Welcome to Colgate-Palmolive India COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
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1 Welcome to Colgate-Palmolive India COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
2 Agenda Business Update Roger Calmeyer Financial Performance Moses Elias Reduction of Capital Moses Elias Questions & Answers COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
3 Leadership Team Roger Calmeyer V-P South Asia & MD India Moses A Elias Exec V-P & CFO Vinay Hegde Exec V-P Marketing K Vaidyanathan V-P & Company Sec Shekar Bharatwaj V-P Sales Debashish Roy V-P Human Resources COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
4 Leadership Team Roger Calmeyer V-P South Asia & MD India Moses A Elias Exec V-P & CFO Vinay Hegde Exec V-P Marketing Arun Pande V-P Info Technology Manish Lath Gupta CIC Head K Vaidyanathan V-P & Company Sec Shekar Bharatwaj V-P Sales Debashish Roy V-P Human Resources Sanjeev Dali Director GSSO Laurence Wheeler Exec V-P PSC Surendra Manek V-P R&D COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
5 FMCG sector continues to be buoyant 80, ,000 Sales Rs Crores 60,000 50, Q Rs Crs 19,595 40,000 30, Source: AC Nielsen Retail Measurement Services FMCG Sales COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
6 Non-food FMCG Confirms Strong Growth Growth in Non-food FMCG sales % Growth vs. year ago 25% 20% 15% 10% 5% 0% -5% 20% 13% 5% 7% 0% Q % Source: AC Nielsen Retail Measurement Services COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
7 Growth in CP Categories % Value Growth Rate (2006 Vs 2005) Toothpaste Toothpowder Toothbrush Source: AC Nielsen Retail Measurement Services COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
8 Growth in CP Categories Q Value Growth Rate ( Q Vs Q1 2006) % Toothpaste Toothpowder Toothbrush Source: AC Nielsen Retail Measurement Services COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
9 Indian Oral Care market offers significant opportunities to drive penetration Category Penetration Toothpaste Toothpowder Dentifrice Source: Indian Readership Survey Dentifrice COLGATE-PALMOLIVE = Toothpaste or toothpowder (INDIA) LIMITED ANALYST MEET MAY
10 Opportunity to increase per capita consumption by increasing the frequency of brushing teeth China Malaysia India - Urban Per Capita Consumption (Grams/HH/Month) %age - twice a day brushing 61% 86% 7% COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY Source: AC Nielsen Retail Measurement Services & Indian Readership Survey
11 CP Sales per Capita (Rs) Q COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
12 Strategic Position Category Value Share Value Share Ranking Relative Share Mar 06 Mar 07 Toothpaste # Toothpowder # Toothbrushes # Shower Gel* # Liquid Hand Soap* # Shaving Cream* (Aug 06) 11.0 # Cold Cream* (Aug 06) 4.2 # *urban only * Urban only Source: AC Nielsen Retail Measurement Services, Year 2006/2007 COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
13 Toothpaste Volume Growth 5,500 5,000 4,500 4,000 3,500 Total Revenue 3,000 3 per. M ov. Avg. (Revenue) 2,500 M ar-02 M ar-03 M ar-04 Mar-05 M ar-06 M ar-07 COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
14 Billings & Volume Movement 1,500 75,000 Rs. Crores 1,400 1,300 1,200 1,100 1, ,000 65,000 60,000 55,000 50,000 45,000 Tons 600 FY FY FY FY FY ,000 Billings Volumes COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
15 BUSINESS MODEL BEST PLACE TO WORK Closer to DRIVING - Customer GROWTH - Consumer - Profession e-choupal & Disha Oral Health Month Best Smiles Best Futures BRMO & BUMO INNOVATION EVERYWHERE Consumer Innovation Active Salt Advance Whitening Centre Max Fresh, 360 TB, Pokeman TB Whitening TB, Palmolive SPA Shower Gels FUNDING GROWTH Efficiency & Effectiveness in Everything Supply Chain Rationalisation Baddi COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
16 Professional Oral Care Toothpaste BRMO % Colgate Competitor 5 3 BUMO % Colgate Competitor 6 5 BRMO - Brand Recommended Most Often by Dentists BUMO - Brand Used Most Often by Dentists Source : Dentist Track COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
17 Professional Oral Care Toothbrush BRMO % Colgate Competitor BUMO % Colgate Competitor BRMO - Brand Recommended Most Often by Dentists BUMO - Brand Used Most Often by Dentists Source : Dentist Track COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
