depreciation the stood at 1.4x 2%) positive impacted by impact of INR share in the room duty continue to UCP vs months
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- Wilfred Buck Alexander
- 5 years ago
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1 INSTITUTIONAL EQUITY Voltas Limited (VOLT IN) Strong project execution made up for a weak AC business INDIA CAPITAL GOODS Quarterly Update 7 vember 2018 Top takeaways from 2QFY19 Recurring PAT (Rs 1bn, + yoy) was 7%/10% above our/consensus estimates on higher h than expected execution in the project segment and lower tax rate (23.2% vs. 26.6% %). Robust execution and margin in MEP (Project) segment led to a 25% yoy growth in DA (3%/ above our/consensus estimates). However, UCP segment profitability declined 45% yoy ass margin shrunk 615bps too 6.3% (lowest since 3QFY13) on highh inventory levels on weak demand and inability to pass on the impact of INR depreciation and increasee in raw material prices. MEP order inflows (Rs 10.8bn) grew 61% yoy y on a weakk base. Order book (Rs 48.8bn, 2%) stood at 1.4x TTM sales. Key highlights: Revenues (Rs 14.2bn, +37% yoy) were driven by the MEP segment (64% of sales, +62% yoy); while UCP (31% of sales, +8% %) and Engineering Products (5% of sales, ) had a modest growth. DA margins (7.6% vs. 8.4%) contracted 75bps yoy despite operating leverage benefits as gross margins shrunk 455 bps (27.5% vs. 32.1%) on account of higher raw material costs and change in sales mix to project business. Segmentally, MEP segment margin expanded 300bps to 8.4% on operating leveragee and positive impact of INR depreciation on overseas projects. However, UCP segment margin m (6.3% vs. 12.4%) was impacted by rising material cost whichh could not be passed on due d to weak end market for room AC s and higher inventory level inn channels. Conference call takeaways Inverter AC accounted 40% of Voltas split AC sales in 1HFY19 (as in FY18). Voltas market m share in the room AC s furtherr expanded to 25.6% in 2QFY19 vs. 23.5% in 1Q. Increased material cost due to rise in commodity prices, INR depreciation and custom duty continue to put pressuree on UCP margins as the price hike in short term would be difficult because of higher competition and inventory levels in channel. UCP segment assets increased by 60% yoyy due to higher inventory level (2 2.5 months vs months normally), which is expected to be liquidated by March Management maintained its MEP segment margin target at 7 8% for medium term despite achieving 9.3% in 1HFY19. Outlook and valuation 2Q was cyclically the worst performance by Voltas AC business wherein it chose market share over margins. Though we don t expect this margin m contraction to be structural but we do believe that in the long term Voltas margins will w be capped on rising competition. Current valuations at 24x PE still look expensive in vieww of a 14% CAGR in FY18 20 earnings and start up losses in the Voltbek JV, which will have to find its footing in the consumer appliances segment. In the near term we expect concerns on o the performance of the AC business to be reflected in valuations between now and 3Q results and we would look at an opportune time to review r our rating. For now we maintain our Neutral rating with a modestly revised SOTP based target price of Rs 510 ( Rs 515 earlier). We ascribe a 30x PE for VOLT s UCP segment valuing it at Rs 369/ /share, MEP and EPS segment at 15x valuing them at Rs 108 and Rs 41 respectively, and deducted Rs 7/share for unallocated expenses. We have cut our FY19/20 estimates by 8%/2% to factor in a weaker AC business. Q2FY19 Q2FY18 Change yoy vs. expectations Comments Order book MEP Order inflow MEP Revenue Gross margin (%) DA DA margin (%) PAT (Recurring) Neutral (Maintain) CMPP RS 523/ TARGET RS 510 ( 3%) COMPANY DATA O/S SHARES (MN) : MARKET CAP (RSBN) : MARKET CAP (USDBN) : 52 WK HI/LO (RS) : LIQUIDITY 3M (USDMN) : PAR VALUE (RS) : SHARE HOLDING PATTERN, % Sep 18 Jun 18 Mar 18 PROMOTERS : FII / NRI : FI / MF : NON PRO : PUBLIC & OTHERS : KEY FINANCIALS Rs mnn Sales EBIDTA Profit EPS, Rs PER, x EV/EBIDTA, x P/BV, x ROE, % Total l debt/equity (%) CHANGE IN ESTIMATES _Revised Est. % Revision Rs bnn Revenue DA Core PAT EPS ( Rs) FY19E FY20E FY19E 1.2%% 6.5%% 8.0%% 8.0%% FY20E 2.3% 0.3% 2.3% 2.3% Jonass Bhutta ( ) jbhutta@phillipcapital.in Vikram Rawat ( ) vrawat@phillipcapital.in / FY18 FY19E FY20E ,830 50,000 2%% 15% 10,800 6,700 61% 222% Due to weak base last year 14,214 10,367 37% 16% Driven by strong growth in project business 27.5% 32. 1% 454 bpss 246 bps Impacted by higher raw material prices and change in sales mix to project segment 1, % 3% Driven by operating leverage benefits in the e project business; while margins were drag 7.6% 8.4% 75 bpss 100 bps by weak margins in UCP segment 1, % Aided by lower tax rate Page 1 PHILLIPCAPITAL INDIA
2 Voltas: Consolidated quarterly result Sales Cost of material & stock in trade Gross Profit Gross margin (%) Employee cost % of sales Other Expenses % of sales DA DA margin (%) Depreciation margin (%) Interest Other Income PBT Tax Tax rate (%) Recurring PAT pre Minority Share in associates profit & minority interest Recurring PAT post Minority PAT Reported Q2FY199 14, ,3000 3, % % 1, % % 1,1055 8% % 1, % % 600 1, % % , % % 1,0922 (58)) 1,0355 1,0355 Q2FY18 10,367 7,042 3, % 1,453 14% 1,003 10% % % , % Change yoy 37% 46% 18% 4544 bps bps 10% 1900 bps 25% 755 bps 2% 27% 588 bps 197% 1 8% 11% 3% 3399 bps 16% 2496% Voltas: Consolidated segment results Segment Revenue Electro mechanicall Projects & Services (MEP) Segment Revenue Less: Intersegment Other operating income Operating Revenue Segment Electro mechanicall Projects & Services (MEP) Segment Unallocated expenses, net as per P&L Segment margin (%) Electro mechanicall Projects & Services (MEP) Segment margin (%) Unallocated expenses % of Sales Margin (%) Q2FY199 Q2FY18 Change yoy 4,4100 9, ,1544 (7)) ,2144 4,078 5, ,319 (2) 51 10,367 8% 62% 37% 225% 2 32% 37% ,3277 (301)) 1, ,086 (277) % 151% 1 5% 22% 27% 6.3% % 8.4% % 39.8% % 9.4% % 2.1% % 7.2% % 12.4% 5.4% 41.3% 10.5% 2.7% 7.8% 6166 bps 2999 bps 1511 bps 1155 bps 566 bps 588 bps Page 2 PHILLIPCAPITAL INDIA
3 Voltas: MEP order inflows and order book MEP Order book Domestic order book International order book MEP Order book MEP Order inflows Domestic order inflows International order inflows MEP Order inflows Q2FY199 Q2FY18 Change yoy 28, ,000 11% 20, ,000 13% 48, ,000 2% 6,3000 6,000 5% 4, % 5 10,8000 6,700 61% Voltas SoTP valuation (Rs) Electro Mechanical Products Unallocated Income/(expenses), net SOTP Value Target Price Implied PE multiple FY20E (x) March'20 EPS Multiple (x) (0.7) 10 (Rs share) (7) Voltas two year forward PE: Trading at +1SD of historical average PE Voltas 2yr fwd PE Avg A PE + +1SD 1SD Apr/02 Apr/03 Apr/04 Apr/05 Apr/06 Apr/07 Apr/08 Apr/09 Apr/10 p/ Apr/11 Apr/12 Apr/13 Apr/14 Apr/15 Apr/16 Apr/17 Apr/18 Page 3 PHILLIPCAPITAL INDIA
4 Financials Income Statement Y/E Mar, Rs mn sales Raw material expenses Employee expenses Other Operating expenses DA (Core) Margin, % Depreciation Margin, % Interest paid Other n Operating Income Pre tax profit Tax provided Profit after tax Profit Profit (adjusted) Unadj. shares (m) Wtdavg shares (m) FY17 60, ,359 6,184 5,994 5, , ,961 7,347 2,144 5,203 4, ,986 FY188 64, ,6755 5,8677 5,7666 6, , ,4544 7,8277 2,2700 5,5577 5, , FY19e 75, ,367 6,512 6,494 7, , ,399 8,779 2,590 6,189 5, ,988 Balance Sheet Y/E Mar, Rs mn Cash & bank Debtors Inventory Other current