NIIT TECHNOLOGIES LTD (NIITT)
|
|
- Meryl Lang
- 5 years ago
- Views:
Transcription
1 RESULT UPDATE Dipen Shah Summary table (Rs mn) FY14 FY15E FY16E Sales 23,050 24,948 27,183 Growth (%) EBITDA 3,516 4,135 4,452 EBITDA margin (%) PBT 3,185 3,758 4,127 Net profit 2,307 2,688 2,939 EPS (Rs) Growth (%) CEPS (Rs) BV (Rs/share) Dividend / share (Rs) ROE (%) ROCE (%) Net cash (debt) 2,785 4,838 6,429 NW Capital (Days) P/E (x) P/BV (x) EV/Sales (x) EV/EBITDA (x) Source: Company, Kotak Securities - Private Client Research NIIT TECHNOLOGIES LTD (NIITT) PRICE: RS.409 RECOMMENDATION: BUY TARGET PRICE: RS.467 FY16 PE: 8.4X NIITT's operational results were below estimates. The flat% CC revenue growth in services was lower than what we had expected. A ramp-down in one of the large T&T accounts as well as milestone slippage in a AAI (Airport Authority of India) project, impacted growth. Services margins were lower largely due to the slack revenue growth. The management (under Mr. Sudhir Chaturvedi) is now focusing more on the high growth and high margin businesses, which should bode well for the future. The order bookings have been encouraging at $144mn. In 3Q, NIITT had won a 10-year $300mn renewal deal from one of its large clients, which provides comfort on the company's market positioning as far as large deals are concerned. Expected improvement in profitability of GIS / Morris and improved growth projections by IATA bode well for the prospects of NIITT. Our FY15E and FY16E EPS stand at Rs.44.3 (Rs.41.8) and Rs.48.5, respectively. We assume the rupee to average 60 / USD in FY15 and FY16. Our DCF - based price target stands at Rs.467 (Rs.410) on improved medium-term growth prospects and margins. The stock has remained ranged post 3Q numbers. We recommend BUY (ACCUMULATE). The company will have net cash of about Rs.106 per share by FY16 end, as per our estimates. 4QFY14 results (Rs mn) 3QFY14 4QFY14 % Chg 4QFY13 % Chg Income Expenditure Operating Profit Depreciation Gross Profit Interest Other Income PBT Tax PAT Minority interest Adjusted PAT Shares (mns) EPS (Rs) Margins OPM (%) GPM (%) NPM (%) Source : Company Services revenue growth lower than estimates NIITT reported almost flattish revenues QoQ. Revenues from bought-outs were flat at Rs.230mn sequentially.. The services revenues were flat as well QoQ and were also below our estimates (excluding the hedging losses). This follows a 3.6% CC growth in 3QFY14, which was a seasonally weak quarter. Kotak Securities Limited has two independent equity research groups: Institutional Equities and Private Client Group. This report has been prepared by the Private Client Group. The views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, target price of the Institutional Equities Research Group of Kotak Securities Limited. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 2
2 4Q growth was impacted by a scale-down in one of the large T&T customers, which is undergoing an organizational reorganization process (access to capital markets, etc). We understand that, this impacted revenues by a couple of million dollars. Moreover, in the domestic market, the revenue recognition and milestone recognition in one of the large accounts (AAI) was pushed to 1QFY15. Consequently, revenues from T&T as well as from Rest of World geography fell QoQ. Prospects of T&T good; BFSI remains impacted Within T&T, the airlines vertical has seen stable spending trends, we understand. According to the management, IATA has indicated that, growth in 2014 would also be better v/s 2013 and it will be the second successive year of improving profitability for the industry. NIIT has been able to win market share from larger incumbents, both local and global, which should help improve revenue growth in future quarters. On the other hand, within BFSI, Insurance had a subdued quarter. The insurance vertical in Europe remains impacted. Consequently, NIITT's revenues from that business has been impacted. The business has not recovered fully as yet and is expected to do so only over FY15. Thus, ROOM (NIITIT) has seen flat revenues for the fourth successive quarter at about Rs.410mn. Consolidated margins were at about 13% as against 18% in 3Q. Thus, the vertical remains challenged for NIITT. NIITT is now taking this business global with new contracts already gained in US and ME. The company has gained one large order in US. We note that, revenues have stabilized in past four quarters. However, we are concerned by the consistent underperformance of this vertical. While NIITT has been witnessing some challenges in the large BFS accounts, the smaller accounts have continued to scale up. The company has been indicating traction from smaller clients in BFS segment (Tower Group, Bankers' Insurance, etc) as well as in some other verticals. These smaller companies are increasingly looking