18 New Products COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
19 New Products COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
20 Business Update Market Share Volume Growth in major categories Toothpaste 48.1% to 48.9% (Mar06/Mar07) Toothbrush 33.6% to 35.4% (Mar06/Mar07) Strong Volume Growth & higher prices has lead to Topline growth of 15% in Expansion of Baddi capacity from 24,000 MT to 40,000 MT Incessant Growth into Modern Trade avenues Continuous introduction of new products e.g. Colgate Maxfresh Citrus Blast, Palmolive Spa Body Gels, 360, Advanced Whitening, Pokeman Toothbrushes Stagnant Toothpowder market due to LPP COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
21 FINANCIAL REVIEW COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
22 FINANCIAL STRATEGY Grow Topline Reduce Costs Invest in Brand Building / New Products Grow NPAT COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
23 AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2007 (Rs Crores) 9 Months Quarter Quarter Year Year Ended Ended Ended ended ended 31-Dec Mar Mar Mar Mar-06 (Audited) (Audited) Total Revenue 1, , , Net Sales (Excl. Excise Duty) , , Other Income Total Expenditure , (Increase) / Decrease in Stock in Trade (5.69) 0.13 (1.96) (5.56) Raw and Packing Material Cost Purchase of Goods Staff Cost Voluntary Retirement Scheme (0.78) Advertising & Sales Promotion Other Expenditure Interest Expense Depreciation, Amortisation and Impairment Profit before Tax Provision for Taxation -Current Tax Deferred Tax (18.93) 2.19 (7.35) (16.74) (2.58) -Fringe Benefit Tax Net Profit after Tax Paid-up Equity Share Capital (Face value:rupees 10 per share) Reserves excluding Revaluation Reserve Basic and Diluted EPS (Rs.) Dividend (Rs.Per share of face value Rs.10.00) First Interim Dividend Second Interim Dividend Third Interim Dividend Special Dividend (Proposed) Total Aggregate of Non-promoter shareholding - Number of Shares 66,636,481 66,636,481 66,636,481 66,636,481 66,636,481 - Percentage of holding 49% 49% 49% 49% 49% COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
24 Operating Results Rs. Crores Full Year Pre Tax Net of Tax Reported Per Clause Increase (Y-o-Y) 7.3% 16.4% Add : VRS Cost Contractor Termination (post VRS) Sub-Total Less : Profit on Sale of Apartment Excess Provisions no longer required Prior year's tax provisions no longer required Profit Increase (Y-o-Y) 24.3% 25.9% COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
25 Grow Topline Quarterly Sales Growth 3,750 (% = current year vs previous year) 3, % 3, % 19.9% 15.1% 12.8% (Rs. MM) 3,000 2, % 13.2% 21.2% 2,500 2,250 2,000 Apr-Jun 2005 Jul-Sep 2005 Oct-Dec 2005 Jan-Mar 2006 Apr-Jun 2006 Jul-Sep 2006 Oct-Dec 2006 Jan-Mar 2007 COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
26 Net Sales 1,400 1,300 1,200 1,100 1, % (Rs. Crores) 1, % 1, % COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
27 Costs (Excl. Advt. & Depre.) (Rs. Crores) 1, % 68.7% 68.0% 66.9% Cost % Sales - All numbers adjusted to reflect Operating results for & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
28 Advertising (Rs. Crores) % 15.7% % 14.2% Advertising % Sales 18% 17% 16% 15% 14% 13% 12% 11% 10% - All numbers adjusted to reflect Operating results for & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
29 EBITDA (Rs. Crores) % 15.6% 15.5% +10.2% % +16.0% 15.6% % 17% 15% 13% 11% 9% 7% 5% EBITDA - All numbers adjusted to reflect Operating results for & % Sales COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
30 EBIT % 14.2% 14.4% 17.0% 15.0% (Rs. Crores) % % % +17.2% 13.0% 11.0% % % EBIT % Sales 5.0% - All numbers adjusted to reflect Operating results for & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
31 Profit Before Tax (Rs.Crores) % % % 17.7% % PBT +11.5% % Sales +24.3% 20% 15% 10% - All numbers adjusted to reflect Operating results for & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
32 Income Tax % 40.0% (Rs. Crores) % % % 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% % % Tax Tax Rate - All numbers adjusted to reflect Operating results for & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
