Coal India (COAL IN)
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1 Coal India (COAL IN) Rating: BUY CMP: Rs279 TP: Rs340 August 13, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price Sales (Rs. m) 9,68,416 10,16,530 9,68,416 10,16,530 % Chng. - - EBITDA (Rs. m) 2,70,194 2,79,980 2,70,194 2,79,980 % Chng. - - EPS (Rs.) % Chng. - - Key Financials FY17 FY18 FY19E FY20E Sales (Rs. bn) ,038 EBITDA (Rs.bn) Margin (%) PAT (Rs. bn) EPS (Rs.) Gr. (%) (35.1) (25.6) DPS (Rs.) Yield (%) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) PE (x) P/BV (x) Key Data COAL.BO COAL IN 52-W High / Low Rs.317 / Rs.235 Sensex / Nifty 37,869 / 11,430 Market Cap Rs.1,732bn/ $ 24,769m Shares Outstanding 6,207m 3M Avg. Daily Value Rs m Shareholding Pattern (%) Promoter s Foreign 5.41 Domestic Institution Public & Others 3.08 Promoter Pledge (Rs bn) - Stock Performance (%) 1M 6M 12M Absolute 4.2 (7.2) 18.3 Relative 1.1 (15.4) (1.9) Kamlesh Bagmar kamleshbagmar@plindia.com Amit Khimesra amitkhimesra@plindia.com Meets the estimate on realisations and costs; Maintain BUY Coal India (COAL) reported Q1FY19 earnings in line with our estimate. Blended realisations fall marginally short of our estimate due to higher share of FSA volumes. However, headline FSA/E-auction realisation beat our estimates by 3%/4%. Our estimates already factors in ~30% YoY fall in E-auction volumes at 75mn tonnes (t) with realisations at Rs2,300/t lower than Q1 level of Rs2,400/t. We keep our FSA realisations unchanged, as high priority to supply coal to Power sector would keep the increase in check. Thus, better than expected E-auction and stable FSA realisations would offset the impact of higher employee cost on our earnings estimates. Driven by strong volume outlook and steady realisations, we expect EBITDA to grow at CAGR of 21% in FY18-FY20e. We reiterate BUY with TP of Rs340, EV/EBITDA of 6xFY20E. Higher share of FSA limits the increase in realisations on blended level: Volumes rose 11.7% YoY to 153.5mn (PLe:153.4mn) t. FSA volumes rose 22% YoY to 130.4mn (PLe: 124.3mn) t with share at 85% (PLe:81%). Led by 9% price hike in non-coking coal in January-2018 and stabilisation of grades, FSA realisations rose 9% YoY to Rs1,313 (PLe:Rs1,270). E-auction volumes fell 29% YoY to 19mn (PLe: 25mn) t with sharp fall in its share to 12.6% (PLe:16.3%) against 19.8%/18.4% in Q1FY18/Q4FY18. E-auction realisations rose 51% YoY ( 14 QoQ) to Rs2,400 (PLe:Rs2,300). Washed coal realisations fell 33% YoY ( 17% QoQ) to Rs2,427 (PLe:Rs2,920). Impacted by higher share of FSA volumes, blended realisations came marginally below our estimate at Rs1,470 (PLe:Rs1,480); up 10% YoY. Adj. EBITDA in line with estimate, led by higher other operating income: Impacted by provisioning for pension at increased rates (effective from 1 st Oct-2017) and higher than expected OBR adj (non-cash cost), total cost/t rose 6% YoY/Rs69 to Rs1,207 (PLe:Rs1,150). Adjusted for provisioning of Rs330bn for pension related to prior year and non-cash OBR adj, cost/t fell 2% YoY at Rs1,128 (PLe:Rs1,130). Reported EBITDA rose 63% YoY to Rs57.3bn (PLe:Rs65.8bn). Adjusted for one-time and OBR adj, EBITDA rose 104% YoY to Rs69.5bn (PLe:Rs68.9bn). Impacted by higher than expected tax rate (38% v/s PLe:35%), Adj. PAT came below our estimate at Rs45.4bn (PLe:Rs47.5bn), up 98% YoY. Impending OFS would remain an overhang in the near term: As the concerns related to grade slippage and inability to rationalise costs are behind, we believe that investors would not be as worried given better earnings outlook and attractive valuations (EV/EBITDA at 5x FY20e). August 13, 2018
