19 April 2018
Market snapshot
Equities - India
Close
Chg .%
Sensex
34,332
-0.2
Nifty-50
10,526
-0.2
Nifty-M 100
19,841
-0.1
Equities-Global
Close
Chg .%
S&P 500
2,709
0.1
Nasdaq
7,295
0.2
FTSE 100
7,317
1.3
DAX
12,591
0.0
Hang Seng
11,986
0.7
Nikkei 225
22,158
1.4
Commodities
Close
Chg .%
Brent (US$/Bbl)
74
2.9
Gold ($/OZ)
1,349
0.1
Cu (US$/MT)
6,980
2.2
Almn (US$/MT)
2,541
5.5
Currency
Close
Chg .%
USD/INR
65.7
0.0
USD/EUR
1.2
0.0
USD/JPY
107.2
0.2
YIELD (%)
Close
1MChg
10 Yrs G-Sec
7.5
0.05
10 Yrs AAA Corp
8.2
0.05
Flows (USD b)
18-Apr
MTD
FIIs
-0.1
-0.5
DIIs
0.1
0.9
Volumes (INRb)
18-Apr
MTD*
Cash
311
323
F&O
7,919
6,941
Note: YTD is calendar year, *Avg
YTD.%
0.8
0.0
-6.1
YTD.%
1.3
5.7
-4.8
-2.5
2.4
-2.7
YTD.%
10.6
3.6
-3.1
12.6
YTD.%
2.8
3.1
-4.8
YTDchg
0.2
0.3
YTD
1.8
4.6
YTD*
377
8,016
Today’s top research Idea
Phoenix Mills: The Specialist
Carving a niche by tapping the untapped
PHNX - a pioneer in developing and operating malls which are spread across 6
gateway cities in India. Company specializes in mall management, an area
where its competitors lag.
With capital infusion of INR16.6b by CPPIB and gearing of 1.1, it will create a
war chest of INR32b preparing it for the next leg of growth by adding up to 4
new malls.
We expect PHNX to generate CFO of INR23.8b over FY18-20 which can be
deployed towards (i) construction mall, (ii) unlocking development potential of
4.6msf in its existing land parcels and (iii) reducing debt.
We expect PHNX to record a CAGR (FY18-20) of 15% in revenue, 16% in EBITDA
and 37% in PAT. We initiate coverage on PHNX with a
Buy
and an SOTP-based
TP of INR732 (upside 21%).
Research covered
Cos/Sector
Key Highlights
Phoenix Mills (Initiating Coverage) The Specialist
ACC (Result Flash)
HDFC Standard life
MindTree
Results Expectation
Margin beat led by better realisations
Steady quarter; business momentum remains strong
Revenue beat despite BFSI weakness
TCS | Mahindra CIE | Cyient
Piping hot news
No relaxation in new bad loan rules, indicates RBI
The Reserve Bank of India (RBI) seems to have ruled out relaxations in its new
bad loan rules. RBI deputy governor N.S. Vishwanathan defended the rules
announced in February, saying that they were aimed at improving …
Chart of the Day: Phoenix Mills: The Specialist; Carving a niche by tapping the untapped
HSP mall trading density grew at a 16% CAGR over 2010-17
*Trading density refers to sales psf pm; Source: Company, MOSL
Research Team (Gautam.Duggad@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

In the news today
Kindly click on textbox for the detailed news link
1
Fortis investors call meet,
demand removal of four
directors from its board
In a new twist to the Fortis
hospital takeover saga, two large
portfolio investors have
demanded replacement of the
existing board. East Bridge Capital
Master Fund and Jupiter India
fund, which own over 12 per cent
shares in Fortis Healthcare …
2
Oil extended gains on Wednesday, rising more than $1 on a reported
decline in US crude inventories and after sources signalled top exporter
Saudi Arabia wants to see the crude price closer to $100 a barrel. Top oil
exporter Saudi Arabia would be happy for crude to rise to $80 or even
$100, three industry sources said, a sign Riyadh will seek no changes to a
supply-cutting deal even though the agreement's original target is within
sight…
Oil rises 2% as Saudi Arabia aims at $100/bbl, US stockpiles fall
3
Air traffic soars in March,
SpiceJet leads the show
Domestic airlines posted a 28%
growth in passengers flown during
March from a year-ago period,
data released by the aviation
regulator showed …
4
This Akshaya Tritiya, jewellers
expect 10-15% growth in sales
compared to last year, despite
higher gold prices...
