Dabur India. Worst is over; Accumulate. Source: Company Data; PL Research
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1 Worst is over; Accumulate October 31, 2017 Amnish Aggarwal Gaurav Jogani Rating Accumulate Price Rs333 Target Price Rs342 Implied Upside 2.7% Sensex 33,213 Nifty 10,335 (Prices as on October 31, 2017) Trading data Market Cap. (Rs bn) Shares o/s (m) 1, M Avg. Daily value (Rs m) Major shareholders Promoters 68.05% Foreign 17.65% Domestic Inst. 8.18% Public & Other 6.12% Stock Performance (%) 1M 6M 12M Absolute Relative (4.9) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Perf. (RIC: DABU.BO, BB: DABUR IN) (Rs) Oct 16 Dec 16 Source: Bloomberg Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Dabur has given cautiously optimistic growth outlook given 7.2% volume growth in 2Q and expected pickup in rural demand. Dabur expects flat margins in near term and sustained expansion once the sales growth revives over coming 2/3 quarters. Headwinds like GST led trade disruptions, Patanjali s onslaught and currency and demand issues in IBD have peaked out which should enable Dabur to post steady improvement in coming quarters. Dabur has also increasing its pace of new launches, the success of these can further accelerate growth. We estimate 14% PAT CAGR over FY We value the stock at Rs342 based on 33xSept19 EPS (Rs328 based on 33xJune19 EPS earlier). Maintain Accumulate. Concall Highlights: 1) Q2 saw 7.2% volume growth even as underlying demand conditions remain tepid. Rural sales grew 11% while urban sales grew 10% 2) Rural growth is expected to increase on demand stimulus expectations ahead of elections 3) Urban Wholesale and CSD declined 5% and 10% while Modern trade and Super stockist channel grew 21% and 15% 4) CSD is unlikely to come back as quantity restrictions and smart cards will permanently reset base 5) Dabur has increased trade margins by 0.5% post GST 6) Hair Oil segment is witnessing down trading and Dabur is actively pushing Rs.10 and Rs.15 packs to reignite growth 7) Dabur will rebrand its Juice drink offering to Koolerz from Juicy targeting south India and will look to utilise spare capacity in Srilanka 8) Oral care category continued growth momentum and gained 90bps share, Dabur Red now forms 60% of Oral care sales and it will be looking for a new launch in this category by end of Q4 9) Gross margins and EBITDA margins are expected to remain flat in the near term as the focus will be on volume growth, margins are expected to improve once the volume growth revives 10) IBD is expected to high single digit growth in 2HFY18 on back of anniversarisation of currency depreciation in Egypt and demand pick up in GCC barring MENA region. Key financials (Y/e March) E 2019E Revenues (Rs m) 84,540 77,014 90, ,795 Growth (%) 8.0 (8.9) EBITDA (Rs m) 15,198 15,089 17,450 20,110 PAT (Rs m) 12,527 12,769 14,891 17,093 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2019E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q2FY18 Result Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Exhibit 1: Q2FY18 Results Consolidated (Rs m): Domestic Comparable sales up 10% led by 7.2% volume growth Y/e March Q2FY18 Q2FY17 YoY gr. (%) Q1FY18 H1FY18 H1FY17 YoY gr. (%) Net Sales 19,589 19,816 (1.1) 17,901 37,490 39,339 (4.7) Gross Profit 9,818 10,142 (3.2) 8,755 18,573 20,051 % of NS Other Expenses 5,619 6,055 (7.2) 5,666 11,285 12,476 (9.5) % of NS EBITDA 4,199 4, ,089 7,288 7,575 (3.8) Margins (%) Depreciation Interest (19.8) (6.4) Other Income (5.5) 813 1,656 1, PBT 4,508 4, ,378 7,886 8,093 (2.5) Tax ,468 1,574 (6.7) Tax rate (%) Minority interest 2 1 (322.2) Adjusted PAT 3,627 3, ,794 6,421 6,520 (1.5) Dabur posted 1.2% PAT increase (est. 6.3%) as Sales de grew by 1.1% (est 7.5%) despite a 7.2% (est 6%) volume increase in domestic FMCG business. Comparable sales adjusted for GST and currency translation was at 8% Consumer care and Retail sales declined 2% YoY and 6.8% YoY respectively, while foods and Others segment reported 4.9% and 5.9% sales increase respectively. Oral care, Skin care & Salon, Digestives and Foods business reported 23%, 16% and 12%, 12% growth respectively. IBD sales was impacted due to Currency depreciation in Egypt, Turkey and Nigeria and geo political issues in these geographies Gross margins declined by 110bps at 50.1% due to deterioration of sales mix, increase in input costs and higher consumer promotion. EBIDTA increased by 2.7% to Rs. 4.2bn (est Rs 4.34bn) as margins at 21.4% have increased by 80bps YoY aided by 10bps decline in ad spends, 50bps in staff cost and 130bps in other expenses 12.1% increase in Depreciation and 19.8% decline in interest expense couldn t neutralized 5.5% decline in other income limiting PBT increase to 1.2% Adj PAT at Rs 3.627bn (Est Rs3.8bn) increased by 1.2% as tax rate declined by 10bps to 19.5% Dabur has declared an interim dividend of Rs 1.25/share October 31,
3 Exhibit 2: Domestic FMCG Volume up7.2% as consumer demand seen improving (2.0) (4.0) (6.0) June 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16 Sep 16 Dec 16 Mar 17 Jun 17 Sep 17 (%) Exhibit 3: Toothpaste, Digestive, Skin care and Home care outperform, Hair Care, OTC& health supplement remain subdued Sales Growth (%) % of Sales 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 Hair Care NA NA NA N.A Hair Oils (3.0) 6.0 N.A NA NA 2.3 Shampoos NA NA NA ve 2.7 N.A NA Health Supplements N.A 0.0 N.A Oral Care N.A Toothpaste N.A Foods Digestives ve N.A Skin care N.A N.A Home Care OTC & Ethicals ve Exhibit 4: Egypt, Turkey and Nigeria witness double digit growth; GCC remains pain point IBD Sales Growth (%) 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 Organic Constant Currency Egypt NA GCC N.A N.A 19.0 NA Levant NA NA NA N.A N.A NA NA NA N.A Bangladesh N.A N.A N.A N.A Nepal 15.3 NA N.A 12.3 Turkey North America N.A N.A SAARC 15.0 N.A Pakistan Nigeria October 31,
