Surajit Pal Rating Accumulate Price Rs1,495 Target Price Rs1,730 Implied Upside 15.7% Sensex 28,330 Nifty 8,778 (Prices as on February 09, 2017) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 46.71% Foreign 33.27% Domestic Inst. 8.03% Public & Other 11.99% Stock Performance (%) 1M 6M 12M Absolute 0.3 (7.0) (21.5) Relative (5.7) (7.9) (39.4) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: LUPN.BO, BB: LPC IN) Overall beat on better show in US and ROW markets: Lupin s sales, adj. EBITDA and PAT grew by 31%, 75% and 21% yoy respectively vs our estimates of 22%, 34% and 14%.. Lupin revenue growth from US and ROW markets were 58% and 22% YoY respectively. Glumetza was major driver in US market and Branded business drove ROW market growth in. With better control over opex,, Lupin s gross margin and adj. EBITDA margin grew by 400bps and 640bps respectively. R&D costs though were at Rs5.7bn, 13% of sales in, as guided. US sales increased up 9% QoQ: Despite competition in older generics and growing competition in Fortamet (due to launch of Mylan generic), Lupin s US sales grew due to 1)better Glumetza sales, 2)new launches from own and Gavis portfolio, 3)seasonal benefits in Cephalosporin molecules and 4)sales of branded drugs including Methergin and Antara. Branded sales were US$22m in vs US$18m in. Japan sale to be driven by Shinogi deal: With products buyout of Shinogi, management expects foray into CNS market and see a significant increase in market share to become the 7 th largest in generics. Sales growth of 20% YoY in was driven by existing brands and expansion in hospital segment. Valuation Maintain Accumulate, increase TP to Rs1,730: India formulations grew 12% despite headwinds on account of the impact due to demonetisation. Lupin expects 15% growth in FY18E despite expected sales possible disruption/adjustments due to GST implementation. Management guided for key US launches including Minastrin, Epzicom, Vigamox and Namenda XR in FY18E along with few more controlled substance drugs from Gavis portfolio. With better cost management and visibility of near term growth drivers, the stock is expected to be rerated. We roll over our earnings estimates to FY19E and our 12 months TP is increased to Rs1,730 (earlier Rs1650) at a target PER of 22.4x Sep 18 earnings. We maintain Accumulate. Key financials (Y/e March) E 2019E Revenues (Rs m) 137, , , ,621 Growth (%) EBITDA (Rs m) 32,466 44,848 51,187 58,812 PAT (Rs m) 22,707 27,976 32,334 37,113 EPS (Rs) Growth (%) (5.7) Net DPS (Rs) Result Update (Rs) 2,500 1, Feb16 Apr16 Jun16 Aug16 Oct16 Dec16 Feb17 Profitability & Valuation E 2019E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Bloomberg Source: Company Data; PL Research 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 takeaways from Conference call US sales increased 9% QoQ on the back of increased market share in Glumetza and new launches in. Going forward, management expects competition in Glumetza from Valeant AG as well as generics from Sun Pharma and Teva in next 12 months The management guided for 810% value erosion in older generics other than top5 products in US. We expect sales of Glumetza and Fortamet contributed 4050% of US portfolio in. Lupin s branded generics sales were US$22m, including major contribution from Methergine (brand of Gavis) followed by Antara and Suprax in. Management guided for approvals in Welchol, Renvela/Renagel and Remicade in Q1FY19E. It expects to launch one FTF (Minastrin) and Epzicom & Namenda XR in FY18E. Management expects 45 approvals each from Goa and Somerset plants and few approvals from Indore facility in FY18E. R&D expenses were at 13% in and we expect it to be maintained above 12.5% as clinical trials for AdvairMDI and DPI, Specialty drugs to continue in FY17E19E Lupin reduced its guidance of Gavis Pharma sales to US$250m in FY18E as they expect a delay in the launch by 6 months. It expects Methergine brand to be large enough to match peak revenues of Suprax (i.e US$100m) Domestic formulations growth guidance was maintained at 15% with high risk of impact from the ban of combination drugs by regulator and GST impact. Currently, NLEM drugs contribute 23% of domestic portfolio. Management has also guided for inlicense drug Linagliptin to achieve revenues of Rs1bn in three years from the date of launch in November 2015 Japan generic business is guided to grow in double digits in Q4FY17E on the back of better performance in I rom Pharma and acquisition of 21 products from Shinogi Management has guided for capex of Rs19bn in FY17E which is expected to reduce to Rs1314bn in FY18E. February 10,
