Mahindra & Mahindra
Accumulate
Strong order backlog and cost reduction are key positives CMP Rs 846 . M&M revenue and EBITDA numbers were broadly in line estimates in Target / Upside Rs 950 / 12% 4QFY21. EBITDA (M&M+MVML) jumped by 60 % YoY to Rs.19.6 bn with NIFTY 15,338 expanded margin at 14.7% (+107bps YoY). EBIT margin for the automotive division expanded by 87bps YoY to 5% and FES 436bps to 22%. Scrip Details Equity / FV Rs 5,974mn / Rs 5 . The management looks bit cautious for tractors as 2nd wave of Covid-19 Market Cap Rs 1,052bn impacting the rural consumption. Expect low single digit growth in FY22 and confident to outperform industry growth with aspiration to gain in USD 15bn market share. Growth opportunity in farm machinery segment is high and 52-week High/Low Rs 952/ 431 expect double digit growth for next couple of years. Avg. Volume (no) 47,88,370 . In automotive the company is facing Supply side challenges including Bloom Code MM IN shortage semiconductor and supply of component, management expect Price Performance 1M 3M 12M things will get better from July onwards. Demand is strong with high waiting periods in UVs- Thar (10 months) and XUV300 (3 months.) Absolute (%) 9 5 94 Rel to NIFTY (%) 6 0 35 . Margin pressure visible due to sharp spike in RM prices, the company is
attempting to mitigate it through price hike and cost reduction, the Shareholding Pattern company continued its focus on cost optimization and reduced its fixed Sep'20 Dec'20 Mar'21 expenses by over Rs 9bn over the last two years & hence keeping its margin resilience even under challenging times. Promoters 18.9 18.9 18.9 MF/Banks/FIs 30.5 28.3 27.4 . Company continues to follow up on its commitment to address capital allocation concerns by prudent capital spending and curtailing loss making FIIs 37.5 40.1 41.2 subs. The company generated operating cash flow of Rs. 100bn and free Public / Others 13.2 12.7 12.6
cash flow Rs.67bn in FY21. Losses from international subsidiaries have reduced from Rs.34bn in FY20, to Rs.23bn in FY21 and expected to be Valuation (x) Rs.3bn in FY22E. FY21A FY22E FY23E P/E 25.7 22.4 18.3 . Despite short term hiccups, we continue to maintain our positive stance
Result Update on M&M on the back of strong order book in Automobile, cost reduction EV/EBITDA 15.2 13.6 11.6 exercise along with curtailing losses in subsidiaries and strong FCF ROE (%) 2.6 12.7 14.1 generation. We value the core business at Rs.702/share (18x FY23 core RoACE (%) 10.8 11.4 13.0 EPS) and subsidiaries at Rs.248/share, and Maintain Accumulate rating on the stock, with a SOTP based TP of Rs. 950. Estimates (Rs mn) Q4FY21 Result (Rs Mn) FY21A FY22E FY23E Particulars Q4FY21 Q4FY20 YoY (%) Q3FY21 QoQ (%) Revenue 4,45,744 5,39,028 6,12,782 Revenue 1,33,382 90,047 48.1 1,40,565 (5.1) EBITDA 69,775 77,081 89,466 Total Expense 1,13,777 77,773 46.3 1,16,709 (2.5) PAT 40,983 46,859 57,349 EBITDA 19,605 12,275 59.7 23,856 (17.8) EPS (Rs.) 33.0 37.7 46.1 Depreciation 5,899 6,172 (4.4) 6,042 (2.4) EBIT 13,706 6,103 124.6 17,814 (23.1)
Other Income 1,178 3,155 (62.7) 5,618 (79.0) Interest 971 359 170.8 1,039 (6.6) Analyst: Abhishek Jain EBT 5,514 (26,877) (120.5) 10,253 (46.2) Tel: +9122 40969739 Tax 3,888 5,673 (31.5) 4,944 (21.4) E-mail: [email protected] RPAT 1,625 (32,550) (105.0) 5,309 (69.4) APAT 10,024 3,226 210.7 14,292 (29.9) Associate: Kripashankar Maurya (bps) (bps) Tel: +91 22 40969741 Gross Margin (%) 30.8 35.7 (487) 31.5 (66) E-mail: [email protected] EBITDA Margin (%) 14.7 13.6 107 17.0 (227) NPM (%) 1.2 (36.1) 3737 3.8 (256) Tax Rate (%) 70.5 (21.1) 9163 48.2 2230 EBIT Margin (%) 10.3 6.8 350 12.7 (240)
May 29, 2021
Tractor demand to recover from June onwards . The tractor sales remained weak in the months of April and May as 2nd wave of the covid-19 has impacted the rural areas as well. Tractor demand is expected to recover to normal levels by end of Jun’21 and expected to grow in low single-digit in FY22. . M&M is confident to outperform industry growth with aspiration to gain in market share. Growth opportunity in farm machinery segment is high and expect double digit growth for next couple of years. . Management expect recovery in volume in coming months, the demand sentiment is expected to remain positive on account of strong macro- economic factors such as good crop production along with strong food grain prices, adequate and uniform availability of water, and availability of retail financing along with recovery in commercial-use demand. . M&M remains the undisputed leader and has largely maintained its market share due to its strong rural network and product development capabilities. Going ahead we expect the company to gain market share in tractor segment led by capacity addition and new launches. . Farm Int’l subsidiaries turned profitable in Q4FY21.
