Report

RETAIL RESEARCH
23 Sept 2016
Q1FY17 Results Review

The quarter gone by:
Financial results for the three months to June make it abundantly clear corporate India is some time away from a full-fledged recovery. The anaemic increase in the net
sales of just 1.5% y-o-y for a clutch of 2,555 companies is discomforting, given the environment is no longer disinflationary. Demand appears to be weak across the
spectrum of goods and services, making it difficult for companies to push through volumes and restraining them from raising prices. The aggregate net profit of
companies has fallen by 3%, compared to the same period last year. Sebi had given an additional month to comply with new accounting standards and several large
companies had decided to wait till the final deadline of 14 September.
Corporate Indias performance in Q1FY17 was expected to report a pick-up in the top line compared to the March 2016 quarter. But that did not happen due to a
disappointing show by many sectors, including information technology, pharmaceuticals, metals, public sector banks and some capital goods. Select fast-moving
consumer goods companies also witnessed muted volume growth. An analysis of the usual operating parameters for Q1FY17 results show continued weak trends in
credit, consumption, investment and NPLs. Net profits growth was aided by non-operating factors in the case of several companies.
India Inc earnings seem to have marginally recovered for the first quarter of 2016-17 with 16 sectors including cement and construction materials, consumer durables
and engineering seeing positive growth in net profits after a negative base in same quarter of the previous fiscal.
The fall in global commodity prices and the resultant lower input cost helped many companies report better margins. However, commodity prices are now stabilising at
lower levels and the tailwind from the initial fall in prices is no longer there. Secondly, though the monsoon is progressing satisfactorily, bad monsoons in two previous
years have cast a shadow on the April-June numbers. A scorching summer and water scarcity in several parts of the country hit consumption demand.
Foreign investors ownership in domestically listed companies increased for a second straight quarter in June. Their shareholding had been on the decline in the
preceding three quarters. Foreign institutional investor (FII) shareholding in NSE-listed companies increased to 20.09 per cent in the June quarter from 19.87 per cent at
the end of the March quarter
In Q1FY17, Sensex aggregate sales grew 0.9%, EBITDA grew 5.9% and PAT declined 2.1%. Nifty sales, EBITDA and PAT grew -0.1%, 8.2% and 0.3% respectively. Major
earnings surprises were from BHEL, Shree Cement, JSW Steel, GAIL, Grasim, Hindalco, Reliance and Sun Pharma. Major disappointments in earnings were from Dr
Reddys Labs, Idea Cellular, Cairn India, Zee Entertainment, Larsen & Toubro, United Spirits, Axis Bank and HDFC. Sales growth was led by Private Banks, Technology,
Healthcare, NBFC and Autos. Oil & Gas and Metals reported sales decline. EBITDA growth was led by Technology, Cement, Utilities, Telecom and Consumer. Only Autos
reported EBITDA decline, led by Tata Motors. PAT growth was led by Cement, Consumer, NBFC, Oil & Gas, Telecom. Operating margins for Nifty universe came in at a
new five-year high of 25.5%, an expansion of 200bp YoY.
The key change in the sector trend is the healthy growth reported by Capital Goods companies after several consecutive quarters of declining trend. The positive
surprise by both L&T and BHEL contributed to the reversal in the trend in Capital Goods/Engineering sector. On the other hand, the Telecom sector added to the
weakness in headline growth figures of aggregate Sensex earnings, along with Energy, Metals, Public Sector Banks (PSB) and export-centric companies.
While the Nifty EPS is stable, sectoral churn is high. While defensives viz., IT, pharma and FMCG, whose earnings have been relatively steady, are now seeing
downgrades, cyclicals such as utilities, capital goods, banks and metals, which had faced severe earnings downgrades in the previous 2 years, are seeing mild upgrades.
Worryingly, a host of companies remain highly leveraged; JSPLs consolidated Ebitda, for instance, was only marginally higher than its interest costs. Firms such as Adani
Power remain highly leveraged; the power producers debt is currently Rs. 52,000 crore. In the case of JSW Steel, the net debt increased by Rs.6,900 crore sequentially
to Rs. 45,400 crore due to the impact of the new accounting standards.
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Sectoral Comment:
Automobiles
Healthy growth was witnessed by most companies with higher exposure to domestic autos. In contrast, companies with exposure to North American CV and
African 2W/3W segments were negatively impacted. Going forward, a reversal in performance for companies with large exposure to domestic MHCVs may be
seen.
Auto industry volumes grew by ~10% YoY (+5% QoQ) driven by 2W and CVs. Momentum in recovery of M&HCV (+14% YoY) and LCVs (+13% YoY) moderated while
2W sales were strong (+11% YoY). PVs grew 7% YoY, driven by new launches.
Improved rural sentiment brought cheer for 2W/tractors companies. Upward trajectory continued in PVs, driven by new products and rural demand recovery.
Uptrend continued in CVs, albeit at a slower pace.
EBITDA margin rose to near 5 year high owing to benign commodity prices and rising scale. In subsequent quarters, rise in commodity prices and adverse currency
may negatively impact margins.
Management commentary was positive on sales outlook and expects limited impact on margins due to recent increase in input prices.
Banks
Overall, banking companies in the Nifty PSU Bank index reported 82.5% year-on-year fall in bottom line figures for the quarter ended June 30, 2016. Asset quality
of banks such as Allahabad Bank, Indian Overseas Bank, Andhra Bank, Punjab National Bank and Union Bank of India deteriorated further. Percentage of net NPAs
stood almost stable for Bank of India, Bank of Baroda and Canara Bank of quarter on quarter basis.
Analysis of 1QFY17 results for the BFSI universe threw up some interesting observations. Top line headwinds continued with loan growth remaining weak, and
income derecognition continuing on high slippages. PPoP growth was supported by strong treasury gains especially for PSBs contributing ~13% of PPOP. Most
banks continued to show weak asset quality trends with high slippages for most corporate banks & seasonal slippages in retail focused banks & NBFCs.
A strong price runup has been seen in BFSI companies on expectations of peaking out of impairment cycle for corporate banks, growth pickup in NBFCs & buoyant
metrics of retail focused banks. Despite these improving trends, return ratios will remain subdued and is likely to see gradual improvement over FY1618E as there
may not be a quick end to NPAs and provision issues in the near term, while pressure on topline will continue as market place disruption will put yield under
pressure.
Top line was weak across banks/NBFCs with NII growth of 7.5% YoY v/s 10.4% in Q4FY16.
Margins for retail private banks remained resilient as mix towards unsecured lending improved further and increasing fixed tenure book, while corporate banks
continue to face pressure on margins especially ICICI/Axis. But most banks were able to contain margin deterioration from improving cost of funds.
Among NBFCs, Shriram Transport finance saw sharp decline in margins on shift to lower yielding vehicles, while M&M Financial saw decline as Q1 is seasonally
weak. Capital First stood out amongst the NBFC coverage space which continued to improve margins as mix to retail improves.
We believe any upgrades/recoveries especially of large accounts in banks and better collections of payments in NBFCs will likely take at least take 2 3 quarters.
Most NBFCs (nonHFCs) stood at 120dpd NPA recognition, with Shriram Transport Fin moving to 150dpd in Q4FY16 and planning to move to 120dpd by Q4FY17
end.
Asset quality deteriorated for most NBFCs as Q1 remains seasonally weak and collections are lower, but management from companies commented that collection
