DOCSLIB.ORG

Larsen & Toubro

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Larsen & Toubro VISIT NOTE LARSEN & TOUBRO Geared up for a long haul India Equity Research| Engineering and Capital Goods We met up with L&T management recently and came back positive on its EDELWEISS 4D RATINGS medium to long term business potential and new business initiatives. Absolute Rating BUY Rating Relative to Sector Outperformer RoCE improvement in focus; aims to leverage new capacities Risk Rating Relative to Sector Medium Sector Relative to Market Equalweight L&T targets to achieve an improvement in RoCEs over next 2‐3 years by exiting non‐ core businesses which are not scalable, value unlocking in select developmental projects and optimizing the current manufacturing base in ship‐building, defense, MARKET DATA (R: LART.BO, B: LT IN) heavy forgings and power equipment. L&T expects to utilize its upcoming shipyard for CMP : INR 1,409 both defense and commercial vessels, and is eyeing improved ordering from FY14E. It Target Price : INR 1,587 currently has INR15bn worth of order book in this segment. In switchgears, L&T has 52‐week range (INR) : 1,673 / 969 incurred capex for new switchgears plant (at Baroda) and new control panel plants (LV Share in issue (mn) : 613.8 & MV) at Ahmednagar and Coimbatore which will help reduce overall costs and arrest M cap (INR bn/USD mn) : 865/ 15,671 Avg. Daily Vol.BSE/NSE(‘000) : 2,494.2 margin decline in the EBG business. Growth guidance reiterated; no major capex incrementally SHARE HOLDING PATTERN (%) L&T has guided for a 15%‐20% growth in OI and 15% growth in revenue for FY13E Current Q4FY12 Q3FY12 (which the management hopes to maintain as of now). Outlook for hydrocarbons, Promoters % ‐ ‐ ‐ power T&D, railways, etc remains healthy, adding to near term order book growth MF's, FI's & BK’s 38.4 38.4 36.6 visibility. The company has incurred INR70bn+ in the last 2‐3 years for building FII's 14.1 14.1 15.6 manufacturing capabilities in power equipment, forgings, ship‐building etc hence does others 47.5 47.5 47.8 : not expect any fresh capacity addition incrementally other than maintenance capex. * Promoters pledged shares NIL (% of share in issue) Outlook and valuations: Positioned for growth; maintain ‘BUY’ PRICE PERFORMANCE (%) Our recent visit to the company boosted our confidence on the order intake and earnings EW growth outlook in the near to medium term. Order inflows in power EPC, ship‐building, Stock Nifty Construction Index defense and heavy forgings would help L&T reposition itself over the long run. Any major 1 month (3.5) 0.1 5.5 traction on the policy front clearly poses a major upside risk to our growth assumptions for FY13E‐14E. We reiterate our positive stance on L&T for its long term positioning in the 3 months 7.3 5.8 22.0 industrial and infrastructure space, scalability of current businesses and the sustained 12 months (18.6) 4.2 (4.9) focus on profitability. We maintain our BUY/SO rating with a revised TP of INR 1587 (earlier ‐1528). We maintain our parent valuation at INR1278/share. Financials ‐ SA Year to March FY11 FY12 FY13E FY14E Revenues (INR mn) 439,049 529,158 607,403 699,380 Amit Mahawar Rev. growth (%) 18.6 20.5 14.8 15.1 +91 22 4040 7451 [email protected] EBITDA (INR mn) 55984 60298.7 69,098 79,766 Net profit (INR mn) 38858 44015 44515 50171 Rahul Gajare +91 22 4063 5561 Share outstanding (mn) 615 617 617 617 [email protected] EPS (INR) 63.2 71.3 72.1 81.3 EPS growth (%) (8.6) 12.9 1.1 12.7 Swarnim Maheshwari +91 22 4040 7418 Diluted P/E (x) 22.3 19.8 19.5 17.3 [email protected] EV/EBITDA (x) 13.7 13.0 11.3 9.7 September 12, 2012 ROE (%) 19.4 18.7 16.5 16.4 Edelweiss Research is also available