GUJARAT STATE PETRONET LTD (GSPL)
|
|
- Arron Chambers
- 6 years ago
- Views:
Transcription
1 RESULT UPDATE MORNING INSIGHT Sumit Pokharna Summary table (Rs mn) FY17 FY18E FY19E Sales 10,276 12,210 12,945 Growth (%) EBIDTA 8,883 10,638 11,284 EBIDTA margin (%) PBT 7,284 9,181 9,821 Net profit 4,713 6,151 6,580 EPS (Rs) Growth (%) CEPS (Rs) BV (Rs/Share) DPS (Rs) ROE (%) ROCE (%) Net Cash (debt) 3,015 6,626 10,735 NWC (Days) EV/Sales (x) EV/EBIDTA (x) P/E (x) P/BV (x) P/CEPS (X) , Kotak Securities Private Client Research GUJARAT STATE PETRONET LTD (GSPL) PRICE: RS.179 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.189 FY19E PE: 14.5X Pipeline tariff revision and higher gas volumes are the key triggers in medium term GSPL s Q1FY18 result is higher than our estimates. GSPL reported PAT of Rs.1.5 bn (as against our estimate of Rs.1.3 bn), higher 20% qoq and 26% yoy mainly on account of higher gas transmission volume, lower operating expenses and lower finance cost. Gas transmission volume has increased by 15% qoq (base effect) and 7% yoy to 26.9 mmsmcd due to lower spot LNG prices. However, gas transmission tariffs have decreased 3% qoq but up 8% yoy to Rs.1.157/mmscmd. GSPL s board has approved equity investment of 11% in Swan LNG Pvt. Ltd. Going forward, we expect the Company to benefit on account of both 1). Higher gas transmission volumes and 2). Expected upward revision in tariffs. Higher gas transmission volumes will be supported by 1) lower LNG prices, and 2) RLNG demand from the power sector. Additionally, rising city gas distribution growth opportunities, potential shift to natural gas due to environmental/pollution norms (industrial/cng) and volumes from Mundra LNG terminal (FY18 onwards) provides support to long term volumes. We expect GSPL to report an EPS of Rs.11.6 and cash EPS of Rs.15 for FY18E and an EPS of Rs.12.4 and cash EPS of Rs.15.9 for FY19E. We maintain ACCUMULATE (BUY on dips) on GSPL with a DCF based price target of Rs.189/share (earlier Rs.182). Quarterly Table GSPL (Rs.mn) Q1FY18 Q1FY17 YoY (%) Q4FY17 QoQ (%) Gross Revenue 2,976 2, , Less: Discount, etc (26) 141 (91) Discount (%) (0.2) 5.45 (5.0) Net Sales/Income from ops 2,963 2, , Total Expenditure (18) 433 (53) EBIDTA 2,760 2, , Depreciation (0) 460 (7) EBIT 2,330 1, , Other income (40) Interest-net (37) 116 (9) PBT 2,389 1, , Tax PAT 1,525 1, , Basic EPS (Rs) Cash EPS (Rs.) Source: company Performance Analysis GSPL (Rs.mn) Q1FY18 Q1FY17 YoY (%) Q4FY17 QoQ (%) Gas Transported: Volume Gas Transported (MMSCMD) Gas Transported in each Quarter 2,447 2, , Implied Tariff Rs per 1000 SCM (3.3) Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 12
2 Key developments In the short to medium term, we expect earnings will be supported by incremental power sector gas demand/higher tariffs and in the long term, we expect commissioning of the 5 mtpa Mundra terminal (as well as Dahej and Hazia terminal) would provide meaningful upside to gas transmission volumes, improving pipeline utilization rates. Venturing into city gas distribution network GSPL, India s second largest gas transmission company (by length (2348 kms) and transmission volumes), is spreading its wings and is in process of implementing city gas distribution (CGD) network in Amritsar district (Punjab) awarded by PNGRB in May Further, PNGRB has granted authorization to GSPL for developing city gas distribution (CGD) network in the geographical area Bhatinda district (Punjab) in May, GSPL has two subsidiary companies 1) GSPL India Gasnet Limited (GIGL) for development of Mehsana Bhatinda (~1670 Kms) and Bhatinda - Jammu - Srinagar (~740 Kms) pipeline projects and 2) GSPL India Transco Limited (GITL) for development of Mallavaram - Bhopal Bhilwara Vijaipur (~1881 Kms) pipeline project awarded by PNGRB. These two subsidiaries have received all major statutory approvals for development of the pipeline. GIGL & GITL have initiated process for implementing the projects. However, construction activities are yet to commence. Cross country gas transmission pipelines to be implemented GSPL Gas Grid Map Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 13