efficiency trends have improved marginally and better monsoon can propel better past collections. Rural geographies continued to remain weak impacting L&T
Finance / M&M finance asset quality on tractors which has kept credit cost elevated.
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PSU banks' performance seems to be stabilising. Incremental stress in PSU banks has shown signs of stabilisation following controlled slippages and lower
restructuring (backlog of cases), meanwhile slippage from restructured pool continued to play spoil sport and warrants a close monitoring going forward. Few of
the banks which disclosed watchlist reported higher stress creation suggesting upfronting of recognition (in line with guidance earlier)
For Q1FY17, the gross NPAs of banks had almost doubled (96%) with the ratio of gross NPAs to advances increasing sharply from 4.6% to 8.5%. These high numbers
were accounted for by the PSBs which had witnessed 100% growth in NPAs and virtual doubling of the gross NPA ratio from 5.3% to 10.4%. Private Banks were also
pressurized with growth of 68% in gross NPAs. But their NPAs ratio increased from 2.1% to 3%.
Banking business showed mixed trends with deposits growing at a lower rate of 9.7% (y-o-y) in Q1FY17 compared with 10.7% in FY16. Growth in credit was
however at a higher rate this quarter at 9.4% as against 8.8% last year.
Sectors such as metals, construction and iron and steel are also sectors identified by the RBI in its Financial Stability Report as being high on NPAs. However, growth
in credit has slowed down to other vulnerable industries like infrastructure, food processing, cement, mining etc. The higher growth in credit to services was to
NBFCs where they continued to borrow more for on-lending purpose. Commercial real estate also showed some buoyancy in this quarter. Personal loans were the
dominant segment registering growth of 18.5% growth in credit. There was overall buoyancy in this segment with mortgages, auto loans and credit cards showing
good off take in credit during this period. Banks too have been comfortable lending to this segment where the propensity for delinquency is relatively lower than
that of other sectors.
Capital Goods / Engineering
For Q1FY17, Capital Goods sector performance was better than expectation, led by strong operational performance by BHEL. Excluding BHEL, sectoral performance
was below expectation, led by weaker than expected execution, negative impact of the implementation of Ind-AS hurting profitability, and pressure on margins led
by weak execution.
In terms of order inflows, ordering activity remains muted for the broader sector. However, there is an increase in inquiries for small ticket size orders in
conventional segments
The outlook for Power Transmission & Distribution continues to be positive, with a sustained investment momentum. After a long time, we saw large project
ordering pipeline too in Power T&D during the quarter. However, we are yet to witness a broad-based capex cycle revival, as the private sector is still grappling
with under-utilised capacity in many sectors. Nevertheless, we expect improvement in public sector capex, especially by the downstream Oil PSUs in the near term
to medium term.
While Larsen &Toubro has guided for 15 per cent growth in its FY17 order book, it has acknowledged that it may take upto two years for private investments to
pick up. As customers are running at low utilisations they are only opting for incremental investments.
Cements
Cement companies reported strong volume growth of ~9% YoY/-4%QoQ in Q1FY17, with strong volume uptick, led by South and North, particularly in June 2016.
Costs continue to offer tailwinds, with benefits of decline in pet coke price, lower packaging cost, lower freight and positive operating leverage.
The North India based players outperformed their peers owing to strong demand and higher realisations. In the southern markets, cement realisations remained
under pressure YoY, although volume remained strong.
Demand environment for the cement industry is expected to be favorable post a better south-west monsoon, higher government spending and improvement in
retail demand. However, the benefit of lower pet coke price may gradually taper off and higher diesel cost may impact margins in the coming quarters (till the
utilisation level is low). Sustenance of cement prices in North India and revival of prices in the southern region will be the key monitorables going forward.
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Construction
Order book visibility of the construction companies has improved substantially with the order inflow remaining strong. Execution for the sector improved YoY
which is expected to further perk up in H2FY17 when the work on FY16 order wins will pick up pace. The benefit of fall in interest rate (interest cost down 4% YoY)
is reflected in PAT margins which have improved YoY.
Consumer
FMCG companies reported ~7% YoY revenue growth, ~11% YoY EBITDA growth and ~3% YoY adjusted PAT decline.
During Q1FY17, the Operating Profit Margins (OPM) of most FMCG companies expanded on YoY basis on the back of sustained benefits of low-cost input prices and
enhanced operating efficiencies. However, Q1FY17 was the last quarter for reaping the benefits of lower commodity prices.
Consumer sectors volume growth trajectory was unchanged QoQ. Asian Paints delivered double-digit volume growth. Colgate (5% toothpaste volume growth) and
ITC (3% cigarette volumes) surprised positively.
With input costs largely benign and gross margin benefits being in the base for most of the companies, margin expansion trajectory will sequentially come down.
Overall demand in the consumer discretionary sector continued to be muted in Q1FY17, with only a few categories like Apparels and White Goods witnessing some
improvement. But, heightened competition remained the key theme for the quarter.
Across the board, consumer discretionary companies having a global exposure (largely to Europe, Latin America and Middle-East and oil producing countries) in
terms of exports suffered on account of currency volatility and subdued demand.
The urban consumer discretionary spend is in the early stage of revival, which will witness further improvement as the economy gathers pace and consumer
confidence returns to normal levels. Good south-west monsoon and the implementation of the Seventh Pay Commission recommendations (average 23% hike for
all government employees, resulting in benefits for 48 lakh Central Staff and 55 lakh pensioners) are likely to improve the purchasing power of consumers going
forward. These two factors will boost demand for premium consumer products such as Branded Apparels, Home Improvement Products, Jewellery, Consumer
Durables and Kitchen Appliances.
The south-west monsoon began on a positive note, with strong rainfall being recorded in July. If better monsoon continues in August-September, it will give a
boost to the rural economy on the back of improved agriculture production (expectations of an extended monsoon is also positive for the Rabi crop). This will give
a boost to the rural demand for FMCG products in H2FY17.
Rural growth tapered further in Q1FY17, however, is likely to improve in H2FY17 led by strong monsoon. Urban growth, especially in general trade, remains soft,
but modern trade is growing at a faster clipa green shoot.
Fertilisers
In Q1FY17, fertiliser dispatch volumes declined ~20% YoY, on account of dip in both non-urea fertiliser (down ~23% YoY) and urea volumes (down ~18% YoY).
Manufactured and traded non-urea fertiliser volumes fell ~9% and ~41%YoY, respectively, during Q1FY17. Recent correction in raw material prices (phosphoric acid
and ammonia) has made manufacture of non-urea fertilisers more favourable versus trading.
Information Technology
Seasonal strength was reflected in sequential constant currency revenue growth for most largecap IT companies.
However, the outlook for the remainder of the year was marred by macroeconomic uncertainty, especially in the wake of Brexit, and consequent delays in decision
making and slowdown in discretionary spending. The level of caution only aggravated post earnings, as TCS, Infosys and Mindtree further downgraded their
