L&T Finance Holdings
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- Nickolas Davis
- 5 years ago
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1 Revenues broadly in line; asset quality impairment seasonal July 23, 2015 Nitin Kumar Pritesh Bumb Rating BUY Price Rs72 Target Price Rs80 Implied Upside 11.1% Sensex 28,371 Nifty 8,590 (Prices as on July 23, 2015) Trading data Market Cap. (Rs bn) Shares o/s (m) 1, M Avg. Daily value (Rs m) Major shareholders Promoters 72.93% Foreign 3.59% Domestic Inst. 1.54% Public & Other 21.94% Stock Performance (%) 1M 6M 12M Absolute (1.3) Relative (9.8) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: LTFH.BO, BB: LTFH IN) (Rs) Jul 14 Sep 14 Source: Bloomberg Nov 14 Jan 15 Mar 15 May 15 Jul 15 L&T Finance Holdings (LTFH) reported modest 15% YoY growth in adjusted net profits, dragged by interest reversal on slipped accounts in the farm lending business and higher opex. NII growth, thus, stood at 27% YoY (2.5% below our estimate), while other income reported 13% QoQ growth. Loan growth came in at 21% YoY led by continued traction in infra lending business (renewable), while retail business also reported pick up in loan growth. GNPLs increased 22% YoY on 180dpd basis. However, management expressed confidence on maintaining healthy trends, going ahead. We maintain our earnings and PT of Rs80 and retain BUY. Loan book grows 21% YoY; focused segments driving growth: LTFH reported 21% YoY growth in loan portfolio led by strong 29% YoY growth in infra lending business (particularly renewable: 87% YoY growth) and pick up in retail loan growth at 13% YoY aided by robust growth in Housing (112% YoY), MFI (178% YoY) and Supply chain business. Management affirmed loan growth guidance of 25% YoY for FY16E led by continued traction in these select segments. Asset quality deterioration largely seasonal; credit costs under control: GNPLs on 180dpd basis increased by 22% QoQ led by seasonal rise in slippages in the rural lending business even as GNPLs on 150dpd basis remained broadly stable. Overall credit cost declined by 18bps QoQ aided by benign trends in infra lending business though coverage ratio also moderated by ~450bps to 40%. Management expressed confidence on maintaining sound asset quality and report healthy recoveries in the rural portfolio in the coming quarters. Balance sheet de risking continues; return ratios to improve: In retail business, composition of CE/CV business declined further to 6%, while share of housing increased to 19%. On the infra front, share of operational projects further increased to 51%, while the share of under construction projects reduced to 25%. We expect credit cost to improve gradually, while improvement in operating leverage and gearing will help boost RoE in the medium term. Key Financials (Y/e March) E 2017E Net interest income (Rs m) 19,137 25,311 30,241 37,369 Growth (%) Non interest income (Rs m) 2,496 2,995 3,744 4,493 Operating Profit (Rs m) 12,510 16,632 19,849 24,954 PAT (Rs m) 5,209 7,514 8,622 11,182 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & valuation E 2017E Spreads / Margins (%) RoAE (%) RoAA (%) P/E (x) P/BV (x) P/ABV (x) Net dividend yield (%) Source: Company Data; PL Research Q1FY16 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 NII growth at 27% YoY was 2.5% below our estimates affected by interest reversal of Rs170m on slipped accounts Provisions showed a slight moderation aided by benign NPL trends in infra lending business as LTFH consciously de risks the loan portfolio. Coverage ratio also eased by 450bps to 40% Exhibit 1: LTFH Q1FY16 Higher opex and interest reversal impacted net profits Consolidated (Figures in Rs m) 1QFY16 1QFY15 YoY 4QFY15 QoQ Income Statement Interest income 17,176 14,378 19% 16,346 5% Interest expense 9,845 8,607 14% 9,291 6% NII 7,331 5,771 27% 7,056 4% Other Income 408 1,747 77% % Total Income 7,739 7,517 3% 7,417 4% Staff expenses 1, % 1,077 7% Other expenses 1,961 1,659 18% 1,749 12% Total Operating Expenses 3,108 2,441 27% 2,826 10% Operating profit 4,631 5,077 9% 4,591 