assetss Total current assets Investments Gross fixed assets Less: Depreciation Add: Capital WIP fixed assets n current assets Total assets Current liabilities Provisions Total current liabilities n current liabilities Total liabilities Minority Interest Paid up capital Reserves & surplus Shareholders equity Total equity & liabilities Estimatess FY20e 87, ,349 7,307 7,057 9, , ,553 10,580 3,174 7,406 7, ,132 FY17 FY18 FY19e FY20e 3,314 2,837 4,518 6,460 14,541 15,703 18,134 21,024 9,070 8,130 10,427 12,149 11,882 15,700 18,437 20,442 38,807 42,370 51,515 60,075 23,135 27,983 26,336 29,463 5,327 5,423 5,823 6,223 2,784 2,899 3,156 3, ,548 2,565 2,708 2, ,796 73,097 81,237 93,045 26,468 29,348 31,709 38,678 3,160 2,824 3,141 3,594 29,628 32,172 34,850 42,273 1,817 1,555 2,505 1,455 31,444 33,727 37,355 43, ,735 38,721 43,114 48,441 33,351 39,369 43,882 49,317 64,796 73,096 81,237 93,045 Cash Flow Y/E Mar, Rs mn Pre tax profit Depreciation Chg in working capital Total tax paid Cash flow from operating activities Capital expendituree Chg in investments Cash flow from investing activities Free cash flow Debt raised/(repaid) Dividend (incl. tax) Other financing activities Cash flow from financing activities chg in cash Valuation Ratios Per Share data EPS (INR) Book NAV/share (INR) FDEPS (INR) CEPS (INR) CFPS (INR) DPS (INR) Return ratios Return on assets (%) Return on equity (%) Return on capital employed (%) Turnover ratios Asset turnover (x) Sales/Total assets (x) Sales/ FA (x) Working capital/sales (x) Working capital days Liquidity ratios Current ratio (x) Quick ratio (x) Interest cover (x) Dividend cover (x) Total debt/equity (%) debt/equity (%) Valuation PER (x) Price/Book (x) Yield (%) EV/ / sales (x) EV/ /DA (x) EV/ / (x) FY17 7,347 FY18 7,8277 FY19e 8, , ,786 2,032 2,118 3,140 4,281 3,2533 1, , , , ,992 1,351 3,548 1,2611 2, , ,595 1,000 1, , , , ,681 FY (4.9) FY18 FY19e (0.9) (3.6) (4.8) FY20e 10, ,224 8, ,127 3,474 4,931 1,000 1, ,989 1,943 FY20e (10.3) Page 4 PHILLIPCAPITAL INDIA
5 Stock Price, Price Target and Rating History N (TPP 515) N (TP 530) ) N (TP 515) N (TP 510) N (TP N 495) (TP 495) N (TP 510) 400 N (TP 440) N (TP 290) N (TP 245) N (TP 335) N (TP 345) N (TP 310) N (TP 310) N 15 D 15 F 16 M 16 M 16 J 16 J 16 S 16 O 166 D 16 J 17 M 17 A 17 J 17 J 17 S 17 O 17 N 17 J 18 F 18 A 18 M 188 J 18 A 18 O 188 Rating Methodology We rate stock on absolute return basis. Our target price p for the stocks has an investment horizon off one year. Rating BUY NEUTRAL SELL Criteria >= +15% 15% > to < +15% <= 15% Definition Target price is equal to or more than 15% of current market price Target price is less than +15% butt more than 15%% Target price is less than or equal to 15%. Page 5 PHILLIPCAPITAL INDIA
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: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
More informationBHEL (BHEL IN) Elevated provisions and taxes led to the disappointment
INSTITUTIONAL EQUITY RESEARCH BHEL (BHEL IN) Elevated provisions and taxes led to the disappointment INDIA CAPITAL GOODS Quarterly Update 30 May 2018 Top takeaways from 4QFY18 BHEL s recurring profit (Rs
More informationMaruti Suzuki. Source: Company Data; PL Research
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 informationLARGE CAP & 1,970 BSE
Batlivala & Karani RESULT UPDATE LARGE CAP Share Data Reuters code DIVI.BO Bloomberg code DIVI IN Market cap. (US$ mn) 4,97 6M avg. daily turnover (US$ mn) 4.7 Issued shares (mn) 133 Target price (Rs)
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationFLASH NOTE Welspun India 31 Jan 17
Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 FLASH NOTE Welspun India 31 Jan 17 CMP (Rs) 76 TP (Rs) 81 Outperformer Key Figures