33 Profit After Tax % 15.0% (Rs. Crores) % % +4.9% % +29.9% % +26.0% % 13.0% 11.0% 9.0% 7.0% PAT % Sales 5.0% -All numbers adjusted to reflect Operating Results for & Figures in white represent reported numbers COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
34 EPS, DPS & Payout (Rs.) % % % % % 95% 90% 85% 80% 75% 70% 65% % 55% EPS DPS Payout 50% COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
35 Net Working Capital 0 0.0% % (Rs. Crores) % % % % % -17.5% NWC % Sales -20.0% COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
36 Fixed Assets (Rs. Crores) FA Cap WIP COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
37 Cash Gen. from Operations (Rs. Crores) All numbers adjusted to reflect Operating results for , & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
38 Treasury Portfolio (Rs. Crores) COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
39 Return on Capital & Equity 138.0% 136.3% 118.0% 98.0% 78.0% 79.4% 83.3% 65.8% 108.2% 70.7% 58.0% 41.9% 53.7% 56.5% 67.2% 38.0% 41.6% 45.9% 18.0% ROE ROCE RONW - All numbers adjusted to reflect Operating results for & COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
40 Average Yield 5.1% 4.6% 4.1% 3.6% SP % SP % BSE Sensex - 1.3% 3.1% 2.6% 2.1% 1.6% 1.1% SP % SP % 0.6% 0.1% SP - Share Price as on 31st March COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
41 Average PE Industry PE COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
42 Proposal for Reduction of Capital COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
43 BACKGROUND COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
44 Background Share Capital Current Equity Share Capital 13.6 Cr. Shares of Rs. 10 each (Par Value) = Rs Cr. Share Capital history: Shares in Crore Rs Cr Original Equity Bonus Rights Issue Preferential Issue COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
45 Background (contd.) Share Capital Inflated by successive Bonus Issues In excess of the Company s operational needs Represents Shareholder funds that are locked-up with the Company Reserves and Surplus are at 1:1 Ratio to Share Capital for the past 2 years COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
46 Background (contd.) Share Capital + Reserves (@ March 31) (Rs.Cr.) Share Capital Reserves & Surplus -- General Reserves Share Premium P/L Account Captial Investment Subsidy Total Reserves & Surplus Total Shareholder Funds Therefore: - A Share Capital that is inflated and in excess of requirements; - A strong and increasing position in "Reserves and Surplus". Challenge : Address the fundamental issue of the inflated Share Capital, in excess of requirements. COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
47 Background (contd.) A history of strong Profitability and high Dividend Pay-out (Rs. Cr.) Net Profit After Tax % Increase Dividends Declared % Increase % Dividend / Share Dividend Distribution Tax Rs % Increase Dividend Pay-out (%) COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
48 Background (contd.) A track record of Reinvestment and efficient Working Capital Management Capital Expenditure Voluntary Retirement Schemes -- Cash Pay-outs Net Working Capital Cash Generation from Operations COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
49 Background (contd.) Treasury Portfolio After increasing the Dividend Payout and Reinvesting in the Business a large and growing Treasury Portfolio, also in excess of business requirements (Rs.Cr.) Investments in Bonds/ Govt Securities Inter-corporate Deposits Cash and Bank Deposits (interest bearing) Total Treasury Portfolio Challenge: Identify an efficient and effective use for the shareholder funds, represented by Excess Cash. COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
50 OBJECTIVES COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
51 Objectives Identify a solution to the fundamental issue of the inflated Share Capital and Right-Size the Share Capital Find an efficient and effective vehicle for returning the Excess Cash (in excess of the business requirements) to the Shareholders COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
52 THE PROPOSAL COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