guidance/highlighted downside risk, as we moved into Q2.
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The quarter was impacted by headwinds like visa expenses and wage hike. With most levers utilized, pricing pressure and increased need for investments raise
concerns around the margin trajectory post Q2, especially with the looming uncertainty around revenue growth.
However, we believe that higher incremental spending in the digital space, coupled with strong traction in some industry verticals would provide impetus for
increasing IT budgets over the next 2-3 years. We continue to maintain our stance that the IT sector is going through a transition phase, with growing IT spends in
new-age technologies expected to drive long-term growth trajectory.
Currently, IT sector stocks are attractively valued at PE ratio of 11-18x based on FY2018 earnings estimates. However, macro uncertainty, US presidential election
and pressure on legacy services are making us cautious on the sector. Nevertheless, we believe that the ongoing digital transformation in the IT industry (spending
moving away from legacy spending) would create long-term business opportunities.
Metals
EBITDA growth for Metals companies was positive for the first time in seven quarters led by steel companies. Higher realization led by MIP aided better operating
performance.
All the companies in ferrous space reported better EBITDA owing to lower operating cost. Also, continued protectionism for steel sector is expected to keep prices
stable and imports down, giving enough headroom to incumbents increase their sales volume. However, steel consumption growth at 0.7% in Q1FY17 and high
debt levels of players remains a cause of concern.
In non-ferrous space, LME Zinc price outlook appears robust due to structural supply deficit while LME Aluminium price has fallen lately due to excess capacity in
China. In mining space, tepid power demand growth remains a concern for Coal India while intense domestic competition remains an issue for NMDC to affect
price hikes.
Media
Aggregate revenue/EBITDA for Media companies increased ~13%/~21% YoY.
While Zee Entertainment saw another strong quarter of ad growth (~17% YoY); SunTVs ad growth remained affected by its poor ex-TN performance. Within the
Print space, DB Corp clocked ~20% ad growth, underpinned by strong revival in ad volumes.
Zees ~14% YoY growth in subscription was underpinned by strong domestic as well as international revenue. Sun TV subscription revenue lagged its national peer
and grew ~7% YoY. Large MSOs contained their set-top box seeding, as the regulatory overhang over phase-III digitization continued. Circulation revenue grew 56% YoY for print companies except for DB Corp which grew ~15%.
DB Corp led the print media companies in margin improvement (over 200bp), largely due to favorable operating leverage.
While FY16 marked an inflection in ad growth for broadcasters, rebound for print players is still awaited. Despite persistent monetization/addressability issues,
Digitization remains a strong theme.
Multiplexes business was robust in Q1FY17 driven by good releases. Due to upcoming election UP in FY18, spending in print will increase which will boost ad
growth for UP based print media companies like Jagran Prakashan.
Oil & Gas
Its been a good June quarter for the public sector oil marketing companies Indian Oil, HPCL and BPCL. The good growth in the bottomline was despite a dip in the
companies gross refining margin (GRM) the difference between the price of the product basket and the cost of crude oil. The GRM of Indian Oil fell to $9.98 a
barrel in the June quarter from $10.8 in the year-ago period; the fall was steeper for HPCL (to $6.8 from $8.6) and BPCL (to $6 from $8.6). Reliance GRM stood at
USD11.5/bbl.
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Inventory gains in both crude and products thanks to the crude oil price trending up during the quarter - helped profit growth of the refiners. HPCL, for instance,
posted inventory gains of about Rs. 1,100 crore in the June quarter compared with Rs. 600 crore in the year-ago period. Indian Oils inventory gain more than
doubled to about Rs. 7,500 crore. BPCL, too, recorded inventory gains of over Rs. 1,000 crore during the quarter. Strong dometsic demand also helped.
Govt. fully compensated OMCs and also did not assign any burden on upstream.
Ras-Gas contract renegotiation and lower spot prices increased attractiveness of LNG. However, competitive pricing of liquid fuels limits meaningful uptick in the
gas consumption.
Despite sharp 20% QoQ jump in Naphtha (feedstock), petchem margins held well led by domestic demand. Spreads in PP rebounded QoQ, while PE/PVC were up
marginally and polyster spreads improved too.
Transmission volume for GSPL was 10% ahead, Petronet LNGs Dahej LNG volume 10% ahead and Indraprastha Gass CGD volumes 3% ahead. GAIL benefitted from
a strong turnaround in petchem segment.
Pharma
US growth picked up for large cap companies, driven by a few important product launches. Sun Pharma, Lupin and Aurobindo reported strong growth in US. India
formulations sales were adversely impacted for most companies owing to recent policy actions (price deflation in products under DPCO and new NELM list).
EBITDA growth was aided by few exclusive drug launches in the US. However, overall margins were in-line.
During the quarter, the US business of majority pharma players witnessed pricing pressure, but exclusive opportunities (gGleevec, gGlumetza), coupled with
improved product approvals helped them to counter this pressure to some extent. Emerging Markets (EM) saw stable growth in revenue due to sequential
improvement in currencies.
Approval for key products, big launches, better product mix and cost control measures enabled the pharma companies to boost profitability, besides helping them
to mitigate pricing pressure in the US market
We expect steady earnings growth for pharma companies in FY17 and FY18, owing to favorable currency movements resulting in stronger US generic sales, and
recovery in EM & ROW businesses. Future growth is likely to be driven by the domestic market, which is witnessing a robust volume growth, along with new drug
launches.
Power
Strong power generation growth of ~9% YoY during Q1FY17 was aided by a weak comparable base and peak summer demand. Sobering of power generation
growth in Q2FY17 so far highlights that the Q1FY17 rise was due to weak comparison base and peak summers.
Earnings expansion at regulated players with growing asset bases continued in Q1FY17 as well, given their relative independence from power demand growth.
Benefit from implementation of UDAY is yet to translate into sustainable increase in power demand, though PTC India benefited from a spurt in short-term
volumes as discoms continued to avoid long-term offtake commitments.
Implementation of IND-AS resulted in change in accounting treatment of assets, recognition of MTM losses/gains, valuation of investment in subsidiaries and in
consolidation of JV financials.
Global coal price rise and improving mix are positives, but domestic demand remains a concern: International coal prices are up 25-35% from the lows of JanFeb16. This, combined with FSA price rationalisation taken in May 16 , bodes well for Coal India. However, given the weak domestic demand is likely to limit FSA
price recovery post a weak Q1FY17. High-quantity allocations for e-auctions and auction of linkages to non-power consumers are likely to hurt e-auction
realisations.
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There is no improvement in the overall plant load factor (PLF) of the thermal power generation companies - it is hovering around mid-60%. The power deficit is
now below 1%, primarily on account of steady rise of electricity supply. On the other hand, demand remained weak amid lack of meaningful improvement in
industrial activity and weak purchasing power of the State Electricity Boards (SEBs). We believe that revival in the power sector demand will take some more time
to fructify and schemes like UDAY could help to strengthen SEBs balance sheets.
Real Estate
No major signs of recovery were seen in the real estate space, however some uptick was visible amidst broader weakness.
