Bajaj Electricals HOLD
|
|
- Gwendoline Ellis
- 5 years ago
- Views:
Transcription
1 Institutional Equities India Research Household Appliances October 30, 2012 QUARTERLY REVIEW Bloomberg: BJE IN Reuters: BJEL.BO HOLD Engg. & Projects continues to be in red; Consumer Segment is gearing up for festive season; Maintain HOLD sales, adj. net income and net income grew by 5%, (91)% and 8% YoY respectively. Engineering & Projects in the red: Engineering & Projects top line de grew by 22% YoY to Rs. 1,327mn in Q2FY13, which is below our expectations. The segment posted a negative EBIT of Rs. 268mn (EBIT Margin 20.2%) in the quarter due to one off site expenses. The company has closed nine unviable sites and is planning to close nine more sites by end of FY13. Current order book of E&P is Rs. 8.9bn. We believe EBIT of E&P segment will be positive in H2FY13. Lighting s EBIT continues its Double digit Growth Path: Lighting segment, which includes Luminaires, sales grew by 7% YoY to Rs. 2,017 mn. The segment registered an EBIT of Rs. 130mn and a growth of 15% YoY. The segment has improved its margin by 50bps YoY. Decent growth in Consumer Durables: Consumer Durable segment s topline grew by 17% YoY to Rs. 3,987 mn in Q1FY13. Sales of Fans, Bajaj Appliances and Morphy Richards grew by 21%, 18% and 13% YoY respectively in the quarter. EBIT of the segment grew by 17% YoY to Rs. 369mn in Q2FY13. We believe the company will register strong Q3FY13 due to delayed festival season, earlier price hikes and stable rupee. Divestment of Stake in Bajaj Ventures: has divested its entire stake in Bajaj Ventures and realized a profit of Rs. 247mn in this quarter. The extraordinary gain resulted in 8% growth in reported net income. The extraordinary gain promoted the company to report higher losses in E&P and eventually register higher profit in the ensuing two quarters. Outlook & Valuation: At CMP of Rs. 197, the stock trades at 14.6x of FY13E and 11.1x of FY14E earnings, respectively. We maintain our HOLD recommendation and revised up our price target to Rs. 213, which has a potential upside of 8%. We believe in Indiaʹs consumption story and Bajaj Electricals, with 4,000 dealers and 55,000 retail outlets as part of its retail network, is in a better position to take advantage of the consumption story as it has wider retail network than most of its competitors. Key Financials Y/E Mar (Rs. mn) FY2010 FY2011 FY2012 FY2013E FY2014E Net Sales 22,286 27,408 30,990 34,875 39,673 EBIDTA 2,434 2,580 2,371 2,557 3,234 Net Profit 1,253 1,449 1,179 1,344 1,772 EPS (Rs) PER (x) EV/EBITDA (x) Source: Company and Karvy Institutional Research Recommendation CMP: Rs197 Target Price: Rs213 Upside (%) 8% Stock Information Market Cap. (Rs bn / US$ mn) 20/ week High/Low (Rs) 234/132 3m ADV (Rs mn /US$ mn) 27/0.5 Beta 0.9 Sensex/ Nifty 18,625/5,664 Share outstanding (mn) 100 Stock Performance (%) 1M 3M 12M YTD Absolute (0.8) 14.2 (1) 29.7 Rel. to Sensex (0.7) 2.0 (8.1) 7.6 Performance 8,500 8,000 7,500 7,000 6,500 6,000 Nov 11 Dec 11 Jan 12 Feb 12 Apr 12 May 12 Jun 12 Aug 12 Sep 12 Oct 12 CNXMCAP (LHS) Source: Bloomberg 1 Year Forward EV/EBITDA (%) FY13E FY14E Revenue EBITDA PAT Source: Karvy Institutional Research Analysts Contact Jagadishwar Pasunoori, CFA, FRM jagadishwar.p@karvy.com Bajaj Elect (RHS)
2 October 30, 2012 Exhibit 1: Segment wise Performance Revenue EBIT Parameter Q2FY12 Q1FY13 Q2FY13 QoQ(%) YoY(%) Q2FY12 Q1FY13 Q2FY13 QoQ(%) YoY(%) Lighting 1,892 1,524 2, Consumer Durables 3,394 3,904 3, Engineering & Projects 1,712 1,232 1, (22.5) 65 (71) (268) NA (513.4) Total 7,008 6,662 7, (28.3) (52.7) Exhibit 2: Variance from Our Earlier Estimates Previous Estimates Current Estimates Variance (%) Parameter FY13E FY14E FY13E FY14E FY13E FY14E Revenue 35,640 41,078 34,875 39,673 (2.1) (3.4) EBITDA 2,795 3,448 2,557 3,234 (8.5) (6.2) Net Income 1,289 1,681 1,344 1, EPS ROCE (%) (0.50) 0.87 ROE (%) Exhibit 3: Quarterly Performance (Rs Mn) Q2FY12 Q1FY13 Q2FY13 QoQ (%) YoY (%) Total Op. Income 7,008 6,662 7, Operating Costs 6,483 6,316 7, EBIDTA (29.6) (53.7) EBIDTA Margin (%) 7.5% 5.2% 3.3% (36.1) (55.7) Other Income Interest Depreciation Profit Before Tax (58.3) (79.7) Tax (14.4) (57.0) Tax Rate (%) 33.3% 34.4% 70.6% Adj. PAT (81.3) (91.0) Extraordinary Income Rep. PAT