on www.edelresearch.com, Bloomberg EDEL <GO>, Thomson First Call, Reuters and Factset. Edelweiss Securities Limited Engineering and Capital Goods New mfg capacities: Weak in near term, but scalable over long term • Eyeing EPC based power projects for Hazira facility: L&T has limited revenue visibility for manufacturing plants at Hariza for revenues beyond FY14E given the zero BTG order inflows in FY12. It recently commissioned the critical piping and Electro Static Precipitators (ESP) plant and could now deliver more than 75% of the scope in a power plant on a turnkey basis. On the opportunity side, L&T expects projects worth 8GW on EPC basis and 6GW on BTG basis to come up for bidding over the next few quarters. • Ship‐building, defense to gain size going ahead: L&T expects to see an improved traction in ship‐building from FY14E given that it has entered into a JV with Mazgaon Dock for submarines and expects major ordering potential for private sector in defense vessels and submarine from Ministry of defense (Indian Navy). The company currently has INR15bn worth of orders in hand for Interceptor boats for the Indian Navy and few more for commercial vessels. Other key highlights • With NHAI expected to award 9500 km of road projects during FY13E (including 3000‐ 4000 km of EPC projects), L&T targets to opt for higher share of EPC projects. • L&T expects an increased traction in Western DFCC towards 2HFY13E, and expect at least two packages worth INR 80 bn to be awarded in FY13E. L&T‐Sojitz consortium is one of the two pre‐qualified entities for Western DFCC. • Apart from routine railway capex, L&T expects 250‐300 km of additional private railway siding business to accrue during the current year. • Current order book of INR 15 bn in ship‐building would be executed from Katupalli & Hazira equally. L&T expects to bag Submarine orders from Mazgaon dock from FY14E onwards. • L&T expects Hydrocarbons to see a strong growth in fresh order intake during FY13E and expects a 30 %+ growth in Hydrocarbons project awards this year. 2 Edelweiss Securities Limited Larsen & Toubro Segment wise Order intake assumption for L&T Table 1: Order intake assumption for FY13E and FY14E (All figures in INR bn) FY12 FY13E FY14E Comments Process 786571Spending in metals& mining space is expected to remain weak in the near term. Power 148 170 188 T&D‐ Middle East 50 56 62 L&T increased focus in key marketrs like Qatar/Oman/Abu Dhabi has helped it gain significant traction in Middle East T&D inflows. We expect the growth momentum to continue. T&D‐ India 384044Strong ordering momentum led by PGCIL has helped the company in gaining significant momentum which is likely to continue. BoP/Gas/EPC etc 603842We are assuming no gas EPC orders in FY13. BTG ‐ 36 40 We have assumed atleast one EPC contract through the developmental project in FY13E & FY14E Hydrocarbons 78 93 102 India 15 20 22 Expect growth momentum to continue in domestic Oil& Gas Industry . We have not build any orders from fertlizer sector pending policy clarity. Exports 63 73 80 We expect order inflow traction to improve in the coming quarters given historical pattern of middle east ordering in 2H of fiscal year. Infrastructure 338 394 425 Factories & Buildings 164 172 181 We expect 5% growth in F&B segment. Railways (DFC+Metro)146075We expect Western DFCC project award before Q4FY13 where L&T consortium is one of the two qulified entities. Also, private Railway sidings will be an additional opportunity (250‐300kMs). Roads 657080We expect NHAI to award 3000‐4000Kms EPC projects during FY13E. Airport/Urban Infra1089We don’t expect any significant ordering in this space in the near term. Water 252935L&T has shown good