Ambuja Cements NEUTRAL. Performance Highlights. Outlook and Valuation. 4QCY2009 Result Update I Cement
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1 4QCY2009 Result Update I Cement February 6, 2010 Ambuja Cements Performance Highlights Ambuja Cements (Ambuja) posted a healthy 13.5% growth in its Top-line during CY2009, which was in-line with our estimates. The growth in the Top-line was on account of a 6% increase in sale volumes and better realisations. However, the OPM was flat, on account of a substantial increase in raw material costs (higher costs of clinker purchased). On the Bottom-line front, the net profit was down by 13.1%, primarily on account of an extraordinary income of Rs308.3cr reported in CY2008. After the results, we have revised our EPS estimate for CY2010E downwards from Rs 7.6 to Rs6.3. The stock trades at an EV/EBITDA of 7.1x and at an EV/tonne of US $106/tonne, according to its CY2011E estimates. We maintain our Neutral recommendation on the stock. Higher Depreciation and Taxation drag Bottom-line: Ambuja s net sales grew by 8.9% in 4QCY2009 to Rs1,787cr (Rs1,642cr). The growth on the top-line front was on account of a 2.2% increase in sales volume to 4.7mn tonnes (4.6mn tonnes), accompanied by a 3.0% increase in the realisations. The OPM for the quarter stood at 25.1% (24.7%), up by 36bp. However, the company s Net Profit declined by 3.4% to Rs240.6cr (Rs249.1cr) on account of the higher depreciation and tax expenses. The depreciation and tax expenses were up by 21.2% and 41.3%, respectively, during the quarter. Outlook and Valuation The stock trades at an EV/EBITDA of 7.1x and at an EV/tonne of US $106/tonne, according to its CY2011E estimates. On the valuation front, we have valued Ambuja Cements at an average of a Target EV/EBITDA of 7x and an EV/tonne of US $115/tonne) to arrive at a revised fair value of Rs101 (Rs107 earlier). We maintain our Neutral recommendation on the stock. NEUTRAL CMP Rs100 Target Price - Investment Period - Stock Info Sector Cement Market Cap (Rs cr) 15,237 Beta WK High / Low 114/60 Avg. Daily Volume Face Value (Rs) 2 BSE Sensex 15,916 Nifty 4,757 Reuters Code ABUJ.BO Bloomberg Code ACEM@IN Shareholding Pattern (%) Promoters 46.4 MF/Banks/Indian FIs 18.3 FII/NRIs/OCBs 26.2 Indian Public 9.1 Abs. (%) 3m 1yr 3yr Sensex (1.5) Ambuja (29.9) Key Financials (Standalone) Y/E Dec (Rs cr) CY2008 CY2009 CY2010E CY2011E Net Sales 6,235 7,076 6,988 7,519 % chg (1.3) 7.6 Adj. Net Profit 1,402 1, ,073 % chg (20.7) (13.1) (21.1) 11.6 OPM (%) EPS (Rs) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x) Installed Cap. (mtpa) Rupesh Sankhe Tel: Ext: rupeshd.sankhe@angeltrade.com V Srinivasan Tel: Ext: v.srinivasan@angeltrade.com Please refer to important disclosures at the end of this report Sebi Registration No: INB
2 Operational Highlights We have estimated that the company s per tonne cement realisation was up by 3% yoy during the quarter, although it was down by 9.5% qoq. We have estimated the company s per tonne raw material costs to have gone up by a substantial 43.1% yoy, on account of the high cost of clinker purchased during the quarter. The company s operating profit per tonne stood at Rs946.2 during the quarter, up 7.2% yoy. Exhibit 1: Per tonne analysis (Rs) 4QCY09 3QCY09 4QCY08 yoy chg (%) qoq chg (%) Realisation/tonne 3, , , (9.5) Raw Material Cost/tonne Power & Fuel Cost /tonne (19.1) (31.4) Freight & Forwarding Cost/tonne Operating Profit/tonne (9.1) Depreciation/tonne (0.3) Net Profit/tonne (6.3) (20.5) Capacity Expansion projects Progressing well The company is in the process of expanding its clinker capacity by 4.4mtpa at Bhatapara and Rauri, by setting up clinker plants with a capacity of 2.2mn tonne each. The commissioning of these projects has begun, and they are expected to be on stream by 1QCY2010. The projects involving the setting-up of grinding units at Nalagarh and Dadri (with capacities of 1.5mn tonnes each) are progressing well and are expected to be completed by 1QCY2010. In addition to these projects, the company is also adding 2mn tonnes of total grinding capacity at Bhatapara and Maratha. The company expects its overall capacity to touch 27mn tonnes by the end of CY2010, after these additions. Ambuja is also setting up an additional 63MW of captive power, at Bhatapara (33MW) and at Ambujanagar (30MW, expected to be complete in 1QCY2010), which would take its overall captive power capacity beyond 400MW. Exhibit 2: Capacity ramp-up (mtpa) CY2007 CY2008 CY2009 CY2010E CY2011E February 6,
