JAYPEE INFRATECH Cost overrun erodes valuation
|
|
- Elizabeth Benson
- 6 years ago
- Views:
Transcription
1 RESULT UPDATE JAYPEE INFRATECH Cost overrun erodes valuation India Equity Research Real Estate Jaypee Infratech s (JPIN) Q2FY12 profit of INR3.1bn was higher than estimates due to higher revenue bookings and better than expected EBITDA margins. However, further escalation in the total cost of Yamuna Expressway (YE) to INR133.0bn (against the earlier guidance of INR117.2bn as of Q1FY12 and INR112.3bn as of FY11) acted as a dampener. While Noida real estate volume may recover from H2FY12 onwards, we believe that this has been factored in the stock price hence maintain our HOLD/SP rating with a target price of INR46/share. Higher revenues, margins boost earnings JPIN reported revenue of INR7.2bn, ahead of our estimate of INR6.5bn, due to stronger than expected revenue bookings from ongoing projects. EBITDA of INR3.9bn was well ahead of the estimated INR3.0bn due to higher than expected EBITDA margins of 55% (our estimate at 46%) which we believe is due to higher share of plots. As a result, profit of INR3.1bn was ahead of our estimate of INR2.4bn. While land acquisition issues in Noida have dented volume in H1FY12, the company indicated that October 2011 has seen an improvement due to better sentiment and recent F1 race. YE project to commence in CY12, but sees fresh cost escalation As per the management, YE is set to become operational in H1CY12. JPIN stated that it has spent ~INR112.3bn (INR98.6bn as of FY11) on the project as of Q2FY12 even as there has been a further revision in total costs to INR133.0bn (against the earlier guidance of INR117.2bn as of Q1FY12 and INR112.3bn as of FY11) because of an enhancement in the project scope and capitalization of interest till YE becomes operational. JPIN s net debt stands at INR62.2bn as of Q2FY12 (INR44.8bn as of FY11). Outlook and valuations: Fairly valued; maintain HOLD Our revised FY12E NAV for JPIN is INR46/share (earlier INR57) which factors in cost escalation of INR16 bn (INR12/share) for YE on account of higher interest costs. While Noida real estate volume may recover from H2FY12 onwards, we believe that this has been factored in the stock price hence maintain HOLD/SP recommendation with target price of INR 46/share at par with FY12 NAV. EDELWEISS 4D RATINGS Absolute Rating Rating Relative to Sector Risk Rating Relative to Sector Sector Relative to Market HOLD Performer Medium Underweight MARKET DATA (R: JYPE.BO, B: JPIN IN) CMP : INR 43 Target Price : INR week range (INR) : 87 / 36 Share in issue (mn) : 1,388.9 M cap (INR bn/usd mn) : 60 / 1,190 Avg. Daily Vol.BSE/NSE( 000) : SHARE HOLDING PATTERN (%) MFs, FIs & Banks 9.6% * Promoters pledged shares (% of share in issue) PRICE PERFORMANCE (%) Stock FIIs 0.4% Others 6.7% Promoters* 83.3% Nifty : NIL EW Real Estate Index 1 month months 17.7 (0.9) months (40.2) (15.9) (37.9) Financials Year to March Q2FY12 Q2FY11 % Chg Q1FY12 % Chg FY11 FY12E Net revenues 7,158 7, , ,787 28,716 EBITDA 3,933 5,117 (23.1) 2, ,134 12,828 Net profit 3,106 4,117 (24.6) 2, ,351 9,673 Diluted EPS (INR) Diluted P/E (x) EV/EBITDA (x) ROAE (%) Aashiesh Agarwaal, CFA aashiesh.agarwaal@edelcap.com Adhidev Chattopadhyay adhidev.chattopadhyay@edelcap.com November 15, 2011 Edelweiss Research is also available on Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. Edelweiss Securities Limited
2 Real Estate Financial snapshot Year to March Q2FY12 Q2FY11 % Change Q1FY12 % Change FY11 FY12E FY13E Net revenues 7,158 7, , ,787 28,716 39,556 Cost of construction (3,126) (1,931) 61.9 (2,877) 8.7 (9,215) (15,344) (23,319) Staff costs (25) (25) (2.8) (29) (15.2) (86) Other expenses (74) (42) 77.9 (290) (74.5) (376) (544) (719) (Inc)/Dec in stock NA NA Total expenditure (3,225) (1,998) 61.4 (3,196) 0.9 (9,653) (15,888) (24,037) EBITDA 3,933 5,117 (23.1) 2, ,134 12,828 15,519 Depreciation (4) (21) (81.3) (4) 2.6 (86) (20) (1,584) EBIT 3,929 5,096 (22.9) 2, ,048 12,808 13,936 Other income (57.4) 67 (70.6) Interest (65) NA (64) 2.2 (101) (856) (9,038) Profit before tax 3,883 5,142 (24.5) 2, ,146 12,091 5,044 Tax (777) (1,025) (24.2) (595) 30.7 (3,796) (2,418) (1,009) Net profit from ordinary activities 3,106 4,117 (24.6) 2, ,351 9,673 4,035 Reported net profit 3,106 4,117 (24.6) 2, ,351 9,673 4,035 As % of net revenues Cost of construction Other expenses Total expenses EBITDA Depreciation EBIT Interest expenditure Reported net profit Tax rate Edelweiss Securities Limited