2 Exhibit 1: Q1FY19 Result Overview (Rs mn) Y/e March (Rs mn) Q1FY19 Q1FY18 YoY gr. (%) Q4FY18 FY19E FY18 YoY gr. (%) Net operating revenue 225, , , , , Other operating income 16,631 7, ,005 66,035 41, Revenue (including other operating income) 242, , , , , (Accretion)/Decretion in Stocks 11,635 8, (13,785) - 16,795 (100.0) Consumption of stores and spares 15,739 14, ,481 77,682 68, Employees' Remuneration & Benefits 95,982 80, , , ,336 (12.2) Power & Fuel 5,940 6,178 (3.8) 6,310 28,623 25, CSR expenses 375 1,104 (66.1) 2,010 5,556 4, Repairs 2,811 2,916 (3.6) 5,958 16,373 14, Contractual Expenses 31,761 30, , , , Miscellaneous expenses 11,105 10, ,613 47,948 42, Overburden Removal Adjustment 8,835 (1,069) - 24,847 36,729 33, Provision and write off 1,102 1,209 (8.9) 2,211 4,082 3, Total Cost of Sales 185, , , , ,962 (3.3) EBITDA 57,325 35, , ,647 95, as a % of Sales Depreciation 7,452 6, ,308 31,938 30, EBIT 49,872 28, (7,353) 206,709 64, Interest 1,103 1,210 (8.8) 1,127 3,000 4,318 (30.5) PBT (before other income) 48,769 27, (8,480) 203,709 60, Other Income 12,100 12, ,002 45,450 46,583 (2.4) PBT before extraordinaries 60,869 39, , , , Exceptional items PBT after extraordinaries 60,869 39, , , , Provision for Taxation 23,025 15, (1,420) 86,209 37, Reported PAT 37,843 23, , ,950 70, Adjusted PAT 37,843 23, , ,950 70, Source: Company, PL August 13,
3 Exhibit 2: Operating Metrics Y/e March (Rs mn) Q1FY19 Q1FY18 YoY gr. (%) Q4FY18 FY19E FY18 YoY gr. (%) Coal production (m tonnes) Coal sales volume (m tonnes) Rs/tonne analysis on aggregate volumes Net realisation (Excl. other operating income) 1,472 1, ,581 1,467 1, Realisation (including other operating income) 1,581 1, ,694 1,573 1, Total cost/tonne 1,207 1, ,682 1,189 1,315 (9.6) EBITDA/tonne Sales volume mix (m tonnes) FSA E-auction (28.8) (29.4) Washed coal (5.9) Realisation per tonne (Rs) FSA 1,313 1, ,403 1,320 1, E-auction 2,399 1, ,112 2,300 1, Washed coal 2,427 3,649 (33.5) 2,923 2,509 3,023 (17.0) Source: Company, PL August 13,
4 Financials Income Statement (Rs m) Net Revenues 784, , ,377 1,037,524 YoY gr. (%) Cost of Goods Sold 57,253 85,090 77,682 85,389 Gross Profit 726, , , ,135 Margin (%) Employee Cost 335, , , ,474 Other Expenses 215, , , ,891 EBITDA 151, , , ,308 YoY gr. (%) (29.8) (14.5) Margin (%) Depreciation and Amortization 55,790 64,246 68,666 77,499 Balance Sheet Abstract (Rs m) Non-Current Assets Gross Block 294, , , ,849 Tangibles 294, , , ,849 Intangibles Acc: Dep / Amortization 56,165 84, , ,189 Tangibles 56,165 84, , ,189 Intangibles Net fixed assets 238, , , ,660 Tangibles 238, , , ,660 Intangibles EBIT 95,313 64, , ,809 Margin (%) Net Interest 4,117 4,318 3,000 3,001 Other Income 53,242 46,583 45,450 44,366 Capital Work In Progress 85, , , ,545 Goodwill Non-Current Investments 105, , , ,132 Net Deferred tax assets 27,328 53,551 53,551 53,551 Other Non-Current Assets 22,390 25,454 26,454 27,454 Profit Before Tax 