Hindustan Unilever. Institutional Equities. Company Update. Faster And Stronger BUY. Sector: FMCG CMP: Rs1,350 Target Price: Rs1,570 Upside: 16%
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1 Company Update Institutional Equities Hindustan Unilever Reuters: HLL.BO; Bloomberg: HUVR IN Faster And Stronger We reiterate our positive view on the Home and Personal Care (HPC) space and continue to highlight Hindustan Unilever (HUL) as our Top Buy idea. Goods and Services Tax or GST windfall underpriced: GST Council s decision to reduce the tax rate on premium consumer goods by 1% (from 28% to 18%) was a significant windfall for the sector. In our opinion, GST rate cut is underpriced and we believe it could easily uplift HPC segment s long-term growth rate by 2%-3% supported by improved market penetration, higher per capita consumption and premiumisation. HUL has an edge over competition because around 4% of its portfolio was under the 28% tax bracket, higher than its peers (except Gillette India which caters to a different segment). HUL was proactive in reducing prices and has gone for price cuts ranging from 7%-24% in product categories such as hair care, skin care, foods and detergents and also increased grammage in case of massmarket detergent brands (See Exhibit 1). Margin-accretive innovation: HUL continues to strengthen its innovation agenda in mid-to-premium brands like Lifebuoy, Surf, Dove, etc. It is also focusing on smaller but potentially large segments like air purifier. To increase its digital presence, HUL recently launched a mobile application called Skin Advisor Live (S.A.L.) which helps women transform their approach to skin care by giving them informative advice and solutions. All these activities are expected to create brand awareness and expand its reach and ultimately lead to margin expansion. Global strategy further to aid the impetus: Unilever PLC has indentified Naturals as a key focus area which is also reflected in its recent buyout of Schmidt Naturals and Sundial Brands. Some of these brands could have a salience for India in future. Unilever PLC is focusing on growth of core brands, streamlining the supply chain, and cost savings by adopting measures like Zero Based Budgeting (ZBB) leading to operating margin expansion. We believe the benefits of these measures could flow through its Indian operations as well. Valuation and outlook: We expect HUL to deliver competitive top-line and profitability growth and further higher rural focus in 218 could support this growth impetus. Therefore we have retained Buy rating on HUL with a revised target price of Rs1,57 by September 218, implying an upside of 16% from the CMP. We have marginally increased our earnings estimates by 1.3% and 5.4% in FY19 and FY2 respectively and also revised our earnings multiple (5x) to factor in improved market conditions and growth rates going forward. 2 December 217 BUY Sector: FMCG CMP: Rs1,35 Target Price: Rs1,57 Upside: 16% Vijay Chugh Research Analyst vijay.chugh@nirmalbang.com Abhishek Navalgund Research Associate abhishek.navalgund@nirmalbang.com Key Data Current Shares O/S (mn) 2,164.5 Mkt Cap (Rsbn/US$bn) 2,921.4/ Wk H / L (Rs) 1,352/782 Daily Vol. (3M NSE Avg.) 1,226,327 One -Year Indexed Stock Performance Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Price Performance (%) HINDUSTAN UNILEVER Nifty 5 1 M 6 M 1 Yr Hindustan Unilever Nifty Index Source: Bloomberg
2 Exhibit 1: Price cut by HUL post reduction in GST rate from 28% to 18% Category Brand SKU Old price New price % reduction Detergents Active Wheel 1 Kg % Detergents Surf Excel Matic 1 ltr % Detergents Surf Excel Matic 5g % Detergents Rin 125g % extra Detergents Vim 8g % extra Foods Knorr 68g % Shampoo Sunsilk 34ml % Skin care Lakme 9g % Skin care Lakme 4.3g % Skin care Fair and Lovely facewash 2g % Skin care Ponds skin cream 23g % Refreshments Bru 5g % Exhibit 2 : Newspaper advertisements indicating price cuts and promotions Source: Times of India, Nirmal Bang Institutional Equities Research 2 Hindustan Unilever
