KPIT Technologies. CMP: INR175 TP: INR170 Downgrade to Neutral
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- Mervin Anthony
- 5 years ago
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1 BSE SENSEX S&P CNX 26,026 7,768 Bloomberg KPIT IN Equity Shares (m) M.Cap. (INR b) / (USD b) 34.0/ Week Range (INR) 191/122 1, 6, 12 Rel. Per (%) 2/-27/4 Financials & Valuation (INR Billion) Y/E Mar 2015E 2016E 2017E Sales EBITDA PAT EPS (INR) EPS Gr. (%) BV/Sh RoE (%) RoCE (%) P/E (x) EV/EBITDA July QFY15 Results Update Sector: Technology CMP: INR175 TP: INR170 Downgrade to Neutral 1QFY15 - significant margin disappointment: KPIT s 1QFY15 margins were a significant disappointment, with EBITDA margin declining 400bp QoQ to 12.1%, v/s our est. of 200bp decline to 14.1%. Gross profit margin declined even more by 550bp QoQ to 26.5% v/s est. of 30%. Revenue grew 1.4% QoQ to USD115.2m, marginally below our estimate of 2.5% QoQ growth to USD116.4m. PAT was INR508m (est. of INR585m) v/s INR515m in 4Q (excluding an exceptional item). Multiple factors dragged profitability: [1] Wage hikes (240bp), [2] Currency (60bp), [3] Onsite mix shift (~60bp), [4] Utilization (40bp), [5] Visa costs (25bp) and [6] I-Cubed acquisition (30bp). Outlook on near term performance: KPIT expects sustained improvement in the operational profitability in the coming quarters aided by growth, utilization and pyramid improvement. However, some promotions and corrections will impact margins in 2Q and 3Q by 50bp and visa costs are spread through the year. 2Q is expected to see significantly better revenue growth on: [1] ramp-up in Telematics deal, [2] execution of multiple deals closed during the quarter and [3] full quarter s impact of I-Cubed acquisition. Cutting estimates: Our EPS estimates are lower by 8.0% for FY15E to INR13.5 and 5.9% for FY16E to INR17.1. We have revised the USD revenue growth, including the acquisition of I-Cubed, now to 12% in FY15E. Our EBITDA margin is revised downwards by 160bp to 14.8% in FY15E and by 100bp to 16% in FY16E. Downgrade rating to Neutral: After a sub-par FY14, 1QFY15 performance poses significant challenges for the company to converge the performance gap with peers over the medium term. In congruence with the performance, we expect the stock to stay subdued, compared to peers, till clear visibility emerges in the uptick in financial performance. Hence, we downgrade the rating to Neutral, with a revised target price of INR170, which discounts FY16E EPS by 10x. Ashish Chopra (Ashish.Chopra@MotilalOswal.com); Siddharth Vora (Siddharth.Vora@MotilalOswal.com); Investors are advised to refer through disclosures made at the end of the Research Report.
2 1QFY15: Significant Profitability miss KPIT s 1QFY15 revenue grew 1.4% QoQ to USD115.2m, marginally below our estimate of 2.5% QoQ growth to USD116.4m. It consolidated I-Cubed numbers during the quarter. In Rupee terms, revenue was INR6897m, down 1.5% QoQ, v/s our estimate of INR6928m (-1% QoQ). USD Revenue was marginally below our estimate Source: MOSL, Company Gross profit margin declined a significant 550bp QoQ to 26.5% - a major disappointment during the quarter. This was despite SAP returning to profitability, which should be a tailwind of ~90-100bp in our view. Some of the factors contributing towards the steep decline in Gross margin are: Wage hikes were effective from April 01 and had a negative impact of 240bp on the EBITDA margin during the quarter. On a like to like basis the average wage hikes were 4%-5% onsite and 9%-11% offshore. Visa cost, impact from which will be spread out throughout the year, had 25bp impact in 1Q Rupee appreciated to INR59.87/USD v/s INR61.63 in 4QFY14. This had a negative impact of around 60bp on the EBITDA margin Due to one-time transaction and integration expenses, operationally I- Cubed had a loss, which had a 30bp impact Revenue mix during the quarter shifted in favor of onsite by 290bp, which as per our analysis had another 60bp impact. Offshore utilization decline 80bp QoQ, which would another ~30bp of margin loss. SGA declined 150bp QoQ to 14.4%, v/s our estimate of 15.8%, which cushioned a fraction of the decline in Gross Margins. Consequently, EBITDA margin during the quarter was 12.1%, down 400bp QoQ, v/s our estimate of 200bp QoQ decline to 14.1%. 22 July