to outsource and off-shore with a view to reduce costs. If spending from BFS improves, NIITT may also see demand rising from this vertical. Insurance is expected to recover in a couple of quarters for NIITT. Mr.Sudhir Chaturvedi has come on board now and he should be able to rev up growth in this vertical. He is a senior hand in the Financial Services vertical. He last served in Infosys as Senior VP and Head of Financial Services Americas Business Unit. Sharper focus on growth markets and higher margin businesses Under Mr. Sudhir Chaturvedi, NIITT is sharpening its focus on growth markets as well as on relatively higher margin businesses. We understand that, NIITT is now increasing its focus on the US markets, which currently contributes about 45% to the revenues as against about 60% for the industry. The company plans to increase contribution from US. Thus, the platforms / solutions of NIITIT will now be targeted at customers in US Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 3
3 as compared to the earlier focus on European markets only. On the other hand, it will go slow on the domestic business, which has higher hardware content and hence, lower margins. Thus, we may see the order wins in the domestic market dwindling. In addition to this, NIITT will be deepening its presence as well as expertise in the T&T vertical, where it is one of the leading players from India. We understand that, it is the largest in this vertical after TCS. Apart from the above, NIITT plans to lay more stress on the IMS business, where it does not have any major presence. This is more with a view of filling up the service gaps which are present in the company's portfolio and offer an integrated solutions approach to the client. We believe that, in a rising demand scenario, focusing on growth markets will yield results and should also lead to better margins. However, the company should guard against over-dependence on one segment or geography. Based on the current revenue profile, we believe that, the company does not run this risk in the immediate future. GIS margins improve / Morris flattish GIS revenues were seasonally strong at about Rs.310mn (Rs.233mn in 3Q). The profitability for this business has jumped significantly with margins coming in at about 27% as against 13% in 3Q. However, we do expect the revenues and margins to moderate in the next quarter as the benefit of seasonality ebbs. In FY13, GIS business had faced overruns in one APDRP program, which has led to a collapse in margins from >20% to negative 7%. In 3Q, the company had put in additional efforts to conclude the work by 4QFY13. The company plans to take up the margins to between 15% - 20% in due course of time. Revenues from Morris (NIIT Media Technologies) were at Rs.382mn (Rs.376mn in 3Q). Margins were about 13% v/s 11.3% QoQ. Margins were lower in 3Q because of the higher on-site component and employee addition during the quarter. Order book addition - higher One of the positive aspects of the results was the order flow. The order booking of the quarter was at $144mn. We note that, the company has now moved on to a higher trajectory of order bookings over the past few quarters and the same will help future revenue growth. The company has been consistently adding orders worth $70mn - $90mn over the past few quarters and now expects this number to stabilize at about $125mn per quarter. The $144mn order booking is as compared to $377mn in 3Q and $84mn in 2Q. In 3Q, NIITT had announced the win of a 10-year $300mn deal from one of its large clients. The deal was won in a vendor rationalization program of the client and includes enhancement, support, maintenance and operations of an existing platform of the client. NIITT will also be providing services related to development and implementation of the new platform. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 4
4 The deal is a renewal of an existing deal and will bring in additional revenues to the tune of 10%. However, the management has indicated that, the client has already consolidated vendors and hence, further business could come to NIIT, which was earlier going to other vendors. This could lead to more orders in the future quarters. Also, the win of a large order reflects the improved positioning of the company in the market place. We note that, with the reduced focus on domestic hardware-oriented business, order flows may see some moderation in the near term. Non-linear initiatives - pressured due to NIIT Insurance Technologies Non-linear initiatives continue to form about 24% of overall revenues in 4QFY14. This includes 3% from Non-linear BPO, 12% from Managed Services and 9% from IP assets. This is largely due to the fact that, revenues from NIIT Insurance Technologies (Room) have remained impacted. With revenues from new deals like Morris and Eurostar scaling