53 The Proposal Effect a Reduction of Capital under Section 100 of the Companies Act reduce the par value of shares from Rs. 10 to Re. 1; Number of shares will remain 13.6 Cr; Share Capital will reduce from Rs. 136 Cr. to Rs Cr; pay-back Rs.9/Share to each shareholder (Rs Cr. Total); pay-back to shareholders is construed as a Deemed Dividend under Section 2 (22) of the Income Tax Act; Company will pay the Dividend Distribution 17% = Rs.20.8 Cr; receipt of Rs.9/Share will be tax free in the hands of the Shareholders. Use Excess Treasury Cash to pay-out the Shareholders: Total (Rs. Cr.) Pay-back of Rs. 9/Sh. of par value Dividend 17% on both the above 20.8 Total Shareholder Cash utilized The proposal requires Shareholders approval at the AGM July 27, The proposal requires confirmation by the High Court. COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
54 BENEFITS OF THE PROPOSAL COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
55 Benefits of the Proposal 1. Return of Rs. 9/ Share uniformly to all shareholders 2. Return of Rs.9/ Share is not liable to tax in the hands of the Shareholder 3. Accepts that the Share Capital and Surplus Cash are in excess of the Company s operational needs. 4. Recognizes that the Excess Share Capital and Cash belong to the shareholders, and therefore returns it to them. 5. Recognizes that after a. Increasing high dividend pay-outs -- average 100% for 3 years; b. Significant investment in Capital Expenditures Rs Cr. in 3 years; and c. Rationalization of Supply Chain Rs Cr. in 3 years The Company has a large and growing Treasury Portfolio, in excess of operational needs. COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
56 Benefits of the Proposal (contd) 6 Recognizes that managing a Treasury Portfolio is not a core business objective of the company and that the shareholders can earn a higher return than the average 6%. 7. Recognizes that the Company s Balance Sheet and Shareholder Net Worth post the Reduction of Capital will still support borrowings, if needed, for potential Acquisitions, Business Expansion, etc. 8. Does not alter the shareholding pattern and the total number of shares outstanding remain the same. 9. Has significant positive impacts on investor ratios, i.e. ROE, RONW, Dividend Yield, etc. 10. Operating results are unaffected by the Proposal (except for slight reduction in Interest income) COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
57 PRE & POST IMPLEMENTATION SCENARIO (Assuming Reduction of Capital had been effected at March 31, 2007) COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
58 Share Capital + Reserves (Rs.Cr.) (Pre) (Post) Share Capital Reserves & Surplus -- General Reserves Share Premium P/L Account Captial Investment Subsidy Total Reserves & Surplus Total Shareholder Funds COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
59 Treasury Portfolio (Rs.Cr.) (Pre) (Post) -- Investments in Bonds / Govt Securities Inter-corporate Deposits Cash and Bank Deposits (interest bearing) Total Treasury Portfolio COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
60 Financial Ratios (Rs. Cr.) (Pre) (Post) Net Worth Share Capital Reserves and Surplus Capital Employed Net Worth Debt # of Shares (Crores) NPAT ROE (%) RONW (%) ROCE (%) EPS ( Annualized) DPS Dividend Yield % Book Value /Share Price / Book Value (X) PE (X) COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
61 CONCLUSION COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
62 Conclusion A simple yet effective solution to the Right Sizing of the inflated Share Capital, which is in excess of Company s needs; A simple and efficient vehicle for returning Excess cash uniformly to all Shareholders i.e. Shareholders cash which is in excess of Company s needs; Delivers significant Shareholder/ Investor benefits; Does not negatively impact Company s ongoing operations; the Company continues with a healthy and strong Balance Sheet. COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
63 Shareholder Returns Year Shares Value (LC) 1978 IPO , Rights - 1,280 25, * Holdings - 14,080 4,844,928 * as on April 30, 2007 Dividend Received 1,187,499 Dividend + Deemed Rs.9/Share 1,314,219 Compounded return of 28% since the IPO COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
64 COLGATE-PALMOLIVE (INDIA) LIMITED ANALYST MEET MAY
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Bata India BUY. Performance Update. CMP Target Price `842. 1QFY2019 Result Update Footwear. Historical share price chart.
Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 1QFY2019 Result Update Footwear July 23, 2018 Bata India Performance Update Y/E March (` cr) 1QFY19 1QFY18 % yoy
Amara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
2QFY217 Result Update Auto Ancillary November 8, 216 Amara Raja Batteries Performance Highlights BUY CMP `1,1 Target Price `1,167 Y/E March (` cr) 3QFY16 3QFY15 % chg (yoy) 2QFY16 % chg (qoq) Net Sales
GAIL India NEUTRAL. Performance Highlights CMP. `363 Target Price - 2QFY2013 Result Update Oil & Gas. Investment Period -
2QFY2013 Result Update Oil & Gas October 26, 2012 GAIL India Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 11,361
HOLD. 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
BUY. 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
Symphony Ltd. RESULT UPDATE 31st October 2017
. RESULT UPDATE 31st October 2017 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 India Equity Institutional Research II Result Update Q2FY18 II 31st October 2017. CMP INR 1,465 Target INR 1,700 Potential
Colgate-Palmolive (India)
Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue
CCL Products BUY. Brewing Steadily. CMP Target Price `300 `360. Initiating Coverage Coffee. January 4, year price chart
5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct 5-Jan 5-Apr 5-Jul 5-Oct CCL Products Brewing Steadily CCL Products Limited (CCL) is the largest Indian manufacturer and exporter of instant coffee. With
Everest Kanto Cylinder Ltd.
Industrial Goods CMP Rs. 82 August 16, 2011 BSE Code 532684 BSE ID EKC High/Low 1Y (Rs.) 133 / 68 Avg. vol (3m) 98,219 Market Cap (Rs Cr) 879 Net IB Debt (Rs Cr) 286 Enterprise value(rs Cr) 1,166 Shareholding
MRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
Graphite India BUY. Performance Highlights. CMP Target Price `88 `109. 1QFY2012 Result Update Capital Goods
1QFY2012 Result Update Capital Goods July 25, 2011 Graphite India Performance Highlights Y/E March (` cr) 1QFY2012 4QFY2011 % chg (qoq) 1QFY2011 % chg (yoy) Net sales 319 303 5.1 258 23.3 EBITDA 61 59
Glance Finance Ltd. Other Financial Services. . Company Overview. Company Fundamentals. Key Strengths. CMP Rs BSE Code BSE ID
Other Financial Services Nov 15, 2012 CMP Rs. 19.55 BSE Code 531199 BSE ID GLANCE High/Low 1Y (Rs.) 35.15/ 16.55 Average Volume (3M) 279 Market Cap (Rs. Cr.) 6 Shareholding % Sep-12 Jun-12 Promoters 74.83
Goodyear India ACCUMULATE. Performance Highlights. CMP Target Price `326 `374. 1QCY2012 Result Update Tyres. Key financials
1QCY212 Result Update Tyres June 6, 212 Goodyear India Performance Highlights Y/E December (` cr) 1QCY212 1QCY211 % chg (yoy) 4QCY211 % chg (qoq) Net sales 331 336 (1.6) 395 (16.2) EBITDA 2 24 (18.6) 34
Religare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 1) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Dec-16
PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD Result Update (PARENT BASIS): Q4 FY15
PROCTER & GAMBLE HYGIENE & HEALTH CARE LTD Result Update (PARENT BASIS): Q4 FY15 ISIN: INE179A01014 OCTOBER 5 th 2015 STOCK DETAILS Sector FMCG BSE Code 500459 Face Value 10.00 52wk. High / Low (Rs.) 7435.00/5144.40
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 2125.00 Target Price 2330.00 CERA SANITARYWARE LTD Result Update (PARENT BASIS): Q1 FY16 JULY 15 th 2015 ISIN: INE739E01017 Index Details Stock Data Sector Furniture & Furnishing BSE Code 532443
Religare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty 378 430 13.7% 31,159 9,625 Future looks promising Wonderla Holidays Ltd's Q4FY17 result was a mixed bag as the company reported healthy growth
KEI Industries BUY. Performance Update. CMP Target Price `433 `508. 4QFY2018 Result Update Cable. Historical share price chart.