Customer collections moderated in line with declining presales and lower launches. Management focus on completing existing projects led to increased spending
overall; this coupled with higher outgo towards capex resulted in negative FCFE and rise in gearing.
Management shared concerns of weak near-term outlook across markets. Credible names with good track records achieved success in their launches.
There is no significant improvement in the net gearing for most of the levered companies. Management commentary suggests residential demand remains slow
but stable in most markets. Office space demand continues to witness good traction resulting in drop in vacancies and increase in lease rates. Commercial leasing
demand is expected to improve over H2FY17.
Telecom
This was the first quarter in over 20 quarters, where Ideas revenue growth was behind Bhartis. Bhartis consolidated EBITDA grew ~5% QoQ, a 90bp margin jump.
India mobile EBITDA margin was up 250bp QoQ. Ideas EBITDA grew by a meager ~3% YoY (down 15% QoQ) on weak revenue growth coupled with network
operating costs increasing sharply YoY.
Bhartis Revenue per Minute improved 0.7% to Rs.0.335/min, while Ideas RPM grew 3.4% to Rs.0.343/min. However, data revenue growth for Bharti and Idea
decelerated to 5% QoQ and ~4% QoQ, respectively (fifth straight quarter of deceleration).
Response to Rjios welcome offer and the upcoming spectrum auction will determine the trajectory and competitive landscape of the industry. Given the
aggression and the extremely attractive value proposition offered by Reliance Jio (Jio), all incumbent players will have to match or better the Jio pricing to protect
their turf. This will lead to heightened price competition, making the traditional and conventional performance metrics (with respect to voice pricing, voice usage
etc) obsolete. However, the limited and under-developed 4G ecosystem, and Jio timeline buffer of three months (till end-December) will provide the incumbent
players a breather to adjust to this new reality. Q2FY2017 and Q3FY2017 performance of all listed incumbents are likely to remain muted.
The view ahead:
With the festive season around the corner, a normal monsoon and Pay Commission arrears, there is hope that things will recover in the second-half. But companies will
have to grapple with the lag effect of a rise in commodity prices and inflation rearing its head again. While this may improve basic and consumer goods output, the
capital goods sector, on the other hand, will continue to rely on the recovery in the broader manufacturing and unless the utilisation rates of user industries improve,
fresh orders are difficult to come by.
Since the stock market has already rallied by 28% from the February bottom, the most important question now is when will the earnings revival happen? Since the
trend of higher margins triggered by the fall in commodity prices is over, this has to happen from expansion in volume. The general expectation is the revival in volume
will happen from the third and fourth quarter of 2016-17.
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We are positive on economic and earnings recovery but note that a lot is already priced in, which leaves limited scope for surprises. The continued inflow of money into
equities from local and foreign sources could lead to higher levels in the markets, while global geopolitical event or rise in interest rates could puncture the rally and
result in a sharp correction.
The shortlist
The following is the list of companies that have come out with results in Q1FY17 that were good on one or more of the following parameters:
Sales growth YoY / QoQ
PAT and OPM growth - YoY / QoQ
P/E on 4Q trailing EPS (Consolidated P/E provided wherever available)
Profit growth in this quarter is not due to the impact of exceptionally benevolent commodity cycle or lumpy sales.
The companies have been listed in alphabetical order and do not reflect our recommendation/buys or even preference in that order. Most of these companies may
not be under our coverage.
All figures provided below are in Rs. Cr (except FV, CMP, BV & EPS). OPM and growth numbers are in %. OPM has been calculated without other income (OI) and EPS is
based on trailing twelve months (TTM) adjusted PAT.
Co_Name
Industry
Net
Sales
June 16
PAT
June
16
Latest
Equity
CMP
BV
FV
20 Microns
Mining / Minerals
98.2
5.0
17.6
36.7
23.8
Accelya Kale*
Computers -
88.8
24.0
14.9
1432.9
63.6
10
ADF Foods*
Food - Processing
45.9
2.6
22.4
126.7
85.9
10
Adi Finechem
Chemicals - Speciality
Ajanta Pharma*
Pharmaceuticals
Akar Tools
EPS
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
3.6
12.3%
198.8%
18.3%
110.2%
15.2%
11.1%
11.9%
55.6
18.3%
70.6%
0.8%
3.6%
44.6%
42.8%
38.2%
3.7
-5.4%
185.9%
-14.3%
46.1%
14.2%
12.0%
P/E
on
TTM
EPS
P/BV
Div
Yield Latest
10.2
1.5
0.0%
25.8
22.5
3.1%
9.1%
34.1
1.5
0.0%
45.0
4.1
13.8
415.5
45.9
10
10.2
18.6%
567.7%
10.6%
-17.2%
17.2%
21.7%
7.9%
40.6
9.1
0.6%
454.2
119.6
17.7
1961.1
127.8
49.6
17.8%
39.0%
8.4%
11.2%
36.7%
33.5%
31.8%
39.6
15.3
0.0%
Forgings - Medium / Small
49.6
0.6
5.4
48.8
46.1
10
4.0
36.4%
123.1%
0.3%
75.8%
6.3%
7.3%
6.5%
12.2
1.1
2.1%
AksharChem (I)*
Dyes - Intermediate
59.3
9.5
7.3
458.3
116.2
10
31.2
23.7%
191.7%
22.5%
134.5%
27.8%
16.7%
14.7%
14.7
3.9
0.8%
Akzo Nobel
Paints / Varnishes
691.2
64.3
46.7
1642.8
155.9
10
45.9
9.2%
37.5%
4.3%
22.2%
14.1%
13.0%
11.7%
35.8
10.5
4.3%
Alembic Pharma*
Pharmaceuticals
727.0
103.8
37.7
655.6
81.2
40.0
25.0%
44.6%
17.8%
13.6%
21.6%
23.1%
17.9%
16.4
8.1
0.6%
Allsec Tech.*
IT Enabled Services
71.9
13.1
15.2
265.1
81.4
10
26.4
41.1%
237.3%
3.3%
19.6%
18.2%
19.4%
9.1%
10.0
3.3
0.0%
Amarjothi Spg.
Textiles
61.3
5.1
6.8
103.6
128.0
10
13.2
8.9%
50.9%
54.2%
544.7%
19.9%
11.2%
18.5%
7.9
0.8
1.9%
Ambuja Cem.
Cement - Major - North India
2541.2
399.5
310.4
264.1
69.0
6.2
1.9%
76.5%
5.1%
31.5%
23.6%
18.6%
15.4%
42.4
3.8
1.1%
Amines & Plast.
Chemicals - Plasticizers
71.8
3.4
11.0
28.6
8.4
2.0
28.6%
86.3%
-3.1%
44.3%
10.2%
8.0%
8.1%
14.0
3.4
0.7%
Apar Inds.
Electric Equipment
1077.2
45.6
38.5
566.1
198.6
10
34.2
-12.9%
77.5%
-19.7%
23.6%
10.2%
7.0%
7.3%
16.5
2.9
0.0%
Apollo Tyres*
Tyres - Large
3284.7
314.7
50.9
215.0
78.5
21.4
16.0%
10.6%
10.7%
25.9%
16.4%
15.9%
17.9%
10.0
2.7
0.0%
Arfin India
Aluminium
81.6
3.1
3.0
293.9
78.8
10
27.1
28.4%
103.3%
0.2%
52.0%
7.4%
5.2%
4.8%
10.9
3.7
0.5%
Arihant Capital*
Securities/Commodities
11.2
3.4
10.4
62.6
29.3
4.6
8.5%
49.3%
23.5%
151.1%
46.5%
22.8%
31.1%
13.5
2.1
1.2%
Arman Financial*
Finance - Small
12.7
2.9
6.9
259.4
51.5
10
12.8
43.2%
40.7%
-6.3%
13.0%
70.8%
70.4%
71.9%
20.3
5.0
0.5%
Aro Granite Inds
Granite & Marble - Large
67.1
5.0
15.3
74.8
103.7
10
6.2
12.2%
252.1%
34.2%
150.0%
14.3%
11.9%
11.8%
12.1
0.7
1.3%
RETAIL RESEARCH
Page |8
RETAIL RESEARCH
Co_Name
Industry
Net
Sales
June 16
PAT
June
16
Asian Paints*
Paints / Varnishes
3590.2
552.6
Assoc. Stone Ind*
Mining / Minerals
79.3
9.0
Assoc.Alcohols
Distilleries
81.0
5.6
Atul
Dyes And Pigments - Large
622.9
80.5
Auto.Corp.of Goa
Auto Ancillaries - Sheet Metal
112.3
BPCL
Refineries
Bajaj Fin.
Finance - Medium
Balkrishna Inds
Latest
Equity
95.9
CMP
BV
FV
EPS
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
19.6
9.0%
18.5%
-0.9%
27.3%
22.8%
19.3%
20.6%
P/E
on
TTM
EPS
P/BV
Div
Yield Latest
59.5
22.6
0.6%
1169.3
51.7
6.6
20.8
17.3
2.0
87.5%
236.6%
7.0%
-11.9%
25.1%
28.6%
28.1%
10.2
1.2
1.4%
18.1
114.0
44.8
10
9.7
11.0%
135.0%
12.2%
28.3%
15.3%
15.5%
13.5%
11.8
2.5
0.4%
29.7
2188.5
421.7
10
96.7
8.9%
31.9%
2.7%
28.6%
18.8%
17.4%
17.3%
22.6
5.2
0.5%
6.3
6.4
612.1
279.6
10
29.7
15.1%
68.8%
5.6%
60.3%
8.3%
5.3%
5.7%
20.6
2.2
2.5%
46890.2
2620.5
723.1
586.6
187.8
10
106.2
-9.9%
11.0%
6.2%
2.8%
8.4%
7.9%
7.3%
5.5
3.1
5.3%
2165.9
424.0
53.9
1069.6
1359.7
10
264.9
37.8%
53.8%
18.9%
34.6%
70.9%
69.8%
70.1%
4.0
0.8
2.3%
Tyres - Large
910.5
149.1
19.3
825.2
289.2
58.5
7.0%
46.6%
4.1%
-3.8%
28.6%
27.3%
12.9%
14.1
2.9
0.7%
Banco Products*
Auto Ancillaries - Others
380.9
40.7
14.3
222.5
63.4
14.3
21.0%
45.5%
32.6%
88.5%
14.1%
11.5%
14.2%
15.5
3.5
2.1%
Bayer Crop Sci.
Pesticides / Agrochemicals
799.2
131.2
35.4
4155.0
496.7
10
91.9
8.4%
18.6%
59.6%
695.2%
23.6%
4.0%
19.9%
45.2
8.4
0.0%
Bharat Financial
Finance - Investment / Others