Jewellers see 15% growth in
Akshaya Tritiya sales despite
higher gold prices
5
Lanco Infratech, ABG
Shipyard & Alok Industries
may face liquidation
Top officials at leading banks
fear that the insolvency
resolution process at three
companies with dues of about Rs
1 lakh crore is likely to fail,
leading inevitably to liquidation…
6
Clean energy sector misses
capacity target for second
consecutive year
The renewable energy sector has
missed its capacity addition
target for the second year in a
row. Against the target of 14,450
MW for 2017-18…
7
Damper for private oil firms
as govt decides to retain
higher profit share
In what is likely to impact
investment decisions of oil and
gas companies in the exploration
and production segment, such as
Reliance Industries (RIL) and
Vedanta Cairn, the Ministry of
Petroleum and Natural Gas is
insisting on a new clause in the
work programme for 2018-19
that protects its profit share…
19 April 2018
2

Initiating Coverage | Sector: Real Estate
Phoenix Mills
BSE Sensex
34,395
S&P CNX
10,549
CMP: INR606
TP: INR732 (+21%)
Buy
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg. Val, INRm
Free float (%)
PHNX IN
153.1
717 / 385
-6/-1/27
92.2
1.4
76.0
37.2
Phoenix Mills (PHNX) has an operational history of more than 100 years. A textile
manufacturer at inception, the company has reinvented itself as a retail-led mixed-use
mall developer. Its diversified portfolio of businesses comprises: (a) Retail mall
development (enjoys a leadership position in cities where it operates) and (b)
Hospitality, Residential and Commercial (together contributed 35% of revenue as of
FY17).
The Specialist
Carving a niche by tapping the untapped
PHNX – a pioneer in developing and operating malls – has become a partner of
choice for retailers in India due to its impressive track record of consumption-led
growth and strong portfolio of eight malls (6msf) spread across the top cities in
India. This apart, the company specializes in mall management, an area where its
competitors lag. Thus, we believe that it offers a unique opportunity for any retailer
(both domestic and global) looking to expand rapidly in India. All this makes PHNX a
‘specialist’ play on India’s promising consumption growth story, in our view.
CPPIB has recently infused equity capital of INR16.6b (in tranches) in its subsidiary,
Island Star Developers, and with leverage of 1:1, it will create a war chest of
INR32b, gearing up the company for the next leg of growth. PHNX plans to acquire
and build up to four new malls.
We expect PHNX to generate cash flows from operations of INR23.8b over FY18-20.
These cash flows can be deployed toward (i) acquiring ready/under-construction
mall, (ii) unlocking development potential of 4.6msf in its existing land parcels and
(iii) reducing debt.
We expect PHNX to record a CAGR (FY18-20) of 15% in revenue, 16% in EBITDA and
37% in PAT. We value the company’s retail assets assuming a cap rate of 8%. We
initiate coverage on PHNX with a Buy rating and an SOTP-based target price of
INR732 (upside 21%).
Financial Snapshot (INR b)
Y/E Mar
FY18E FY19E
Sales
EBITDA
NP
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
P/E (x)
P/BV (x)
16.2
7.7
2.2
14.1
28.4
187.5
8.5
6.6
43.0
3.2
18.9
9.2
3.2
20.9
48.1
236.9
9.8
7.4
29.0
2.6
FY20E
21.3
10.5
4.0
26.3
26.2
260.6
10.6
8.1
23.0
2.3
Shareholding pattern (%)
As On
Dec-17 Sep-17 Dec-16
Promoter
62.8
62.9
62.9
DII
2.8
2.2
3.3
FII
29.8
30.1
30.0
Others
4.6
4.8
3.9
FII Includes depository receipts
A partner of choice for retailers in India
PHNX is one of the leading mall developers and operators in India, with presence
across six cities (~6msf of retail space). The company’s flagship High Street
Phoenix Mall – which commenced operations in 1999 in Mumbai – has increased
rental income at a 12% CAGR over FY13-17. Importantly, the company has been
able to replicate this success in other major cities of India. Uniquely, PHNX
participates over the entire lifecycle of malls (with specialization in mall
management), which has helped it deliver robust consumption-led retail revenue
CAGR of 16%, from INR4.2b in FY13 to INR7.7b in FY17. The company’s success in
the mall business can largely be ascribed to its expertise in acquisition of
attractive land parcels, mall design, tenant mix, identification of consumer
trends, and data analytics. Thus, we believe that PHNX offers a unique
opportunity for any retailer to expand rapidly in India. We expect retail leasing
income to grow at a CAGR of 15% over FY17-20, post which growth is likely to be
driven by the launch of new malls under the CPPIB platform.