3 Exhibit 3: Recent advertisement campaigns and new launches Brand Dove Lifebuoy Surf Excel Pureit Advertisement campaign/launch New nourishing hand wash launched. Yound girl empowerment campaign (hand wash). Kickstart #HaarkoHarao campaign Advertisement commercial promoting Pureit air purifier. Domex Kissan Ponds Ponds Introduced toilet cleaning powder at an affordable price point to promote sanitation. Real Togetherness campaign. New advertisement campaign Jhappi.(cold cream). Launch of mobile app Skin Advisor Live. Source: Nirmal Bang Institutional Equities Research Focus on naturals segment at parent level The Naturals trend is evolving all over the world and Unilever PLC was proactive while foraying into this segment. Its core strategy involves expanding presence in naturals category and the same was reflected from its recent buyout of Schmidt Naturals and Sundial brands. Some of these brands could have salience for India in future. The company is introducing naturals across categories i.e. personal care and home care. Data indicates that currently naturals account for 27% of global personal care sales and Unilever PLC is already growing well ahead of the market. Core focus on naturals portfolio at the parent level gives an edge to HUL over local players and there could be a similar growth rate in Indian market which is currently dominated by Patanjali. Exhibit 4: Naturals segment of Unilever PLC outpacing the market Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research 3 Hindustan Unilever
4 Exhibit 5: Focus on naturals in personal care strategy of Unilever PLC Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research Exhibit 6: Key thrust in home care strategy of Unilever PLC Exhibit 7: Latest acquisition by Unilever PLC in naturals space Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research Source: Unilever PLC presentation, Nirmal Bang Institutional Equities Research Exhibit 9: Peer Comparison Company Exhibit 8: Change in our estimates Y/E March Old estimate New estimate Change (%) (Rsmn) FY18E FY19E FY2E FY18E FY19E FY2E FY18E FY19E FY2E Net sales 3,4,289 3,64,326 3,92,79 3,4,289 3,68,611 4,4, EBITDA 72,451 84,942 95,312 72,451 85,946 1,, EBITDA (%) bps PAT 52,576 61,73 69,414 52,576 62,55 73, Source: Bloomberg, Nirmal Bang Institutional Equities Research CMP Target price Mkt cap (USD mn) P/Sales (x) EV/EBITDA (x) P/E (x) Sales CAGR FY18E FY19E FY2E FY18E FY19E FY2E FY18E FY19E FY2E %* EBITDA CAGR %* EPS CAGR %* Hindustan Unilever Ltd. 1,35 1,57 45, Godrej Consumer Products Ltd. 991 N.R. 1, Dabur India Ltd , Marico Ltd 313 N.R. 6, Procter & Gamble Hygiene & Healthcare 9,423 N.R. 4, Emami India Ltd. 1,35 1,8 4, Colgate Palmolive (India) Ltd 1,74 1,1 4, Gillette India Ltd 6,873 7, 3, Jyothy Laboratories Limited 394 N.R. 1, Source: Bloomberg, Nirmal Bang Institutional Equities Research *3yearCAGR FY17-FY2E 4 Hindustan Unilever
5 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Institutional Equities Jun-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 Dec-17 Exhibit 1: Quarterly underlying volume trend (%) (1.). (1) 1QFY17 2QFY17 3QFY17 4QFY17 1QFY18 2QFY18 (2) (3) (4) (5) (4.) Exhibit 12: Robust EBITDA growth likely (Rsmn) (%) 1,2, ,, , , , 5.2 2, 5 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E EBITDA EBITDA Growth Exhibit 14: Return ratios inching upwards (Rsmn) (%) 8, , , , , , , , 2 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E Capital Employed RoCE RoE Exhibit 11: Improved top-line performance likely (Rsmn) (%) 4,5, ,, 16 3,5, 14 3,, ,5, ,, ,5, 6 1,, , 2 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E Sales Sales growth Exhibit 13: Margin profile to witness significant improvement (Rsmn) (%) 8, , , , 4, , , 1, 5 - FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY2E Net Profit PAT margin EBITDA margin Exhibit 15: One-year forward P/E (x) Forward PE Median 5 Hindustan Unilever
