Abbott India ACCUMULATE. Performance Highlights. CMP `3,405 Target Price `3,711. 2QFY2015 Result Update Pharma. Key financials
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1 2QFY2015 Result Update Pharma November 22, 2014 Abbott India Performance Highlights Y/E March (` cr) 2QFY2015 3QCY2013 % chg (yoy) 1QFY2015 % chg (qoq) Net sales EBITDA EBITDA margin bps Adjusted PAT Source: Company, Angel Research For 2QFY2015, Abbott India (AIL) reported a good set of results. Its top-line grew by 28.9% yoy to `589cr. Although the raw material cost as a percentage of sales increased marginally by 47bp yoy to 58%, the employee and other expenses as a percentage of sales declined by 49bp yoy and 59bp yoy to 12.9% and 14.1% respectively. As a result, the EBITDA margin witnessed a slight improvement of 61bp yoy to 14.9%. Owing to higher top-line and better margins, the net profit during the period grew by 41% yoy to `64cr. Note: The company shifted reporting from calendar year to financial year starting 1QFY2015. Thus, FY2014 comprises of 5 quarters. Top brands to aid growth, new product introductions to support: AIL s performance is a reflection of its strong brand equity. Currently, it has 14 brands that feature in the top 3 positions in their respective participated markets. We expect that these top brands will facilitate revenue growth for the company in the future. Moreover, the company continues to launch new products in order to enter new product categories or to garner a higher share in the existing product categories. These new launches are expected to be revenue drivers for the company in the long run. Strong Balance Sheet: AIL is a debt-free company with cash reserves of `559cr as of September 30, We expect the cash reserve to increase to `773cr by FY2016 end. AIL has a strong ROE and ROIC profile which we expect to be at 28.0% and 78.5% respectively in FY2015E and at 27.0% and 79.6% respectively in FY2016E. Outlook and valuation: On the back of good performance by its major brands and continuous new launches, we expect the company s top-line and profit to improve to `2,781cr and `303cr respectively in FY2016E. At the current market price, the stock is trading at 23.9x PE for FY2016E which we believe is undervalued compared to its multinational pharma peers Sanofi and GlaxoSmithKline Pharma trading at 28.2x and 48.8x respectively. We have an Accumulate recommendation on the stock with a target price of `3,711 based on a target PE of 26x for FY2016E. ACCUMULATE CMP `3,405 Target Price `3,711 Investment Period 12 Months Stock Info Sector Pharmaceuticals Market Cap (` cr) 7,235 Net Debt (463) Beta Week High / Low 3,538 / 1,461 Avg. Daily Volume 1,928 Face Value (`) 10 BSE Sensex 28,335 Nifty 8,477 Reuters Code ABOT.BO Bloomberg Code BOOT IN Shareholding Pattern Promoters 75.0 MF / Banks / Indian Fls 9.2 FII / NRIs / OCBs 0.3 Indian Public / Others 15.5 Abs. 3m 1yr 3yr Sensex ABBOTINDIA Key financials Y/E March (` cr) CY2012 FY2014* FY2015E FY2016E Net Sales 1,653 2,297 2,365 2,781 % chg Net Profit % chg EBITDA margin EPS (`) P/E (x) P/BV (x) RoE RoIC EV/Sales (x) EV/EBITDA (x) Source: Company, Angel Research; Note: CMP as on November 21, 2014; *reporting changed from CY to FY starting 1QFY15 Milan Desai Ext: 6846 milan.desai@angelbroking.com Please refer to important disclosures at the end of this report 1
2 Exhibit 1: 2QFY2015 performance Y/E December (` cr) 2QFY2015 3QCY2014* yoy chg 1QFY2015 qoq chg 1HFY2015 1HFY2014 % chg Net Sales , Net raw material (% of Sales) bps (114)bps Staff Costs (% of Sales) (49)bps bps Other Expenses (% of Sales) (59)bps (122)bps Total Expenditure Operating Profit EBITDA margin Interest Depreciation (12.4) Other Income PBT (% of Sales) Tax (% of PBT) Reported PAT Extra-ordinary Items Adjusted PAT PATM Source: Company, Angel Research; Note: *reporting changed from CY to FY starting 1QFY15 Results impress on all fronts For 2QFY2015, AIL reported a good set of results. Its top-line grew by 28.9% yoy to `589cr. Although the raw material cost as a percentage of sales increased marginally by 47bp yoy to 58%, the employee and other expenses as a percentage of sales declined by 49bp yoy and 59bp yoy to 12.9% and 14.1% respectively. As a result, the