DOCSLIB.ORG

ASIAN PAINTS LTD HOLD FMCG (CONSUMER DISCRETIONARY) Target Price : Rs 1,890

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ASIAN PAINTS LTD HOLD FMCG (CONSUMER DISCRETIONARY) Target Price : Rs 1,890 30 JAN 2020 Quarterly Update ASIAN PAINTS LTD HOLD FMCG (CONSUMER DISCRETIONARY) Target Price : Rs 1,890 Q3FY20: Unfavourable mix hurts realization… CMP : Rs 1,796 APNT delivered a weak performance for second quarter in a row especially on Upside : 5% revenue front as it report a 3% YoY growth in revenues despite ~10% volume Relative to Sector : Positive growth, mainly due to mix deterioration (higher focus on economy segment products and weak growth in premium products). However, its EBITDA MARKET DATA Margin came in higher by 90bps at 21.9% led by 190bps GM expansion owing to No. of Shares : 95.9 Cr benign RMs. FV (Rs) : 1 Market Cap (Rs Cr.) : 1,71,744 Management has cautioned about moderation in growth in near term as 52-week High / Low : Rs 1,862 / Rs 1,291 metros/tier-1 towns have slowed down significantly and weaker mix Avg. Daily vol. (6mth) : 5,887,732 shares (continued focus on economy segment) may remain a drag in near term. To Bloomberg Code : APNT IB Reuters Code : APNT.NS factor the near term growth pressure we revise our estimates leading to a BSE Code : 500820 change in our rating from BUY earlier to “HOLD” and TP of Rs. 1,890 (Rs. 1,976 NSE Code : ASIANPAINT earlier) as valuation appear expensive given the near term growth pressure. Key Highlights Q3FY20 unfavourable mix hurts standalone revenue: For second quarter in a row, Asian Paints (APNT) delivered weaker than expected growth. It reported 3%/8%/20% growth in Revenues/EBITDA/PAT for Q3FY20. Topline growth was weaker than expected despite low double digit volume growth on account of a sharp deterioration in product mix. APNT reported a 7% drop in realization owing to conscious strategy of focussing on economy segment (putty, primer and distemper) and slower growth in Metro/Tier 1 towns and cities. Underlying EBITDA came in 8% higher aided by healthy 190bps GM expansion marked by RM tailwinds and tight cost control (staff costs/ other expenses grew just 5% YoY in absolute terms). Resultantly, EBITDA Margins came in at 21.9% (90bps/300bps YoY/QoQ expansion noted). Recurring PAT grew 20% YoY at Rs. 780 crore driven by corporate tax cuts and 40% surge in Other Income. Subsidiaries’ performance (Industrial, International, Home Improvement) reported yet another weak quarter with flattish revenue growth indicating further demand deterioration. Growth was weak across divisions. Subsidiaries’ business reported an adjusted EBITDA growth of 13% YoY as underlying margins expanded by 90bps YoY to 8.4% aided by a healthy 270bps expansion in GMs. FINANCIAL SUMMARY (Consolidated) Y/E Sales EBITDA PAT EPS Change P/E RoE RoCE EV/EBITDA DPS March (Rs Cr) (Rs Cr) (Rs Cr) (Rs) (YoY %) (x) (%) (%) (x) (Rs) FY19 19,341 3,524 2,159 22.5 9.6 66.2 24.1 29.1 37.9 10.5 FY20E 21,275 4,334 2,894 30.0 33.3 59.6 27.7 29.6 39.4 13.7 FY21E 24,213 5,039 3,320 34.5 15.1 51.7 28.1 30.6 33.8 16.1 FY22E 27,386 5,839 3,938 40.8 18.1 43.8 29.4 31.4 29.2 18.9 Source: Company, Axis Securities, Consensus Estimates, CMP as on 29th Jan 2019 PRICE PERFORMANCE 160 120 80 Suvarna Joshi 40 Jul-18 Jan-19 Jul-19 Jan-20 [email protected] BSE Sensex Asian Paints 01 30 JAN 2020 Quarterly Update ASIAN PAINTS FMCG (CONSUMER DISCRETIONARY) Concall