3 Exhibit 3: 4QCY2009 Performance (Standalone) Y/E March (Rs cr) 4QCY09 4QCY08 % Chg CY09 CY08 % Chg Net Sales 1, , , , Net Raw Material Costs , (% of Sales) Power & Fuel (16.6) 1, , (% of Sales) Staff Costs (% of Sales) Freight & Forwarding , , (% of Sales) Other Expenses , , (% of Sales) Total Expenditure 1, , , , Operating Profit , , OPM Interest (54.4) (30.0) Depreciation Other Income PBT (excl. Extr. Items) , , Extr. Income/(Expense) PBT (incl. Extr. Items) , ,969.8 (8.5) Provision for Taxation (% of PBT) Reported PAT (3.4) 1, ,402.2 (13.1) PATM EPS (Rs) February 6,
4 Outlook and Valuation Despite the additional capacity coming on stream, capacity utilisation remained strong and absorbed the excess capacity (with the exception of the southern region). Additionally, there was a hike in prices across the country, due to a strong rebound in demand, wagon unavailability and logistical issues. The total cement capacity in India stood at around 219.2mtpa at the end of FY2009, an increase of 21mtpa yoy. Additionally, the capacity is expected to have been augmented by 30mn tonnes in 9MFY2010. We expect these additional capacities to fully ramp-up over the next 3-4 months, which would eventually exert pressure on cement prices. Overall, we expect the industry to add around 76mn tonnes of capacity through FY E. Such huge capacity additions would eventually result in an oversupply situation in the market, while demand is not expected to keep pace with the supply. All the frontline states in the southern region, like Andhra Pradesh, Tamil Nadu and Karnataka, are witnessing low demand or a fall therein, which is a cause for concern. Most of the capacities that are being expanded are in the southern region; thus, the industry is witnessing aggressive inter-regional stock movement, which pressurises the pricing power and profitability in other regions as well. In the northern market, the capacity utilisation remained healthy at 99% in December 2009, due to the Commonwealth games-related spending. The cement prices rose across india due to strong demand and distribution constraints (due to a shortage in the availability of rail wagons). We expect prices to remain stable over the next few months. However, the rise in prices is expected to be a short-term trend, as the new capacity addition over the last few months is expected to exert pressure, going ahead. Exhibit 4: Valuation based on EV/EBITDA multiple and Asset Replacement (CY11E) Target EV/EBITDA (x) 7 Target EV/tonne (US $) 115 EV (Rs cr) 12,285 EV (Rs cr) 13,369 Market Cap (Rs cr) 15,136 Market Cap (Rs cr) 15,525 No. of shares(cr) No. of shares (cr) Fair Price (Rs) 99 Fair Price (Rs) 102 On the valuation front, we have valued Ambuja Cements at an average of a Target EV/EBITDA of 7x and an EV/tonne of US $115/tonne, to arrive at a revised fair value of Rs101 (Rs107 earlier). The stock trades at an EV/EBITDA of 7.1x and at an EV/tonne of US $106/tonne, according to its CY2011E estimates. We maintain our Neutral recommendation on the stock. February 6,
5 Exhibit 5: Two-year forward EV/Ebitda band Exhibit 6: Two-year forward EV/tonne (US $) band 30,000 25,000 EV (Rs cr) 20,000 15,000 10,000 5, Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 February 6,
6 Research Team Tel: Website: DISCLAIMER This document is not for public distribution and has been furnished to you solely for your information and must not be reproduced or redistributed to any other person. Persons into whose possession this document may come are required to observe these restrictions. Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of information contained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No one can use the information as the basis for any claim, demand or cause of action. Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Price and value of the investments referred to in this material may go up or down. Past performance is not a guide for future performance. Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involve substantial risks and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on a company's fundamentals. We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update the information herein on a reasonable basis, Angel Securities, its subsidiaries and associated companies, their directors and employees are under no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons that may prevent Angel Securities and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice. Angel Securities Limited and affiliates, including the analyst who has issued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of the companies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act as advisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendation and related information and opinions. Angel Securities Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Note: Please refer important `Stock Holding Disclosure' report on Angel web-site (Research Section). Disclosure of Interest Statement Ambuja Cements 1. Analyst ownership of the stock No 2. Angel Group ownership of the stock No 3. Angel and its Group companies Directors ownership of the stock No 4. Broking relationship with company covered No Note: We have not considered any Exposure below Rs 5 lakh for Angel, its Group companies and Directors. Address: Acme Plaza, A Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai Tel : (022) / Angel Broking Ltd: BSE Sebi Regn No : INB / CDSL Regn No: IN - DP - CDSL / PMS Regn Code: PM/INP Angel Securities Ltd:BSE: INB /INF NSE: INB /INF Membership numbers: BSE 028/NSE:09946 Angel Capital & Debt Market Ltd: INB / NSE FNO: INF / NSE Member code Angel Commodities Broking (P) Ltd: MCX Member ID: / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID / FMC Regn No: NCDEX / TCM / CORP / 0302 February 6,
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More informationCCL Products BUY. Performance Update. CMP Target Price `278 `360. 3QFY2018 Result Update Coffee. Historical share price chart.
Feb-15 May-15 Aug-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 3QFY2018 Result Update Coffee February 5, 2018 CCL Products Performance Update Y/E March (` cr) Q3FY18 Q3FY17
More informationQuick take. Aditya Birla Nuvo BUY. Deep Value. Valuation Methodology. Exhibit 1: ABNL s Business Structure
Deep Value Quick take BUY CMP Rs811 Target Price Rs1,166 (ABNL), a diversified business conglomerate, emerged from the three-way merger of Indian Rayon, Birla Global Finance and Indo Gulf in 2005. ABNL
More informationTata Steel NEUTRAL. Performance Highlights CMP. `226 Target Price - 2QFY2016 Result Update Steel. Investment Period - 3-year price chart
2QFY2016 Result Update Steel November 6, 2015 Tata Steel Performance Highlights Standalone (` cr) 2QFY16 2QFY15 yoy % 1QFY16 qoq % Net revenue 9,531 10,785 (11.6) 9,094 4.8 EBITDA 1,862 3,094 (39.8) 1,689
More informationGoodyear India BUY. Company Update. CMP Target Price `515 `631. Company Update Tyres. 3-year Daily Price Chart. Key Financials
Company Update Tyres June 10, 2016 Goodyear India Company Update Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with
More informationITD Cementation India
1QCY212 Result Update Construction May 14, 212 ITD Cementation India Performance highlights Y/E December 1QCY12 4QCY11 % chg (qoq) 1QCY11 % chg (yoy) Total operating income 384 327 17.6 344 11.5 Operating
More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `297 Target Price - 1QFY2013 Result Update Media. Investment Period -
1QFY2013 Result Update Media August 8, 2012 SUN TV Network Performance Highlights Quarterly data (Standalone) (` cr) 1QFY13 1QFY12 % yoy 4QFY12 %qoq Revenue 426 454 (6.2) 427 (0.3) EBITDA 323 366 (11.7)
More informationJindal Steel & Power BUY. CMP Target Price `200 `320. 1QFY2019 Result Update Steel & Power. Performance Update
Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 1QFY2019 Result Update Steel & Power August 14, 2018 Jindal Steel & Power Performance Update INR Cr. Q1FY19 Q1FY18
More 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 informationSpiceJet BUY. Performance Highlights CMP. `32 Target Price `43. 1QFY2013 Result Update Airlines. Investment Period 12 Months.
