Cadila Healthcare. Source: Company Data; PL Research
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1 Result is in line; Tall guidance for US, Delivery remains clouded May 15, 2016 Surajit Pal Rating Reduce Price Rs327 Target Price Rs338 Implied Upside 3.4% Sensex 25,490 Nifty 7,815 (Prices as on May 13, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) 1, M Avg. Daily value Major shareholders Promoters 74.79% Foreign 7.03% Domestic Inst. 7.20% Public & Other 10.86% Stock Performance (%) 1M 6M 12M Absolute 2.0 (20.8) 0.8 Relative 2.5 (20.3) 7.3 How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: CADI.BO, BB: CDH IN) (Rs) May15 Jul15 Source: Bloomberg Sep15 Nov15 Jan16 Mar16 May16 Sales, margins in line: Cadila s sales of Rs 24.4bn grew 7%, marginally above our estimates of Rs 24.2bn. Sequentially, Gross margin was flat at 6465% while core EBITDA margin increased by 120bps YoY to 21% due to lower SGA costs and R&D expenses. Given the long list of molecules (Vaccines, generic and NCEs) in R&D pending list and unresolved Warning letter on Moraya plant, we remain concerned on the sustainability of the lower costs in SGA and R&D exps. Cadila s R&D expenses (Rs1.8bn) were 8% of sales in Q4FY16 vs 10.2% in Q3FY16. Its US sales were US$145m vs our estimates of US$155m mainly due to pricing pressure post supply restoration by IPCA/Sun Pharma. Management guided for 20 new approvals in FY17E including products which are site transferred from Moraya to Baddi. US sales down by 8.5% YoY, 11% QoQ: While volume and market share remains steady, Cadila s largest contributor drug in US, HCQS, experienced strong price competition from IPCA/Sun. This has resulted in lower sales in US generics as HCQS has been a large contriutor of incremental growth in Cadila s US sales since Q2FY15. India sales to grow at 15% from H2FY17E: With 13% YoY growth in Q4FY16, Cadila s domestic sales seems to have improved to double digit growth (at par with peers) as it has been growing over 10% consistently post Q1FY16. New launches and introduction of vaccines to be mainstay in near term for India. Valuation Maintain Reduce, retain TP at Rs338: With weak visibility in resolution of Moraiya plant, Cadila plans to site transfer key pending ANDAS such as Asacol HD, Lialda and Prevacid ODT to Baddi and SEZ plants. Management expects to launch 20 US generics though clarity on guidance will only be in Q2FY17E. Higher sales of CRAMS and Sofosovir contributions are the only positive outcome, while fundamentals of rest of nonus business remains static. We maintian Reduce and retain TP at Rs338. Key financials (Y/e March) E 2018E Revenues 84,971 96, , ,257 Growth (%) EBITDA 16,015 22,111 22,251 25,709 PAT 11,506 17,190 16,113 24,384 EPS (Rs) Growth (%) (6.3) 51.3 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 Q4FY16 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 Key takeaway from post Q4FY16 conference call Cadila site transferred 5 additional drugs in Q4FY16 with the transfer process started for additional 4 key drugs (Asacol HD, Lialda, PrevacidODT, ToprolXL) from Moraya facility. With production of three validation batches for each of the new drugs and generation of new data, management requires 12 months to complete site transfer process and require another 36 months for product approvals from USFDA. Currently, it completed transfer of 12 products, of which 9 products are approved and commercialised in US Without specific guidance on resolution, management expects key investigation of first observation (out of two observations mentioned in warning letter) to be completed in near term. Management believes there will not be additional remediation costs as it incurs only internal resources to achieve resolution with USFDA Cadila will have to decide on the launch of AG (authorised generic) of Asacol HD by JunJul 2016 if there is no visibility of launching its own paraiv by the timeline. Currently, Cadila has settlement with patent holders to launch the AG of Asacol HD if they fail to receive approvals from USFDA in six months post patent expiry of the drug. Asacol HD (US mkt size: US$750m) remains most important drug for Cadila as it has exclusivity of 180 days in US and management believes with no visibility of next paraiv filers, this will increase its sole exclusivity by another 24 months In line with the industry trend, with few launches and currency depreciation, Cadila s Brazil sales remain tepid at 1% YoY growth in Q4FY16. Management is however cautious in expanding sales in Latam due to uncertainty over currency movement. Cadila s LatAm sales were mainly