More informationTata Elxsi Ltd. CMP: Rs. 1,192 Future Stallion.. BUY. Stock Data. Stock Performance (%) Company Update IT Software India Research
Company Update IT Software India Research Tata Elxsi Ltd. CMP: Rs. 1,192 Future Stallion.. BUY Nifty 10,742 Sensex 35,319 Nifty PE 26.66 Sensex PE 23.48 Stock Data Sector IT Software BSE Code 500408 NSE
More informationNalco (NACL IN) Alumina volumes drive profits
INSTITUTIONAL EQUITY RESEARCH Nalco (NACL IN) Alumina volumes drive profits INDIA METALS Quarterly Update Top takeaways from Q4FY18 Net sales at Rs 28.6bn was 2% above estimates as higher alumina sales
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
More informationLarsen & Toubro (LT IN) In line results; current orders momentum is a positive
INSTITUTIONAL EQUITY RESEARCH Larsen & Toubro (LT IN) In line results; current orders momentum is a positive INDIA CAPITAL GOODS Quarterly Update Top takeaways from 4QFY18 Recurring PAT (Rs 31.8bn, flat
More informationMahindra & Mahindra (MM IN) Robust quarter, largely in line
INSTITUTIONAL EQUITY RESEARCH Mahindra & Mahindra (MM IN) Robust quarter, largely in line INDIA AUTOMOBILES Quarterly Update Top takeaways from Q1FY19 Revenue at Rs 134bn was largely in line EBITDA at
More informationKey estimate revision. Year FY14 23,28,609 3,48,027 1,40, FY15E 25,74,029 3,94,133 1,69,
: price: EPS: How does our one year outlook change? We retain our positive stance on TTMT driven by continued strong performance at JLR on both revenues & margins and expected reduction in losses at standalone
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 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 informationRepco Home Finance REPCO IN
11 August 2014 Price: `431 India Banking & Financial Services Company Update BUY Repco Home Finance REPCO IN 12m Price Target: `460 Steady quarter REPCO reported 1Q15 net profit at `248mn, up 11% YoY and
More informationCMP* (Rs) 166 Upside/ (Downside) (%) 28 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245
3QFY18 Result Update February 05, 2018 CMP* (Rs) 166 Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245 Wage Provisioning, Lower in Plant Availability Impede Earnings Growth has delivered
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationMaruti Suzuki. Source: Company Data; PL Research
Run continues, Royalty reduction positive ; Buy January 29, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs9,277
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 informationRamkrishna Forgings (RMKF IN) Marginally ahead, story intact
INSTITUTIONAL EQUITY RESEARCH Ramkrishna Forgings (RMKF IN) Marginally ahead, story intact INDIA AUTOMOBILES Quarterly Update Top takeaways from Q4FY18 Revenue at Rs 4.4bn up 10% qoq (+52% yoy) was 1%
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 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 informationCMP* (Rs) 336 Upside/ (Downside) (%) 21 Bloomberg Ticker. MOIL IN Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133
4QFY17 Result Update June 06, 2017 Market Cap. (Rs bn) 45 Free Float (%) 24 Shares O/S (mn) 133 Mixed Quarterly Performance; Volume to Remain Strong has reported a mixed performance in 4QFY17. Its blended
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
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 informationKey estimate revision. Year CY14 87,383 11,148 6, CY15E 1,20,126 17,838 9,
: price: EPS: How does our one year outlook change? We retain our positive view on EIM on the back of expected improvement in volume and margin at Royal Enfield (RE) and expected revival in VECV on the
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 informationBUY. At inflection point NTPC. Target Price: Rs 197. Key highlights. Financial summary (Standalone) Y/E March FY16 FY17 FY18E FY19E.
