TVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
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1 2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691 1,991 (15.1) 1,820 (7.1) EBITDA (26.9) 108 (5.8) Adj. EBITDA margin (%) (97)bp 5.9 8bp Adj. PAT (41.5) 51 (11.6) TVS Motor Company (TVSL) posted a 41.5% yoy (11.6% qoq) decline in net profit for 2QFY2013 which was in-line with our expectations given that volumes during the quarter registered a decline of 19.6% yoy (6.4% qoq). We broadly retain our estimates for the company. We expect the operating environment to remain challenging for TVSL due to rising competition in the sector amidst moderation in demand. We believe that the new launches, Phoenix, launched in September 2012 and two scooters and one motorcycle slated to be launched in FY2014 will be crucial for the company to regain volume momentum going ahead. Nonetheless, due to attractive valuations we maintain our Buy rating the stock. Weak performance for 2QFY2013: For 2QFY2013, TVSL s top-line registered a decline of 15.1% yoy (7.1% qoq) to `1,691cr mainly due to a 19.6% yoy (6.4% qoq) decline in volumes. The weak volume performance can be attributed to general slowdown in the two-wheeler industry and increasing competitive intensity in the two-wheeler sector. At the operating level, the EBITDA margins came in-line with our estimates at 6%, witnessing a decline of 97bp yoy (flat qoq) primarily due to lower operating leverage benefits. While the raw-material cost as a percentage of sales declined 204bp yoy (110bp qoq); employee expenses as a percentage of sales witnessed a sharp increase of 170bp yoy (80bp qoq). As a result, the operating profit and net profit registered a decline of 26.9% (5.8% qoq) and 41.5% yoy (11.6% qoq) respectively. Outlook and valuation: We model in a volume growth of 1.8%/7.8% for FY2013E/14E to factor in the sharp slowdown in the domestic and export two-wheeler markets. We expect the operating margin to remain under pressure due to rising competition which will result in higher advertising spends. Nonetheless, at `39, TVSL is trading at an attractive valuation of 6.9x FY2014E EPS. Thus we maintain our Buy rating on the stock with a target price of `45. Key financials (Standalone) Y/E March (` cr) FY2011 FY2012 FY2013E FY2014E Net Sales 6,288 7,126 7,466 8,290 % chg Net Profit % chg (8.5) 17.0 EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) BUY CMP Target Price Investment Period Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Nifty Reuters Code Bloomberg Code Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others Please refer to important disclosures at the end of this report 1 `39 `45 12 Months Automobile 1,836 Net Debt (` cr) 638 Face Value (`) BSE Sensex /32 354, ,562 5,645 TVSM.BO TVSL@IN Abs. (%) 3m 1yr 3yr Sensex TVS Motor 0.4 (41.4) 42.7 Yaresh Kothari Ext: 6844 yareshb.kothari@angelbroking.com
2 Exhibit 1: Quarterly financial performance (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) 1HFY13 1HFY12 % chg (yoy) Net Sales 1,691 1,991 (15.1) 1,820 (7.1) 3,510 3,737 (6.1) Consumption of RM 1,185 1,441 (17.7) 1,304 (9.1) 2,489 2,722 (8.5) (% of Sales) Staff Costs (% of Sales) Purchase of goods (5.9) (2.7) (% of Sales) Other Expenses (7.2) 274 (5.4) (% of Sales) Total Expenditure 1,589 1,853 (14.2) 1,712 (7.2) 3,302 3,482 (5.2) Operating Profit (26.9) 108 (5.8) (18.3) OPM (%) Interest (1.7) Depreciation Other Income 4 6 (35.2) 5 (18) 9 10 (7.9) PBT (excl. Extr. Items) (42.7) 66 (12.0) (30.7) Extr. Income/(Expense) PBT (incl. Extr. Items) (42.7) 66 (12.0) (30.7) (% of Sales) Provision for Taxation (46.7) 15 (13.5) (35.5) (% of PBT) (1.7) Reported PAT (41.5) 51 (11.6) (29.2) Adj PAT (41.5) 51 (11.6) (29.2) Adj. PATM Equity capital (cr) Reported EPS (`) (41.5) 1.1 (11.6) (29.2) Exhibit 2: 2QFY2013 Actual vs Angel estimates Y/E March (` cr) Actual Estimates Variation (%) Net Sales 1,691 1,719 (1.6) EBITDA (0.3) EBITDA margin (%) bp Adj. PAT November 1,
