Mphasis. Increased confidence on margins. Source: Company Data; PL Research
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1 Increased confidence on margins July 25, 2016 Govind Agarwal Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as on July 25, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 60.48% Foreign 20.41% Domestic Inst. 8.33% Public & Other 10.78% Stock Performance (%) 1M 6M 12M Absolute (1.7) Relative (8.1) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC:MBFL.BO, BB:MPHL IN) (Rs) Jul 15 Sep 15 Nov 15 Source: Bloomberg Jan 16 Mar 16 May 16 Jul 16 Mphasis Q1FY17 revenues and margins were largely in line with expectations. HP revenues declined ~4% QoQ; however, it is likely to stabilize in Q2/Q3. Direct International business had healthy deal wins of US$96m in Q1FY17 post US$303m worth deals in FY16. We believe with HP revenue stabilizing (post Blackstone deal) and steady outlook in non HP business, Mphasis is likely to reverse the trend of revenue decline witnessed in the past five years. We forecast 1%/6% YoY USD revenue growth in FY17/18 with ~110bps margin expansion over FY Clarity on revenue opportunity from Blackstone investee companies will emerge by H2FY17, which will provide upside to FY18 estimates. Q1FY17 USD EBIT growth of 15% YoY with margin expansion of 71/253bps QoQ/YoY is heartening in our view, given the margin pressure faced by most of its peers. Management has also outlined EBIT Margin range of 14 16% for FY17 (earlier for H1FY17) with QoQ margin expansion in Q2FY17. We retain BUY with TP of Rs570 based on 14x FY18 EPS. Overall in line results: Mphasis reported flat USD revenue growth at US$225.6m (PLe: $228.0m, Cons.: $226.0m). EBITDA grew by 2.7% QoQ and 16% YoY largely in line with expectations. EBITDA margins, however, increased by 41/198 QoQ/YoY, respectively, to 16.1% (PLe: 16.1%, Cons: 16%). Adjusted Net profit came slightly ahead of our estimates. Adj. EPS grew 6.4% QoQ to Rs9.7 (PLe: Rs9.4, Cons.: Rs9.2). HP business close to bottoming out: HP Channel declined 4.2% QoQ/22% YoY, though the QoQ decline was lower compared to last few quarters. Management indicated that HP business will stabilise by Q2FY17. Direct International revenues grew by 1.5% QoQ to US$162.8m, up 8% YoY and would be the company s key area of focus, going ahead. Healthy deal wins in Direct International channel: Deal wins continue to be healthy, with US$96m worth deals signed in Q1FY17 in Direct International channel (Q4FY16: US$76m). We believe the revenue contribution from the Direct International business will be able to offset the drop in HP revenues. Key financials (Y/e March) E 2018E Revenues (Rs m) 57,803 60,740 62,752 66,786 Growth (%) (8.5) EBITDA (Rs m) 8,555 8,831 9,525 10,433 PAT (Rs m) 6,746 7,159 7,746 8,495 EPS (Rs) Growth (%) (7.2) Net DPS (Rs) Profitability & Valuation E 2018E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q1FY17 Result Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report
2 Exhibit 1: USD Revenue growth to turn positive Exhibit 2: USD EBIT growth YoY $ Revenue growth YoY $ EBIT growth YoY 8.0% 6.0% 4.0% 2.0% 2.0% 4.0% 6.4% 1.2% 1.9% FY16 FY17E FY18E 12.0% 1 8.0% 6.0% 4.0% 2.0% 2.0% 9.8% 6.0% 0.4% FY16 FY17E FY18E Exhibit 3: USD Revenue growth YoY on quarterly basis US $ Revenue growth (YoY) 1 8.0% 6.0% 4.0% 2.0% 2.0% 4.0% 6.0% 8.0% 1 7.8% 6.0% 1.0% 1.1% 1.9% 3.9% 3.5% 7.4% 7.6% 6.5% 6.0% 5.7% Exhibit 4: USD EBIT growth YoY on quarterly basis $ EBIT growth YoY % 2.1% 22.0% 15.2% 1.0% 8.2% 7.5% 10.3% 9.9% 11.7% 1 2.6% % July 25,
3 Exhibit 5: Q1FY17: Revenues and margins largely in line with expectations Q1FY17 Q4FY16 QoQ Q1FY16 YoY Cons PLe Variance Consolidated Sales (USD m) % % % Consolidated Sales (Rs m) 15,167 15,160 14, % 15,285 15, % EBITDA (Rs m) 2,445 2, % 2, % 2,449 2, % EBITDA Margin 16.1% 15.7% 14.1% % 16.1% PBT (Rs m) 2,827 2, % 2, % 2,702 2, % Tax (Rs m) % % % Tax Rate 27.7% 27.4% % % 27.5% 23 PAT (Rs m) 2,043 1, % 1, % 1,941 1, % EPS (Rs) % % % Exhibit 6: USD revenue decline YoY 2.0% 2.0% 4.0% 6.0% 8.0% % 14.0% US $ Revenue growth (YoY) 1.1% 1.0% 1.4% 3.9% 5.8% 6.0% 7.8% 11.2% 11.5% Q1FY15 Q2FY15 Q3FY15 Q4FY15 Exhibit 7: Double digit USD EBIT Growth YoY $ EBIT growth YoY % 2.1% 22.0% 15.2% % July 25,