3 October 30, 2012 Financials Exhibit 4: Profit & loss statement (Rs mn) FY10 FY11 FY12 FY13E FY14E Net revenues 22,286 27,408 30,990 34,875 39,673 % Growth Raw Material 16,524 20,947 23,432 26,446 30,037 Staff 972 1,224 1,495 1,682 1,834 Operating Expenses 2,357 2,657 3,692 4,190 4,568 Operating expenses 19,852 24,828 28,619 32,318 36,439 EBIDTA 2,434 2,580 2,371 2,557 3,234 % Growth (8.1) EBIDTA margin (%) Other income Interest Depreciation Profit Before Tax 2,006 2,189 1,759 2,006 2,644 Provision for tax Effective tax rate (%) Adjusted Net Profit 1,253 1,449 1,179 1,344 1,772 % Growth (18.6) Reported Net Profit 1,203 1,399 1,179 1,591 1,772 Exhibit 5: Balance Sheet (Rs. mn) FY10 FY11 FY12 FY13E FY14E Equity capital Reserves & surplus 4,747 5,913 6,799 8,013 9,348 Shareholders funds 4,942 6,111 6,999 8,212 9,547 Short term Loans 1, ,520 1,620 1,900 Long Term Loans Total Loans 1,518 1,165 1,924 1,944 2,159 Deferred tax liability (5) (20) (19) (19) (19) Total Liabilities and Equity 6,457 7,256 8,903 10,136 11,687 Gross block 1,700 2,302 2,721 3,418 4,006 Depreciation ,021 1,182 Net block 1,016 1,533 1,840 2,397 2,825 Capital WIP Investments LT Loans and Advances ,104 Inventory 2,094 2,946 3,552 3,930 4,404 Debtors 7,507 10,654 11,082 12,123 13,394 Cash & Bank Balance Current Assets 11,990 15,749 16,096 17,702 19,641 Sundry Creditors 2,984 4,370 3,820 4,047 4,296 Other current liabilities 3,932 6,022 6,773 7,389 8,088 Current Liabilities 6,916 10,392 10,593 11,436 12,384 Net current assets 5,074 5,357 5,503 6,265 7,257 Total Assets 6,457 7,256 8,904 10,136 11,687 3
4 October 30, 2012 Exhibit 6: Cash Flow Statement (Rs mn) FY10 FY11 FY12 FY13E FY14E EBIT 2,342 2,472 2,246 2,416 3,073 (Inc.)/Dec in working capital (1,645) (345) (953) (802) (1,072) Cash flow from operations 697 2,126 1,293 1,614 2,001 Other income Depreciation Interest paid ( ) (314) (291) (631) (567) (602) Tax paid ( ) (754) (740) (581) (662) (873) Dividends paid ( ) (273) (323) (324) (377) (436) Deferred Tax Liability (37) (15) 1 Extra ordinaries (50) (50) Net cash from operations (609) Capital expenditure ( ) (131) (601) (677) (500) (600) Net cash after capex (740) 271 (629) 53 (177) Inc./(Dec.) in short term borrowing (412) (1,058) 1, Inc./(dec.) in long term borrowing (208) 704 (410) (81) (65) Inc./(dec.) in borrowings (620) (354) (Inc.)/Dec. in investments (50) (0) (75) (3) 14 Equity issue/(buyback) 1, Cash from Financial Activities 955 (297) Others (119) 0 0 Opening cash Closing cash Change in cash 96 (62) Exhibit 7: Key Ratios FY2010 FY2011 FY2012 FY2013E FY2014E Raw Material Cost / Sales (%) Manpower Cost / Sales (%) Operating & Other cost / Sales (%) Revenue Growth (%) EBIDTA Margins (%) Net Income Margins (%) ROCE (%) ROE (%) Exhibit 8: Valuation Parameters FY2010 FY2011 FY2012 FY2013E FY2014E EPS (Rs) P/E (x) BV (Rs) P/BV (x) EV/EBIDTA (x) Fixed assets turnover ratio (x) Debt/Equity (x) EV/Sales (x)
5 Rangachari Muralikrishnan Institutional Equities Team Head Institutional Equities / Research / Strategy muralikrishnan@karvy.com Shridhar Iyer Head Institutional Sales shridhar.iyer@karvy.com K. Anant Rao Head Sales Trading & Derivatives k.anantrao@karvy.com Uday Raval Karvy Inc. USA udayr@karvy.com INSTITUTIONAL RESEARCH Analysts Industry / Sector Desk Phone ID Dwaipayan Poddar Chief Technical Strategist dwaipayan.poddar@karvy.com Hatim Broachwala, CFA Banking hatim.broachwala@karvy.com Jagadishwar Pasunoori, CFA, FRM MidCap jagadishwar.p@karvy.com Manoj Kumar Manish Derivatives and Quant Analyst manojkumar.m@karvy.com Maruti Kadam Automobiles / Metals & Mining maruti.kadam@karvy.com Mitul Shah Automobiles mitul.shah@karvy.com Nishith Sanghvi Pharmaceuticals nishith.s@karvy.com Naveen Trivedi FMCG naveen.trivedi@karvy.com Pallav Agarwal Metals & Mining agarwal.pallav@karvy.com Paresh Jain BFSI paresh.jain@karvy.com