Voltas. Institutional Equities. Management Meet Update ACCUMULATE. Sector: Capital Goods CMP: Rs309 Target Price: Rs325 Upside: 5% 23 December 2016

Size: px
Start display at page:

Download "Voltas. Institutional Equities. Management Meet Update ACCUMULATE. Sector: Capital Goods CMP: Rs309 Target Price: Rs325 Upside: 5% 23 December 2016"

Transcription

1 Management Meet Update Institutional Equities Voltas Reuters: VOLT.BO; Bloomberg: VOLT IN We had a meeting with the management of Voltas recently to get the latest business update. While the management expects 3QFY17 sales of the UCP segment to be weak owing to the off-season and high base effect, it believes that demonetisation has happened at an opportune time for AC industry in the non-peak winter season. Healthy margins and RoCE are its long-term priorities in AC business over maintaining market share. In the EMPS segment, the margin is expected to revive gradually from FY18 as a few overseas projects are likely to conclude their certification and settlement with clients in 2HFY17. We have retained Accumulate rating on Voltas with a target price of Rs325 based on 22x September 218E (1HFY19) earnings. Following are the key takeaways from the meeting: Unitary cooling products (UCP) segment outlook 3QFY17 to be soft, but demonetisation at an opportune time: The management believes that demonetisation has happened at a favourable time for AC (air-conditioner) industry as November to February is a lean period for AC sales because of the winter season. While sales at the retail level could be impacted post demonetisation, the inventory in supply chain (with Voltas as well as with its dealers and retailers) is minimal because of strong sales in the summer season and the ongoing off-season currently. 3QFY17 sales could be weak (because of the current off-season) and down on YoY basis (owing to high base effect). In FY16, the summer season was not intense and hence 1HFY16 sales were weak leading to inventory build-up in the system which was liquidated in 3QFY16. However, overall in 9MFY17, Voltas does not expect to register revenue decline. The management believes that the impact of demonetisation is higher in Tier 2 & Tier 3 cities compared to metros and Tier 1 cities. However, 7%-75% of AC sales are accounted for by top 2-22 cities in India. As Voltas is light in inventory and currently passing through the off-season, it has not announced any discount or promotional offers post demonetisation. Also, the despatches for next year s summer season will start from the last week of February 217 and hence the company has two more months to ascertain the demonetisation impact. Healthy margins and RoCE is a priority over market share: Currently, Voltas is industry leader in ACs with 22% market share, having a lead of 7bps over LG, the No. 2 player (which has around 15% market share). However, Voltas gives top priority to margins and RoCE compared to market share and is even okay if its market share declines as long as its profitability is sustained. Y/E March (Rsmn) (consolidated) FY15 FY16 FY17E FY18E FY19E Net revenues 51,831 58,574 56,71 64,665 74,44 EBITDA 4,1 4,369 4,126 5,155 6,477 Adjusted net profit 3,349 3,44 3,614 4,413 5,426 Adjusted EPS (Rs) EPS growth (%) EBITDA margin (%) P/E (x) P/BV (x) EV/EBITDA (x) Dividend yield (%) RoCE (%) RoIC (%) December 216 ACCUMULATE Sector: Capital Goods CMP: Rs39 Target Price: Rs325 Upside: 5% Chirag Muchhala chirag.muchhala@nirmalbang.com Key Data Current Shares O/S (mn) 33.9 Mkt Cap (Rsbn/US$bn) 12.8/ Wk H / L (Rs) 46/211 Daily Vol. (3M NSE Avg.) 1,422,184 One -Year Indexed Stock Performance Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Price Performance (%) VOLTAS LTD Nifty 5 1 M 6 M 1 Yr Voltas 3.4 (3.4).9 Nifty Index (.7) (3.5) 1.4 Source: Bloomberg

2 Voltas posted strong EBIT margin of 13.2% in FY16 and 14.1% in 1HFY17 as the year started with a strong summer season. While there are many variables affecting the margin profile including commodity prices, currency movement (import content is high at 5%), competitive intensity, seasonality in demand and high advertising expenditure (at 4% to 6% of sales for Voltas), the management feels that over the next five years the sustainable operating margin profile will be 1%-11%. Further, Voltas is also prudent in making a provision for warranty at the time of the sale of AC itself and also in reporting advertisement expenses as a part of business expenses, which certain other players may not be following. Diversification into air-cooler and other consumer products After expanding its consumer goods product portfolio last year with the launch of air-coolers, Voltas is studying other similar product categories where it can leverage its brand. It is perceived that the brand Voltas has a consumer connect with products linked to air and water and hence categories such as airpurifier, refrigerators, washing machines and microwave ovens are under evaluation. Voltas launched aircoolers in Delhi and Punjab last year and subsequently expanded to a few other states (like Gujarat, Madhya Pradesh and parts of North and Central India). In FY16, it sold 7, units of air-coolers with the average selling price being Rs6, to Rs7, while in 1HFY17 it sold 5, units of air-coolers. So far, the aircooler category was being serviced largely by just three organised brands Symphony, Bajaj Electricals and Kenstar. With the launch of its air-coolers last year, Voltas has become the fourth-largest brand and it aims to be the second-largest in the long run. The air-cooler industry s size currently is 5mn units, of which only 3% is catered to by the organised segment, while the unorganised market s size of 7% is likely to decline sharply in the long run. Other UCP segment updates Voltas will be bidding for EESL tender for ACs, but there is lack of clarity about the extent of vendors responsibility on matters like installation, storage, servicing etc. Inverter ACs constituted 6% of sales for Voltas last year versus 1% in case of the industry. Voltas performed very well in South India market in 1HFY17 and is the market leader in all four zones in India. 2%-22% of top-line of UCP is accounted for by commercial refrigeration. It is a B2B business and hence unlikely to be impacted by demonetisation. Current indirect tax rate for Voltas is 25%-27%. It is not clear what GST rate will be levied on AC and refrigeration products. One manufacturing plant of Voltas is losing excise duty benefit in February 217, but additional net impact on the tax rate will be restricted to.5%-1% as Voltas would start receiving input credit. New BEE norms are due in 218. Electro-mechanical projects segment (EMPS) outlook Voltas is currently reporting weak margin for its EMPS segment (EBIT margin of 1.4% in FY16 as well as in 1HFY17). While EMPS orders are taken at the bidding-level margin of 4%-5%, time overrun because of delay on the part of customers to execute and commission their projects leads to a margin of only 1%-2% on closure of projects. Further, delay in certification of projects from customers and settlement of dues after Voltas has completed its scope of work affects profitability, especially in Middle East projects. The management expects a few low-margin overseas EMPS orders to attain financial closure in 2HFY17 as their certification and settlement is likely to conclude. These low-margin orders were booked when crude oil prices were much higher (above US$1/barrel) and faced delay in execution after the sharp decline in crude oil prices as some project developers were in financial difficulty. Post completion of these old projects, Voltas expects the margins to recover from FY18 onwards gradually. Its order book, from FY18 onwards, will mainly consist of new projects won over the past one year which has much lesser risk of time overrun. In the international EMPS order book of Rs21bn as of 1HFY17-end (49% of total order book), Rs12bn orders were won in the past 12 months which have a much better margin profile. Its overseas order book consists of Rs18bn orders from the Middle East and Rs3bn orders from Singapore. Voltas is much more cautious in taking international orders now and has a four-level internal review committee to approve each project order. In the domestic market, Voltas is not experiencing any execution issues post demonetisation as a large part of its domestic order book is geared towards government orders. The domestic order book stood at Rs22bn as of 1HFY17-end (51% of total order book) in which the only large private order under execution is the 2 Voltas