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Cable May 21, 2018 KEI Industries Performance Update Y/E March (` cr) 4QFY18 4QFY17 % yoy 3QFY18
TV 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
Religare Investment Call
Oct-17 v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 BUY CMP (Rs) 190 Target Price (Rs) 247 Potential Upside 29.7% Sensex 33,349 Nifty 10,030 Key Stock data BSE Code
Religare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter
Larsen & Toubro Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 163. Larsen & Toubro Ltd. February 26, 2018 BSE Code: 500510 NSE Code: LT Reuters Code:
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 55.30 Target Price 65.00 UMANG DAIRIES LTD Result Update (PARENT BASIS): Q4 FY15 JUNE 17 th 2015 ISIN: INE864B01027 Index Details Stock Data Sector Packaged Foods BSE Code 500231 Face Value 5.00
SKP Research September 8, 2004
September 8, 2004 ESSEL PROPACK LIMITED (EPL) Sensex 5298.16 CMP Rs.224.55 Initiating Coverage BUY Incorporated in 1984, Essel Propack Limited (EPL) is an Essel Group company. It manufactures laminated
Financial Data Report CIEL LTD (THE GROUP) for the period ending 31.Dec.2017
Financial Data Report CIEL LTD (THE GROUP) for the period ending 31.Dec.2017 Equity Statistics Particulars Units 29-Dec-17 Current Market Price MUR 7.14 52 week H/L* MUR 7.94 / 6.26 Market Capitalisation
CCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
Company Overview. Financial Performance
Jan/15 Feb/15 Mar/ Apr/15 May/ Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/ Dec/15 Parnax Lab Limited CMP: 53.90 January 08, 2016 Stock Details BSE code 506128 BSE ID PARNAXLAB Face value ( ) 10 No of shares
Apollo Hospitals Enterprise Ltd.
Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17. Volume No.. I Issue No. 154 Apollo Hospitals Enterprise Ltd. December 19, 2017 BSE Code: 508869 NSE Code: APOLLOHOSP
Bata 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
Financial Data Report ROGERS AND COMPANY LIMITED (THE GROUP) for the period ending 31.Dec.2015
Financial Data Report (THE GROUP) for the period ending 31.Dec.2015 INVESTMENT Equity Statistics Particulars Units 31-Mar-16 Current Market Price MUR 27.75 52 week H/L* MUR 32.50 / 26.90 Market Capitalisation
JK Tyre & Industries Ltd.
Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18. Volume No.. II Issue No. 177 JK Tyre & Industries Ltd. June 11, 2018 BSE Code: 530007 NSE Code: JKTYRE Reuters
Powerhouse Fitness and Realty Limited
10 February 2016 CMP: Rs.33 Industry: Other Leisure facilities BSE Group/Index: M Promoters Gupta family Year of incorporation 2013 Registered office 702, Plot No. 1, Concord CHS, JVPD Scheme, Vile Parle
HDFC Bank BUY. Performance Highlights. CMP `2,145 Target Price `2,500. Q3FY2019 Result Update Banking. 3-year price chart. Key financials (Standalone)
Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 Q3FY2019 Result Update Banking Jan 22, 2019 HDFC Bank Performance Highlights BUY CMP `2,145 Target Price `2,500 Particulars (` cr)
Lahoti Overseas Ltd. BSE Scrip Code:
Lahoti Overseas Ltd. BSE Scrip Code: 531842 Comm, Trading and Distribution January 29, 2016 Current Market Price Rs. 52 Week High/Low Rs. Market Capitalisation Free Float Dividend Yield % Equity Statistics
Nestlé India Outlook Hazy; Valuations Prohibitive
Nestlé India Outlook Hazy; Valuations Prohibitive Nestlé India s net sales, EBITDA and net profit surged by 35% yoy, 67% yoy & 116% yoy to Rs23.5bn, Rs4.5bn & Rs2.7bn, respectively in 3QCY16. This growth
Cig 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,
Financial Data Report SUN LIMITED (THE GROUP) for the period ending 31.Mar.2017
Financial Data Report SUN LIMITED (THE GROUP) for the period ending 31.Mar.2017 Equity Statistics Particulars Units 31-Mar-17 Current Market Price MUR 40.00 52 week H/L* MUR 40.00 / 32.80 Market Capitalisation
Bangalore Fort Farms Limited
8 February 2016 CMP: Rs. 30.5 Industry: Miscellaneous BSE Group/Index: XT Promoters Revati Holding Private Ltd. Year of incorporation 1965 Registered office 18th K M Stone, Delhi Moradabad Rd, Village