traction in municipality orders in the last 12 months and we expect this segment to do well in coming years, given strong project award pipeline. Developmental Projects 60 55 45 We expect L&T to go slow in new development projects Others 63 66 79 TOTAL 706 788 864 Source: Industry, Edelweiss research 3 Edelweiss Securities Limited Engineering and Capital Goods Table 2: SOTP valuation Valuation L&T's Value Per share Multiple Remark methodology stake (%) (INR mn) (INR) L&T Parent PE 16.8 100 783,403 1,278 Assigning 15% discount to avg 1 Yr Fwd FY05‐12 PE on FY14E EPS (Ex dividend from subsidairies) L&T MHI (BTG JVs) PE ‐ 51 ‐ We assign a nil value to this subsidiary L&T Infotech PER 12.0 100 62,093 101 In line with other mid cap IT companies L&T Finance Holdings 82 51,739 85 20% discount to market cap L&T IDPL P/BV 1.00 100 63,119 103 1.0x book Others PE 8.4 50 9,941 19 50% discount to L&T standalone valuations Total 970,296 1,587 Source: Edelweiss research Chart 1: L&T 1 year fwd PE band 60.0 48.0 Average at 19.2x 36.0 (FY05-12) (x) 24.0 12.0 0.0 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Sep-04 Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 May-05 May-06 May-07 May-08 May-09 May-10 May-11 May-12 Source: Edelweiss research 4 Edelweiss Securities Limited Larsen & Toubro Company Description L&T, headquartered in Mumbai, is a technology‐driven engineering and construction company, and one of the largest companies in India’s private sector. It has additional interests in manufacturing, services, and information technology.
Load more

Recommended publications
  • Electrification Work in Kitchen & Dining Hall/2018/RIS/ES-235
    Dated: 19 Dec, 2018 Corrigendum In NIQ document NIQ No. 47/01/ Electrification work in Kitchen & Dining hall/2018/RIS/ES-235 Name of work: - Internal Electrification work in kitchen & dining hall behind VIP Guest House at AIIMS Rishikesh. The last date of submission of bids has been extended till 26/12/2018 due to unavoidable circumstances. A new page of list of approval make be added in NIQ at page no. 12 attached. Er R. S. Bist Executive Engineer AIIMS Rishikesh Corrigendum will be part of NIQ document /47/01/ Electrification work in Kitchen & Dining hall/2018/RIS/ES-235 LIST OF APPROVAL MAKE S. No. Item Name of Manufacturers 1. FRLS PVC insulated copper conductor single core cable Nicco/Finolex /R.R Kable/ Havells for wiring. (ISI marked) 2 Modular switch, socket/Telephone socket/cable TV Legrand-(Arteor)/ M.K.(Blenze)/ Crabtree/Anchor Woods socket/Data outlet Socket/Fan Regulator/Metal Boxes/ Occupancy sensor/Bell 3 MCB, MCBDB, RCBO’s/RCCB’s/DBs/industrial socket Schneider Electric/Legrand/L&T Hagger Siemens/ABB 4 MCCB/Timer Schneider Electric/ Siemens/Larsen & Toubro/ Legrand/L&T Multiline/ Havells/ABB 5 SFU, FSU, HRC Fuses, cable management system/DLP Schneider Electric/ Siemens/ Legrand/ L&T/ Havells/C&S Trunking 6 Fresh Air Fan/Wall Mounted Fan/Ceiling fan/Exhaust Crompton/Khaitan/Usha/Bajaj/Havells/wipro fan. (Only energy efficient fans, consuming ≤ 50 W and CMM ≥ 200 for 1200 mm & 60 W and CMM ≥ 240 for 1400 mm shall be used). 7 Fluorescent/CFL/LED/Flood/Bulk head Fitting Phillps/GE/Wipro/Crompton/C&S/Havells/Bajaj 8 Lamps GE/Osram/Phillips/Wipro/C&S/Crompton/Havells/Bajaj 9 Wall Brackets DECON/Phillips/GE/Havells/Crompton/Bajaj 10 Angle Holder/Batten Holder (ISI marked) Emperor/Anchor/Cona 11 Geyser Racold/Crompton/Jaguar./AO Smith/Havells 12 NRV/Gate Valve Sant/Leader/BIR 13 XLPE inslulated PVC sheathed aluminium cable upto Polycab/Finolex//Nicco/KEI/RR Kabel/Havells 1.1 KV .Grade 14 PVC conduit and accessories Precision/Asian/Diamond/Mod./AKG/JPC Pipes/CAP 15 Insect Catcher Machine Bajaj/ Phillips/Avro 12 .