3 1QFY12 2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 Institutional Equities convention centre of Reliance Industries at BKC in Mumbai (Rs2.2bn). Incrementally, Voltas is focusing more on rural electrification and water segments in domestic EMPS market. In rural electrification segment, Voltas currently has an order book of Rs2.2bn-Rs2.5bn and has worked only in Madhya Pradesh. It intends to expand its presence in a few more states. In water segment, Voltas has an order book of Rs2.5bn-Rs2.6bn including the recently won project of setting up a water treatment plant for Agra smart city worth Rs1.2bn. Along with other smart city-linked water projects, Voltas also aims for more industrial orders, once corporate capex revives. Outlook and valuation Post 2QFY17 results, we had cut our FY17/FY18 earnings estimates for Voltas by 16%/13%, respectively, factoring in the impact of demonetisation on the UCP segment and softer execution traction in EMPS. We expect Voltas to post 17% adjusted earnings CAGR over FY16-FY19E along with a free cash flow generation of Rs8.8bn. Capex-light balance sheet remains strong with low leverage and high return ratios (RoCE/RoIC of 19%/45%, respectively, in FY19E) and low net working capital requirement. We have valued Voltas at 22x September 218E earnings (1HFY19), translating to a target price of Rs325. We believe the stock is fairly priced currently and hence we have Accumulate rating on it. Exhibit 1: Segment-wise snapshot Y/E March 2QFY16 1QFY17 2QFY17 YoY (%) QoQ (%) 1HFY16 1HFY17 YoY (%) Revenues (Rsmn) Electro-mechanical projects 6,355 5,82 5,432 (14.5) (6.4) 11,99 11,235 (6.3) Engineering products (21.9) 8.6 1,663 1,442 (13.2) Unitary cooling products 3,121 11,956 3, (7.4) 12,399 15, Revenue mix (%) Electro-mechanical projects Engineering products Unitary cooling products EBIT (Rsmn) Electro-mechanical projects (69.3) (5.6) (37.6) Engineering products (1.6) (14.3) Unitary cooling products 341 1, (77.) 1,477 2, EBIT margin (%) Electro-mechanical projects Engineering products Unitary cooling products Exhibit 2: EMPS trend in order inflow and backlog (Rsbn) (Rsbn) Order intake (LHS) Order backlog (RHS) 3 Voltas

4 Apr-6 Feb-7 Jan-8 Dec-8 Oct-9 Sep-1 Aug-11 Jun-12 May-13 Apr-14 Feb-15 Jan-16 Dec-16 Apr-6 Feb-7 Jan-8 Institutional Equities Dec-8 Oct-9 Sep-1 Aug-11 Jun-12 May-13 Apr-14 Feb-15 Jan-16 Dec-16 Exhibit 3: UCP trend in EBIT margin profile Exhibit 4: EMPS trend in EBIT margin profile (%) 16 (%) FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E (2) FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E (1.5) Exhibit 5: Trend in cash flow position Exhibit 6: Trend in return ratios (Rsmn) 6, 5, (%) , 3, 2, 1, FY13 FY14 FY15 FY16 FY17E FY18E FY19E Operating cash flow Free cash flow FY13 FY14 FY15 FY16 FY17E FY18E FY19E RoE RoCE RoIC Exhibit 7: P/E charts (x) (Rs) Stock price 5x 1x 15x 2x 25x Source: BSE, Nirmal Bang Institutional Equities Research 4 Voltas

5 Financial statements (consolidated) Exhibit 8: Income statement Y/E March (Rsmn) FY15 FY16 FY17E FY18E FY19E Net sales 51,831 58,574 56,71 64,665 74,44 % growth (1.6) 13. (3.2) Raw material costs 35,975 41,26 39,584 44,683 5,72 Staff costs 5,899 6,699 7,89 7,76 8,515 Other overheads 5,857 6,246 5,911 7,67 8,332 Total expenditure 47,731 54,25 52,584 59,51 67,567 EBITDA 4,1 4,369 4,126 5,155 6,477 % growth (5.6) EBITDA margin (%) Other income 1,87 1,176 1,384 1,462 1,558 Interest costs Depreciation Profit before tax 4,675 5,114 5,19 6,129 7,536 Tax 1,276 1,599 1,45 1,716 2,11 Net profit 3,398 3,515 3,614 4,413 5,426 Minority interest Extra-ordinary items Reported net profit 3,811 3,81 3,614 4,413 5,426 Adjusted net profit 3,349 3,44 3,614 4,413 5,426 Adjusted PAT margin (%) Adjusted EPS (Rs) % growth Exhibit 1: Balance sheet Y/E March (Rsmn) FY15 FY16 FY17E FY18E FY19E Share capital Reserves 2,69 23,621 26,31 28,939 32,43 Net worth 21,21 23,952 26,362 29,27 32,761 Minority interest Short-term loans 1,17 2,599 1,899 1,399 1,199 Long-term loans Total loans 1,217 2,599 1,899 1,399 1,199 Total liabilities 22,398 26,81 28,52 3,928 34,218 Gross block 4,549 5,15 5,617 6,117 6,617 Depreciation 2,659 2,894 3,25 3,545 3,914 Net block 1,891 2,211 2,413 2,572 2,73 Capital work-in-progress Goodwill Investments 1,939 15,257 15,257 15,257 15,257 Inventories 8,671 8,927 8,844 9,477 11,21 Debtors 13,386 13,66 13,18 14,133 16,531 Cash 2,516 1,971 2,122 3,465 4,335 Loans and advances 2,66 2,856 3,17 3,338 3,814 Other current assets 7,665 1,435 1,376 1,924 12,484 Total current assets 34,844 37,255 37,62 41,336 48,185 Creditors 15,414 17,451 16,28 17,2 19,63 Other current liabilities & provisions 11,51 11,79 11,724 12,272 13,557 Total current liabilities 26,466 29,16 28,4 29,472 33,16 Net current assets 8,378 8,95 9,616 11,864 15,24 Deferred tax asset (net) Total assets 22,398 26,81 28,52 3,928 34,218 Exhibit 4: Exhibit 9: Cash flow Y/E March (Rsmn) FY15 FY16 FY17E FY18E FY19E EBIT 3,82 4,91 3,815 4,815 6,18 (Inc.)/dec. in working capital 1,82 (263) (1,37) (96) (2,29) Cash flow from operations 5,639 3,829 2,446 3,99 3,818 Other income 1,87 1,176 1,384 1,462 1,558 Depreciation Tax paid (-) (1,276) (1,599) (1,45) (1,716) (2,11) Minority interest (-) (5) (111) Net cash from operations 5,681 3,572 2,735 3,996 3,635 Capital expenditure (-) (112) (567) (5) (5) (5) Net cash after capex 5,569 3,5 2,235 3,496 3,135 Interest paid (-) (233) (153) (18) (148) (13) Dividends paid (-) (98) (1,12) (1,24) (1,55) (1,935) Inc./(dec.) in short-term borrowing (1,45) 1,43 (7) (5) (2) Inc./(dec.) in long-term borrowing (7) (47) Inc./(dec.) in total borrowings (1,412) 1,383 (7) (5) (2) (Inc.)/dec. in investments (3,618) (4,319) Minority interest Cash from financial activities (6,221) (4,111) (2,84) (2,153) (2,265) Others Opening cash balance 2,818 2,516 1,971 2,122 3,465 Closing cash balance 2,516 1,971 2,122 3,465 4,335 Change in cash balance (32) (545) 151 1, Exhibit 5: Exhibit 6: Exhibit 11: Key ratios Y/E March FY15 FY16 FY17E FY18E FY19E Per share (Rs) Adjusted EPS Book value Valuation (x) P/E P/BV EV/EBITDA EV/sales Return ratios (%) RoCE RoE RoIC Profitability ratios (%) EBITDA margin EBIT margin PAT margin Turnover ratios Total asset turnover ratio (x) Debtor days Inventory days Creditor days Solvency ratios (x) Debt-equity Voltas