1% Provisions 1,878 1,268 48% 1,986 5% PBT 2,752 3,808 28% 2,605 6% Tax % % PAT 1,921 2,856 33% 2,032 5% Tax rate (%) GNPLs on 150dpd basis remained stable pointed to some steadiness in asset quality and it was primarily rural lending business which drove increase in GNPLs on 180dpd basis Asset Quality at 180 days recognition GNPA (Rs m) 12,775 14,205 10% 10,448 22% NNPA (Rs m) 7,659 10,524 27% 5,798 82% GNPA (%) (93) NNPA (%) (107) Coverage ratio (%) 39.4% 25.2% 14% 44.0% 5% at 150 days recognition GNPA (Rs m) 14,736 18,433 20% 14,281 3% NNPA (Rs m) 9,575 14,645 35% 9,630 52% GNPA (%) (158) 3.1 (3) NNPA (%) (172) 2.1 (10) Coverage ratio (%) 34.4% 19.7% 15% 31.8% 3% Overall loan growth at 21% YoY was led by continued traction in infra lending business, while retail business also reported recovery in loan growth Balance Sheet Networth (excl. Preference Cap) 65,660 61,050 8% 63,770 3% Preference Capital 19,630 13,630 44% 12,630 55% Borrowings 441, ,760 22% 420,910 5% Loans & Advances 492, ,640 21% 472,320 4% Disbursements 88,450 65,560 35% 89,400 1% July 23,
3 Exhibit 2: LTFH Margins remain stable for the consolidated business 6.20% NIM % 6.00% 5.80% 5.60% 5.40% 5.20% 5.00% 4.80% 1Q13 2Q13 Exhibit 3: LTFH Asset quality deteriorates mainly from Retail business on 180dpd but was stable on 150dpd basis GNPA % NNPA % PCR % 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 50% 40% 30% 20% 10% 0% Note Q1FY16 asset quality on 150dpd Exhibit 4: LTFH Consolidated lending business witnesses marginal dip in credit cost 1.80% 1.60% 1.40% 1.20% 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% Credit Cost % 1Q13 2Q13 July 23,
4 NII grew at 24% YoY led by robust growth in high yielding business and moderation in borrowing cost Credit cost remained elevated due to higher delinquencies in rural lending portfolio (~80bps impact) Exhibit 5: LTF: NII declined on interest reversals in rural lending business L&T Finance (P&L m) 1QFY16 1QFY15 YoY 4QFY15 QoQ Interest Income 8,360 7,770 8% 7,920 6% Interest Expenses 4,160 4,380 5% 4,030 3% Net interest income 4,200 3,390 24% 3,890 8% Fee income % % Total income 4,420 3,540 25% 4,050 9% Operating cost 1,640 1,420 15% 1,670 2% Operating Profit 2,780 2,120 31% 2,380 17% Credit cost 1, % 1,020 42% Profit before Tax 1,330 1,140 17% 1,360 2% Tax % 440 2% Profit after tax % 920 4% Tax rate (%) NIMs expanded to 7.9%; however, are likely to moderate a little, going ahead, as share of housing grows further in the total loan mix, while rural lending mix moderates Gross NPA 10,040 7,700 30% 6,250 61% Net NPA 5,777 5,380 7% 2, % Gross NPA (%) Net NPA (%) Credit Cost (%) Yield on loans (%) Cost of funds (%) Spreads (%) NIM (%) Tier I (%) CAR (%) Disbursements in chosen B2C segments viz. Housing, MFI continues to remain strong, while the company continued to gain market share in rural lending business as well Disbursement 63,350 46,030 38% 62,970 1% Loans portfolio (Rs m) 258, ,450 13% 249,930 3% Retail loans 168, ,660 21% 163,110 3% CV / CE 16,750 31,260 46% 20,040 16% Rural Products Finance 62,780 54,430 15% 62,860 0% Housing Finance 48,250 22, % 42,580 13% Micro Finance 12,120 4, % 9,160 32% Personal vehicle 28,570 25,850 11% 28,470 0% Corporate loans 90,200 89,790 0% 86,820 4% Supply chain finance 15,920 9,950 60% 17,540 9% Mid market finance 74,280 79,840 7% 69,280 7% July 23,
5 Exhibit 6: LTF has been focusing on retail consumer segments Exhibit 7: Share of non housing loans decreasing in HF business B2C B2B Housing Loans % LAP % Const Finance % 8% 6% 9% 9% 67% 65% 62% 55% 53% 57% 46% 43% 41% 44% 43% 35% 31% 33% 35% 38% 45% 47% 43% 54% 57% 59% 48% 51% 56% 59% Exhibit 8: Margins increase on healthy growth in high yielding loans 4QFY14 1QFY15 4QFY15 1QFY16 Exhibit 9: Retail finance business remains adequately capitalized 9.00% NIM % 20.00% Tier I CAR 8.00% 7.00% 6.00% 5.00% 18.00% 16.00% 14.00% 4.00% 3.00% 2.00% 1Q13 2Q % 10.00% 1Q13 2Q13 Note Excludes housing finance biz Exhibit 10: Asset quality deteriorates from farm book Note Excludes housing finance biz Exhibit 11: Credit cost increase on back of higher slippages 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% GNPA % NNPA % PCR % 60% 50% 40% 30% 20% 10% 0% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Credit Cost % Note Q1FY16 asset quality on 150dpd July 23,