Parikshit Kandpal Infra / Real Estate / Strategy parikshit.kandpal@karvy.com Rahul Sharma Pharmaceuticals rahul.sharma@karvy.com Rahul Singh MidCap rahulsingh@karvy.com Rajesh Kumar Ravi Cement & Logistics rajesh.ravi@karvy.com Rupesh Sankhe Power/Capital Goods rupesh.sankhe@karvy.com Vinay Nair Oil & Gas vinaynair@karvy.com INSTITUTIONAL SALES Dinesh Bajaj Sales dinesh.bajaj@karvy.com R. Sriram Sales sriram.rangarajan@karvy.com Shabbir Dahodwala Sales (USA) shabbir@karvy.com Tejash Gandhi Sales tejash.gandhi@karvy.com INSTITUTIONAL SALES TRADING & DEALING Bhavesh Gandhi Institutional Dealer /69 bhavesh.gandhi@karvy.com Prashant Oza Institutional Dealer /71 prashant.oza@karvy.com Parag Shah Sales Trader /65 parag.shah@karvy.com Sriram Jagdish Sales Trader /67 sriram.jagdish@karvy.com Gurdarshan Singh Kharbanda Sales Trader / 69 gurdarshansingh.k@karvy.com PRODUCTION Asim Kumar Mohapatra Editor asim.mohapatra@karvy.com Vishal Randive Database Analyst vishal.randive@karvy.com Vijayalaxmi Moolya Production vijayalaxmi.m@karvy.com
6 Stock Ratings Absolute Returns Buy : > 15% Hold : 5 15% Sell : < 5% For further enquiries please contact: research@karvy.com Tel: Disclosures Appendix Analyst certification The following analyst(s), who is (are) primarily responsible for this report, certify (ies) that the views expressed herein accurately reflect his (their) personal view(s) about the subject security (ies) and issuer(s) and that no part of his (their) compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this research report. Disclaimer The information and views presented in this report are prepared by Karvy Stock Broking Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Stock Broking nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies are required to disclose their individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Stock Broking Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures nor other derivatives related to such securities. Karvy Stock Broking Limited Institutional Equities Office No. 702, 7 th Floor, Hallmark Business Plaza, Opp. Gurunanak Hospital, Mumbai Regd Off : 46, Road No 4, Street No 1, Banjara Hills, Hyderabad Karvy Stock Broking Research is also available on: Bloomberg KRVY <GO>, Thomson Publisher & Reuters.
Syndicate Bank (RHS)
Institutional Equities India Research Banking October 23, 2012 QUARTERLY REVIEW Lower Provisions and Tax Income Bloomberg: SNDB IN Reuters: SBNK.BO reversal props In Q2FY13, s performance came better than
More informationIpca Labs HOLD. Deferment in Generic and Institutional Business Downgrade to HOLD. Pharmaceuticals January 31, Outlook & Valuation:
Institutional Equities India Research Pharmaceuticals January 31, 2013 RESULT REVIEW Bloomberg: IPCA IN Reuters: IPCA.BO HOLD Deferment in Generic and Institutional Business Downgrade to HOLD IPCA s revenues
More informationSun Pharma HOLD. Higher Domestic Push Boosts Topline Maintain HOLD. Pharmaceuticals June 01, 2012 QUARTERLY REVIEW. Outlook & Valuation
Institutional Equities India Research Pharmaceuticals June 01, 2012 QUARTERLY REVIEW Bloomberg: SUNP IN Reuters: SUN.BO HOLD Higher Domestic Push Boosts Topline Maintain HOLD ceuticals Industries () has
More informationAdani Power SELL. Higher Capacity Lifts Revenue; Key Issues Persist Maintain SELL. Power January 28, 2014 RESULT REVIEW. Outlook & Valuation
Institutional Equities India Research Power January 28, 2014 RESULT REVIEW Bloomberg: ADANI IN Reuters: ADAN.BO SELL Higher Capacity Lifts Revenue; Key Issues Persist Maintain SELL For the ninth quarter
More informationExide Industries BUY. Auto Components February 03, Volume Recovery & Cost Saving to Cushion Margins RESULT UPDATE
Feb-14 Mar-14 Apr-14 Jun-14 Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Jan-15 Institutional Equities India Research Auto Components February 03, 2015 RESULT UPDATE Bloomberg: EXID IN Reuters: EXID.BO BUY Volume
More informationMaruti Suzuki (RHS) BUY. Operationally In Line; Reiterate Buy. Automobiles October 31, 2014 RESULT REVIEW. Outlook & Valuation.