6 Rating track Date Rating Market price (Rs) Target price (Rs) 23 October 213 Buy November 213 Buy November 213 Buy November 213 Buy February 214 Buy June 214 Hold July 214 Accumulate August 214 Accumulate October 214 Accumulate November 214 Buy January 215 Buy February 215 Buy April 215 Buy May 215 Accumulate July 215 Accumulate August 215 Accumulate October 215 Accumulate November 215 Accumulate January 216 Accumulate February 216 Buy April 216 Buy May 216 Accumulate June 216 Accumulate July 216 Accumulate August 216 Accumulate October 216 Accumulate November 216 Accumulate December 216 Accumulate Voltas

7 Disclaimer Stock Ratings Absolute Returns BUY > 15% ACCUMULATE -5% to15% SELL < -5% This report is published by Nirmal Bang s Institutional Equities Research desk. Nirmal Bang group has other business units with independent research teams separated by Chinese walls, and therefore may, at times, have different or contrary views on stocks and markets. Reports based on technical and derivative analysis may not match with reports based on a company's fundamental analysis. This report is for the personal information of the authorised recipient and is not for public distribution. This should not be reproduced or redistributed to any other person or in any form. This report is for the general information for the clients of Nirmal Bang Equities Pvt. Ltd., a division of Nirmal Bang, and should not be construed as an offer or solicitation of an offer to buy/sell any securities. We have exercised due diligence in checking the correctness and authenticity of the information contained herein, so far as it relates to current and historical information, but do not guarantee its accuracy or completeness. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Nirmal Bang or any persons connected with it do not accept any liability arising from the use of this document or the information contained therein. The recipients of this material should rely on their own judgment and take their own professional advice before acting on this information. Nirmal Bang or any of its connected persons including its directors or subsidiaries or associates or employees or agents shall not be in any way responsible for any loss or damage that may arise to any person/s from any inadvertent error in the information contained, views and opinions expressed in this publication. Nirmal Bang Equities Private Limited (hereinafter referred to as NBEPL ) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited. NBEPL has registered with SEBI as a Research Entity in terms of SEBI (Research Analyst) Regulations, 214. (Registration No: INH to ). NBEPL or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. NBEPL or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. NBEPL /analyst has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market-making activity of the company covered by Analyst. The views expressed are based solely on information available publicly and believed to be true. Investors are advised to independently evaluate the market conditions/risks involved before making any investment decision. Access all our reports on Bloomberg, Thomson Reuters and Factset. Team Details: Name Id Direct Line Rahul Arora CEO rahul.arora@nirmalbang.com - Girish Pai Head of Research girish.pai@nirmalbang.com / 18 Dealing Ravi Jagtiani Dealing Desk ravi.jagtiani@nirmalbang.com , Pradeep Kasat Dealing Desk pradeep.kasat@nirmalbang.com /811, Michael Pillai Dealing Desk michael.pillai@nirmalbang.com /813, Umesh Bharadia Dealing Desk umesh.bharadia@nirmalbang.com Nirmal Bang Equities Pvt. Ltd. Correspondence Address B-2, 31/32, Marathon Innova, Nr. Peninsula Corporate Park, Lower Parel (W), Mumbai-413. Board No. : /1; Fax. : Voltas

Bajaj Electricals. Institutional Equities. 3QFY15 Result Update

Bajaj Electricals. Institutional Equities. 3QFY15 Result Update 3QFY15 Result Update Institutional Equities Bajaj Electricals 13 February 2015 Reuters: BJEL.BO; Bloomberg: BJE IN Final Phase Of Transition Pain; Retain Buy Bajaj Electricals (BJE) posted 3QFY15 revenue

More information

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy 2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues

More information

Crompton Greaves. Institutional Equities. 4QFY15 Result Update ACCUMULATE. Overseas Losses Continue; More Business Exits Likely

Crompton Greaves. Institutional Equities. 4QFY15 Result Update ACCUMULATE. Overseas Losses Continue; More Business Exits Likely 4QFY15 Result Update Crompton Greaves 29 May 2015 Reuters: CROM.BO; Bloomberg: CRG IN Overseas Losses Continue; More Business Exits Likely The 4QFY15 performance of Crompton Greaves (CGL) was below expectation

More information

Voltas. Institutional Equities. 1QFY19 Result Update. EMPS Shines, UCP Proves Its Mettle Again ACCUMULATE

Voltas. Institutional Equities. 1QFY19 Result Update. EMPS Shines, UCP Proves Its Mettle Again ACCUMULATE 1QFY19 Result Update Voltas 13 August 218 Reuters: VOLT.BO; Bloomberg: VOLT IN EMPS Shines, UCP Proves Its Mettle Again Voltas reported consolidated revenues of Rs21.5bn for 1QFY19, up 11% YoY and 5%/6%

More information

Institutional Equities

Institutional Equities 3QFY15 Result Update Institutional Equities GlaxoSmithKline Consumer Healthcare Reuters: GLSM.BO; Bloomberg: SKB IN 4 February 2015 Price Hike Leads To Sales Growth Glaxo SmithKline Consumer Healthcare