3 Company Description Jaypee Infratech Jaypee Infratech (JPIN, 83.1% owned by Jaiprakash Associates, JPA) comprises a single project the Yamuna Expressway. This project was awarded to JPA vide a concession agreement dated February 2003 with the Yamuna Expressway Authority (YED). The concession was awarded through a competitive bidding process, consisting of a prequalification stage and a final bidding stage. JPA was awarded the concession in January 2003, based on its proposed 36 year concession period the shortest period proposed by any bidder. As per the terms of the concession agreement, the concessionaire would be entitled to Collect tolls at rate not exceeding the rates notified by the Government of Uttar Pradesh (GoUP) for a period of 36 years from the date of receiving the completion certificate and Receive a total of 6,175 acres of land across five different sites at the government s cost of acquisition, plus, annual lease rental of INR 100/hectare (INR 41/acre). Investment Theme Large low cost land bank, backed by strong brand equity JPIN is constructing the Yamuna Expressway (YE) project, a six lane 165 km road connecting Noida to Agra, which we expect to become operational by Q1FY13. As compensation for constructing YE, JPIN has rights to collect toll for 36 years on YE and holds development rights on 6,175 acres of land (saleable area of 530 msf, of which, ~311 msf is located in the NCR), across five contiguous land parcels along YE, acquired at a low cost of INR 32 40/sf. Flexible product/pricing strategy maximises cash flows Unlike most developers who follow an inflexible pricing policy at the cost of volumes, JPIN has adopted a flexible pricing model that maximizes volumes and cash flows. With unit sizes varying from 535 2,300 sf and ticket sizes in the range of INR mn, the company has been able to achieve cumulative sales volumes of ~33.7 msf worth INR bn as of FY11. Key Risks Political uncertainty A change in State Government at Uttar Pradesh poses risks to the valuation of JPIN, as infrastructure development initiatives could possibly be reviewed or slow down, inhibiting/delaying development of the region, constraining value of YE as also inhibiting the attendant real estate volumes. Large supply in Noida Noida has seen large supply of land by the development authority. In addition, it is expected that additional land parcels will be released by the government in Noida over CY Coupled with proposed increases in FSI, Noida faces a risk of oversupply in the coming future, which we have factored by assuming lower volumes for JPIN, going forward. Competing NH 2 expressway may lead to lower toll revenues YE faces competition from the existing highway NH 2, which is currently toll free. While plans are afoot to make it a six lane road, post which it will be tolled, reluctance of commuters to use YE could impair its profitability. 3 Edelweiss Securities Limited
4 Real Estate Financial Statements Income statement Income from operations 5,545 6,407 27,787 28,716 39,556 Direct costs 1, ,215 15,344 23,319 Other Expenses Total operating expenses 2, ,653 15,888 24,037 EBITDA 3,159 5,921 18,134 12,828 15,519 Depreciation and amortisation ,584 EBIT 3,019 5,759 18,048 12,808 13,936 Other income Interest expenses ,038 Profit before tax 3,036 5,873 18,146 12,091 5,044 Provision for tax ,796 2,418 1,009 Core profit 2,667 4,875 14,351 9,673 4,035 Profit After Tax 2,667 4,875 14,351 9,673 4,035 Adjusted PAT 2,667 4,875 14,351 9,673 4,035 Basic shares outstanding (mn) 965 1,126 1,389 1,389 1,389 Basic EPS (INR) Diluted equity shares (mn) 965 1,126 1,389 1,389 1,389 Diluted EPS (INR) Dividend per share (INR) Dividend payout (%) Common size metrics as % of net revenues Operating expenses Depreciation Interest expenditure EBITDA margins Net profit margins Growth ratios (%) Revenues EBITDA (8,905.7) (29.3) 21.0 PBT (2,789.9) (33.4) (58.3) Net profit (2,463.2) (32.6) (58.3) EPS (32.6) (58.3) 4 Edelweiss Securities Limited
5 Jaypee Infratech Balance sheet As on 31st March FY09 FY10 FY11 FY12E FY13E Equity capital 9,660 12,260 13,889 13,889 13,889 Reserves & surplus 2,794 7,669 33,740 41,381 41,775 Shareholders funds 12,454 19,929 47,629 55,271 55,665 Secured loans 18,675 57,210 62,500 82,153 87,592 Unsecured loans Borrowings 18,675 57,210 63,321 83,056 88,585 Sources of funds 31,129 77, , , ,250 Gross block , ,774 Depreciation ,085 Net block , ,689 Capital work in progress 25,363 51,883 73,904 Total fixed assets 25,716 52,115 74, , ,689 Inventories 5,501 19,100 33,377 34,546 43,889 Sundry debtors 1,026 5,379 5,917 7,100 Cash and equivalents 1,909 17,830 18,508 8,280 1,706 Loans and advances 2,976 6,869 10,652 16,816 12,899 Other current assets Total current assets 10,402 44,858 68,187 65,884 65,984 Sundry creditors and others 4,616 18,746 25,327 27,427 25,884 Provisions 373 1,377 5,977 8,403 2,539 Total current liabilities & provisions 4,989 20,123 31,304 35,830 28,423 Net current assets 5,413 24,735 36,883 30,054 37,561 Miscellaneous expenditure 289 Uses of funds 31,129 77, , , ,250 Book value per share (INR) Free cash flow Net profit 2,667 4,875 14,351 9,673 4,035 Depreciation ,584 Gross cash flow 3,114 5,577 12,237 10,410 13,905 Less: Changes in WC 2,400 2,289 9,404 3,399 14,081 Operating cash flow 714 3,288 2,833 7,011 (176) Less: Capex 14,838 24,023 18,041 26,518 Free cash flow (14,124) (20,735) (15,208) (19,507) (176) Cash flow metrics Operating cash flow 714 3,288 2,833 7,011 (176) Investing cash flow (14,821) (24,191) (18,473) (26,378) 146 Financing cash flow 15,935 36,823 16,319 9,139 (6,544) Net cash flow 1,829 15, (10,228) (6,574) Capex (14,838) (24,023) (18,041) (26,518) Dividends paid (2,031) (2,031) Share issuance/(buyback) 250 2,600 16,500 5 Edelweiss Securities Limited