Phoenix Mills
The Specialist
Chintan.Modi@motilaloswal.com
Please click here for Video Link
Chintan Modi
19 April 2018
3

Stock Performance (1-year)
CPPIB deal – preparing for the next leg of growth
CPPIB recently infused equity capital of INR16.6b (in tranches) in the company’s
subsidiary, Island Star Developers (for a 49% stake), which houses its Bangalore mall.
CPPIB has infused capital by valuing its Bangalore mall at a 6.25% cap rate. With
leverage of 1:1, Island Star will have a robust war chest of INR32b, through which it
plans to acquire and build up to four new malls (recently acquired a land parcel in
Pune with 1.8msf of development potential). Additionally, CPPIB will provide fees
for mall management, project management and lease renewals, ensuring consistent
cash inflows. All this should strengthen PHNX’s position in India’s malls segment.
Expect strong cash flows from operations going forward
With the next leg of growth being fully funded via the CPPIB deal and also minority
buyouts now complete, PHNX’s existing mall and commercial properties are
expected to generate strong free cash flows. Over the last four years, PHNX has
spent INR13.3b toward acquiring minority stakes in its subsidiaries, which operate
various malls. Additionally, its residential projects of 3.3msf have already garnered
an amount equal to its estimated total cost of projects. Therefore, unsold stock and
pending collections should help generate strong cash flows. We expect PHNX to
generate cash flow from operations of INR23.8b over FY18-20, which can be
deployed toward (i) acquiring ready/under-construction malls, (ii) unlocking
development potential of 4.6msf in its existing land parcels and (iii) reducing debt.
PAT to grow at 37% CAGR to INR4b over FY18-20
We expect PHNX to deliver revenue CAGR (FY18-20) of 15% to INR21.3b, mainly
driven by retail segment revenue CAGR of 12% to INR13.3b, contributing 62% of
total revenue in FY20. Growth in retail is largely attributed to (i) upcoming renewals
across malls and (b) scale-up in commercial assets. We expect EBITDA CAGR of 16%
and PAT CAGR of 37% over FY18-20. PAT is expected to grow at a faster pace, mainly
due to a decline in interest cost from INR3.6b in FY18 to INR3b in FY20. Growth over
the next two years is expected to be driven by the sweating of existing assets.
Growth from the Pune mall (under CPPIB deal) will commence from FY22.
Initiating with a Buy
We see huge growth opportunity in India’s retail industry, which is expected to
reach a size of USD2t by 2020, growing at a CAGR of 12%. We believe that PHNX is a
unique way to play India’s retail growth story. Moreover, clarifications and issues
surrounding REITs are now behind, and we expect India to attract strong inflows,
where PHNX can become a great choice. We prefer PHNX due to its a) strong
operational performance (which provides a competitive edge), b) scalability
(through the CPPIB deal), and c) robust cash generation (leading to a reduction in
gearing and providing opportunities to acquire new malls). The stock trades at a PE
of 29x/23x FY19/20E, P/BV of 2.6x/2.3x FY19/20E and EV/EBITDA of 13.7x/11.4x
respectively. We value retail assets based on NAV approach, assuming a cap rate of
8% and a discount rate of 13%. We initiate coverage on PHNX with a
Buy
rating and
an SOTP-based target price of INR732 (upside 21%).
19 April 2018
4

Potential changes in regulations pose a key risk to our thesis
Recent issues related to the Kamla Mills fire have raised a concern about fire &
safety at public places. However, our interaction with management suggests that
company already has processes in place to ensure that it is compliant with fire &
safety and other regulatory (local authority approvals) norms. For example:
PHNX gets third- party fire & safety audits done for every mall – this is reviewed
on a regular basis by the board as well as Managing Director Mr Atul Ruia.