144, , , ,174 Margin (%) Total Tax 51,735 38,081 86,209 90,712 Effective tax rate (%) Profit after tax 92,703 69, , ,462 Minority interest Share Profit from Associate Adjusted PAT 89,839 66, , ,462 YoY gr. (%) (36.2) (25.6) Margin (%) Extra Ord. Income / (Exp) 2,864 2, Reported PAT 92,703 69, , ,462 YoY gr. (%) (34.9) (25.4) Margin (%) Other Comprehensive Income Total Comprehensive Income 92,703 69, , ,462 Equity Shares O/s (m) 6,207 6,207 6,207 6,207 EPS (Rs) Current Assets Investments 5,135 2,056 2,056 2,056 Inventories 89,453 64,439 64,658 68,836 Trade receivables 124,763 86,892 96, ,712 Cash & Bank Balance 311, , , ,311 Other Current Assets 139, , , ,732 Total Assets 1,178,152 1,274,917 1,315,300 1,377,681 Equity Equity Share Capital 62,074 62,074 62,074 62,074 Other Equity 183, , , ,168 Total Networth 245, , , ,242 Non-Current Liabilities Long Term borrowings 3,015 10,612 15,377 15,377 Provisions 437, , , ,925 Other non current liabilities 38,197 43,666 46,666 49,666 Current Liabilities ST Debt / Current of LT Debt 27,130 4, Trade payables 38,843 45,169 51,377 56,474 Other current liabilities 374, , , ,735 Total Equity & Liabilities 1,178,152 1,274,917 1,315,300 1,377,681 August 13,
5 Cash Flow (Rs m) Key Financial Metrics Year PBT 144, , , ,174 Per Share(Rs) Add. Depreciation 29,068 30,468 31,938 38,303 EPS Add. Interest CEPS Less Financial Other Income 53,242 46,583 45,450 44,366 BVPS Add. Other 16,820 7,991 10,267 14,009 FCF Op. profit before WC changes 190, , , ,486 DPS Net Changes-WC 63, ,450 (24,872) 1,297 Return Ratio(%) Direct tax (89,415) (74,329) (86,209) (90,712) RoCE Net cash from Op. activities 164, , , ,071 ROIC Capital expenditures (86,761) (85,293) (85,549) (91,258) RoE Interest / Dividend Income 34,642 24,044 26,462 25,187 Balance Sheet Others 56,666 (15,514) - - Net Debt : Equity (x) (1.2) (1.5) (1.3) (1.2) Net Cash from Invt. activities 4,546 (76,763) (59,087) (66,070) Net Working Capital (Days) Issue of share cap. / premium (45,531) Valuation(x) Debt changes 18,169 (14,778) - - PER Dividend paid (151,031) (123,238) (149,350) (164,285) P/B Interest paid (306) (370) - - P/CEPS Others 2,720 2,513 3,000 3,000 EV/EBITDA Net cash from Fin. activities (175,980) (135,873) (146,350) (161,285) EV/Sales Net change in cash (6,825) (12) (25,155) (2,285) Dividend Yield (%) Free Cash Flow 251, , , ,328 Quarterly Financials (Rs m) Y/e Mar Q2FY18 Q3FY18 Q4FY18 Q1FY19 Net Revenue 181, , , ,609 YoY gr. (%) Raw Material Expenses Gross Profit 181, , , ,609 Margin (%) EBITDA 12,310 46,179 1,955 57,325 YoY gr. (%) (65.0) (95.8) 2,832.2 Margin (%) Depreciation / Depletion 7,146 7,511 9,308 7,452 EBIT 5,164 38,668 (7,353) 49,872 Margin (%) (2.7) 20.6 Net Interest 1, ,127 1,103 Other Income 6,107 8,409 20,002 12,100 Profit before Tax 10,264 46,102 11,521 60,869 Margin (%) Total Tax 6,576 16,052 (1,420) 23,025 Effective tax rate (%) (12.3) 37.8 Profit after Tax 3,689 30,050 12,942 37,843 Minority interest 4 (1) (1) (1) Share Profit from Associates Adjusted PAT 3,689 30,050 12,942 37,843 YoY gr. (%) (39.8) 4.2 (52.4) 60.9 Margin (%) Extra Ord. Income / (Exp) (4) Reported PAT 3,684 30,051 12,943 37,845 YoY gr. (%) (39.8) 4.2 (52.4) 60.9 Margin (%) Other Comprehensive Income Total Comprehensive Income 3,684 30,051 12,943 37,845 Avg. Shares O/s (m) EPS (Rs) Key Operating Metrics Raw coal prod (mn tn) Coal despatches (mn tn) Vol sold under FSA/MoU (mn tn) Vol sold under E-auction (mn tn) Beneficiated coal vol (mn tn) Vol sold to power utilities (mn tn) Real. / tonne (Rs) 1,393 1,409 1,467 1,458 Total cost per tonne (Rs) 1,110 1,215 1,315 1,189 Cash cost per tonne (Rs) 1,057 1,166 1,257 1,130 Employee cost / tonne (Rs) EBITDA / tonne (Rs) OBR adj / tonne (Rs) August 13,