6 Real Estate Profitability & efficiency ratios ROAE (%) ROACE (%) Inventory day ,223 1, Debtors days Payable days 1,046 11, Cash conversion cycle (days) (142) Current ratio Debt/EBITDA Debt/Equity Adjusted debt/equity Operating ratios Total asset turnover Fixed asset turnover Equity turnover Du pont analysis NP margin (%) Total assets turnover Leverage multiplier ROAE (%) Valuation parameters Diluted EPS (INR) Y o Y growth (%) (32.6) (58.3) CEPS (INR) Diluted PE (x) Price/BV (x) EV/Sales (x) EV/EBITDA (x) Dividend yield (%) Edelweiss Securities Limited
7 RATING & INTERPRETATION Company Absolute reco Relative reco Relative risk Company Absolute reco Relative reco Relative Risk Brigade Enterprises BUY SP M DLF HOLD SP M Jaypee Infratech HOLD SP M Mahindra Lifespace Developers BUY SP M Oberoi Realty BUY SO L Orbit corporation HOLD SU H The Phoenix Mills BUY SO M ABSOLUTE RATING Ratings Expected absolute returns over 12 months Buy More than 15% Hold Between 15% and - 5% Reduce Less than -5% RELATIVE RETURNS RATING Ratings Sector Outperformer (SO) Sector Performer (SP) Criteria Stock return > 1.25 x Sector return Stock return > 0.75 x Sector return Stock return < 1.25 x Sector return Sector Underperformer (SU) Stock return < 0.75 x Sector return Sector return is market cap weighted average return for the coverage universe within the sector RELATIVE RISK RATING Ratings Low (L) Medium (M) High (H) Criteria Bottom 1/3rd percentile in the sector Middle 1/3rd percentile in the sector Top 1/3rd percentile in the sector Risk ratings are based on Edelweiss risk model SECTOR RATING Ratings Overweight (OW) Equalweight (EW) Criteria Sector return > 1.25 x Nifty return Sector return > 0.75 x Nifty return Sector return < 1.25 x Nifty return Underweight (UW) Sector return < 0.75 x Nifty return 7 Edelweiss Securities Limited
8 Real Estate Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai Board: (91 22) , Vikas Khemani Head Institutional Equities Nischal Maheshwari Head Research Coverage group(s) of stocks by primary analyst(s): Real Estate Brigade Enterprises, DLF, Jaypee Infratech, Mahindra Lifespace Developers, Oberoi Realty, Orbit corporation, The Phoenix Mills Recent Research Date Company Title Price (INR) Recos 15 Nov 11 Phoenix Mills Execution on track; Result Update 11 Nov 11 DLF Debt pangs; Result Update 08 Nov 11 Orbit Corporation Triggers awaited; Result Update 201 Buy 228 Hold 36 Hold Distribution of Ratings / Market Cap Edelweiss Research Coverage Universe Buy Hold Reduce Total Rating Interpretation Rating Expected to Rating Distribution* * 3 stocks under review > 50bn Between 10bn and 50 bn < 10bn Market Cap (INR) Buy Hold Reduce appreciate more than 15% over a 12 month period appreciate up to 15% over a 12 month period depreciate more than 5% over a 12 month period Access the entire repository of Edelweiss Research on This document has been prepared by Edelweiss Securities Limited (Edelweiss). Edelweiss, its holding company and associate companies are a full service, integrated investment banking, portfolio management and brokerage group. Our research analysts and sales persons provide important input into our investment banking activities. This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Edelweiss 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. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult his own advisors to determine the merits and risks of such investment. The investment discussed or views expressed may not be suitable for all investors. We and our affiliates, group companies, officers, directors, and employees may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as advisor or lender/borrower to such company (ies) or have other potential conflict of interest with respect to any recommendation and related information and opinions. This information is strictly confidential and is being furnished to you solely for your information. This information should not be reproduced or redistributed or passed on directly or indirectly in any form to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject Edelweiss and affiliates/ group companies to any registration or licensing requirements within such jurisdiction. The distribution of this document in certain jurisdictions may be restricted by law, and persons in whose possession this document comes, should inform themselves about and observe, any such restrictions. The information given in this document is as of the date of this report and there can be no assurance that future results or events will be consistent with