contributed by Brazil followed by Mexico. Management expects operating breakeven in Mexico in three years. Joint venture sales (Rs 1.5bn) increased by 24% YoY in Q4FY16 and management expects single digit growth is likely possible going forward. Prospect on the main JV partner Hospira remain uncertain post its acquisition by Pfizer Cadila s other operating income grew by 79% YoY in Q4FY16, taking the new benefits of higher rate (2.2%) of export benefits R&D costs are guided to remain 78% in FY17E though there many clinical trials requirement left for pending filings of its list of NCE molecules in regulated markets and key products in transdermal patches in US. Currently, there are more than 152 ANDA pending with USFDA, of which, more than 40 ANDAs were filed from the new plant in SEZ in the last 42 months. Management expects US approvals in the near term to be expected from Baddi and SEZ plant. For US supplies, Cadila has four plants: Three in India (Baddi, Moraiya, SEZ) and one in US (Nesher Pharma) With the exhaustion of tax break, the company had increased tax rates of 24% and 27% in Q4FY16 and FY16 respectively. Cadila guided for 20% Tax rate in FY17E due to benefits from newly commissioned plants in new facility May 15,
3 Exhibit 1: Q4FY16 Result Overview Y/e March Q4FY16 Q4FY15 YoY gr. (%) Q3FY16 FY16 FY15 YoY gr. (%) Net Sales 24,491 22, ,284 98,376 86, Raw Material 8,228 8, ,996 32,770 31, % of Net Sales Personnel Cost 3,572 3, ,175 13,317 12, % of Net Sales Others 6,877 6, ,326 28,460 24, % of Net Sales Total Expenditure 18,677 17, ,497 74,547 68, EBITDA 5,814 4, ,787 23,829 17, Margin (%) Depreciation ,022 2, EBIT 5,031 4, ,017 20,807 14, Other Income Interest (38.6) (28.4) PBT 5,172 4, ,146 21,262 14, ExtraOrd. Inc./Exps (20.2) (29.3) Total Taxes 1, ,149 5,711 2, ETR (%) Reported PAT 3,887 3, ,896 15,226 11, May 15,
4 Exhibit 2: Major Sources of Revenues Y/e March Q4FY16 Q4FY15 YoY gr. (%) Q3FY16 FY16 FY15 YoY gr. (%) Domestic 10,609 9, ,931 41,148 38, % of Net Sales Formulation 7,674 6, ,130 29,732 26, % of Net Sales API ,647 3,723 (2.0) % of Net Sales Consumer HC & Others 1,169 1, ,178 4,570 4, % of Net Sales Animal Healthcare ,199 3,217 (0.6) % of Net Sales Exports 13,671 13, ,988 55,450 48, % of Net Sales Formulation 12,212 12, ,986 50,108 43, % of Net Sales North America 9,610 9,789 (1.8) 10,717 40,215 33, EU (4.6) 762 2,956 3,376 (12.4) LatAM ,177 2,348 (7.3) Emerging markets 1,343 1, ,760 4, Total Income from JVs 1,459 1, ,002 5,342 4, % of Net Sales Total 24,280 22, ,919 96,598 86, Exhibit 1: India Formulations just crossed threshold of double digit growth in Q2FY16 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 May 15,
5 Exhibit 2: US Generics: benefits of additional HCQS sales set to be neutralised in Q3FY16E 12,000 10,000 8,000 6,000 4,000 2,000 Exhibit 3: Consumer Healthcare: Growth remains listless 1, 1, Exhibit 4: EU Sales: Going down further with lack of direction 1, 1, May 15,
6 Exhibit 5: LatAm Sales: Depreciated currencies takes toll on reported growth Exhibit 6: Emerging Markets: Manages to grow despite falling currency 1, 1, 1, Exhibit 7: Income from JV: Additions of new products, clients drive growth 1, 1, 1, May 15,
7 Exhibit 8: Sales & Sales Growth Sales YoY gr. (%) (RHS) 25,000 20,000 15,000 10,000 5, Exhibit 9: Other Operating Revenues: IPR sales of ANDA drives last two qtr sales 1, 1, Exhibit 10: EBITDA & EBITDA Margin EBITDA Margin (%) (RHS) 7,000 6,000 5,000 4,000 3,000 2, % 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% May 15,
8 Exhibit 11: PAT & PAT Margins PAT Margin (%) (RHS) 4,500 4,000 3,500 3,000 2,500 2,000 1, % 20.0% 15.0% 10.0% 5.0% 0.0% May 15,
9 Income Statement Y/e March E 2018E Net Revenue 84,971 96, , ,257 Raw Material Expenses 31,967 32,770 32,692 33,411 Gross Profit 53,005 63,888 72,766 79,846 Employee Cost 12,085 13,317 14,553 15,629 Other Expenses 24,904 28,460 35,961 38,507 EBITDA 16,015 22,111 22,251 25,709 Depr. & Amortization 2,873 3,022 3,509 3,113 Net Interest Other Income 2,096 4,623 2,109 2,265 Profit before Tax 14,560 23,226 20,535 24,715 Total Tax 2,594 5,711 4,107 Profit after Tax 11,966 17,515 16,428 24,715 ExOd items / Min. Int Adj. PAT 11,506 17,190 16,113 24,384 Avg. Shares O/S (m) 1, , , ,023.7 EPS (Rs.) Cash Flow Abstract Y/e March E 2018E C/F from Operations 2,753 11,275 (9,377) 3,291 C/F from Investing 4,352 4,987 5,022 2,825 C/F from Financing (5,121) (4,740) (5,269) (5,557) Inc. / Dec. in Cash 1,984 11,523 (9,624) 559 Opening Cash 4,010 5,994 17,517 7,893 Closing Cash 5,994 17,517 7,893 8,452 FCFF 8,723 15,898 (656) 10,265 FCFE 6,824 13,474 (4,164) 