6 Price Chart Recommendation History (Rs) Aug-15 Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 No. Date Rating TP (Rs.) Share Price (Rs.) 1 16-Aug-17 Reduce Oct-17 Reduce Nov-17 Reduce Jan-18 BUY Jan-18 BUY Feb-18 BUY Apr-18 BUY May-18 BUY Jun-18 BUY Jul-18 BUY Analyst Coverage Universe Sr. No. CompanyName Rating TP (Rs) Share Price (Rs) 1 ACC BUY 1,750 1,311 2 Ambuja Cement Accumulate Coal India BUY Heidelberg Cement India BUY Hindalco Industries Accumulate Hindustan Zinc Accumulate Jindal Steel & Power BUY JK Lakshmi Cement Hold JSW Steel BUY NMDC Accumulate Shree Cement Hold 17,235 15, Steel Authority of India Hold Tata Steel BUY The Ramco Cements Hold Ultratech Cement Hold 4,000 3,849 PL s Recommendation Nomenclature (Absolute Performance) Buy : > 15% Accumulate : 5% to 15% Hold : +5% to -5% Reduce : -5% to -15% Sell : < -15% Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly August 13,
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Coal India. Source: Company Data; PL Research
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Beats its own best; building up for next leg of growth May 08, 2018 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Amit Khimesra amitkhimesra@plindia.com +91 22 66322244 Rating BUY Price Rs239
More informationBharat Petroleum Corporation
Higher inventory loss drag earnings August 14, 2017 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs479 Target Price Rs553 Implied Upside 15.4% Sensex 31,449 Nifty 9,794 (Prices
More informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationPetronet LNG (PLNG IN)
(PLNG IN) Rating: BUY CMP: Rs231 TP: Rs300 July 27, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 300
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 informationCummins India. Source: Company Data; PL Research
Technology leadership, cost optimization key focus October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs852
More informationSource: Company Data; PL Research
Strong inflow growth, renewable/railways key drivers October 28, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,063
More informationCummins India. Growth/margin bottoming. Source: Company Data; PL Research
Growth/margin bottoming May 25, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs704 Target Price Rs928 Implied Upside 31.8%
More informationBharat Forge. Exports remain subdued, outlook better. Source: Company Data; PL Research
Exports remain subdued, outlook better November 08, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs850 Target Price Rs957 Implied Upside 12.6% Sensex 27,591 Nifty 8,544 (Prices
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 informationSpiceJet. Healthy operating performance in Q2. Source: Company Data; PL Research
Healthy operating performance in Q2 November 28, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating BUY Price Rs65 Target Price Rs115 Implied Upside 76.9% Sensex 26,316 Nifty 8,114 (Prices