More information

E&P To Stay Strong; Consumer Segment To Revive

E&P To Stay Strong; Consumer Segment To Revive Management Meet Update Institutional Equities Bajaj Electricals 30 August 2017 Reuters: BJEL.BO; Bloomberg: BJE IN E&P To Stay Strong; Consumer Segment To Revive We had a meeting with the management of

More information

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE

Swaraj 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 information

Institutional Equities

Institutional Equities 2QFY18 Result Update Institutional Equities KCP 5 December 2017 Reuters: KCP.BO; Bloomberg: KCPL IN Other Income Drives PAT; High International Coal Price Is Cause For Concern KCP reported a weak set of

More information

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution 2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of

More information

Crisil. Institutional Equities. 3QCY17 Result Update ACCUMULATE. Weak SME Rating Revenues & Currency Movement Play Spoilsport

Crisil. 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 information

Institutional Equities

Institutional Equities Management Meet Update Institutional Equities Kaya Reuters: KAYA.NS; Bloomberg: KAYA IN We interacted with the management of Kaya at an investor conference held by us recently. Following are the key takeaways:

More information

Cadila Healthcare. Institutional Equities. 3QFY15 Result Update UNDER REVIEW. Stable Performance. Sector: Pharmaceuticals CMP: Rs1,514

Cadila Healthcare. Institutional Equities. 3QFY15 Result Update UNDER REVIEW. Stable Performance. Sector: Pharmaceuticals CMP: Rs1,514 3QFY15 Result Update Institutional Equities Cadila Healthcare 11 February 2015 Reuters: CADI.BO; Bloomberg: CDH IN Stable Performance Cadila Healthcare s (CHL) 3QFY15 earnings were in line with our expectations

More information

Timken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy

Timken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy 4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer

More information

Muthoot Finance. Institutional Equities. 2QFY18 Result Update BUY

Muthoot Finance. Institutional Equities. 2QFY18 Result Update BUY 2QFY18 Result Update Institutional Equities Muthoot Finance 10 November 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Really Glitters Strong profitability numbers of Muthoot Finance (MFL)

More information

Institutional Equities

Institutional Equities Company Update Institutional Equities Dr. Reddy s Laboratories 5 September 2017 Reuters: REDY.BO; Bloomberg: DRRD IN Suboxone Generic Opportunity To Be Lucrative, Can Sustain For Longer Time The district

More information

Gillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance

Gillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance 2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings

More information

CARE Ratings. Institutional Equities. 2QFY18 Result Update BUY

CARE Ratings. Institutional Equities. 2QFY18 Result Update BUY 2QFY18 Result Update Institutional Equities CARE Ratings 17 November 217 Reuters: CREI.BO; Bloomberg: CARE IN Mixed Performance CARE Ratings (CARE) reported an increase of 12.3% in revenues for 2QFY18

More information

Thermax. Institutional Equities. 3QFY18 Result Update. Healthy Execution, But Margins Disappoint SELL

Thermax. Institutional Equities. 3QFY18 Result Update. Healthy Execution, But Margins Disappoint SELL 3QFY18 Result Update Institutional Equities Thermax 8 February 2018 Reuters: THMX.BO; Bloomberg: TMX IN Healthy Execution, But Margins Disappoint Thermax posted healthy execution in 3QFY18 with standalone

More information

Colgate-Palmolive (India)

Colgate-Palmolive (India) Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue

More information

Punjab National Bank

Punjab 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 information

Atul Auto. Institutional Equities. Management Meet Update ACCUMULATE. Sector: Automobile CMP: Rs445 Target Price: Rs489 Upside: 10% 23 August 2017

Atul Auto. Institutional Equities. Management Meet Update ACCUMULATE. Sector: Automobile CMP: Rs445 Target Price: Rs489 Upside: 10% 23 August 2017 Management Meet Update Atul Auto 23 August 2017 Reuters: ATUL.BO; Bloomberg: ATUL IN We had a meeting with the management of Atul Auto (AAL) recently to gauge its performance in the aftermath of a relatively

More information

3,746 2,551 3, NIM

3,746 2,551 3, NIM 4QFY17 Result Update Institutional Equities Capital First 11 May 2017 Reuters: CAPF.BO; Bloomberg: CAFL IN Net Interest Income Up, But Offset By Elevated Credit Costs Although the net interest income or

More information

La Opala RG. Institutional Equities. 4QFY17 Result Update UNDER REVIEW. Revenues Soar, But Margins Take A Hit. Sector: Tableware CMP: Rs536

La Opala RG. Institutional Equities. 4QFY17 Result Update UNDER REVIEW. Revenues Soar, But Margins Take A Hit. Sector: Tableware CMP: Rs536 4QFY17 Result Update La Opala RG 11 May 217 Reuters: LAOP.BO; Bloomberg: LOG IN Revenues Soar, But Margins Take A Hit La Opala RG (LORL) reported revenues of Rs761mn for 4QFY17, up 41% YoY. The stellar

More information

Gillette India. Institutional Equities. 1QFY18 Result Update

Gillette India. Institutional Equities. 1QFY18 Result Update 1QFY18 Result Update Institutional Equities Gillette India 14 November 2017 Reuters: GILE.NS; Bloomberg: GILL IN Robust Growth In Operating Margin Gillette India s or GIL s overall top-line performance

More information

Institutional Equities

Institutional Equities 4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account

More information

Punjab National Bank

Punjab National Bank 1QFY16 Result Update Institutional Equities Punjab National Bank 29 July 2015 Reuters: PNB.BO; Bloomberg: PNB IN Some Respite On Asset Quality Front Punjab National Bank (PNB) reported moderate 1QFY16

More information

KEC International. Institutional Equities. Management Meet Update BUY. On Course Towards Recovery In Operating Margin

KEC International. Institutional Equities. Management Meet Update BUY. On Course Towards Recovery In Operating Margin Management Meet Update Institutional Equities KEC International Reuters: KECL.BO; Bloomberg: KECI IN On Course Towards Recovery In Operating Margin We had a meeting with the management of KEC International

More information

Muthoot Finance. Institutional Equities. 1QFY18 Result Update. Gold Loan Business Continues To Glitter BUY. 10 August 2017

Muthoot Finance. Institutional Equities. 1QFY18 Result Update. Gold Loan Business Continues To Glitter BUY. 10 August 2017 1QFY18 Result Update Institutional Equities Muthoot Finance 10 August 2017 Reuters: MUTT.BO; Bloomberg: MUTH IN Gold Loan Business Continues To Glitter Strong profitability numbers of Muthoot Finance (MFL)