3 APTEL quashed PNGRB s previous order on GSPL's pipeline tariffs Potential upward revision in tariffs for GSPL s high and low pressure natural gas pipeline networks Added shine: GSPL has indicated that PNGRB is in the process of re-determining the levelized tariff for GSPL s high pressure and low pressure natural gas pipeline networks pursuant to APTEL decision on the appeal filed by GSPL. Brief background: APTEL quashed PNGRB s previous order on GSPL's pipeline tariffs. Earlier, APTEL has asked PNGRB to a). Include the latest available data for tariff computations, (b) Revisit key parameters which have adversely impacted the tariffs, and (c) Ensure a reasonable return of 12% post-tax RoCE for gas transmission pipelines over the life of the asset, as required by the regulations for tariff calculations. Hence, we expect a potential upward revision in pipeline tariffs by PNGRB. We await PNGRB s final decision on gas pipeline tariffs and expect upward tariff revision. Rs/mmbtu High-pressure gas grid network Pipeline tariff computation by PNGRB (11th Sep'12) Levelized tariffs proposed by GSPL Total moderations/reductions by PNGRB (15.56) Levelized tariff computed by PNGRB (Gross calorific value basis) -20 Nov'08 till 11th Mar Change in date of applicability (From date of authorization of pipeline instead of date of notification of the tariff regulation) 2.59 Revised levelized tariff computed by PNGRB (27th July'2012 till 11th March 2026) Source: PNGRB and Company Result Analysis: Revenue: Despite 3% qoq decrease in pipeline tariff, GSPL s net revenue for Q1FY18 increased 21% qoq to Rs.2.96 bn (+15% yoy) mainly on account of increase in gas transportation volume. Implied tariff decreased 3% qoq but up 8% yoy to Rs.1.157/mmscmd. However, natural gas transmission volumes increased 16% qoq to 2,447 mmscm (7% yoy). GSPL s quarterly gas volumes transport details MMSCM (LHS) YoY growth (%) (RHS) Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18-6 The Company s operating margin increased to 93% in Q1FY18, up by 1100 bps (base effect) qoq and 300 bps yoy. Increase in margin is mainly on account of significant decrease in operating & maintenance charges and employee cost. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 14
4 Margins (%) Q1FY18 Q4FY17 YoY (%) QoQ (%) Q4FY17 EBITDA Margin EBIT Margin Adj PAT Margin (0) 52 Other Income/PBT 7 8 (1) (9) 16 Tax/PBT Expenses (Rs. Mn) Q1FY18 Q4FY17 YoY (%) QoQ (%) Q4FY17 Staff costs (10) 89 other Expenses (64) 344 Total (18) (53) 433 Expenses Ratio (%) Staff cost to Sales (0) (1) 4 Operation and Man To Sales (0) (10) 14 Operational profits increased 37% qoq and 18% yoy to Rs bn. Higher operating profit is on account of higher volumes, lower operation & maintenance charges, and lower employee cost. Depreciation cost decreased 7% qoq to Rs. 430 mn. Total capital employed is Rs.58 bn (flat yoy) as on 31st Mar 17. Other income decreased 40% qoq (base effect) to Rs.164 mn (+14% yoy). Other income mainly consist of dividend and interest income. Interest cost decreased by 9% qoq and 37% yoy to Rs.106 mn due to decline in total debt to Rs. 5 bn as on 31st March 17 v/s Rs.10.6 bn as on 31st March 16. GSPL s PBT increased 40% qoq to Rs.2.4 bn (+27% yoy) on account of higher operating income, lower depreciation and lower interest cost. PAT for Q1FY18 was at Rs.1.53 bn higher 20% qoq and 26% yoy basis resulting in quarterly EPS of Rs.2.71 and CEPS Rs Key triggers for stocks: 1). Clarity about tariff 2). Commissioning of the gas transmission pipeline 3). Ramp-up in gas supply and 4). Rupee appreciation We maintain ACCUMULATE rating on Gujarat State Petronet Ltd with a price target of Rs.189 Valuation & Recommendation Going forward, we expect the Company to benefit on account of both 1). Higher gas transmission volumes and 2). Expected upward revision in