Bharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
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- Ashlynn Eaton
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1 Exports remain subdued, outlook better November 08, 2016 Rohan Korde Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices as on November 08, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 46.75% Foreign 7.50% Domestic Inst % Public & Other 28.12% Stock Performance (%) 1M 6M 12M Absolute (11.1) 9.0 (1.7) Relative (9.4) (0.4) (6.7) How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: BFRG.BO, BB: BHFC IN) (Rs) 1,200 1, Nov 15 Jan 16 Source: Bloomberg Mar 16 May 16 Jul 16 Sep 16 Nov 16 With export sales recorded fifth successive quarter of YoY decline, BHFC s standalone revenues declined 20.7% YoY and 1.5% QoQ during Q2FY17. While the EBITDA margin was lower 70bps YoY, it was higher 80bps QoQ to 27.8%, as the benefits of fixed cost rationalisation and cost reduction were felt. Standalone adjusted profit in Q2FY17 was marginally better than expected at Rs1.27bn, a decline of 26.3% YoY. However, wholly owned subsidiaries sustained the improvement witnessed since Q4FY16. Medium term and long term outlook for BHFC remains healthy and its strategy for Aerospace, Defence and Auto transmission parts provides reason for optimism. In the near term, better domestic CV and PV segment sales would be offset by lower demand in the industrial segment and sluggish North American truck demand. However, the latter is at its bottom and is expected to mark a slow recovery ahead. H1FY17 was subdued for BHFC with a better performance outlook from H2FY17 onwards. We maintain our estimates and price target and reiterate a BUY. At the current market price, the stock is trading at 30.7x FY17e EPS and 22.5x FY17e. BHFC s Q2 sales tonnage was lower 15.3% YoY (down 5.9% QoQ) at 46,203 MT. This was the fourth consecutive quarter of YoY shipment tonnage decline for the company. Standalone exports declined 30.3% YoY, while domestic net sales fell 6.7% YoY. In the gross sales mix, exports constituted 49.2%, which was a sequential improvement. Realization decreased 6.3% YoY (higher 4.3% QoQ), while other operating income declined 25.5% YoY, leading to total income decline of 20.7% YoY to Rs8.9bn. Contd...2 Key financials (Y/e March) E 2018E Revenues (Rs m) 76,248 76,465 75,556 86,013 Growth (%) (1.2) 13.8 EBITDA (Rs m) 14,408 14,213 13,561 16,940 PAT (Rs m) 7,366 6,563 6,442 8,813 EPS (Rs) Growth (%) 73.1 (10.9) (1.9) 36.8 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 Q2FY17 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 In the Q2FY17 geographical sales mix, Europe constituted 20%, North America 27.1%, India 49.3% and the Rest of the World 3.6%. North America witnessed the biggest declines at 42.2% YoY. India revenues declined 9.6%, while Europe declined by 7% YoY. EBITDA margin came at 27.8% (lower 70bps YoY and higher 80bps QoQ), as EBITDA declined 22.7% YoY to Rs2.5bn. QoQ margin improvement was mainly due to lower other expenditure (down 24.7% YoY and 7.6% QoQ). Profit declined 26.3% YoY to Rs1.27bn, which was marginally better than expected. BHFC has approved execution of the share sale agreement for the company s entire 49% stake in its JV Alstom Bharat Forge Power P.L. to GE Pacific P.L. for a consideration of US$35m, subject to certain conditions being fulfilled. Conference call highlights While the North American truck demand was subdued, BHFC focussed on widening its product range and new customer addition. Management has reiterated its target of becoming a net debt free company by next year. Demand improvement is expected in Q3 and Oil & Gas segment should also improve ahead. While railways share in the business is very small, BHFC expects good growth potential in this segment. Capacity utilisation in Q2 was ~62% (~65% in Q1 and in Q4FY16 it was ~72%). BHFC s focus ahead would be on accelerating product development and mining existing customers for additional business with new products and offerings. November 08,
3 Exhibit 1: Q2FY17 Result Overview (Rs m) Y/e March Q2FY17 Q2FY16 YoY gr. (%) Q1FY17 H1FY17 H1FY16 YoY gr. (%) Net Revenues 8,909 11,239 (20.7) 9,044 17,953 22,627 (20.7) Raw Materials 3,068 4,050 (24.2) 3,108 6,176 7,933 (22.1) % of Net Sales Personnel (3.0) 916 1,820 1,868 (2.6) % of Net Sales Manufacturing & Other Exp 2,460 3,053 (19.4) 2,577 5,036 6,056 (16.8) % of Net Sales Total Expenditure 6,432 8,034 (19.9) 6,600 13,032 15,857 (17.8) EBITDA 2,477 3,204 (22.7) 2,444 4,921 6,770 (27.3) EBITDA Margin (%) Depreciation ,466 1, EBIT 1,751 2,491 (29.7) 1,705 3,455 5,308 (34.9) Interest Expenses (14.8) (17.4) Non operating income (2.6) PBT 1,870 2,550 (26.7) 1,791 3,661 5,454 (32.9) Tax Total (27.3) 570 1,172 1,771 (33.9) Tax Rate (%) Total (0.9) (1.5) Reported PAT 1,269 1,723 (26.3) 1,221 2,490 3,682 (32.4) Adj. PAT 1,269 1,723 (26.3) 1,221 2,490 3,682 (32.4) Source: Company Data, PL Research Exhibit 2: Operating Metrics Y/e March Q2FY17 Q2FY16 YoY gr. (%) Q1FY17 H1FY17 H1FY16 YoY gr. (%) Volume (MT) 46,203 54,559 (15.3) 49,098 95, ,543 (10.6) Realisation / ton (Rs) 188, ,417 (6.3) 181, , ,375 (11.3) Gross Profit / ton (Rs) 126, ,767 (4.1) 120, , ,919 (10.4) Staff Cost / ton (Rs) 19,570 17, ,652 19,097 17, Other Mfg cost / ton (Rs) 53,239 55,952 (4.8) 52,479 52,847 56,844 (7.0) EBITDA / ton (Rs) 53,605 58,733 (8.7) 49,780 51,634 63,544 (18.7) Adj. Profit / ton (Rs) 27,464 31,575 (13.0) 24,860 26,122 34,563 (24.4) Domestic / Export Mix Domestic sales 4,658 4,980 (6.5) 5,335 21,836 19, % of gross sales Exports 4,515 6,480 (30.3) 4,079 19,189 24,602 (22.0) % of gross sales Source: Company Data, PL Research November 08,