KEI Industries BUY. Performance Update. Target Price. 3QFY2018 Result Update Cable. Historical share price chart. Key Financials
3QFY2018 Result Update Cable January 25, 2018 KEI Industries Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy 2QFY18 % qoq Net sales 889 715 24 749 19 EBITDA 84 77 10 76 11 EBITDA margin (%) 9.5
Religare Investment Call
BUY CMP (Rs) Target Price (Rs) Potential Upside Sensex Nifty Key Stock data BSE Code NSE Code Bloomberg Shares o/s, Cr (FV 2) Market Cap (Rs Cr) 3M Avg Volume 52 week H/L Shareholding Pattern (%) Promoter
Company Overview. Industry Overview. Financial Performance
Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Trade Wings Limited CMP: 105.00 January 29, 2016 Stock Details BSE code 509953 BSE ID TRADWIN Face value ( ) 10 No of
Fineotex Chemical Ltd
Company Update Decent Performance under Macroeconomic Pressure; Business Traction to Continue: Fineotex Chemical recorded decent set of result as consolidated sales grew by 1.1% YoY (largely in line) to
Company Overview. Financial Performance
Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 CMP: 32.30 February 11, 2016 Stock Details BSE code 526558 BSE ID JAMEHOT Face value ( ) 10 No of shares (m) 8.0 52 week
Financial Data Report CIEL LTD (THE GROUP) for the period ending 31.Dec.2016
Financial Data Report CIEL LTD (THE GROUP) for the period ending 31.Dec.2016 Equity Statistics Particulars Units 30-Dec-16 Current Market Price MUR 6.30 52 week H/L* MUR 6.60 / 5.86 Market Capitalisation
HOLD. Performance remains weak COLGATE-PALMOLIVE INDIA. Target Price: Rs 900
HOLD Target Price: Rs 900 Performance remains weak Net sales grew only 3% YoY as volumes declined ~3% due to sustained pressure in wholesale. Toothpaste market share declined 120 bps YoY to 54.1% but toothbrush
Maruti Suzuki India Ltd.
Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18. Volume No.. I Issue No. 192 Maruti Suzuki India Ltd. November 19, 2018 BSE Code: 532500 NSE Code: MARUTI Reuters
Company Overview. Financial Performance
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Shri Jagdamba Polymers Ltd. CMP: 44.2 January 15, 216 Stock Details BSE code 512453 BSE ID SHRJAGP Face value
Pennar Industries Ltd.
4 Recommendation CMP Target Price Sector Stock Details BUY Rs. 25 Rs.31 Metals Moderate Quarter Pennar Industries has reported a moderate consolidated quarter due to lower demand in the auto, engineering,
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 212.10 Target Price 242.00 MUTHOOT CAPITAL SERVICES LTD. Result Update (PARENT BASIS): Q2 FY15 DECEMBER 6 th 2014 ISIN: INE296G01013 Index Details Stock Data Sector FINANCE (NBFC) BSE Code 511766
Music 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
Company Overview. Industry Overview. Financial Performance
Jan/15 Feb/15 Mar/15 Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 CMP: 27.80 January 20, 2016 Stock Details BSE code 534623 BSE ID JUPITERIN Face value ( ) 10 No of shares (m) 10 52 week
Company Overview. Financial Performance
Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 CMP: 31.25 December 24, 2015 Stock Details BSE code 523878 BSE ID TOTEX Face value ( ) 10 No of shares (m) 8.1 Market
Financial Data Report Cim Financial Services Limited (THE GROUP) for the period ending 31.Dec.2017
Financial Data Report Cim Financial Services Limited (THE GROUP) for the period ending 31.Dec.2017 Equity Statistics Particulars Units 29-Dec-17 Current Market Price MUR 10.05 52 week H/L* MUR 10.50 /
Colgate-Palmolive India (COLPAL) 1080
Result Update Rating matrix Rating : Hold Target : 115 Target Period : 12 months Potential Upside : 7% What s changed? Target EPS FY18E EBS FY19E Rating Quarterly performance Unchanged Unchanged Unchanged
Music 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
Capacity expansion to drive growth and profitability
STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
Maruti Suzuki India Ltd.
Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Volume No.. III Issue No. 161. Maruti Suzuki India Ltd. February 9, 2018 BSE Code: 532500 NSE Code: MARUTI Reuters
Financial Data Report IBL Limited (THE GROUP) for the period ending 31.Mar.2017
Financial Data Report IBL Limited (THE GROUP) for the period ending 31.Mar.2017 Equity Statistics Particulars Units 31-Mar-17 Current Market Price MUR 39.65 52 week H/L* MUR 125.00 / 27.20 Market Capitalisation
Jasch Industries Ltd.
Other Apparels & Accessories October 16, 2012 *CMP 11.79 BSE Code 500220 BSE ID JASCH High/Low 1Y (Rs.) 15.60/11.15 Average Volume (3M) 14,103 Market Cap (Rs. Cr.) 13 Shareholding % Jun-12 Mar-12 Promoters
Future Supply Chain Solutions Ltd
IPO Note Financials Dec 04, 2017 Future Supply Chain Solutions Ltd Incorporated in 2006, Future Supply Chain Solutions Ltd (FSCSL) is one of the largest third-party logistics service providers in India.
Company Overview. Financial Performance
Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Nimbus Projects Limited CMP: 34. December 4, 15 Stock Details BSE code 511714 BSE ID NIMBSPROJ Face value ( ) 1 No of
Hindustan Unilever Ltd.
. RESULT UPDATE 18 th July 2017 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 125 105 India Equity Institutional Research II Result Update - FY18 II 18th July, 2017 CMP INR 1158 Target INR 1206 MARKET
Financial Data Report CAUDAN DEVELOPMENT LIMITED (THE GROUP) for the period ending 31.Mar.2016
Financial Data Report (THE GROUP) for the period ending 31.Mar.2016 INVESTMENTS Equity Statistics Particulars Units 31-Mar-16 Current Market Price MUR 1.22 52 week H/L* MUR 1.40 / 1.17 Market Capitalisation
Hero MotoCorp NEUTRAL. Performance Highlights. CMP `2,245 Target Price - 4QFY2012 Result Update Automobile. Investment Period - Key financials
4QFY212 Result Update Automobile Hero MotoCorp Performance Highlights Y/E March (` cr) 4QFY12 4QFY11 % chg (yoy) Angel est. % diff NEUTRAL CMP `2,245 Target Price - Investment Period - Net sales 6,35 5,391
Company Overview. Financial Performance
Apr/15 May/15 Jun/15 Jul/15 Aug/15 Sep/15 Oct/15 Nov/15 Dec/15 Jan/16 Feb/16 Mar/16 Monarch Networth Capital Limited CMP: 26.00 March 23, 2016 Stock Details BSE code 511551 BSE ID MONARCH Face value (
Colgate Palmolive (CLGT IN) Volume growth revival is the biggest positive
INSTITUTIONAL EQUITY RESEARCH Colgate Palmolive (CLGT IN) Volume growth revival is the biggest positive INDIA FMCG Quarterly Update Top takeaways from Q2FY19 In line results. Benefits of gross margin improvement
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
BUY CMP 191.60 Target Price 220.00 SESHASAYEE PAPER & BOARDS LTD Result Update (PARENT BASIS): Q3 FY15 APRIL 8 th, 2015 ISIN: INE630A01016 Index Details Stock Data Sector Paper & Paper Products BSE Code
CMP Rs. 27. Usha Martin Limited. Iron & Steel. Key highlights of the quarter and FY12
Iron & Steel CMP Rs. 27 May 1, 212 BSE Code 517146 BSE ID USHAMARTIN High/Low 1Y (Rs.) 6 / 22 Avg. vol (3m) 122,74 Market Cap (Rs Cr) 812 Net IB Debt (Rs Cr) 1,943 Enterprise value(rs Cr) 2,755 Shareholding
Key highlights for the year
Recommendation Not Rated Snapshot CMP (26/04/2010) Rs. 693 Sector IT & Software Stock Details BSE Code NSE Code Bloomberg Code Market Cap (Rs. Crs) Free Float (%) 52- wk HI/Lo Avg. volume BSE (Quarterly)