up, we expect non-linear revenues to grow as a proportion of revenues over the next few quarters. The company has various platforms for the insurance vertical - Subscribe (ROOM), airlines vertical (revenue accounting) and cargo business (through partners). The platform based services should gather steam in the future quarters (with ROOM's platform gaining traction) while the IMS business is also expected to contribute more. The company has also launched the SaaS initiative and the Cloud initiative. The company has already won customers in Asia Pac and the practice should scale up over the next few quarters. These non-linear initiatives are expected to help the company restrict impact on margins due to salary hikes and potential rupee appreciation, if any. Employee count increased The number of employees increased by about 130 QoQ. Utilisation rate fell by about 110bps to 77.3% in 4Q. We believe that, the company can increase the utilization rates, albeit marginally, from the current levels. Margins lower QoQ EBIDTA margins were down by about 115bps QoQ. The hedging loss at Rs.70mn was similar to 3Q figure of Rs.80mn. The hardware revenues were also at 3Q levels of Rs.230mn. However, because of forex fluctuation, margins in the hardware business were impacted significantly. On the services front also, margins were impacted by the slack revenue growth. Moreover, the company has already incurred the expenditure on the AAI project without corresponding revenues. About 40% of NIITT's on-site employees are either US citizens (35%) or have Green Cards. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 5
5 Margins are expected to improve going ahead, as profitability of GIS, NIITIT and Morris improves QoQ. NIITT had forex loss of Rs.65mn as against loss of Rs.79mn in 3Q. NIITT had investment income of Rs.34mn in 4QFY14 (Rs.3mn in 3QFY14). The yields are relatively lower (cash / equivalents of Rs.2.87bn) likely due to higher amounts in current accounts / foreign accounts / liquid funds. Better allocation may lead to higher yields for the company. The receivables days have come down to 89 after having increased to 96 in 3Q. The rise in 3Q was due to the non-receipt of funds from the Government. Future prospects We expect revenues to grow by 8.2% YoY in FY15 and by 9% in FY16. Rupee is assumed to average 60/USD in FY15 / FY16. Margins are expected to rise slightly over FY14. The prime reasons are the reduced hedging losses in revenues, higher utilization levels and improved margins in Morris/NIITIT/GIS. With the rupee volatility expected to reduce, hedging losses are expected to be lower. Salary increments and increased S&M expenses are expected to restrict the improvement. PAT is, thus, expected to grow to Rs.2.69bn in FY15 and Rs.2.94bn in FY16, leading to EPS of Rs.44.3 and Rs.48.5, respectively. We recommend BUY on NIIT Technologies with a price target of Rs.467 Valuations and recommendation In our DCF model, we have incorporated a benign operating environment in our near term assumptions for the company. A WACC of 14% and terminal growth of 1% leads us to a fair value of Rs.467 for the stock, on a one-year FW basis. At those levels the stock will quote at about 9.6x FY16 earnings, which is reasonable, in our view. The stock has remained range-bound in the recent few weeks in line with the overall sector. We now recommend BUY (ACCUMULATE), looking at the upside from current levels. The company will have net cash of about Rs.106 per share by FY16 end, as per our estimates. Concerns Rupee appreciation beyond our assumed levels could provide a downward bias to our earnings estimates. A delayed recovery in major global economies could impact growth prospects of NIITT. Kotak Securities - Private Client Research Please see the disclaimer on the last page For Private Circulation 6
NIIT TECHNOLOGIES LTD (NIITT)
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 NIIT TECHNOLOGIES LTD (NIITT) PRICE: RS.394 RECOMMENDATION: REDUCE TARGET PRICE: RS.396 FY16E P/E: 10.9X NIITT's operational results were
More informationTATA CONSULTANCY SERVICES LTD (TCS)
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 TATA CONSULTANCY SERVICES LTD (TCS) PRICE: RS.1104 RECOMMENDATION: BUY TARGET PRICE: RS.1241 FY13E P/E: 16.9X TCS' 3Q operating results were
More information'New and Renew' has seen significant progress
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 Summary table (Rs mn) FY15 FY16E FY17E Sales 533,190 620,910 695,150 Growth (%) 6.4 16.5 12.0 EBITDA 138,320 155,826 178,835 EBITDA margin
More information3QFY16 results - Better than estimates
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 NIIT LTD (NIIT) PRICE: RS.79 RECOMMENDATION: BUY TARGET PRICE: RS.92 FY17E P/E: 11.1X NIIT's 3QFY16 performance was better than our expectations,
More informationRevenues flat QoQ; in line with guidance