tariffs. Higher gas transmission volumes will be supported by 1) lower LNG prices, and 2) RLNG demand from the power sector. Additionally, rising city gas distribution growth opportunities, potential shift to natural gas due to environmental/pollution norms (industrial / CNG) and volumes from Mundra LNG terminal (FY18 onwards) provides support to long term volumes. We expect GSPL to report an EPS of Rs.11.6 and cash EPS of Rs.15 for FY18E and an EPS of Rs.12.4 and cash EPS of Rs.15.9 for FY19E. We maintain ACCUMULATE (BUY on dips) on GSPL with a DCF based price target of Rs.189/share (earlier Rs.182). Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 15
5 Key risk remains Project execution risk Lower than expected gas off-take by consumers Delay in expected tariff hike by PNGRB Going forward the major growth in GSPL is expected to come from inter-state pipelines across Gujarat, Rajasthan, Maharashtra and Andhra Pradesh. Thus its returns are expected to be capped in the near term. Kotak Securities Private Client Research Please see the Disclosure/Disclaimer on the last page For Private Circulation 16
PETRONET 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 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 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 informationEconomy News. Corporate News MAY 31, 2013
MAY 31, 2013 Economy News The Reserve Bank of India has said that from April 2015 banks will no longer have the leeway to relax repayment norms for troubled companies without classifying their loans as
More informationINDRAPRASTHA GAS (IGL)
COMPANY UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6621 6313 Summary table (Rs mn) FY15 FY16E FY17E Sales 40,480 39,808 41,548 Growth (%) -6.5-1.7 4.4 EBIDTA 7,930 8,241 8,745 EBIDTA margin
More informationGujarat State Petronet Ltd Initiating Coverage
Industry Gas Transmission Recommendation Accumulate CMP (INR) 94 Target Price (INR) 105 Upside / (Downside) % 11.5% Market Cap (INR in Mn) 52971 52 week High/Low (INR) 105 / 26 3M Average Daily Volume
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 informationNeed to pull up the socks. Source: Company Data; PL Research
Need to pull up the socks May 11, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs148 Target Price Rs162 Implied Upside 9.5% Sensex 16,293 Nifty 4,929 (Prices as on May 11,
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 informationGujarat State Petronet
Result Update Gujarat State Petronet Accumulate results were better than our estimates largely driven by higher than expected volumes. Higher volumes were due to low gas cost and these spot volumes resulted
More informationNIIT 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 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 informationGujarat State Petro. HOLD
22 May 2018 India Oil and Gas Company Update Gujarat State Petro. HOLD EBIDTA in line, PAT misses on lower other income and higher tax GSPL reported 4QFY18 EBIDTA of INR 2.89bn (-3% QoQ/+27% YoY) marginally
More informationNIIT TECHNOLOGIES LTD (NIITT)
RESULT UPDATE Dipen Shah dipen.shah@kotak.com +91 22 6621 6301 Summary table (Rs mn) FY14 FY15E FY16E Sales 23,050 24,948 27,183 Growth (%) 14.0 8.2 9.0 EBITDA 3,516 4,135 4,452 EBITDA margin (%) 15.3
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 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 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 informationPETRONET LNG LTD (PLNG)
RESULT UPDATE Sumit Pokharna sumit.pokharna@kotak.com +91 22 6218 6438 PETRONET LNG LTD (PLNG) PRICE: RS.267 RECOMMENDATION: ACCUMULATE TARGET PRICE: RS.285 FY19E PE: 17.7X PLNG s Q2FY18 result is better
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 informationFY12E FY13E FY12E FY13E FY12E FY13E
December 12, 2011 SECTOR UPDATE Oil & Gas Crude strength, rupee weakness and high UR: Impact Analysis Brent crude oil price has remained over US$100/bbl from past ten months owing to disruption in supply