    [Show full text]
  • Inspired by Nature ENTICER ART
    Inspired by Nature ENTICER ART LIST PRICE w.e.f. 20th February 2021 “Not for circulation to customers.” All Fans shall come under the HSN code 8414 w.e.f. 20th February 2021 Price (in `) Energy Saving Models LP in Rs. Per Unit Model Colour Star Rating 1200 mm No. of Unit/s in one outer pack 2 N Efficiencia (BLDC 32 W) Metallic White / Beige - Dust Resistant BLDC ` 7145.00 Enticer (BLDC 35 W) Pearl White / Champagne BLDC ` 6000.00 Efficiencia Neo (BLDC 26 W) Brown / Ivory / Elegant White BLDC ` 3695.00 Fusion - 2 50 HS Slate Chrome / Pearl Ivory-Gold ` 3870.00 ES-40 White / Brown / Bianco ` 3485.00 ES-50 White / Brown / Bianco ` 3010.00 ES Neo ( 2 STAR) - (Net billing model) White / Brown / Bianco ` 2560.00 No. of Unit/s in one Energy Saving Models - Institutional Models Colour 1200 mm 1400 mm outer Pack Velocity ES-50 ISI Mark White / Brown / Ivory 3 N - ` 3325.00 ES PLUS 2 STAR ISI Mark White / Brown / Bianco 2 N ` 2645.00 - Brown / Ivory / Elegant Efficiencia Neo (BLDC 26 W) White BLDC ` 4055.00 BLDC = Brushless Direct Current Net Pricing Models LP in Rs. Per Unit Model Colour & Rating (Variant in Sweep) 600 mm / 900 mm 1320 mm 1400 mm 1050 mm / 1200 mm Fusion Prime Pearl White / Matte Black/ Indigo Blue ` 3395.00 - Pearl White Silver / Pearl Ivory Gold / Silver Blue / Fusion Expresso Brown / Beige Brown ` 3395.00 - ` 3595.00 Pearl Copper Gold / Ocean Blue Silver / Pearl Festiva White Silver / Pearl Ivory/Mist/Espresso Brown / ` 3325.00 - - Gold Mist /Mauve Espresso Brown* / Indigo Blue* / Pearl White* / Andria ` 3160.00 - ` 3380.00 Maroon* / Quartz Mauve / Rose Gold / Pearl White / Maroon / Sam Met Matt.
    [Show full text]
  • Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
    Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ......................................
    [Show full text]
  • Havells India (HAVL IN) Havells Indi A
    India Industrials 3 November 2016 Havells India (HAVL IN) Havells Indi a Target price: INR450.00 Share price (3 Nov): INR394.35 | Up/downside: +14.1% Initiation: turning into a compounding story Saurabh Mehta (91) 22 6622 1009 We like the Havells’ growth story despite rich-looking valuations [email protected] Sustainable competitive edge: strong brand, extensive distribution Ajay Devnani (91) 22 6622 1015 Initiating with an Outperform (2) rating and TP of INR450 [email protected] Investment case: India's leading electrical consumer goods player. Share price performance We initiate on Havells with an Outperform (2) rating. We believe its strong (INR) (%) brand and well-entrenched distribution network would ensure growth ahead 455 175 of the market. While industry growth has slowed over the past 3 years, the 391 154 company has maintained its business momentum with steady market-share 328 133 264 111 expansion and a 4pp rise in gross margin. The outlook is also favourable – 200 90 we forecast a 16% revenue CAGR and 1pp EBITDA margin gain to drive a Nov-15 Feb-16 May-16 Aug-16 Nov-16 21.9% net-profit CAGR over FY16-19E. Good asset turns and negative Havells (LHS) Relative to SENSEX Index (RHS) working capital should also underpin healthy returns. 12-month range 241.70-451.05 Sustainable competitive advantage. Havells has increased its presence Market cap (USDbn) 3.68 in India’s consumer electrical market by successfully entering new markets 3m avg daily turnover (USDm) 9.23 Shares outstanding (m) 625 and gaining significant market share, without competing with peers on Major shareholder Promoter Group (61.6%) pricing by selling everyday electrical goods (switches, circuit breakers, wires) as branded high quality products.