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 KPIT CUMMINS PRICE: RS.115 RECOMMENDATION: BUY TARGET PRICE: RS.139 FY14E P/E: 9.3X KPIT's 3QFY13 results were marginally lower than estimates
More information4QFY16 results - Mixed bag. NIIT's 4Q revenues beat estimates but margins disappointed
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6218 5409 NIIT LTD (NIIT) PRICE: RS.84 RECOMMENDATION: BUY TARGET PRICE: RS.96 FY18E P/E: 10.3X NIIT's 4QFY16 performance was a mixed bag for us with
More informationStandalone result highlights. Standalone Quarterly performance (Rs mn)
RESULT UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6621 6143 TATA MOTORS (TAMO) PRICE: RS.364 RECOMMENDATION: BUY TARGET PRICE: RS.423 FY15E P/E: 7.0X On a consolidated basis, TAMO's 3QFY14 results
More informationNIIT Technologies. 4QFY17 Result Update. Robust revenue visibility, Margin expansion story intact. Sector: Technology CMP: `471. Recommendation: Buy
NIIT Technologies 4QFY17 Result Update Robust revenue visibility, Margin expansion story intact Sector: Technology CMP: `471 Recommendation: Buy Market statistics Current stock price (`) 471 Shares O/S
More informationBAJAJ AUTO LIMITED (BAL)
COMPANY UPDATE Arun Agarwal arun.agarwal@kotak.com +91 22 6621 6143 BAJAJ AUTO LIMITED (BAL) PRICE: RS.1921 RECOMMENDATION: BUY TARGET PRICE: RS.2239 FY15E P/E: 13.7X BAL's performance in the domestic
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 informationNIIT Technologies Ltd. (NIIT Tech)
Result Update October 17, 2012 NIIT Technologies Ltd. (NIIT Tech) In-line Performance; Forex loss haunted net margin: Maintain Buy CMP : Rs.286 Reco : BUY Target : Rs.345 STOCK INFO BSE 532541 NSE NIITTECH
More informationNIIT Technologies. Financial Performance Q4FY14. May 9, NIIT Technologies
NIIT Technologies Financial Performance Q4FY14 May 9, 2014 Outline Financial Highlights FY14 Q4FY14 Business Update Financial Statements Income Statement Balance Sheet Business Analysis Financial Highlights
More information2013 NIIT Technologies. Financial Performance Q1FY14
Financial Performance Q1FY14 Outline Financial Highlights Business Update Financial Statements Income Statement Balance Sheet Business Analysis Shareholding Pattern Financial Highlights Q1FY14 Consolidated
More informationNIIT Technologies. Source: Company Data; PL Research
Improvement in revenue trajectory is key positive October 22, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs614 Target Price Rs670 Implied Upside 9.1% Sensex 32,584 Nifty
More informationNIIT Technologies. NEUTRAL Higher capex weighing on FCF RESULTS REVIEW 2QFY15 16 OCT 2014
RESULTS REVIEW 2QFY15 16 OCT 2014 NIIT Technologies NEUTRAL INDUSTRY IT SERVICES Higher capex weighing on FCF CMP (as on 14 Oct 2014) Rs 394 Target Price Rs 406 Nifty 7,864 Sensex 26,349 KEY STOCK DATA
More informationNIIT Technologies. 3QFY19 Result Update. Robust revenue visibility, Outlook robust
NIIT Technologies 3QFY19 Result Update Robust revenue visibility, Outlook robust Sector: Technology CMP: `1227 Recommendation: Buy Market statistics Current stock price (`) 1,227 Shares O/S (cr.) 6.1 Mcap
More informationEconomy News. Corporate News NOVEMBER 1, 2011
NOVEMBER 1, 2011 Economy News The Government's fiscal deficit in the just ended first six months has exceeded 70 per cent of the Budget target, according to the Controller General of Accounts (CGA). The
More informationCASTROL INDIA LTD. (CIL)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 Summary table (Rs mn) CY11E CY12E CY13E Sales 29,816 31,948 33,984 Growth (%) 9.0 7.1 6.4 EBITDA 6,698 8,054 10,304 EBITDA Margin
More informationNIIT Technologies Ltd. 15 th February, 2016 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY NIIT Technologies Ltd. 15 th February, 2016 BUY CMP Target Price Rs.500.95 Rs.645.00 BSE Code 532541 Market Cap (Rs Cr.) 3065.81 52 Week
More informationInfosys. 3QFY19 Result Update. Decent quarter; Strong deal wins. Sector: Technology CMP: ` 684. Recommendation: Buy
Infosys 3QFY19 Result Update Decent quarter; Strong deal wins Sector: Technology CMP: ` 684 Recommendation: Buy Market statistics Current stock price (`) 684 Shares O/S (cr.) 436.9 Mcap (` cr) 298,684
More informationPrevious Recommendation: Neutral QUARTERLY PERFORMANCE (INDIAN GAAP)
Results Update SECTOR: INFORMATION TECHNOLOGY Infosys Technologies STOCK INFO. BSE Sensex: 13,504 S&P CNX: 4,004 BLOOMBERG INFO IN REUTERS CODE INFY.BO Previous Recommendation: Neutral Neutral Rs1,727
More informationPETRONET LNG LTD. (PLNG)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 PETRONET LNG LTD. (PLNG) PRICE: RS.165 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.180 FY14E P/E: 10X Good show: Higher marketing
More informationGUJARAT STATE PETRONET LTD (GSPL)