At inflection point Q2FY18 adjusted PAT grew 12% YoY at Rs 27 bn (vs. our estimate Rs 26 bn) in tandem with 17% YoY rise in regulated equity. Core RoE is still healthy at 20.2% though it contracted ~174
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
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More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
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More informationMahindra and Mahindra Maintain Outperformer. (Rs mn) Mar 14 Mar 15 YoY (%) Dec 14 QoQ (%) FY14 FY15P YoY (%) FY16E YoY (%) FY17E YoY (%)
Batlivala & Karani RESULT UPDATE Mahindra and Mahindra Maintain Outperformer LARGE CAP Share Data Reuters code Bloomberg code MAHM.BO MM IN Market cap. (US$ mn) 12,243 6M avg. daily turnover (US$ mn) 21.0
More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
More informationIndia Strategy Adding currency play to consumption
INSTITUTIONAL EQUITY RESEARCH India Strategy Adding currency play to consumption INDIA STRATEGY 2 August 218 Rupee has weakened past 7 led by dollar strength. While Indian economic fundamentals remain
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.
Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
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More informationInitiating Coverage. Uflex Ltd.
2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
More informationCummins India. Growth/margin bottoming. Source: Company Data; PL Research
Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
More informationVoltas Limited (VOLT IN) Margin led surprise; consumer durables foray a positive
INSTITUTIONAL EQUITY RESEARCH Voltas Limited (VOLT IN) Margin led surprise; consumer durables foray a positive INDIA CAPITAL GOODS Quarterly Update 26 May 2017 Top takeaways from 4QFY17 Recurring PAT (Rs
More informationReliance Industries. Timing is everything BUY COMPANY UPDATE 1 OCT 2014
INDUSTRY OIL & GAS Timing is everything COMPANY UPDATE 1 OCT 2014 Reliance Industries BUY CMP (as on 30 Sep 2014) Rs 945 Target Price Rs 1,100 Nifty 7,965 Sensex 26,631 KEY STOCK DATA Bloomberg/Reuters
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
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 informationTransport Corporation of India Ltd.
Jul/12 Aug/12 Sep/12 Oct/12 Nov/12 Dec/12 Jan/13 Feb/13 Mar/13 Apr/13 May/13 Jun/13 Jul/13 July 26, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 5,908; Sensex: 19,805 CMP Target Price Rs49 Rs81 Potential
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 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 informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
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
More informationLarsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
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 informationTransport Corporation of India Ltd.
Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 January 31, 2013 COMPANY RESULTS REPORT REVIEW Nifty: 6,035; Sensex: 19,895 CMP Target Price Rs71 Rs66 Potential
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 informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
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 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 informationSymphony Ltd. RESULT UPDATE 31st October 2017
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More informationManappuram Finance (MGFL IN) Operating performance was below expectation
INSTITUTIONAL EQUITY RESEARCH Manappuram Finance (MGFL IN) Operating performance was below expectation INDIA BFSI Quarterly Update Top takeaways from Q4FY18 Operating results below expectations with NII/PAT
More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationAmber Enterprises India Ltd
3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationCentury Plyboards (India)
: price: EPS: How does our one year outlook change? Century Plyboards (India) (CPBI) 2QFY17 revenues grew by 6% yoy driven by 2% yoy growth in plywood products and 11% yoy growth in laminate products.
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 informationTitan Company BUY. Back to Value Zone Validate Rating Upgrade. Institutional Equity Research. November 05, Target Price Rs428.
CMP* (Rs) 369 Market Cap. (Rs bn) 328 Free Float (%) 47 Shares O/S (mn) 888 Titan Company Back to Value Zone Validate Rating Upgrade Titan Company delivered decent performance in 2QFY17 despite reporting
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 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 informationCMP* (Rs) 263 Upside/ (Downside) (%) 7.3. Market Cap. (Rs bn) 635 Free Float (%) 59 Shares O/S (mn) 2,417
2QFY18 Result Update November 01, 2017 Market Cap. (Rs bn) 635 Free Float (%) 59 Shares O/S (mn) 2,417 In-line Performance; Margins to Remain Strong (JSTL) has delivered an in-line performance in 2QFY18
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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 informationHavells India. Q1FY18 Result Update Strong Sales growth; Margins decline. Sector: Consumer Durable CMP: ` 467. Recommendation: BUY
Havells India Q1FY18 Result Update Strong Sales growth; Margins decline Sector: Consumer Durable CMP: ` 467 Recommendation: BUY Market statistics Current stock price (`) 467 Shares O/S (cr.) 62.5 Mcap
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
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: price: EPS: Another weak quarter; Maintain SELL ICEM reported weak 2QFY14 results, with a revenue de-growth of 3.3% y-o-y and EBITDA de-growth of 37.8% y-o-y. Volumes de-grew by 3% y-o-y to 4mt. Realisations
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(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
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