Navneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
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- Berenice Hines
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1 ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya R Sreesankar rsreesankar@plindia.com Rating Accumulate Price Rs140 Target Price Rs161 Implied Upside 15.0% Sensex 35,557 Nifty 10,807 (Prices as on May 14, 2018) Trading data Market Cap. (Rs bn) 32.8 Shares o/s (m) M Avg. Daily value (Rs m) 19.1 Major shareholders Promoters 61.78% Foreign 6.00% Domestic Inst % Public & Other 15.24% Stock Performance (%) 1M 6M 12M Absolute (9.7) (11.5) (15.7) Relative (13.6) (19.4) (33.5) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: NAVN.BO, BB: NELI IN) (Rs) May 17 Jul 17 Source: Bloomberg Sep 17 Nov 17 Jan 18 Mar 18 Navneet s (NELI) Q4FY18 standalone results were marginally below expectations with 1.8% YoY revenue growth and 10.6% YoY earnings contraction in a seasonally lean quarter. However, disappointment came from Indiannica Learning Ltd (ILL) which reported loss of Rs193.9m for FY18 impacted by operating deleverage, higher employee cost and lower revenue recognition due to change in accounting policy for sales return to the tune of ~Rs170m. Management is confident of (i) steady double digit growth in publishing aided by syllabus change in key states (ii) better stationery export visibility for FY19 and (iii) double digit growth coupled with improved margins with large expansion in titles in ILL ILL earnings impacted by operating deleverage & accounting policy: Indiannica Learning Ltd (ILL) reported loss of Rs193.4m in FY18 vs. net profit of Rs254m in FY17 (as consolidated only from Q4FY17) impacting the consolidated earnings. We believe that this is a one off accounting impact due to INDAS. However, management is confident of growth prospects at ILL with growth expectations upwards of 20% for FY19 on the back of expansion of product titles. Management is hopeful to reduce the losses in FY19E and to be profitable beyond FY20E Valuation and Outlook: In our view, NELI is well placed for growth opportunities over FY18 FY20E period considering ILL acquisition and the impending syllabus changes. Further strong Balance Sheet with negligible debt, superior return ratios upwards of 20%, strong generation of cash profits (~Rs2bn p.a.) and management bandwidth with proven track record give further comfort. NELI has been a value stock over the years with a payout ratio of ~50%. While we continue to remain optimistic on long term growth prospects of the company, near term outperformance may be lower with synergy with ILL being a key factor to watch out for. Downgrade to Accumulate with TP of Rs161 (from Rs198 earlier) valuing at 20x FY20E Key financials (Y/e March) E 2020E Revenues (Rs m) 11,962 12,040 13,576 15,016 Growth (%) EBITDA (Rs m) 2,981 2,225 2,624 2,977 PAT (Rs m) 1,946 1,275 1,629 1,877 EPS (Rs) Growth (%) 65.9 (34.5) Net DPS (Rs) Profitability & Valuation E 2020E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q4FY18 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 Publishing expected to improve after a washout year : Publishing segment reported anaemic growth of 3% YoY in FY18, hurt by loss of sales on account of delay in publishing of 9 th grade text book by board in Maharashtra (As panic buying of books from small/regional players by students). However, management is confident to tackle similar situation going forward with reduced lead time. Management is confident of double digit business growth with syllabus change visibility for FY19 in Maharashtra (grade 1, 8, 10) and Gujarat (Grade 9 & 11). Stationery to perform well backed by better visibility in exports: Stationery revenue grew only 3.1% YoY in FY18 to Rs5bn impacted by (i) destocking by channel in H1FY18 due to GST implementation (ii) sluggish export growth after an abnormally high growth of 33% in FY17 and (iii) INR appreciation against USD. However management is expecting recovery in growth with better visibility in export orders for FY19E and pick up in domestic stationery demand post GST, especially for large organised players. Exhibit 1: Revised estimates to factor in slower growth in ILL Particulars Earlier estimates Revised estimates % revision FY19E FY20E FY19E FY20E FY19E FY20E Net sales (Rs m) 14,259 15,700 13,576 15, % 4.4% Adj. PAT (Rs m) 1,935 2,123 1,629 1, % 11.6% EPS (Rs) % 11.6% May 14,