334.1
235.9
127.5
776.6
108.4
10
37.5
53.8%
285.7%
11.4%
179.3%
69.5%
68.8%
64.2%
20.7
7.2
0.0%
Bharat Rasayan
166.3
14.5
4.3
1834.8
344.5
10
94.5
45.9%
76.4%
68.4%
193.3%
17.0%
14.9%
17.2%
19.4
5.3
0.1%
Biocon*
Biotechnology
972.0
166.6
100.0
947.3
164.4
23.0
28.2%
34.5%
4.1%
64.7%
27.1%
21.1%
27.5%
41.2
5.8
0.5%
Bodal Chemicals
Dyes - Reactive / Direct
267.1
32.2
21.8
147.1
22.0
8.6
10.3%
59.8%
31.1%
63.2%
21.1%
14.9%
16.5%
17.2
6.7
0.4%
Cambridge Tech.*
Computers - Software
24.4
3.3
19.6
115.4
16.7
10
5.7
74.1%
175.0%
23.6%
56.4%
24.4%
19.5%
18.6%
20.3
6.9
0.0%
Capital First*
Finance
616.1
49.2
91.4
671.2
180.0
10
19.9
56.0%
48.4%
10.4%
3.5%
56.6%
58.5%
63.6%
33.7
3.7
0.4%
Caplin Point Lab*
Pharmaceuticals
85.1
16.1
15.1
1309.1
82.3
10
41.1
21.3%
27.6%
3.9%
2.3%
26.4%
25.3%
26.7%
31.9
15.9
0.5%
Castrol India
Lubricants
967.9
206.9
247.3
457.6
11.6
13.4
5.2%
12.1%
13.6%
20.0%
32.8%
29.9%
30.0%
34.1
39.3
2.0%
CCL Products*
Coffee
250.4
40.3
26.6
268.9
33.6
9.9
17.9%
33.3%
-5.2%
9.8%
24.9%
23.1%
22.9%
27.1
8.0
0.9%
Chemfab Alkalis
Chlor-Alkali
30.4
6.2
4.6
293.2
149.1
14.6
32.6%
294.3%
3.9%
90.5%
36.6%
20.8%
18.8%
20.1
2.0
0.4%
Clariant Chemica
Chemicals - Speciality - Large
250.2
14.1
23.1
766.2
273.6
10
15.0
10.5%
213.8%
1.8%
42.7%
11.3%
9.1%
4.8%
51.1
2.8
19.6%
Coffee Day Enter*
Hotels - Small
720.4
11.4
206.0
231.9
91.4
10
-0.3
20.6%
114.6%
-12.7%
217.6%
16.8%
16.4%
17.4%
-731.4
2.5
0.0%
Commercial Eng.
Engineering
31.1
-7.2
54.9
12.7
-0.2
10
-9.6
43.0%
14.0%
40.7%
78.0%
1.9%
-321.0%
-1.6%
-1.3
-60.5
0.0%
Compuage Info.*
Computers
685.8
3.4
11.8
184.6
85.3
10
13.2
1.9%
21.6%
-31.5%
27.0%
1.6%
1.1%
1.7%
14.0
2.2
1.1%
D B Corp*
Entertainment
561.0
104.0
183.8
400.1
73.4
10
18.2
20.3%
61.7%
10.9%
61.8%
32.3%
22.6%
25.6%
22.0
5.5
2.7%
Dai-ichi Karkari
Chemicals
DCM Shriram Inds
Sugar - Integrated
Deep Industries
Gas Distribution
Delta Corp*
Construction
Divyashakti Gran
Dr Agarwal's Eye
32.5
4.3
7.5
574.0
133.4
10
22.2
10.2%
28.4%
10.5%
43.5%
17.3%
12.9%
14.3%
25.9
4.3
0.5%
380.1
33.0
17.4
204.1
137.5
10
39.0
27.4%
2122.7%
17.4%
37.5%
14.6%
11.3%
3.4%
5.2
1.5
1.5%
64.4
16.3
29.2
206.6
88.5
10
17.3
136.2%
142.3%
17.3%
27.2%
57.1%
55.4%
57.7%
11.9
2.3
0.7%
108.7
16.8
23.1
168.0
38.8
2.2
34.6%
1783.0%
5.8%
4.5%
38.2%
34.5%
27.7%
76.0
4.3
0.1%
Granite & Marble - Large
30.6
5.5
10.3
156.2
83.5
10
12.1
46.2%
69.1%
88.2%
297.1%
22.8%
16.3%
23.7%
13.0
1.9
1.0%
Hospitals / Medical Services
38.4
1.7
4.7
186.5
49.8
10
3.5
7.2%
1135.7%
10.2%
124.7%
14.1%
12.8%
6.1%
53.8
3.7
0.4%
Dr Lal Pathlabs*
222.8
39.8
82.7
1194.5
57.8
10
16.4
17.7%
29.5%
12.7%
15.6%
27.1%
27.4%
26.0%
73.0
20.7
0.2%
Dynamatic Tech.*
Hydraulics
391.3
12.8
6.3
3034.9
432.9
10
54.9
6.0%
232.1%
1.7%
-33.2%
12.2%
13.7%
6.6%
55.2
7.0
0.0%
Dynemic Products
Dyes And Pigments
30.9
3.0
11.3
80.2
55.9
10
7.3
-3.5%
32.0%
-18.1%
21.7%
18.8%
13.1%
14.9%
11.0
1.4
1.9%
eClerx Services*
IT Enabled Service
340.3
95.9
40.8
1536.3
233.3
10
94.5
14.1%
27.2%
-0.8%
-11.5%
37.0%
41.0%
35.0%
16.3
6.6
0.1%
Engineers India
Engineering - Turnkey Services
341.8
80.3
168.5
257.5
79.1
8.4
-12.7%
50.1%
19.3%
14.8%
21.4%
13.8%
8.8%
30.8
3.3
1.6%
RETAIL RESEARCH
Page |9
RETAIL RESEARCH
Co_Name
Industry
Equitas Holdings*
Escorts
Automobiles - Tractors
Exide Inds.
Auto Ancillaries - Batteries
FDC
Pharmaceuticals
Federal Bank
Banks - Private Sector
Federal-Mogul Go
Finolex Inds.
Foseco India
Chemicals
GMDC
Mining / Minerals
GAIL (India)
Gas Distribution
Gandhi Spl. Tube
Steel - Medium / Small
Ganesh Benzopl.
Chemicals - Plasticizers
Garware-Wall Rop
Net
Sales
June 16
Latest
Equity
CMP
BV
FV
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
P/BV
Div
Yield Latest
61.2
335.7
178.4
50.1
10
5.7
44.0%
63.6%
7.0%
30.8%
66.5%
65.4%
64.8%
31.4
3.6
0.0%
1047.4
51.4
119.4
369.3
150.1
10
2008.1
196.1
85.0
192.1
51.9
9.9
9.4%
46.2%
30.8%
74.0%
7.8%
3.2%
7.8
11.2%
25.9%
14.1%
10.4%
15.7%
15.1%
6.0%
37.2
2.5
0.3%
14.7%
24.6
3.7
254.2
54.9
17.8
225.4
58.7
9.4
-0.9%
16.0%
6.4%
43.4%
24.5%
24.0%
1.2%
24.5%
23.9
3.8
2013.8
167.3
343.9
71.0
47.0
2.9
5.2%
18.3%
-0.6%
1530.7%
66.6%
1.0%
55.3%
69.5%
24.3
1.5
1.0%
Auto Ancillaries
331.7
16.7
55.6
Plastics - Pipes
665.9
98.0
124.1
456.3
88.2
10
9.2
-0.2%
70.7%
4.9%
29.3%
476.0
77.2
10
19.7
6.0%
36.1%
-16.7%
24.9%
12.9%
11.6%
11.1%
49.8
5.2
0.0%
23.9%
13.9%
20.3%
24.1
6.2
87.2
9.9
6.4
1468.1
199.1
10
54.2
15.7%
15.8%
10.9%
2.1%
18.2%
18.1%
17.6%
18.3%
27.1
7.4
399.3
115.6
63.6
88.5
105.9
9.0
26.8%
60.0%
1.8%
13.1%
112.8%
34.8%
25.0%
31.2%
9.9
0.8
3.4%
10686.6
1335.2
1268.5
386.9
241.1
10
25.3
-14.6%
25.2
10.5
7.4
320.3
112.5
16.8
3.4%
244.0%
-8.1%
73.4%
14.9%
10.5%
8.3%
15.3
1.6
1.4%
143.3%
20.2%
69.5%
37.3%
30.5%
29.3%
19.1
2.8
33.6
6.7
5.2
41.2
-7.1
3.6
2.3%
11.1%
1814.3%
12.1%
2.0%
35.2%
33.1%
26.8%
11.4
-5.8
Textiles - Others
224.8
19.8
21.9
516.3
166.7
10
30.6
0.0%
-6.0%
35.2%
20.8%
14.4%
13.7%
15.3%
10.8%
16.9
3.1
0.6%
Gati*
Couriers
421.4
9.4
17.6
138.6
70.2
GEE
Electrodes
50.4
2.1
4.7
40.1
26.2
4.4
1.9%
20.6%
-0.7%
-39.3%
7.9%
8.9%
7.2%
31.7
2.0
0.7%
2.2
20.2%
40.0%
-5.1%
350.0%
9.5%
2.5%
9.8%
18.3
1.5
Geometric*
Computers
236.0
27.6
13.0
234.3
71.5
0.7%
17.4
6.8%
46.8%
2.1%
-17.1%
9.9%
14.2%
2.9%
13.5
3.3
GHCL
Soda Ash
675.1
102.8
100.0
253.2
98.5
1.3%
10
29.9
17.3%
41.6%
4.3%
30.2%
28.6%
26.9%
23.8%
8.5
2.6
1.4%
Glenmark Pharma.*
Pharmaceuticals
1883.2
226.8
28.2
903.4
Gloster
Textiles - Jute
109.9
11.2
10.5
346.1
258.2
26.4
15.8%
24.0%
-13.4%
52.4%
20.1%
13.9%
22.1%
34.2
3.5
0.0%
133.6
10
29.3
47.4%
117.1%
-12.2%
114.1%
13.2%
6.9%
12.4%
11.8
2.6
GMM Pfaudler
Engineering
56.4
5.1
2.9
0.9%
364.2
96.7
14.1
4.8%
74.8%
-4.6%
-12.4%
15.6%
16.8%
9.2%
25.9
3.8
Godrej Consumer*
Personal Care - Indian - Large
2120.2
251.5
0.8%
34.1
1605.5
112.3
34.7
6.8%
38.6%
-6.4%
-19.4%
17.5%
19.5%
10.9%
46.3
14.3
0.4%
Goodyear India
Tyres - Large
415.4
Granules India*
Pharmaceuticals
343.5
41.3
23.1
629.4
251.2
10
48.8
-2.5%
11.4%
41.0%
157.2%
15.6%
9.3%
14.0%
12.9
2.5
1.9%
39.0
21.7
121.1
29.3
6.0
6.6%
36.5%
-7.7%
17.4%
20.2%
21.3%
19.4%
20.2
4.1
Grasim Inds*
Textiles - Acrylic Fibre
0.5%
9004.1
830.2
93.4
4871.7
1325.2
10
289.7
8.8%
63.6%
-9.0%
15.9%
22.5%
20.0%
18.1%
16.8
3.7
Grauer & Weil
0.5%
93.9
12.6
22.7
35.3
11.1
2.0
6.0%
40.8%
-26.9%
7.1%
21.6%
16.1%
16.1%
17.3
3.2
0.8%
GRP
Rubber - Products
Guj. Ambuja Exp
Solvent Extraction - Large
Gujarat Gas
Miscellaneous
HPCL
Refineries
Heidelberg Cem.
Hester Bios
Pharmaceuticals
Himatsing. Seide*
334.0
PAT
June
16
EPS
P/E
on
TTM
EPS
79.6
3.9
1.3
1390.9
893.8
10
81.6
5.2%
281.2%
1.8%
30.1%
12.6%
10.7%
8.1%
17.0
1.6
0.7%
769.3
48.3
27.7
86.5
66.2
9.2
26.4%
94.6%
18.2%
53.4%
10.5%
7.5%
9.1%
9.4
1.3
0.9%
1215.9
75.9
137.7
623.7
152.7
10
15.3
-26.7%
29.5%
-10.6%
-17.3%
18.0%
14.3%
12.1%
40.8
4.1
0.0%
44779.3
2098.4
338.6
403.9
542.1
10
129.1
-12.9%
30.0%
6.3%
35.1%
8.1%
6.3%
6.0%
3.1
0.7
8.5%
461.8
26.3
226.6
133.5
38.9
10
2.7
6.9%
663.4%
16.3%
8.1%
19.2%
18.3%
12.0%
49.1
3.4
0.0%
29.5
6.0
8.5
770.0
117.9
10
24.2
20.1%
28.8%
7.8%
8.9%
36.4%
35.7%
33.3%
31.9
6.5
0.5%
Textiles - Silk
458.6
45.4
49.2
267.9
85.0
16.3
1.2%
69.3%
7.5%
41.9%
19.6%
19.8%
16.7%
16.4
3.2
0.6%
Hitachi Home
Air-conditioners
849.4
69.0
27.2
1482.6
131.7
10
26.7
20.7%
48.4%
106.4%
416.6%
13.8%
8.2%
11.9%
55.6
11.3
0.1%
Honda Siel Power
Electric Equipment
154.2
14.6
10.1
1441.9
361.5
10
51.8
2.4%
34.1%
-18.9%
-5.1%
15.6%
15.4%
12.7%
27.8
4.0
0.4%
IOCL
Refineries
85655.3
8269.0
2428.0
571.2
304.6
10
51.0
-15.3%
32.1%
9.9%
389.4%
16.0%
6.1%
10.2%
11.2
1.9
2.5%
IFB Agro Inds.
Breweries
211.9
8.8
9.4
381.0
267.8
10
32.9
39.0%
20.4%
62.3%
33.3%
6.1%
6.7%
8.6%
11.6
1.4
0.0%
RETAIL RESEARCH
P a g e | 10
RETAIL RESEARCH
Co_Name
Industry
Net
Sales
June 16
PAT
June
16
Latest
Equity
CMP
BV
FV
IFB Inds.
Domestic Appliances
412.9
14.9
41.3
Indbull.RealEst.*
Construction
761.1
116.8
Indian Hume Pipe
Cement Products
447.1
26.0
Indo Amines
Chemicals
66.8
Indrapr.Medical
Indraprastha Gas
Gas Distribution
IndusInd Bank
Infinite Comp*
EPS
439.3
102.6
10
101.1
85.8
125.6
5.8
4.8
635.7
126.7
20.2
3.5
32.9
52.4
14.8
10
2.8
186.7
8.4
91.7
54.2
22.2
10
3.1
8.7
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
19.1%
41.5%
13.6%
197.0%
6.0%
2.5%
6.3%
-6.6%
29.5%
23.2%
103.7%
39.4%
28.7%
110.7%
311.4%
50.2%
175.7%
11.8%
9.4%
9.5%
28.2%
0.1%
34.6%
14.6%
2.2%
18.7%