3 EBITDA margins declined 400bps QoQ, despite 150bp QoQ reduction in SGA Source: MOSL, Company The other income during the quarter stood at INR107.86m as against loss of INR177.09m in 4QFY14. Other income included forex gain of INR74.57m against a loss of INR239.17m in the previous quarter. PAT was INR508m, v/s INR515m in 4Q (excluding exceptional item) and well below our estimate of INR585m. Segment-wise performance: US soft, A&E driving growth Manufacturing was the fastest growing vertical during the quarter by 5.9% QoQ, while others decline 9.5% QoQ. Manufacturing only vertical to drive growth Verticals Contr. to Rev. Growth - QoQ Contr to incr. 4 Qtr CQGR (%) (%) rev (%) (%) Automotive & Transportation (0.6) Manufacturing Energy & Utilities Others 8.6 (9.5) (64.8) (4.1) IES and A&E grew by 4.64% and 2.72% respectively while SAP and BTU declined by 3.44% and 2.69% respectively. Auto & Engineering, which is 26% of KPIT s revenues, is the healthiest of its segments over the last 4 quarters (4.2% CQGR). IES and Auto & Engg have been the growth driver over last few quarters Lines of Business Contr. to Contr Growth - QoQ (%) Rev. (%) to incr. rev (%) 4 Qtr CQGR (%) IES Auto & Engg SAP 22.6 (3.4) (57.7) (2.1) BTU 10.7 (2.7) (21.2) (1.0) On a QoQ basis, Europe growth was 10.96%, while US marginally grew by 0.4%. During the quarter APAC had a marginal de-growth of 3.06% due to quarterly fluctuations in billing. Over the last 6 quarters, US, the key geography, has remained flattish (between USD79-82m), hurting the overall company s growth 22 July
4 (US is 69% of revenues). Europe and APAC are seeing strong traction on a low base. Europe showed healthy growth Geographies Contr. to Rev. (%) Growth - QoQ (%) Contr to incr. rev (%) 4 Qtr CQGR (%) America (0.6) Europe APAC 15.1 (3.0) (33.9) 7.6 Top account Cummins grew sequentially during the quarter, but revenues remain range bound (between USD18-20m). Top 2-5 clients were weak during the quarter, declining 7.2% QoQ, and have been sluggish. Top6-10 clients have been growing impressively. Top 2-5 clients segment suffered due to the second largest client. Second largest customer declined Top 2-5, to continue in next quarter Top Clients Contr. to Rev. (%) Growth - QoQ (%) Contr to incr. rev (%) 4 Qtr CQGR (%) Top Client - Cummins Top 2-5 Clients 18.5 (7.2) (1.0) (2.7) Top 6-10 Clients Cummins revenue grew after a sharp decline last quarter SAP showed a decline but was margin positive Source: MOSL, Company Source: MOSL, Company Takeaways from management comments Revenue growth outlook: KPIT closed multiple deals during the quarter and the execution on these has started in the month of July. It also started delivering on the telematics deal in India and expects a good ramp up in delivery during the coming quarters. The company remains positive on the growth prospects during the remainder of the year Profitability outlook: Some corrections and promotions will additionally take effect from July 01 and October 01. The net impact on operational margins due to this would be around 0.5% in both 2QFY15 and 3QFY15. The visa cost impact will be spread out throughout the year. Despite the two factors, KPIT expects sustained improvement in the operational profitability in the coming quarters aided by growth, utilization improvement and pyramid improvement. Organization restructuring: 1QFY15 is the first complete quarter post our organizational restructuring and formation of new business units. The company 22 July
5 has almost completed the desired changes in our organization structure. It has filled up some new strategic positions by hiring senior level industry partisans. Cutting estimates on revenue and margins KPIT targeted EBITDA margin of 17% in FY15, however, 1QFY15 EBITDA margin of 12% implies that despite significant recovery in the remainder of the year (we model exit EBITDA margin of 16.1%), it may fall short of its target. So, our EBITDA margin is revised downwards by 110bp to 14.8% in FY15 and by 60bp to 15.9% in FY16. 