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 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 informationGujarat State Petronet - BUY
December 03, 2009 - BUY CMP Rs103, Target Rs117 Sector: Oil & Gas Sensex: 17,170 CMP (Rs): 103 Target price (Rs): 117 Upside (%): 13.3 52 Week h/l (Rs): 103 / 25 Market cap (Rscr) : 5,764 6m Avg vol (
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 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 informationPage. Mahanagar Gas Ltd. RESULT UPDATE 8 th August, 2018
1 RESULT UPDATE 8 th August, 2018 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18 India Equity Institutional Research II Result Update Q1FY19 II 8 th August, 2018 2 CMP INR 961 Target INR 1,165 Potential Upside 21.2%
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 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 informationMahanagar Gas BUY RESULTS REVIEW 1QFY19 01 AUG Highlights of the quarter. CMP (as on 1 Aug 2018) Rs 947 Target Price Rs 1,292
INDUSTRY OIL & GAS CMP (as on 1 Aug 2018) Rs 947 Target Price Rs 1,292 Nifty 11,346 Sensex 37,522 KEY STOCK DATA Bloomberg MAHGL IN No. of Shares (mn) 99 MCap (Rs bn) / ($ mn) 94/1,367 6m avg traded value
More informationEmkay Your success is our success
Emkay Your success is our success January 30, 2014 Rating Sell CMP Rs44 Previous Reco Sell Target Price Rs38 EPS Chg FY14E/FY15E (%) -12/-11 Target Price change (%) -17 Nifty 6,074 Sensex 20,498 Price
More informationVadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x
Gujarat Industries Power India Equity Research Power February 10, 2017 Result Update Emkay Your success is our success Vadodara II PPA yet to be signed; TP revised upward to Rs126 on FY19x CMP Target Price
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 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 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 informationReliance Industries BUY. Performance Highlights CMP. `987 Target Price `1,160. 3QFY2011 Result Update Oil & Gas. Investment Period 12 Months
3QFY2011 Result Update Oil & Gas January 21 2010 Reliance Industries Performance Highlights Y/E March (` cr) 3QFY11 2QFY11 % chg (qoq) 3QFY10 % chg (yoy) Net Operating Income 59,789 57,479 4.0 56,856 5.2
More informationMahanagar Gas (MAHGL IN)
(MAHGL IN) Rating: BUY CMP: Rs947 TP: Rs1,179 August 1, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price
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 informationMORNING INSIGHT January 25, No of Mines Proven Reserves Ownership Production per month Status
MANAGEMENT MEET UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 Summary table (Rs mn) FY11 FY12E FY13E Sales 28,259 34,230 40,333 Growth (%) 56.2 21.1 17.8 EBITDA 6,386 5,313 5,144 EBITDA margin
More informationPetronet LNG (PLNG IN)
(PLNG IN) Rating: BUY CMP: Rs231 TP: Rs300 July 27, 2018 Q1FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 300
More informationCig volumes surprise. Source: Company Data; PL Research
Cig volumes surprise July 26, 2012 Gautam Duggad gautamduggad@plindia.com +91-22-66322233 Rating BUY Price Rs249 Target Price Rs275 Implied Upside 10.4% Sensex 16,640 Nifty 5,043 (Prices as on July 26,
More informationCapacity expansion to drive growth and profitability
STOCK POINTER Swaraj Engines Ltd. BUY Target Price `656 CMP `41 FY14 PE 6.9x Index Details Sensex 17,853 Nifty 5,39 BSE 1 5,367 Industry Auto parts Scrip Details Mkt Cap (` cr) 59 BVPS (`) 161 O/s Shares
More informationTV18 BROADCAST FY14E P/E: 12X TARGET PRICE: RS.30 COMPANY UPDATE
COMPANY UPDATE Ritwik Rai ritwik.rai@kotak.com +91 22 6621 6310 TV18 BROADCAST PRICE: RS.20 TARGET PRICE: RS.30 RECOMMENDATION: BUY FY14E P/E: 12X Summary table (Rs mn) FY13(AE) FY14E FY15E Sales 16,704
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 informationIndian Oil Corporation (IOCL IN)
(IOCL IN) Rating: ACCUMULATE CMP: Rs148 TP: Rs142 November 2, 2018 Q2FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating ACCUMULATE ACCUMULATE
More informationPennar Industries Ltd.