High waiting period for Automotive division, supply side constraint continue . M&M Automotive segment underperformed in FY21 due to supply side constraint. Strong demand was witnessed across segment like LCVs, UVs- Thar and XUV300, however shortage of semi- conductor continues to constrain production till July-21. . Demand for New Thar is encouraging and cumulative booking has crossed to 55K with 16k+ new bookings 4Q. 47% buyer opting for automatic variant. The company has ramped up. XUV300 has also seen a strong demand with 90% growth in bookings in H2FY21 over H2FY20 and waiting period stands at 3month. Bolero and Scorpio had strong sales with 10k/month during the quarter with waiting period of 6-8 weeks. . The company is looking to launch 9 new products in PVs and 14 in LCV by 2026. . EVs - in FY22F/23F the company will work on launching e-KUV and e-XUV300 mainly for shared mobility,
Reducing losses of Subsidiaries and capital allocation . On a consolidated level, losses from international subsidiaries have reduced from Rs 34 bn in FY20, to Rs 23bn in FY21 and expected to be Rs 3bn in FY22E. Subsidiaries of the Farm Equipment sector registered positive PBIT for the third consecutive quarter with a turnaround in its international operations
The company has classified all subsidiaries in 3 parts.
Category A – Have a clear path to 18% RoE (MAgNA, Peugeot Motorcycles). – MagNa and Peugeot Motorcycles business are showing promising recovery and expected to achieve breakeven in FY22
Category B – No clear path to RoE, but are a clear strategic benefit (Mitsubishi and Sampo Rosenlew).
May 29, 2021 2 Mahindra & Mahindra
Category C – No clear path to 18% RoE and no strategic benefit. So M&M will exit from these (SYMC, GippsAero, GenZe, MFCS). The company has taken an impairment of Rs. 12.14b and Losses from SYMC will not show up from next quarter.
. The company has guided a capex of Rs 120bn (including Rs 9bn for Auto and 3bn for Farm equipment) and investment Rs 50bn over the next three years.
Reduction in losses from international Subsidiary PAT (Rs. Bn) (After Non-controlling interest, before extraordinary Item ) FY20 FY21 Key Farm Subsidiaries (8.07) (1.32) MAgNA (4.83) (1.28) Erkunt (0.55) 0.11 Hisarlar (0.57) 0.12 MAMJP (0.78) (0.07) (1.34) (0.2) Others
Key Auto Subsidiaries (9.66) (5.86) Automobili Pininfarnia (1.23) (1.81) MANA (4.74) (2.91) PMTC (2.19) (0.44) GENZe (1.09) (0.31) Others (0.41) (0.39) Source: DART, Company
Actual vs DART Estimates Particulars (Rs mn) Actual Dart Estimates Variance (%) Comments Revenue 1,33,382 1,30,460 2.2 EBIDTA 19,605 20,310 (3.5) Higher RM cost EBIDTA Margin (%) 14.7 15.6 (87.0) APAT 10,024 13,180 (24) Lower other income Source: Company, DART
Change in Estimates (Rs mn) FY22E FY23E New Previous % Cng New Previous % Cng Net sales 5,39,028 5,33,959 0.9% 6,12,782 5,98,546 2.4% EBITDA 77,081 80,094 -3.8% 89,466 92,176 -2.9% EBITDA margin (%) 14.3 15.0 (70) 14.6 15.4 (80) APAT 46,859 49,528 -5.4% 57,349 59,135 -3.0% EPS (Rs.) 37.7 39.8 -5.4% 46.1 47.6 -3.0% Source: Company, DART
May 29, 2021 3 Mahindra & Mahindra
Assumption table (in '000 units) FY19 FY20 FY21 FY22E FY23E Total PV 255 187 157 212 265 % YoY 2 (26.6) (15.9) 35.1 24.9 LCV 238 193 153 188 215 % YoY 15 (18.7) (20.8) 22.5 14.5 MHCV 11 5.9 3.1 4.7 6.3 % YoY 14 (46.0) (46.9) 50.0 35.0 Three wheelers 67 62 21 33 44 % YoY 22 (7) (67) 60 35 Total Domestic 570 448 334 437 531 % YoY 10 (21) (26) 31 21 Exports 39 27 18 24 30 % YoY 37 (30.0) (32.0) 30.0 25.0 Total Auto 609 475 352 461 560 % YoY 10.9 (21.9) (25.9) 30.9 21.5 Tractor Domestic 317 292 344 347 326 % YoY 4 (8) 18 1 (6) Export 14 10 11 12 14 % YoY (12) (27) 7 15 14 Total tractor 330 302 354 360 340 % YoY 4 (9) 17 1 (5) Source: Company, DART