takeaways: Decorative Paints growth impacted due to 1) adverse macro economic conditions; 2) extended monsoon almost till early November; 3) high base of last year on account of preponement of Diwali in Q2FY20. Overall demand continues to remain weak and company is continue to focus on its strategy of growing at the bottom of the pyramid with large push on economy range of products. Domestic decorative paints volume growth: APNT reported low double digit volume growth despite challenging industry conditions. This was primarily aided by a large push to economy range of products that are growing faster than the premium product segment. Low double digit volume growth driven by: 1) higher sales of economy products (primer, putty); 2) higher revenues from low value paints than premium paints; 3) aggregate price reduction at portfolio level of >1% Realization impacted due to adverse mix: APNT’s price/mix for Q3FY20 was weaker and deteriorated sharply mainly due to a 1) sustained push on economy range products – APNT launched 2 new economy emulsion paints which were priced 20-25% lower than its own cheapest selling emulsion paint. In these 2 products the company has witnessed good traction across geographies. 2) slowdown in construction activity and weak sentiments in metros/Tier-1 towns affected overall pricing led growth. Smaller town growth ahead of urban: With a conscious strategy to push economy range of products that are in high demand compared to premium products, APNT indicated that smaller towns reported healthy growth for its business vis-à-vis urban centres. This is also attributed to the deterioration in product mix. Rural: Urban contribution is at 50% each by value. Gross Margin: We were surprised to note that despite the economy segment driving down realization, GMs for APNT expanded by 190bps YoY. Management highlighted that there is no difference in GMs of economy range of products with those of premium products. Thus the new products launched are not GM dilutive. Pricing action: In Q3FY20 also the company took small price cuts of -0.25% taking the total price reduction at the aggregate portfolio level to be >1% in its core decorative paints business. The reduction in prices was owing to benign RM environment. Volatility in crude and currency are the key monitorables as management indicated that some RMs have started to see some volatility. While current status doesn’t merit any pricing intervention, however, it will monitor the same and take adequate actions if required. Industrial Business: The automotive coatings JV (PPG-AP) continues to be severely affected due to sharp slowdown witnessed by the domestic automotive industry. The industrial coatings JV (AP-PPG) witnessed some demand improvement on a QoQ basis particularly supported by demand in its protective coatings segment. Lower material prices and contained growth in overhead costs helped improve profitability of both these JVs. International Business: Overall performance was affected by the slowdown APNT saw in Oman and Baharin as well as an extended monsoon in Sri Lanka. However, some improvement in Egypt and Bangladesh helped negate some of this impact during the quarter. Benign material cost supported the profitability of international operations. 