    [Show full text]
  • List of Nodal Officer
    List of Nodal Officer Designa S.No tion of Phone (With Company Name EMAIL_ID_COMPANY FIRST_NAME MIDDLE_NAME LAST_NAME Line I Line II CITY PIN Code EMAIL_ID . Nodal STD/ISD) Officer 1 VIPUL LIMITED [email protected] PUNIT BERIWALA DIRT Vipul TechSquare, Golf Course Road, Sector-43, Gurgaon 122009 01244065500 [email protected] 2 ORIENT PAPER AND INDUSTRIES LTD. [email protected] RAM PRASAD DUTTA CSEC BIRLA BUILDING, 9TH FLOOR, 9/1, R. N. MUKHERJEE ROAD KOLKATA 700001 03340823700 [email protected] COAL INDIA LIMITED, Coal Bhawan, AF-III, 3rd Floor CORE-2,Action Area-1A, 3 COAL INDIA LTD GOVT OF INDIA UNDERTAKING [email protected] MAHADEVAN VISWANATHAN CSEC Rajarhat, Kolkata 700156 03323246526 [email protected] PREMISES NO-04-MAR New Town, MULTI COMMODITY EXCHANGE OF INDIA Exchange Square, Suren Road, 4 [email protected] AJAY PURI CSEC Multi Commodity Exchange of India Limited Mumbai 400093 0226718888 [email protected] LIMITED Chakala, Andheri (East), 5 ECOPLAST LIMITED [email protected] Antony Pius Alapat CSEC Ecoplast Ltd.,4 Magan Mahal 215, Sir M.V. Road, Andheri (E) Mumbai 400069 02226833452 [email protected] 6 ECOPLAST LIMITED [email protected] Antony Pius Alapat CSEC Ecoplast Ltd.,4 Magan Mahal 215, Sir M.V. Road, Andheri (E) Mumbai 400069 02226833452 [email protected] 7 NECTAR LIFE SCIENCES LIMITED [email protected] SUKRITI SAINI CSEC NECTAR LIFESCIENCES LIMITED SCO 38-39, SECTOR 9-D CHANDIGARH 160009 01723047759 [email protected] 8 ECOPLAST LIMITED [email protected] Antony Pius Alapat CSEC Ecoplast Ltd.,4 Magan Mahal 215, Sir M.V. Road, Andheri (E) Mumbai 400069 02226833452 [email protected] 9 SMIFS CAPITAL MARKETS LTD.