RESULT UPDATE MORNING INSIGHT Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 Summary table (Rs mn) FY17 FY18E FY19E Sales 10,276 12,210 12,945 Growth (%) 3.6 18.8 6.0 EBIDTA 8,883 10,638 11,284
More informationTech Mahindra. 1QFY18 Result Update. Steps in the right direction, compelling valuation. Sector: Technology CMP: ` 385. Recommendation: Buy
Tech Mahindra 1QFY18 Result Update Steps in the right direction, compelling valuation Sector: Technology CMP: ` 385 Recommendation: Buy Market statistics Current stock price (`) 385 Shares O/S (cr.) 97.5
More informationWipro. 3QFY18 Result Update. Still not of the woods, maintain Hold. Sector: Technology CMP: ` 328. Recommendation: Hold
Wipro 3QFY18 Result Update Still not of the woods, maintain Hold Sector: Technology CMP: ` 328 Recommendation: Hold Market statistics Current stock price (`) 328 Shares O/S (cr.) 452.3 Mcap (` cr) 148,571
More informationNIIT Technologies. Source: Company Data; PL Research
Third Consecutive quarter of strong execution January 20, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs728 Target Price Rs875 Implied Upside 20.2% Sensex 35,512 Nifty 10,895
More informationKPIT. 1QFY18 Result Update. Profitability does it again, looking for sustenance. Sector: Technology CMP: ` 130. Recommendation: Hold
KPIT 1QFY18 Result Update Profitability does it again, looking for sustenance Sector: Technology CMP: ` 130 Recommendation: Hold Market statistics Current stock price (`) 130 Shares O/S (cr.) 19.7 Mcap
More information2014 NIIT Technologies. July 15, 2014
July 15, 2014 Outline Financial Highlights Business Update Financial Statements Income Statement Balance Sheet Business Analysis 2014, NIIT Technologies Limited Financial Highlights for Q1 FY15 Consolidated
More informationCONTAINER CORPORATION OF INDIA (CONCOR)
RESULT UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 CONTAINER CORPORATION OF INDIA (CONCOR) PRICE: RS.1210 RECOMMENDATION: BUY TARGET PRICE: RS.1660 FY17E P/E: 18.2X Concor reported weak
More informationRecommendation HOLD Results in line with our expectations CMP (15/10/2010) Rs Target Rs Sector
Recommendation HOLD Results in line with our expectations CMP (15/10/2010) Rs. 3212 Target Rs. 3208 Sector IT & Software BSE Code NSE Code Bloomberg Code Market Cap (Rs. cr) Free Float (%) 52- wk HI/Lo
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 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 informationFinancial Performance Q1FY19 Jul 18, 2018
Financial Performance Q1FY19 Jul 18, 2018 1 Agenda Financial Highlights Business Update Financial Statements Income Statement Balance Sheet Business Analysis Shareholding Pattern 2 Financial Highlights
More informationKey highlights for the year
Recommendation Not Rated Snapshot CMP (26/04/2010) Rs. 693 Sector IT & Software Stock Details BSE Code NSE Code Bloomberg Code Market Cap (Rs. Crs) Free Float (%) 52- wk HI/Lo Avg. volume BSE (Quarterly)
More informationFINANCIAL RESULTS Q3 FY18. January 23, 2018
FINANCIAL RESULTS Q3 FY18 January 23, 2018 2 Environment Growth in advanced economies strengthened in 2017, helped by a increase in capital spending and exports. The recovery has been led by Europe. (World
More informationSource: Company Data; PL Research
Soft performance; Organization restructuring on the cards January 21, 2011 Shashi Bhusan shashibhusan@plindia.com +91 22 66322300 Rating Accumulate Price Rs456 Target Price Rs550 Implied Upside 20.6% Sensex
More informationKPIT Cummins ACCUMULATE. Performance Highlights CMP. `121 Target Price `132. 2QFY2013 Result Update IT. Investment Period 12 Months
2QFY2013 Result Update IT October 29, 2012 KPIT Cummins Performance Highlights (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) Net revenue 567 538 5.4 325 74.5 EBITDA 95 81 16.4 44 113.1 EBITDA margin
More informationTech Mahindra Ltd 21 st September, 2013 BUY
Company Report BROKING DEPOSITORY DISTRIBUTION FINANCIAL ADVISORY Tech Mahindra Ltd 21 st September, 2013 BUY CMP Target Price Rs.1298.60 Rs.1650.00 Tech Mahindra is a global systems integrator and business
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 informationDOLLAR INDUSTRIES LTD
SECTOR REPORT June 3, 217 Pankaj Kumar pankajr.kumar@kotak.com +91 22 6218 6434 DOLLAR INDUSTRIES LTD PRICE: RS.21 RECOMMENDATION: NOT RATED Dollar Industries Limited was promoted by Dindayal Gupta under
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 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 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 informationTech Mahindra ACCUMULATE. Performance Highlights CMP. `955 Target Price `1,070. 2QFY2013 Result Update IT. Investment Period 12 months
2QFY2013 Result Update IT November 5, 2012 Tech Mahindra Performance Highlights (` cr) 2QFY13 1QFY13 % chg (qoq) 2QFY12 % chg (yoy) Net revenue 1,631 1,543 5.7 1,333 22.4 EBITDA 338 330 2.3 204 65.4 EBITDA
More informationKPIT CUMMINS INFOSYSTEMS Ltd.