02 30 JAN 2020 Quarterly Update ASIAN PAINTS FMCG (CONSUMER DISCRETIONARY) Dealer strategy: The Company does not extend any credit to its dealers. However, the dealers’ stickiness with the company is mainly due to the healthy RoI that APNT’s products are able to generate for the dealer and thus is not just dependent on margins offered. The management indicate that dealers usually rotate the stock 15-20 times in a year. In Q3FY20, discounts are likely to have marginally increased as highlighted by management. Capex: For FY20 capex is expected to be Rs. 700 crore for standalone business. Of this Rs. 200 crore has already been incurred in H1FY20 towards Vizag and Mysuru plants. Balance Rs. 500 crore shall be incurred over H2FY20. For FY21 only maintenance capex is expected to be incurred as indicated by management. Other takeaways: o Repainting demand is 70-75% of total paint sales. Projects account for 25-30% of paint revenues o 30% of total paint market in India is unorganized. While, most unorganized players operate in distemper category there are a few smaller/unorganized companies in low end emulsion paints o APNT has a distribution network of 140 depots, 2000 salesmen and c.70,000 shopkeepers o Effective tax rate for FY20 will be 25% Outlook: To factor in the near term pressure on revenue growth owing to management strategy of focusing on economy segment paints we believe the topline could be under pressure resulting in downward revision in our estimates for FY20E/21E. This leads us to also revise our rating to HOLD (earlier BUY) with a revised TP of Rs. 1,890 (earlier Rs. 1,976). However, from the longer term perspective we remain constructive on the growth prospects of the Indian Paints industry and Asian Paints the leader in the segment. Key risk to our call will be slower than expected consumption and macro-economic slowdown. 03 30 JAN 2020 Quarterly Update ASIAN PAINTS FMCG (CONSUMER DISCRETIONARY) Deco Paint – vols. grow healthy double digit yet again Benign RM environment leads to price cuts 25% 4.0% 20% 20% 2.9% 3.0% 2.7% 2.4% 15% 14% 2.0% 15% 13% 12% 12% 2.0% 1.7% 11% 1.4% 10% 10% 10% 10% 9% 10% 1.0% 6% 5% 3% 0.0% 2% -0.3% -0.4% -0.4% 0% -1.0% Source: Company, Axis Securities Benign Raw Material costs aids Gross Margin Despite inferior mix Op. Margin expands owing to tight expansion on YoY basis cost control 48% 47.1% 25% 22.8% 22.5% 21.9% 20.9% 21.0% 19.9% 46% 19.6% 20% 18.8% 18.7% 18.9% 19.0% 18.1% 44.4% 16.9% 43.7% 17.4% 16.4% 44% 43.8% 43.2% 43.5% 43.0% 42.8% 43.2% 15% 42.2% 42.4% 41.6% 42% 41.3% 41.1% 10% 39.8% 40% 5% 38% 0% 36% Source: Company, Axis Securities P/E Band 12month Forward P/E (x) 60 2200 50 1700 40 1200 30 700 20 200 Jul-17 Jan-15 Jan-20 Jul-17 Jun-15 Oct-13 Oct-18 Feb-17 Sep-16 Jan-20 Jan-15 Dec-17 Jun-15 Apr-16 Oct-13 Oct-18 Feb-17 Sep-16 Mar-14 Mar-19 Dec-17 Aug-14 Aug-19 Nov-15 Apr-16 May-13 May-18 Mar-14 Mar-19 Aug-14 Aug-19 Nov-15 May-18 PE Mean Mean+1Stdev Mean-1Stdev Price 30x 40x 50x 60x Source: Company, Axis Securities 04 30 JAN 2020 Quarterly Update ASIAN PAINTS FMCG (CONSUMER DISCRETIONARY) Results Update (Consolidated) Quarterly Performance % Change % Change (Rs.Cr.) Q3FY20 Q3FY19 Q2FY20 (YoY) (QoQ) Net Sales 5,420 5,263 3.0 5,051 7.3 43.0% 41.1% 42.4% GM% Expenditure Net Raw Material 3,089 3,101 -0.4 2,907 6.3 57.0% 58.9% 57.6% % of Sales Employee expenses 343 314 9.2 348 -1.3 6.3% 6.0% 6.9% % of Sales Other Exp 799 744 7.4 841 -5.0 14.7% 14.1% 16.7% % of Sales Total Expenditure 4,231 4,159 1.7 4,096 3.3 EBIDTA 1,189 1,104 7.7 955 24.6 21.9% 21.0% 18.9% EBITDA Margin (%) Oth.