1QFY213 Result Update Airlines July 31, 212 SpiceJet Performance Highlights Particulars (` cr) 1QFY213 1QFY212 %chg (yoy) 4QFY212 %chg (qoq) Net sales 1,467 946 55.1 1,113 31.8 EBITDA 76 (67) 214 (2) 138
More informationMRF BUY. Performance Highlights. CMP `9,407 Target Price `11,343. Company Update Automobile. Key financials
Company Update Automobile February 22, 212 MRF Performance Highlights Y/E Sept. (` cr) 1QSY12 1QSY11 % chg (yoy) 4QSY11 % chg (qoq) Net sales 2,875 2,167 32.7 2,62 9.8 EBITDA 258 243 5.9 181 42.6 EBITDA
More informationRallis India NEUTRAL. Performance Highlights CMP. `242 Target Price - 4QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 4QFY2017 Result Update Agrichemical May 2, 2017 Rallis India Performance Highlights Y/E March (` cr) 4QFY2017 3QFY2017 % chg
More informationPrakash Industries BUY. Performance Highlights. CMP Target Price `81 `124. 3QFY2011 Result Update Steel
3QFY211 Result Update Steel February 11, 211 Prakash Industries Performance Highlights Particulars (` cr) 3QFY11 3QFY1 % chg (yoy) 2QFY11 % chg (qoq) Net sales 382 36 6.1 421 (9.2) EBITDA 72 88 (18.6)
More 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 informationHFC NEUTRAL. Performance Highlights CMP. `678 Target Price - 1QFY2013 Result Update HFC. Investment Period - Key financials
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More informationSesa Goa NEUTRAL. Performance Highlights CMP. `372 Target Price - 2QFY2011 Result Update Mining. Investment Period -
2QFY211 Result Update Mining October 18, 21 Sesa Goa Performance Highlights Particulars (` cr) 2QFY211 2QFY21 % chg (yoy) 1QFY211 % chg (qoq) Net sales 918 539 7.5 2,413 (61.9) EBITDA 34 153 122.5 1,46
More informationQuick take. Ruchira Papers Ltd. BUY. Creating value through paper. Target Price. Investment Period 12 Months. 3 year daily price chart.