More information

9,251 7,812 8, NIM

9,251 7,812 8, NIM 4QFY15 Result Update Institutional Equities IndusInd Bank 17 April 2015 Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Robust Performance IndusInd Bank s 4QFY15 profit beat our estimate by 12%. Its bottom-line

More information

9,807 8,007 9, NIM

9,807 8,007 9, NIM 1QFY16 Result Update Institutional Equities IndusInd Bank Reuters: INBK.BO; Bloomberg: IIB IN Yet Another Stellar Performance IndusInd Bank s 1QFY16 profit beat our estimate by 4%. Its bottom-line grew

More information

Bata India. Institutional Equities. Management Meet Update. On Right Track ACCUMULATE. Sector: Retail CMP: Rs692 Target Price: 696 Upside: 1%

Bata India. Institutional Equities. Management Meet Update. On Right Track ACCUMULATE. Sector: Retail CMP: Rs692 Target Price: 696 Upside: 1% Management Meet Update Bata India Reuters: BATA.BO; Bloomberg: BATA IN On Right Track We had a meeting recently with Mr. R. K. Gupta, Chief Financial Officer (CFO) of Bata India (BIL) to understand recent

More information

TD Power Systems. Institutional Equities. Company Update BUY

TD Power Systems. Institutional Equities. Company Update BUY Company Update Institutional Equities TD Power Systems 1 September 215 Reuters: TDPS.BO; Bloomberg: TDPS IN On The Cusp Of A Turnaround; Reiterate Buy We believe TD Power Systems (TDPS) is on the cusp

More information

Swiss Glascoat Equipments

Swiss Glascoat Equipments Management Meet Update Institutional Equities Swiss Glascoat Equipments 28 December 17 Reuters: SWGE.BO; Bloomberg: SWGE IN We had a meeting with the management of Swiss Glascoat Equipments (SGEL) recently

More information

93,707 77,814 90, NIM

93,707 77,814 90, NIM 1QFY18 Result Update Institutional Equities HDFC Bank Reuters: HDBK.BO; Bloomberg: HDFCB IN Higher Fee Income Offsets Higher Provisioning HDFC Bank s net interest income or NII grew 20% in 1QFY18 driven

More information

EBITDA 5,019 4,211 5, EBITDA

EBITDA 5,019 4,211 5, EBITDA Result Update Institutional Equities Dalmia Bharat Reuters: DALA.BO; Bloomberg: DBEL IN Outperformance Likely To Continue Dalmia Bharat (DBL) reported a good set of numbers for, given the challenging environment

More information

IFB Industries. Institutional Equities. 3QFY18 Result Update. Healthy Revenues, Strong Gross Margin; Retain Buy BUY.

IFB Industries. Institutional Equities. 3QFY18 Result Update. Healthy Revenues, Strong Gross Margin; Retain Buy BUY. 3QFY18 Result Update Institutional Equities IFB Industries Reuters: IFBI.BO; Bloomberg: IFBI IN Healthy Revenues, Strong Gross Margin; Retain Buy IFB Industries (IFB) posted a healthy 17% YoY rise in net

More information

KEC International. Institutional Equities. Management Meet Update. Healthy Order Inflow Traction Expected To Continue BUY

KEC International. Institutional Equities. Management Meet Update. Healthy Order Inflow Traction Expected To Continue BUY Management Meet Update Institutional Equities KEC International Reuters: KECL.BO; Bloomberg: KECI IN Healthy Order Inflow Traction Expected To Continue We had a meeting with the management of KEC International

More information

Manappuram Finance. Institutional Equities. 3QFY17 Result Update BUY

Manappuram Finance. Institutional Equities. 3QFY17 Result Update BUY 3QFY17 Result Update Institutional Equities Manappuram Finance 9 February 2017 Reuters: MNFL.BO; Bloomberg: MGFL IN Profitability Beats Expectations Amid Some Spike In Loan Delinquency Strong Profit &

More information

Jamna Auto Industries

Jamna Auto Industries 2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were

More information

ITC. Institutional Equities. 4QFY18 Result Update. Tracking Expectations ACCUMULATE. Sector: FMCG CMP: Rs286 Target Price: Rs290 Upside: 1%

ITC. 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 information

Indian Oil Corporation

Indian Oil Corporation 3QFY18 Result Update Institutional Equities Indian Oil Corporation 1 February 2018 Reuters: IOC.BO; Bloomberg: IOCL IN Earnings Outperformance On Account Of Inventory Gains Indian Oil Corporation (IOCL)

More information

Sanofi India. Institutional Equities. 3QCY18 Result Update. Robust Performance BUY

Sanofi India. Institutional Equities. 3QCY18 Result Update. Robust Performance BUY 3QCY18 Result Update Institutional Equities Sanofi India Reuters: SANO.BO; Bloomberg: SANL IN Robust Performance Sanofi India s revenues in 3QCY18 stood at Rs7,438mn which were above our/consensus estimate

More information

V-Guard Industries. Institutional Equities. Conference-call Update BUY. Sector: White Goods CMP: Rs914 Target Price: Rs1,109 Upside: 21%

V-Guard Industries. Institutional Equities. Conference-call Update BUY. Sector: White Goods CMP: Rs914 Target Price: Rs1,109 Upside: 21% Conference-call Update Institutional Equities V-Guard Industries 7 November 214 Reuters: VGUA.NS; Bloomberg: VGRD IN We hosted the conference-call of V-Guard Industries (VIL) on 5 November 214 to discuss

More information

La Opala RG. Institutional Equities. 1QFY18 Result Update

La Opala RG. Institutional Equities. 1QFY18 Result Update 1QFY18 Result Update La Opala RG 31 August 2017 Reuters: LAOP.BO; Bloomberg: LOG IN Flattish YoY Performance La Opala RG (LORL) reported revenues of Rs475mn for 1QFY18, up 0.6% YoY, but significantly below

More information

Sun Pharmaceutical Industries

Sun Pharmaceutical Industries Event Update Institutional Equities Sun Pharmaceutical Industries Reuters: SUN.BO; Bloomberg: SUNP IN Surprise Audit Of Halol Unit By USFDA - Outcome Is Key As per a report in the Business Standard newspaper

More information

Dabur India. Institutional Equities. 1QFY19 Result Update

Dabur India. Institutional Equities. 1QFY19 Result Update 1QFY19 Result Update Institutional Equities Dabur India 2 August 2018 Reuters: DABU.NS; Bloomberg: DABUR IN Consistency Is Key To The Game Dabur India s (DABUR) operating performance in 1QFY19 was better

More information

26 October 2018 Reuters: MRTI.BO; Bloomberg: MSIL IN

26 October 2018 Reuters: MRTI.BO; Bloomberg: MSIL IN 2QFY19 Result Update Maruti Suzuki India 26 October 2018 Reuters: MRTI.BO; Bloomberg: MSIL IN Better-than-expected Margins; Retain Buy Maruti Suzuki India (MSIL) s 2QFY19 earnings were 18% above our estimate