Load more

Recommended publications
  • Annual Report 2011-2012
    Cover image: All photographs are of associates of Tata Consultancy Services The Annual General Meeting will be held on Friday, June 29, 2012, at Birla Matushri Sabhagar, Sir V. T. Marg, New Marine Lines, Mumbai 400020, at 3.30 p.m. As a measure of economy, copies of the Annual Report will not be distributed at the Annual General Meeting. Members are requested to bring their copies to the meeting. Contents Board of Directors 2 Financial Highlights 4 Our Leadership Team 5 Letter from CEO 6 Key Trends (FY 2005 - 2012) 8 Management Team 10 Directors’ Report 12 Management Discussion and Analysis 21 Corporate Governance Report 58 Consolidated Financial Statements Auditors’ Report 75 Consolidated Balance Sheet 76 Consolidated Statement of Profit and Loss 77 Consolidated Cash Flow Statement 78 Notes forming part of the Consolidated Financial Statements 79 Unconsolidated Financial Statements Auditors’ Report 111 Balance Sheet 114 Statement of Profit and Loss 115 Cash Flow Statement 116 Notes forming part of the Financial Statements 117 Statement under Section 212 of the Companies Act, 1956 relating to subsidiary companies 150 Board of Directors As of April 02, 2012 1 R N Tata 2 S Ramadorai 3 A Mehta Chairman Vice Chairman Director 4 V Thyagarajan 5 C M Christensen 6 R Sommer Director Director Director 7 Laura Cha 8 V Kelkar 9 I Hussain Director Director Director 10 N Chandrasekaran 11 S Mahalingam 12 P A Vandrevala Chief Executive Officer Chief Financial Officer Director and Managing Director and Executive Director 13 O P Bhatt 14 C P Mistry Director
    [Show full text]
  • Financial Village
    CONSISTENT COMPOUNDERS AN INVESTMENT STRATEGY BY MARCELLUS INVESTMENT MANAGERS Private & Confidential. 1 ABOUT MARCELLUS Private & Confidential. Marcellus Investment Managers was founded in 2018 and currently has c.US$675m in assets under management and advisory. The founders have worked together for the past 15years Rakshit Ranjan, CFA – Portfolio Saurabh Mukherjea, CFA – Chief Pramod Gubbi, CFA - Head of Sales Investment Officer Manager - Formerly, MD & Head of Institutional - Formerly, Portfolio manager of - former CEO of Ambit Capital, assets Equities at Ambit Capital under advisory were $800mn. Ambit Capital's Coffee Can PMS, - CEO of Ambit Singapore - Author of three bestselling books: which was one of India's top Gurus of Chaos (2014), The Unusual - Tech analyst at Clear Capital and also performing equity products Billionaires (2016) and “Coffee Can worked in the tech industry - HCL during 2018 Investing (2018). Technologies and Philips - Ambit's consumer research - Co-founder of Clear Capital, a London Semiconductors head, voted as No.1 for based small-cap equity research firm which he and his co-founders created in - Post-graduate in Management from Discretionary Consumer and 2003 and sold in 2008. IIM – Ahmedabad. top-3 for Consumer Staples - MSc in Economics from London School - B.Tech from Regional Engineering - At Clear Capital, ranked amongst of Economics College, Surathkal (NIT, Karnataka) the top-3 UK Insurance analysts - Member of SEBI’s Asset Management - B.Tech from IIT (Delhi) 2 Advisory Committee. KEY STEPS FOR IDENTIFYING CONSISTENT COMPOUNDERS 1. Identify companies with clean accounts 2. Identify companies with track record of superior capital allocation 3. Amongst companies which pass steps 1 & 2, identify those with high barriers to entry Private & Confidential.
    [Show full text]
  • Annexure to the Directors' Report
    Infosys Annual Report 2011-12 Additional Information Annexure to the Directors' report Information as per Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of employees) Rules 1975, and forming part of the directors’ report for the year ended March 31, 2012 Employee name Title / Role, Unit Qualification Age Experience Joining date Gross Previous employment and (in years) remuneration (`) designation Abhay M. Kulkarni VP and Delivery Head, BE 45 24 Feb 26, 1990 81,23,672 TISCO, Graduate Trainee FSIADM Abhishek VP and Delivery Head, PED B.Tech 39 19 Jul 1, 1993 71,92,874 – Anurag Vardhan Sinha VP and Delivery Head – BE 41 19 Oct 7, 1992 79,74,924 – ADM, Energy, Utilities, Communications and Services, ECSADM Ashok Vemuri Member of the Board and BSC (H), PGD 44 20 Oct 1, 1999 5,67,87,389 Bank Of America, AVP Global Head – Financial Services & Insurance and Strategic Global Sourcing Balakrishna D. R. AVP and Consulting and BE 40 18 Feb 7, 1994 67,87,064 HCL – HP, Customer Systems Integration Practice Engineer – Trainee Head, Energy, Utilities, Communications and Services – SAP, ECSSAP Balakrishnan V. Director and Chief B.Sc, ACA, ACS, 47 25 Sep 2, 1991 2,96,16,476 Amco Batteries Limited, Financial Officer AICWA Senior Accounts Executive Bhuvaneswari VP and Delivery Head – B.Sc, MCA 47 24 Aug 28, 2000 74,39,750 Citibank, AVP Sundaram ADM, Financial Services and Insurance, FSIADM Binod H. R. SVP and Global Head – BE 49 26 Aug 2, 1993 83,61,969 MICO, Senior Engineer, Corporate Relations and Technical Sales Commercial, CORP Chandra Shekar Kakal SVP and Member – Diploma, BE, 51 28 Mar 1, 1999 2,35,49,676 Ramco Systems, Product Executive Council and PGD, MBA Manager Global Head – Business IT Services, CORPADM Chandraketu Jha VP and Head – B.Com, CA 48 25 Jun 26, 2000 82,48,082 Global Business Commercial, Purchase Dimensions, Head of Accounts and Finance Charles Henry Hawkes VP and Head – Facilities B.Sc, PGCBM 52 27 Nov 15, 1996 69,99,980 Trans Oceanic Travel, Manager Deepak N.