3 Exhibit 3: Quarterly volume performance (unit) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) 1HFY13 1HFY12 % chg (yoy) Total volumes 485, ,226 (19.6) 519,132 (6.4) 1,005,055 1,139,234 (11.8) Domestic 430, ,727 (17.3) 454,293 (5.3) 884, ,056 (9.6) Exports 55,894 84,499 (33.9) 64,839 (13.8) 120, ,178 (25.1) Motorcycles Domestic 124, ,877 (28.6) 142,413 (12.3) 267, ,670 (19.1) Exports 45,891 63,867 (28.1) 50,933 (9.9) 96, ,125 (21.4) Total motorcycles 170, ,744 (28.4) 193,346 (11.6) 364, ,795 (19.7) Scooters Domestic 117, ,341 (21.0) 105, , ,620 (13.6) Exports 1,881 9,121 (79.4) 7,466 (74.8) 9,347 17,365 (46.2) Total scooters 119, ,462 (24.4) 112, , ,985 (15.7) Mopeds Domestic 183, ,859 (4.9) 203,247 (9.8) 386, , Exports 448 3,478 (87.1) 628 (28.7) 1,076 4,939 (78.2) Total mopeds 183, ,337 (6.4) 203,875 (9.9) 387, ,470 (0.2) Three-wheelers Domestic 4,539 3, , ,806 6, Exports 7,674 8,033 (4.5) 5, ,486 15,749 (14.4) Total three-wheelers 12,213 11, , ,292 21,984 (3.1) Top-line down 15.1% yoy: For 2QFY2013, TVSL s top-line registered a decline of 15.1% yoy (7.1% qoq) to `1,691cr mainly due to 19.6% yoy (6.4% qoq) decline in volumes during the quarter. The weak volume performance can be attributed to a general slowdown in the two-wheeler industry and also increasing competition from Honda Motorcycle and Scooters India Ltd (HMSI). As a result, motorcycle and scooters volume registered a sharp decline of 28.4% (11.6% qoq) and 24.4% yoy (up 5.6% qoq) respectively. Three-wheeler sales on the other hand staged a recovery, posting a 4.5% yoy (34.5% qoq) growth driven by 24.4% yoy (38.9% qoq) growth in the domestic markets. Exhibit 4: Total volumes decline 19.6% yoy Exhibit 5: Strong growth in net average realization (units) Total volume yoy growth (RHS) (%) (`) Net average realization yoy growth (RHS) (%) 700, , , , , , , , , , , , , , , , (3.0) (19.6) (1) (2) 35,000 34,000 33,000 32,000 31,000 30,000 29, , , , , , ,808 30,352 (2.0) 34, , (2.0) 0 (3) 28,000 (4.0) 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 November 1,
4 Exhibit 6: Better-than-expected top-line growth (` cr) Net sales (LHS) Net sales growth (RHS) 2, ,991 2,000 1,616 1,647 1,635 1,746 1,761 1,820 1,627 1, ,500 1, (0.5) (15.1) 0 2QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 (%) (1) (2) Exhibit 7: Domestic market share trend (%) Scooters Motor Cycles Three Wheelers Total Two Wheelers QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 Source: Company, SIAM, Angel Research EBITDA margin at 6.1%: On the operating front, the EBITDA margin came in-line with our estimates at 6%, witnessing a decline of 97bp yoy (flat qoq) primarily due to lower operating leverage benefits. While the raw-material cost as a percentage of sales declined 204bp yoy (110bp qoq); employee expenses as a percentage of sales witnessed a sharp increase of 170bp yoy (80bp qoq). The management expects margins to improve going ahead, led by improved volumes and benign raw material prices. However, we believe that margins will remain under pressure, given the weak domestic demand scenario and increasing competition. Exhibit 8: EBITDA margin mainatined at 6% (%) EBITDA margin Raw material cost/sales QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 Exhibit 9: Net profit down 41.5% yoy (` cr) Net profit (LHS) Net profit margin (RHS) QFY11 3QFY11 4QFY11 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 (%) Net profit down 41.5% yoy: TVSL reported a 41.5% yoy (11.6% qoq) decline in its net profit to `45cr; which was broadly in-line with our estimates. The bottom-line performance during the quarter was weak led by weak performance at the operating level. November 1,