1QFY15 revenues require KPIT to post a CQGR of 5.2% over 2Q-4QFY15, to meet the lower end of its guided band of 12-14%. Our earlier growth estimate of 15% factored the revenues from the acquisition as well. However, we have now moderated our revenue growth estimate to 12% in FY15 including I-Cubed. Consequently, our EPS estimates are lower by 8% for FY15 to INR13.5 and 5.9% for FY16 to INR17.1. Change in estimates Revised Earlier Change FY15E FY16E FY15E FY16E FY15E FY16E INR/USD % 0.0% USD Revenue (m) % -2.4% USD revenue growth (%) bp -60bp EBITDA Margin (%) bp -60bp EPS (INR) % -5.9% EPS Growth (%) Valuation View KPIT remains focused on select verticals, evidenced as the company added strong ERP capabilities to its Engineering prowess by acquisitions of CPG, Sparta and Systime. Going forward, it is looking to expand to new-age services like Analytics, PLM and even IMS. Its focus on Auto engineering services should also serve it well in its quest to expand to USD1b in revenues in a few years time. However, after a sub-par FY14, 1QFY15 performance poses significant challenges to the company to converge the performance gap with peers over the medium term. This, especially in a robust demand outlook for IT Services will weigh on the company s valuation relative to peers. KPIT trades at 12.9x FY15E and 10.2x FY16E EPS. We expect the company to grow its USD revenues at a CAGR of 14% (supported by I-Cubed) over FY14-16E and EPS at a CAGR of 17% (on a forex-hit FY14 base) during this period. In congruence with the performance, we expect to stock, too, to stay subdued compared to peers; till clear visibility emerges in the uptick in financial performance. As a result, we downgrade our rating to Neutral, with a revised target of INR170, which discounts FY16E EPS by 10x. Other result highlights Total development team at the end of the quarter increased by 174 to 8,757. Offshore utilization during the quarter was 70.15%, down 80bp QoQ. 22 July
6 KPIT added 3 new clients during the quarter taking total active client count to 201. Total amount of USD hedges at the end of the quarter stand at USD45.2m. These hedges are maturing in FY15 and average rate for these hedges is INR62.7 The Cash Balance as at the end of the quarter stood at INR 4.11b as compared to INR3.74b in the previous quarter. Total debt decreased to INR5.29b from INR4.94b at the end of previous quarter. Debtor days at the end of the quarter reduced by 5 days to 82 (from 87 in the previous quarter). Revenue proportion from Fixed Price contracts increased 130bps QoQ to 28.4% 22 July
7 Story in Charts Offerings focused on select verticals, with mix of IT and Engg Auto Engg to be the key growth driver SAP drag FY14 performance, to return to growth in FY15 SAP turnaround drives positive revenue outlook and outlook of healthy profit growth Unlikelihood of large acquisitions to help improve FCF 22 July
8 Operating Metrics 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 Geography Analysis (%) USA Europe ROW LOB Analysis (%) Integrated Enterprise Solutions Auto & Engg SAP Business Transformation Unit Customer Details No. of Customers Added No. of Active Customers Customers with a runrate of > $1m Top Customer Cummins (%) Top 5 Customers (%) Top 10 Customer (%) Revenue Split (%) Onsite Revenues Offshore Revenues Contract Type (%) T&M FP Debtor Days HR - Details Development Team Onsite (Avg) 1,031 1,126 1,148 1,139 1,176 1,243 1,274 1,366 1,423 Offshore (Avg) 6,074 6,207 6,364 6,486 6,553 6,708 6,987 7,139 7,224 Onsite FTE 977 1,064 1,066 1,074 1,107 1,148 1,123 1,231 1,293 Offshore FTE 4,501 4,638 4,637 4,805 4,809 4,888 4,985 5,064 5,068 Total FTE 5,478 5,702 5,703 5,879 5,916 6,036 6,108 6,295 6,361 Development 7,218 7,447 7,616 7,648 7,771 8,122 8,430 8,583 8,757 Support Marketing Total 7,873 8,111 8,286 8,321 8,456 8,816 9,136 9,296 9,490 Utilization (%) Onsite Offshore (Incl. Trainees) July
9 : an investment profile Company description KPIT Cummins is a leading technology solutions partner for global manufacturing corporations, with special focus on automotive, energy & utilities, industrial equipments and semiconductor industries. With over USD450m revenue (LTM) and 9,490 employees, company continues to focus on its chosen areas to grow, with equal thrust on organic and inorganic approaches. Key investment arguments A rare example in Indian IT of successfully integrating multiple acquisitions. Impressive organic growth despite inorganic thrust % in FY11 and 37% in FY12. Potential option value from success of its hybrid engine venture Revolo. Key investment risks Continued pressure on profit margins due to lower margin profile