    [Show full text]
  • Havells SR 2014-2015Download
    Havells India Limited constantly strives towards achieving sustained improvement in the quality of people’s lives through innovative solutions in Fast Moving Electrical Goods (FMEG) space, while fulfilling its economic, environmental and social responsibilities. In this pursuit of ours, on one and installation of biogas hand, we are continuously generation unit, crèche working towards improving facility, use of natural the efficiency, quality and lighting in plant design and standards of our products installation of solar tubes, and services, while plant specific CSR initiatives simultaneously focussing on beside others are some of internalisation of sustainable the initiatives taken by our development agenda into plants, with the focus on our way of working by minimising our environmental upgrading our manufacturing impact and maximising value facilities, systems and for our various stakeholders. process. We power this Sharing the details of our change through our state- efforts in line with our beliefs, of-the-art manufacturing and following upon the facilities, incorporating trend of the previous two concepts and elements years of disclosure on our of green buildings, and sustainability performance, providing a safe and healthy we present to you our working environment for our third Sustainability Report workforce. titled “Powering Efficient Onsite ETP/STP, rainwater Manufacturing – Minimising harvesting, use of biofuels Impact, Maximising Value”. Havells India Limited I 1 I Sustainability Report 2014-15 Shri Qimat Rai Gupta 24.01.1937
    [Show full text]
  • CFA Institute Research Challenge Hosted by Indian Association of Investment Professionals Indian Institute of Foreign Trade, New Delhi 1
    CFA Institute Research Challenge Hosted by Indian Association of Investment Professionals Indian Institute of Foreign Trade, New Delhi 1 This report is published for educational purposes only by students competing in the CFA Global Investment Research Challenge Havells India Limited Date 09.11.2016 Electrical goods NSE: HAVELLS | BSE: 517354 India Recommendation SELL Price Target: INR 321.4 Price 08.11.2016: INR 392.45 Downside: 18.1% Highlights We issue a SELL rating on Havells India Limited (HIL) with a one year target price of INR 321.4, arrived at by using the Discounted Free Cash Flow to the Firm Method and relative valuations based on trading Key Ratios 2016A comparables. Havells India Limited is one of the largest electrical equipment Int Cover 15.25x manufacturers in India and classifies itself as a fast moving electrical goods company. It operates in four major business segments viz. switchgear, P/E 47.80x cables, LED lightings and fixtures and Electrical Consumer Durables. P/BV 5.90x Inadequate presence in the tier 2, tier 3 and rural areas is a big factor that P/Cash EPS 45.80x could see the company’s growth trajectory marginally stalled as the company shows an uneven 70:30 distribution network across urban and rural regions. M Cap/Sales 2.85x The company is now working towards an FMCG like distribution network to EV/EBITDA 28.42x strengthen its presence in the source markets of the future growth. ROCE 10.60% A considerable war chest for acquisition means that the company ROE 24.10% currently stares at c.
    [Show full text]
  • Havells India (HAVIND)
    Havells India (HAVIND) CMP: | 1031 Target: | 1215 (18%) Target Period: 12 months BUY May 22, 2021 Strong recovery across product segments... Havells continued its growth momentum in Q4FY21 with topline growth of 50% YoY in line with our estimate of 48%. The company witnessed strong Particulars revenue growth in all business verticals cables, switchgears, electrical Particular Amount consumer durable (ECD), Lloyd, lightings and others by 51%, 53%, 71%, Market Capitalization (| Cr) 64,324.1 29%, 40% and 71%, respectively. The management reiterated market share Total Debt (FY21) (| Cr) 393.7 gains, strong demand traction in rural helped drive sales recovery for Havells Cash and Inv (FY21) (| Cr) 1,931.0 India in Q4 and in FY21. The company reported ~11% topline growth in EV (| Cr) 62,786.7 FY21 despite a washout in Q1. The key takeaways from conference call are: 52 week H/L 1238 / 454 Equity capital (| Cr) 62.6 Update Result 1) strong sales traction in first two weeks of April 2021 before lockdown Face value (|) 1.0 sseSFsfsf imposed in many states, 2) May sales hit by lockdown across the country, 3) price hikes of 10% in fans and 45-50% in cable business to offset Price Performance sseSFsfsf inflationary pressure, 4) focus on capacity building of Lloyd (future launches in refrigerators and washing machines categories), 5) focus on tapping rural 1400 20000 1200 and semi urban markets for the long term. However, considering lockdowns 1000 15000 and higher input prices, we revise our FY22E revenue, PAT estimate 800 10000 downward by ~7%, 6%, respectively. 600 400 5000 200 Strong b/s helps navigate challenging scenario 0 0 Havells India reported revenue, PAT CAGR of ~13%, ~15%, respectively, in Oct-18 Apr-21 Jan-20 Jun-20 Dec-17 Nov-20 Aug-19 Mar-19 the last 10 years with EBITDA margin expansion of 200 bps YoY to 15%.