4 Exhibit 8: Company has delivered on EBIT margin guidance given last quarter (14 16%) EBIT Margins 16.0% 15.0% 15.2% 14.5% 15.2% 14.0% 13.0% 12.6% 12.8% 11.7% 12.7% 13.6% 12.9% 12.0% 11.0% 1 Q1FY15 Q2FY15 Q3FY15 Q4FY15. Exhibit 9: Highest TCV in the last five quarters TCV (US$ mn) Exhibit 10: Revenues from HP on a declining trend, however, revenues to stabilise Q2FY17 onwards HP revenue (US$mn) July 25,
5 Exhibit 11: Direct International revenue on a growing trend Direct International (US$ mn) Q1FY15 Q2FY15 Q3FY15 Q4FY15. Exhibit 12: Revenue decline in ICE and Insurance Revenue (US$ m) Q1FY17 Q4FY16 QoQ Q1FY16 YoY Banking and Capital Market % % Insurance % % Information, Comm. & Ent. (ICE) % % Emerging Industries % % % of Total Banking and Capital Market 48.6% 48.4% 24 bps 44.2% 441 bps Insurance 15.1% 16.1% 98 bps 15.4% 26 bps Information, Comm. & Ent. (ICE) 10.2% 10.7% 54 bps 14.3% 410 bps Emerging Industries 25.5% 24.8% 73 bps 25.8% 25 bps Exhibit 13: Revenue decline across segments except Direct International By Secondary Market (US$ m) Q1FY17 Q4FY16 QoQ Q1FY16 YoY HP Channel % % Direct International % % Others % % Exhibit 14: BPO realizations improve YoY aided by divestiture of India BPO Price Movement(USD/hr) Q1FY17 Q4FY16 QoQ Q1FY16 YoY Onsite Applications % Onsite ITO % % Offshore Applications % 21 Offshore BPO % Offshore ITO % % July 25,
6 Exhibit 15: Decline in >US$5m client bucket Customer Size Distribution Q1FY17 Q4FY16 QoQ Q1FY16 YoY >1m % % >5m % >10m % % >20m % % Exhibit 16: Headcount decline in Offshore ITO and Onsite BPO People Management Q1FY17 Q4FY16 QoQ Q1FY16 YoY Onsite Applications 2,340 2, % 2, % Onsite BPO 1,236 1, % 1, % Onsite ITO % % Offshore Applications 8,495 8, % 8, % Offshore BPO 5,682 5, % 16, % Offshore ITO 3,158 3, % 4, % Total Headcount Onsite 3,791 3, % 4, % Total Headcount Offshore 17,335 17, % 28, % Sales and Marketing % % General and Administration % 1, % Overall Headcount 22,358 22, % 34, % Utilization (excluding Trainees) Blended Application 85.0% 84.0% 100 bps 88.0% 300 bps BPO 94.0% 89.0% 500 bps 78.0% 1600 bps ITO 94.0% 91.0% 300 bps 94.0% 0 bps Exhibit 17: India was the exception with QoQ revenue decline Geo Spread Q1FY17 Q4FY16 QoQ Q1FY16 YoY Americas % % EMEA % % India % % RoW % % Total % % % of Total America 77.1% 76.9% 21 bps 73.8% 323 bps Europe 10.7% 10.7% 2 bps 9.9% 88 bps India 6.5% 6.7% 22 bps 9.8% 330 bps RoW 5.8% 5.8% 1 bps 6.6% 80 bps Total bps 10 0 bps July 25,
7 Exhibit 18: Growth in AMS. ADM, Customer service and Technical helpdesk decline sharply Practices Q1FY17 Q4FY16 QoQ Q1FY16 YoY Application Maintenance & Services % % Application Development % % Costumer Service % % Service/Technical Help Desk % % Transaction Processing Services % % Infrastructure Management Services % % Knowledge Process + Licenses % % of revenue Application Maintenance & Services 35.6% 34.1% 149 bps 29.1% 657 bps Application Development 23.0% 24.5% 145 bps 24.7% 169 bps Costumer Service 1.9% 2.0% 17 bps 5.3% 345 bps Service/Technical Help Desk 2.1% 2.3% 20 bps 2.0% 13 bps Transaction Processing Services 7.0% 7.1% 17 bps 6.5% 43 bps Infrastructure Management Services 13.6% 13.6% 1 bps 14.9% 135 bps Knowledge Process + Licenses 16.4% 16.4% 5 bps 17.2% 85 bps Exhibit 19: Client Metrics Q1FY17 Q4FY16 QoQ Q1FY16 YoY Customer Concentration Top Customer % % Top % % Top % % Top % % Top % % Non Top 10 customers % % Top Customer 11.0% 11.0% 0 bps 9.0% 200 bps Top % 38.0% 100 bps 35.0% 400 bps Top % 51.0% 200 bps 47.0% 600 bps Non Top 10 customers 47.0% 49.0% 200 bps 53.0% 600 bps July 25,