of acquisitions. Limited free cash flow generation due to thrust on inorganic growth route. Recent developments To enhance the existing IMS portfolio KPIT have formed a partnership with HP for cloud services and have launched KPIT Cloud powered by HP. KPIT added 3 new customers during the quarter. Valuation and view We expect KPIT to post revenue at a CAGR of 14% and EPS CAGR of 17% over FY The stock trades at 12.9x FY15E and 10.2x FY16E EPS. Downgrade to Neutral with a target price of INR170, which discounts our FY16E EPS by 10x. Sector view With strengthening demand in the US and large deals traction in traditional services in Europe, industry growth in FY15 should be better than FY14. Digital technologies/smac may not be a needle mover right now but are increasingly seeing traction and can potentially drive downstream opportunity. We see better risk-reward in Tier-I v/s Tier-II. Currency is a key risk to valuations, and Tier-II has a higher sensitivity to the same v/s Tier-I. Comparative valuations KPIT MTCL HEXW P/E (x) FY15E FY16E P/BV (x) FY15E FY16E EV/Sales (x) FY15E FY16E EV/EBITDA (x) FY15E FY16E EPS: MOSL forecast v/s consensus (INR) MOSL Forecast Consensus Forecast Variation (%) FY FY Target price and recommendation Current Target Upside Reco Price (INR) Price (INR) (%) Neutral Shareholding pattern (%) Mar-14 Dec-13 Mar-13 Promoter DII FII Others Note: FII Includes depository receipts Stock performance (1-year) 22 July
10 Financials and valuation 22 July
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BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
More informationGodrej Consumer Products
BSE SENSEX S&P CNX 17,602 5,337 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 658/370 1,6,12 Rel. Perf. (%) 5/37/42 M.Cap. (INR b) 205.9 M.Cap. (USD b) 3.7 7 August 2012 1QFY13 Results
More informationPunjab National Bank. CMP: INR716 TP: INR950 Buy
BSE SENSEX S&P CNX 16,839 5,100 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,144/703 1,6,12 Rel.Perf.(%) -8/-24/-28 M.Cap. (INR b) 242.8 M.Cap. (USD b) 4.4 30 July 2012 1QFY13 Results
More informationBGR Energy. CMP: INR282 TP: INR253 Neutral
BSE SENSEX S&P CNX 17,413 5,283 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 378/173 1,6,12 Rel. Perf. (%) -9/17/-22 M.Cap. (INR b) 20.3 M.Cap. (USD b) 0.4 6 August 2012 1QFY13 Results
More informationUnitech. CMP: INR20 TP: INR30 Buy
BSE SENSEX S&P CNX 16,328 4,943 Bloomberg UT IN Equity Shares (m) 2,438.8 52-Week Range (INR) 38/17 1,6,12 Rel. Perf. (%) -25/-14/-34 M.Cap. (INR b) 48.8 M.Cap. (USD b) 0.9 16 May 2012 4QFY12 Results Update
More informationBGR Energy. CMP: INR266 TP: INR230 Neutral
BSE SENSEX S&P CNX 18,562 5,645 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 374/173 1,6,12 Rel. Perf. (%) -3/27/-24 M.Cap. (INR b) 19.2 M.Cap. (USD b) 0.4 3 November 2012 2QFY13 Results
More informationIdea Cellular. CMP: INR81 TP: INR Under Review
BSE SENSEX S&P CNX 16,918 5,128 Bloomberg IDEA IN Equity Shares (m) 3,308.8 52-Week Range (INR) 104/71 1,6,12 Rel. Perf. (%) 6/-13/4 M.Cap. (INR b) 268.0 M.Cap. (USD b) 4.8 25 July 2012 1QFY13 Results
More informationJust Dial. CMP: INR1,129 TP: INR1,475 Buy
BSE SENSEX S&P CNX 23,871 7,109 Bloomberg JUST IN Equity Shares (m) 70.2 M.Cap. (INR b) / (USD b) 79.2/1.3 52-Week Range (INR) 1,774/589 1, 6, 12 Rel. Per (%) -18/-7/- Financials & Valuation (INR m) Y/E
More informationJinesh Gandhi Sandipan Pal
BSE Sensex S&P CNX 20,224 6,157 Bloomberg BCORP IN Equity Shares (m) 77.0 M.Cap. (INR b)/(usd b) 20.5/0.4 52-Week Range (INR) 342/202 1,6,12 Rel. Perf. (%) 6/-15/-23 Financials & Valuation (INR b) Y/E
More informationLarsen & Toubro. CMP: INR1,160 TP: INR1,417 Buy
BSE SENSEX S&P CNX 16,216 4,908 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,868/971 1,6,12 Rel. Perf. (%) -4/-7/12 M.Cap. (INR b) 706.3 M.Cap. (USD b) 13.1 * Consolidated; EPS is fully
More informationPunjab National Bank. CMP:INR1,103 TP:INR1,500 Buy
BSE SENSEX S&P CNX 18,210 5,488 28 July 2011 1QFY12 Results Update Sector: Banking Punjab National Bank CMP:INR1,103 TP:INR1,500 Buy Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,395/971
More informationSandipan Pal QFY13 Results Update Sector: Real Estate Unitech CMP: INR29 TP: INR44 Buy