SOTP valuation table Particular Per share value Core business EPS FY23E (Multiple 18x) 702 Subsidiaries Tech Mahindra 145 MMFS 58 Mahindra Lifespace 8 Mahindra Holidays 13 Swaraj Engines 4 MCIE 13 Mahindra Logistics 7 Total valuation for Subs and others with 25% discounts 248 Price (INR) 950 Source: Company, DART
May 29, 2021 4 Mahindra & Mahindra
Key conference call highlights
Outlook . Expect tractor industry to grow in low single digit in FY22, management is cautious for growth of tractor as rural demand affected more than last year. However, growth opportunity in farm machinery segment is high and expect double digit growth for next couple of years. For Automotive, company continue to face supply side challenges including shortage of semiconductor and supply of component, management expect things will get better from July onwards. Demand is not issue as there is strong waiting periods in UVs- Thar and XUV300.
Automotive division . Company continuous to receive robust demand for New Thar and has crossed cumulative booking of 55K units, 47% buyer opting for automatic. Bolero and Scorpio had strong sales with 10k/month unit during the quarter, waiting period 6-8 weeks. XUV300 waiting period 12+ week with 6,000+/ month bookings in H2FY21. . Expects to launch 9 new products in Automotive and 14 in LCV by 2026. Pininfarina expect to launch Battista in early 2022 and MANA to launch ROXOR. . There is Shortage of semi-conductors in three production categories such as Infotainment, Air bag and Engine. Company prioritizing production as per demand of vehicle and in discussion with various supplier to resolve the ECU shortage.
Farm Equipment division . Company expects a CAGR of 8% for the next 3-5 years. Through multiple action point company expect to gain lost market share. Also looking to add capacity in Swaraj along with enhancing capacity with supplier. . FES segment broadly categorized in three category Rotovator, Cultivator and rice transplanter where Rotovator is leading the FES growth. Land preparation is happening on time expect demand to rebound from June-July month. . Plans to invest around Rs.30bn in the next 3 years in the farm division and Rs.15bn investments in subsidiaries. Investments will be focused on Farm Machinery space and not just tractors, to build value and diversify segment revenues and help reduce dependence on cyclicality . Expect first lot of K2 platform product to launch by 2023 with 6 model in 20- 25HP segment.
International subsidiary . Farm Int’l subsidiaries turn profitable in Q4FY21. MAgNA ‘s (US division) tractor retail sales grew 30% YoY, MS stood at 6.8% (in <100 HP). Brazil market share stood at 4.2% (<100HP). Erkunt (Turkey) tractors domestic volume up by 97%, Overall outlook is now profitable Market share stood at 7.1%. Mexico MS stood at 10.8% in (<100 HP). . Int. subsidiaries losses narrowed from Rs. 809mn to Rs 139mn during the quarter due to restructuring efforts. Mahindra AG north America (MAGNA) expect to profitable in FY23. . International auto and farm operation losses expected to reduces to Rs.-3bn in FY22 from loss of Rs. 23.5bn in FY21.