this information. This information is subject to change without any prior notice. Edelweiss reserves the right to make modifications and alterations to this statement as may be required from time to time. However, Edelweiss is under no obligation to update or keep the information current. Nevertheless, Edelweiss is committed to providing independent and transparent recommendation to its client and would be happy to provide any information in response to specific client queries. Neither Edelweiss nor any of its affiliates, group companies, directors, employees, agents or representatives shall be liable for any damages whether direct, indirect, special or consequential including lost revenue or lost profits that may arise from or in connection with the use of the information. Past performance is not necessarily a guide to future performance. The disclosures of interest statements incorporated in this document are provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. Edelweiss Securities Limited generally prohibits its analysts, persons reporting to analysts and their family members from maintaining a financial interest in the securities or derivatives of any companies that the analysts cover. The analyst for this report certifies that all of the views expressed in this report accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was, is or will be, directly or indirectly related to specific recommendations or views expressed in this report. Analyst holding in the stock: no. For recipients in the United States: This report was prepared by Edelweiss Securities, which is not a FINRA member nor a broker dealer registered with the SEC. US persons receiving this research and wishing to effect any transactions in any security discussed in the report should contact an SEC registered broker dealer. In order to conduct business with Institutional Investors based in the U.S., Edelweiss Securities has entered into a chaperoning agreement with a U.S. registered broker dealer, Marco Polo Securities Inc. ("Marco Polo"). Copyright 2009 Edelweiss Research (Edelweiss Securities Ltd). All rights reserved 8 Edelweiss Securities Limited
JSW STEEL Flexing realisation spreads
COMPANY UPDATE JSW STEEL Flexing realisation spreads India Equity Research Metals and Mining JSW Steel s realisation spread has gone up to INR5,900/t for 9mFY12 vs INR4,400/t in FY11. We revise up our
More informationCOLGATE PALMOLIVE Sweet aftertaste
RESULT UPDATE COLGATE PALMOLIVE Sweet aftertaste India Equity Research Consumer Goods Colgate Palmolive s (Colgate) Q2FY12 revenue surged (19% Y o Y; marginally ahead of our estimate) on back of 13% Y
More informationDLF Building a revival
COMPANY UPDATE DLF Building a revival India Equity Research Real Estate Our annual report analysis of DLF reveals FY12 was a stressed year for DLF with its operating cash (ex-land sales) at INR15.3bn insufficient
More informationHINDUSTAN CONSTRUCTION
India Midcaps RESULT UPDATE HINDUSTAN CONSTRUCTION Robust margin, forex gains stem loss India Equity Research Construction Hindustan Construction (HCC) reported lower than expected loss in Q2FY13 at INR179mn
More informationORACLE FINANCIAL SERVICES Witnessing initial signs of demand pick up
VISIT NOTE ORACLE FINANCIAL SERVICES Witnessing initial signs of demand pick up India Equity Research IT We recently met the management of Oracle Financial Services (OFSS) for business update and understanding
More informationGATEWAY DISTRIPARKS. Higher throughput offsets lower realisation. Mumbai CFS reports throughput of 65,384 TEUs, up 28.4% QoQ
India Midcaps RESULT UPDATE GATEWAY DISTRIPARKS Higher throughput offsets lower realisation India Equity Research Logistics Gateway Distriparks (GDL) Q1FY13 standalone revenues were higher than our expectations
More informationJSW STEEL JSW-Ispat merger: high scale, weak profitability
EVENT UPDATE JSW STEEL JSW-Ispat merger: high scale, weak profitability India Equity Research Metals and Mining JSW Steel (JSW) has announced a merger with its 46.75% associate entity JSW Ispat (Ispat)
More informationSUPREME INDUSTRIES. Strong performance. Strong volume growth in piping segment aids margin. Capex, new product launches to drive long-term growth
India Midcaps RESULT UPDATE SUPREME INDUSTRIES Strong performance India Equity Research Miscellaneous Supreme Industries (SIL) reported a topline of INR6,176mn, above our estimate of INR5,827mn, driven
More informationJSW STEEL Satisfactory performance
RESULT UPDATE JSW STEEL Satisfactory performance India Equity Research Metals and Mining JSW Steel (JSW) reported a consolidated EBITDA of INR15.3bn (broadly in line) and PAT of INR6.9bn (in line after
More informationADANI PORTS AND SEZ Positives being ignored
COMPANY UPDATE ADANI PORTS AND SEZ Positives being ignored India Equity Research Power Adani Ports and SEZ (ADSEZ) has refinanced the ~USD2bn bridge loan taken for the Abbot Point X50 port terminal at