Ltd. Creating value through paper Limited (RPL) manufactures writing paper, printing paper and Kraft paper. The company's white writing and printing paper is used in making notebooks and writing material,
More informationSimplex Infrastructures
3QFY2014 Result Update Infrastructure February 18, 2014 Simplex Infrastructures Performance Highlights Quarterly Highlights Standalone Y/E March (` cr) 3QFY14 3QFY13 2QFY14 % chg (yoy) % chg (qoq) Net
More informationHT Media ACCUMULATE. Performance Highlights. 3QFY2009 Result Update
3QFY2009 Result Update ACCUMULATE Price Rs57 Target Price Rs65 Investment Period 12 months Stock Info Sector Market Cap (Rs cr) 1,343 Beta 0.5 52 WK High / Low 230 /55 Avg Daily Volume 47,658 Face Value
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,007 Target Price - 3QCY2017 Result Update Pharmaceutical. Investment Period 12 months
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More informationRallis India NEUTRAL. Performance Highlights CMP. `237 Target Price - 1QFY2018 Result Update Agrichemical. Investment Period - 3-year price chart
Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 1QFY2018 Result Update Agrichemical July 26, 2017 Rallis India Performance Highlights Y/E March (` cr) 1QFY2018 4QFY2017 % chg
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2QCY2017 Result Update Pharmaceutical August 28, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 2QCY2017 1QCY2017 % chg (qoq) 2QCY2016 % chg (yoy) Net sales Other income Operating profit 556
More informationHindalco NEUTRAL. Performance highlights CMP. `112 Target Price - 1QFY2013 Result Update Base Metals. Investment Period -
1QFY213 Result Update Base Metals August 21, 212 Hindalco Performance highlights Standalone (` cr) 1QFY13 1QFY12 % chg (yoy) 4QFY12 % chg (qoq) Net sales 5,964 5,979 (.2) 7,563 (21.1) EBITDA 463 868 (46.6)
More informationHero MotoCorp NEUTRAL. Performance Highlights. CMP `2,245 Target Price - 4QFY2012 Result Update Automobile. Investment Period - Key financials
4QFY212 Result Update Automobile Hero MotoCorp Performance Highlights Y/E March (` cr) 4QFY12 4QFY11 % chg (yoy) Angel est. % diff NEUTRAL CMP `2,245 Target Price - Investment Period - Net sales 6,35 5,391
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 informationCairn India ACCUMULATE. Performance Highlights. CMP Target Price `338 `382. 2QFY2013 Result Update Oil & Gas. Quarterly highlights (Consolidated)
2QFY2013 Result Update Oil & Gas October 22, 2012 Cairn India Performance Highlights Quarterly highlights (Consolidated) Y/E March (` cr) 2QFY2013 2QFY2012 % chg (yoy) 1QFY2013 % chg (qoq) Net sales 4,443
More informationLT Foods BUY. Performance Update. CMP Target Price `92 `128. 3QFY2018 Result Update Media February 12, 2018
Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 3QFY2018 Result Update Media February 12, 2018 LT Foods Performance Update Y/E March (` cr) 3QFY18 3QFY17 % yoy
More informationRallis India NEUTRAL. Performance Highlights CMP. `215 Target Price - 3QFY2017 Result Update Agrichemical. Investment Period - 3-year price chart
3QFY2017 Result Update Agrichemical January 25, 2017 Rallis India Performance Highlights Y/E March (` cr) 3QFY2017 2QFY2017 % chg (qoq) 3QFY2016 % chg (yoy) Net sales 326 540 (39.7) 306 6.5 Other income
More informationFederal Bank BUY. Performance Highlights. Target Price. 1QFY2018 Result Update Banking. Stock Info Sector
1QFY218 Result Update Banking August 2, 217 Federal Bank Performance Highlights Particulars (` cr) 1QFY18 4QFY17 % chg (qoq) 1QFY17 % chg (yoy) NII 8.7 842.4 (5.) 692.7 15.6 Pre-prov. profit 557.9 549.2
More informationAmbuja Cement Ltd. Tough two quarters ahead. Source: Company, India Infoline Research,*Standalone
Change in Estimates Rating Target Ambuja Cement Ltd Tough two quarters ahead Accumulate Sector: Cement Sector View: Neutral Analyst: Hemant Nahata research@indiainfoline.com Stock Data Sensex: 23,759 52
More informationBGR Energy Systems NEUTRAL. Performance Highlights CMP. `235 Target Price - 3QFY2013 Result Update Capital Goods. Investment Period -
3QFY213 Result Update Capital Goods February 8, 213 BGR Energy Systems Performance Highlights Quarterly Highlights (Standalone) (` cr) 3QFY13 3QFY12 % chg (yoy) 2QFY13 % chg (qoq) Revenue 85 84.2 627 28.3
More informationTV Today Network BUY. Performance Update. CMP Target Price `315 `385. 2QFY2017 Result Update Media. Historical share price chart.