4 Income Statement(Rs m) Net Revenue 84,540 77,014 90, ,795 Raw Material Expenses 37,970 38,432 42,285 48,240 Gross Profit 46,570 38,582 48,328 54,555 Employee Cost 7,948 7,896 9,244 10,332 Other Expenses 23,424 15,597 21,634 24,113 EBITDA 15,198 15,089 17,450 20,110 Depr. & Amortization 1,338 1,429 1,605 1,793 Net Interest Other Income 2,192 2,984 3,122 3,739 Profit before Tax 15,572 16,104 18,773 21,891 Total Tax 3,018 3,303 3,848 4,761 Profit after Tax 12,555 12,801 14,924 17,129 Ex Od items / Min. Int. 27 (2,974) Adj. PAT 12,527 12,769 14,891 17,093 Avg. Shares O/S (m) 1, , , ,774.1 EPS (Rs.) Cash Flow Abstract(Rs m) C/F from Operations 11,085 14,425 15,785 17,195 C/F from Investing (8,190) (6,369) (7,773) (9,803) C/F from Financing (1,094) (5,825) (4,012) (5,313) Inc. / Dec. in Cash 1,801 2,231 4,000 2,078 Opening Cash 678 1,374 1,743 2,774 Closing Cash 2,479 3,606 5,743 4,853 FCFF 9,843 16,571 12,328 16,568 FCFE 10,419 17,774 6,213 16,068 Key Financial Metrics Growth Revenue (%) 8.0 (8.9) EBITDA (%) 15.4 (0.7) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract(Rs m) Shareholder's Funds 41,601 48,474 57,988 66,580 Total Debt 7,912 9,115 3,000 2,500 Other Liabilities 982 1,328 1,206 1,335 Total Liabilities 50,495 58,917 62,195 70,416 Net Fixed Assets 19,947 15,900 20,880 21,087 Goodwill 4,105 Investments 26,068 34,157 36,258 44,061 Net Current Assets 4,480 4,755 3,675 3,886 Cash & Equivalents 1,374 1,416 2,774 2,667 Other Current Assets 23,816 21,732 24,114 27,363 Current Liabilities 20,710 18,393 23,213 26,143 Other Assets Total Assets 50,495 58,917 60,813 69,034 Quarterly Financials(Rs m) Y/e March Q3FY17 Q4FY17 Q1FY18 Q2FY18 Net Revenue 18,529 19,147 17,901 19,589 EBITDA 3,339 4,176 3,089 4,199 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 3,697 4,314 3,378 4,508 Total Tax Profit after Tax 1,610 3,076 2,671 3,591 Adj. PAT 2,938 3,331 2,794 3,627 Key Operating Metrics Standalone Sales growth % (1.7) EBITDA growth % Adj. PAT 9,373 10,708 11,799 13,315 Adj. PAT growth % EPS Subsidaries Sales growth % 29.5 (10.7) EBITDA growth % Adj. PAT 2,626 2,444 3,034 3,760 Adj. PAT growth % (0.7) (6.9) EPS October 31,
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Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More 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 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 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 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 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 informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
More 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 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 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 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 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 informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More 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 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 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 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 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 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 informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More 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 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 informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More 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 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 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 informationColgate Palmolive. Source: Company Data; PL Research
Building blocks in place to ride demand recovery July 15, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More 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 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 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 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 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 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 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 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 informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
More 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 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 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 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 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 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 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 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 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 informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
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
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 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 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 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 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 informationNIIT Technologies. Source: Company Data; PL Research
Improvement in revenue trajectory is key positive October 22, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs614 Target Price Rs670 Implied Upside 9.1% Sensex 32,584 Nifty
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 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 informationReliance Infrastructure
Battle Ready! March 02, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating Not Rated Price Rs552 Target Price NA Implied Upside NA Sensex 28,840 Nifty 8,900 (Prices as on March 02, 2017) Trading
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