More informationMUTHOOT FINANCE Beat on earnings led by yield improvement
RESULT UPDATE MUTHOOT FINANCE Beat on earnings led by yield improvement India Equity Research Banking and Financial Services Muthoot Finance reported a PAT of INR2.86bn in Q2FY13, up 24% YoY and 5% QoQ
More informationMUTHOOT FINANCE Regulatory action dampens spirit
RESULT UPDATE MUTHOOT FINANCE Regulatory action dampens spirit India Equity Research Banking and Financial Services Muthoot Finance reported a PAT of INR2.46bn in Q1FY13, up 29% YoY and 5% QoQ. As anticipated,
More informationLARSEN & TOUBRO Geared up for a long haul
VISIT NOTE LARSEN & TOUBRO Geared up for a long haul India Equity Research Engineering and Capital Goods We met up with L&T management recently and came back positive on its medium to long term business
More informationULTRATECH CEMENT Improved demand outlook
RESULT UPDATE ULTRATECH CEMENT Improved demand outlook India Equity Research Cement UltraTech Cement s (UTCL) Q1FY15 EBIDTA of INR10.5bn (~5% below estimates) was down ~2% YoY despite robust volume growth
More informationTrident Ltd: Q2FY18 Result Update
Edelweiss Investment Research Trident Ltd: Q2FY18 Result Update Weak results; Strong Outlook CMP INR 92 Target INR 118 Rating: BUY Upside: 30% Date: 06 th November 2017 After delivering a strong ~25% topline
More informationJaypee Infratech. CMP: INR33 TP: INR45 Buy
BSE SENSEX S&P CNX 2,550,318 Bloomberg JPIN IN Equity Shares (m) 1,388.9 M.Cap. (INR b) / (USD b) 51.3/0.9 52-Week Range (INR) 2/1 1,, 12 Rel. Per (%) 1/9/-3 Financials & Valuation (INR m) Y/E Mar 201
More informationRELIANCE INDUSTRIES LIMITED
RELIANCE INDUSTRIES LIMITED EDELSTAR FUNDAMENTAL RESEARCH Business Overview RIL is the largest private player in the refining, petrochemical and E&P sectors in India. While RIL s refining complex in Jamnagar
More informationBajaj Auto Ltd. CMP: Rs.1426 Recommendation: Buy Target Price: Rs March. 1 P age. 21 st July Key Data Financial Year End
CMP: Rs.1426 Recommendation: Buy Target Price: Rs.1593 Key Data Financial Year End March Market Cap (Rs. Cr.) 41,241 Market Cap (USD Bn.) 9.2 Free Float Factor 0.49 52 Week H/L 1664.5/1189.6 Avg. 12M volumes
More informationUnitech. CMP: INR20 TP: INR30 Buy
BSE SENSEX S&P CNX 16,328 4,943 Bloomberg UT IN Equity Shares (m) 2,438.8 52-Week Range (INR) 38/17 1,6,12 Rel. Perf. (%) -25/-14/-34 M.Cap. (INR b) 48.8 M.Cap. (USD b) 0.9 16 May 2012 4QFY12 Results Update
More informationTrident Ltd.: Q1FY18 Result Update
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Edelweiss Investment Research Trident Ltd.: Q1FY18 Result Update
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 informationHATHWAY CABLE & DATACOM Uninterrupted reception
VISIT NOTE HATHWAY CABLE & DATACOM Uninterrupted reception India Equity Research Media We recently interacted with Mr. G Subramaniam, CFO, Hathway Cable & Datacom (Hathway). The company is confident of
More informationKey estimate revision. Financial summary. Year FY16E 29, % 3,583 2, FY17E 26, % 3,478 2,
: price: EPS: How does our one year outlook change? We maintain our negative stance on SKF India due to the absence of significant growth momentum drivers over the medium term. While railways could be
More informationPNC Infratech Ltd.: Q3FY18 Result Update
Edelweiss Investment Research PNC Infratech Ltd.: Q3FY18 Result Update Execution pickup to drive growth PNC Infratech (PNC), one of the largest EPC road constructors in India with more than INR 10,000
More informationFIRST QUARTER REVIEW OF ANNUAL POLICY
India Equity Research Economy RBI Watch FIRST QUARTER REVIEW OF ANNUAL POLICY Strong tightening; broadly as expected July 29, 2008 Monetary measures In its first quarter review of the Annual Policy Statement
More informationJindal Stainless Hisar Ltd.: Q3FY18 Result Update
Edelweiss Investment Research Jindal Stainless Hisar Ltd.: Q3FY18 Result Update Stronger volumes & profitability improvement continues Jindal stainless (Hisar)(JSHL) reported healthy growth of 35.2% in
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationCADILA HEALTHCARE Positives on Horizon
VISIT NOTE CADILA HEALTHCARE Positives on Horizon India Equity Research Pharmaceuticals Post our interaction with Mr. Pankaj Patel, CMD, Cadila Healthcare, we highlight our takeaways on business. We upgrade
More informationKey estimate revision. Financial summary. Year FY14 391,088 45,198 34, FY15E 354,262 35,426 23,
: price: EPS: How does our one year outlook change? We retain our negative stance on the stock. We expect s revenue to de-grow by 9% y-o-y on the back of muted execution (client side and clearance delays)
More informationSanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation
Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationOBEROI REALTY Value accretive Thane land buy; scope for further NAV growth
COMPANY UPDATE OBEROI REALTY Value accretive Thane land buy; scope for further NAV growth India Equity Research Real Estate Oberoi Realty has won the bid to acquire GSK Pharma s 60acre land parcel in Thane