2QFY2017 Result Update Media December 5, 2016 TV Today Network Performance Update Y/E March (` cr) 2QFY17 2QFY16 % yoy 1QFY17 % qoq Net sales 132 126 5.1 137 (3.4) EBITDA 37 38 (2.4) 37 0.4 EBITDA margin
More informationMRF BUY. Performance Highlights. CMP `40,703 Target Price `47,548. 1QSY2015 Result Update Tyre
1QSY2015 Result Update Tyre February 13, 2015 MRF Performance Highlights Y/E Sept. (` cr) 1QSY2015 1QSY2014 % chg (yoy) 4QSY2014 % chg (qoq) Net sales 3,353 3,201 4.8 3,361 (0.2) EBITDA 626 419 49.5 608
More informationApollo Tyres BUY. Performance Highlights. CMP Target Price `71 `82. 4QFY2011Result Update Tyre. Key financials (Consolidated)
4QFY211Result Update Tyre Apollo Tyres Performance Highlights Y/E March (Standalone) 4QFY11 4QFY1 % chg (yoy) Angel est. % diff. Net sales (` cr) 1,762 1,313 34.2 1,49 18.2 EBITDA (` cr) 146 185 (2.7)
More informationLIC Housing Finance BUY. Performance Highlights. CMP Target Price `532 `630. 3QFY2017 Result Update HFC. 3-Year Daily Price Chart
3QFY2017 Result Update HFC January 17, 2017 LIC Housing Finance Performance Highlights Particulars (` cr) 3QFY17 2QFY17 % chg (qoq) 3QFY16 % chg (yoy) NII 915 866 5.7 747 22.6 Pre-prov. profit 811 791
More informationContainer Corporation of India
1QFY2011 Result Update Logistics July 20, 20 Container Corporation of India Performance Highlights Y/E March (Rs cr) 1QFY2011 1QFY20 % yoy 4QFY20 % qoq Net sales 916 907 0.9 951 (3.6) EBITDA 247 248 (0.4)
More informationTransport Corporation of India
3QFY2016 Result Update Logistics February 3, 2016 Transport Corporation of India Performance Highlights Quarterly Data (Standalone) (` cr) 3QFY16 3QFY15 % yoy 2QFY15 % qoq Revenue 551 555 (0.6) 556 (0.8)
More informationMaruti Suzuki ACCUMULATE. Performance Highlights. CMP `7,622 Target Price `8,501. 1QFY2018 Result Update Automobile
1QFY2018 Result Update Automobile July 28, 2017 Maruti Suzuki Performance Highlights ACCUMULATE CMP `7,622 Target Price `8,501 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationGreenply Industries BUY. The plywood maker for growing India. Target Price. Initiating Coverage Plywood. 3-year price chart.
Initiating Coverage Plywood March 03, 2018 Greenply Industries The plywood maker for growing India Greenply Industries Ltd (GIL) manufactures plywood & allied products and medium density fibreboards (MDF).