PHNX houses large MNC retailers like Zara, GAP and H&M, which themselves
have strict due diligence processes in place to ensure compliance with the global
standards.
Despite this, we believe that food & beverages (F&B) outlets – due to their
nature of operations – are still to some extent exposed to fire & safety risks. F&B
occupies ~12% mall space across PHNX malls. However, we do not rule out
potential systemic
19 April 2018
5

RESULTS
FLASH
BSE SENSEX
34,332
S&P CNX
10,562
18 April 2018
Results Flash | Sector: Cement
CMP: INR1,573
TP: INR1,690(+7%)
Neutral
ACC
Margin beat led by better realisations
Cement vol. up 7.7%YoY to 7.11mt (v/s est of 7.06mt) due to ramp up of
capacity expansion in East as also growth in underlying markrts.
Cement Realization at INR 4536/t (+6% YoY; +1% QoQ) v/s est of INR4452/t
possibly due to firm prices in East and Central market. Blended realizations
stood at INR 5003/t v/s est of INR 4896/t.
As a result, Net Sales reported were at INR35.6b (+15%YoY;+4%QoQ) (est
INR34.57b). EBITDA at INR4.23b, +24%YoY (est INR3.4b) led by better than
expected realizations.
Cost/t at INR4407 (+5% YoY;-1% QoQ) largely in line with our expectation of
INR 4420/t. The 1%QoQ decline in cost/t was due to lower raw material offset
by higher freight and power and fuel cost. Other expenses was flat yoy which
includes INR 350mn due to technology and know how fee.
Blended EBITDA/t at INR596 (est INR476) (+15%YoY,+24%QoQ) due or better
profitability from RMC segment.
Depreciation declined 11%YoY to INR 1.5b. Tax rate was higher at 34% vs 19%
in 1QCY17. Reported PAT at INR2.4b, +16%YoY (est INR2.1bn).
ACC in their board meeting have recommended renewal of technological know
how fee effective 1st January 2018 for a period of 3years subject to
shareholders approval. The technological know how fee for CY17 was INR1.
27b.
Valuation and view:
The stock trades at 14.0x/11x CY18E/CY19E EV/EBITDA. We
value the stock at 12x CY19E EBITDA to arrive at a target price of INR 1,690.
Maintain Neutral
CY17
2Q
6.74
10.1
4,509
7.2
5.7
33,125
16.9
4,951
14.9
1,621
225
1,663
4,768
0
4,768
1,550
32.5
3,218
3,218
9.7
32.7
CY18
3Q
5.96
17.6
4,645
6.3
3.0
30,545
23.6
3,530
11.6
1,551
213
858
2,624
0
2,624
847
32.3
1,777
1,777
5.8
111.3
4Q
6.92
27.0
4,477
2.8
-3.6
34,171
29.7
3,314
9.7
1,579
334
1,231
2,633
342
2,975
930
31.3
2,045
1,810
5.3
46.8
1Q
7.11
7.7
4,536
6.4
1.3
35,570
14.8
4,235
11.9
1,474
193
1,144
3,712
0
3,712
1,261
34.0
2,451
2,451
6.9
15.9
MOSL
1QE
7.06
7.0
4,452
4.4
-0.6
34,575
11.5
3,359
9.7
1,550
250
1,300
2,859
0
2,859
715
25.0
2,144
2,144
6.2
1.4
Financials & Valuations (INR b)
Y/E Dec
2017 2018E 2019E
Net Sales
129
144
162
EBITDA
15
18
21
NP
9
12
14
EPS (INR)
47
64
74
EPS Gr. (%)
31
35
16
BV/Sh. (INR)
479
507
545
RoE (%)
10
13
14
RoCE (%)
10
13
14
P/E (x)
33
25
21
P/BV (x)
3
3
3
EV/EBITDA (x)
17
14
11
EV/Ton (x)
119
112
105
Quarterly Performance (Standalone)
Y/E December
Cement Sales (m ton)
YoY Change (%)
Cement Realization
YoY Change (%)
QoQ Change (%)
Net Sales
YoY Change (%)
EBITDA
Margins (%)
Depreciation
Interest
Other Income
PBT before EO Item
EO Income/(Expense)
PBT after EO Item
Tax
Rate (%)
Reported PAT
Adjusted PAT
Margins (%)
YoY Change (%)
E: MOSL Estimates
1Q
6.60
3.8
4,265
3.8
-2.0
30,997
7.9
3,418
11.0
1,650
252
1,101
2,617
0
2,617
502
19.2
2,115
2,115
6.8
-9.9
(INR M)
Var (%)
1
2
3
26
30
30
14
14
19 April 2018
6

HDFC Standard life
BSE SENSEX
34,332
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
S&P CNX
10562
HDFCLIFE IN
2009
970 / 15
484 / 290
24 / - / -
18 April 2018
Results Update | Sector: Insurance
CMP: INR492
TP: INR475 (-3%)
Buy
Steady quarter; business momentum remains strong