May 29, 2021 5 Mahindra & Mahindra
Others . EV investment of Rs. 30bn spread over 3 years on creating a product portfolio, EV platform, partnership etc. . Total capex outlay over FY22-24 is Rs. 120bn in Auto and Farm segment. Investment outlay of Rs. 50bn on Auto, Farm and group companies. Rs.35bn of investment will come from dividend and income from group companies. . Rs. 35bn investment in other businesses, i.e, the growth gems like logistics, digital space, real estate etc. which are targeted to generate an incremental value of about $6bn+ for the company and investors. . During the year company has invested Rs. 16.41 bn in MMFSL and also repay debt in various subsidiaries. To achieve higher RoE, M&M has set up an operational benchmark in various group companies to achieve the full potential. . Company generated an operating cash flow of Rs.100bn (include Rs. 35bn of WC non-recurring) and free cash flow of Rs.67bn.
Quarterly Charts
M&M+MVML - Revenue grew 48%YoY M&M+MVML margin improved YoY 1,60,000 60 25,000 20 1,40,000 40 22,500 20,000 18 1,20,000 20 0 17,500 16 1,00,000 15,000 (20) 12,500 14 80,000 (40) 10,000 12 60,000 (60) 7,500
40,000 (80) 5,000 10
Q1FY19
Q1FY19
Q2FY19
Q2FY19
Q3FY19
Q3FY19
Q4FY19
Q4FY19
Q1FY20 Q1FY20
Q2FY20 Q2FY20
Q3FY20 Q3FY20
Q4FY20 Q4FY20
Q1FY21 Q1FY21
Q2FY21 Q2FY21
Q3FY21 Q3FY21
Q4FY21 Q4FY21 Total income (Rs.Mn.) YoY (%) (RHS) EBIDTA (Rs. Mn) Margin (%) (RHS)
Source: DART, Company Source: DART, Company
APAT trend FES Realization improve YoY 20,000 250 530 8 200 15,000 150 520 5 100 510 10,000 50 3 0 500 5,000 (50) 490 0 (100)
0 (150) 480 (3)
Q2FY19 Q4FY19 Q2FY20 Q4FY20 Q2FY21 Q4FY21 Q1FY19 Q3FY19 Q1FY20 Q3FY20 Q1FY21 Q3FY21
Q1FY19 Q4FY21 Q2FY19 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 APAT (Rs. Mn) YoY (%) (RHS) Tractor ASP (Rs.'000) YoY (%) (RHS)
Source: DART, Company Source: DART, Company
May 29, 2021 6 Mahindra & Mahindra
Automotive realization improved YoY Automotive & FEM EBIT margin %
700 25 35 675 20 25 650 15 15 625 5 10 600 (5) 575 5 550 (15) 525 0 (25)
500 (5) (35)
Q1FY19
Q2FY19
Q3FY19
Q4FY19
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY19
Q2FY19
Q3FY19
Q4FY19
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21 Q4FY21 Automotive ASP ( Rs.'000) YoY (%) (RHS) Automotive EBIT % FEM EBIT %
Source: DART, Company Source: DART, Company
Automotive volume grew YoY Tractor volume grew YoY 2,05,000 40 1,10,000 80 1,80,000 20 1,00,000 60 1,55,000 0 90,000 40 1,30,000 (20) 1,05,000 80,000 20 (40) 80,000 70,000 0 55,000 (60) 30,000 (80) 60,000 (20)
5,000 (100) 50,000 (40)
Q1FY19
Q2FY19
Q3FY19
Q4FY19
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY19
Q2FY19
Q3FY19
Q4FY19
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21 Q4FY21 Automotive (Sales units) YoY (%) (RHS) Tractor (Sales units) YoY (%) (RHS)
Source: DART, Company Source: DART, Company
Tractor market share (%) LCV goods market share (%) 100% 3 4 3 4 3 4 3 4 3 4 4 4 100 2 2 2 2 2 2 2 2 2 2 2 3 14 14 24 24 14 24 24 23 14 24 24 24 9 9 10 9 10 11 9 9 10 10 11 14 8 9 9 9 9 9 10 12 6 10 10 10 80 80% 11 12 12 13 11 12 12 12 13 14 13 12 24 11 11 11 42 42 41 41 40 37 41 38 36 39 60% 11 11 15 11 12 13 10 12 13 60 5 44 19 18 19 18 18 17 15 22 18 17 18 4 6 40% 17 40 4 4 4 5 6 5 5 9 59 8 20% 43 40 41 36 43 41 40 39 39 38 38 38 44 45 44 20 42 41 41 41 41 42 38 31 0%