BSE Sensex S&P CNX 19,608 5,933 Bloomberg UT IN Equity Shares (m) 2,438.8 M.Cap. (INR b)/(usd b) 70/1.3 52-Week Range (INR) 41/18 1,6,12 Rel. Perf. (%) -27/24/-13 Financials & Valuation (INR b) Y/E March
More informationIndividual Housing Loans: Rationalization of Risk-Weights and LTV Ratios
8 October 2015 Sector Update Financials Individual Housing Loans: Rationalization of Risk-Weights and LTV Ratios Significant capital release for HFCs; Limited benefits for banks Event: RBI reduces risk
More informationCMP: INR320 TP: INR164(-49%) Sell Intending to exit UK execution is key!
31 March 2016 Update Sector: Metals Tata Steel BSE SENSEX S&P CNX 25,342 7,738 Stock Info Bloomberg TATA IN Equity Shares (m) 971.2 52-Week Range (INR) 384/200 1, 6, 12 Rel. Per (%) 18/54/10 M.Cap. (INR
More informationKotak Mahindra Bank. CMP: INR626 TP: INR500 Neutral
BSE SENSEX S&P CNX 18,759 5,705 Bloomberg KMB IN Equity Shares (m) 740.7 52-Week Range (INR) 652/418 1,6,12 Rel.Perf.(%) -3/-2/18 M.Cap. (INR b) 463.4 M.Cap. (USD b) 8.6 26 October 2012 2QFY13 Results
More informationBGR Energy. CMP: INR284 TP: INR296 Neutral
BSE SENSEX S&P CNX 16,312 4,951 Bloomberg BGRL IN Equity Shares (m) 72.0 52-Week Range (INR) 512/173 1,6,12 Rel. Perf. (%) -8/8/-31 M.Cap. (INR b) 20.5 M.Cap. (USD b) 0.4 31 May 2012 4QFY12 Results Update
More informationMarket share recovery, price hike, content leverage to drive growth
BSE Sensex S&P CNX 24,377 7,276 Stock Info Bloomberg DITV IN Equity Shares (m) 1,064.8 52-Week Range (INR) 71/40 1, 6, 12 Rel. Per (%) 6/-15/-41 M.Cap. (INR b) 58.2 M.Cap. (USD b) 1.0 Financial Snapshot
More informationKotak Mahindra Bank. CMP: INR495 TP: INR429 Neutral
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg KMB IN Equity Shares (m) 689.3 52-Week Range 515/333 1,6,12 Rel.Perf.(%) 0/12/31 M.Cap. (Rs b) 340.5 M.Cap. (US$ b) 6.7 25 January 2012 3QFY12 Results Update Sector:
More informationHardick Bora 4QCY12 Results Update Sector: Healthcare Sanofi India CMP: INR2,307 TP: INR2,015 Neutral
BSE Sensex S&P CNX 19,332 5,855 Bloomberg SANL IN Equity Shares (m) 23.0 M.Cap. (INR b)/(usd b) 53.1/1.0 52-Week Range (INR) 2,450/2,002 1,6,12 Rel. Perf. (%) 9/-1/-4 Financials & Valuation (INR b) Y/E
More informationECOSCOPE. Real GDP growth eases on lower net indirect taxes. The Economy Observer. Real GVA growth exactly as expected
31 August 2016 ECOSCOPE The Economy Observer Real GDP growth eases on lower net indirect taxes Real GVA growth exactly as expected India s real gross domestic product (GDP) grew at the slowest pace in
More informationIDBI Bank. CMP: INR106 TP: INR121 Neutral
BSE SENSEX S&P CNX 17,207 5,223 Bloomberg IDBI IN Equity Shares (m) 1,278.4 52-Week Range (INR) 154/77 1,6,12 Rel.Perf.(%) -1/0/-7 M.Cap. (INR b) 135.5 M.Cap. (USD b) 2.6 24 April 2012 4QFY12 Results Update
More informationSanofi India. CMP: INR2,200 TP: INR1,848 Neutral
BSE SENSEX S&P CNX 16,846 5,110 Bloomberg SANL IN Equity Shares (m) 23.0 52-Week Range (INR) 2,430/1,980 1,6,12 Rel. Perf. (%) 3/-3/15 M.Cap. (INR b) 50.7 M.Cap. (USD b) 0.9 26 July 2012 2QCY12 Results
More informationCanara Bank. CMP: INR464 TP: INR645 Buy
BSE SENSEX S&P CNX 17,234 5,205 Bloomberg CBK IN Equity Shares (m) 443.0 52-Week Range (INR) 672/349 1,6, 12 Rel.Perf.(%) 22/2/-13 M.Cap. (INR b) 205.6 M.Cap. (USD b) 4.1 31 January 2012 3QFY12 Results
More informationTo voluntarily stop supplies to US
BSE Sensex S&P CNX 26,272 7,831 24 July 2014 Update Sector: Healthcare Ipca Laboratories CMP: INR728 TP: INR930 Buy Stock Info Bloomberg IPCA IN Equity Shares (m) 126.2 52-Week Range (INR) 907/609 1, 6,
More informationReliance Infrastructure CMP: INR528
BSE SENSEX S&P CNX 17,657 5,363 16 August 2012 1QFY13 Results Update Sector: Utilities Reliance Infrastructure CMP: INR528 Buy Bloomberg RELI IN Equity Shares (m) 267.5 52-Week Range (INR) 680/328 1,6,12
More informationHardick Bora 4QFY13 Results Update Sector: Healthcare Dr Reddy's Laboratories CMP: INR2,026 TP: INR2,375 Buy
BSE Sensex S&P CNX 19,772 5,995 Bloomberg DRRD IN Equity Shares (m) 169.2 M.Cap. (INR b)/(usd b) 344/6.3 52-Week Range (INR) 2,151/1,528 1,6,12 Rel. Perf. (%) -2/9/0 Financials & Valuation (INR b) Y/E
More informationHardick Bora QFY13 Results Update Sector: Healthcare Lupin CMP: INR725 TP: INR851 Buy
BSE Sensex S&P CNX 19,990 6,069 Bloomberg LPC IN Equity Shares (m) 447.6 M.Cap. (INR b)/(usd b) 324.5/6.0 52-Week Range (INR) 739/507 1,6,12 Rel. Perf. (%) 9/18/13 Financials & Valuation (INR b) Y/E March