EBITDA margin witnessed a slight improvement by 61bp yoy to 14.9%. During the quarter, the other income grew by 75.7% yoy to `12cr which also included profit from the sale of residential property amounting to `1.9cr. On the back of higher top-line and adjusting for profit from the sale of residential property, the net profit grew by 36.9% yoy to `62cr. For 1HFY2015, the company s top-line has shown good improvement, growing by 24.2% yoy to `1,114cr. For this period, the company benefitted from an 114bp yoy decline in raw material cost a percentage of sales and 122bp yoy decline in other expenses as a percentage of sales to 57.5% and 14.8% respectively, which resulted in EBITDA margins expanding by 216bp yoy to 14.2%. Also, other income increased by 59.5% yoy to `22cr for the six-month period. Owing to a surge in top-line coupled with better operating performance, the adjusted net profit for 1HFY2015 improved by 49.6% yoy to `112cr. November 22,
3 Exhibit 2: Revenue growth picking up (`cr) Revenue (LHS) yoy growth (RHS) QCY12 4QCY12 1QCY13 2QCY13 3QCY13 4QCY13 1QCY14* 1QFY15 2QFY Exhibit 3: Margin improvement with stable RM cost EBITDA margin Net RM as % of net sales (RHS) QCY12 4QCY12 1QCY13 2QCY13 3QCY13 4QCY13 1QCY14* 1QFY15 2QFY15 Source: Company, Angel Research, Note: *reporting changed from CY to FY starting 1QFY15 Source: Company, Angel Research, Note: *reporting changed from CY to FY starting 1QFY15 Investment rationale Top brands to keep the performance upbeat AIL s performance is a reflection of its strong brand equity. Currently, it has 14 brands that feature in the top 3 positions in their respective participated markets. Key brands like Duphaston, Udiliv and Duphalac have generated more than `250cr in revenue for the company while it s recently launched brand Titaferon, is performing well. We expect these top brands to facilitate revenue growth for the company going forward. Exhibit 4: Top Brand Performance Brand Name Market Share Rank THYRONORM 48 1 DUPHASTON 20 1 DIGENE 18 2 UDILIV 24 1 VERTIN 30 1 DUPHALAC 14 1 CREMAFFIN 11 2 ZOLFRESH 17 1 CREMAFFIN PLUS 7 3 CREON 38 1 BRUFEN 98 1 Source: IMS April MAT 2014 New product introductions to add value in long run AIL has been continuously launching new products in order to enter new product categories or to garner a higher share in the existing product categories. During the past year, it has launched Vertin OD Tablet (Vertigo), Dufaxamin tablet (Hepatic encephalopathy), Arachitol chewable tablets (Vitamin D3), Brufit tablet (Acute pain) and Titaferon injection (Hepatitis C). Of this Titaferon has emerged as a leading brand in its therapeutic area. November 22,
4 In order to expand its presence in the nutritional segment, the company has set up and started production at its facility in Jhagadia, Gujarat. It plans on manufacturing nutritional products like Similac (infants), PediaSure (toddlers), Ensure (adult), Mama s Best (expectant and breastfeeding moms), and Glucerna (diabetics). We expect these new launches to be strong revenue drivers for the company in the long run. Additionally, efforts made by the company to expand its presence in the nutritional segment will contribute to overall performance (brands like PediaSure are performing better than the competition). Strong balance sheet AIL is a debt-free company with cash reserves of `559cr as of September 30, We expect the cash reserve to increase to `773cr by FY2016 end. The company enjoys strong RoE and RoIC AIL which we expect to be at 28.0% and 78.5% respectively in FY2015E and at 27.0% and 79.6% respectively in FY2016E. November 22,