3.7%
51.0%
P/E
on
TTM
EPS
P/BV
Div
Yield Latest
50.7
4.3
0.0%
34.0%
14.9
0.7
0.0%
11.0%
31.5
5.0
0.5%
13.9%
12.3%
18.4
3.5
1.9%
11.6%
8.6%
12.1%
17.4
2.4
3.3%
897.0
148.0
140.0
746.3
172.4
10
33.0
-0.3%
44.4%
1.8%
37.5%
28.9%
22.3%
22.7%
22.6
4.3
0.8%
3291.7
661.4
595.9
1184.2
290.3
10
40.7
20.9%
26.0%
5.1%
6.6%
59.7%
60.3%
65.4%
29.1
4.1
0.4%
Computers -
534.6
29.9
38.7
227.5
157.8
10
32.3
13.8%
17.3%
-3.4%
-0.1%
8.7%
8.6%
8.2%
7.0
1.4
0.0%
Ipca Labs.
Pharmaceuticals
821.5
47.6
25.2
590.7
182.7
9.5
9.7%
127.4%
34.2%
26.2%
14.7%
9.9%
9.3%
62.0
3.2
0.0%
ISGEC Heavy
Engineering - Heavy
643.8
42.5
7.4
4563.4
1259.4
10
254.7
-1.0%
30.7%
-41.7%
-15.0%
9.7%
7.6%
9.0%
17.9
3.6
0.4%
IVRCL
Construction
448.1
-151.9
156.6
5.3
6.8
-13.4
-27.8%
19.8%
-31.3%
43.4%
6.0%
-15.5%
-3.1%
-0.4
0.8
0.0%
J B Chem & Pharm
Pharmaceuticals
300.8
49.9
17.0
376.9
134.6
22.6
7.8%
25.8%
3.9%
15.3%
23.0%
19.1%
17.9%
16.6
2.8
1.3%
Jamna Auto Inds.*
Auto Ancillaries - Springs
330.6
27.4
39.8
221.5
30.9
10.8
16.0%
113.8%
-8.7%
-1.7%
16.0%
15.7%
9.9%
20.5
7.2
1.2%
Jayant Agro Org.*
381.7
11.5
7.5
313.3
136.9
21.1
9.9%
177.2%
2.3%
43.1%
7.6%
5.6%
5.1%
14.9
2.3
1.2%
JM Financial*
426.1
86.1
79.0
66.6
21.0
5.2
27.4%
19.0%
1.0%
-24.3%
82.6%
79.4%
80.9%
12.7
3.2
2.2%
JSW Steel*
Steel - Large
11542.4
1109.0
240.4
1752.0
865.8
10
110.9
2.4%
4982.5%
11.3%
360.9%
28.3%
18.5%
15.1%
15.8
2.0
0.0%
Jubilant Inds.*
124.1
1.0
11.9
225.0
219.4
10
66.0
-35.3%
108.7%
-3.8%
196.2%
9.6%
6.4%
3.6%
3.4
1.0
0.0%
Jyothy Lab.*
Detergents / Intermediates
439.9
45.9
18.1
347.2
57.0
8.8
8.9%
78.2%
-1.2%
28.9%
18.1%
14.1%
14.4%
39.5
6.1
1.4%
K P R Mill Ltd*
Textiles
638.8
62.9
37.7
1200.0
258.7
10
59.0
5.9%
24.5%
-7.9%
15.4%
20.6%
15.9%
20.3%
20.3
4.6
Kajaria Ceramics*
Ceramics - Tiles
Kakatiya Cement
Cement - Mini - South India
Kallam Spinning
Textiles
64.3
3.0
Kalyani Steels
Steel - Rolling
344.4
46.8
Kellton Tech*
140.1
12.2
Kiri Indus.*
Dyes And Pigments
289.3
Kirl. Ferrous
Steel - Pig Iron
KLRF Ltd
Food - Processing
Kolte Patil Dev.*
591.8
7.0
15.9
7.8
1327.5
114.4
31.4
389.8
259.5
10
41.9
6.9
79.8
109.9
10
21.8
337.5
135.0
0.0
128.6
15.4
81.0
27.8
357.8
62.6
299.7
37.7
68.7
83.5
54.2
1.6
5.0
61.8
Construction
177.3
18.2
75.8
Kovai Medical
128.5
14.4
10.9
Kridhan Infra*
144.3
10.4
14.8
65.4
11.7
Kuantum Papers
Paper - Medium / Small
142.1
14.3
8.7
304.0
169.5
Lak. Vilas Bank
685.7
60.7
179.5
152.7
88.7
Lincoln Pharma.*
Pharmaceuticals
89.2
10.9
0.0
232.2
Lloyd Electric
Air-conditioners
893.6
43.9
36.2
Lumax Auto Tech.*
273.2
11.5
13.6
Lupin*
Pharmaceuticals
4313.6
882.0
90.2
RETAIL RESEARCH
46.3
63.4
8.4%
36.2%
20.1%
306.8%
11.6
-3.8%
30.1
14.3%
9.2
10
35.8
57.2
126.5
106.8
797.1
160.5
-9.6%
-7.8%
21.5%
20.3%
16.9%
-25.5%
-23.4%
17.0%
20.2%
-8.2%
210.2%
-7.2%
1620.0%
20.6%
13.9%
62.0%
14.2%
60.8%
25.3%
20.6%
35.0%
42.0%
5.9%
8.2%
13.6%
96.4
51.2%
15.8%
12.3%
9.5%
5.8
-1.1%
146.0%
21.1%
10
7.1
4.5%
375.8%
10.3%
10
8.3
-6.0%
31.5%
10
40.9
13.7%
3.5
10
40.6
10
75.3
273.5
467.5
1546.4
42.3
11.6
0.8%
0.0%
9.3
1.5
0.7%
15.0%
6.9
0.7
1.3%
19.1%
11.2
2.5
0.0%
13.0%
12.3%
14.0
8.3
0.0%
14.8%
10.5%
13.8%
3.7
5.7
0.0%
211.5%
22.5%
14.5%
12.5%
14.3
2.3
1.5%
441.4%
8.5%
3.8%
4.8%
8.7
1.1
0.0%
-3.5%
1.0%
33.4%
28.5%
25.0%
15.3
1.2
1.2%
42.2%
6.7%
31.1%
23.5%
20.1%
20.3%
19.5
5.0
0.2%
10.8%
84.5%
37.8%
275.7%
17.4%
12.5%
12.8%
18.4
5.6
0.2%
22.7%
315.7%
2.1%
65.6%
18.1%
15.0%
10.5%
7.5
1.8
0.3%
11.2
11.7%
50.7%
2.9%
23.7%
74.3%
71.2%
71.5%
13.7
1.7
2.0%
10
17.2
21.8%
67.1%
-25.7%
171.9%
20.2%
9.6%
15.6%
13.5
3.1
0.4%
206.0
10
27.9
25.8%
28.9%
10.3%
0.3%
10.5%
7.7%
10.3%
9.8
1.3
0.5%
100.4
10
25.7
25.8%
39.1%
16.5%
88.9%
7.5%
6.2%
8.1%
18.2
4.7
1.0%
257.1
57.0
40.0%
55.1%
5.7%
17.9%
30.3%
32.0%
26.8%
27.1
6.0
0.5%
P a g e | 11
RETAIL RESEARCH
Co_Name
Industry
Net
Sales
June 16
PAT
June
16
Latest
Equity
Manappuram Fin.*
Finance - Small
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
160.3
168.3
95.9
32.5
5.4
38.3%
170.4%
14.3%
21.1%
70.8%
68.8%
62.9%
17.7
Mangalam Cement
224.1
Marico*
Personal Care - Indian - Large
1749.9
22.6
26.7
338.6
183.8
267.9
129.0
288.4
20.1
10
7.8
6.0%
219.5%
6.6%
60.2%
21.5%
16.6%
-0.9%
5.8
0.1%
17.2%
35.9%
96.7%
21.4%
16.7%
18.2%
Mahanagar Gas
Gas Distribution
480.0
92.7
98.8
601.8
155.6
10
17.9
NA
NA
-5.3%
9.6%
31.7%
26.6%
Maruti Suzuki
Automobiles - passenger cars
14654.5
1486.2
151.0
5501.9
894.0
161.0
12.1%
23.0%
-1.8%
31.1%
15.1%
Meghmani Organ.*
Menon Bearings
354.6
18.9
Bearings - Medium / Small
31.0
4.7
25.4
40.7
23.7
3.4
16.8%
274.0%
-0.5%
-19.4%
4.7
79.8
11.1
3.5
16.4%
55.1%
5.4%
10.1%
Minda Inds.*
Auto Ancillaries - Electrical
759.8
27.1
15.9
300.3
274.2
10
75.8
43.7%
98.7%
7.1%
Mold-Tek Pack.
Plastics - Others
83.3
7.8
13.9
203.3
46.6
9.5
12.9%
37.3%
Morganite Crucib
Refractories / Intermediates
21.8
Motil.Oswal.Fin.*
308.3
3.6
2.8
694.4
248.9
10
39.0
-7.4%
70.6
14.3
490.6
41.5
14.8
62.5%
MphasiS*
Computers - Software - Large
1516.7
204.3
210.2
511.7
215.4
10
36.2
1.5%
Munjal Auto Inds
222.7
8.1
10.0
101.9
43.7
4.7
3.2%
Muthoot Finance
Nahar Indl. Ent.
Textiles
1271.2
270.3
399.1
362.9
140.8
10
22.5
467.4
19.7
39.8
108.7
155.0
10
14.8
Narayana Hrudaya*
442.3
16.7
202.3
320.1
47.0
10
Natco Pharma*
Pharmaceuticals
297.7
47.7
34.8
636.1
76.7
Navkar Corporat.*
Miscellaneous
88.0
23.5
142.6
195.6
76.4
10
Neuland Labs.
Pharmaceuticals
145.6
9.7
9.0
997.7
206.3
10
NGL Fine Chem
Pharmaceuticals
24.7
3.9
3.1
368.0
71.6
Nirlon
Construction
58.9
14.2
90.1
217.1
31.1
Nitta Gelatin
Chemicals - Gelatine
88.8
4.8
9.1
207.5
NRB Bearings
Bearings - Large
172.4
14.1
19.4
132.8
Omaxe*
Construction
436.1
45.5
182.9
Omkar Spl.Chem.*
Chemicals - Speciality
112.7
11.0
Orient Refrac.
130.4
P I Inds.
631.7
Patels Airtemp
Engineering - Light
31.9
PC Jeweller
Diamond Cutting / Jewellery
1664.5
Persistent Sys*
Computers
Petronet LNG
Gas Distribution
Pincon Spirit
Distilleries
Piramal Enterp.*
743.3
CMP
BV
FV
EPS
P/E
on
TTM
EPS
P/BV
Div
Yield Latest
2.9
1.9%
43.1
1.8
0.1%
49.4
14.3
0.0%
NA
16.8
3.87
0.0%
15.7%
16.6%
34.2
6.2
0.6%
21.1%
20.3%
14.8%
11.9
1.7
0.7%
28.0%
28.4%
22.5%
22.5
7.2
1.3%
-32.7%
9.5%
11.5%
6.5%
4.0
1.1
2.3%
18.1%
8.1%
17.5%
18.6%
14.9%
21.5
4.4
1.6%
41.2%
9.5%
46.3%
27.7%
23.4%
21.1%
17.8
2.8
0.6%
148.7%
19.6%
49.6%
55.6%
50.2%
34.9%
33.2
11.8
0.7%
23.3%
0.1%
6.4%
16.1%
13.6%
12.1%
14.2
2.4
0.0%
77.6%
-2.3%
26.8%
6.8%
6.3%
5.1%
21.6
2.3
1.4%
12.9%
47.6%
-11.0%
1.9%
77.7%
73.4%
76.6%
16.2
2.6
1.7%
8.9%
347.6%
-4.9%
-18.3%
12.6%
14.6%
11.9%
7.4
0.7
0.9%
2.0
17.8%
3378.4%
4.6%
78.3%
11.9%
9.4%
9.2%
157.3
6.8
0.0%
10.0
38.0%
69.8%
-23.0%
-20.9%
25.9%
23.9%
26.6%
63.4
8.3
0.2%
7.0
8.2%
40.9%
-1.9%
-8.9%
40.3%
41.4%
38.3%
28.0
2.6
0.0%
32.2
22.2%
33.0%
14.8%
46.5%
16.9%
15.9%
17.7%
31.0
4.8
0.2%
20.6
2.6%
41.4%
-3.5%
12.3%
28.3%
25.5%
21.9%
17.8
5.1
0.0%
10
4.9
4.2%
49.0%
-3.0%
199.0%
88.9%
83.4%
83.7%
44.3
7.0
0.3%
147.3
10
22.1
12.7%
236.1%
-1.8%
21.9%
12.3%
12.7%
6.9%
9.4
1.4
1.2%
31.1
5.3
9.4%
33.9%
1.0%
17.6%
17.0%
18.1%
14.7%
25.2
4.3
1.1%
170.5
92.9
10
5.8
42.4%
160.5%
-9.2%
86.7%
22.6%
12.3%
19.7%
29.2
1.8
0.4%
23.1
170.5
88.2
10
16.5
24.6%
34.3%
-0.6%
143.8%
20.6%
24.1%
19.1%
10.4
1.9
0.9%
17.4
12.0
108.4
17.0
5.1
19.0%
45.3%
7.0%
6.6%
20.1%
20.9%
16.3%
21.2
6.4
1.3%
126.9
13.7
818.0
84.3
25.7
14.5%
47.7%
10.1%
34.6%
26.2%
18.5%
24.4%
31.9
9.7
0.0%
2.0
5.1
173.0
116.8
10
15.0
26.5%
27.5%
-11.9%
10.3%
12.8%
11.4%
12.3%
11.6
1.5
1.3%
106.6
179.1
497.1
130.0
10
23.7
10.2%
31.2%
-12.3%
34.8%
12.4%
8.4%
11.2%
20.9
3.8
0.7%
701.8
73.3
80.0
601.6
193.9
10
36.9
40.2%
30.5%
3.6%
0.7%
15.1%
14.7%
17.2%
16.3
3.1
1.3%
5109.0
377.9
750.0
334.0
85.0
10
14.0
-37.9%
54.8%
-14.1%
55.5%
11.6%
7.7%
3.9%
23.9
3.9
0.7%
309.3
9.1
44.1
69.7
23.6
10
6.4
33.9%
61.0%
24.6%
26.8%
6.7%
6.8%
5.3%
10.8
3.0
1.1%
Pharmaceuticals
1761.1
230.9
34.5
1877.9
705.7
54.7
26.7%
34.2%
2.7%
88.4%
36.2%
27.3%
16.6%
34.4
2.7
0.9%
Power Grid Corpn
Power Generation And Supply
6069.1
1801.8
5231.6
175.4
81.7
10
12.4
29.4%
32.9%
5.5%
12.7%
89.3%
88.5%
88.2%
14.2
2.1
1.3%
PPAP Automotive
80.7
3.6
14.0
169.6
150.3
10
11.3
11.3%
20.2%
5.1%
-15.8%
15.7%
16.8%
16.9%
15.0
1.1
1.2%
Radico Khaitan
Distilleries
422.0
21.5
26.6
106.7
67.4
6.0
3.3%
25.2%
14.9%
45.8%
13.4%
10.6%
11.3%
17.7
1.6
0.8%
RETAIL RESEARCH
P a g e | 12
RETAIL RESEARCH
Co_Name
Industry
Rama Steel Tubes*
Rane Brake Lin.