8 Exhibit 20: Decline in revenue from Fixed Price Projects (FPP) Service Delivery Q1FY17 Q4FY16 QoQ Q1FY16 YoY Revenue from T&M % % Revenue from FPP % % Onsite Revenue % % Offshore Revenue % % % of Total Revenue from T&M 79.7% 79.0% 70 bps 87.6% 783 bps Revenue from FPP 20.3% 21.0% 70 bps 12.4% 783 bps Onsite Revenue 51.1% 51.5% 34 bps 49.3% 180 bps Offshore Revenue 48.9% 48.5% 34 bps 50.7% 180 bps Exhibit 21: USD revenue growth trend Exhibit 22: INR Revenue movement over the last few quarters Revenue (US$ m) (LHS) QoQ Gr. YoY Gr. Revenue (Rs m) (LHS) QoQ Gr. YoY Gr % 2% 0% 2% 4% 6% 8% % 8% 6% 4% 2% 0% 2% 4% Source: PL Research, Company Data Source: PL Research, Company Data Exhibit 23: EBITDA growth and margin trend Exhibit 24: PAT growth trend over the course of last few quarters 17% 16% EBITDA Margin (LHS) EBITDA gr. YoY EBITDA gr. QoQ 30% 20% 3 2 QoQ YoY 15% 10% 1 14% 13% 12% 0% 10% 20% 1 2 July 25,
9 Income Statement (Rs m) Y/e March E 2018E Net Revenue 57,803 60,740 62,752 66,786 Raw Material Expenses 43,424 45,175 45,503 48,243 Gross Profit 14,379 15,565 17,250 18,543 Employee Cost Other Expenses 5,824 6,734 7,724 8,109 EBITDA 8,555 8,831 9,525 10,433 Depr. & Amortization Net Interest Other Income 1,833 1,737 1,928 2,102 Profit before Tax 9,408 9,824 10,685 11,717 Total Tax 2,630 2,665 2,938 3,222 Profit after Tax 6,778 7,159 7,746 8,495 Ex Od items / Min. Int. 32 Adj. PAT 6,746 7,159 7,746 8,495 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) Y/e March E 2018E C/F from Operations 5,954 7,040 9,420 8,375 C/F from Investing (3,816) (1,207) (1,351) (1,514) C/F from Financing (1,998) (5,081) (5,336) Inc. / Dec. in Cash 141 5,833 2,987 1,526 Opening Cash 3,532 4,035 9,868 12,855 Closing Cash 4,035 9,868 12,855 14,381 FCFF 7,584 6,588 8,068 6,862 FCFE 7,941 6,588 8,068 6,862 Key Financial Metrics Y/e March E 2018E Growth Revenue (%) (8.5) EBITDA (%) (25.5) PAT (%) (7.1) EPS (%) (7.2) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.1) (0.1) (0.1) Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Y/e March E 2018E Shareholder's Funds 54,798 61,958 64,623 67,782 Total Debt 5,753 5,753 5,753 5,753 Other Liabilities Total Liabilities 61,051 68,211 70,876 74,035 Net Fixed Assets 1,874 2,337 2,919 3,615 Goodwill 21,781 21,781 21,781 21,781 Investments 23,606 23,606 23,606 23,606 Net Current Assets 12,964 19,763 21,845 24,309 Cash & Equivalents 4,034 9,868 12,855 14,381 Other Current Assets 21,805 23,258 22,796 24,621 Current Liabilities 12,875 13,363 13,805 14,693 Other Assets Total Assets 61,051 68,313 70,978 74,137 Quarterly Financials (Rs m) Y/e March Q2FY16 Q3FY16 Q4FY16 Q1FY17 Net Revenue 15,519 15,122 15,160 15,167 EBITDA 2,289 2,121 2,381 2,445 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 2,583 2,402 2,643 2,827 Total Tax Profit after Tax 1,847 1,736 1,604 2,043 Adj. PAT 1,900 1,736 1,604 2,043 Key Operating Metrics Y/e March E 2018E Revenue (US$ m) July 25,
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In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
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Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
More informationCoal India. Source: Company Data; PL Research
Lower costs and higher scale off sets weaker realisations February 12, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs305
More informationTech Mahindra. Source: Company Data; PL Research
Margin beat driven by Headcount reduction November 01, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs489 Target Price Rs535 Implied Upside 9.4% Sensex 33,600 Nifty 10,441 (Prices
More informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationHindalco Industries. Source: Company Data; PL Research
Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
More informationMphasis. Source: Company Data; PL Research
Setting path for growth in Direct Channel, Retain Accumulate June 18, 2015 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating Accumulate
More informationSource: Company Data; PL Research
Portfolio realignment to yield benefits in medium term October 22, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating Accumulate Price Rs499 Target Price Rs600 Implied Upside 20.2% Sensex
More informationJK Lakshmi Cement. Source: Company Data; PL Research
Expansions on schedule; lower costs to aid margins June 28, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs385 Target