6 Exhibit 12: LTIF Stable performance; margins likely to improve, going ahead L&T Infra (P&L m) 1QFY16 1QFY15 YoY 4QFY15 QoQ NII declined on sequential basis led by moderation in lending yields as LTIF shifts its loan mix in favour of low yielding operational projects PAT growth stood flat on YoY basis; however, we expect trends to improve as credit cost improves led by conscious derisking strategy Interest Income 6,980 5,450 28% 6,810 2% Interest Expenses 4,760 3,580 33% 4,460 7% Net interest income 2,220 1,870 19% 2,350 6% Fee income % % Total income 2,340 1,970 19% 2,530 8% Operating cost % 270 0% Operating Profit 2,070 1,740 19% 2,260 8% Credit cost % 1,410 34% Profit before Tax 1,140 1,210 6% % Tax % % Profit after tax % % Tax rate (%) Gross NPA 4,200 6,090 31% 3,840 9% Net NPA 2,940 4,820 39% 2,690 9% Asset quality remained broadly stable though management highlighted that there are couple of corporate loans (already restructured) which may potentially slip into the NPLs. However, adequate provision has already been made in respect of such loans Loan growth remains strong at 29% YoY led by robust trends in renewable energy business. Management remains optimistic on maintaining this growth momentum Gross NPA (%) Net NPA (%) Credit Cost Restructured loans % Net O/s SRs Yield on loans Cost of funds Spreads NIM Tier I (%) CAR (%) Borrowings 214, ,420 34% 202,470 6% Disbursements 25,100 19,530 29% 26,430 5% Loans Portfolio (Rs m) 233, ,860 29% 222,370 5% Thermal power 31,380 26,250 20% 29,600 6% Renewable power 64,160 34,240 87% 59,310 8% Power Corp 25,890 21,740 19% 21,610 20% Roads 46,950 40,350 16% 47,360 1% Telecom 14,230 22,850 38% 14,270 0% Others 50,910 35,430 44% 50,220 1% July 23,
7 Exhibit 13: Share of operational projects increase Corporate Operating proj Under cons proj Equity Invts 4% 4% 4% 4% 5% 3% 3% 31% 27% 27% 26% 26% 28% 25% Exhibit 14: Focus remains on renewable segment Others 22 Thermal power 13 32% 37% 42% 43% 46% 47% 51% Telecom 6 Renewable power 27 33% 32% 28% 27% 23% 22% 21% Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16 Roads 20 Power Corp 11 Exhibit 15: Margins see slight decline on mix change Exhibit 16: Capital infusion likely as Tier I has reached threshold 5.50% NIM % 20.00% CAR Tier I 5.00% 4.50% 4.00% 18.00% 16.00% 3.50% 3.00% 2.50% 14.00% 12.00% 2.00% 10.00% 1Q13 2Q13 Exhibit 17: Asset quality for infra book remained stable Exhibit 18: Credit cost has come off sequentially on lower slippages 4.0% 3.0% 2.0% 1.0% 0.0% GNPA % NNPA % PCR % 35% 30% 25% 20% 15% 10% 5% 0% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Credit Cost % Note Q1FY16 asset quality on 150dpd July 23,
8 Exhibit 19: We value LTFH on SOTP basis of Rs80 per share based on Mar 17 book PT calculation and upside Fair value of LTF 38 Fair value of LTIF 32 Fair value of LTIM 8 Fair value of PE/wealth management 2 Total Fair value of LTFH 80 Target P/ABV lending business 1.7 Target P/E 10.9 Current price, Rs 71.6 Upside (%) 11% Dividend yield (%) 1% Total return (%) 12% July 23,
9 Income Statement (Rs m) Y/e March E 2017E Int. Inc. / Opt. Inc. 49,876 61,811 73,421 91,274 Interest Expenses 30,739 36,500 43,180 53,904 Net interest income 19,137 25,311 30,241 37,369 Growth (%) Non interest income 2,496 2,995 3,744 4,493 Growth (%) Net operating income 21,633 28,306 33,985 41,862 Expenditure Employees 2,736 3,475 4,240 5,130 Other expenses 5,585 7,317 8,926 10,712 Depreciation ,067 Total expenditure 9,123 11,674 14,136 16,909 PPP 12,510 16,632 19,849 24,954 Growth (%) Provision 4,261 6,367 5,445 6,174 Other income Exchange Gain / (Loss) Profit before tax 8,249 10,266 14,404 18,780 Tax 2,300 2,864 4,177 5,446 Effective tax rate (%) PAT 5,209 7,514 8,622 11,182 Growth (%) (21.7) Quarterly Financials (Rs m) Y/e March Q2FY15 Q3FY15 Q4FY15 Q1FY16 Int. Inc. / Operating Inc. 15,518 