More informationMaruti Suzuki. Source: Company Data; PL Research
Run continues, Royalty reduction positive ; Buy January 29, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs9,277
More informationSiemens. Railways and T&D driving inflows. Source: Company Data; PL Research
Railways and T&D driving inflows November 23, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs1,055 Target Price Rs1,230
More informationCrompton Greaves. Looking to exit overseas Power segment! Source: Company Data; PL Research
Looking to exit overseas Power segment! May 29, 2015 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price Rs166 Target Price Rs204
More informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationWipro (WPRO IN) Solid revenue beat, BFSI remains strong. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs309 TP: Rs350.
(WPRO IN) Rating: ACCUMULATE CMP: Rs309 TP: Rs350 October 24, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
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 informationAsian Paints. Source: Company Data; PL Research
Premium valuations to sustain, Accumulate October 4, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,1 Target Price Rs1,9 Implied
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationMaruti Suzuki. In a league of its own ; Buy. Source: Company Data; PL Research
In a league of its own ; Buy October 28, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating BUY Price Rs8,115 Target Price Rs9,250
More informationThermax. Source: Company Data; PL Research
Near term outlook muted, working on building a strong base November 11, 2016 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Samir Bendre samirbendre@plindia.com +91 22 66322256 Rating Accumulate Price
More informationAsian Paints. Source: Company Data; PL Research
Premium Valuations to sustain, Accumulate May, 17 Amnish Aggarwal amnishaggarwal@plindia.com +91 Gaurav Jogani gauravjogani@plindia.com +91 8 Rating Accumulate Price Rs1,18 Target Price Rs1,171 Implied
More informationPersistent Systems. Growth led by Enterprise Retain BUY. Source: Company Data; PL Research
Growth led by Enterprise Retain BUY October 26, 20 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Hussain Kagzi hussainkagzi@plindia.com +91 22 66322242 Rating BUY Price Rs669 Target Price Rs780
More informationAllcargo Logistics. Source: Company Data; PL Research
Slow capex continue to impact PES, weak show continues May 24, 2018 Keyur Pandya keyurpandya@plindia.com +912266322247 R Sreesankar rsreesankar@plindia.com +912266322214 Rating Accumulate Price Rs120 Target
More informationIndraprastha Gas. Growth traction continues. Source: Company Data; PL Research
Growth traction continues June 28, 216 Avishek Datta avishekdatta@plindia.com +91 22 66322254 Rating BUY Price Rs65 Target Price Rs632 Implied Upside 4.5% Sensex 26,43 Nifty 8,95 (Prices as on June 27,
More informationBritannia Industries
Sustains momentum; Input cost gains peaked out November 09, 2015 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating Accumulate Price
More informationVoltas (VOLT IN) Delicately poised ahead of summer season. Q3FY19 Reuslt Update. Rating: ACCUMULATE CMP: Rs522 TP: Rs600.