3 Exhibit 2: Q4FY18 Result Overview (Rs m) Y/e March Q4FY18* Q4FY17* YoY gr (%) Q3FY18* FY18 FY17 YoY gr (%) Net Sales 2,126 2, ,744 12,040 11, Expenditure Raw Materials 1,034 1, ,849 5, % of Net sales Personnel ,468 1, % of Net sales Selling, dist & Other Exp ,499 2, % of Net sales Total Expenditure 1,888 1, ,540 9,816 8, EBITDA (18.1) 205 2,225 2,741 (18.8) Margin (%) (271)bps (491)bps Depreciation EBIT (23.4) 143 1,918 2,457 (22.0) Interest Other Income PBT (3.6) 186 2,100 2,638 (20.4) Tax (0.2) Tax Rate (%) Adjusted PAT (10.6) 119 1,273 1,706 (25.4) Reported PAT (10.6) 119 1,273 1,706 (25.4) * Quarterly numbers are on standalone basis Exhibit 3: Segmental Snapshot Y/e March Q4FY18* Q4FY17* YoY gr (%) Q3FY18* FY18 FY17 YoY gr (%) Segment Revenue Publishing Content ,000 6, Stationery Products 1,578 1, ,010 4, Segment EBITDA Publishing Content (36.8) 172 1,903 2,236 (14.9) Stationery Products (8.3) EBITDA Margin Publishing Content 15.5% 24.8% (935)bps 20.3% 27.2% 33.0% (584)bps Stationery Products 13.4% 10.0% 342 bps 6.5% 10.1% 11.4% (126)bps * Quarterly numbers are on standalone basis May 14,
4 Story in charts Exhibit 4: Publishing remains cash cow while Stationery leverages Brand Navneet Exhibit 5: Working capital requirement has inched up due to ILL & competition in stationery segment Publishing Division Stationery Division Inventory days Receivable days Creditor days WC Days (Rs m) FY15 FY16 FY17 FY18 FY19E FY20E FY15 FY16 FY17 FY18 Exhibit 6: Consistently high Dividend payout creates comfort (%) Incluidng buyback of Rs591m in FY FY13 FY14 FY15 FY16 FY17 FY18 Exhibit 7: Strong balance sheet shows prudence Net Debt/Equity (x) FY16 FY17E FY18E FY19E FY20E Exhibit 8: High return ratios & strong cash generation over the years RoAE (%) RoACE (%) Cash Profit (Rs m) Avg Cash Profit Rs 1.9bn 0.0 FY15 FY16 FY17E FY18E FY19E FY20E 0 FY15 FY16 FY17 FY18 FY19E FY20E May 14,
5 Income Statement (Rs m) Net Revenue 11,962 12,040 13,576 15,016 Raw Material Expenses 5,447 5,849 6,571 7,222 Gross Profit 6,515 6,191 7,005 7,793 Employee Cost 1,187 1,468 1,625 1,821 Other Expenses 2,348 2,499 2,756 2,996 EBITDA 2,981 2,225 2,624 2,977 Depr. & Amortization Net Interest Other Income Profit before Tax 2,878 2,100 2,461 2,804 Total Tax Profit after Tax 1,946 1,274 1,629 1,877 Ex Od items / Min. Int. (105) (1) (10) 10 Adj. PAT 1,946 1,275 1,629 1,877 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations C/F from Investing (771) (326) (185) (108) C/F from Financing (63) (119) (356) (544) Inc. / Dec. in Cash (61) Opening Cash (15) (77) 237 1,095 Closing Cash (77) 237 1,095 1,968 FCFF ,214 1,417 FCFE 1,807 1,026 1,256 1,511 Key Financial Metrics Growth Revenue (%) EBITDA (%) 44.8 (25.4) PAT (%) 62.6 (34.5) EPS (%) 65.9 (34.5) 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 6,938 7,520 8,464 9,486 Total Debt 1,594 2,253 2,403 2,630 Other Liabilities (1) Total Liabilities 8,532 9,775 10,868 12,116 Net Fixed Assets 2,094 2,131 2,130 2,040 Goodwill Investments Net Current Assets 5,568 6,381 7,490 8,823 Cash & Equivalents ,332 Other Current Assets 7,146 8,074 8,640 9,455 Current Liabilities 1,676 1,761 1,807 1,964 Other Assets Total Assets 8,532 9,775 10,868 12,117 Quarterly Financials (Rs m) Y/e March Q1FY18 Q2FY18 Q3FY18 Q4FY18 Net Revenue 5,638 1,834 1,744 2,126 EBITDA 1, % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 1, Total Tax Profit after Tax 1, Adj. PAT 1, Key Operating Metrics Segment Revenues Publishing 6,139 6,402 7,235 7,958 Stationery 4,860 5,010 5,561 6,061 EBIDTA Publishing 2,270 2,113 2,387 2,626 Stationery May 14,
6 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 50% 40% 30% 20% 10% 0% 43.4% 44.2% 12.4% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Keyur Pandya (Mcom, MBA Finance), Mr. R Sreesankar (B.Sc ), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationPantaloon Retail India
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 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 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 informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More informationSBI Life Insurance. Source: Company Data; PL Research
Recent correction gives further reason to enter March 15, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
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 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 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 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 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 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
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