    [Show full text]
  • Avenue Supermarts (DMART IN)
    Avenue Supermarts (DMART IN) Rating: BUY | CMP: Rs3,378 | TP: Rs3,686 July 10, 2021 Rising Footfalls, Online scalability Positive Q1FY22 Result Update Quick Pointers: Change in Estimates | ☑ Target | Reco . Q1FY22 saw a stronger second wave resulting in loss of more days or higher restriction on number of hours of store operations. Change in Estimates Current Previous . No significant impact on supply chain during the quarter, Inventory moving FY22E FY23E FY22E FY23E Rating BUY BUY towards normal levels. Target Price 3,686 3,366 Sales (Rs. m) 2,89,846 4,08,606 2,89,846 4,08,606 D’Mart 1Q results depicted impact of a strong second wave with business % Chng. - - EBITDA (Rs. m) 23,781 37,290 23,781 37,290 loss of more days (versus last year) and higher restriction on operating hours % Chng. - - /non-essential sales. However, rising footfalls, vaccination drive, 203% sales EPS (Rs.) 22.5 36.0 22.5 36.0 % Chng. - - growth in D’Mart ready and work on new store openings is positive. Key Financials - Consolidated Despite near term challenges we remain optimistic about the long term Y/e Mar FY20 FY21 FY22E FY23E potential of D’Mart on back of 1) Increasing scale and scope D’Mart Ready 2) Sales (Rs. m) 2,48,702 2,41,431 2,89,846 4,08,606 Extending offerings on D’Mart ready app to include general merchandise, EBITDA (Rs. m) 21,284 17,431 23,781 37,290 fresh food and vegetable 3) Growth in General merchandise sales over lower Margin (%) 8.6 7.2 8.2 9.1 PAT (Rs.
    [Show full text]
  • Csr Company Related Letter 17.07.2019
    CSR Companies Contact Details S.No. District Company Name Concerned Name Mobile/Email 1 Ajmer R.K.Marble Pvt. Ltd., Makrana Road, Sh. Subhash C. Agarwal [email protected] Madanganj- Kishangarh- Mr. Suresh Patni 305801Ajmer 9829071401 2 Ajmer Shree Cement Ltd, Bangur Nagar, Sh. Bhawani Singh 9251037546 Beawar, Ajmer [email protected] 3 Ajmer Property Ventures (India) Pvt. Ltd., Sh. Vikas Patni [email protected] Makrana Road, Madanganj- Sh. Hemant Rathi, [email protected] Kishangarh, Ajmer Director [email protected] Sh. Namita Jain, CS 9829071401 4 Alwar Vintage Distillers Ltd., 117, M.I.A. Sh. Saurabh Jain 7665779000 Alwar-301030 Sh. Prakash Narang, 7073709112 Manager Personnel 7073709111 [email protected] [email protected] 5 Alwar United Breweries Ltd., UB Tower, Ms. Tushara Shankar (91-80) 39855000, Direct 39855 Level 3-5, UB City, #24 Vittal Maliya [email protected] Road, Bengaluru-560001 6 Alwar Eicher Engines ( A unit of TAFE Sh. R.N.Sahai [email protected] Motors and Tractors Limited), Sr. DGM 9414017928 Itarana Road, Alwar- 301001 Sh. Nageshwar Dutt [email protected] Lakhawat 7 Alwar Carlsberg India Pvt. Ltd., Plot No. SP- Sh. Ananad Shrivastava [email protected] 1-4& 5-8, Agro Food Park, MIA Ext. [email protected] Alwar 9785107507 8 Alwar Ashok Leyland Ltd., SPL-298, MIA, Sh. Gopinath [email protected] Alwar- 301 030 Asst. Manager-HR 9414020361 9 Alwar Metso India Pvt. Ltd., SP 1-1 to 1-13, Sh. Sanjay Sehgal [email protected] MIA Industrial Area, South East Sr. Manager 8094019207 Zone, Alwar- 301030 10 Alwar Havells India Ltd.