5 Financials Long term revenue drivers in place With increasing exposure to existing therapeutic segments and planned entry into new therapeutic segments with rising new product introductions, we believe the revenue drivers are in place. Moreover, continued focus on employee spends (8.0% as a percentage of sales in CY2007 to 13.5% in FY2014- adj), which form a critical part of a pharmaceutical company, would facilitate medium to long term revenue growth. We expect revenue in FY2015E to be at `2,365cr and `2,781cr in FY2016E. Exhibit 5: Revenue growth trend Exhibit 6: Operating margin to improve (` cr) 3,200 2,800 2,400 2,000 1,600 1, Revenue (LHS) ,019 1,490 1,653 Revenue growth (RHS) ,297 2, CY2010 CY2011 CY2012 FY2014E* FY2015E FY2016E 2, (` cr) EBITDA (LHS) EBITDA margin (RHS) CY2010 CY2011 CY2012E FY2014* FY2015E FY2016E Source: Company, Angel Research, Note: *reporting changed from CY to FY starting 1QFY15 Source: Company, Angel Research, Note: *reporting changed from CY to FY starting 1QFY15 EBITDA margin to sustain at higher levels A better product mix post the merger of Solvay Pharma has led to decline in net raw material cost (as a percentage of net sales). Moreover, cost saving measures from various transformation programs and curtailing promotional expenses has led to reduction in other expenses. We believe this would lead to sustainable EBITDA margin going forward. We expect EBITDA margin to be at 14.8% in FY2015E and 15.2% for FY2016E. This would consequently lead to adjusted net profit improving to `250cr in FY2015E and `303cr in FY2016E Exhibit 7: Improvement in RM cost as a percentage of sales 1,800 1,600 1,400 1,200 (` cr) 1, ,331 1,344 1,570 CY2010 CY2011 CY2012 FY2014* FY2015E FY2016E Net raw material cost (LHS) % of net sales (RHS) Source: Company, Angel Research, Note: *reporting changed from CY to FY starting 1QFY15 November 22,
6 Exhibit 8: Relative valuation Year End Outlook and valuation With clear strategy of pushing its best brands and focus on nutrition and OTC drug portfolios and continuous new launches, we remain positive on the growth outlook of AIL. We expect the company s top-line and profit to improve to `2,781cr and `303cr respectively in FY2016E. At current market price, the stock is trading at 23.9x PE for FY2016E which we believe is undervalued compared to its multinational pharma peers Sanofi and GlaxoSmithKline Pharma which trade at 28.2x and 48.8x respectively. We have an Accumulate recommendation on the stock with a target price of `3,711 based on a target PE of 26x for FY2016E. Mcap (` cr) Sales (` cr) OPM PAT (` cr) EPS (`) RoE P/E (x) P/BV (x) EV/sales (x) Abbott India FY2016E 7,235 2, Sanofi CY2015E 8,471 2, GSK Pharma CY2015E 24,874 2, Source: Angel Research Exhibit 9: One-year forward PE band 4,000 3,500 3,000 2,500 2,000 (`) 1,500 1, Nov-09 Nov-10 Nov-11 Nov-12 Nov-13 Nov-14 Source: Company, Angel Research Price 12x 16x 22x 26x Key concerns Shift of focus to the unlisted subsidiary Abbott Laboratories, USA, bought the healthcare solution business from Piramal Healthcare Ltd. (PHL) for a consideration of US$3.8bn, which was transferred to the unlisted subsidiary, Abbott Healthcare Pvt. Ltd (AHPL). The transfer included manufacturing facilities at Baddi, Himachal Pradesh; rights to approximately 350 brands and trademarks and ~5,000 employees relating to its domestic formulations business. Since the unlisted subsidiary is 100% owned with extended portfolio from PHL s business, there is a possibility that the parent company shifts its focus to the unlisted entity. Also, the merger would limit listed AIL s access to untapped therapeutic segments where PHL already exists. November 22,
7 Impact of the new drug pricing policy According to the new drug pricing order, Govt. will bring prices of 348 essential drugs (all formulations) mentioned in the National List of Essential Medicines (NLEM) under control against the current practice of controlling prices of 74 bulk drugs and their formulations. The formulations that have more than one per cent market share will be priced only by fixing a Ceiling Price (CP). Manufacturers would be free to fix any price for their products equal to or below the ceiling price. AIL currently has ~40% of its drugs under price control. Hence, any change in drug pricing policy would impact the company s top-line. Company background AIL is a 50.44% subsidiary of Abbott Capital India Ltd, UK, which is a subsidiary of Abbott Laboratories, USA. In CY2011, the company merged with Solvay Pharma (SPIL), which was acquired by the parent company in CY2010. Post merger, AIL strengthened its distribution network to 30 distribution points and ~12,000 sales force catering to 4,900 stockists and 1,50,000 retailers. AIL s employee count increased from 2,425 in CY2011 to 2,700 in FY2014. The company caters to a wide range of therapeutic segments like Gastroenterology, Women s health, CNS, Metabolics, Pain management, Anaesthesia, Neonatology, Vitamins, etc. November 22,