Rico Auto Inds*
RPG LifeScience.
Pharmaceuticals
RSWM Ltd
Textiles
Ruchira Papers
S H Kelkar & Co.*
Chemicals
Sambandam Spg.
Net
Sales
June 16
PAT
June
16
Latest
Equity
CMP
BV
FV
7.5
133.9
16.6
EPS
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
5.5
25.6%
443.8%
-19.9%
13.5%
7.9%
6.9%
4.1%
P/E
on
TTM
EPS
P/BV
Div
Yield Latest
24.5
8.1
0.0%
65.4
2.6
Auto Ancillaries
121.3
10.5
7.9
1277.9
174.4
10
39.7
17.2%
117.6%
-1.8%
14.8%
14.7%
13.2%
10.8%
32.2
7.3
0.8%
266.2
16.0
13.5
65.1
33.9
3.2
8.5%
235.8%
7.7%
99.4%
12.3%
8.8%
8.6%
20.1
1.9
0.9%
85.2
9.9
13.2
506.6
80.8
11.7
28.2%
361.2%
23.8%
338.7%
15.0%
7.3%
8.0%
43.3
6.3
0.3%
726.1
35.7
23.2
447.5
217.1
10
47.8
4.2%
22.7%
-5.9%
21.5%
14.3%
15.0%
15.2%
9.4
2.1
2.8%
96.2
7.2
22.4
83.2
53.8
10
9.4
3.6%
27.7%
7.3%
79.9%
16.3%
10.0%
16.0%
8.9
1.5
1.8%
254.4
27.5
144.6
306.4
37.8
10
6.0
15.4%
41.3%
-3.8%
6.1%
18.6%
16.9%
18.3%
51.0
8.1
0.0%
Textiles
51.1
1.9
4.3
92.3
116.8
10
4.6
-1.8%
376.9%
-0.8%
1330.8%
16.6%
10.6%
11.2%
20.0
0.8
2.2%
Samkrg Pistons
Auto Ancillaries - Engine Parts
64.2
5.0
9.8
221.7
93.9
10
16.7
10.0%
11.9%
-1.1%
115.6%
16.6%
10.4%
16.6%
13.2
2.4
1.8%
Sasken Comm.Tec.*
Computers
121.8
15.6
17.7
352.8
281.5
10
25.7
11.4%
58.5%
1.6%
93.0%
15.6%
-46.4%
9.4%
13.7
1.3
9.1%
Satin Creditcare
Finance - Small
195.1
24.6
31.5
575.6
101.6
10
22.4
71.8%
103.7%
14.6%
50.5%
68.3%
65.4%
68.7%
25.7
5.7
0.0%
Saurashtra Cem.
140.6
22.0
60.2
78.0
50.0
10
8.2
9.3%
137.8%
-1.2%
12.1%
21.8%
21.4%
12.6%
9.5
1.6
1.3%
Savita Oil Tech
Petrochemicals - Others
339.4
20.2
14.6
664.1
404.4
10
29.2
-12.1%
47.7%
-8.4%
115.8%
11.2%
4.3%
7.9%
22.7
1.6
0.8%
SE Investments*
Finance - Small
Seshasayee Paper
Paper - Large
Sh. Ajit Pulp*
Sharda Motor
Auto Ancillaries
Shilchar Tech.
Electric Equipment - Transformers
Shri.City Union.
Finance - Leasing And Diversified
SKF India
59.9
17.2
40.6
251.6
125.8
10
12.1
25.9%
28.1%
13.8%
482.1%
67.0%
66.0%
64.0%
20.8
2.0
0.4%
244.8
24.1
12.6
476.1
333.8
10
43.1
4.3%
347.5%
-26.2%
27.8%
17.9%
11.3%
10.0%
11.1
1.4
1.1%
64.3
4.3
5.4
165.0
162.8
10
24.4
13.8%
44.3%
4.2%
45.2%
13.5%
11.5%
12.3%
6.8
1.0
0.5%
242.8
12.7
6.0
1176.5
387.9
10
75.1
14.5%
143.7%
-0.9%
10.9%
12.5%
7.4%
10.8%
15.7
3.0
1.1%
25.7
3.1
3.8
283.8
97.9
10
27.0
-10.2%
61.0%
-9.7%
13.4%
18.3%
15.7%
10.3%
10.5
2.9
0.9%
1053.5
181.8
65.9
2192.5
684.3
10
85.5
15.4%
23.1%
8.0%
227.6%
62.0%
44.6%
62.3%
25.6
3.2
0.7%
Bearings - Large
695.6
60.4
52.7
1422.1
297.6
10
41.8
7.3%
29.8%
10.9%
16.6%
12.0%
13.4%
10.2%
34.0
4.8
1.1%
SML ISUZU
Automobiles - LCVs/HCVs
461.6
41.1
14.5
1270.4
235.1
10
43.7
21.1%
41.5%
46.1%
146.7%
13.3%
8.6%
11.2%
29.1
5.4
0.6%
South Ind.Bank
1447.2
95.1
135.0
23.1
27.5
2.7
5.1%
45.6%
5.8%
30.3%
72.2%
70.2%
75.1%
8.6
0.8
2.2%
SpiceJet
Transport - Airlines
1506.4
149.0
599.5
61.7
-20.2
10
7.6
36.5%
104.2%
4.0%
237.2%
12.8%
6.3%
11.4%
8.1
-3.1
0.0%
SREI Infra. Fin.*
Finance - Medium
968.0
40.5
503.2
72.9
55.0
10
1.8
23.9%
73.6%
22.4%
97.1%
67.0%
80.1%
83.5%
40.9
1.3
0.7%
Star Paper Mills
Paper - Large
73.6
12.8
15.6
95.5
40.7
10
16.2
13.2%
227.2%
0.2%
141.7%
22.6%
12.8%
8.4%
5.9
2.3
0.0%
Sterling Tools
Fasteners
94.3
9.4
6.8
769.0
195.0
10
47.0
14.3%
55.1%
-6.9%
29.2%
20.6%
14.5%
17.1%
16.4
3.9
2.0%
Stylam Indus.
Laminates
70.0
4.9
7.3
564.9
76.8
10
19.6
16.1%
79.9%
0.1%
28.1%
15.2%
11.8%
10.4%
28.8
7.4
0.0%
Sudarshan Chem.
Dyes And Pigments - Large
333.8
31.5
13.9
413.1
47.2
12.3
14.1%
73.0%
6.4%
43.8%
17.0%
13.4%
14.2%
33.7
8.7
0.7%
Sukhjit Starch
Starch
165.1
8.6
7.4
361.6
297.7
10
35.7
23.4%
61.8%
11.2%
72.5%
11.3%
10.0%
11.0%
10.1
1.2
1.4%
Sumeet Inds.*
Textiles - Manmade
369.1
8.3
58.0
24.9
41.6
10
3.9
34.8%
74.2%
-4.2%
145.9%
7.0%
7.2%
7.9%
6.4
0.6
0.0%
Suprajit Engg.*
253.9
19.7
13.1
214.9
31.6
6.2
64.2%
48.8%
-7.3%
7.6%
16.1%
16.9%
13.9%
34.6
6.8
0.5%
Swaraj Engines
Engines
171.0
19.0
12.4
1212.5
172.3
10
44.0
12.1%
21.4%
50.8%
61.4%
16.6%
14.1%
14.6%
27.5
7.0
2.7%
T.V. Today Netw.
Entertainment -
136.5
22.4
29.8
311.5
89.1
16.5
7.6%
23.9%
-2.7%
47.9%
27.0%
17.8%
23.6%
18.8
3.5
0.6%
Talbros Auto.*
Tata Chemicals*
Fertilizers -
Tata Coffee*
Coffee
RETAIL RESEARCH
107.1
3.1
12.4
148.7
103.0
10
8.1
11.7%
37.2%
3.7%
385.7%
10.6%
8.7%
11.1%
18.3
1.4
1.0%
3535.5
279.7
254.8
543.4
251.0
10
35.6
-8.5%
32.3%
-11.1%
15.4%
17.4%
13.1%
13.9%
15.3
2.2
1.8%
406.8
65.7
18.7
125.9
40.6
8.1
21.1%
141.6%
-6.8%
159.5%
27.3%
18.1%
17.7%
15.5
3.1
1.0%
P a g e | 13
RETAIL RESEARCH
Co_Name
Industry
Tata Comm*
Telecommunications
Techno Elec.*
Tera Software
Themis Medicare*
Pharmaceuticals
Thomas Cook (I)*
Net
Sales
June 16
PAT
June
16
Latest
Equity
CMP
BV
FV
EPS
10
2.7
Growth
in Sales
YoY
Growth
in PAT
YoY
Growth
in Sales
QoQ
Growth
in PAT
QoQ
OPM%
w/o OI
- June
16
OPM%
w/o OI Mar 16
OPM%
w/o OI
- June
15
P/E
on
TTM
EPS
P/BV
Div
Yield Latest
-2.9%
70.5%
-2.2%
389.7%
15.3%
9.9%
14.6%
196.3
1.8
0.8%
5031.7
73.8
285.0
525.3
291.9
Electric Equipment
267.8
48.0
11.4
298.5
136.4
26.5
34.0%
136.1%
-17.8%
75.1%
26.4%
15.5%
23.8%
11.3
2.2
1.7%
102.2
5.5
12.5
83.3
61.7
10
9.7
492.0%
425.0%
-3.6%
79.0%
9.2%
5.3%
21.0%
8.6
1.4
1.4%
66.1
7.3
9.0
573.8
99.0
10
24.3
13.0%
25.7%
23.7%
128.7%
15.7%
17.1%
15.9%
23.6
5.8
0.0%
Travel Agencies
2431.7
62.0
36.7
199.6
31.4
2.1
61.6%
55.8%
90.5%
275.0%
5.8%
-2.5%
5.3%
95.1
6.4
0.2%
Titan Company
Diamond Cutting / Jewellery
2782.5
195.4
88.8
406.5
39.6
8.5
3.6%
29.0%
14.2%
3.1%
7.0%
8.8%
8.2%
47.8
10.3
0.0%
Tour. Fin. Corp.
Finance
50.1
20.2
80.7
48.5
63.7
10
7.1
14.8%
22.5%
47.9%
520.3%
97.9%
93.1%
99.1%
6.8
0.8
3.7%
Trent
Retailing
391.5
23.3
33.2
214.6
425.5
10
25.6
14.7%
59.9%
5.8%
34.6%
9.1%
0.9%
9.0%
8.4
0.5
4.2%
Trident
Textiles - Terry Towels
1148.2
78.5
495.0
55.3
33.0
10
5.0
32.1%
26.1%
19.7%
33.8%
21.1%
20.8%
22.7%
11.0
1.7
1.6%
Triton Valves
Triven.Engg.Ind.*
Sugar - Integrated
TVS Motor Co.
Automobiles
Ucal Fuel Sys.
48.3
1.8
1.0
1192.4
576.9
10
73.7
14.1%
22.6%
19.1%
1.1%
12.1%
10.6%
13.2%
16.2
2.1
1.0%
599.0
48.2
25.8
60.0
23.4
4.9
18.9%
154.1%
29.0%
13.8%
17.1%
15.5%
-9.0%
12.2
2.6
0.0%
2852.6
121.3
47.5
333.2
40.8
9.8
12.1%
21.2%
2.7%
3.0%
7.0%
6.4%
6.8%
33.9
8.2
0.8%
Auto Ancillaries - Engine Parts
137.2
8.1
22.1
171.5
147.3
10
10.8
22.4%
244.1%
0.3%
105.1%
14.6%
10.4%
12.1%
15.9
1.2
2.0%
Ujjivan Fin.Ser.
Finance
321.7
71.4
118.2
407.8
131.6
10
18.0
54.8%
102.5%
9.4%
30.0%
69.4%
68.2%
67.3%
22.6
3.1
0.1%
Ultramarine Pig.
Dyes And Pigments
55.9
7.2
5.8
169.4
39.2
10.1
10.1%
38.7%
2.0%
0.4%
20.3%
16.5%
15.7%
16.8
4.3
2.1%
Uniply Inds.
Decoratives - Wood-based
38.5
1.8
20.9
260.6
28.8
10
2.5
51.9%
79.6%
-13.8%
12.1%
11.4%
7.4%
17.0%
104.0
9.0
0.0%
United Breweries
Breweries
1485.7
147.1
26.4
889.4
79.7
12.1
8.6%
20.4%
27.6%
180.8%
19.5%
10.6%
18.2%
73.5
11.2
0.1%
United Drilling
Machine Tools - Others
37.4
15.3
10.2
118.8
77.5
10
21.0
526.5%
2848.1%
112.6%
153.4%
45.3%
45.5%
45.7%
5.7
1.5
0.0%
V I P Inds.*
Moulded Luggage
374.2
31.1
28.3
127.8
23.8
5.1
5.9%
21.4%
36.4%
140.9%
13.3%
8.0%
11.4%
25.1
5.4
1.6%
Vakrangee*
Computers - Software - Converts
917.5
121.5
52.9
228.9
29.1
8.2
30.3%
40.0%
4.3%
9.6%
24.1%
24.8%
26.7%
28.1
7.9
0.0%
Vardhman Textile*
Textiles
1474.2
178.3
60.9
1005.5
574.0
10
100.4
1.0%
24.2%
-10.7%
11.8%
23.5%
23.2%
21.2%
10.0
1.8
1.5%
Vedavaag Systems
Computers
10.6
1.6
13.6
35.9
28.0
10
3.9
21.5%
121.1%
-34.6%
265.1%
26.0%
-0.2%
32.8%
9.3
1.3
0.0%
Venky's (India)
Hatcheries
621.4
41.0
14.1
526.2
276.9
10
39.0
15.1%
185.0%
9.6%
153.7%
13.4%
7.9%
7.9%
13.5
1.9
1.0%
Vesuvius India
207.4
23.8
20.3
991.7
265.6
10
39.9
23.4%
23.5%
16.4%
29.1%
19.2%
17.5%
19.2%
24.9
3.7
0.6%
V-Guard Inds.
Electric Equipment
569.9
42.8
30.1
187.7
156.0
10
43.0
15.3%
70.0%
11.7%
1.9%
11.2%
12.4%
8.8%
4.4
1.2
3.7%
Vimta Labs
Analytical Laboratory Equipment
37.8
2.7
4.4
105.3
57.1
3.7
34.2%
115.1%
14.9%
49.7%
18.6%
11.1%
15.4%
28.7
1.8
1.0%
Visaka Inds.
Cement Products
307.7
16.6
15.9
199.8
218.5
10
17.3
-3.2%
22.0%
12.3%
86.1%
12.4%
10.1%
11.3%
11.6
0.9
2.5%
Vivimed Labs.*
Chemicals - Inorganic
366.8
27.9
16.2
88.9
45.5
9.9
10.6%
15.3%
5.7%
120.9%
18.2%
14.8%
20.3%
9.0
2.0
0.0%
WABCO India
512.4
73.9
9.5
6360.7
555.9
121.8
40.7%
55.1%
-5.0%
29.0%
20.4%
14.9%
19.2%
52.2
11.4
0.1%
Wendt India*
Abrasives and Grinding Wheels
33.3
3.5
2.0
1972.0
468.1
10
56.6
7.0%
20.9%
-3.8%
69.7%
19.6%
12.3%
19.0%
34.8
4.2
0.0%
Whirlpool India
Domestic Appliances
1223.3
122.0
126.9
975.8
90.7
10
21.4
16.2%
25.9%
47.4%
79.8%
15.6%
12.3%
14.5%
45.6
10.8
0.0%
Yes Bank
3862.3
731.8
421.1
1217.7
327.3
10
64.6
18.8%
32.8%
9.5%
4.2%
71.1%
71.5%
75.6%
18.9
3.7
0.8%
Zydus Wellness*
Food and Dairy Products
108.0
23.5
39.1
891.2
122.1
10
27.0
12.0%
20.1%
-1.2%
-9.1%
18.2%
21.5%
17.4%
33.0
7.3
0.7%
Note:
1) While compiling the above, we have excluded companies whose average of 4 quarter sales is less than Rs.10 crores
2) * - Consolidated numbers; Book value is standalone even for companies with consolidated figures, CMP is as of 22 September 2016, PAT is adjusted and not reported,
RETAIL RESEARCH
P a g e | 14
RETAIL RESEARCH
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mentioned in this mail and/or its attachments.
HDFC Securities and its affiliated company(ies), their directors and employees may; (a) from time to time, have a long or short position in, and buy or sell the securities of the company(ies) mentioned
herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed
herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.
HDFC Securities Ltd, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on
basis of this report, including but not restricted to, fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.
HDFC Securities Ltd and other group companies, its directors, associates, employees may have various positions in any of the stocks, securities and financial instruments dealt in the report, or may make sell
or purchase or other deals in these securities from time to time or may deal in other securities of the companies / organizations described in this report.
HDFC Securities or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject company for any other assignment in
the past twelve months.
HDFC Securities or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the date of this report for services in
respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage services or other advisory service in a merger or specific transaction in the
normal course of business.
HDFC Securities or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with preparation of the research report.
Accordingly, neither HDFC Securities nor Research Analysts have any material conflict of interest at the time of publication of this report. Compensation of our Research Analysts is not based on any specific
merchant banking, investment banking or brokerage service transactions. HDFC Securities may have issued other reports that are inconsistent with and reach different conclusion from the information
presented in this report.
Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of the subject company. We have not received
any compensation/benefits from the Subject Company or third party in connection with the Research Report.
This report has been prepared by the Retail Research team of HDFC Securities Ltd. The views, opinions, estimates, ratings, target price, entry prices and/or other parameters mentioned in this document
may or may not match or may be contrary with those of the other Research teams (Institutional, PCG) of HDFC Securities Ltd.
RETAIL RESEARCH
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RETAIL RESEARCH