More information

Apar Industries. Institutional Equities. Management Meet Update. In Turnaround Mode; Retain Buy BUY

Apar Industries. Institutional Equities. Management Meet Update. In Turnaround Mode; Retain Buy BUY Management Meet Update Institutional Equities Apar Industries Reuters: APAR.BO; Bloomberg: APR IN In Turnaround Mode; Retain Buy We had a meeting with the management of Apar Industries (Apar) recently

More information

Punjab National Bank

Punjab National Bank 1QFY18 Result Update Institutional Equities Punjab National Bank 3 August 2017 Reuters: PNB.BO; Bloomberg: PNB IN Asset Quality Continues To Disappoint Punjab National Bank s (PNB) annualised loan slippage

More information

Institutional Equities

Institutional 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 information

Dalmia Bharat Enterprises

Dalmia Bharat Enterprises Result Update Dalmia Bharat Enterprises 1 November 218 Reuters: DALA.BO; Bloomberg: DBEL IN Performance In Line; Stock Under Review Post Odisha Cement Amalgamation Dalmia Bharat Enterprises (DBEL) reported

More information

Institutional Equities

Institutional Equities 3QFY18 Result Update Institutional Equities Atul Auto 15 February 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Drag Profitability Atul Auto s (AAL) 3QFY18 earnings missed our expectations

More information

Institutional Equities

Institutional Equities 1QFY19 Result Update Institutional Equities Aurobindo Pharma 13 August 2018 Reuters: ARBP.NS; Bloomberg: ARBP IN One-offs Impact Margin Aurobindo Pharma (APL) reported 1QFY19 revenues of Rs42,503mn which

More information

NESCO. Institutional Equities. Event Update. Revenues From Bombay Exhibition Centre May Take A Hit BUY

NESCO. Institutional Equities. Event Update. Revenues From Bombay Exhibition Centre May Take A Hit BUY Event Update Institutional Equities NESCO 27 August 2018 Reuters: NSEN.NS; Bloomberg: NSE IN Revenues From Bombay Exhibition Centre May Take A Hit This event update relates to an application made on 14

More information

Indian Oil Corporation

Indian Oil Corporation 4QFY18 Result Update Institutional Equities Indian Oil Corporation 24 May 2018 Reuters: IOC.BO; Bloomberg: IOCL IN Subdued Earnings Because Of Lower GRM and Higher Expenses Indian Oil Corporation (IOCL)

More information

Nestle India. Institutional Equities. 1QCY18 Result Update. Resurgence Continues BUY. Sector: FMCG CMP: Rs8,981 Target Price: Rs10,700 Upside: 19%

Nestle India. Institutional Equities. 1QCY18 Result Update. Resurgence Continues BUY. Sector: FMCG CMP: Rs8,981 Target Price: Rs10,700 Upside: 19% 1QCY18 Result Update Institutional Equities Nestle India 11 May 218 Reuters: NEST.BO; Bloomberg: NEST IN Resurgence Continues Nestle India (NEST) reported strong overall performance during 1QCY18 driven

More information

EBITDA 5,076 3, , EBITDA

EBITDA 5,076 3, , EBITDA Result Update Ambuja Cements 21 February 218 Reuters: ABUJ.BO; Bloomberg: ACEM IN Healthy Volume Growth, Operating Costs Under Control Ambuja Cements (ACEM) reported a good set of numbers for owing to

More information

Hindustan Unilever. Institutional Equities. 4QFY18 Result Update

Hindustan Unilever. Institutional Equities. 4QFY18 Result Update 4QFY18 Result Update Institutional Equities Hindustan Unilever 15 May 2018 Reuters: HLL.BO; Bloomberg: HUVR IN Reaping Rewards Of Consistency 4QFY18 was the third consecutive quarter wherein Hindustan

More information

Whirlpool of India. Institutional Equities. Analyst Meet Update. Aims To Sustain Strong Growth Trajectory; Retain Buy BUY

Whirlpool of India. Institutional Equities. Analyst Meet Update. Aims To Sustain Strong Growth Trajectory; Retain Buy BUY Analyst Meet Update Whirlpool of India Reuters: WHIR.BO; Bloomberg: WHIRL IN Aims To Sustain Strong Growth Trajectory; Retain Buy We attended the analyst meet held by Whirlpool of India (WIL) recently.

More information

Bata India. Institutional Equities. 1QFY19 Result Update BUY

Bata India. Institutional Equities. 1QFY19 Result Update BUY 1QFY19 Result Update Institutional Equities Bata India 23 July 2018 Reuters: BATA.BO; Bloomberg: BATA IN Strong Margin Improvement To Drive Consensus EPS Upgrade Bata India s (BIL) YoY net sales growth

More information

State Bank of India. Institutional Equities. 1QFY18 Result Update

State Bank of India. Institutional Equities. 1QFY18 Result Update 1QFY18 Result Update Institutional Equities State Bank of India 14 August 2017 Reuters: SBI.BO; Bloomberg: SBIN IN Merger With Associate Banks Accentuates The Pain State Bank of India s (SBI) annualised

More information

Bharat Heavy Electricals

Bharat Heavy Electricals FY16 (Provisional) Result Update Institutional Equities Bharat Heavy Electricals 8 April 2016 Reuters: BHEL.BO; Bloomberg: BHEL IN Structural Headwinds Persist; Retain Sell The FY16 provisional results

More information

Dabur India. Institutional Equities. 4QFY18 Result Update. Growth Volatility Is Still Fairly High ACCUMULATE

Dabur India. Institutional Equities. 4QFY18 Result Update. Growth Volatility Is Still Fairly High ACCUMULATE 4QFY18 Result Update Institutional Equities Dabur India 3 May 2018 Reuters: DABU.NS; Bloomberg: DABUR IN Growth Volatility Is Still Fairly High Dabur India s (DABUR) consolidated top-line performance in

More information

Mold-Tek Packaging. Institutional Equities. Conference Update. Promising Growth Outlook BUY

Mold-Tek Packaging. Institutional Equities. Conference Update. Promising Growth Outlook BUY Conference Update Institutional Equities Mold-Tek Packaging 20 August 2018 Reuters: MOLT.BO; Bloomberg: MTEP IN Promising Growth Outlook We recently interacted with the management of Mold-Tek Packaging

More information

Bharat Heavy Electricals

Bharat Heavy Electricals 2QFY16 Result Update Bharat Heavy Electricals 9 November 2015 Reuters: BHEL.BO; Bloomberg: BHEL IN Losses Mount, Structural Headwinds Persist; Retain Sell Bharat Heavy Electricals (BHEL) posted 2QFY16

More information

Eicher Motors. Institutional Equities. Management Meet Update BUY. Reuters: EICH.NS; Bloomberg: EIM IN