Oct13 Dec13 Jan14 Feb14 Apr14 May14 Jun14 Aug14 Sep14 Oct14 India Research Automobiles RESULT REVIEW Bloomberg: MSIL IN Reuters: MRTI.BO BUY Operationally In Line; Reiterate Buy India s (MSIL) Revenue/EBIDTA/PAT
More informationAstra Microwave Products
Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Research Desk Stock Broking Capital Goods - Defence August 4, 2014 RESULT REVIEW Bloomberg: ASTM@IN Reuters: ASTM.BO Results in-line with expectation-maintain
More informationHCC BUY. Infrastructure April 10, QIP step in the right direction EVENT UPDATE. India Research. Bloomberg: HCC IN Reuters: HCNS.
Jan-14 Mar-14 Apr-14 May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 India Research Infrastructure April 10, 2015 EVENT UPDATE Bloomberg: IN Reuters: HCNS.BO BUY QIP step in the right direction has successfully
More informationBloomberg Code: ATA IN
Auto OEM: 3-Wheelers Atul Feb Auto 03, 2015 Ltd India Research Stock Broking Bloomberg Code: ATA IN Stable quarter led by surge in exports volumes (TP revised ) : Operating revenue, EBITDA and PAT grew
More informationSimplex Infrastructures
May-14 Jul-14 Aug-14 Sep-14 Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 India Research Infrastructure May 27, 2015 QUARTERLY REVIEW Bloomberg: SINF IN Reuters: SINF.BO HOLD Working capital ease to improve
More informationAhluwalia Contracts (India)
May-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 Apr-15 May-15 India Research Infrastructure May 22, 215 QUARTERLY REVIEW Bloomberg: AHLU IN Reuters: AHLU.BO BUY Better performance ahead ACIL posted
More informationHindustan Unilever (RHS)
Jul-14 Aug-14 Oct-14 Nov-14 Dec-14 Feb-15 Mar-15 Apr-15 Jun-15 Jul-15 India Research FMCG July 22, 2015 QUARTERLY REVIEW Bloomberg: HUVR IN Reuters: HLL.BO SELL Higher A&P drove volume growth HUL s Q1FY16
More informationCummins India Ltd Bloomberg Code: KKC IN
Company Update Margins Under Pressure; Domestic Recovery Underway Half-yearly revenue was flat; margins were under pressure: Cummins India revenue, EBITDA and PAT for H1FY17 reached to Rs.24,784mn, Rs.4,649mn
More informationFineotex 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
More informationVisaka Industries Ltd
Company Update Superior Product Mix & New Age Markets to Aid Growth New investments to aid growth: Visaka continues to give a good set of numbers. YoY EPS grew at 142% aided by a revenue growth of 1.5%
More informationPunjab National Bank
Nov-14 Dec-14 Jan-15 Mar-15 Apr-15 May-15 Jul-15 Aug-15 Sep-15 Nov-15 India Research Banking November 09, 2015 QUARTERLY REVIEW Bloomberg: PNB IN Reuters: PNBK.BO SELL Asset quality improves but recovery
More informationAmber Enterprises India Ltd
3QFY2019 Result Update Consumer Durable February 16, 2019 Amber Enterprises India Ltd Performance Update (` cr) 3QFY19 3QFY18 % yoy 2QFY19 % qoq Revenue 388.8 338.4 14.9 226.3 71.8 EBITDA 22.1 24.1 (8.2)
More informationSQS India BFSI Ltd HOLD. Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E
Company Update Impact of Macro Headwinds Still Hurting; Revenue from US May Pick up in FY18E EBITDA Margins recovered by 618 bps QoQ: The company has witnessed many challenges over the year FY17 starting
More informationTata Motors BUY. New Products at JLR to Drive Profitability Favorable Exchange to Benefit Going Forward; Automobiles August 29, 2016
Aug15 Oct15 Nov15 Dec15 Feb16 Mar16 Apr16 Jun16 Jul16 Aug16 Institutional Equities India Research Automobiles August 29, 2016 RESULT REVIEW Bloomberg: TTMT IN Reuters: TAMO.BO New Products at JLR to Drive
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 informationHavells India. Q4FY17 Result Update Strong Sales growth; Margins stable. Sector: Consumer Durable CMP: ` 515. Recommendation: BUY
Havells India Q4FY17 Result Update Strong Sales growth; Margins stable Sector: Consumer Durable CMP: ` 515 Recommendation: BUY Market statistics Current stock price (`) 515 Shares O/S (cr.) 62.5 Mcap (`
More informationPower Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy
2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues
More informationColgate-Palmolive. Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,083. Recommendation: HOLD
Colgate-Palmolive Q1FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,083 Recommendation: HOLD Market Statistics Current stock price (`) 1,083 Shares O/S (cr.) 27.2
More informationMahindra & Mahindra Ltd.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 4QFY2018 Result Update Automobile May 30, 2018 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr) 4QFY18 4QFY17
More informationMahindra & Mahindra Ltd.
Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 3QFY2019 Result Update Automobile February 15, 2019 Mahindra & Mahindra Ltd. Performance Update Y/E March (` cr)
More informationColgate-Palmolive. Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin. Sector: FMCG CMP: ` 1,063. Recommendation: HOLD
Colgate-Palmolive Q2FY18 Result Update Volume pressure continues; Soft A&P aids Margin Sector: FMCG CMP: ` 1,063 Recommendation: HOLD Market Statistics Current stock price (`) 1,063 Shares O/S (cr.) 27.2
More informationGillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance
2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings
More informationBajaj Electricals. Institutional Equities. 3QFY15 Result Update
3QFY15 Result Update Institutional Equities Bajaj Electricals 13 February 2015 Reuters: BJEL.BO; Bloomberg: BJE IN Final Phase Of Transition Pain; Retain Buy Bajaj Electricals (BJE) posted 3QFY15 revenue
More informationHavells India. Q4FY16 Result Update In-line result; Consistent improvement in performance. Sector: Consumer Durable CMP: ` 342. Recommendation: BUY
Havells India Q4FY16 Result Update In-line result; Consistent improvement in performance Sector: Consumer Durable CMP: ` 342 Recommendation: BUY Market statistics Current stock price (`) 342 Shares O/S
More informationSwaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE
2QFY18 Result Update Institutional Equities Swaraj Engines 13 November 2017 Reuters: SWAR.BO; Bloomberg: SWE IN Strong Realisation Drives Earnings Growth Swaraj Engines (SEL) 2QFY18 earnings were 5% above
More informationHOLD. Deleveraging story playing out RAMCO CEMENTS. Target Price: Rs 503. Q4 performance
RAMCO S HOLD Target Price: Rs 503 Deleveraging story playing out Ramco Cements total debt reduced by a massive Rs 5 bn to Rs 22 bn in FY16. The company generated total EBITDA of Rs 11.5 bn in FY16 and
More informationVakrangee Ltd BUY. Speciality Retail. Company Update. Aug 07, Vakrangee Ltd. Recommendation (Rs.)
Company Update Speciality Retail Addition of Service Offerings will Ramp up the Business PAT increased by 38.3% YoY on strong revenue growth: During Q1FY18, the revenue stood at Rs. 13047 Mn as against
More informationCMP* (Rs) 208 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) Free Float (%) 65.6 Shares O/S (mn) 630
1QFY18 Result Update July 28,2017 CMP* (Rs) 208 Bloomberg Ticker CROMPTON IN Market Cap. (Rs bn) 130.6 Free Float (%) 65.6 Shares O/S (mn) 630 Channel De-stocking Impairs Top-line; Recovery Ahead Crompton
More informationHavells India. Q3FY17 Result Update Positive surprise; Maintain Buy. Sector: Consumer Durable CMP: ` 376. Recommendation: BUY.
Havells India Q3FY17 Result Update Positive surprise; Maintain Buy Sector: Consumer Durable CMP: ` 376 Recommendation: BUY Market statistics Current stock price (`) 376 Shares O/S (cr.) 62.5 Mcap (` cr)
More informationTTK Prestige. Q2FY18 Result Update Healthy Sales growth; Margins expands. Sector: Consumer Durable CMP: ` 6,145. Recommendation: HOLD
TTK Prestige Q2FY18 Result Update Healthy Sales growth; Margins expands Sector: Consumer Durable CMP: ` 6,145 Recommendation: HOLD Market statistics Current stock price (`) 6,145 Shares O/S (cr.) 1.2 Mcap
More informationCMP (Rs) 775 Upside/ (Downside) (%) (1.4) Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7
2QFY18 Result Update November 23, 2017 Market Cap. (Rs bn) 11.4 Free Float (%) 35.0 Shares O/S (mn) 14.7 High Order Book Provides Revenue Visibility (PMPL) has delivered a healthy performance in 2QFY18.