6 Financials (standalone) Exhibit 16: Income statement Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY2E Net Sales 3,1,61 3,18,899 3,4,289 3,68,611 4,4,848 % Growth COGS 1,53,53 1,56,842 1,6,836 1,7,575 1,83,484 Staff costs 15,728 16,198 16,792 18,62 19,433 Advertising costs 36, 34,693 37,755 38,254 43,15 Other expenses 48,338 5,697 52,455 55,774 58,629 Total expenses 2,53,118 2,58,429 2,67,838 2,82,665 3,4,561 EBITDA 57,491 6,47 72,451 85,946 1,,287 % growth EBITDA margin (%) Other income 5,638 5,259 5,45 5,979 6,565 Interest costs Depreciation 3,28 3,96 4,943 5,112 5,269 PBT (before exceptional items) 59,769 61,554 72,793 86,812 1,1,582 Exceptional items (38) 2, Tax 18,96 19,6 2,446 24,37 28,443 PAT (before exceptional items) 41,673 42,494 52,346 62,55 73,139 PAT 41,365 44,94 52,576 62,55 73,139 PAT margin (%) % Growth (4.6) Exhibit 18: Balance sheet Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY2E Share capital 2,164 2,164 2,164 2,164 2,164 Reserves 6,63 62,74 65,53 67,84 66,652 Net worth 62,794 64,94 67,217 69,967 68,816 Total debt Deferred tax liability (1,68) (1,6) (1,6) (1,6) (1,6) Total liabilities 71,4 73,894 74,646 78,148 77,913 Gross block 31,95 43,19 46,69 5,69 54,69 Depreciation 2,93 6,65 11,593 16,76 21,975 Net block 29,2 36,54 35,97 33,984 32,715 Capital work-in-progress 3,98 5,73 7,5 7,5 7, Investments 3,19 2,6 7,223 7,824 8,558 Inventories 25,28 23,62 23,97 25,567 25,78 Debtors 1,64 9,28 8,531 1,762 1,341 Cash 3,12 19,77 22,949 28,174 24,952 Loans & advances 2,94 3,12 3,25 3,521 3,851 Other current assets 4,87 6,25 5,417 5,868 8,558 Total current assets 95,524 94,114 91,565 1,3,624 1,8,72 Creditors 54,98 6,6 59,543 61,963 68,738 Other current liabilities & provisions 11,54 11,96 14,446 2,343 17,545 Total current liabilities 66,52 72,2 73,989 82,35 86,283 Net current assets 29,4 22,94 17,576 21,319 21,789 Total assets 71,4 73,894 74,646 78,148 77,913 Exhibit 17: Cash flow Y/E March (Rsmn) FY16 FY17 FY18E FY19E FY2E PAT 41,365 44,94 52,576 62,55 73,139 Depreciation 3,28 3,96 4,943 5,112 5,269 Other income (5,638) (5,259) (5,45) (5,979) (6,565) (Inc.)/dec. in working capital (786) 7,14 3,22 4,37 1,567 Cash flow from operations 43,787 56,4 6,721 71,654 79,976 Capital expenditure (-) (6,622) (13,23) (5,27) (4,) (3,5) Net cash after capex 37,165 42,774 55,451 67,654 76,476 Interest paid (-) Dividends paid (-) (41,395) (42,929) (5,263) (59,755) (74,291) Inc./(dec.) in total borrowings Inc./(dec.) in investments 2,476 (9,99) (128) (3,155) (5,994) Cash from financial activities (39,315) (42,149) (51,824) (59,3) (73,374) Others - 1, Opening cash balance 28,61 3,12 19,77 22,949 28,174 Closing cash balance 3,12 19,77 22,949 28,174 24,952 Exhibit 19: Key ratios Y/E March FY16 FY17 FY18E FY19E FY2E Per share (Rs) EPS Book value DPS Valuation (x) P/Sales EV/sales EV/EBITDA P/E P/BV Return ratios (%) RoCE RoE Profitability ratios (%) Gross margin EBITDA margin EBIT margin PAT margin Liquidity ratios (%) Current ratio Quick ratio Solvency ratio (%) Debt-to-equity ratio Turnover ratios Total asset turnover ratio (x) Fixed asset turnover ratio (x) Debtor days Inventory days Creditor days Hindustan Unilever
7 Apr-17 Apr-17 May-17 May-17 May-17 Jun-17 Jun-17 Jul-17 Jul-17 Aug-17 Aug-17 Sep-17 Sep-17 Oct-17 Oct-17 Oct-17 Nov-17 Nov-17 Dec-17 Institutional Equities Rating track Date Rating Market price (Rs) Target price (Rs) 29 September 217 Buy 1,17 1, October 217 Buy 1,272 1,46 2 December 217 Buy 1,35 1,57 Rating track graph Not Covered Covered 7 Hindustan Unilever