4 Recommendation CMP Target Price Sector Stock Details BUY Rs. 25 Rs.31 Metals Moderate Quarter Pennar Industries has reported a moderate consolidated quarter due to lower demand in the auto, engineering,
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 informationMahanagar Gas (MAHGAS) 985
Result Update Rating matrix Rating : Buy Target : 1085 Target Period : 12 months Potential Upside : 10% What s changed? Target Changed from 1055 to 1085 EPS FY18E Changed from 45.4 to 45.3 EPS FY19E Changed
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 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 informationOil & Gas. 4QFY17E Results Preview. 13 Apr Deepak Kolhe
Oil & Gas Results Preview 13 Apr 2017 Satish Mishra satish.mishra@hdfcsec.com +91-22-6171-7334 Deepak Kolhe deepak.kolhe@hdfcsec.com +91-22-6171-7316 1QFY15 2QFY15 3QFY15 FY15 1QFY16 2QFY16 3QFY16 FY16
More informationCMP (Rs) 249 Upside/ (Downside) (%) Market Cap. (Rs bn) 25.5 Free Float (%) 29.7 Shares O/S (mn) 102.3
Capital Goods India 3QFY18 Result Update February 08, 2018 Market Cap. (Rs bn) 25.5 Free Float (%) 29.7 Shares O/S (mn) 102.3 Transmission Capex Play; On Right Track continued to deliver a strong performance
More informationBharat Forge. Strong traction in exports. (our estimate Rs730m). Source: Company Data; PL Research
Strong traction in exports January 24, 2011 Surjit Arora surjitarora@plindia.com +91 22 66322235 Rating Accumulate Price Rs348 Target Price Rs415 Implied Upside 19.3% Sensex 19,008 (Prices as on January
More informationInstitutional Equities
2QFY13 Result Update Institutional Equities Reliance Infrastructure 7 November 2012 Reuters: RELIN.BO; Bloomberg: RELI IN Project Execution On Track Reliance Infrastructure reported revenue decline of
More informationRecommendation HOLD Dismal performance drags margins Appreciating Japanese Yen, drop in volumes and increase in. Rs. 1,126.