More informationNTPC Ltd. Results in line with estimates, BUY for attractive valuations. Power. EBITDA margins up at 26% (+700bps QoQ): EBITDA margins
Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 NTPC Ltd 11 May 2012 105 Power Result Review Rating: BUY Current Price: Rs 148 Target Price: Rs 189 Upside:
More informationNear-term pressure, but long-term outlook positive
INDUSTRY IT CMP (as on 2 Nov 2015) Rs 1,812 Target Price Rs 2,050 Nifty 8,051 Sensex 26,559 KEY STOCK DATA Bloomberg ECLX IN No. of Shares (mn) 30 MCap (Rs bn) / ($ mn) 55/843 6m avg traded value (Rs mn)
More 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 informationKEI 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
More informationKEI 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
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 informationColgate-Palmolive. Q3FY17 Result Update Steep decline in Sales; EBITDA margin contraction continues. Sector: FMCG CMP: ` 879. Recommendation: HOLD
Colgate-Palmolive Q3FY17 Result Update Steep decline in Sales; EBITDA margin contraction continues Sector: FMCG CMP: ` 879 Recommendation: HOLD Market Statistics Current stock price (`) 879 Shares O/S
More informationMphasis. 1QFY17 Result Update. Muted quarter, Direct business still weak. Sector: Technology CMP: ` 540. Recommendation: Sell
MphasiS 1QFY17 Result Update Muted quarter, Direct business still weak Sector: Technology CMP: ` 540 Recommendation: Sell Market statistics Current stock price (`) 540 Shares O/S (cr.) 21.0 Mcap (` cr)
More informationMphasis. 1QFY18 Result Update. Margins dip; valuations not supportive. Sector: Technology CMP: ` 614. Recommendation: Sell
MphasiS 1QFY18 Result Update Margins dip; valuations not supportive Sector: Technology CMP: ` 614 Recommendation: Sell Market statistics Current stock price (`) 614 Shares O/S (cr.) 19.3 Mcap (` cr) 11,851
More informationBHEL SELL RESULTS REVIEW 1QFY15 13 AUG CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188
RESULTS REVIEW 1QFY15 13 AUG 2014 BHEL SELL INDUSTRY CAPITAL GOODS CMP (as on 12 Aug 2014) Rs 224 Target Price Rs 188 Nifty 7,727 Sensex 25,881 KEY STOCK DATA Bloomberg/Reuters BHEL IN/BHEL.BO No. of Shares
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 informationPower Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution
2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of
More informationGAIL 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
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 informationParag Milk Foods BUY. Performance Update CMP. `256 Target Price `330. 2QFY2019 Result Update Dairy Products. Investment Period 12 Months
2QFY2019 Result Update Dairy Products November 6, 2018 Parag Milk Foods Performance Update Y/E March (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 573 505 13.7% 549 4.4% EBITDA 58 50 16.3% 60-2.7%
More informationCrompton Greaves. Institutional Equities. 4QFY15 Result Update ACCUMULATE. Overseas Losses Continue; More Business Exits Likely
4QFY15 Result Update Crompton Greaves 29 May 2015 Reuters: CROM.BO; Bloomberg: CRG IN Overseas Losses Continue; More Business Exits Likely The 4QFY15 performance of Crompton Greaves (CGL) was below expectation
More informationResult Update. Sterling Tools. Buy
Sterling Tools Buy Result Update Growth momentum continues Sterling tools (STRT) number were broadly in line with estimates. Margins on a sequential basis have started showing signs of improvement at gross
More informationMaruti Suzuki India BUY. Performance Update. CMP `9,315 Target Price `10,820. 1QFY2019 Result Update Automobile. Historical share price chart
Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 1QFY2019 Result Update Automobile July 27, 2018 Maruti Suzuki India Performance
More informationPidilite Industries Ltd
Company Update De-stocking as an initial response to GST implementation caused subdued performance; Brighter long term business prospects ahead The company has recorded sales of Rs. 16693 Mn in as against
More informationInstitutional Equities
4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account
More informationSanghvi Movers Ltd. Results above estimates. Figure 1: Actual Vs Religare Estimates. Financial highlights. Valuations and Recommendation
Institutional Equity Research Key data 3 June 28 Sector Capital Goods Market Cap Rs9bn/US$.2bn 52 Wk H/L (Rs) 337/15.5 BSE Avg. daily vol. (6m) 4,437 BSE Code 5373 NSE Code SANGHVIMOV Bloomberg SGM IN
More informationColgate-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
More informationJamna Auto Industries
2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were
More informationHavells India. Q1FY18 Result Update Strong Sales growth; Margins decline. Sector: Consumer Durable CMP: ` 467. Recommendation: BUY
Havells India Q1FY18 Result Update Strong Sales growth; Margins decline Sector: Consumer Durable CMP: ` 467 Recommendation: BUY Market statistics Current stock price (`) 467 Shares O/S (cr.) 62.5 Mcap
More informationCMP* (Rs) 242 Upside/ (Downside) (%) 2. Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630
4QFY17 Result Update June 02,2017 Market Cap. (Rs bn) 157 Free Float (%) 65.6 Shares O/S (mn) 630 Decent Performance to Continue; Maintain Crompton Greaves Consumer Electricals (CGCEL) has delivered a
More informationBUY. Efforts on cost cutting paying off RAMCO CEMENTS. Target Price: Rs 435. Key highlights. Key drivers FY15 FY16E FY17E
RAMCO S BUY Target Price: Rs 435 Efforts on cost cutting paying off Q2 EBITDA at Rs 2.8 bn (up 30% YoY) was ahead of our estimates due to lower-than-expected costs. Average costs (excluding freight) declined
More informationGillette India. Institutional Equities. 1QFY18 Result Update
1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance
More informationITC ACCUMULATE. Performance Highlights CMP. `257 Target Price `284. 3QFY2017 Result Update FMCG. Investment Period 12 Months
3QFY2017 Result Update FMCG January 30, 2017 ITC Performance Highlights Quarterly result (Standalone) (` cr) 3QFY17 3QFY16 % yoy 2QFY17 %qoq Revenue 9,248 8,867 4.3 9,661 (4.3) EBITDA 3,546 3,475 2.1 3,630
More informationGarware Wall Ropes ACCUMULATE. Performance Highlights CMP. `550 Target Price `618. 2QFY2017 Result Update Textile. Investment Period 12 months
2QFY217 Result Update Textile November 16, 216 Garware Wall Ropes Performance Highlights Quarterly Data (`cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Revenue 232 214 8.5 225 3.3 EBITDA 4 26 5.9 31 29.4 Margin
More informationBata India BUY. Performance Update. CMP `1,008 Target Price `1,243. 2QFY2019 Result Update Footwear. Historical share price chart.