    [Show full text]
  • Indigo Paints Limited
    TRACK RECORD OF THE PUBLIC ISSUES MANAGED BY THE MERCHANT BANKER IN THE LAST 3 FINANCIAL YEARS Name of the Issue: Indigo Paints Limited 1. Type of Issue (IPO/FPO) IPO 2. Issue Size (Rs. Cr) INR 1,169.12 Cr 3. Grade of issue along with name of the rating agency Name NA Grade NA 4. Subscription Level (Number of times) 117.0302^ (excluding anchor investors and after removing multiple and duplicate bids) ^Source: Minutes of the Basis of Allotment meeting dated January 28, 2021 5. QIB Holding (as a % of outstanding capital) as disclosed to stock exchanges Particulars Percentage 8.18* (i) allotment in the issue (ii) at the end of the 1st Quarter immediately NA after the listing of the issue^ NA (iii) at the end of 1st FY (March 31, 2021)^ NA (iv) at the end of 2nd FY (March 31, 2022)^ NA (v) at the end of 3rd FY (March 31, 2023)^ (^) QIB Holding not disclosed as reporting for relevant period / fiscal years has not been completed (*As a % of total post – issue paid up capital as per the Prospectus dated January 25, 2021) 1 6. Financials of the issuer (as per the annual financial results submitted to stock exchanges) (Rs in Crores) 1st FY (March 31, 2nd FY (March 31, 3rd FY (March 31, Parameters 2021)* 2022)* 2023)* Income from operations N.A. N.A. N.A. Net Profit for the period N.A. N.A. N.A. Paid-up equity share capital N.A. N.A. N.A. Reserves excluding revaluation reserves N.A.
    [Show full text]
  • Berger Paints India (BERPAI)
    Berger Paints India (BERPAI) CMP: | 519 Target: | 595 (15%) Target Period: 15 months BUY April 27, 2020 Colourful growth story… Berger Paint (BPIL) is the second largest decorative paint player in India with an organised market share of ~17%. The company has kept its market share intact despite aggressive expansion by the leader and other MNC paint players in domestic market. In the last five years, BPIL has invested heavily Stock Data in capex, brand building (average 5% of sales in the last five years) and Particular Amount product innovation with a strong balance sheet position. All these resulted Market Capitalization (| Crore) 50,205.9 in a sharp expansion in EBITDA margin by ~300 bps in the past five years Total Debt (FY19) (| Crore) 499.9 and generated average RoE, RoCE of ~22%, 32%, respectively. We believe Cash and Inv (FY19) (| Crore) 489.3 the current lockdown situation due to the Covid-19 pandemic would restrict EV (| Crore) 50,216.5 52 week H/L (|) 597/292 FY21 volume growth. A strong demand recovery is expected to be Coverage Initiating Equity capital (| Crore) 97.1 witnessed from FY22E onwards supported by a surge in repainting demand. Face value (|) 1.0 We also believe with a strong supply chain and distribution network in place BPIL is set to benefit from a spike in demand once the situation normalises Price Chart post lockdown. We initiate coverage on Berger Paints with a BUY rating in 700 14000 view of: 1) long term growth drivers remaining intact, 2) expansion in gross 600 12000 margin and 3) market share gain from smaller, unorganised companies.