Recommendation HOLD Dismal performance drags margins Appreciating Japanese Yen, drop in volumes and increase in Rs. 1,126 Raw material costs pulled down Maruti s EBITDA margin to Rs 1,200 6.5% in Q2FY12
More informationTechno Electric & Engineering Limited
Engineering & Capital Goods Techno Electric & Engineering Limited 3QFY17 Result Update BUY EPC margin expanded despite muted revenue growth... Institutional Research CMP (Rs) 374 Target (Rs) 467 Nifty:
More informationBrigade Enterprises BUY RESULTS REVIEW 2QFY16 03 NOV Highlights of the quarter. CMP (as on 03 Nov 2015) Rs 162 Target Price Rs 210
INDUSTRY REAL ESTATE CMP (as on 03 Nov 2015) Rs 162 Target Price Rs 210 Nifty 8,061 Sensex 26,591 KEY STOCK DATA Bloomberg/Reuters BRGD IN/BRGD.BO No. of Shares (mn) 113 MCap (Rs bn) / ($ mn) 18/279 6m
More informationEmkay. Demand environment remain weak. Century Plyboards. Result highlights. Slowdown in plywood segment impacted revenue growth
Century Plyboards India Equity Research Others January 29, 2016 Result Update Emkay Your success is our success Demand environment remain weak CMP Rs150 Target Price Rs166 ( ) Rating Upside ACCUMULATE
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 informationQuarterly Result Analysis
Recommendation BUY Snapshot CMP (04/02/2011) Rs. 640 Sector Stock Details BSE Code NSE Code Bloomberg Code Market Cap (Rs. cr) Free Float (%) 52 wk HI/Lo Avg. volume BSE (Monthly) Shares o/s (Crs) Metals
More informationBharat Forge. Growth on all fronts; Accumulate. Source: Company Data; PL Research
Growth on all fronts; Accumulate November 08, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs728 Target Price
More 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 informationPantaloon Retail India
Sequential moderation in SSS growth May 16, 211 Gautam Duggad gautamduggad@plindia.com +91 22 66322233 Rating BUY Price Rs241 Target Price Rs332 Implied Upside 37.8% Sensex 18,531 (Prices as on May 13,
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 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 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 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 informationHero MotoCorp ACCUMULATE. Performance Highlights. CMP `3,718 Target Price `4,130. 1QFY2018 Result Update Automobile. 3-year price chart
1QFY2018 Result Update Automobile July 27, 2017 Hero MotoCorp Performance Highlights ACCUMULATE CMP `3,718 Target Price `4,130 Y/E March (` cr) 1QFY18 1QFY17 % chg (yoy) 4QFY17 % chg (qoq) Investment Period
More informationPerformance beat on all fronts
Specialty Chemicals Deepak Nitrite Ltd Result Update BUY Performance beat on all fronts Institutional Research CMP (Rs) 228 Target (Rs) 300 Upside 32% Nifty: 11,062; Sensex: 36,975 Key Stock Data Bloomberg
More informationTata Steel. Source: Company Data; PL Research
Earnings marred by forex losses and initial start up costs November 12, 2012 Kamlesh Bagmar kamleshbagmar@plindia.com +91-22-66322237 Mandar Dhavle mandardhavle@plindia.com +91-22-66322258 Rating Accumulate
More informationAvenue Supermarts (DMART IN)
(DMART IN) Rating: REDUCE CMP: Rs1,572 TP: Rs1,270 January 14, 2019 Q3FY19 Result Update Change in Estimates Target Reco Change in Estimates Current Previous FY20E FY21E FY20E FY21E Rating REDUCE REDUCE
More 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 informationNo of Mines Proven Reserves Ownership Production per month Status. Petangis Mines Two 15 mn tonnes 100% 80,000 tonnes Operational
COMPANY UPDATE Amit Agarwal agarwal.amit@kotak.com +91 22 6621 6222 Summary table (Rs mn) FY11 FY12 FY13E Sales 28,259 36,684 43,851 Growth (%) 56.2 29.8 19.5 EBITDA 6,356 6,278 6,296 EBITDA margin (%)
More informationTrident Ltd. Buy & Add on dips
Trident Ltd. Buy & Add on dips 33,351.8 38,689.6 37,553.3 36,656.6 46,944.2 18-Apr-17 18-May-17 18-Jun-17 18-Jul-17 18-Aug-17 18-Sep-17 18-Oct-17 18-Nov-17 18-Dec-17 18-Jan-18 18-Feb-18 18-Mar-18 Trident
More informationBritannia Industries
Volumes impacted by slowdown; Margin expands May 27, 2014 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs870 Target
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 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 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 informationMahindra & Mahindra. Source: Company Data; PL Research