Nov-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 2QFY2019 Result Update Footwear November 3, 2018 Bata India Performance Update Y/E March (` cr) 2QFY19 2QFY18
More informationAdani Ports & SEZ Rating: Target price: EPS:
Adani Ports & SEZ : price: EPS: Volume traction continues in a seasonally good quarter; maintain Adani Ports & SEZ reported a good quarter with total operating revenues (standalone) of Rs. 8.02bn and PAT
More informationITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%
4QFY18 Result Update Institutional Equities ITC 17 May 2018 Reuters: ITC.NS; Bloomberg: ITC IN Tracking Expectations ITC s growth in 4QFY18 was modest and in line with expectations. On the revenue side,
More informationTTK Prestige Ltd. Result Highlights. Revenue growth of 41% YoY, shows no slowdown yet. OPM at ~15.8%; in line with our estimate
Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 January 12, 212 COMPANY RESULTS REPORT REVIEW TTK Prestige Ltd. Enough steam left BUY Nifty: 4,831; Sensex: 16,38
More informationGoodyear 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
More informationSymphony. Q3FY18 Result Update Strong performance; valuations expensive. Sector: Consumer Durable CMP: ` 1,970. Recommendation: HOLD
Symphony Q3FY18 Result Update Strong performance; valuations expensive Sector: Consumer Durable CMP: ` 1,970 Recommendation: HOLD Market statistics Current stock price (`) 1,970 Shares O/S (cr.) 7.0 Mcap
More informationTimken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy
4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer
More informationResult Update. Atul Auto. Accumulate
Atul Auto Accumulate Result Update Looking out for margin and distribution expansion Atul Auto (ATA) top line growth was in-line with our estimates at ` 1,765 mn but margins were lower due to higher other
More informationITC. 1QFY18 Result Update Higher Excise duty impacts sales; healthy EBITDA margin. Sector: FMCG CMP: ` 289. Recommendation: BUY
ITC 1QFY18 Result Update Higher Excise duty impacts sales; healthy EBITDA margin Sector: FMCG CMP: ` 289 Recommendation: BUY Market statistics Current stock price (`) 289 Shares O/S (cr.) 1216.2 Mcap (`cr)
More informationInox Wind BUY. Performance Highlights. CMP Target Price `242 `286. 4QFY2016 Result Update Capital Goods. 3 year price chart
4QFY216 Result Update Capital Goods May 11, 216 Inox Wind Performance Highlights Quarterly Data (Consolidated) ( ` cr) 4QFY16 4QFY15 % chg (yoy) 3QFY16 % chg (qoq) Total Income 1,829 93 96.6 941 94.2 EBITDA
More informationE&P To Stay Strong; Consumer Segment To Revive
Management Meet Update Institutional Equities Bajaj Electricals 30 August 2017 Reuters: BJEL.BO; Bloomberg: BJE IN E&P To Stay Strong; Consumer Segment To Revive We had a meeting with the management of
More informationBloomberg Code: FNXP IN
Feb 3, 215 Consumer Goods - Non Durable Finolex Industries Feb 3, 215 Ltd India Research Stock Broking Bloomberg Code: FNXP IN Shift in business & backward integration to accelerate growth (FIL) could
More informationTransport Corporation of India
Transport Corporation of India Accumulate Result Update Better numbers with improvement in industry utilisation rate Revenue up by 25.7%YoY to ` 652.5mn; grew 9% QoQ from ` 5,553.1mn. EBITDA grew by 53.6%YoY
More informationWipro. 3QFY17 Result Update. Guidance subdued, maintain Hold. Sector: Technology CMP: ` 474. Recommendation: Hold
Wipro 3QFY17 Result Update Guidance subdued, maintain Hold Sector: Technology CMP: ` 474 Recommendation: Hold Market statistics Current stock price (`) 474 Shares O/S (cr.) 243.1 Mcap (` cr) 115,090 52W
More informationBharat Electronics Ltd
Company Update Excellent Margins Led by Strong Revenue Growth Revenue Analysis: Total order backlog as on Oct 1, 216 stood at Rs. 347 Bn, out of this, export order back log is US$.1 Bn. Incremental orders
More informationGMM Pfaudler Limited BUY. Performance Update CMP. `945 Target Price ` QFY2019 Result Update Industrial Machinery. Investment Period 12 Months
2QFY2019 Result Update Industrial Machinery October 26, 2018 GMM Pfaudler Limited Performance Update Standalone (` cr) Q2FY19 Q2FY18 % yoy Q1FY19 % qoq Net sales 99.2 93.2 29.8% 76.4 6.4% EBITDA 16.0 15.3
More 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 informationMRF. Result Update. Accumulate
Result Update MRF Accumulate Revenue disappoints MRF posted weak topline growth of 8.1% YoY at ` 38.6 bn for the quarter ended along with gross and EBITDA margins of 39.8% and 15.4% respectively. The gross
More informationBata 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
More informationV-Guard Industries. Institutional Equities. Conference-call Update BUY. Sector: White Goods CMP: Rs914 Target Price: Rs1,109 Upside: 21%
Conference-call Update Institutional Equities V-Guard Industries 7 November 214 Reuters: VGUA.NS; Bloomberg: VGRD IN We hosted the conference-call of V-Guard Industries (VIL) on 5 November 214 to discuss
More informationSymphony 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
More informationBlue Star Ltd BUY. Performance Update. CMP Target Price `754 `867. 4QFY2018 Result Update Cons. Durable. 3-year price chart.