8 Profit & Loss Statement Y/E March (` cr) CY2011 CY2012 FY2014 FY2015E FY2016E Total operating income 1,490 1,653 2,297 2,365 2,781 % chg Net Raw Materials ,331 1,344 1,570 Power & Fuel costs Personnel Other expenses Total Expenditure 1,315 1,451 2,029 2,014 2,358 EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other charges Other Income (% of sales) Exceptional Items PBT % chg Tax (% of PBT) PAT (reported) Extraordinary (Exp)/Inc ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg Note: reporting changed from CY to FY starting 1QFY15 November 22,
9 Balance Sheet Y/E March (` cr) CY2011 CY2012 FY2014 FY2015E FY2016E SOURCES OF FUNDS Equity Share Capital Reserves& Surplus ,233 Shareholders Funds ,254 Total Loans Deferred Tax Liability (net) (6) 1 (1) (4) (4) Other Long Term Liabilities Long Term Provisions Total Liabilities ,052 1,310 APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Long term loans and adv Current Assets ,003 1,206 1,500 Cash Loans & Advances Inventory Debtors Other current assets Current liabilities Net Current Assets ,144 Other Non Current Assets Mis. Exp. not written off Total Assets ,052 1,310 Note: reporting changed from CY to FY starting 1QFY15 November 22,
10 Cash Flow Statement Y/E March (` cr) CY2011 CY2012 FY2014 FY2015E FY2016E Profit before tax Depreciation Change in Working Capital (122) (32) (25) (69) (57) Other income (20) (22) (48) (42) (48) Direct taxes paid (60) (70) (96) (122) (147) Others 31 (8) Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (73) (13) (6) (30) (36) (Inc.)/Dec. in Investments (Inc.)/Dec. in L.T.Loans & advances (25) 2 (11) (2) - Deposits having maturity more than 3m 19 (65) (171) - - Other income Others 65 (5) (3) - - Cash Flow from Investing 5 (59) (143) Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) (42) (42) (57) (45) (45) Others Cash Flow from Financing (10) (45) (45) Cash acquired on amalgamation Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances Note: reporting changed from CY to FY starting 1QFY15 November 22,
11 Key Ratios Y/E March (` cr) CY2011 CY2012 FY2014 FY2015E FY2016E Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value Dupont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) (0.5) (0.5) (0.5) (0.6) (0.6) Operating ROE Returns ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover Inventory / Sales (days) Receivables (days) Payables (days) WC (ex-cash) (days) Solvency ratios (x) Net debt to equity (0.5) (0.5) (0.6) (0.6) (0.6) Net debt to EBITDA (2.3) (1.6) (1.7) (1.7) (1.8) Interest Coverage 3, Note: reporting changed from CY to FY starting 1QFY15 November 22,
12 Research Team Tel: Website: DISCLAIMER This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Pvt. Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Pvt. Limited 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. Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important 'Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may have investment positions in the stocks recommended in this report. Disclosure of Interest Statement Abbott India 1. Analyst ownership of the stock No 2. Angel and its Group companies ownership of the stock No 3. Angel and its Group companies' Directors ownership of the stock No 4. Broking relationship with company covered No Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors Ratings (Returns): Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%) Reduce (-5% to -15%) Sell (< -15%) November 22,
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3QFY211 Result Update Steel February 11, 211 Prakash Industries Performance Highlights Particulars (` cr) 3QFY11 3QFY1 % chg (yoy) 2QFY11 % chg (qoq) Net sales 382 36 6.1 421 (9.2) EBITDA 72 88 (18.6)
More informationQuick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure
Deep Value Quick take BUY CMP Rs811 Target Price Rs1,166 (ABNL), a diversified business conglomerate, emerged from the three-way merger of Indian Rayon, Birla Global Finance and Indo Gulf in 2005. ABNL
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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 informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