5 Investment arguments Success of new launches key to volume growth: TVSL posted a healthy 8.1% yoy growth in its volumes in FY2012 amidst slowdown in two-wheeler demand and rising competitive intensity in the sector. TVSL is in the process of launching three new models in FY2014 (executive segment bike, two scooters and a diesel three-wheeler), and we believe the success of these new launches is the key for the company to register volume growth going ahead. We expect the new launches to enable TVSL to ramp up its monthly run rate of two-wheelers and post annual volumes of 2.41mn units in FY2014E. Adverse product mix to weaken margins: Declining contribution of three-wheelers and scooters in the overall product mix coupled with rising competition is likely to pressurize the company s operating margin going ahead. Nonetheless, weakening of commodity prices will provide some comfort on the margin front. We expect the company s margin to decline by ~40bp in FY2013. Outlook and valuation We model in a volume growth of 1.8%/7.8% for FY2013E/14E to factor in the sharp slowdown in the domestic and export two-wheeler markets. We expect operating margins to remain under pressure due to rising competition which will result in higher advertising spends. Nevertheless, we broadly retain our estimates for the company. Exhibit 10: Change in estimates Y/E March Earlier Estimates Revised Estimates % chg FY2013E FY2014E FY2013E FY2014E FY2013E FY2014E Net Sales (` cr) 7,500 8,350 7,466 8,290 (0.5) (0.7) OPM (%) (10)bp (6)bp EPS (`) (0.4) 1.7 We expect the operating environment to remain challenging for TVSL due to rising competition in the sector amidst moderation in demand. We believe that the new launch, Phoenix, launched in September 2012 and two scooters and one motorcycle slated to be launched in FY2014 will be crucial for the company to regain volume momentum going ahead. At the current market price of `39, TVSL is trading at an attractive valuation of 6.9x FY2014E EPS. Thus we maintain our Buy rating on the stock with a target price of `45. November 1,
6 Exhibit 11: Key assumptions Y/E March FY09 FY10 FY11 FY12 FY13E FY14E Total volume (units) 1,321,534 1,536,895 2,032,404 2,196,138 2,234,662 2,410,041 Motorcycles 634, , , , , ,927 Scooters 246, , , , , ,216 Mopeds 435, , , , , ,258 Three-Wheelers 4,874 14,866 39,860 39,739 37,752 39,640 Change yoy (%) Motorcycles (3.0) 5.0 Scooters (6.9) Mopeds Three-Wheelers 3, (0.3) (5.0) 5.0 Domestic (units) 1,128,136 1,371,481 1,797,993 1,909,672 1,932,983 2,072,635 Exports (units) 193, , , , , ,406 Exhibit 12: Angel vs consensus forecast Angel estimates Consensus Variation (%) FY13E FY14E FY13E FY14E FY13E FY14E Total op. income (` cr) 7,466 8,290 7,497 8,380 (0.4) (1.1) EPS (`) Source: Bloomberg, Angel Research Exhibit 13: One-year forward P/E band Exhibit 14: One-year forward P/E chart (`) Share Price (`) 6x 9x 12x 15x (x) One-yr forward P/E Three-yr average P/E Apr-03 Mar-04 Mar-05 Feb-06 Jan-07 Jan-08 Dec-08 Dec-09 Nov-10 Nov-11 Oct Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Exhibit 15: One-year forward EV/EBITDA band Exhibit 16: Two-wheeler stocks performance vs Sensex (` cr) EV (` cr) 4x 6x 8x 10x 6,000 5,000 4,000 3,000 2,000 1, TVSL HMCL BJAUT Sensex Apr-03 Mar-04 Mar-05 Feb-06 Jan-07 Jan-08 Dec-08 Dec-09 Nov-10 Nov-11 Oct-12 Mar-08 Sep-08 Mar-09 Sep-09 Mar-10 Sep-10 Mar-11 Sep-11 Apr-12 Oct-12 November 1,