    [Show full text]
  • Annual Report 2012-13
    Annual Report 2012-13 www.infosys.com Infosys Annual Report 2012-13 “Innovation across borders is essential to accelerate the pace of world prosperity.” N. R. Narayana Murthy Founder and Chairman Emeritus, Infosys Limited Every day we ask ourselves how we can deliver greater value to our clients and shareholders. And look for ways to help our clients take on a future that is full of unknown challenges and yet brimming with opportunities to explore. We clearly see that tomorrow's enterprise will be nothing like today's. That is why our mission is to enable our clients to most effectively compete, not just today, but in the years ahead. As we go about our daily business, we keep relentlessly innovating in order to remain relevant to our clients and their customers. This tireless commitment to new ideas is in our DNA. It has powered our success through the last three decades and continues to guide us as we go about building tomorrow's enterprise for our clients. We believe each great idea that we bring to life can change how business works, eventually cascading to change how the world works. We measure our success by how these solutions help drive the world — and its enterprises — forward. Infosys — a company of relentless innovators on a mission. Download the report here : http://www.infosys.com/AR-2013 The Annual Report is printed on 100% recycled paper certified by the U.K.-based National Association of Paper Merchants (NAPM), France-based Association des Producteurs des papiers et cartons Recycles (APUR) and Germany-based Blue Angel.
    [Show full text]
  • Exhibit to the Board's Report Pertaining to Particulars Of
    Infosys Annual Report Annual Infosys 2020-21 Exhibit to the Board’s report pertaining to particulars of employees Information as per Rule 5 of Chapter XIII, the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 Employees drawing a remuneration of ` 1.02 crore or above per annum and posted in India Employee name Designation Educational Age Experience Date of joining Gross remuneration Previous employment qualification (in years) paid(1) and designation Abhishek Goyal VP & Delivery Head, ENG B.Tech, PGD 47 24 Sep 11, 2000 1,09,49,284 Asian Paints (I) Limited, Area Manager Alok Uniyal VP & Industry Principal, Quality B.Tech, MBA 52 27 Aug 2, 2004 1,27,19,734 Mphasis Limited, Senior consultant Ammayappan Marimuthu AVP & Senior Delivery Manager, BE 47 24 Jan 22, 2001 1,10,28,061 Sony India Limited, System ADM Engineer Amrita Srikanth AVP & Principal – Technical B.Com, DBM, 46 18 Nov 22, 2012 1,04,48,436 Deloitte Haskins & Sells, Accounting Group CA Manager – Audit & Assurance Anil Kumar P.N. AVP & Delivery Head, ADM B.Tech, ME 49 26 Aug 5, 1996 1,10,88,187 Bajaj Auto Limited, Engineer Anoop Kumar VP & Business Excellence – Head, BE, PGD 50 29 May 3, 2000 1,17,84,641 Tata Steel Private Limited, Quality Deputy Manager Arun Kumar H.R. SVP & Head – Business Strategy, BE 48 26 Nov 7, 1994 1,76,41,771 – Planning and Operations Ashok Bhaskar Hegde VP & Delivery Head, ADM BA, MA, MBA, 53 26 Jan 2, 2012 1,04,92,096 Wipro Technologies Limited, PHD Head-FS Business Analyst & Investment Banking Practice Balaji Sampath VP & Segment Head – Marketing BE, MBA 50 27 Dec 23, 2004 1,32,95,683 Microsoft Corporation Private Limited, Business Manager Balakrishna D.R.