    [Show full text]
  • MARKET LENS 9840 Positional Pick GAIL Resistance 9960 Intraday Pick HEXAWARE 10000 Intraday Pick HAVELLS
    Institutional Equity Research NIFTY 9916 IN FOCUS July 18, 2017 Support 9880 Stock in Focus SBI MARKET LENS 9840 Positional Pick GAIL Resistance 9960 Intraday Pick HEXAWARE 10000 Intraday Pick HAVELLS EQUITY INDICES Indices Absolute Change Percentage Change Domestic Last Trade Change 1-D 1-Mth YTD BSE Sensex 32,074.8 54.0 0.2% 3.3% 20.5% CNX Nifty 9,916.0 29.6 0.3% 3.4% 21.1% S&P CNX 500 8,659.5 18.8 0.2% 2.9% 24.0% SENSEX 50 10,282.3 30.8 0.3% 3.5% 22.0% International Last Trade Change 1-D 1-Mth YTD DJIA 21,629.7 (8.0) 0.0% 1.1% 9.4% NASDAQ 6,314.4 2.0 0.0% 2.6% 17.3% NIKKEI 19,995.0 (123.9) -0.6% 0.3% 4.6% HANGSENG 26,523.9 53.4 0.2% 3.5% 20.6% MSCI Emerging Mkts 1,051.5 4.5 0.4% 4.8% 22.0% ADRs / GDRs Last Trade Change 1-D 1-Mth YTD Dr. Reddy’s Lab (ADR) 41.7 (0.2) -0.5% 0.0% -8.0% STOCK IN FOCUS Tata Motors (ADR) 35.2 (0.2) -0.5% 0.9% 2.3% Infosys (ADR) 15.6 (0.0) -0.2% 6.6% 5.5% f SBI closed 0.6% higher, outperforming benchmark NIFTY by 0.3% ICICI Bank (ADR) 9.3 0.0 0.1% 5.0% 37.0% f Post mega merger, SBI stands to gain market share in fast- HDFC Bank (ADR) 90.6 (0.2) -0.3% 2.2% 49.3% growing Retail and SME segments.
    [Show full text]
  • Inner 21 India Consumer Fund Low
    Tata India Consumer Fund (An open ended equity scheme investing in Consumption Oriented Sector) As on 31st July 2019 PORTFOLIO INVESTMENT STYLE Company name No. of Market Value % of Company name No. of Market Value % of Primarily focuses on investment in at least 80% of its net Shares Rs. Lakhs Assets Shares Rs. Lakhs Assets assets in equity/equity related instruments of the Equity & Equity Related Total 122601.46 95.79 Media & Entertainment companies in the Consumption Oriented sectors in India. Auto Zee Entertainment Enterprises Ltd. 800000 2892.80 2.26 INVESTMENT OBJECTIVE Maruti Suzuki India Ltd. 87000 4758.64 3.72 Sun Tv Network Ltd. 585000 2764.42 2.16 The investment objective of the scheme is to seek long Mahindra & Mahindra Ltd. 520000 2860.00 2.23 Retailing term capital appreciation by investing atleast 80% of its assets in equity/equity related instruments of the Auto Ancillaries Future Retail Ltd. 1485000 6123.40 4.78 companies in the Consumption Oriented sectors in MRF Ltd. 6300 3373.57 2.64 Future Consumer Ltd. 9795000 2757.29 2.15 India.However, there is no assurance or guarantee that the investment objective of the Scheme will be Consumer Durables Trent Ltd. 657000 2612.56 2.04 achieved.The Scheme does not assure or guarantee any Bata India Ltd. 516000 6746.96 5.27 Textile Products returns. Havells India Ltd. 740000 4775.22 3.73 Page Industries Ltd. 16000 2907.70 2.27 DATE OF ALLOTMENT Titan Company Ltd. 395000 4172.58 3.26 December 28, 2015 Voltas Ltd. 340000 1982.20 1.55 Other Equities^ 1063.56 0.83 FUND MANAGER Greenply Industries Ltd.
    [Show full text]