7 Exhibit 17: Automobile - Recommendation summary Company Reco. CMP (`) Tgt. price (`) Upside (%) P/E (x) EV/EBITDA (x) RoE (%) FY12-14E EPS FY13E FY14E FY13E FY14E FY13E FY14E CAGR (%) Ashok Leyland Buy Bajaj Auto Neutral 1, Hero MotoCorp Neutral 1, Maruti Suzuki Neutral 1, Mahindra & Mahindra Accumulate Tata Motors Buy TVS Motor Buy Company background TVS Motor (TVSL), a flagship company of the TVS Group, is the third largest 2W manufacturer in India. The company is present across the motorcycles, scooters and mopeds segments, having a market share of ~8%, ~22% and 100%, respectively. The company successfully ventured into the 3W segment in FY2009 and garnered a ~5% market share as of March 31, The company has three manufacturing facilities in India, located at Hosur (Tamil Nadu), Mysore (Karnataka) and Solan (Himachal Pradesh) with 2W and 3W capacity of 2.75mn and 75,000 units, respectively. TVSL is also the second largest exporter of two-wheelers in the country. November 1,
8 Profit and loss statement (Standalone) Y/E March (` cr) FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E Total operating income 3,739 4,430 6,288 7,126 7,466 8,290 % chg Total expenditure 3,552 4,243 5,896 6,657 7,006 7,764 Net raw material costs 2,783 3,137 4,614 5,261 5,524 6,126 Other mfg costs Employee expenses Other EBITDA % chg (2.2) 14.5 (% of total op. income) Depreciation & amortization EBIT % chg 6, (5.8) 17.2 (% of total op. income) Interest and other charges Other income (% of PBT) Recurring PBT % chg (12.1) (6.6) 20.1 Extraordinary income/(exp.) 2 (32) (4) PBT Tax 0 (12) (% of PBT) 0.1 (11.0) PAT (reported) ADJ. PAT % chg (8.5) 17.0 (% of total op. income) Basic EPS (`) Adj. EPS (`) % chg (8.5) 17.0 November 1,
9 Balance sheet statement (Standalone) Y/E March (` cr) FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E SOURCES OF FUNDS Equity share capital Reserves & surplus ,122 1,282 1,477 Shareholders Funds ,169 1,330 1,524 Total loans 906 1, Deferred tax liability Other long term liabilities Long term provisions Total Liabilities 1,864 1,983 1,771 2,031 2,216 2,381 APPLICATION OF FUNDS Gross block 1,865 1,909 1,972 2,154 2,324 2,495 Less: Acc. depreciation ,035 1,129 1,257 1,394 Net Block ,026 1,068 1,101 Capital work-in-progress Goodwill Investments Long term loans and advances Other noncurrent assets Current assets ,106 1,078 1,234 1,510 Cash Loans & advances Other ,019 Current liabilities ,086 1,110 1,127 1,277 Net current assets (31) Misc. exp. not written off Total Assets 1,864 1,983 1,771 2,031 2,216 2,381 November 1,
10 Cash flow statement (Standalone) Y/E March (` cr) FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E Profit before tax Depreciation Change in working capital (29) 103 (67) 63 (83) (31) Others Other income (12) (67) (36) (22) (25) (27) Direct taxes paid (0) 12 (54) (67) (68) (89) Cash Flow from Operations (Inc.)/Dec. in fixed assets (88) (30) (93) (177) (175) (175) (Inc.)/Dec. in investments (139) (262) 78 (270) - - Other income Cash Flow from Investing (215) (225) 20 (425) (150) (148) Issue of equity Inc./(Dec.) in loans (295) (72) 25 (30) Dividend paid (Incl. Tax) Others (226) (102) (218) (150) - - Cash Flow from Financing (428) (150) (47) (102) Inc./(Dec.) in cash (22) 142 (174) (135) Opening Cash balances Net cash credit adjustment (60) 83 (79) (142) - - Closing Cash balances November 1,
11 Key ratios Y/E March FY2009 FY2010 FY2011 FY2012 FY2013E FY2014E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) (0.1) (0.2) (0.2) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) (1) (0) 3 Solvency ratios (x) Net debt to equity () (0.2) (0.2) (0.2) Net debt to EBITDA (0.1) (0.5) (0.6) (0.7) Interest Coverage (EBIT / Int.) November 1,
12 Research Team Tel: Website: DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report. Disclosure of Interest Statement TVS Motor Company 1. Analyst ownership of the stock No 2. Angel and its Group companies ownership of the stock No 3. Angel and its Group companies' Directors ownership of the stock No 4. Broking relationship with company covered No Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%) Reduce (-5% to 15%) Sell (< -15%) November 1,
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2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin
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1QFY2013 Result Update Media August 8, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 1QFY13 1QFY12 % yoy 4QFY12 %qoq Revenue 426 454 (6.2) 427 (0.3) EBITDA 323 366 (11.7)
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1QFY2018 Result Update Automobile July 27, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,718 Target Price `4,130 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationParag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
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Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
More informationBGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period -
3QFY213 Result Update Capital Goods February 8, 213 BGR Energy Systems Performance Highlights Quarterly Highlights (Standalone) (` cr) 3QFY13 3QFY12 % chg (yoy) 2QFY13 % chg (qoq) Revenue 85 84.2 627 28.3
More informationTV Today Network BUY. Performance Update CMP. `323 Target Price `498. 3QFY2019 Result Update Media. Investment Period 12 Months
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Media February 14, 2019 TV Today Network Performance Update Y/E March (` cr) 3QFY19 3QFY18
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2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales
More informationAdvisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months
Ltd. Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current
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4QFY2018 Result Update Cable May 7, 2018 Matrimony.com Ltd Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Net sales 84 75 12 84 1 EBITDA 20 11 78 17 15 EBITDA margin (%) 23.6 14.8
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3QFY211 Result Update Steel February 11, 211 Prakash Industries Performance Highlights Particulars (` cr) 3QFY11 3QFY1 % chg (yoy) 2QFY11 % chg (qoq) Net sales 382 36 6.1 421 (9.2) EBITDA 72 88 (18.6)
More informationQuick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure
Deep Value Quick take BUY CMP Rs811 Target Price Rs1,166 (ABNL), a diversified business conglomerate, emerged from the three-way merger of Indian Rayon, Birla Global Finance and Indo Gulf in 2005. ABNL
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Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787
More informationRallis India NEUTRAL. Performance Highlights CMP. `242 Target Price - 4QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 4QFY2017 Result Update Agrichemical May 2, 2017 Rallis India Performance Highlights Y/E March (` cr) 4QFY2017 3QFY2017 % chg
More informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
More informationProcter & Gamble Hygiene & Health Care
3QFY216 Result Update FMCG May 6, 216 Procter & Gamble Hygiene & Health Care Performance Highlights Quarterly Data (` cr) 3QFY16 3QFY15 % yoy 2QFY16 % qoq Revenue 614 555 1.5 714 (14.) EBITDA 133 123 8.5
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More informationBata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 1QFY2019 Result Update Footwear July 23, 2018 Bata India Performance Update Y/E March (` cr) 1QFY19 1QFY18 % yoy
More informationCairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated)
2QFY2013 Result Update Oil & Gas October 22, 2012 Cairn India Performance Highlights Quarterly highlights (Consolidated) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 4,443
More informationRallis India SELL. Performance Highlights. `231 Target Price 189 CMP. 2QFY2018 Result Update Agrichemical. Investment Period 12 months
Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 2QFY2018 Result Update Agrichemical November 21, 2017 Rallis India Performance Highlights Y/E March
More informationBata India BUY. Performance Update. CMP `1,008 Target Price `1,243. 2QFY2019 Result Update Footwear. Historical share price chart.
Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Footwear November 3, 2018 Bata India Performance Update Y/E March (` cr) 2QFY19 2QFY18
More informationRallis India NEUTRAL. Performance Highlights CMP. `215 Target Price - 3QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
3QFY2017 Result Update Agrichemical January 25, 2017 Rallis India Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 326 540 (39.7) 306 6.5 Other income
More informationTata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart
2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689
More informationACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement
3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742
More informationJK Lakshmi Cement BUY. Performance Highlights CMP. `63 Target Price `79. 4QFY2012 Result Update Cement. Investment Period 12 Months
4QFY2012 Result Update Cement May 22, 2012 JK Lakshmi Cement Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg qoq 4QFY2011 % chg yoy Net revenue 527 440 19.7 417 26.3 Operating profit 113
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3QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 3QFY11 3QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,432 1,323 8.2 1,259 13.7 EBITDA (` cr) 149 25 (27.4)
More informationInox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart
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More informationAlembic BUY. Performance Highlights. Target Price. 1QFY2011 Result Update Pharmaceutical. Investment Period 12 months
1QFY2011 Result Update Pharmaceutical August 2, 2010 Alembic Performance Highlights Y/E March (Rs cr) 1QFY2011 4QFY2010 % chg (qoq) 1QFY2010 % chg (yoy) Net Sales 279 267 4.6 291 (4.0) Other Income 1 1
More informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
More informationAmbuja Cements ACCUMULATE. Performance Highlights. CMP Target Price `207 `233. 3QCY2015 Result Update Cement. Quarterly results (Standalone)
Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net Sales 2,095 2,493 (16.0) 2,188 (4.2) EBIDTA 310 384 (19.2) 393 (21.2)
More informationHT Media ACCUMULATE. Performance Highlights CMP. `102 Target Price `113. 3QFY2013 Result Update Media. Investment Period 12 months
3QFY13 Result Update Media February 13, 13 HT Media Performance Highlights Quarterly Data (Consolidated) (` cr) 3QFY13 3QFY12 % yoy 2QFY13 %qoq Revenue 547 524 4.4 511 7.1 EBITDA 87 78 12.0 57 54.8 OPM
More informationAsian Granito BUY. Performance Highlights CMP. `270 Target Price `351. Outlook and valuation. 3QFY2017 Result Update Ceramics
3QFY2017 Result Update Ceramics January 25, 2017 Asian Granito Performance Highlights Quarterly Data (` cr) 3QFY17 3QFY16 % yoy 2QFY17 % qoq Revenue 247 236 4.3 265 (7.1) EBITDA 34 27 25.3 31 7.2 Margin
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 informationHFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials
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More informationParag Milk Foods BUY. Performance Update CMP. `324 Target Price `410. 1QFY2019 Result Update Dairy Products. Investment Period 12 Months
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Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 2QFY2019 Result Update Media November 3, 2018 Music Broadcast Performance Update Y/E March (` cr) 2QFY19 2QFY18 % yoy 1QFY19 % qoq
More informationSesa Goa NEUTRAL. Performance Highlights CMP. `372 Target Price - 2QFY2011 Result Update Mining. Investment Period -
2QFY211 Result Update Mining October 18, 21 Sesa Goa Performance Highlights Particulars (` cr) 2QFY211 2QFY21 % chg (yoy) 1QFY211 % chg (qoq) Net sales 918 539 7.5 2,413 (61.9) EBITDA 34 153 122.5 1,46
More informationMRF BUY. Performance Highlights. CMP `40,703 Target Price `47,548. 1QSY2015 Result Update Tyre
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2QFY2013 Result Update Pharmaceutical November 7, 2012 Cadila Healthcare Performance Highlights ACCUMULATE CMP 860 Target Price 926 Y/E March (` cr) 2QFY2013 1QFY2013 % chg (qoq) 2QFY2012 % chg (yoy) Investment