8 Disclaimer Stock Ratings Absolute Returns BUY > 15% ACCUMULATE -5% to15% SELL < -5% DISCLOSURES This Report is published by Nirmal Bang Equities Private Limited (hereinafter referred to as NBEPL ) for private circulation. NBEPL is a registered Research Analyst under SEBI (Research Analyst) Regulations, 214 having Registration no. INH1436. NBEPL is also a registered Stock Broker with National Stock Exchange of India Limited and BSE Limited in cash and derivatives segments. NBEPL has other business divisions with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets. NBEPL or its associates have not been debarred / suspended by SEBI or any other regulatory authority for accessing / dealing in securities Market. NBEPL, its associates or analyst or his relatives do not hold any financial interest in the subject company. NBEPL or its associates or Analyst do not have any conflict or material conflict of interest at the time of publication of the research report with the subject company. NBEPL or its associates or Analyst or his relatives do not hold beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of this research report. NBEPL or its associates / analyst has not received any compensation / managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. NBEPL or its associates have not received any compensation or other benefits from the company covered by Analyst or third party in connection with the research report. Analyst has not served as an officer, director or employee of Subject Company and NBEPL / analyst has not been engaged in market making activity of the subject company. Analyst Certification: We, Vijay Chugh, the Independent Research Analyst and Abhishek Navalgund, Research Associate are the authors of this report, hereby certify that the views expressed in this research report accurately reflects our personal views about the subject securities, issuers, products, sectors or industries. It is also certified that no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research report and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. 8 Hindustan Unilever
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Team Details: Name Id Direct Line Rahul Arora CEO rahul.arora@nirmalbang.com - Girish Pai Head of Research girish.pai@nirmalbang.com / 18 Dealing Ravi Jagtiani Dealing Desk ravi.jagtiani@nirmalbang.com , Pradeep Kasat Dealing Desk pradeep.kasat@nirmalbang.com /811, Michael Pillai Dealing Desk michael.pillai@nirmalbang.com /813, Nirmal Bang Equities Pvt. Ltd. Correspondence Address B-2, 31/32, Marathon Innova, Nr. Peninsula Corporate Park, Lower Parel (W), Mumbai-413. Board No. : /1; Fax. : Hindustan Unilever
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Event Update Institutional Equities Aurobindo Pharma 10 September 2018 Reuters: ARBP.NS; Bloomberg: ARBP IN Acquires Dermatology and Oral Solids Businesses Of Sandoz Aurobindo Pharma s (APL) acquisition
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Economy Update March CPI Inflation/February IIP 15 April 2019 CPI Inflation Inches Up To 2.86%; IIP Growth Plunges To 0.1% Consumer Price Index or CPI inflation in March 2019 stood at 2.86%, slightly above
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Company Update Institutional Equities Dr. Reddy s Laboratories 5 September 2017 Reuters: REDY.BO; Bloomberg: DRRD IN Suboxone Generic Opportunity To Be Lucrative, Can Sustain For Longer Time The district
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3QFY18 Result Update Institutional Equities IFB Industries Reuters: IFBI.BO; Bloomberg: IFBI IN Healthy Revenues, Strong Gross Margin; Retain Buy IFB Industries (IFB) posted a healthy 17% YoY rise in net
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1QFY19 Result Update Sequent Scientific 13 August 2018 Reuters: SEQU.BO; Bloomberg: SEQ IN Regulatory Changes And Adverse Forex Movement Dampens Momentum Sequent Scientific or SSL s revenues at Rs2,369mn
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4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
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3QFY15 Result Update Institutional Equities GlaxoSmithKline Consumer Healthcare Reuters: GLSM.BO; Bloomberg: SKB IN 4 February 2015 Price Hike Leads To Sales Growth Glaxo SmithKline Consumer Healthcare
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3QCY17 Result Update Institutional Equities Crisil 18 October 2017 Reuters: CRSL.BO; Bloomberg: CRISIL IN Weak SME Rating Revenues & Currency Movement Play Spoilsport Crisil s 3QCY17 performance was below