15,720 16,346 17,176 Income from securitization Interest Expenses 8,830 8,950 9,291 9,845 Net Interest Income 6,688 6,770 7,056 7,331 Growth Non interest income Net operating income 7,036 7,165 7,417 7,739 Growth Operating expenditure 2,791 2,713 2,826 3,108 PPP 4,245 4,452 4,591 4,631 Growth (8.8) Provision 1,568 1,794 1,986 1,878 Exchange Gain / (Loss) Profit before tax 2,677 2,658 2,605 2,752 Tax Prov. for deferred tax liability Effective tax rate (%) PAT 1,816 1,816 2,056 1,925 Growth (32.7) Balance Sheet (Rs m) Y/e March E 2017E Sources of funds Equity 17,184 17,184 17,184 17,184 Reserves & Surplus 41,072 44,268 51,073 59,833 Networth 58,257 61,453 68,258 77,017 Growth (%) Loan funds 358, , , ,764 Growth (%) Others Minority Interest Deferred Tax Liability (2,174) (2,522) (2,774) (3,163) Total 424, , , ,249 Application of funds Net fixed assets 13,672 14,678 15,522 16,358 Advances 386, , , ,661 Growth (%) Net current assets (2,998) (1,435) (1,142) 845 Investments 27,303 32,763 42,592 51,111 Growth (%) Other Assets 3,459 3,805 4,185 4,604 Total 424, , , ,249. Key Ratios Y/e March E 2017E CMP (Rs) Eq. Shrs. O/s. (m) 1,718 1,718 1,718 1,718 Market Cap (Rs m) 122, , , ,955 Market Cap to AUM (%) EPS (Rs) Book Value (Rs) Adjusted Book Value (Rs) P/E (x) P/BV (x) P/ABV (x) DPS (Rs) Dividend Yield (%) Asset Quality Y/e March E 2017E Gross NPAs (Rs m) 12,430 10,450 11,733 11,897 Net NPAs (Rs m) 8,900 5,800 7,072 7,107 Gross NPAs to Gross Adv. (%) Net NPAs to Net Adv. (%) NPA Coverage (%) Profitability (%) Y/e March E 2017E NIM RoAA RoAE July 23,
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Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
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Healthy operating performance; Accumulate October 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs5,860 Target Price Rs6,356 Implied Upside 8.5% Sensex 27,916 Nifty
More informationIDFC Bank. Source: Company Data; PL Research
Earnings led by large treasury gains; core performance weak July 28, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationSpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research
Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices
More informationIndusInd Bank. Earnings momentum remains strong. Source: Company Data; PL Research
Earnings momentum remains strong April 21, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
More informationSiemens. Railways and T&D driving inflows. Source: Company Data; PL Research
Railways and T&D driving inflows November 23, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,055 Target Price Rs1,230
More informationThermax. Source: Company Data; PL Research
Near term outlook muted, working on building a strong base November 11, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price
More informationAllcargo Logistics. Source: Company Data; PL Research
Slow capex continue to impact PES, weak show continues May 24, 2018 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating Accumulate Price Rs120 Target
More informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationCummins India. Source: Company Data; PL Research
Technology leadership, cost optimization key focus October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs852
More informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationShriram Transport Finance
Slower business growth and transition impacts earning April 27, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationTVS Motors. Source: Company Data; PL Research
Margins trajectory looking up ; Accumulate November 01, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs709
More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
More informationAsian Paints. Source: Company Data; PL Research
Premium Valuations to sustain, Accumulate May, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,18 Target Price Rs1,171 Implied
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 informationHDFC.BO HDFC IN. IND-AS transition dampens performance. Q1FY19 Result Update. Rating: BUY CMP: Rs2,029 TP: Rs2,287. July 30, 2018.