3 Exhibit 1: Result Overview (Rs m) Y/e March YoY gr. (%) 9MFY17 9MFY16 YoY gr. (%) Net Sales 44,049 33, ,112 1,29,579 96, Raw Material 13,016 11, ,429 38,164 32, % of Net Sales Personnel Cost 7,312 5, ,124 21,494 15, % of Net Sales Others 12,343 10, ,072 36,665 29, % of Net Sales Total Expenditure 32,670 27, ,624 96,323 77, EBITDA 11,379 6, ,487 33,256 19, Margin (%) Depreciation 2,309 1, ,112 6,448 3, EBIT 9,070 5, ,376 26,808 16, Other Income 1,815 2,637 (31.2) 1,064 4,396 5,940 (26.0) Interest , PBT 10,426 7, ,177 30,162 21, ExtraOrd. Inc./Exps. (0) 8 (34) (29) 10 Total Taxes 4,095 2, ,589 8,418 6, ETR (%) Reported PAT 6,331 5, ,622 21,773 15, Other Comprehensive Income (1,353) (572) 179 (262) (2,193) Total Comprehensive Income 4,978 4, ,801 21,510 12, February 10,
4 Exhibit 2: Major Sources of Revenues (Rs m) Y/e March YoY gr. (%) 9MFY17 9MFY16 YoY gr. (%) Domestic market 9,912 8, ,958 29,369 26, % of Sales International market (Exports) 34,157 24, ,154 1,00,230 69, % of Sales Total 44,069 33, ,112 1,29,599 96, Formulations 41,385 30, ,193 1,21,030 86, % of Sales India 9,912 8, ,958 29,369 26, % of Sales International market (Exports) 31,473 21, ,235 91,661 60, % of Sales North America 21,775 13, ,978 63,639 37, % of Sales Europe, Middle East, Africa (EMEA) 2,555 2, ,355 7,104 6,224 % of Sales Emerging Markets (ROW) & LATAM 1,542 1, ,382 4,381 3, % of Sales APAC 5,601 4, ,520 16,537 13,172 % of Sales NonJapan 1, ,152 3,445 2,968 Japan 4,492 3, ,368 13,092 10, % of Sales APIs 2,684 2,835 (5.3) 2,919 8,569 9,440 (9.2) % of Sales Grand Total 44,069 33, ,112 1,29,599 96, February 10,
5 Exhibit 3: India formulation sales and growth: Acute makes pain in growth Sales (Rs m) YoY gr. (RHS) (%) 1 10,000 8,000 6,000 4, () Exhibit 4: US generic sales (US$ m): Current products facing strong pricing pressure Rev. (US $ m) Average Rev (US$m) Exhibit 5: Emerging market sales: Acquisitions help in incorporating sales growth 3,500 3,000 2,500 (Rs m) 1, February 10,
6 Exhibit 6: Japan generic sales, growth: Continue to be rickety on new price cut schedule 5,000 4,000 3,000 Sales (Rs m) YoY gr. (RHS) (%) () Exhibit 7: API sales and growth: Average performer 3,500 3,000 2,500 1, Sales (Rs m) YoY gr. (RHS) (%) 30.0 () () (30.0) Exhibit 8: Sales and sales growth: Overall disappointing, unable to make headway in key geographies 50,000 40,000 30,000 20,000 10,000 Sales (Rs m) YoY gr. (RHS) (%) () February 10,
7 Exhibit 9: EBITDA and Margin: Strong price impact in top5 US generics reduces margin 14, ,000 8,000 6,000 4,000 EBITDA (Rs m) Margin % (RHS) Exhibit 10: R&D Exps as % of sales: Guided to be % in FY16E, FY17E 7,000 6,000 5,000 4,000 3,000 Expenses (Rs m) Margin (%) (RHS) February 10,
8 Income Statement (Rs m) Net Revenue 137, , , ,621 Raw Material Expenses 43,094 52,670 57,198 63,145 Gross Profit 93, , , ,476 Employee Cost 21,077 28,682 31,604 34,659 Other Expenses 40,379 47,629 53,902 60,004 EBITDA 32,466 44,848 51,187 58,812 Depr. & Amortization 4,635 8,807 9,247 10,172 Net Interest 446 1,582 1,642 1,810 Other Income 6,946 5,557 5,946 6,243 Profit before Tax 34,330 40,016 46,245 53,074 Total Tax 11,536 12,005 13,873 15,922 Profit after Tax 22,795 28,011 32,371 37,152 ExOd items / Min. Int Adj. PAT 22,707 27,976 32,334 37,113 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations (3,690) 11,676 16,116 15,274 C/F from Investing (69,434) (22,101) (14,231) (15,383) C/F from Financing 60,055 10,212 5,664 