Eicher Motors. Institutional Equities. Management Meet Update BUY. Reuters: EICH.NS; Bloomberg: EIM IN Management Meet Update Institutional Equities Eicher Motors 17 July 2018 Reuters: EICH.NS; Bloomberg: EIM IN We had a meeting with the management of Eicher Motors (EML) recently. Following are the key

More information

JBF Industries. Institutional Equities. 1QFY16 Result Update BUY. Healthy Gross Profit Growth, But Other Costs Higher; Retain Buy

JBF Industries. Institutional Equities. 1QFY16 Result Update BUY. Healthy Gross Profit Growth, But Other Costs Higher; Retain Buy 1QFY16 Result Update Institutional Equities JBF Industries 12 August 215 Reuters: JBFI.BO; Bloomberg: JBF IN Healthy Gross Profit Growth, But Other Costs Higher; Retain Buy Following the decline in crude

More information

EBITDA 2,503 2,904 (13.8) 2,722 (8.0) EBITDA

EBITDA 2,503 2,904 (13.8) 2,722 (8.0) EBITDA 1QFY19 Result Update The Ramco Cements 3 August 218 Reuters: TRCE.BO; Bloomberg: TRCL IN Challenging Business Environment Aptly Handled The Ramco Cements (TRCL) reported a stable operating performance

More information

Bharat Heavy Electricals

Bharat Heavy Electricals 4QFY16 Result Update Bharat Heavy Electricals 30 May 2016 Reuters: BHEL.BO; Bloomberg: BHEL IN Structural Headwinds Persist; Retain Sell Bharat Heavy Electricals (BHEL) posted 4QFY16 revenues of Rs100bn,

More information

TVS Motor Company. Institutional Equities. 3QFY19 Result Update SELL

TVS Motor Company. Institutional Equities. 3QFY19 Result Update SELL 3QFY19 Result Update TVS Motor Company 23 January 2019 Reuters: TVSM.BO; Bloomberg: TVSL IN Better-Than-Expected Margins TVS Motor Company s 3QFY19 performance was above our expectations as it reported

More information

Institutional Equities

Institutional Equities 1QFY18 Result Update Institutional Equities Cipla 14 August 2017 Reuters: CIPL.NS; Bloomberg: CIPLA IN Gross Margin Improvement Is A Positive Surprise Cipla s revenues in 1QFY18 stood at Rs35,251mn, showing

More information

Institutional Equities

Institutional Equities 1QFY19 Result Update Institutional Equities Dr. Reddy s Laboratories 27 July 2018 Reuters: REDY.BO; Bloomberg: DRRD IN Drug Pipeline In Place, But Regulatory Hurdles Testing Patience Dr. Reddy s Laboratories

More information

Mangalam Cement. Institutional Equities. 3QFY18 Result Update. Higher Operating costs Hurt Performance BUY

Mangalam Cement. Institutional Equities. 3QFY18 Result Update. Higher Operating costs Hurt Performance BUY Result Update Mangalam Cement 16 February 2018 Reuters: MGLC.BO; Bloomberg: MGC IN Higher Operating costs Hurt Performance Mangalam Cement (MGC) reported a weak performance for on account of higher operating

More information

EBITDA 1,548 1,814 (14.7) 1,561 (0.8) EBITDA

EBITDA 1,548 1,814 (14.7) 1,561 (0.8) EBITDA Result Update The India Cements 12 November 218 Reuters: ICMN.BO; Bloomberg: ICEM IN Lackluster Performance The India Cements (ICEM) reported a listless operating performance in because of the sustained

More information

Persistent Systems. Institutional Equities. Management Meet Update SELL. Watson IOT Bet Risk/Reward More Muted Than Anticipated

Persistent Systems. Institutional Equities. Management Meet Update SELL. Watson IOT Bet Risk/Reward More Muted Than Anticipated Management Meet Update Institutional Equities Persistent Systems 22 June 2016 Reuters: PERS.BO; Bloomberg: PSYS IN Watson IOT Bet Risk/Reward More Muted Than Anticipated We had a meeting with Persistent

More information

Hindustan Unilever. Institutional Equities. 1QFY19 Result Update

Hindustan Unilever. Institutional Equities. 1QFY19 Result Update 1QFY19 Result Update Institutional Equities Hindustan Unilever 17 July 218 Reuters: HLL.BO; Bloomberg: HUVR IN Breakout Growth Hindustan Unilever (HUVR) has delivered strong volume led top-line growth

More information

South Indian Bank. Institutional Equities. 4QFY18 Result Update. Asset Quality Pain To Ease Hereafter BUY. 15 May 2018

South Indian Bank. Institutional Equities. 4QFY18 Result Update. Asset Quality Pain To Ease Hereafter BUY. 15 May 2018 4QFY18 Result Update Institutional Equities South Indian Bank 15 May 2018 Reuters: SIBK.BO; Bloomberg: SIB IN Asset Quality Pain To Ease Hereafter South Indian Bank (SBL) reported 4QFY18 results with the

More information

Punjab National Bank

Punjab National Bank 4QFY18 Result Update Institutional Equities Punjab National Bank 16 May 2018 Reuters: PNB.BO; Bloomberg: PNB IN Prompt Corrective Action Looms Punjab National Bank (PNB) reported its 4QFY18 results with

More information

Punjab National Bank

Punjab National Bank Company Update Punjab National Bank 19 September 2018 Reuters: PNB.BO; Bloomberg: PNB IN Concerns Remain; Assign Accumulate We take Punjab National Bank (PNB) out from Under Review and assign an Accumulate

More information

The Ramco Cements. Institutional Equities. Event Update BUY

The Ramco Cements. Institutional Equities. Event Update BUY Event Update The Ramco Cements 21 December 2018 Reuters: TRCE.BO; Bloomberg: TRCL IN Capacity Expansion To Boost Its Presence In Andhra & Telangana The Ramco Cements (TRCL) has announced 3.15mt cement

More information

FY11 FY12 FY13E FY14E

FY11 FY12 FY13E FY14E Plant Visit Note Institutional Equities JBF Industries 10 October 2012 Reuters: JBFI.BO; Bloomberg: JBF IN We paid a visit to the plants of JBF Industries at Silvassa, Dadra & Nagar Haveli and also at

More information

Hindustan Unilever. Institutional Equities. 3QFY18 Result Update BUY

Hindustan Unilever. Institutional Equities. 3QFY18 Result Update BUY 3QFY18 Result Update Institutional Equities Hindustan Unilever 18 January 2018 Reuters: HLL.BO; Bloomberg: HUVR IN Robust Performance Maintained Hindustan Unilever or HUL reported a robust set of numbers

More information

EBITDA 1,585 1,917 (17.3) 1,673 (5.2) EBITDA

EBITDA 1,585 1,917 (17.3) 1,673 (5.2) EBITDA Result Update Institutional Equities The India Cements 28 May 218 Reuters: ICMN.BO; Bloomberg: ICEM IN Fall In Realisation, Higher Operating Costs Hurt Performance The India Cements (ICEM) reported a weak