(VOLT IN) Rating: ACCUMULATE CMP: Rs522 TP: Rs600 February 15, 2019 Q3FY19 Reuslt Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating ACCUMULATE ACCUMULATE
More informationTitan Company (TTAN IN)
(TTAN IN) Rating: BUY CMP: Rs992 TP: Rs1,195 February 1, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationAvenue Supermarts (DMART IN)
(DMART IN) Rating: REDUCE CMP: Rs1,572 TP: Rs1,270 January 14, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating REDUCE REDUCE
More informationCement. Realisations for the quarter hit by a weak demand. Sector Update
Realisations for the quarter hit by a weak demand March 26, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index 180
More informationFuture Retail (FRETAIL IN)
(FRETAIL IN) Rating: BUY CMP: Rs448 TP: Rs576 February 4, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating BUY BUY Target Price
More informationFY17E FY81E FY17E FY81E FY17E FY18E FY17E FY18E FY17E FY18E FY17E FY18E
Higher volumes & lower costs drove the earnings beat February 22, 2016 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Sensex v/s PL Cement Index
More informationCoal India. Source: Company Data; PL Research
Working on a realistic target of 1bn tonnes output by FY2020 June 01, 2015 Kamlesh Bagmar kamleshbagmar@plindia.com +91 22 66322237 Ankit Shah ankitshah@plindia.com +91 22 66322244 Rating Accumulate Price
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 informationBharat Electronics. Best defence play. Source: Company Data; PL Research
Best defence play October 31, 2017 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs185 Target Price Rs219 Implied Upside 18.4%
More informationTata Motors. Source: Company Data; PL Research
JLR margin disappoints, Standalone turning around; Accumulate February 06, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More 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 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 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 informationAshok Leyland. Source: Company Data; PL Research
Short term headwinds, structural story intact; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate
More 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 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 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 informationTata Motors. Source: Company Data; PL Research
Good show...but tread carefully ; Accumulate November 09, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs440
More informationCrompton Greaves Consumer Electricals
Building strong base for growth May 16, 2018 Kunal Sheth kunalsheth@plindia.com +91 22 66322257 Shreyans Jain shreyansjain@plindia.com +91 22 66322256 Rating BUY Price Rs228 Target Price Rs299 Implied
More 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 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 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 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 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 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 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 informationEicher Motors. Source: Company Data; PL Research
Good show continues; In line quarter! Accumulate May 09, 2018 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,305
More informationLIC Housing Finance. Stable performance. Source: Company Data; PL Research
Stable performance October 21, 2016 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationCadila Healthcare. Source: Company Data; PL Research
Q4 broadly in line; US remain cornerstone of growth May 26, 2018 Surajit Pal surajitpal@plindia.com +912266322259 Rating Accumulate Price Rs383 Target Price Rs438 Implied Upside 14.4% Sensex 34,925 Nifty
More informationHexaware Technologies (HEXW IN)
(HEXW IN) Rating: ACCUMULATE CMP: Rs351 TP: Rs430 October 24, 2018 Q3CY18 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE HOLD
More informationMphasis (MPHL IN) Modest Revenue and margin miss. Q2FY19 Result Update. Rating: ACCUMULATE CMP: Rs1,068 TP: Rs1,220.
(MPHL IN) Rating: ACCUMULATE CMP: Rs1,068 TP: Rs1,220 October 21, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE
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 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 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 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 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 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 informationPunjab National Bank
Steady on all fronts February 07, 2018 R Sreesankar rsreesankar@plindia.com / +91 22 66322214 Pritesh Bumb priteshbumb@plindia.com / +91 22 66322232 Vidhi Shah vidhishah@plindia.com / +91 22 66322258 Rating
More informationPidilite Industries (PIDI IN)
(PIDI IN) Rating: ACCUMULATE CMP: Rs1,154 TP: Rs1,175 August 29, 2018 Analyst Meet Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE
More informationPersistent Systems (PSYS IN)
(PSYS IN) Rating: ACCUMULATE CMP: Rs560 TP: Rs725 October 22, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
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 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 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 informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More 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 informationHDFC.BO HDFC IN. IND-AS transition dampens performance. Q1FY19 Result Update. Rating: BUY CMP: Rs2,029 TP: Rs2,287. July 30, 2018.
( IN) Rating: BUY CMP: Rs2,029 TP: Rs2,287 July 30, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 2,287
More information