KPIT CUMMINS INFOSYSTEMS Ltd. Technology Co with Focus on R&D Attractive Valuations 30 th April-2013 Buy Rating with TP `128 Upside 23% 1 KPIT Cummins Infosystems Ltd Stock Data No. of shares : 19.28 cr
More informationCMP: INR401 TP: INR516 Buy. * After ESOP charges; # Axon consolidated in December 2008
19 October 2011 1QFY12 Results Update Sector: Technology BSE SENSEX S&P CNX 16,748 5,038 Bloomberg HCLT IN Equity Shares (m) 700.9 52-Week Range (INR) 528/360 1,6,12 Rel. Perf. (%) 4/-1/7 M.Cap. (INR b)
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 informationBUY. NIIT TECHNOLOGIES LTD Result Update (PARENT BASIS): Q2 FY16 SYNOPSIS. CMP Target Price OCTOBER 17 th, 2015
BUY CMP 493.05 Target Price 560.00 NIIT TECHNOLOGIES LTD Result Update (PARENT BASIS): Q2 FY16 OCTOBER 17 th, 2015 ISIN: INE591G01017 Index Details Stock Data Sector IT Consulting & Software BSE Code 532541
More informationBajaj Auto Ltd. CMP: Rs.1426 Recommendation: Buy Target Price: Rs March. 1 P age. 21 st July Key Data Financial Year End
CMP: Rs.1426 Recommendation: Buy Target Price: Rs.1593 Key Data Financial Year End March Market Cap (Rs. Cr.) 41,241 Market Cap (USD Bn.) 9.2 Free Float Factor 0.49 52 Week H/L 1664.5/1189.6 Avg. 12M volumes
More informationNIIT Technologies. Analyst Meet Update. Non-linearity to boost revenues, margins. Sector: Technology CMP: `496. Recommendation: Buy
NIIT Technologies Analyst Meet Update Non-linearity to boost revenues, margins Sector: Technology CMP: `496 Recommendation: Buy Market statistics Current stock price (`) 496 Shares O/S (cr.) 6.1 Mcap (`
More informationNIIT Technologies. Financial Performance Q2FY15. October 15, NIIT Technologies
NIIT Technologies Financial Performance Q2FY15 October 15, 2014 Outline Financial Highlights Business Update Financial Statements Income Statement Balance Sheet Business Analysis 2014, NIIT Technologies
More informationHinduja Global Solutions Ltd.
May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15. Volume No.. I Issue No. 18 Hinduja Global Solutions Ltd. May 20 th, 2015 BSE Code: 532859 NSE Code: HGS Reuters
More informationHexaware. 4QCY18 Result Update. Margin miss, rich valuations. Sector: Technology CMP: ` 322. Recommendation: Hold
Hexaware 4QCY18 Result Update Margin miss, rich valuations Sector: Technology CMP: ` 322 Recommendation: Hold Market statistics Current stock price (`) 322 Shares O/S (cr.) 29.7 Mcap (` cr) 9,589 52W H/L
More informationAXIS BANK PRICE: RS.581 TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X
RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.581 RECOMMENDATION: BUY TARGET PRICE: RS.685 FY17E P/E: 13.7X, P/ABV: 2.5X Q1FY16 results: Marginal uptick in fresh
More informationTech Mahindra. 4QFY17 Result Update. Short term blip, compelling valuation. Sector: Technology CMP: ` 429. Recommendation: Buy
Tech Mahindra 4QFY17 Result Update Short term blip, compelling valuation Sector: Technology CMP: ` 429 Recommendation: Buy Market statistics Current stock price (`) 429 Shares O/S (cr.) 97.1 Mcap (` cr)
More informationTVS Motor. Neutral. Cautious on sustainability of outperformance. October 25, Good quarter, in-line with our expectations
October 25, 2013 Neutral TVS Motor Industry: Auto and Auto Components Industry View: Neutral l Result Update Cautious on sustainability of outperformance Good quarter, in-line with our expectations In
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 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 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 informationKey Highlights. YoY (% change) Q1FY10. QoQ % Particulars 2Q FY10 2Q FY09 Realizations per tone 31,899 53,436-40% 30,462 5% Source: Company
29th October, 2009 Key Data INR CMP 743 Target Price 646 Earlier target price 481 Bloomberg Code JSTL IN Reuters Code JSTL.BO BSE Code 500228 NSE Code JSWSTEEL Face Value (INR) 10 Market Cap (INR bn) 142
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 informationFINANCIAL RESULTS. FY18 May 16, 2018
FINANCIAL RESULTS FY18 May 16, 2018 Environment The global economic upswing has become broader and stronger. With financial conditions still supportive, global growth is expected to improve to 3.9 percent