( IN) Rating: BUY CMP: Rs2,029 TP: Rs2,287 July 30, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 2,287
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 informationAsian Paints. Source: Company Data; PL Research
Premium valuations to sustain, Accumulate October 4, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,1 Target Price Rs1,9 Implied
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 informationKotak Mahindra Bank. Performance on track, Strong guidance for the second half. Q2FY17 Result Update
Performance on track, Strong guidance for the second half October 26, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationYES Bank. Another quarter of strong performance. Source: Company Data; PL Research
Another quarter of strong performance January 20, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91
More informationKotak Mahindra Bank. Core performance on track. Source: Company Data; PL Research
Core performance on track January 19, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs667 Target Price Rs725 Implied
More informationKotak Mahindra Bank. A lean quarter. Source: Company Data; PL Research
A lean quarter July 31, 2015 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating Accumulate Price Rs717 Target Price Rs715 Implied Upside.3% Sensex
More informationSource: Company Data; PL Research
Strong inflow growth, renewable/railways key drivers October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,063
More informationICICI Bank. Source: Company Data; PL Research
Better late than never, but guidance remains grim January 28, 2016 Nitin Kumar nitinkumar@plindia.com +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com +91 22 66322232 Rating BUY Price Rs233 Target
More informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationShriram Transport Finance (SHTF IN)
(SHTF IN) Rating: BUY CMP: Rs1,411 TP: Rs1,787 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
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 informationSouth Indian Bank. Set for a rebound, set to scale up in retail. Source: Company Data; PL Research
Set for a rebound, set to scale up in retail July 06, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 informationCoal India. Source: Company Data; PL Research
Misses estimates; Higher costs dims hope for earnings recovery February 13, 2017 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Rating Reduce Price Rs325 Target Price Rs320 Implied Upside 1.5%
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 informationHDFC Bank. Remains strong in all areas. Source: Company Data; PL Research
Remains strong in all areas January 20, 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
More informationJK Lakshmi Cement. Source: Company Data; PL Research
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 informationCoal India. Source: Company Data; PL Research
Lower costs and higher scale off sets weaker realisations February 12, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs305
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 informationIndusInd Bank. Source: Company Data; PL Research
Strong performance despite challenging environment January 10, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationL&T Finance Holdings
Structural story playing out well but long way ahead May 06, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 informationYES Bank. Strong on all counts. Source: Company Data; PL Research
Strong on all counts April 26, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com / +91 22 66322245
More informationState Bank of India. Source: Company Data; PL Research
Asset quality divergence disappoint earnings February 09, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationSouth Indian Bank. Source: Company Data; PL Research
On track; one off provisions impact earnings October 11, 2017 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Vidhi Shah vidhishah@plindia.com
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 informationBank of Baroda. Source: Company Data; PL Research
Fresh impairment lower but guidance maintained November 15, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 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 informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
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 informationPunjab National Bank
Some sanity in asset quality November 08, 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
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 informationState Bank of India (SBIN IN)
(SBIN IN) Rating: BUY CMP: Rs295 TP: Rs355 November 5, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
More informationBank of Baroda. On right track; no quick fix though. Source: Company Data; PL Research
On right track; no quick fix though May 15, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258
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 informationHDFC Bank. Source: Company Data; PL Research
Enviable performance in challenging environment April 21, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Shweta Daptardar shwetadaptardar@plindia.com
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 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 informationKotak Mahindra Bank. Opportunity on a platter, focused on where and how to grow. Management Meet Update
Opportunity on a platter, focused on where and how to grow June 10, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 informationBank of Baroda. Source: Company Data; PL Research
In line performance with stable asset quality February 12, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
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 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 informationState Bank of India. Strong operating performance. Source: Company Data; PL Research
Strong operating performance January 24, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating Accumulate Price Rs2,597 Target Price
More informationKotak Mahindra Bank (KMB IN)
(KMB IN) Rating: HOLD CMP: Rs1,177 TP: Rs1,291 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating HOLD HOLD Target
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 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 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
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 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 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 informationFederal Bank. Source: Company Data; PL Research
Continues to improve quarter after quarter October 16, 2017 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Vidhi Shah vidhishah@plindia.com
More informationHDFC Bank (HDFCB IN)
(HDFCB IN) Rating: BUY CMP: Rs2,189 TP: Rs2,492 July 22, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
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 informationAxis Bank (AXSB IN) Asset quality stress coming off gradually. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs611 TP: Rs681.
(AXSB IN) Rating: ACCUMULATE CMP: Rs611 TP: Rs681 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE 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 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 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 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 information