Q1FY17 Results Review

Forgings - Medium / Small

Cement - Major - North India

Amines & Plast.

Aro Granite Inds

Granite & Marble - Large

Assoc. Stone Ind*

Dyes And Pigments - Large

Auto Ancillaries - Sheet Metal

Auto Ancillaries - Others

Bayer Crop Sci.

Finance - Investment / Others

Dyes - Reactive / Direct

Caplin Point Lab*

Chemicals - Speciality - Large

Coffee Day Enter*

DCM Shriram Inds

Granite & Marble - Large

Hospitals / Medical Services

Hospitals / Medical Services

Dyes And Pigments

Engineering - Turnkey Services

Finance - Investment / Others

Auto Ancillaries - Batteries

Banks - Private Sector

Gandhi Spl. Tube

Steel - Medium / Small

Personal Care - Indian - Large

Textiles - Acrylic Fibre

Grauer & Weil

Chemicals - Speciality - Large

Guj. Ambuja Exp

Solvent Extraction - Large

Cement - Major - North India

Honda Siel Power

IFB Agro Inds.

Indian Hume Pipe

Hospitals / Medical Services

Banks - Private Sector

J B Chem & Pharm

Jamna Auto Inds.*

Auto Ancillaries - Springs

Jayant Agro Org.*

Chemicals - Speciality - Large

Finance - Investment / Others

Cement - Mini - South India

Dyes And Pigments

Steel - Pig Iron

Kolte Patil Dev.*

Hospitals / Medical Services

Steel - Medium / Small

Paper - Medium / Small

Lak. Vilas Bank

Banks - Private Sector

Lumax Auto Tech.*

Auto Ancillaries - Others

Cement - Major - North India

Personal Care - Indian - Large

Automobiles - passenger cars

Bearings - Medium / Small

Auto Ancillaries - Electrical

Finance - Investment / Others