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 informationGujarat Pipavav Ports Ltd
INDIA Institutional Research Marine Port & Services Gujarat Pipavav Ports Ltd Date: 1st November, 2011 Analyst: Shruti Raut shruti.raut@networthdirect.com Tel No.: 022 3022 5900 Q3CY11 Operational Highlights
More informationKey estimate revision. Year FY14 23,28,609 3,48,027 1,40, FY15E 25,74,029 3,94,133 1,69,
: price: EPS: How does our one year outlook change? We retain our positive stance on TTMT driven by continued strong performance at JLR on both revenues & margins and expected reduction in losses at standalone
More informationBANKING CIBIL perceives firm retail quality, but some stress in SME
SECTOR UPDATE BANKING CIBIL perceives firm retail quality, but some stress in SME India Equity Research Banking and Financial Services We had recently organised a conference call with Mr. Satish Pillai,
More informationJSW Steel EDELSTAR FUNDAMENTAL RESEARCH
JSW Steel EDELSTAR FUNDAMENTAL RESEARCH Business Overview JSW, part of the USD8bn O.P. Jindal Group, was incorporated as Jindal Vijaynagar Steel JVSL). It began operations in 1999 with the commissioning
More informationWipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold
Wipro 4QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 287 Recommendation: Hold Market statistics Current stock price (`) 287 Shares O/S (cr.) 452.3 Mcap (` cr) 129,927
More informationUjjivan Financial Services Ltd.: Q3FY18 Result Update
Edelweiss Investment Research Ujjivan Financial Services Ltd.: Q3FY18 Result Update Good show; Robust outlook Ujjivan Financial Services Ltd. (UFS) reported a mixed set of numbers in its Q3FY18 financial
More informationADANI PORTS AND SEZ Another feather in the cap
EVENT UPDATE ADANI PORTS AND SEZ Another feather in the cap India Equity Research Infrastructure - Ports Adani Ports and SEZ (Adani Ports) will be setting up its fourth container terminal in 50:50 joint
More informationHindustan Media Ventures
2QFY216 Result Update Media October 27, 215 Hindustan Media Ventures Performance Highlights Quarterly Data (` cr) 2QFY16 2QFY15 % yoy 1QFY15 % qoq Revenue 227 2 13.7 224 1.4 EBITDA 52 39 33.1 55 (4.5)
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
More informationMusic Broadcast BUY. Performance Update. CMP Target Price `329 `475. 2QFY2019 Result Update Media. Historical share price chart.
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 informationStill on track. Exhibit 1: ICT is on track for FY09E
Country: India Sector: Indian Education Diviya Nagarajan Diviya.Nagarajan@jmfinancial.in Tel: (91 22) 6630 3066 Subhashini Gurumurthy Subhashini.Gurumurthy@jmfinancial.in Tel: (91 22) 6630 3069 Price:
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
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
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationBRIGADE ENTERPRISES Mixed quarter; scale up ahead
RESULT UPDATE BRIGADE ENTERPRISES Mixed quarter; scale up ahead India Equity Research Real Estate Brigade Enterprises (BEL) Q1FY18 net profit missed our estimate; new sales were slow due to RERA and GST
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationAPOLLO HOSPITALS On track
RESULT UPDATE APOLLO HOSPITALS On track India Equity Research Pharmaceuticals Apollo Hospitals (APHS) Q1FY14 standalone results were in line with revenue growth of 15% YoY, led by 11% growth in hospitals
More informationAmber Enterprises India Ltd
3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)
More informationBUY. White cement steals the show JK CEMENT. Target Price: Rs 1,220. Other highlights
JK 20 NOV 2017 Quarterly Update BUY Target Price: Rs 1,220 White cement steals the show JK Cement s (JKCE) Q2FY18 EBITDA at Rs 2.1 bn (up 30% YoY) was higher than our and consensus estimates, mainly due
More informationKalpataru Power. Rating: Target price: EPS: Rating CMP. Target BUY. Rs Rs.256
: price: EPS: How does our one year outlook change? We expect KPP s revenue (standalone) to grow by 21% y-o-y in FY17E backed by an order book of Rs. 91bn (1.7x FY17E book-to-bill). Both Transmission line
More informationDilip Buildcon Ltd.: Q3FY18 Result Update
Edelweiss Investment Research Dilip Buildcon Ltd.: Q3FY18 Result Update From Sub-contractor to Marquee EPC Play CMP INR: 981 Rating: BUY Target Price INR: 1,204 Upside: 22% Dilip Buildcon (DBL), the largest
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 informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationGLAXOSMITHKLINE CONSUMER Margin BOOST
RESULT UPDATE GLAXOSMITHKLINE CONSUMER Margin BOOST India Equity Research Consumer Goods GSK Consumer s (GSK) Q3CY12 sales were bang in line with our expectation, though PAT surpassed estimate. Gross and
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationSpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months.