More informationMarico Kaya BUY RESULTS REVIEW 4QFY15 29 APR 2015
RESULTS REVIEW 4QFY15 29 APR 2015 Marico Kaya INDUSTRY FMCG CMP (as on 28 Apr 2015) Rs 1,635 Target Price Rs 1,823 Nifty 8,240 Sensex 27,226 KEY STOCK DATA Bloomberg MAKA IN No. of Shares (mn) 13 MCap
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 informationTata Consultancy Services (TCS)
Jan-16 Jun-16 Nov-16 Apr-17 Sep-17 Feb-18 Jul-18 Dec-18 3QFY2019 Result Update IT January 11, 2019 Tata Consultancy Services (TCS) Performance highlights (` cr) 3QFY19 2QFY19 % chg (QoQ) 3QFY18 % chg (yoy)
More informationFINANCIAL RESULTS Q1 FY17 July 26, 2016
FINANCIAL RESULTS Q1 FY17 July 26, 2016 Environment 2 Global geo-political and economic uncertainty continues. Britain s surprise vote to leave the European Union weighs on consumer confidence and investor
More informationMindTree Ltd. Investment Rationale. For private circulation only. October 7 th, Volume No. I. Issue No. 43
Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15. Volume No. I. Issue No. 43. MindTree Ltd. October 7 th, 2015 BSE Code: 532819 NSE Code: MINDTREE Reuters Code:
More informationGraphite India BUY. Performance Highlights CMP. `93 Target Price `124. 4QFY2012 Result Update Capital Goods. Investment Period 12 Months
4QFY2012 Result Update Capital Goods May 11, 2012 Graphite India Performance Highlights Y/E March (` cr) 4QFY2012 3QFY2012 % chg (qoq) 4QFY2011 % chg (yoy) Net sales 452 437 3.5 304 48.6 EBITDA 83 90 (7.7)
More informationFINANCIAL RESULTS Q1 FY 19. July 26, 2018
FINANCIAL RESULTS Q1 FY 19 July 26, 2018 2 Environment Global GDP growth outlook remains strong at 3.9 percent in both 2018 and 2019, but expansion is becoming less even. Near term momentum has picked
More informationCrisil. Institutional Equities. 3QCY17 Result Update ACCUMULATE. Weak SME Rating Revenues & Currency Movement Play Spoilsport
3QCY17 Result Update Institutional Equities Crisil 18 October 2017 Reuters: CRSL.BO; Bloomberg: CRISIL IN Weak SME Rating Revenues & Currency Movement Play Spoilsport Crisil s 3QCY17 performance was below
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 informationVOLTAS LTD PRICE: RS.154 RESULT UPDATE. Numbers are ahead of expectations on account of all-round margin expansion.
RESULT UPDATE Sanjeev Zarbade sanjeev.zarbade@kotak.com +91 22 6621 6305 VOLTAS LTD PRICE: RS.154 RECOMMENDATION: BUY TARGET PRICE: RS.185 FY10E P/E: 15.8X Numbers are ahead of expectations on account
More informationLarsen & Toubro Ltd.
Reasonably Priced Salient features of the IPO: Larsen and Toubro Infotech Ltd. (L&TIL) is a global IT services and solutions company. Incorporated in 1996, it is headquartered in Mumbai, India. The company
More informationCMP* (Rs) 289 Upside/ (Downside) (%) 18. Market Cap. (Rs bn) 30 Free Float (%) 69 Shares O/S (mn) 105
3QFY18 Result Update February 08, 2018 CMP* (Rs) 289 Market Cap. (Rs bn) 30 Free Float (%) 69 Shares O/S (mn) 105 IITS Revenue Continues to Remain Buoyant; Margin Growth Heartening In-line with our estimate,
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 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 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 informationAXIS BANK PRICE: RS.1422 TARGET PRICE: RS.1535 FY14E P/E: 10.0X, P/ABV: 1.9X
RESULT UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 AXIS BANK PRICE: RS.1422 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.1535 FY14E P/E: 10.0X, P/ABV: 1.9X Q3FY13 results: Earnings marginally
More informationPhillips Carbon Black Ltd
4 Recommendation BUY Snail Pace Recovery CMP (06/02/2013) Rs. 85 Target Price Rs. 110 Sector Stock Details Carbon Black BSE Code 506590 NSE Code Bloomberg Code PHILIPCARB PHCB IN Market Cap (Rs crs) 293
More informationSector Update > Q4FY2016 earnings preview
IT sector update Sector Update > FY2016 earnings preview Soft quarter, cross-currency headwinds add to woes Visit us at www.sharekhan.com April 06, 2016 FY2016 result expectations Soft quarter, affected
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 informationKPR Mills Ltd 1QFY18 Result Update Target: Rs 944. Textile revenue impacted by slowdown due to GST, recovery from 2QFY18 onwards