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More informationJindal Steel & Power
Good show in tough environment; well placed for long term BUY May 05, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
More informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationHindustan Zinc. Source: Company Data; PL Research
Beat on all counts; tight supplies to keep the Zinc prices firm October 20, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationSonata Software. Strong growth, reasonable valuations. Source: Company Data; PL Research
Strong growth, reasonable valuations August 16, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs160 Target Price Rs200 Implied Upside 25.0% Sensex 31,771 Nifty 9,897 (Prices as
More informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationHindustan Zinc. Source: Company Data; PL Research
Earnings in line; best placed in the base metal pack July 21, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price Rs193
More informationNavneet Education. ILL loss hurts consolidated earnings growth. Source: Company Data; PL Research
ILL loss hurts consolidated earnings growth May 14, 2018 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs140 Target Price
More informationLarsen & Toubro. Decent performance! Source: Company Data; PL Research
Decent performance! July 30, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating BUY Price Rs1,558 Target Price Rs1,590 Implied Upside 2.1%
More informationDr. Lal PathLabs. Source: Company Data; PL Research
Operating efficiency, Seasonal tailwind lead growth, margin November 09, 2017 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs832 Target Price Rs963 Implied Upside 15.7% Sensex
More informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More informationUltratech Cement. Source: Company Data; PL Research
Higher realisations drove the show; Price led recovery still away April 25, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating Accumulate
More informationReliance Industries. Impressive performance. Source: Company Data; PL Research
Impressive performance April 25, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs1,416 Target Price Rs1,343 Implied Upside 5.2% Sensex 29,656 Nifty 9,218 (Prices as
More informationAurobindo Pharma. Source: Company Data; PL Research
Sales miss on few approvals, earnings beats on better revenue May 31, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs786 Target Price Rs943 Implied Upside 2% Sensex 26,668 Nifty
More informationVa Tech Wabag. On track for a strong H2FY16. Source: Company Data; PL Research
On track for a strong H2FY16 November 09, 2015 Nishna Biyani nishnabiyani@plindia.com +91 22 66322239 Keyur Pandya keyurpandya@plindia.com +91 22 +91 22 66322247 Rating BUY Price Rs668 Target Price Rs1,000
More informationHDFC Standard Life Insurance
Decent performance on all fronts January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More informationJindal Steel & Power
Angul plant s Turnaround, a reality now; Reiterate BUY January 22, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price
More informationSource: Company Data; PL Research
Valuations attractive, GST key to re rating : BUY January 20, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating BUY Price Rs274
More informationICICI Prudential Life Insurance
Margins were positive surprise; APE growth was slow January 21, 2018 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com
More informationHindustan Unilever. In the Pink of Health ; Accumulate. Source: Company Data; PL Research
In the Pink of Health ; Accumulate May 14, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs1,505 Target
More informationCummins India. Focusing on growth in core segments. Source: Company Data; PL Research
Focusing on growth in core segments June 07, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs681 Target Price Rs857 Implied
More informationCrompton Greaves Consumer Electricals
Enough headroom for growth in core categories February 20, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs232 Target Price