4 Income Statement (Rs m) Net Revenue 76,248 76,465 75,556 86,013 Raw Material Expenses 28,837 26,017 25,366 28,925 Gross Profit 47,411 50,448 50,189 57,088 Employee Cost 9,051 9,456 9,636 10,234 Other Expenses 23,952 26,779 26,992 29,913 EBITDA 14,408 14,213 13,561 16,940 Depr. & Amortization 3,624 4,187 4,397 4,704 Net Interest 1,356 1,403 1,184 1,074 Other Income 1,795 1,281 1,424 1,518 Profit before Tax 11,223 9,904 9,404 12,680 Total Tax 3,587 3,408 2,962 3,867 Profit after Tax 7,636 6,495 6,442 8,813 Ex Od items / Min. Int. 270 (68) Adj. PAT 7,366 6,563 6,442 8,813 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 7,437 18,363 12,027 12,248 C/F from Investing (3,313) (13,544) (5,000) (6,000) C/F from Financing (1,532) (6,867) (8,284) (6,873) Inc. / Dec. in Cash 2,593 (2,048) (1,257) (625) Opening Cash 4,227 6,820 4,755 3,498 Closing Cash 6,820 4,772 3,498 2,874 FCFF 4,411 (2,197) 6,718 6,049 FCFE 4,262 (2,483) 1,718 3,049 Key Financial Metrics Growth Revenue (%) (1.2) 13.8 EBITDA (%) 40.3 (1.4) (4.6) 24.9 PAT (%) 73.1 (10.9) (1.9) 36.8 EPS (%) 73.1 (10.9) (1.9) 36.8 Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity 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 57.9 (37.8) Source: Company Data, PL Research. Balance Sheet Abstract (Rs m) Shareholder's Funds 34,442 35,758 40,100 46,114 Total Debt 25,464 25,179 20,179 17,179 Other Liabilities 1,617 1,795 1,920 2,045 Total Liabilities 61,523 62,731 62,199 65,337 Net Fixed Assets 34,336 40,628 40,231 40,527 Goodwill Investments 4,955 8,037 9,037 10,037 Net Current Assets 21,695 13,513 12,377 14,220 Cash & Equivalents 6,820 4,755 3,498 2,874 Other Current Assets 35,691 35,507 37,196 42,392 Current Liabilities 20,816 26,749 28,318 31,046 Other Assets Total Assets 61,523 62,731 62,199 65,337 Quarterly Financials (Rs m) Y/e March Q3FY16 Q4FY16 Q1FY17 Q2FY17 Net Revenue 10,520 10,080 9,044 8,909 EBITDA 3,173 2,982 2,444 2,477 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 2,504 2,361 1,791 1,870 Total Tax Profit after Tax 1,662 1,645 1,221 1,269 Adj. PAT 1,690 1,645 1,221 1,269 Key Operating Metrics Standalone Sales tonnage (MT) 233, , , ,428 Standalone Realisation / ton (Rs) 194, , , ,780 Standalone Gross margin / ton (Rs) 120, , , ,257 Standalone EBITDA / ton (Rs) 56, , , ,325.2 Standalone Adjusted profit / ton (Rs) 30,950 32,920 31,990 37,701 Source: Company Data, PL Research. November 08,
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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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 informationApollo Tyres. Profitability likely to improve. Source: Company Data; PL Research
Profitability likely to improve November 09, 2011 Surjit Arora surjitarora@plindia.com +91-22-66322235 Rating Accumulate Price Rs59 Target Price Rs66 Implied Upside 11.9% Sensex 17,362 (Prices as on November
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 informationCoal India. Rs340, EV/EBITDA of 6.5x FY20E. Source: Company Data; PL Research
Strong earnings revival; Momentum to continue in FY19e/FY20e June 01, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY 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 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 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 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 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 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 informationReliance Infrastructure
Battle Ready! March 02, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Rating Not Rated Price Rs552 Target Price NA Implied Upside NA Sensex 28,840 Nifty 8,900 (Prices as on March 02, 2017) Trading
More informationGujarat State Fertilisers & Chemicals
Capro benzene spreads remain weak; near term muted October 25, 2013 Balwindar Singh balwindarsingh@plindia.com +91-22-66322239 Rating Accumulate Price Rs54 Target Price Rs60 Implied Upside 11.1% Sensex
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 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 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 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 informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
More information