KPR Mills Ltd 1QFY18 Result Update Target: Rs 944 Previous Rating: Accumulate Current Rating: Accumulate Textile revenue impacted by slowdown due to GST, recovery from 2QFY18 onwards CMP (Rs) 806 Target
More informationNIIT Limited. Financial Results Q1FY 13. July 25,2012
1 NIIT Limited Financial Results Q1FY 13 July 25,2012 Environment Global economies under continued stress Indian economy continues to be weighed down by both global and local headwinds; Consensus GDP growth
More informationOIL INDIA LTD (OINL) PRICE: RS.615 TARGET PRICE: RS.685 FY16E P/E: 8.4X. Key developments: COMPANY UPDATE
COMPANY UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 OIL INDIA LTD (OINL) PRICE: RS.615 RECOMMENDATION: BUY TARGET PRICE: RS.685 FY16E P/E: 8.4X We expect Oil India Ltd (OINL) to likely
More informationGE SHIPPING COMPANY (GESCO)
COMPANY UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 GE SHIPPING COMPANY (GESCO) PRICE: RS.312 RECOMMENDATION: BUY TARGET PRICE: RS.380 FY15E P/E: 6.5X Shipping markets have stabilized -
More informationInfosys. 4QFY18 Result Update. Decent quarter; margin guidance disappoints
Infosys 4QFY18 Result Update Decent quarter; margin guidance disappoints Sector: Technology CMP: ` 1169 Recommendation: Buy Market statistics Current stock price (`) 1169 Shares O/S (cr.) 218.4 Mcap (`
More informationPhillips Carbon Black Ltd
4 Recommendation BOOK PROFITS Pain not yet over CMP (09/02/2015)* Rs. 131 Phillips Carbon Black (PCB) reported results in line with expectations; with EBITDA margins at 10.0% vs 9.3% in Q2FY15. The company
More informationTata Consultancy Services (TCS)
Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 1QFY2018 Result Update IT July 18, 2017 Tata Consultancy Services
More informationPunjab National Bank
4QFY15 Result Update Institutional Equities Punjab National Bank 11 May 2015 Reuters: PNB.BO; Bloomberg: PNB IN Asset Quality Disappointment Continues Punjab National Bank (PNB) posted dismal 4QFY15 performance,
More informationFirstsource Solutions Limited Q4 and FY2018 Earnings Update
Firstsource Solutions Limited Q4 and FY2018 Earnings Update May 07, 2018 Proprietary Notice: This document contains proprietary and confidential statement information of Firstsource. No part of this document
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 informationNIIT Technologies. Source: Company Data; PL Research
Humble valuations leads to favourable risk return January 17, 2017 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating BUY Price Rs416 Target Price Rs520 Implied Upside 25.0% Sensex 27,236 Nifty 8,398
More 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 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 informationNIIT Technologies (NITEC IN) Strong performance across the board; maintain BUY
INSTITUTIONAL EQUITY RESEARCH NIIT Technologies (NITEC IN) Strong performance across the board; maintain BUY INDIA IT SERVICES Quarterly Update NIIT Tech reported strong performance in this quarter delivering
More informationKPIT Cummins Infosystems Ltd
4 Recommendation HOLD Q1FY13 results above expectations; onsite volume growth of 7%, pricing stable. CMP Target Price Sector Stock Details Rs.126 Rs.137 IT Software products BSE Code 532400 NSE Code Bloomberg
More informationWipro. 1QFY17 Result Update. Disappointing outlook, margin decline negative, Hold. Sector: Technology CMP: ` 549. Recommendation: Hold
Wipro 1QFY17 Result Update Disappointing outlook, margin decline negative, Hold Sector: Technology CMP: ` 549 Recommendation: Hold Market statistics Current stock price (`) 549 Shares O/S (cr.) 247.1 Mcap
More informationTrend in deposit maturity profile
COMPANY UPDATE Saday Sinha saday.sinha@kotak.com +91 22 6621 6312 ICICI BANK PRICE: RS.1571 RECOMMENDATION: BUY TARGET PRICE: RS.1821 FY16E P/E: 13.5X, P/ABV: 2.1X ICICI bank has continued to demonstrate
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 informationMindtree. Source: Company Data; PL Research.
Strong Quarter, Guidance remains conservative April 18, 2018 Madhu Babu madhubabu@plindia.com +91 22 66322300 Rating Accumulate Price Rs866 Target Price Rs930 Implied Upside 7.4% Sensex 34,332 Nifty 10,526
More information