More informationSanofi India NEUTRAL. Performance Highlights. CMP `4,301 Target Price - 4QCY2016 Result Update Pharmaceutical. Investment Period - 3-year price chart
4QCY2016 Result Update Pharmaceutical March 10, 2017 Sanofi India Performance Highlights Y/E Dec. (` cr) 4QCY2016 3QCY2016 % chg (qoq) 4QCY2015 % chg (yoy) Net sales 552 583 (5.3) 522 5.6 Other income
More informationLT Foods BUY. Performance Update. CMP Target Price `76 `128. 4QFY2018 Result Update Media
May- Aug- Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 4QFY2018 Result Update Media May 28, 2018 LT Foods Performance Update (` cr) 4QFY18 4QFY17 % yoy 3QFY18 % qoq Revenue
More informationMaruti Suzuki ACCUMULATE. Performance Highlights. CMP `5,715 Target Price `6,006. 2QFY2017 Result Update Automobile. 3-year price chart
2QFY2017 Result Update Automobile November 7, 2016 Maruti Suzuki Performance Highlights ACCUMULATE CMP `5,715 Target Price `6,006 Y/E March (` cr) 2QFY17 2QFY16 % chg (yoy) 1QFY17 % chg (qoq) Investment
More informationAdvisory Desk. TVS Srichakra Ltd. BUY CMP. `355 Target Price `468. Investment rationale. Outlook and valuation. Investment Period 12 Months
Ltd. Ltd. (TVSSL), a part of TVS Group, is a leading manufacturer of two and three-wheeler tyres with a 25% market share. Two-wheeler demand growth (~16% yoy YTD) continues to be insulated from the current
More informationSanofi India ACCUMULATE. Performance Highlights. CMP `4,410 Target Price `4,738. 1QCY2016 Result Update Pharmaceutical. 3-year price chart
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More informationHT Media ACCUMULATE. Performance Highlights CMP. `102 Target Price `113. 3QFY2013 Result Update Media. Investment Period 12 months
3QFY13 Result Update Media February 13, 13 HT Media Performance Highlights Quarterly Data (Consolidated) (` cr) 3QFY13 3QFY12 % yoy 2QFY13 %qoq Revenue 547 524 4.4 511 7.1 EBITDA 87 78 12.0 57 54.8 OPM
More informationICICI Bank BUY. Performance Highlights. CMP Target Price `328 `416. 3QFY2018 Result Update Banking. 3-year price chart. Key financials (Standalone)
Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 3QFY2018 Result Update Banking February 15, 2018 ICICI Bank Performance Highlights Particulars (` cr) 3QFY18 2QFY18 % chg (qoq) 3QFY17
More informationReligare Investment Call
Oct-17 v-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 BUY CMP (Rs) 190 Target Price (Rs) 247 Potential Upside 29.7% Sensex 33,349 Nifty 10,030 Key Stock data BSE Code
More informationRallis India SELL. Performance Highlights. `231 Target Price 189 CMP. 2QFY2018 Result Update Agrichemical. Investment Period 12 months
Jan-12 Jun-12 Nov-12 Apr-13 Sep-13 Feb-14 Jul-14 Dec-14 May-15 Oct-15 Mar-16 Aug-16 Jan-17 Jun-17 Nov-17 2QFY2018 Result Update Agrichemical November 21, 2017 Rallis India Performance Highlights Y/E March
More informationSUN TV Network NEUTRAL. Performance Highlights CMP. `369 Target Price - 2QFY2013 Result Update Media. Investment Period -
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Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Q3FY2019 Result Update Banking Feb 15, 2019 ICICI Bank Performance Highlights Particulars (` cr) Q3FY19 Q2FY19 % chg
More informationNestle India NEUTRAL. Performance Highlights. CMP `4,387 Target Price - 2QCY2012 Result Update FMCG. Quarterly results. Investment Period -
2QCY2012 Result Update FMCG August 6, 2012 Nestle India Performance Highlights Quarterly results (` cr) 2QCY12 2QCY11 % yoy 1QCY12 % qoq Revenue 1,987 1,763 12.7 2,047 (3.0) EBITDA 429 344 24.5 457 (6.2)
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 informationThermax NEUTRAL. Performance Highlights CMP. `673 Target Price - 3QFY2011 Results Update Capital Goods. Investment Period -
3QFY2011 Results Update Capital Goods January 31, 2011 Thermax Performance Highlights (` cr) 3QFY11 3QFY10 % chg (yoy) 2QFY11 % chg qoq Revenues 1,241 748 65.9 1,092 13.7 EBITDA 146 89 63.8 129 13.9 EBITDA
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