1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138
More informationITC. Rating: Target price: EPS: Relative better visibility despite the smoke, Maintain BUY CMP. Target. Rating. Rs.389. Buy. Rs.
: price: EPS: Relative better visibility despite the smoke, Maintain BUY ITC reported revenues of Rs.~87.2bn (+13% y-o-y), operating profits of Rs.32.8bn (+15% y-o-y) and PAT of Rs.~23.8bn (+16% y-o-y).
More informationMahindra and Mahindra Maintain Outperformer. (Rs mn) Mar 14 Mar 15 YoY (%) Dec 14 QoQ (%) FY14 FY15P YoY (%) FY16E YoY (%) FY17E YoY (%)
Batlivala & Karani RESULT UPDATE Mahindra and Mahindra Maintain Outperformer LARGE CAP Share Data Reuters code Bloomberg code MAHM.BO MM IN Market cap. (US$ mn) 12,243 6M avg. daily turnover (US$ mn) 21.0
More informationMatrimony.com Ltd BUY. Performance Update. Target Price `1,016. 4QFY2018 Result Update Cable. Historical share price chart.
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
More informationZee Learn Ltd.: Q2FY18 Result Update
Edelweiss Investment Research Zee Learn Ltd.: Q2FY18 Result Update Margin improved with healthy growth CMP INR 47 Target INR 80 Rating: BUY Upside: 71% Date: 17 th October 2017 Zee Learn Ltd. (ZLL) reported
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationMRF. Result Update. Accumulate
Result Update MRF Accumulate Revenue disappoints MRF posted weak topline growth of 8.1% YoY at ` 38.6 bn for the quarter ended along with gross and EBITDA margins of 39.8% and 15.4% respectively. The gross
More informationBharat Petroleum Corporation Ltd
Institutional Equity Research Key data 19 June 2008 Sector Oil& Gas Market Cap Rs.7bn/US$2.3bn 52 Wk H/L (Rs) 560/260.25 Avg. daily vol. (6 month) 799,179 BSE Code 500547 NSE Code BPCL Bloomberg BPCLIN
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%
More informationResult Update. Sterling Tools. Buy
Sterling Tools Buy Result Update Growth momentum continues Sterling tools (STRT) number were broadly in line with estimates. Margins on a sequential basis have started showing signs of improvement at gross
More informationRamco Cement. Rating: Target price: EPS: Rating CMP. Target BUY. Rs.415. Rs. 360
: price: EPS: How does our one year outlook change? We maintain our positive stance on s (TRCL). The company is one of the largest cement producers in South and remains among the best plays on Southern
More informationRatnamani Metals & Tubes Ltd.: Q1FY18 Results Update
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Edelweiss Investment Research Ratnamani Metals & Tubes Ltd.: Q1FY18
More informationBharat Forge. Result Update. Q4FY13 Result Highlights. Valuation. No Respite in Sight May 29, Institutional Research 1
[ Result Update Equity India Forging & Industrials Bharat Forge Ltd. No Respite in Sight May 29, 2013 CMP (`) Target (`) 241 238 Potential Upside Absolute Rating (1.24)% HOLD Market Info (as on May 28,
More informationTATA CONSULTANCY SERVICES BFSI, retail turnaround awaited
VISIT NOTE TATA CONSULTANCY SERVICES BFSI, retail turnaround awaited India Equity Research IT Key highlights of our recent interaction with TCS top management are: 1) softness in BFSI & retail verticals
More informationMahindra & Mahindra Ltd.
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 Automobile November 15, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationCentury Plyboards (India)
: price: EPS: How does our one year outlook change? We continue to maintain our positive stance on Century Plyboards (CPBI) as it is one of the leading players in the organized plywood market and third
More informationTransformer and Rectifier (India) Ltd: Q4FY17 Result Update
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Edelweiss Investment Research Transformer and Rectifier (India) Ltd: Q4FY17 Result Update
More informationJaiprakash Associates
BSE SENSEX S&P CNX 16,312 4,951 Bloomberg JPA IN Equity Shares (m) 2,126.5 52-Week Range (INR) 89/50 1,6,12 Rel. Perf. (%) -14/-4/-17 M.Cap. (INR b) 127.9 M.Cap. (USD b) 2.3 31 May 2012 4QFY12 Results
More informationMahindra & Mahindra Ltd.