    [Show full text]
  • Investing Through a Crisis a Handbook from Marcellus Investment Managers
    Investing Through a Crisis A Handbook from Marcellus Investment Managers Table of Contents INTRODUCTION .................................................................................................................... 2 INDIA’S ‘CONSISTENT COMPOUNDERS’ ARE UNIQUE GLOBALLY ............................................ 3 CASE STUDY OF A CONSISTENT COMPOUNDER: ASIAN PAINTS ............................................................................................... 4 PRUDENT CAPITAL ALLOCATION IS CRITICAL FOR CONSISTENT COMPOUNDING .................... 7 M&A AND OFFSHORE EXPANSION HAVE FAILED TO CREATE SUBSTANTIAL SHAREHOLDER VALUE .................................................... 7 CASE STUDY: PIDILITE’S CAPITAL ALLOCATION ................................................................................................................... 10 CRUSHING RISK IS THE KEY TO SURVIVING A CRISIS ............................................................. 12 TRADITIONAL INVESTING THEORIES CAN BE DETRIMENTAL TO PORTFOLIO RETURNS ................................................................... 12 CRISES EXPOSE CORPORATE FRAUDS................................................................................................................................ 13 THE IMPORTANCE OF ACCOUNTING QUALITY..................................................................................................................... 14 MARCELLUS’ FORENSIC FRAMEWORK TO EVALUATE ACCOUNTING QUALITY ............................................................................
    [Show full text]
  • WIPRO LIMITED (Exact Name of Registrant As Specified in Its Charter)
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) Registration statement pursuant to section 12(b) or (g) of the Securities Exchange Act of 1934 OR ⌧ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended March 31, 2016 OR Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to OR Shell Company Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of event requiring this shell company report Commission File Number 001-16139 WIPRO LIMITED (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant’s name into English) Bangalore, Karnataka, India (Jurisdiction of incorporation or organization) Doddakannelli Sarjapur Road Bangalore, Karnataka 560035, India +91-80-4672-6603 (Address of principal executive offices) Jatin Pravinchandra Dalal, Chief Financial Officer Phone: +91-80-4672-6603; Fax: +91-80-2844-0051 (Name, telephone, email and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered American Depositary Shares, each represented by one New York Stock Exchange Equity Share, par value 2 per share. Securities registered or to be registered pursuant to Section 12(g) of the Act: None (Title of Class) Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: Not Applicable (Title of Class) Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 2,470,713,290 Equity Shares.
    [Show full text]
  • Axis Dynamic Equity Reg Gr Category Hybrid - Balanced Advantage
    Axis Dynamic Equity Reg Gr Category Hybrid - Balanced Advantage Investment Objective Trailing Returns Investment Growth To generate capital appreciation by investing in a portfolio of Period Inv Bmk1 Time Period: 02-08-2017 to 30-04-2020 equity or equity linked securities while secondary objective is 3 months -5.63 -11.72 to generate income through investments in debt and money 125.0 market instruments. It also aims to manage risk through 6 months -5.13 -10.81 active asset allocation. However, there is no assurance or 1 Year -2.45 -6.41 120.0 guarantee that the investment objective of the Scheme will be achieved. The Scheme does not assure or guarantee any 2 Years 0.56 1.77 returns. 