More information

Hindustan Unilever. Institutional Equities. 2QFY19 Result Update

Hindustan Unilever. Institutional Equities. 2QFY19 Result Update 2QFY19 Result Update Institutional Equities Hindustan Unilever 15 October 2018 Reuters: HLL.BO; Bloomberg: HUVR IN Best Proxy In A VUCA World Hindustan Unilever s (HUVR) overall performance in 2QFY19 was

More information

Dalmia Bharat Enterprises

Dalmia Bharat Enterprises Result Update Institutional Equities Dalmia Bharat Enterprises Reuters: DALA.BO; Bloomberg: DBEL IN 14 August 218 Listless Performance, But Valuation Premium Continues Dalmia Bharat Enterprises (DBEL)

More information

Tata Consultancy Services

Tata Consultancy Services 4QFY15 Result Update Institutional Equities Tata Consultancy Services Reuters: TCS.BO; Bloomberg: TCS IN 17 April 215 Standalone P/E to crunch; P/E premium will depend on peers Tata Consultancy Services

More information

Institutional Equities

Institutional Equities Event Update Institutional Equities Aurobindo Pharma 10 September 2018 Reuters: ARBP.NS; Bloomberg: ARBP IN Acquires Dermatology and Oral Solids Businesses Of Sandoz Aurobindo Pharma s (APL) acquisition

More information

ACC. Institutional Equities. Event Update. Capacity Expansion To Consolidate Presence In Central India ACCUMULATE

ACC. Institutional Equities. Event Update. Capacity Expansion To Consolidate Presence In Central India ACCUMULATE Event Update Institutional Equities ACC 19 December 218 Reuters: ACC.BO; Bloomberg: ACC IN Capacity Expansion To Consolidate Presence In Central India ACC has announced 5.9mt capacity expansion by adding

More information

Huhtamaki PPL. Institutional Equities. Management Meet Update NOT RATED. CMP: Rs186 Sector: Packaging. 16 September 2014

Huhtamaki PPL. Institutional Equities. Management Meet Update NOT RATED. CMP: Rs186 Sector: Packaging. 16 September 2014 Management Meet Update Institutional Equities Reuters: HUHT.BO; Bloomberg: HPPL IN We met the management of (formerly Paper Products). After announcement of the acquisition of Positive Packaging by two

More information

EBITDA 6,223 6,511 (4.4) 5, EBITDA

EBITDA 6,223 6,511 (4.4) 5, EBITDA Result Update Institutional Equities Ambuja Cements 26 July 218 Reuters: ABUJ.BO; Bloomberg: ACEM IN Performance Beats Expectations, Sustainability Is Key Challenge Ambuja Cements (ACEM) reported steady

More information

PNB Housing Finance. Institutional Equities. 4QFY18 Result Update BUY. Continued Display of Embedded Scalability. 4 May 2018

PNB Housing Finance. Institutional Equities. 4QFY18 Result Update BUY. Continued Display of Embedded Scalability. 4 May 2018 4QFY18 Result Update Institutional Equities PNB Housing Finance 4 May 2018 Reuters: PNBH.NS; Bloomberg: PNBHOUSI IN Continued Display of Embedded Scalability PNB Housing Finance (PNBHF) reported 4QFY18

More information

Arvind. Institutional Equities. Event Update BUY

Arvind. Institutional Equities. Event Update BUY Event Update Institutional Equities Arvind 3 July 2015 Reuters: ARVN.BO; Bloomberg: ARVND IN Arvind Lifestyle Inks Licencing Pact with US-based Aeropostale Arvind s subsidiary, Arvind Lifestyle Brands

More information

Karnataka Bank. Institutional Equities. 4QFY18 Result Update. Plucky Bank And Low Hanging Fruit BUY. 17 May Reuters: KBNK.NS; Bloomberg: KBL IN

Karnataka Bank. Institutional Equities. 4QFY18 Result Update. Plucky Bank And Low Hanging Fruit BUY. 17 May Reuters: KBNK.NS; Bloomberg: KBL IN 4QFY18 Result Update Institutional Equities Karnataka Bank 17 May 2018 Reuters: KBNK.NS; Bloomberg: KBL IN Plucky Bank And Low Hanging Fruit Karnataka Bank (KBL) reported 4QFY18 results with the key strategic

More information

Bharat Heavy Electricals

Bharat Heavy Electricals Company Update Bharat Heavy Electricals 29 December 2014 Reuters: BHEL.BO; Bloomberg: BHEL IN Macro Headwinds Unlikely To Ease; Retain Sell We expect Bharat Heavy Electricals (BHEL) to continue to face

More information

2,09,057 1,85,859 2,17, (4.1) NIM

2,09,057 1,85,859 2,17, (4.1) NIM 2QFY19 Result Update Institutional Equities State Bank of India 6 November 2018 Reuters: SBI.BO; Bloomberg: SBIN IN Domestic Credit Growth Improves Materially State Bank of India (SBI) reported its 2QFY19

More information

Dalmia Bharat Enterprises

Dalmia Bharat Enterprises Result Update Dalmia Bharat Enterprises Reuters: DALA.BO; Bloomberg: DBEL IN 22 May 218 Healthy Performance Led By Good Volume Growth Dalmia Bharat Enterprises (DBEL) reported a healthy performance for

More information

Bharat Financial Inclusion

Bharat Financial Inclusion 3QFY18 Result Update Bharat Financial Inclusion Reuters: BHAF.NS; Bloomberg: BHAFIN IN 31 January 2018 Customer Acquisition Accelerates Meaningfully Bharat Financial Inclusion (BFIL) reported its 3QFY18

More information

Manappuram Finance. Institutional Equities. 3QFY18 Result Update. The Glitter Is Back In Gold Loans BUY. 9 February 2018

Manappuram Finance. Institutional Equities. 3QFY18 Result Update. The Glitter Is Back In Gold Loans BUY. 9 February 2018 3QFY18 Result Update Institutional Equities Manappuram Finance 9 February 2018 Reuters: MNFL.BO; Bloomberg: MGFL IN The Glitter Is Back In Gold Loans Manappuram Finance (MFL) reported its 3QFY18 results

More information

Blue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart.

Blue Star Ltd BUY. Performance Update. CMP Target Price `703 `867. 1QFY2019 Result Update Cons. Durable. 3-year price chart. Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Jan-17 Apr-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 1QFY2019 Result Update Cons. Durable August 10, 2018 Blue Star Ltd Performance

More information

9,500 7,914 8, NIM

9,500 7,914 8, NIM 3QFY18 Result Update Institutional Equities Federal Bank 16 January 2018 Reuters: FED.BO; Bloomberg: FB IN Quarter Typifies Balanced Growth Engine Federal Bank (FBL) reported 3QFY18 results with the key

More information