Financials & Valuations (INR b)
Y/E MARCH
FY18E FY19E
Net Premium
233.7
293.7
Total Income
322.3
409.9
Total exp
42.3
48.9
Surplus/Deficit
10.9
12.5
PAT
11.1
13.4
Tot. AUM(INRb) 1066
1336
NBP margin (%)
23.2
ROE (%)
26.0
26.0
P/EV (X)
6.4
5.3
FY20E
365.7
509.7
60.4
15.6
16.8
1626
23.2
26.9
4.4
HDFC Life Insurance (HDFCLIFE) delivered a strong 4QFY18 performance, with
40% YoY growth in shareholder profits to INR3.47b, significantly ahead of our
estimate. Key highlights:
a. Individual weighted received premium (WRP) grew 11% YoY, while overall
premium rose 24% YoY.
b. For 11M FY18, the market share in individual WRP improved to 13.2%.
Group segment (largely protection business) market share stood at 29.5%.
c. Premium mix moved in favor of ULIPs, but the company mentioned that it
would look to increase the share of high-margin products over the medium
term.
d. Operating expenses stood at 12.3% for the quarter and at 13.5% (v/s 12.6%
in FY17) for FY18.
e. New business margin improved to 23.2% for FY18, driving 39% YoY growth
in the value of new business (VNB) to INR12.8b.
f. Operating return on EV remained stable at 21.5% (FY17: 21.7%), which,
coupled with a stable solvency ratio of 192%, enabled HDFCLIFE to
announce a dividend of INR3.3b (30% payout).
Premium growth healthy; protection business now at 11.3% of total new
business APE: HDFCLIFE reported 32% YoY growth in total new business
(32% YoY growth in APE terms too), even as renewal premiums increased by
a modest 13% YoY in FY18. The company's market share among private
players, thus, improved to 19% on the basis of un-weighted premiums
(13.2% market share on the basis of individual new business APE). The share
of ULIPs in individual new business APE increased to 57% from 53% in FY17,
while the composition of the participating segment declined sharply to 28%
from 35% in FY17. The company continues to see significant potential in the
protection business, and aims to improve the product mix, which should
further support profitability.
Persistency continues to improve at the shorter end; expect improvement to
follow at the long tail: HDFCLIFE continued to improve the persistency rate,
with 13M persistency improving to 87% from 84% in FY17. 61st month
persistency, however, declined to 51% (FY17: 59%), led by slippages in the
business written in FY13, while the trend in the recently written business is
much better. New business margins improved to 23.2% (FY17: 22%), helping
HDFCLIFE to report VNB of INR12.8b (+39% YoY).
Agency channel expanding rapidly; bancassurance partner count increases
to 149: HDFCLIFE has been making significant investments to build up its
agency channel, and has increased the individual agent count to 77,048.
Although the business contribution of this channel to total individual APE
stands modest at 11%, we believe increasing channel productivity (24%
improvement in agent productivity in FY18) will help improve the
contribution of this channel. HDFCLIFE has also increased the bancassurance
partner count to 149 by adding 10 more partners in the quarter.
19 April 2018
7

Cost-ratios up slightly; mix of direct sales continues to improve:
In FY18,
HDFCLIFE reported a 90bp increase in operating expenses to 13.5%, while
commission expenses also increased by 50bp to 4.6%. This can be attributed to
significant investments made to expand the distribution channel and also rapid
growth in new business. We expect the cost-ratios to improve gradually as
channel productivity improves further and back book gains size. Contribution of
direct sales mix has also increased to 10% (FY17: 7%), while its share in
individual new business APE stands at a healthy 14% (FY17: 11%).