Tractors drive Q2 performance; Accumulate November 11, 2016 Rohan Korde rohankorde@plindia.com +91 22 66322235 Rating Accumulate Price Rs1,242 Target Price Rs1,503 Implied Upside 21.0% Sensex 26,819 Nifty
More informationEicher Motors. Continues to ride high! Accumulate. Source: Company Data; PL Research
Continues to ride high! Accumulate November 14, 2017 Saksham Kaushal sakshamkaushal@plindia.com +91 22 66322235 Poorvi Banka poorvibanka@plindia.com +91 22 66322426 Rating Accumulate Price Rs30,083 Target
More informationACC NEUTRAL. Performance Highlights. CMP `1,261 Target Price - 4QCY2012 Result Update Cement. Quarterly results (Standalone) Investment Period -
4QCY2012 Result Update Cement February 11, 2013 ACC Performance Highlights Quarterly results (Standalone) Y/E Dec. (` cr) 4QCY2012 3QCY2012 % chg qoq 4QCY2011 % chg yoy Net sales 3,099 2,445 26.8 2,503
More informationThumbs-up to the company s change in business strategy. PE investor exit and post -merger structure is value dilutive
June 30, 2011 Reco Reduce CMP Rs 211 EPS change FY11E/12E (%) Previous Reco NA Target Price Rs 203 NA Target Price change (%) NA Nifty 5,647 Sensex 18,846 Price Performance (%) 1M 3M 6M 12M Absolute (12)
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 informationCapacity expansion to drive growth; Retain Buy
Century Plyboards India Equity Research Building Materials August 3, 2017 Result Update Refer to important disclosures at the end of this report Capacity expansion to drive growth; Retain Buy Emkay Your
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 informationICICI Bank. Source: Company Data; PL Research
Steady quarter, margin outlook seems more than cautious January 25, 2011 Abhijit Majumder abhijitmajumder@plindia.com +91 22 66322236 Umang Shah umangshah@plindia.com +91 22 66322242 Rating BUY Price Rs1,084
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 informationLarsen & Toubro (LT IN)
(LT IN) Rating: BUY CMP: Rs1,321 TP: Rs1,566 July 25, 2018 Company Report Change in Estimates Target Reco Change in Estimates Current Previous FY19E FY20E FY19E FY20E Rating BUY BUY Target Price 1,566
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 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 informationMphasis. Increased confidence on margins. Source: Company Data; PL Research
Increased confidence on margins July 25, 2016 Govind Agarwal govindagarwal@plindia.com +91 22 66322300 Rating BUY Price Rs540 Target Price Rs570 Implied Upside 5.6% Sensex 28,095 Nifty 8,636 (Prices as
More informationLarsen & Toubro. Revenues a positive surprise...so is other income! Q1FY13 Result Update
Revenues a positive surprise...so is other income! July 23, 2012 Rupa Shah rupashah@plindia.com +91-22-66322244 Rating Accumulate Price Rs1,378 Target Price Rs1,517 Implied Upside 10.1% Sensex 16,877 Nifty
More informationBUY NCC. An Ordinary Quarterly Performance; Maintain BUY. Target Price: Rs98. Institutional Equity Research. 4QFY17 Result Update May 24, 2017
4QFY17 Result Update May 24, 2017 Market Cap. (Rs bn) 46 Free Float (%) 80 Shares O/S (mn) 556 An Ordinary Quarterly Performance; Maintain s reported performance has come in below the expectation as dismal
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 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 informationTVS Motor Company BUY. Performance Highlights. CMP Target Price `39 `45. 2QFY2013 Result Update Automobile. Quarterly highlights (Standalone)
2QFY2013 Result Update Automobile November 1, 2012 TVS Motor Company Performance Highlights Quarterly highlights (Standalone) Y/E March (` cr) 2QFY13 2QFY12 % chg (yoy) 1QFY13 % chg (qoq) Net Sales 1,691
More 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 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 informationSkipper. Buy. Result Update. India (Capital Goods) Institutional Research DOLAT CAPITAL
Result Update India (Capital Goods) Institutional Research DOLAT CAPITAL Skipper CMP ` 140 Target / Upside ` 162/16% BSE Sensex 25,400 NSE Nifty 7,783 Scrip Details Equity / FV ` 102mn/` 1/- Market Cap
More informationONGC. Result Update Q2 FY15
Change in Estimates Rating Target Net sales fall 8.8% yoy owing to lower net realizations of crude oil and lower gas production Discount on crude oil fell.% yoy and.% qoq to US$60.8/bbl Natural gas realization
More information