More informationStrides Arcolab. CMP: INR717 TP: INR829 Buy
BSE SENSEX S&P CNX 17,144 5,200 Bloomberg STR IN Equity Shares (m) 57.7 52-Week Range (INR) 794/276 1,6,12 Rel. Perf. (%) -2/37/98 M.Cap. (INR b) 41.4 M.Cap. (USD b) 0.7 31 July 2012 2QCY12 Results Update
More informationCMP: INR401 TP: INR516 Buy. * After ESOP charges; # Axon consolidated in December 2008
19 October 2011 1QFY12 Results Update Sector: Technology BSE SENSEX S&P CNX 16,748 5,038 Bloomberg HCLT IN Equity Shares (m) 700.9 52-Week Range (INR) 528/360 1,6,12 Rel. Perf. (%) 4/-1/7 M.Cap. (INR b)
More informationPetronet LNG. CMP: INR146 TP: INR205 Buy
BSE SENSEX S&P CNX 17,236 5,229 Bloomberg PLNG IN Equity Shares (m) 750.0 52-Week Range (INR) 186/122 1,6,12 Rel. Perf. (%) 3/-11/-10 M.Cap. (INR b) 109.7 M.Cap. (USD b) 2.0 1 August 2012 1QFY13 Results
More informationCMP: INR388 TP: INR465(+20%) Buy
BSE SENSEX S&P CNX 30,858 9,504 29 June 2017 Update Sector: Technology Tech Mahindra CMP: INR388 TP: INR465(+20%) Buy Steeper-than-anticipated challenges at the start of the year Revenue headwinds to add
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23 February 2015 ANNUAL New accounting standards from FY16-17 Financial reporting set for revamp with introduction of Ind-AS The Government has unveiled a roadmap to implement Ind-AS (equivalent IFRS standards)
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BSE SENSEX S&P CNX 21,338 6,339 Bloomberg TRP IN Equity Shares (m) 169.2 M.Cap. (INR b) / (USD b) 80.4/1.3 52-Week Range (INR) 535/324 1, 6, 12 Rel.Per (%) 4/12/32 Financials & Valuation (INR Million)
More informationCross service charges at INR m/quarter
BSE SENSEX S&P CNX 19,636 5,940 Cummins India CMP: INR504 TP: INR585 Buy LHP products to be an important growth driver Cross service charges at INR100-200m/quarter 20 February 2013 Update Sector: Capital
More informationGodrej Properties. CMP: INR368 TP: INR420 Neutral
BSE SENSEX S&P CNX 21,034 6,252 Bloomberg GPL IN Equity Shares (m) 99.6 M.Cap. (INR b) / (USD b) 36.4/ 0.7 52-Week Range (INR) 641/340 1, 6, 12 Rel. Per (%) -1/-44/-47 Financials & Valuation (INR b) Y/E
More informationShoppers Stop. CMP: INR339 TP: INR355 Neutral
BSE SENSEX S&P CNX 20,684 6,145 Bloomberg SHOP IN Equity Shares (m) 83.1 M.Cap. (INR b) / (USD b) 28.1/0.5 52-Week Range (INR) 494/331 1, 6, 12 Rel. Per (%) -7/-16/-28 Financials & Valuation (INR b) Y/E
More informationCMP: INR121 TP: INR193 Buy
BSE SENSEX S&P CNX 17,085 5,139 20 October 2011 2QFY12 Results Update Sector: Metals Hindustan Zinc CMP: INR121 TP: INR193 Buy Bloomberg HZ IN Equity Shares (m) 4,225.3 52-Week Range (INR) 155/109 1,6,12
More informationJinesh Gandhi Chirag Jain
BSE Sensex S&P CNX 19,722 5,995 Bloomberg EIM IN Equity Shares (m) 27.0 M.Cap. (INR b)/(usd b) 88.1/1.6 52-Week Range (INR) 3,285/1,620 1,6,12 Rel. Perf. (%) 10/20/36 Financials & Valuation (INR b) Y/E
More informationCMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive
BSE SENSEX S&P CNX 24,646 7,485 4 March 2016 Update Sector: Capital Goods Siemens CMP: INR1,044 TP: INR970 (-7%) Neutral Sale of Healthcare business margin accretive Stock Info Bloomberg SIEM IN Equity
More informationCPCB-2: Important long-term driver
BSE Sensex S&P CNX 20,860 6,217 19 December 2013 Update Sector: Capital Goods Cummins India CMP: INR461 TP: INR540 Buy Stock Info Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 550/365 1,
More informationCoal India CMP: INR348 TP: INR408 Buy
BSE SENSEX S&P CNX 17,633 5,348 Bloomberg COAL IN Equity Shares (m) 6,316.4 52-Week Range (INR) 404/294 1,6,12 Rel. Perf. (%) -4/4/-15 M.Cap. (INR b) 2,198.1 M.Cap. (USD b) 39.7 14 August 2012 1QFY13 Results
More informationAxis Bank. CMP: INR1,119 TP: INR1,330 Buy
BSE SENSEX S&P CNX 18,714 5,687 Bloomberg AXSB IN Equity Shares (m) 413.2 52-Week Range (INR) 1,309/785 1,6,12 Rel.Perf.(%) 9/-16/-8 M.Cap. (INR b) 462.4 M.Cap. (USD b) 8.7 16 October 2012 2QFY13 Results
More informationStress test: Weak capital servicing ratios to drive pricing discipline
Stress test: Weak capital servicing ratios to drive pricing discipline Operating performance near trough; expect gradual improvement 20 Update Cement Our analysis of a cross-section of cement companies
More informationExpect capacity-led rerating; maintain Buy