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `293 `475. 3QFY2019 Result Update Media. Stock Info Sector Market Cap (Rs cr) Media
Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 3QFY2019 Result Update Media January 31, 2019 Music Broadcast Performance Update Y/E March (` cr) 3QFY19 3QFY18 % yoy
More informationMahindra & Mahindra BUY. CMP Target Price `860 `990. Company Update Automobile
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Company Update Automobile May 9, 2018 Mahindra & Mahindra Mahindra & Mahindra Ltd (M&M) is an India-based company,
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More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
2QFY2013 Result Update Media November 15, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 2QFY13 2QFY12 % yoy 1QFY13 %qoq Revenue 433 451 (4.0) 426 1.8 EBITDA 329 365 (10.0)
More informationGoodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials
Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with
More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
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More informationQuick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.
Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,
More informationITD Cementation India
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More informationReliance Communication
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More informationBGR Energy Systems ACCUMULATE. Performance Highlights CMP. `482 Target Price `520. 4QFY2011 Result Update Capital Goods. Investment Period 12 Months
4QFY2011 Result Update Capital Goods May 30, 2011 BGR Energy Systems Performance Highlights (` cr) 4QFY11 4QFY10 % chg (yoy) 3QFY11 % chg (qoq) Revenue 1,462 1,660 (11.9) 1,257 16.3 EBITDA 167 175 (4.5)
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More informationTech Mahindra ACCUMULATE. Performance Highlights. CMP Target Price `659 `693. 3QFY2012 Result Update IT. Key financials (Consolidated, Indian GAAP)
3QFY2012 Result Update IT February 9, 2012 Tech Mahindra Performance Highlights (` cr) 3QFY12 2QFY12 % chg (qoq) 3QFY11 % chg (yoy) Net revenue 1,445 1,333 8.4 1,211 19.3 EBITDA 234 204 14.8 250 (6.2)
More informationCipla BUY. Performance Highlights CMP. `310 Target Price `369. 2QFY2012 Result Update Pharmaceutical. Investment Period 12 months
2QFY2012 Result Update Pharmaceutical November 16, 2011 Cipla Performance Highlights Y/E March (` cr) 2QFY2012 1QFY2012 % chg qoq 2QFY2011 % chg yoy Net sales 1,731 1,550 11.7 1,580 9.6 Other income 71
More informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationTech Mahindra ACCUMULATE. Performance Highlights CMP. `955 Target Price `1,070. 2QFY2013 Result Update IT. Investment Period 12 months
2QFY2013 Result Update IT November 5, 2012 Tech Mahindra Performance Highlights (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) Net revenue 1,631 1,543 5.7 1,333 22.4 EBITDA 338 330 2.3 204 65.4 EBITDA
More informationMaruti Suzuki ACCUMULATE. Performance Highlights. CMP `7,622 Target Price `8,501. 1QFY2018 Result Update Automobile
1QFY2018 Result Update Automobile July 28, 2017 Maruti Suzuki Performance Highlights ACCUMULATE CMP `7,622 Target Price `8,501 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationLT Foods BUY. Performance Update. CMP Target Price `92 `128. 3QFY2018 Result Update Media February 12, 2018
Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 3QFY2018 Result Update Media February 12, 2018 LT Foods Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy
More informationSun Pharma NEUTRAL. Performance Highlights CMP. 1QFY2013 Result Update Pharmaceutical. `676 Target Price - Investment Period -
1QFY2013 Result Update Pharmaceutical August 10, 2012 Sun Pharma Performance Highlights (` cr) 1QFY2013 4QFY2012 % chg qoq 1QFY2012 % chg yoy Net sales 2,658 2,330 14.1 1,636 62.5 Other income (2) 218-110
More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `495 Target Price - 4QFY2017 Result Update Pharmaceutical.
Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 4QFY2017 Result Update Pharmaceutical June 5, 2017 Cadila Healthcare Performance Highlights Y/E March (`
More informationSpiceJet ACCUMULATE. Performance Highlights. 4QFY2010 Result Update I Aviation
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More informationHindalco NEUTRAL. Performance highlights CMP. `112 Target Price - 1QFY2013 Result Update Base Metals. Investment Period -
1QFY213 Result Update Base Metals August 21, 212 Hindalco Performance highlights Standalone (` cr) 1QFY13 1QFY12 % chg (yoy) 4QFY12 % chg (qoq) Net sales 5,964 5,979 (.2) 7,563 (21.1) EBITDA 463 868 (46.6)
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 3QCY2017 Result Update Pharmaceutical. Investment Period 12 months
3QCY2017 Result Update Pharmaceutical November 20, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 3QCY2017 2QCY2017 % chg (qoq) 3QCY2016 % chg (yoy) Net sales Other income Operating profit 627
More informationCCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 2QCY2017 Result Update Pharmaceutical. 3-year price chart.
2QCY2017 Result Update Pharmaceutical August 28, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 2QCY2017 1QCY2017 % chg (qoq) 2QCY2016 % chg (yoy) Net sales Other income Operating profit 556
More informationTata Consultancy Services (TCS)
Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 3QFY2019 Result Update IT January 11, 2019 Tata Consultancy Services (TCS) Performance highlights (` cr) 3QFY19 2QFY19 % chg (QoQ) 3QFY18 % chg (yoy)
More informationLT Foods BUY. Performance Update. CMP Target Price `76 `128. 4QFY2018 Result Update Media
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Media May 28, 2018 LT Foods Performance Update (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Revenue
More informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
More informationPunjab National Bank ACCUMULATE. Performance Highlights. CMP `1,115 Target Price `1,259. 3QFY2011 Result Update Banking.
3QFY2011 Result Update Banking January 21, 2011 Punjab National Bank Performance Highlights Particulars (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) NII 3,203 2,977 7.6 2,329 37.5 Pre-prov. profit
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,301 Target Price - 4QCY2016 Result Update Pharmaceutical. Investment Period - 3-year price chart
4QCY2016 Result Update Pharmaceutical March 10, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 4QCY2016 3QCY2016 % chg (qoq) 4QCY2015 % chg (yoy) Net sales 552 583 (5.3) 522 5.6 Other income
More informationContainer Corporation of India
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More informationBajaj Auto ACCUMULATE. Performance Highlights. CMP `2,815 Target Price `3,151. 1QFY2018 Result Update Automobile. 24 July 2017
1QFY2018 Result Update Automobile 24 July 2017 Bajaj Auto Performance Highlights ACCUMULATE CMP `2,815 Target Price `3,151 Y/E March (` cr) Q1FY18 Q1FY17 % chg (yoy) Q4FY17 % chg (qoq) Net Sales 5,442
More informationThermax NEUTRAL. Performance Highlights CMP. `673 Target Price - 3QFY2011 Results Update Capital Goods. Investment Period -
3QFY2011 Results Update Capital Goods January 31, 2011 Thermax Performance Highlights (` cr) 3QFY11 3QFY10 % chg (yoy) 2QFY11 % chg qoq Revenues 1,241 748 65.9 1,092 13.7 EBITDA 146 89 63.8 129 13.9 EBITDA
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