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1QFY19 Result Update The Ramco Cements 3 August 218 Reuters: TRCE.BO; Bloomberg: TRCL IN Challenging Business Environment Aptly Handled The Ramco Cements (TRCL) reported a stable operating performance
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2QFY18 Result Update Institutional Equities CARE Ratings 17 November 217 Reuters: CREI.BO; Bloomberg: CARE IN Mixed Performance CARE Ratings (CARE) reported an increase of 12.3% in revenues for 2QFY18
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Event Update The Ramco Cements 21 December 2018 Reuters: TRCE.BO; Bloomberg: TRCL IN Capacity Expansion To Boost Its Presence In Andhra & Telangana The Ramco Cements (TRCL) has announced 3.15mt cement
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Economy Update August CPI Inflation/ July IIP 14 September 2018 CPI Inflation Moderates To 3.69% YoY; IIP Growth Slows To 6.6% YoY Consumer Price Index or CPI inflation stood at 3.69% in August 2018, below
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4QFY15 Result Update Crompton Greaves 29 May 2015 Reuters: CROM.BO; Bloomberg: CRG IN Overseas Losses Continue; More Business Exits Likely The 4QFY15 performance of Crompton Greaves (CGL) was below expectation
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4QFY18 Result Update Institutional Equities PNB Housing Finance 4 May 2018 Reuters: PNBH.NS; Bloomberg: PNBHOUSI IN Continued Display of Embedded Scalability PNB Housing Finance (PNBHF) reported 4QFY18
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Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in
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4QFY18 Result Update Institutional Equities Karnataka Bank 17 May 2018 Reuters: KBNK.NS; Bloomberg: KBL IN Plucky Bank And Low Hanging Fruit Karnataka Bank (KBL) reported 4QFY18 results with the key strategic
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3QFY18 Result Update Institutional Equities Manappuram Finance 9 February 2018 Reuters: MNFL.BO; Bloomberg: MGFL IN The Glitter Is Back In Gold Loans Manappuram Finance (MFL) reported its 3QFY18 results
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2QFY18 Result Update Institutional Equities KCP 5 December 2017 Reuters: KCP.BO; Bloomberg: KCPL IN Other Income Drives PAT; High International Coal Price Is Cause For Concern KCP reported a weak set of
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3QFY15 Result Update Institutional Equities Bajaj Electricals 13 February 2015 Reuters: BJEL.BO; Bloomberg: BJE IN Final Phase Of Transition Pain; Retain Buy Bajaj Electricals (BJE) posted 3QFY15 revenue
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3QFY18 Result Update IndusInd Bank 12 January 2018 Reuters: INBK.BO; Bloomberg: IIB IN Alive to all Opportunities IndusInd Bank (IBL) reported its 3QFY18 results with the key strategic takeaways being
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2QFY19 Result Update Institutional Equities State Bank of India 6 November 2018 Reuters: SBI.BO; Bloomberg: SBIN IN Domestic Credit Growth Improves Materially State Bank of India (SBI) reported its 2QFY19
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Management Meet Update Institutional Equities Swiss Glascoat Equipments 28 December 17 Reuters: SWGE.BO; Bloomberg: SWGE IN We had a meeting with the management of Swiss Glascoat Equipments (SGEL) recently
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Management Meet Update Institutional Equities Bajaj Electricals 30 August 2017 Reuters: BJEL.BO; Bloomberg: BJE IN E&P To Stay Strong; Consumer Segment To Revive We had a meeting with the management of
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4QFY17 Result Update La Opala RG 11 May 217 Reuters: LAOP.BO; Bloomberg: LOG IN Revenues Soar, But Margins Take A Hit La Opala RG (LORL) reported revenues of Rs761mn for 4QFY17, up 41% YoY. The stellar