BSE SENSEX S&P CNX 27,238 8,400 Stock Info Bloomberg SRCM IN Equity Shares (m) 34.8 52-Week Range (INR) 18519/9350 1, 6, 12 Rel. Per (%) -2/-3/32 M.Cap. (INR b) 523.7 M.Cap. (USD b) 7.7 Avg Val, INRm 216.4
More informationLarsen & Toubro. CMP: INR1,278 TP: INR1,380 Buy
BSE SENSEX S&P CNX 16,786 5,050 Bloomberg LT IN Equity Shares (m) 608.9 52-Week Range (INR) 1,933/971 1,6,12 Rel. Perf. (%) 20/-19/-11 M.Cap. (INR b) 778.1 M.Cap. (USD b) 15.5 * Consolidated; EPS is fully
More informationM&M Financial Services
BSE SENSEX S&P CNX 18,793 5,717 Bloomberg MMFS IN Equity Shares (m) 102.7 52-Week Range (INR) 938/590 1,6,12 Rel.Perf.(%) 7/24/30 M.Cap. (INR b) 90.7 M.Cap. (USD b) 1.7 23 October 2012 2QFY13 Results Update
More informationONGC. CMP: INR402 TP: INR485 Buy
BSE SENSEX S&P CNX 25,919 7,740 Bloomberg ONGC IN Equity Shares (m) 8,555.5 M.Cap. (INR b) / (USD b) 3,437.6/56.1 52-Week Range (INR) 472/234 1, 6, 12 Rel. Per (%) -4/19/11 Financials & Valuation (INR
More informationFinancial integrity intact; FDA resolution the key
BSE Sensex S&P CNX 25,842 7,843 19 November 2015 Update Sector: Healthcare Dr. Reddy s Lab CMP: INR3,287 TP: INR4,000 (+22%) Buy Stock Info Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap. (INR b)/(usd
More informationAxis Bank. CMP: INR1,008 TP: INR1,240 Buy
BSE SENSEX S&P CNX 16,739 5,049 Bloomberg AXSB IN Equity Shares (m) 410.5 52-Week Range 1,461/785 1,6,12 Rel.Perf.(%) 11/-9/-9 M.Cap. (INR b) 413.8 M.Cap. (USD b) 8.2 20 January 2012 Results Update Sector:
More informationJaiprakash Associates
BSE SENSEX S&P CNX 16,312 4,951 Bloomberg JPA IN Equity Shares (m) 2,126.5 52-Week Range (INR) 89/50 1,6,12 Rel. Perf. (%) -14/-4/-17 M.Cap. (INR b) 127.9 M.Cap. (USD b) 2.3 31 May 2012 4QFY12 Results
More informationJindal Steel & Power. CMP: INR274 TP: INR379 Buy
BSE SENSEX S&P CNX 25,665 7,672 Bloomberg JSP IN Equity Shares (m) 914.9 M.Cap. (INR b) / (USD b) 250.9/4.1 52-Week Range (INR) 350/190 1, 6, 12 Rel. Per (%) -15/-14/3 Financials & Valuation (INR Billion)
More informationEicher Motors. CMP: INR9,281 TP: INR11,401 Buy
BSE SENSEX S&P CNX 25,881 7,727 Bloomberg EIM IN Equity Shares (m) 27.1 M.Cap. (INR b) / (USD b) 251.5/4.1 52-Week Range (INR) 9,350/2,975 1, 6, 12 Rel. Per (%) 9/83/144 Financials & Valuation (INR Million)
More informationCastrol India. CMP: INR407 TP: INR474 (+16%) Neutral
BSE SENSEX S&P CNX 23,089 7,019 Bloomberg CSTRL IN Equity Shares (m) 494.6 M.Cap. (INR b) / (USD b) 201/2.9 52-Week Range (INR) 518 / 370 1, 6, 12 Rel. Per (%) 3/3/6 Avg Val (INR m) 128 Free float (%)
More informationHindalco. CMP: INR113 TP: INR151 Buy
BSE SENSEX S&P CNX 18,817 5,724 Bloomberg HNDL IN Equity Shares (m) 1,990.0 52-Week Range (INR) 165/100 1,6,12 Rel. Perf. (%) -9/-18/-26 M.Cap. (INR b) 224.9 M.Cap. (USD b) 4.1 Consolidated 2QFY13 Results
More informationCity Union Bank BUY. 24 February 2016 INR82
SECTOR: FINANCIAL STOCK INFO. BSE Sensex : 23410 BLOOMBERG CUBK:IN BUY S&P CNX : 7110 REUTERS CODE CTBK.NS Initiating Coverage INR82 (INR CR) Y/E MARCH FY16E FY17E FY18E We recommend 'BUY' on for a target
More informationCMP: INR124 TP: INR172 Buy. Benefit of two major motorcycle launches not priced in. Improved industry outlook and recent launch success drive upgrades
BSE Sensex S&P CNX 24,717 7,359 Stock Info Bloomberg TVSL IN Equity Shares (m) 475.1 52-Week Range (INR) 138/28 1, 6, 12 Rel. Per (%) 34/111/210 M.Cap. (INR b) 59.1 M.Cap. (USD b) 1.0 Financial Snapshot
More informationAlpesh Mehta Sohail Halai
BSE Sensex S&P CNX 19,664 5,969 Bloomberg IIB IN Equity Shares (m) 521.8 M. Cap. (INR b)/(usd b) 227/4.1 52-Week Range (INR) 441/242 1,6,12 Rel.Perf.(%) 3/15/52 Financials & Valuation (INR b) Y/E March
More informationPunjab National Bank. CMP: INR940 TP: INR1,275 Buy
BSE SENSEX S&P CNX 17,194 5,199 Bloomberg PNB IN Equity Shares (m) 316.8 52-Week Range (INR) 1,234/751 1,6,12 Rel.Perf.(%) 9/-10/-9 M.Cap. (INR b) 297.7 M.Cap. (USD b) 6.0 1 February 2012 3QFY12 Results
More informationJSW Steel. CMP: INR670 TP: INR391 Sell Merger with JSW Ispat
BSE SENSEX S&P CNX 17,384 5,254 Bloomberg JSTL IN Equity Shares (m) 223.1 52-Week Range (INR) 885/464 1,6,12 Rel. Perf. (%) -5/-12/-10 M.Cap. (INR b) 149.5 M.Cap. (USD b) 2.7 Valuation summary (INR b)
More informationJubilant Foodworks. CMP: INR1,051 TP: INR1,054 Neutral