8,143 Inc. / Dec. in Cash (13,069) (213) 7,549 8,035 Opening Cash 21,084 8,379 8,166 15,715 Closing Cash 8,015 8,166 15,715 23,749 FCFF (22,791) (3,220) 11,992 12,955 FCFE 43,613 4,790 21,721 24,882 Key Financial Metrics Growth Revenue (%) EBITDA (%) (5.9) PAT (%) (5.5) EPS (%) (5.7) 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 109, , , ,941 Total Debt 71,775 79,785 89, ,441 Other Liabilities 6,922 6,182 5,593 5,128 Total Liabilities 188, , , ,510 Net Fixed Assets 86,379 82,486 87,470 92,681 Goodwill 29,644 42,984 49,431 56,846 Investments Net Current Assets 61,954 79, , ,020 Cash & Equivalents 8,379 8,166 15,715 23,749 Other Current Assets 89, , , ,348 Current Liabilities 35,836 41,993 40,879 41,077 Other Assets 10,509 13,134 17,719 23,908 Total Assets 188, , , ,510 Quarterly Financials (Rs m) Y/e March Net Revenue 40,913 43,136 42,112 44,049 EBITDA 12,256 11,822 9,487 11,379 % of revenue Depr. & Amortization 1,487 2,027 2,112 2,309 Net Interest Other Income 1,233 2,085 1,064 1,815 Profit before Tax 11,789 11,560 8,177 10,426 Total Tax 4,188 2,734 1,589 4,095 Profit after Tax 7,569 8,819 6,622 6,331 Adj. PAT 7,569 8,819 6,801 4,978 Key Operating Metrics (Rs m) India Formulations 33,916 39,843 45,421 52,234 North America 63,685 89,972 99, ,888 APAC 13,646 17,651 20,065 23,006 ROW Formulations & LATAM 13,695 16,054 18,901 22,055 APIs 12,074 11,147 11,309 11,535. February 10,
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Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs385 Target
More informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
More informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationAurobindo Pharma. Source: Company Data; PL Research
US injectable, OTC, EU geared for higher growth in FY19E February 09, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs602 Target Price Rs909 Implied Upside 51.0% Sensex 34,413
More informationCoal India. Source: Company Data; PL Research
Realisations drive the beat; E auction to surprise positively in H2 November 13, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
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 informationCoal India. Source: Company Data; PL Research
Earnings marred by weak realisations; Downgrade to Accumulate September 14, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate
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 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 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 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 informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
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 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 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 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 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 informationJindal Steel & Power
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
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 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 informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
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 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 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 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
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 informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
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 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 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 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 informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
More informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationInsurance. Bajaj Allianz. Birla Sunlife
Dec 2015 APE sales: Private players further gain market share January 21, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 India life insurance:
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