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3QFY18 Result Update Institutional Equities Muthoot Finance 12 February 2018 Reuters: MUTT.BO; Bloomberg: MUTH IN Funding Cost Decline Combines With Operating Leverage Muthoot Finance (MFL) reported its
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Result Update The India Cements 12 November 218 Reuters: ICMN.BO; Bloomberg: ICEM IN Lackluster Performance The India Cements (ICEM) reported a listless operating performance in because of the sustained
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4QFY17 Result Update Institutional Equities Capital First 11 May 2017 Reuters: CAPF.BO; Bloomberg: CAFL IN Net Interest Income Up, But Offset By Elevated Credit Costs Although the net interest income or
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2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and
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Management Meet Update Atul Auto 23 August 2017 Reuters: ATUL.BO; Bloomberg: ATUL IN We had a meeting with the management of Atul Auto (AAL) recently to gauge its performance in the aftermath of a relatively
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3QFY18 Result Update Institutional Equities Federal Bank 16 January 2018 Reuters: FED.BO; Bloomberg: FB IN Quarter Typifies Balanced Growth Engine Federal Bank (FBL) reported 3QFY18 results with the key
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1QFY18 Result Update Institutional Equities HDFC Bank Reuters: HDBK.BO; Bloomberg: HDFCB IN Higher Fee Income Offsets Higher Provisioning HDFC Bank s net interest income or NII grew 20% in 1QFY18 driven
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2QFY18 Result Update Institutional Equities Muthoot Finance 10 November 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Really Glitters Strong profitability numbers of Muthoot Finance (MFL)
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3QFY15 Result Update Institutional Equities Cadila Healthcare 11 February 2015 Reuters: CADI.BO; Bloomberg: CDH IN Stable Performance Cadila Healthcare s (CHL) 3QFY15 earnings were in line with our expectations
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2QFY19 Result Update Institutional Equities Muthoot Finance 10 December 2018 Reuters: MUTT.BO; Bloomberg: MUTH IN Weak quarter not structural in any way Muthoot Finance (MFL) reported its 2QFY19 results
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1QFY18 Result Update Institutional Equities Muthoot Finance 10 August 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Continues To Glitter Strong profitability numbers of Muthoot Finance (MFL)
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Economy Update Institutional Equities May Inflation/April Index of Industrial Production 13 June 2018 CPI Inflation At 4.9%; IIP Growth Also At 4.9% Consumer Price Index or CPI inflation in India stood
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Result Update Institutional Equities The India Cements 28 May 218 Reuters: ICMN.BO; Bloomberg: ICEM IN Fall In Realisation, Higher Operating Costs Hurt Performance The India Cements (ICEM) reported a weak
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1QFY19 Result Update Institutional Equities South Indian Bank 23 July 2018 Reuters: SIBK.BO; Bloomberg: SIB IN Performance Troughs, Pessimism Peaks South Indian Bank (SBL) reported 1QFY19 results with
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Conference-call Update Institutional Equities V-Guard Industries 7 November 214 Reuters: VGUA.NS; Bloomberg: VGRD IN We hosted the conference-call of V-Guard Industries (VIL) on 5 November 214 to discuss
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1QFY16 Result Update Institutional Equities IndusInd Bank Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Stellar Performance IndusInd Bank s 1QFY16 profit beat our estimate by 4%. Its bottom-line grew
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