0
Q1FY20 Q3FY21 Q1FY19 Q2FY19 Q3FY19 Q4FY19 Q2FY20 Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q4FY21
Q2FY19 Q1FY21 Q3FY19 Q4FY19 Q1FY20 Q2FY20 Q3FY20 Q4FY20 Q2FY21 Q3FY21 Q4FY21 M&M TAFE Escorts Q1FY19 M&M Maruti Tata Inter. Tractors Ltd. Johndeere New Holland India AL VECVs - Eicher Force Motors Ltd
Source: DART, CRSIL,SIAM, Company Source: DART, Company
May 29, 2021 7 Mahindra & Mahindra
UV & Tractor market share (%) PE Band 1 yr forward 50 43 28 41 40 39 39 36 38.2 38.0 37.9 26 40 24 30 22 20 20 28 18 25 16 10 19 17 15 17 15.4 14 14.4 13.7 12
0 10
Jul-20
Jan-18
Jun-18
Oct-16
Apr-19
Sep-19 Feb-20
Q4FY19
Q1FY20
Q2FY20
Q3FY20
Q4FY20
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Dec-20
Aug-17
Nov-18
Mar-17
May-16 May-21 UV market share (%) Tractor Market share (%) P/E Mean P/E +1 SD -1 SD
May 29, 2021 8 Mahindra & Mahindra
Profit and Loss Account (Rs Mn) FY20A FY21A FY22E FY23E Revenue 4,48,655 4,45,744 5,39,028 6,12,782 Total Expense 3,85,150 3,75,970 4,61,947 5,23,316 COGS 2,98,668 3,01,757 3,66,539 4,16,692 Employees Cost 32,237 32,428 38,810 42,895 Other expenses 54,245 41,785 56,598 63,729 EBIDTA 63,506 69,775 77,081 89,466 Depreciation 23,631 23,624 24,389 25,663 EBIT 39,875 46,151 52,692 63,803 Interest 1,245 3,957 3,564 1,695 Other Income 15,391 11,973 13,769 14,871 Exc. / E.O. items (28,111) (31,745) 0 0 EBT 25,910 22,422 62,898 76,979 Tax 18,513 13,183 16,039 19,630 RPAT 7,397 9,238 46,859 57,349 Minority Interest 0 0 0 0 Profit/Loss share of associates 0 0 0 0 APAT 35,509 40,983 46,859 57,349
Balance Sheet (Rs Mn) FY20A FY21A FY22E FY23E Sources of Funds Equity Capital 5,965 5,974 5,974 5,974 Minority Interest 0 0 0 0 Reserves & Surplus 3,40,326 3,47,239 3,80,422 4,22,231 Net Worth 3,46,291 3,53,212 3,86,396 4,28,205 Total Debt 31,530 72,143 46,643 21,143 Net Deferred Tax Liability 15,068 14,497 14,497 14,497 Total Capital Employed 3,92,889 4,39,852 4,47,536 4,63,845
Applications of Funds Net Block 1,20,511 1,20,070 1,30,070 1,40,070 CWIP 48,582 61,255 61,255 61,255 Investments 1,75,329 2,22,862 2,38,862 2,54,862 Current Assets, Loans & Advances 1,73,757 2,14,923 2,20,338 2,29,744 Inventories 40,408 47,827 48,586 56,913 Receivables 29,012 22,012 26,619 30,261 Cash and Bank Balances 42,365 62,556 50,225 33,426 Loans and Advances 6,511 19,399 22,309 25,655 Other Current Assets 55,460 63,130 72,600 83,490
Less: Current Liabilities & Provisions 1,25,290 1,79,258 2,02,990 2,22,087 Payables 72,006 1,06,438 1,28,713 1,46,324 Other Current Liabilities 53,284 72,821 74,277 75,763 sub total Net Current Assets 48,466 35,665 17,349 7,658 Total Assets 3,92,889 4,39,852 4,47,536 4,63,845 E – Estimates
May 29, 2021 9 Mahindra & Mahindra