More informationGlenmark Pharmaceuticals
Costcontrol does the wonder, beat est; Consistency required November 03, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs627 Target Price Rs733 Implied Upside 16.9% Sensex
More informationLIC Housing Finance. Source: Company Data; PL Research
High prepayment remains a drag; earnings momentum to sustain April 20, 2016 Nitin Kumar nitinkumar@plindia.com / +91 22 66322236 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
More informationDabur India. Source: Company Data; PL Research
Deflation and poor demand impacts sales; Accumulate July 27, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationIndraprastha Gas. Source: Company Data; PL Research
MNGL on an accelerated growth trajectory August 29, 2016 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating Accumulate Price Rs784 Target Price Rs725 Implied Upside 7.5% Sensex 27,782 Nifty
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationLarsen & Toubro. Source: Company Data; PL Research
Domestic execution showing positive trends July 28, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating BUY Price Rs1,159 Target Price Rs1,328 Implied Upside 14.6% Sensex 32,310 Nifty 10,015
More informationS Chand and Company. TP of Rs679 (implying PER of 20x FY19E earnings) Source: Company Data; PL Research
2Q is a non event, annual guidance remains intact November 20, 2017 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating BUY Price Rs461 Target Price
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationSBI Life Insurance Company (SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840
(SBILIFE IN ) Rating: BUY CMP: Rs673 TP: Rs840 July 20, 2018 Q1FY19 Result Update Continued improvement in biz yielding results Quick Pointers Company focuses to grow in protection (both segments) and
More informationCapital First. Continuing to grow strong. Source: Company Data; PL Research
Continuing to grow strong May 07, 2018 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Shweta Daptardar shwetadaptardar@plindia.com / +91 22
More informationColgate Palmolive. Source: Company Data; PL Research
6 8% EPS cut as competitive threat looms large May 24, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs835
More informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
More informationNIIT Technologies. Source: Company Data; PL Research
Improvement in revenue trajectory is key positive October 22, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs614 Target Price Rs670 Implied Upside 9.1% Sensex 32,584 Nifty
More informationHCL Technologies. Source: Company Data; PL Research
Strong seasonality in IBM IP aids growth beat January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs958 Target Price Rs1,020 Implied Upside 6.5% Sensex 35,512 Nifty 10,895
More informationBayer Cropscience (BYRCS IN)
(BYRCS IN) Rating: ACCUMULATE CMP: Rs4,258 TP: Rs4,517 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE
More informationAurobindo Pharma. Source: Company Data; PL Research
1QFY17 performance in line; H2FY17 guided to be better August 24, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs788 Target Price Rs943 Implied Upside 19.7% Sensex 28,060 Nifty
More informationPunjab National Bank
Slippages remain high despite high recoveries May 22, 2017 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com
More informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
More informationDr. Reddy's Laboratories
New US generics, India sales to counter price erosion in FY17 May 12, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs2,971 Target Price Rs2,993 Implied Upside.7% Sensex
More informationFY20E FY21E FY20E FY21E
(SJET IN) Rating: BUY CMP: Rs80 TP: Rs107 February 12, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationCrompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276
Crompton Greaves Consumer Electricals (CROMPTON IN) Rating: BUY CMP: Rs195 TP: Rs276 October 26, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E
More informationCadila Healthcare. Source: Company Data; PL Research