3 Years 5.15 115.0 5 Years 5.20 Manager Biography 110.0 Drawdown Anupam Tiwari since 01-08-2017 Time Period: 01-05-2017 to 30-04-2020 105.0 Operations Inv Bmk1 100.0 Inception Date 01-08-2017 Max Drawdown -18.44 Max Drawdown # of Periods 3.00 95.0 Minimum Initial 5,000 2017 2018 2019 2020 Max Drawdown Peak Date 01-01-2020 Annual Report Net Expense Ratio 2.38 Max Drawdown Valley Date 31-03-2020 Axis Dynamic Equity Reg Gr NIFTY 50 Hybrid Composite Debt 65:35 Index Turnover Ratio % 398.50 Leading Detractors Leading Contributors Time Period: 01-05-2019 to 30-04-2020 Time Period: 01-05-2019 to 30-04-2020 NAV (Mo-End) 10.73 Rescaled Rescaled Return Contribution Return Contribution Weight Weight Risk Reward Bajaj Finance Ltd 6.34 -24.78 -1.79 Nestle India Ltd 3.79 67.99 2.02 Std Dev Bandhan Bank Ltd 1.04 -37.64 -1.57 Asian Paints Ltd 5.11 21.60 0.76 Sharpe Ratio HDFC
    [Show full text]
  • Momentum Pick
    Momentum Picks Open Recommendations New recommendations Gladiator Stocks Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 1-Oct-21 Nifty Nifty Sell 17520-17545 17482/17430 17583.00 Intraday Scrip Action 1-Oct-21 ONGC ONGC Buy 142.50-143.00 144.25/145.70 141.20 Intraday Hindalco Buy PICK MOMENTUM 1-Oct-21 UPL UPL Sell 707.00-708.00 700.60/693.80 714.60 Intraday Bata India Buy 30-Sep-21 Trent TRENT Buy 1010-1025 1125 948.00 30 Days HDFC Buy 30-Sep-21 Dhampur Sugar DHASUG Buy 290-294 312 282.00 07 Days Duration: 3 Months Click here to know more… Open recommendations Date Scrip I-Direct Code Action Initiation Range Target Stoploss Duration 29-Sep-21 SJVN SJVLIM Buy 28.3-29 31.50 27.00 14 Days 29-Sep-21 National Aluminium NATALU Buy 92-94 101.00 86.50 07 Days Intraday recommendations are for current month futures. Positional recommendations are in cash segment Retail Equity Research Retail – October 1, 2021 For Instant stock ideas: SUBSCRIBE to mobile notification on ICICIdirect Mobile app… Research Analysts Securities ICICI Dharmesh Shah Nitin Kunte, CMT Ninad Tamhanekar, CMT [email protected] [email protected] [email protected] Pabitro Mukherjee Vinayak Parmar [email protected] [email protected] NSE (Nifty): 17618 Technical Outlook NSE Nifty Daily Candlestick Chart Domestic Indices Day that was… Open High Low Close Indices Close 1 Day Chg % Chg Equity benchmarks concluded the monthly expiry session on a subdued note tracking mixed global cues.
    [Show full text]
  • A Study on Inventory Management at Asian Paint's
    PROJECT REPORT (17MBAPR407) A STUDY ON INVENTORY MANAGEMENT AT ASIAN PAINT’S BY PREM RATHAN.J 1AY17MBA37 Submitted to VISVESVARAYA TECHNOLOGICAL UNIVERSITY, BELAGAVI In partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION Under the guidance of INTERNAL GUIDE EXTERNAL GUIDE KEERTHI H K Mr. SARVESH.J Assistant Professor HR Manager Department of MBA, AIT Asian Paint’s Limited Department of MBA Acharya Institute of technology, Soldevanahalli, Hesaragatta Main Road, Bengaluru March 2019 op asianpaints 16 - 02 - 2019 To Whomsoever It May Concern Dear Sir, Sub : Certificate This is to certify that Mr Prem Rathan J. (USN - lAYl 7MBA37) of ACHARYA INSTITUTE OF TECHNOLOGY College, has successfully completed his work on an academic dissertation project entitled "A study on Inventory management at Asian Paints India Limited" in our organization. He was working on his project between 03/01 / 2019 to 16 / 02/2019. During his stay in our organisation, we found his code and conduct to be satisfactory. The pro We wish his best ofluck for all his future endeavors. Thanking you Authorised Signatory Shop No. 22-B, Behind Graphite India Ltd, Vishweshwaraiah Industrial Area, Doddenakundi, Mahadevapura, B Narayanapura, Bangalore, Kamataka 560048 ACHARYA INSTITUTE OF TECHNOLOGY . (Affil iated to Visvesva raya Technolog ical Un iversity, Belagav i, Approved by AICTE, New Delh i and Accredited by NBA and NAAC) Date: 04/04/2019 CERTIFICATE This is to certify that Mr. Prem Rathan J bearing USN lAYl 7MBA37 is a bonafide student of Master of Business Administration course of the Institute 2017-19 batch, .iffiliated to Visvesvaraya Technological University, Belgaum.
    [Show full text]