Dabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
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1 Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal Nishita Doshi Rating Accumulate Price Rs354 Target Price Rs366 Implied Upside 3.4% Sensex 35,965 Nifty 11,028 (Prices as on January 31, 2018) Trading data Market Cap. (Rs bn) Shares o/s (m) 1, M Avg. Daily value (Rs m) Major shareholders Promoters 68.05% Foreign 17.74% Domestic Inst. 8.47% Public & Other 5.74% Stock Performance (%) 1M 6M 12M Absolute Relative (4.0) 3.7 (1.8) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Perf. (RIC: DABU.BO, BB: DABUR IN) (Rs) Jan 17 Mar 17 May 17 Source: Bloomberg Jul 17 Sep 17 Nov 17 Jan 18 Dabur has shown 13% domestic volume growth on a low base even as FMCG growth in its categories has seen a slowdown since 1QFY18. Dabur is aiming for high single digit volume growth and flattish margins given rising input costs of crude, LLP and coconut oil. Dabur remains on strong wicket in core categories like Oral care, Hair Oils and Health Supplements, its facing headwinds in Foods and Skin Care. We believe Dabur needs a strong acquisition led push to fill in critical gap in the personal care portfolio to accelerate growth. Dabur expects GST e way bill led trade disruptions in 4Q even as currency loss in IBD is likely to reduce significantly to Rs250mn. We estimate 14% PAT CAGR over FY Dabur trades at 32.9xDec 19 EPS, which is at 10 15% discount to Marico and Emami. We value the stock at Rs366 based on 34xDec19 EPS. Maintain Accumulate. Concall Highlights: 1) FMCG Industry growth has slowed down from 13.1% in 1Q to 8.5% in 2Q and 5.7% in 3Q in categories where Dabur operates in 2) Dabur s Rural sales growth at 23% is far ahead than urban growth. 3) Naturals segment is growing at faster than market rates and its share in total market sales is expected to increase significantly 4) Dabur will focus more on above the line spends and lesser promotions 5) Modern trade and Super stockist channel grew 22.6% and 26% while Canteen sales declined 22.5% 6) CSD slowdown mainly impacted Chawyanprash, Amla hair oil and honey 7) Dabur plans to increase promotions in juices segment by taking a margin hit to ward off competitive threat from mid market players like Paper Boat 8) Honey has grown by 33% as it is recovering from Patanjali Impact 9) Dabur estimates a currency loss of Rs.250mn in Q4FY18 mainly due to stronger Rupee and currency issue in Turkey, currency translation loss was Rs900mn, Rs750mn and Rs660mn in first 3 quarters 10) Namaste business is likely to see steady revival after poor growth from past couple of years 11) Dabur does not intend to take a price increase in 4Q18 owing to Anti profiteering regulations, however FY19 might see some price increases if the input cost inflation sustains 12) Dabur has launched 10 medical products through the prescription route, initial response is encouraging Key financials (Y/e March) E 2019E 2020E Revenues (Rs m) 77,014 90, , ,384 Growth (%) (8.9) EBITDA (Rs m) 15,089 17,450 20,110 23,020 PAT (Rs m) 12,769 14,891 17,093 19,916 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2019E 2020E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q3FY18 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 Exhibit 1: Q3FY18 Results Consolidated (Rs m): Sales up 6.1% led by 13% volume growth; Adj PAT up 13% Y/e March Q3FY18 Q3FY17 YoY gr. (%) Q2FY18 9MFY18 9MFY17 YoY gr. (%) Net Sales 19,664 18, ,589 57,154 57,868 (1.2) Gross Profit 10,141 9,146 9,818 28,714 29,197 % of NS Other Expenses 6,106 5, ,619 17,391 18,283 (4.9) % of NS EBITDA 4,035 3, ,199 11,323 10, Margins (%) Depreciation ,196 1, Interest (5.2) (6.0) Other Income (20.1) 843 2,319 2,333 (0.6) PBT 4,162 3, ,508 12,048 11, Tax ,301 2,327 (1.1) Tax rate (%) Minority interest (2) (2) NA 2 (4) (3) NA Adjusted PAT 3,330 2, ,627 9,751 9, Consolidated Sales grew 6.1% led by 13% volume growth in domestic FMCG business. Domestic Comparable sales (Adj for GST) grew 17.7%. CONSOL comparable sales (GST & Currency translation loss of Rs660mn) grew 12.9% Gross margins expanded 220bps at 51.6% due to benign input costs and price increases initiated during the course of year EBITDA grew by 20.8% to 4.04bn and margins improved 250bps to 20.5% aided by decline of 10bps in ad spends and 40bps in other expenses. Adj PAT increased 13% to Rs3.33bn as tax rate declined 30bps to 20% Domestic Home & Personal Care posted a growth of 22.9%, Health care sales grew 16.6% YoY, while foods sales remained flat during Q3 primarily on account of high base (52% growth in Q3FY17). Toothpaste grew 26%, Hair oil sales grew 16.7%, Shampoos grew by 56% driven by re launch of Vatika Shampoo, Home care 36% led by strong performance of Odonil and Sanifresh, Skin care grew 14.5%, Health care grew 16.6%, Health Supplements grew 19.5% (led by Chawyanprash & Honey), OTC grew by 8.7%, Digestives grew 19.3% led by Hajmola and Pudin Hara. International business grew 5% despite continuing geopolitical headwinds in North Africa and impact of currency devaluation in Middle East and slow sales of Namaste in USA. The currency devaluation loss was Rs660mn and impacted sales to the extent of 3.6% on a consolidated basis. Dabur has declared an interim dividend of Rs 1.25/share January 31,
3 Exhibit 2: Domestic FMCG Volume up 13% on a low base (%) (2.0) (4.0) (6.0) 8.7 Sep Dec Mar 15 Jun Sep Dec 15 7 Mar Jun Sep 16 5 Dec Mar Jun Sep Dec 17 Exhibit 3: Shampoos, Toothpaste, Digestive, Home care outperform; OTC, Skin care and Food drag growth Sales Growth (%) 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 Hair Care 9.4 N.A 10.0 N.A N.A N.A Hair Oils NA NA NA Shampoos N.A N.A 2.7 NA NA Health Supplements N.A 0.0 N.A Oral Care N.A Toothpaste NA Foods Flat Digestives N.A N.A Skin care NA NA Home Care OTC & Ethicals N.A Exhibit 4: Egypt and Sub Saharan Africa witness double digit growth; GCC grew substantially; Turkey hit by currency weakness IBD Sales Growth (%) 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 3QFY18 Organic Constant Currency Egypt GCC NA NA 19.0 NA Nepal NA NA Turkey SAARC 15.0 Pakistan Sub Saharan Africa January 31,