6,565 Key Financial Metrics Y/e March E 2018E Growth Revenue (%) EBITDA (%) PAT (%) (6.3) 51.3 EPS (%) (6.3) 51.3 Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.1) Net Wrkng Cap. (days) (16) (60) 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 (25.8) Balance Sheet Abstract Y/e March E 2018E Shareholder's Funds 42,515 53,519 69,947 86,050 Total Debt 13,032 10,608 7,099 3, Other Liabilities 2,275 1,965 2,691 3,166 Total Liabilities 57,822 66,092 79,737 92,615 Net Fixed Assets 41,501 43,455 44,945 44,636 Goodwill Investments 1,544 2,663 2,663 2,663 Net Current Assets 8,405 7,974 24,192 36,983 Cash & Equivalents 6,699 6,953 7,893 8,452 Other Current Assets 34,356 35,092 43,050 49,173 Current Liabilities 32,650 34,071 26,752 20,642 Other Assets 6,371 7,559 7,937 8,334 Total Assets 57,822 61,650 79,737 92,615 Quarterly Financials Y/e March Q1FY16 Q2FY16 Q3FY16 Q4FY16 Net Revenue 25,007 24,595 24,284 24,491 EBITDA 6,015 6,213 5,787 5,814 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 5,353 5,591 5,146 5,172 Total Tax 1,723 1,580 1,149 1,259 Profit after Tax 3,555 3,912 3,905 3,879 Adj. PAT 3,534 3,909 3,896 3,887 Key Operating Metrics Y/e March E 2018E US Formulations 33,932 40,215 44,807 47,047 Domestic Formulations 26,772 29,732 34,806 39,331 Consumer Healthcare 4,430 4,570 4,643 4,762 Income from JVs 4,721 5,342 4,857 4,811. May 15,
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Cadila Healthcare. Source: Company Data; PL Research
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Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
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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
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 informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
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 informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
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 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 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 informationAurobindo Pharma. Source: Company Data; PL Research
US injectable, OTC, EU geared for higher growth in FY19E February 09, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating BUY Price Rs602 Target Price Rs909 Implied Upside 51.0% Sensex 34,413
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 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 informationNIIT Technologies. Strong growth in core services. Source: Company Data; PL Research
Strong growth in core services October 19, 2015 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs494 Target Price Rs625
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 informationLupin Result beats expectations; Near term revenue drivers improves grows visibility
Result beats expectations; Near term revenue drivers improves grows visibility February 10, 2017 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs1,495 Target Price Rs1,730 Implied
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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationSource: Company Data; PL Research
Result disappoints; Competition catching up in key drugs May 14, 2015 Surajit Pal surajitpal@plindia.com +91 22 66322259 Rating Accumulate Price Rs1,632 Target Price Rs1,823 Implied Upside 11.7% Sensex
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 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 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 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 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 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 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 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 informationSource: Company Data; PL Research
Sales beat, headline margins miss on pricing pressure in US August 10, 2016 Surajit Pal surajitpal@plindia.com +912266322259 Rating Reduce Price Rs1,608 Target Price Rs1,419 Implied Upside 11.8% Sensex
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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More 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 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 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 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 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 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 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 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
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