Return ratios remain steady; dividend payout healthy at 30%:
HDFCLIFE
reported operating RoEV and RoE of 21.5% and 26%, respectively, in FY18, while
the embedded value increased to INR152.2b (FY18 RoEV: 22%). Strong new
business growth has resulted in higher strain. This led to 13% YoY growth in
underwriting profits, even as the existing business surplus grew 31% YoY.
Healthy internal accruals and a stable solvency ratio have enabled the company
to announce a dividend of INR3.3b (30% payout, +27% YoY). We expect the
return ratios to improve gradually, backed by an improving business mix and
continued benefits from an improvement in the persistency rate and other
operating metrics.
Valuations to sustain at premium levels; maintain Buy:
We expect HDFCLIFE to
deliver a 26% CAGR in new business APE over FY18-20 (aided by expansion in
both agency and banca channels), while the improved product mix should
further aid return ratios. We value HDFCLIFE using the appraisal value
methodology, and estimate new business margin of ~23.2% and new business
value of INR20.9b for FY20. We, thus, value HDFCLIFE at INR475 per share,
which corresponds to 4.3x FY20E EV. We note that, since its listing in Nov-17,
the stock has delivered 70% returns (from issue price). Thus, while near-term
upside appears limited, we believe that an enabling macro environment and its
strong positioning in the sector will enable HDFCLIFE to deliver healthy returns
in the long term. Maintain Buy.
FY18
1QFY18 2QFY18 3QFY18
36,615 53,894 54,200
27,722 25,061 42,531
64,873 79,276 96,845
1,563
2,475
2,625
5,638
7,189
7,769
565
688
637
3,198
2,206
1,941
187
37
144
3,012
2,169
1,797
2,546
675
3,351
3,267
103
3,164
2,012
537
2,549
2,450
65
2,385
1,499
618
2,117
2,162
89
2,073
Policy holder's account (INRm)
Net premium income
Income from investments
Total income
Commission paid
Operating expenses
Provisions
PBT
Tax
Surplus/(Deficit)
Shareholders' Account
Amounts transferred from Policyho
Income From Investments
Total income
PBT
Tax
Profit/(Loss) after Tax
FY17
1QFY17 2QFY17 3QFY17 4QFY17
31,751 43,866 45,348
71,784
31,953 36,203 (5,123) 48,662
64,024 80,178 40,474 120,870
1,266
1,615 1,638
3,401
4,517
5,271 5,989
8,076
453
466
536
770
1,798
3,335 1,961
3,903
49
236
163
1,071
1,749
3,099 1,797
2,832
2,347
399
2,746
2,478
16
2,462
1,848
583
2,431
2,239
56
2,183
1,564
456
2,020
1,849
42
1,806
2,104
830
2,934
2,576
106
2,470
FY17
4QFY18
89,000 192,749
(9,368) 111,406
81,346 305,544
4,087
7,920
10,998
23,853
1,071
3,394
5,356
12,870
1,388
3,394
3,968
9,476
3,965
974
4,939
3,390
(79)
3,468
7,863
2,269
10,132
9,141
220
8,921
FY18
233,710
85,946
322,341
10,749
31,593
4,292
15,239
4,292
10,947
10,022
2,803
12,955
11,267
177
11,090
19 April 2018
8

18 April 2018
4QFY18 Results Update | Sector: Technology
MindTree
Buy
BSE SENSEX
34,395
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
10,549
MTCL IN
164
142.0 / 2.2
895 / 434
3/68/80
677.0
86.6
CMP: INR866
TP: INR1,000(+15%)
Revenue beat despite BFSI weakness
Strong exit to an overall subdued year
Upgrading our estimates on all-round traction
In FY18, MTCL’s revenue grew by 8.6% YoY to USD847m, EBITDA by 3.1%
YoY to INR7.4b and PAT by 29% YoY to INR5,701m. Excluding the one-offs
from the reversal of acquisition liabilities, PAT grew 19.6% YoY to
INR5,007m.