4 Income Statement(Rs m) Net Revenue 77,014 90, , ,384 Raw Material Expenses 38,432 42,285 48,240 54,689 Gross Profit 38,582 48,328 54,555 61,695 Employee Cost 7,896 9,244 10,332 11,551 Other Expenses 15,597 21,634 24,113 27,124 EBITDA 15,089 17,450 20,110 23,020 Depr. & Amortization 1,429 1,605 1,793 1,997 Net Interest Other Income 2,984 3,122 3,739 4,564 Profit before Tax 16,104 18,773 21,891 25,422 Total Tax 3,303 3,848 4,761 5,466 Profit after Tax 12,801 14,924 17,129 19,956 Ex Od items / Min. Int. (2,974) Adj. PAT 12,769 14,891 17,093 19,916 Avg. Shares O/S (m) 1, , , ,779.1 EPS (Rs.) Cash Flow Abstract(Rs m) C/F from Operations 13,734 15,094 17,194 18,923 C/F from Investing (6,369) (7,773) (9,803) (12,406) C/F from Financing (7,687) (6,981) (7,499) (5,021) Inc. / Dec. in Cash (322) 340 (108) 1,496 Opening Cash 1,374 1,743 2,774 2,667 Closing Cash 1,053 2,083 2,666 4,163 FCFF 13,132 14,385 16,568 18,499 FCFE 8,721 13,885 16,068 18,999 Key Financial Metrics Growth Revenue (%) (8.9) EBITDA (%) (0.7) 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 50,295 57,988 66,580 79,257 Total Debt 3,500 3,000 2,500 3,000 Other Liabilities 1,089 1,206 1,335 1,477 Total Liabilities 54,884 62,195 70,416 83,735 Net Fixed Assets 20,485 20,880 21,087 21,090 Goodwill Investments 30,485 36,258 44,061 54,467 Net Current Assets 3,914 5,057 5,268 8,178 Cash & Equivalents 1,743 2,774 2,667 4,162 Other Current Assets 22,323 25,496 28,744 32,378 Current Liabilities 20,152 23,213 26,143 28,362 Other Assets Total Assets 54,884 62,194 70,416 83,734 Quarterly Financials(Rs m) Y/e March Q4FY17 Q1FY18 Q2FY18 Q3FY18 Net Revenue 19,147 17,901 19,589 19,664 EBITDA 4,176 3,089 4,199 4,035 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 4,314 3,378 4,508 4,162 Total Tax Profit after Tax 3,076 2,671 3,591 3,056 Adj. PAT 3,331 2,794 3,627 3,330 Key Operating Metrics Standalone Sales growth % EBITDA growth % Adj. PAT 10,708 11,799 13,315 15,018 Adj. PAT growth % EPS Subsidiaries Sales growth % (10.7) EBITDA growth % Adj. PAT 2,444 3,034 3,760 4,553 Adj. PAT growth % (6.9) EPS January 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 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 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 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 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 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 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 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 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 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 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 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 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 informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
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 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 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 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 informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
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 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 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 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 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 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 informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
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 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 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 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 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 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 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 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 informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
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 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 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 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 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 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 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 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 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 informationColgate Palmolive. Source: Company Data; PL Research
Building blocks in place to ride demand recovery July 15, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 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 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 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:
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
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 informationApollo Tyres. Profitability likely to improve. Source: Company Data; PL Research
Profitability likely to improve November 09, 2011 Surjit Arora surjitarora@plindia.com +91-22-66322235 Rating Accumulate Price Rs59 Target Price Rs66 Implied Upside 11.9% Sensex 17,362 (Prices as on November
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 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 informationLIC Housing Finance. Source: Company Data; PL Research
Strong performance, but loan growth key to sustainability in earnings July 18, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
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
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Sequential moderation in SSS growth May 16, 211 Gautam Duggad gautamduggad@plindia.com +91 22 66322233 Rating BUY Price Rs241 Target Price Rs332 Implied Upside 37.8% Sensex 18,531 (Prices as on May 13,
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
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 informationPunjab National Bank
Asset quality worries intensifies May 08, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Reduce Price Rs146 Target Price Rs155 Implied
More informationIDEA RESEARCH. Q2FY19 Result Update Tuesday, November 13, Mold Tek Packaging Lower gross margins & higher interest cost impacts profitability
(MTEP) reported Q2 results, slightly below expectations. Cons. net sales grew by 27.1% YoY but were marginally lower sequentially to Rs 1,005m. Q2 is a seasonally weak quarter (Q1 and Q4 being stronger).
More information