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 Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationMphasis. 1QFY17 Result Update. Muted quarter, Direct business still weak. Sector: Technology CMP: ` 540. Recommendation: Sell
MphasiS 1QFY17 Result Update Muted quarter, Direct business still weak Sector: Technology CMP: ` 540 Recommendation: Sell Market statistics Current stock price (`) 540 Shares O/S (cr.) 21.0 Mcap (` cr)
More informationKey estimate revision. Financial summary. Year
: price: EPS: How does our one year outlook change? We retain our positive outlook on WIL and believe that revival in MHCV industry, increasing content per vehicle and opportunity in exports would drive
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 informationHCL Technologies. Rating: Target price: EPS: Target CMP. Rating. Rs. 826 REDUCE. Rs.760
: price: EPS: How does our one year outlook change? HCLT registered a strong quarter with revenues growing at 6.5% qoq (4% qoq organic) including $40m contribution from Volvo, after a disappointing show
More informationMaruti Suzuki India BUY. Performance Update. CMP `6,705 Target Price `8,552. 2QFY2019 Result Update Automobile. Historical share price chart
Oct-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 Automobile November 3, 2018 Maruti Suzuki India Performance Update Y/E March (` cr) 2QFY19
More informationKey estimate revision. Financial summary. Year FY15 121, % 16, % FY16E 137, % 20,
: price: EPS: How does our one year outlook change? We maintain rating on Aurobindo post the company s 3QFY16 results. Revenue growth for the quarter was 10% yoy: US sales of $238mn (vs. estimate of $251mn
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
More informationKDDL (KDDL IN) In expansion mode
INSTITUTIONAL EQUITY RESEARCH KDDL (KDDL IN) In expansion mode INDIA MIDCAP Quarterly Update Top takeaways from 2QFY19 Results in line, recovery in manufacturing & strong growth in precision engineering.
More informationLUPIN Improving outlook
RESULT UPDATE LUPIN Improving outlook India Equity Research Pharmaceuticals Lupin s Q2FY13 PBT at INR4.4bn (27%YoY) was ahead of the estimated INR3.9bn while PAT at INR2.9bn was in-line (higher tax rate
More informationInox Wind BUY. Performance Highlights. CMP Target Price `390 `505. 2QFY2016 Result Update Capital Goods. 3 year price chart
2QFY2016 Result Update Capital Goods October 27, 2015 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 2QFY16 2QFY15 % chg (yoy) 1QFY16 % chg (qoq) Revenues 1,008 543 85.6 636 58.6
More informationWipro. 3QFY17 Result Update. Guidance subdued, maintain Hold. Sector: Technology CMP: ` 474. Recommendation: Hold
Wipro 3QFY17 Result Update Guidance subdued, maintain Hold Sector: Technology CMP: ` 474 Recommendation: Hold Market statistics Current stock price (`) 474 Shares O/S (cr.) 243.1 Mcap (` cr) 115,090 52W
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationMaruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart
Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 1QFY2019 Result Update Automobile July 27, 2018 Maruti Suzuki India Performance
More informationLARGE CAP & 1,970 BSE
Batlivala & Karani RESULT UPDATE LARGE CAP Share Data Reuters code DIVI.BO Bloomberg code DIVI IN Market cap. (US$ mn) 4,97 6M avg. daily turnover (US$ mn) 4.7 Issued shares (mn) 133 Target price (Rs)
More informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
2QFY2017 Result Update Media December 5, 2016 TV Today Network Performance Update Y/E March (` cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Net sales 132 126 5.1 137 (3.4) EBITDA 37 38 (2.4) 37 0.4 EBITDA margin
More informationHOLD. Margins to improve from Q2 AMBUJA CEMENTS. Target Price: Rs 232. Other highlights
AMBUJA S 4 MAY 2017 Quarterly Update HOLD Target Price: Rs 232 Margins to improve from Q2 Q1CY17standalone EBITDA at Rs 4.0 bn was in line withconsensus estimate.volume was up 3% YoY to 6 mnt. Realization
More informationReliance Industries. Timing is everything BUY COMPANY UPDATE 1 OCT 2014
INDUSTRY OIL & GAS Timing is everything COMPANY UPDATE 1 OCT 2014 Reliance Industries BUY CMP (as on 30 Sep 2014) Rs 945 Target Price Rs 1,100 Nifty 7,965 Sensex 26,631 KEY STOCK DATA Bloomberg/Reuters
More informationTech Mahindra. 1QFY18 Result Update. Steps in the right direction, compelling valuation. Sector: Technology CMP: ` 385. Recommendation: Buy
Tech Mahindra 1QFY18 Result Update Steps in the right direction, compelling valuation Sector: Technology CMP: ` 385 Recommendation: Buy Market statistics Current stock price (`) 385 Shares O/S (cr.) 97.5
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 informationHavells India. Q3FY17 Result Update Positive surprise; Maintain Buy. Sector: Consumer Durable CMP: ` 376. Recommendation: BUY.
Havells India Q3FY17 Result Update Positive surprise; Maintain Buy Sector: Consumer Durable CMP: ` 376 Recommendation: BUY Market statistics Current stock price (`) 376 Shares O/S (cr.) 62.5 Mcap (` cr)
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 informationWipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold
Wipro 3QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 328 Recommendation: Hold Market statistics Current stock price (`) 328 Shares O/S (cr.) 452.3 Mcap (` cr) 148,571
More informationDr Reddy s Laboratories
: price: EPS: How does our one year outlook change? We maintain rating on DRRD post the company s 3QFY16 results Revenue growth for the quarter was muted (3% yoy) due to disappointing performances in Russia
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 information