remain tepid; Valuation reflects near term potential May 29, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs444 Target Price Rs460 Implied Upside 3.6% Sensex 31,028 Nifty
More informationBHEL.BO BHEL IN. Structural story remains weak. Q1FY19 Result Update. Rating: REDUCE CMP: Rs72 TP: Rs73. July 25, 2018
(BHEL IN) Rating: REDUCE CMP: Rs72 TP: Rs73 July 25, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating REDUCE REDUCE Target Price
More informationCadila Healthcare. Source: Company Data; PL Research
US, India traction lead Q2 beat; Sustainability to drive valuation November 14, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs449 Target Price Rs519 Implied Upside 15.6%
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationDr. Reddy's Laboratories
PSAI, India saves the day; US generics to face more October 25, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs3,200 Target Price Rs2,945 Implied Upside 8.0% Sensex 28,091
More informationDabur India. Steady recovery in place; Accumulate. Source: Company Data; PL Research
Steady recovery in place; Accumulate January 31, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs354 Target
More informationTata Motors. Turnaround 2.0, Fit for future; BUY. Source: Company Data; PL Research
Turnaround 2.0, Fit for future; BUY June 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs296 Target Price Rs378
More informationGlenmark Pharmaceuticals
Mupirocin: Glenmark to monopoly post FDA s WL to GSK July 22, 2016 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating BUY Price Rs865 Target Price Rs1,186 Implied Upside 37.1% Sensex 27,803 Nifty
More informationGlenmark Pharmaceuticals
Sales beat, Oneoff play spoilsport with headline margins May 15, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs869 Target Price Rs1,186 Implied Upside 36.5% Sensex 25,490 Nifty
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationHindustan Zinc. Strong show, H2 to be stronger than H1. Source: Company Data; PL Research
Strong show, H2 to be stronger than H1 October 21, 2014 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating BUY Price Rs164 Target Price Rs200
More informationDabur India. Worst is over; Accumulate. Source: Company Data; PL Research
Worst is over; Accumulate October 31, 2017 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price Rs333 Target Price Rs342
More informationDabur India. Share gains power growth, Accumulate. Source: Company Data; PL Research
Share gains power growth, Accumulate May 02, 2018 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Nishita Doshi nishitadoshi@plindia.com +91 22 66322381 Rating Accumulate Price Rs371 Target
More informationVRL Logistics. Steady show in tough environment. Source: Company Data; PL Research
Steady show in tough environment November 05, 2017 Keyur Pandya keyurpandya@plindia.com +91 22 66322247 R Sreesankar rsreesankar@plindia.com +91 22 66322214 Rating Accumulate Price Rs376 Target Price Rs370
More informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
More informationMarico. Source: Company Data; PL Research
Innovations, Input costs positive, potential acquisitions a drag November 4, 21 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 6632223 Rating Accumulate
More informationSource: Company Data; PL Research
US generics, low RM costs lead to margin surprise May 08, 2014 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs990 Target Price Rs1,156 Implied Upside 16.8% Sensex 22,324 Nifty
More informationPantaloon Retail India
Sequential moderation in SSS growth May 16, 211 Gautam Duggad gautamduggad@plindia.com +91 22 66322233 Rating BUY Price Rs241 Target Price Rs332 Implied Upside 37.8% Sensex 18,531 (Prices as on May 13,
More informationIDEA RESEARCH. Q2FY19 Result Update Tuesday, November 13, Mold Tek Packaging Lower gross margins & higher interest cost impacts profitability
(MTEP) reported Q2 results, slightly below expectations. Cons. net sales grew by 27.1% YoY but were marginally lower sequentially to Rs 1,005m. Q2 is a seasonally weak quarter (Q1 and Q4 being stronger).
More information