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3QCY2017 Result Update Pharmaceutical November 20, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 3QCY2017 2QCY2017 % chg (qoq) 3QCY2016 % chg (yoy) Net sales Other income Operating profit 627
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 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
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2QCY2017 Result Update Pharmaceutical August 28, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 2QCY2017 1QCY2017 % chg (qoq) 2QCY2016 % chg (yoy) Net sales Other income Operating profit 556
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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
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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 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
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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
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Ambuja Cements Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net Sales 2,095 2,493 (16.0) 2,188 (4.2) EBIDTA 310 384 (19.2) 393 (21.2)
More informationACC BUY. Performance Highlights. CMP `1,397 Target Price `1,630. 3QCY2015 Result Update Cement
3QCY2015 Result Update Cement October 27, 2015 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec (` cr) 3QCY2015 2QCY2015 % chg qoq 3QCY2014 % chg yoy Net revenue 2,740 2,961 (7.5) 2,742
More informationRallis India NEUTRAL. Performance Highlights CMP. `242 Target Price - 4QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 4QFY2017 Result Update Agrichemical May 2, 2017 Rallis India Performance Highlights Y/E March (` cr) 4QFY2017 3QFY2017 % chg
More informationCoal India ACCUMULATE. Performance Highlights CMP. `338 Target Price `380. Outlook and valuation. 2QFY2016 Result Update Mining
Coal India Performance Highlights (` cr) % yoy % qoq Net Sales 16,958 15,678 8.2 18,956 (1.5) EBITDA 3,8 2,556 17.7 4,944 (39.2) % margin 17.2 15.8 139bp 25.3 (813bp) Net Profit 2,519 2,188 15.2 3,787
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 informationBGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period -
3QFY213 Result Update Capital Goods February 8, 213 BGR Energy Systems Performance Highlights Quarterly Highlights (Standalone) (` cr) 3QFY13 3QFY12 % chg (yoy) 2QFY13 % chg (qoq) Revenue 85 84.2 627 28.3
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4QCY2016 Result Update Pharmaceutical March 10, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 4QCY2016 3QCY2016 % chg (qoq) 4QCY2015 % chg (yoy) Net sales 552 583 (5.3) 522 5.6 Other income
More informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.
Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance
More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `297 Target Price - 1QFY2013 Result Update Media. Investment Period -
1QFY2013 Result Update Media August 8, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 1QFY13 1QFY12 % yoy 4QFY12 %qoq Revenue 426 454 (6.2) 427 (0.3) EBITDA 323 366 (11.7)
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 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 informationTata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart
2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689
More informationSanofi India ACCUMULATE. Performance Highlights. CMP `4,410 Target Price `4,738. 1QCY2016 Result Update Pharmaceutical. 3-year price chart
1QCY2016 Result Update Pharmaceutical May 5, 2016 Sanofi India Performance Highlights Y/E Dec. (` cr) 1QCY2016 4QCY2015 % chg (qoq) 1QCY2015 % chg (yoy) Net sales 506 522 (3.1) 460 10.1 Other income 64
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 informationRallis India SELL. Performance Highlights. `231 Target Price 189 CMP. 2QFY2018 Result Update Agrichemical. Investment Period 12 months
Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 2QFY2018 Result Update Agrichemical November 21, 2017 Rallis India Performance Highlights Y/E March
More informationAdvisory Desk. Abbott India BUY. M&A, strategic alliance gives a headstart. CMP `1,434 Target Price `1,852. January 14, 2012.