However, the exit to the year was far healthier on the operational front,
with USD revenue up 15.6% YoY to USD226m, EBITDA up 26% YoY and PAT
up 87% YoY to INR1,822m. QoQ revenue grew 5.5% v/s our estimate of
4.3%. EBITDA margin expanded 100bp QoQ to 16.1%, largely in line with our
estimate of 15.9%.
Financials & Valuations (INR b)
2018 2019E
Y/E Mar
54.6
64.4
Net Sales
7.4
10.1
EBITDA
5.0
7.2
PAT
34.4
43.5
EPS (INR)
38.0
26.7
Gr. (%)
166.7
192.2
BV/Sh (INR)
18.8
24.3
RoE (%)
20.6
28.0
RoCE (%)
25.2
19.9
P/E (x)
5.2
4.5
P/BV (x)
2020E
73.5
12.2
8.9
53.9
23.9
224.4
25.9
30.2
16.1
3.9
Brought base traction and cost levers drive earnings upgrade
Estimate change
TP change
Rating change
Our FY19/20 earnings estimates are up 4.4/10.5%, despite lower other
income and a higher tax rate, for two reasons:
Strong revenue momentum, which drives ~50% of this upgrade. MTCL
recorded 4.5% QoQ CC growth this quarter, despite a 4% QoQ decline in BFSI
revenues, thanks to other verticals growing sharply by 8.5-9.7% QoQ. BFSI is
expected to join the party from 1QFY19, given visibility lent from deals,
driving 2.8/4.8% FY19/20E revenue estimate upgrade.
Levers to cost are in place as well. Sub-contractor expenses were 7.5% of
revenues in 4Q v/s 6.3% in FY18. Normalization of the same to lower the
annual rate will compound profitability push from revenue growth and a
further improvement in acquisition margins. This drives our EBITDA margin
estimate higher by 70-90bp.
Valuation view:
With business momentum back on track, we expect a CAGR of
14% in USD revenue and 29% in earnings over FY18-20. This brings MTCL in the
league of well-performing tier-II IT peers like LTI, MPHL and HEXW (their average
multiples discount FY20E earnings by 18x). Pegging MTCL’s multiple at the same
level, we upgrade our TP to INR1,000 (15% upside). Maintain
Buy.
4Q
196
1.8
13,181
-0.2
34.0
19.8
1,869
14.2
10.3
-95
22.8
972
-5.7
-26.9
5.8
16,470
70.9
15.1
39.5
52.8
1Q
200
2.3
12,895
-2.9
34.9
23.8
1,435
11.1
7.3
368
28.6
931
-4.2
-24.6
7.2
16,561
73.2
14.0
42.0
52.9
FY18E
2Q
3Q
206
214
3.0
3.9
13,316
13,777
2.8
6.4
32.4
35.1
20.8
20.0
1,541
2,074
11.6
15.1
8.0
11.7
368
8
28.9
15.6
1,017
1,364
9.3
34.1
7.3
32.3
7.4
8.6
16,910
17,200
73.2
72.8
13.0
12.6
42.4
42.1
55.5
56.4
FY17
4Q
226
5.5
14,640
11.1
36.5
20.4
2,355
16.1
13.1
464
28.7
1,695
24.3
74.4
11.1
17,723
73.8
12.5
41.1
56.8
780
9.0
52,364
11.7
34.8
21.1
7,181
13.7
9.8
417
24.6
4,186
-30.6
24.9
16,470
71.3
40.2
FY18
847
8.6
54,628
4.3
34.8
21.2
7,405
13.6
10.1
1,208
25.6
5,007
19.6
34.4
17,723
73.3
41.9
Est. Var. (% /
4QFY18
bp)
223
1.2
4.3
120bp
14,385
1.8
9.1
194bp
36.0
43bp
20.1
28bp
2,293
2.7
15.9
15bp
12.7
40bp
368
26.1
24.0
1,665
1.8
17.7
664bp
71.3
311bp
10.1
17,795
-0.4
74.0
-20bp
42.3
-123bp
Quarterly Performance (Consolidated)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBI T Ma rgi n (%)
Othe r i ncome
ETR (%)
Adj. PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