Important Ratios Particulars FY20A FY21A FY22E FY23E (A) Margins (%) Gross Profit Margin 33.4 32.3 32.0 32.0 EBIDTA Margin 14.2 15.7 14.3 14.6 EBIT Margin 8.9 10.4 9.8 10.4 Tax rate 71.5 58.8 25.5 25.5 Net Profit Margin 1.6 2.1 8.7 9.4 (B) As Percentage of Net Sales (%) COGS 66.6 67.7 68.0 68.0 Employee 7.2 7.3 7.2 7.0 Other 12.1 9.4 10.5 10.4 (C) Measure of Financial Status Gross Debt / Equity 0.1 0.2 0.1 0.0 Interest Coverage 32.0 11.7 14.8 37.6 Inventory days 33 39 33 34 Debtors days 24 18 18 18 Average Cost of Debt 4.3 7.6 6.0 5.0 Payable days 59 87 87 87 Working Capital days 39 29 12 5 FA T/O 3.7 3.7 4.1 4.4 (D) Measures of Investment AEPS (Rs) 28.6 33.0 37.7 46.1 CEPS (Rs) 47.6 52.0 57.3 66.8 DPS (Rs) 12.5 8.8 11.0 12.5 Dividend Payout (%) 43.7 26.5 29.2 27.1 BVPS (Rs) 278.5 284.1 310.8 344.4 RoANW (%) 2.1 2.6 12.7 14.1 RoACE (%) 9.5 10.8 11.4 13.0 RoAIC (%) 11.4 12.7 13.6 15.4 (E) Valuation Ratios CMP (Rs) 846 846 846 846 P/E 29.6 25.7 22.4 18.3 Mcap (Rs Mn) 10,51,554 10,51,554 10,51,554 10,51,554 MCap/ Sales 2.3 2.4 2.0 1.7 EV 10,40,719 10,61,142 10,47,973 10,39,272 EV/Sales 2.3 2.4 1.9 1.7 EV/EBITDA 16.4 15.2 13.6 11.6 P/BV 3.0 3.0 2.7 2.5 Dividend Yield (%) 1.5 1.0 1.3 1.5 (F) Growth Rate (%) Revenue (15.1) (0.6) 20.9 13.7 EBITDA (15.7) 9.9 10.5 16.1 EBIT (27.9) 15.7 14.2 21.1 PBT (62.9) (13.5) 180.5 22.4 APAT (34.5) 15.4 14.3 22.4 EPS (34.5) 15.4 14.3 22.4
Cash Flow (Rs Mn) FY20A FY21A FY22E FY23E CFO 39,457 95,895 80,797 77,599 CFI (28,995) (1,46,677) (50,389) (51,663) CFF (10,429) 70,972 (42,739) (42,735) FCFF (5,960) 33,384 46,408 41,935 Opening Cash 38,320 42,365 62,555 50,224 Closing Cash 42,365 62,555 50,224 33,425 E – Estimates
May 29, 2021 10 Mahindra & Mahindra
DART RATING MATRIX Total Return Expectation (12 Months)
Buy > 20% Accumulate 10 to 20% Reduce 0 to 10% Sell < 0%
Rating and Target Price History
Month Rating TP (Rs.) Price (Rs.) (Rs) MM Target Price Jun-20 Accumulate 552 508 1,010 Aug-20 Accumulate 692 600 890 Aug-20 Accumulate 692 614 Sep-20 Accumulate 692 610 770 Nov-20 Accumulate 715 633 Feb-21 Accumulate 962 866 650 Feb-21 Accumulate 962 909 530
410
Jul-20
Oct-20 Apr-21
Jun-20 Jan-21
Feb-21 Mar-21
Nov-20 Dec-20 Sep-20 Aug-20 May-20 *Price as on recommendation date
DART Team
Purvag Shah Managing Director [email protected] +9122 4096 9747
Amit Khurana, CFA Head of Equities [email protected] +9122 4096 9745 CONTACT DETAILS Equity Sales Designation E-mail Direct Lines Dinesh Bajaj VP - Equity Sales [email protected] +9122 4096 9709 Kapil Yadav VP - Equity Sales [email protected] +9122 4096 9735 Yomika Agarwal VP - Equity Sales [email protected] +9122 4096 9772 Jubbin Shah VP - Equity Sales [email protected] +9122 4096 9779 Ashwani Kandoi AVP - Equity Sales [email protected] +9122 4096 9725 Lekha Nahar AVP - Equity Sales [email protected] +9122 4096 9740 Equity Trading Designation E-mail P. Sridhar SVP and Head of Sales Trading [email protected] +9122 4096 9728 Chandrakant Ware VP - Sales Trading [email protected] +9122 4096 9707 Shirish Thakkar VP - Head Domestic Derivatives Sales Trading [email protected] +9122 4096 9702 Kartik Mehta Asia Head Derivatives [email protected] +9122 4096 9715 Dinesh Mehta Co- Head Asia Derivatives [email protected] +9122 4096 9765 Bhavin Mehta VP - Derivatives Strategist [email protected] +9122 4096 9705
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