M&A, strategic alliance gives a headstart (AIL), a 5.44% subsidiary of Abbott Capital India Ltd., UK, is involved in the manufacture and marketing of pharmaceutical, diagnostic, nutritional and hospital
More informationHT Media ACCUMULATE. Performance Highlights CMP. `102 Target Price `113. 3QFY2013 Result Update Media. Investment Period 12 months
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More informationCipla BUY. Performance Highlights CMP. `310 Target Price `369. 2QFY2012 Result Update Pharmaceutical. Investment Period 12 months
2QFY2012 Result Update Pharmaceutical November 16, 2011 Cipla Performance Highlights Y/E March (` cr) 2QFY2012 1QFY2012 % chg qoq 2QFY2011 % chg yoy Net sales 1,731 1,550 11.7 1,580 9.6 Other income 71
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 informationITD Cementation India
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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 informationQuick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.
Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,
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4QFY2012 Result Update Cement May 22, 2012 JK Lakshmi Cement Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg qoq 4QFY2011 % chg yoy Net revenue 527 440 19.7 417 26.3 Operating profit 113
More informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
More informationInox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart
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More informationAmara Raja Batteries BUY. Performance Highlights. CMP `1,010 Target Price `1,167. 2QFY2017 Result Update Auto Ancillary. 3-year price chart
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More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `495 Target Price - 4QFY2017 Result Update Pharmaceutical.
Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 4QFY2017 Result Update Pharmaceutical June 5, 2017 Cadila Healthcare Performance Highlights Y/E March (`
More informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,718 Target Price `4,130. 1QFY2018 Result Update Automobile. 3-year price chart
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More informationSesa Goa NEUTRAL. Performance Highlights CMP. `372 Target Price - 2QFY2011 Result Update Mining. Investment Period -
2QFY211 Result Update Mining October 18, 21 Sesa Goa Performance Highlights Particulars (` cr) 2QFY211 2QFY21 % chg (yoy) 1QFY211 % chg (qoq) Net sales 918 539 7.5 2,413 (61.9) EBITDA 34 153 122.5 1,46
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2QFY2011 Result Update Pharmaceutical November 8, 2010 Lupin Performance Highlights Y/E March (` cr) 2QFY11 1QFY11 % chg qoq 2QFY10 % chg yoy Net Sales 1,405 1,312 7.1 1,115 26.0 Other Income 29 23 25.6
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More informationReliance Communication
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More informationCipla REDUCE. Performance Highlights. CMP Target Price `564 `490. 2QFY2017 Result Update Pharmaceutical. Investment Period - 3-Year Daily Price Chart
2QFY2017 Result Update Pharmaceutical November 11, 2016 Cipla Performance Highlights Y/E March (` cr) 2QFY2017 1QFY2017 % chg qoq 2QFY2016 % chg yoy Net sales 3,672 3,500 4.9 3,379 8.7 Other income 106
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More informationLT Foods BUY. Performance Update. CMP Target Price `76 `128. 4QFY2018 Result Update Media
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 Media May 28, 2018 LT Foods Performance Update (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Revenue
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1QFY2013 Result Update Pharmaceutical August 10, 2012 Sun Pharma Performance Highlights (` cr) 1QFY2013 4QFY2012 % chg qoq 1QFY2012 % chg yoy Net sales 2,658 2,330 14.1 1,636 62.5 Other income (2) 218-110
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3QFY2017 Result Update Pharmaceutical February 22, 2017 Cadila Healthcare Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 2,250 2336 (3.7) 2268 (0.8)
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 informationLT Foods BUY. Performance Update. CMP Target Price `92 `128. 3QFY2018 Result Update Media February 12, 2018
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More informationAdvisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months
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More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
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More informationCadila Healthcare NEUTRAL. Performance Highlights CMP. `390 Target Price - 2QFY2017 Result Update Pharmaceutical. Investment Period -
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More informationAurobindo Pharma BUY. Performance Highlights. `708 Target Price CMP `823. 2QFY2018 Result Update Pharmaceutical. Investment Period 12 months
Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 2QFY2018 Result Update Pharmaceutical November 20, 2017 Aurobindo Pharma Performance Highlights Y/E march
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More informationMahindra & Mahindra BUY. CMP Target Price `860 `990. Company Update Automobile
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 Company Update Automobile May 9, 2018 Mahindra & Mahindra Mahindra & Mahindra Ltd (M&M) is an India-based company,
More informationNestle India NEUTRAL. Performance Highlights. CMP `4,387 Target Price - 2QCY2012 Result Update FMCG. Quarterly results. Investment Period -
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