BSE SENSEX S&P CNX 16,420 4,966 Bloomberg JUBI IN Equity Shares (m) 63.5 52-Week Range (INR) 1,144/536 1,6,12 Rel. Perf. (%) -6/37/53 M.Cap. (INR b) 66.7 M.Cap. (USD b) 1.3 11 May 2012 4QFY12 Results Update
More informationECOSCOPE. 3QFY16 CAD/GDP corrects to 1.3% The Economy Observer. Balance of Payments. See surplus in 4Q and to remain low in FY17; INR to correct still
3QFY16 CAD/GDP corrects to 1.3% See surplus in 4Q and to remain low in FY17; INR to correct still 21 March 216 ECOSCOPE The Economy Observer Balance of Payments 3QFY16 CAD/GDP at 1.3% and trade deficit
More informationCummins India. CMP: INR430 TP: INR462 Neutral
BSE SENSEX S&P CNX 16,070 4,870 Bloomberg KKC IN Equity Shares (m) 277.2 52-Week Range (INR) 515/322 1,6,12 Rel. Perf. (%) -3/30/-4 M.Cap. (INR b) 119.2 M.Cap. (USD b) 2.2 17 May 2012 4QFY12 Results Update
More informationMaruti Suzuki. CMP: INR1,395 TP: INR1,730 Buy
BSE SENSEX S&P CNX 18,431 5,598 Bloomberg MSIL IN Diluted Equity Shares (m) 302.1 52-Week Range (INR) 1,498/906 1,6,12 Rel.Perf.(%) 5/-5/20 M.Cap. (INR b) 421.3 M.Cap. (USD b) 7.8 31 October 2012 2QFY13
More informationGodawari Power & Ispat
BSE SENSEX S&P CNX CMP: INR103 TP: INR185 Buy 17,077 5,158 Bloomberg GODPI IN Equity Shares (m) 31.8 52-Week Range (INR) 200/70 1,6,12 Rel. Perf. (%) 32/-31/-33 M.Cap. (INR b) 3.3 M.Cap. (USD m) 65.3 Consolidated
More informationCMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block
BSE SENSEX S&P CNX 25,653 7,861 16 May 2016 Update Sector: Fertilizers PI Industries CMP: INR615 TP: INR755(+23%) Buy Nominee Gold has some new competition on the block We recently interacted with the
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BSE SENSEX S&P CNX 18,755 5,698 Bloomberg GCPL IN Equity Shares (m) 340.3 52-Week Range (INR) 745/370 1,6,12 Rel. Perf. (%) 4/17/67 M.Cap. (INR b) 246.4 M.Cap. (USD b) 4.6 5 November 2012 2QFY13 Results
More informationCMP: INR2,623 TP: INR2,875 (+10%) Neutral
21 March 2017 Update Sector: Healthcare Dr Reddy s Labs BSE SENSEX S&P CNX 29,485 9,122 Bloomberg DRRD IN Equity Shares (m) 170.4 M.Cap.(INR b)/(usd b) 447.0 / 6.6 52-Week Range (INR) 3689 / 2602 1, 6,
More informationOberoi Realty. CMP: INR240 TP: INR297 Buy
BSE SENSEX S&P CNX 25,642 7,664 Bloomberg OBER IN Equity Shares (m) 328.2 M.Cap. (INR b) / (USD b) 78.8/1.3 52-Week Range (INR) 276/154 1, 6, 12 Rel. Per (%) -8/-7/-6 Financials & Valuation (INR m) Y/E
More informationNo significant jump in retail electronic payments post demonetization
No significant jump in retail electronic payments post demonetization Confirms a considerable dent in consumer demand in 4Q2016 29 December 2016 ECOSCOPE The Economy Observer The government s attempts
More informationCMP: INR475 TP: INR609 (+28%) Buy
10 April 2017 Update Sector: Automobiles Tata Motors BSE SENSEX S&P CNX 29,576 9,181 Stock Info Bloomberg TTMT IN Equity Shares (m) 3,395.9 52-Week Range (INR) 599 / 373 1, 6, 12 Rel. Per (%) -1/-21/8
More informationCMP: INR826 TP: INR810 (-2%) Neutral
8 December 2015 Update Sector: Consumer Hindustan Unilever BSE SENSEX S&P CNX 25,310 7,702 CMP: INR826 TP: INR810 (-2%) Neutral Maneuvering pricing in a deflationary environment Delayed winter a risk for
More informationPunjab National Bank. CMP: INR768 TP: INR963 Buy
BSE SENSEX S&P CNX 16,480 4,975 Bloomberg PNB IN Equity Shares (m) 339.2 52-Week Range (INR) 1,200/751 1,6,12 Rel.Perf.(%) -12/-16/-18 M.Cap. (INR b) 260.5 M.Cap. (USD b) 4.8 10 May 2012 4QFY12 Results
More informationPVR Ltd. CMP: INR685 TP: INR750 Buy
BSE SENSEX S&P CNX 27,860 8,324 Bloomberg PVRL IN Equity Shares (m) 41.3 M.Cap. (INR b) / (USD b) 28.3/0.5 52-Week Range (INR) 747/465 1, 6, 12 Rel. Per (%) -6/9/-19 Financials & Valuation (INR Million)
More informationCan Fin Homes BUY. 23 September 2015 INR821
SECTOR: FINANCIAL Can Fin Homes STOCK INFO. BSE Sensex : 25590 BLOOMBERG CANF:IN BUY S&P CNX : 7812 REUTERS CODE CNFH.NS Re-Initiating Coverage INR821 Y/E MARCH FY15 FY16E (INR CR) FY17E We recommend 'BUY'
More informationNo major improvement in value proposition expected
Sector Update 18 July 2017 Oil & Gas Motilal Oswal values your support in the Asiamoney Brokers Poll 2017 for India Research, Sales and Trading team. We request your ballot. Refer to our report on Oil
More informationShree Renuka Sugars. CMP: INR26 TP: INR45 Buy
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