May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 4QFY2018 Result Update Cons. Durable May 16, 2018 Blue Star Ltd Performance Update 4QFY18 4QFY17 % chg. (yoy)
More informationCMP* (Rs) 166 Upside/ (Downside) (%) 28 Bloomberg Ticker. NTPC IN Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245
3QFY18 Result Update February 05, 2018 CMP* (Rs) 166 Market Cap. (Rs bn) 1,361 Free Float (%) 37.7 Shares O/S (mn) 8,245 Wage Provisioning, Lower in Plant Availability Impede Earnings Growth has delivered
More informationInstitutional Equities
2QFY18 Result Update Institutional Equities KCP 5 December 2017 Reuters: KCP.BO; Bloomberg: KCPL IN Other Income Drives PAT; High International Coal Price Is Cause For Concern KCP reported a weak set of
More informationNIIT Technologies. 2QFY19 Result Update. Robust revenue visibility, Outlook robust
NIIT Technologies 2QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1199 Recommendation: Buy Market statistics Current stock price (`) 1,199 Shares O/S (cr.) 6.1 Mcap
More informationVoltas. Result Update. Buy. Q4FY18 Result (` Mn) May 21, 2018
Result Update Voltas Buy Softness seen in AC industry in Q4 has also got spilt over into Q1FY19, with unseasonal showers and lower temperatures playing spoilsport. The next seasonally important quarter
More informationHUL. Q4FY17 Result Update Healthy performance, rich valuations. Sector: FMCG CMP: ` Recommendation: Hold
HUL QFY17 Result Update Healthy performance, rich valuations Sector: FMCG CMP: ` 1009 Recommendation: Hold Market Statistics Current stock price (`) 1,009 Shares O/S (cr.) 21. Mcap (`cr) 218,9 52W H/L
More informationGMR Infrastructure. Airport revenues on a thaw, Power awaiting its turn. Q3FY13 Result Update
Airport revenues on a thaw, Power awaiting its turn February 11, 2013 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs19 Target Price Rs21 Implied Upside 10.5% Sensex 19,461 Nifty
More informationFLASH NOTE Welspun India 31 Jan 17
Oct-11 Feb-12 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 FLASH NOTE Welspun India 31 Jan 17 CMP (Rs) 76 TP (Rs) 81 Outperformer Key Figures
More informationCrompton Greaves Consumer Electricals
INDUSTRY APPLIANCES CMP (as on 27 Oct 2017) Rs 219 Target Price Rs 268 Nifty 10,323 Sensex 33,157 KEY STOCK DATA Bloomberg CROMPTON IN No. of Shares (mn) 627 MCap (Rs bn)/(us$ mn) 137/2,106 6m avg traded
More informationGraphite 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
More informationQ4 EARNINGS REPORT Welspun India 25 Apr 17
Dec-11 Apr-12 Aug-12 Dec-12 Apr-13 Aug-13 Dec-13 Apr-14 Aug-14 Dec-14 Apr-15 Aug-15 Dec-15 Apr-16 Aug-16 Dec-16 Q4 EARNINGS REPORT Welspun India 25 Apr 17 CMP (Rs) 94 TP (Rs) 112 Maintain Outperformer
More informationReligare Investment Call
v-17 v-17 Dec-17 Jan-18 Jan-18 Feb-18 Mar-18 Mar-18 Apr-18 May-18 May-18 Jun-18 Jul-18 Aug-18 Aug-18 Sep-18 Oct-18 Oct-18 Q2FY19 Result Update Q2FY19 Result Update BUY CMP (Rs) 282 Target Price (Rs) 321
More informationSkipper. Result Update. Reduce
Result Update Skipper Reduce Muted growth; opportunities from new segments For Q4FY18, the revenue declined 3% YoY to ` 5928mn, grew 4.7% QoQ from ` 5,664mn. EBITDA grew 8% YoY to ` 185mn, grew ~47% QoQ
More informationWipro. 4QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 287. Recommendation: Hold
Wipro 4QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 287 Recommendation: Hold Market statistics Current stock price (`) 287 Shares O/S (cr.) 452.3 Mcap (` cr) 129,927
More information