Uti l i ncl . tra i ne e s (%)
Attri ti on (%)
Offs hore re v. (%)
Fi xe d Pri ce (%)
1Q
199
2.1
13,276
35.8
37.0
22.3
1,951
14.7
10.8
198
24.2
1,235
-7.1
-3.7
7.4
16,110
71.4
16.5
40.5
48.7
FY17
2Q
3Q
193
192
-3.0
-0.4
12,954 12,953
10.8
6.7
34.2
34.1
21.7
20.7
1,621 1,740
12.5
13.4
8.6
9.5
170
144
26.0
25.2
948 1,031
-23.2
8.8
-40.1
-31.7
5.6
6.1
16,219 16,099
71.4
71.3
16.4
16.1
40.8
39.8
50.6
52.5
19 April 2018
9

March 2018 Results Preview | Sector: Technology
TCS
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
TCS IN
1970.4
5730 / 88
3255 / 2255
-2 / 13 / 9
CMP: INR 2,908 TP: INR2,700 (-7%)
Neutral
Financial Snapshot (INR b)
Y/E MAR
2017 2018E 2019E 2020E
Sales
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuation
P/E (x)
P/BV (x)
EV/EBITDA
(x)
Div. yield (%)
21.8
6.5
16.3
1.6
22.1
7.0
16.1
5.0
19.8
6.0
14.3
2.4
18.0
5.3
12.9
2.7
1,179.7 1,228.7 1,374.1 1,499.9
323.1
262.9
133.4
8.3
448.3
32.6
32.4
35.2
325.0
257.8
131.8
-1.2
418.3
30.7
26.8
109.3
360.3
281.7
147.1
11.6
482.1
32.8
25.3
47.0
390.5
308.7
161.3
9.6
550.5
31.3
25.3
47.9
Revenue growth for TCS is expected to pick up in 4QFY18 to 2.2%
QoQ in CC terms from 1.3% in the previous quarter, led by ramp-
up of recently-won deals.
With cross-currency tailwinds of 110bp, we expect USD revenue
growth of 3.3% QoQ.
Our EBIT margin estimate for 4Q stands at 25.5% (+30bp QoQ),
led by currency benefits. However, we expect margins to take a
hit 1QFY19 onwards, as lower margin deals start to hit
profitability, in addition to the usual headwinds of visa expenses
and wage hikes.
Our PAT estimate stands at INR68.6b (+5% QoQ), led by
sequential growth in operating parameters and higher other
income.
The stock trades at 19.8x FY19E and 18x FY20E earnings. Neutral.
Key issues to watch for
Outlook on BFS and Retail.
Traction in new Digital initiatives (automation/solutions).
Margin expectations for the next year, given multiple
headwinds.
Quarterly Performance (IFRS)
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
CC QoQ rev gr (%)
Attrition (%)
E: MOSL Estimates
1Q
4,362
3.7
293,050
14.2
43.9
17.1
78,380
26.7
25.1
9,630
24.0
63,179
-0.4
10.7
32.1
362,079
3.1
13.6
FY17
FY18E
FY17
2Q
3Q
4Q
1Q
2Q
3Q
4QE
4,374
4,387
4,452
4,591
4,739
4,787
4,946
17,575
19,063
0.3
0.3
1.5
3.1
3.2
1.0
3.3
6.2
8.5
292,840 297,350 296,420 295,840 305,410 309,040 318,372 1,179,660 1,228,662
7.8
8.7
4.2
1.0
4.3
3.9
7.4
8.6
4.2
44.8
44.5
45.0
42.8
43.6
43.5
44.0
44.5
43.5
17.1
16.8
17.6
17.8
16.9
16.7
16.9
17.1
17.0
81,110 82,290 81,330 74,120 81,640 82,880 86,348 323,110 324,988
27.7
27.7
27.4
25.1
26.7
26.8
27.1
27.4
26.5
26.0
26.0
25.7
23.4
25.1
25.2
25.5
25.7
24.8
10,520 11,850
9,890
9,320
8,120
8,640
9,582
41,890
35,662
23.8
23.6
23.1
24.2
23.7
24.3
24.3
23.6
24.1
65,860 67,780 66,080 59,450 64,460 65,310 68,590 262,899 257,810
4.2
2.9
-2.5
-10.0
8.4
1.3
5.0
8.8
10.9
4.2
-5.9
-2.1
-3.6
3.8
8.6
-1.9
33.4
34.4
33.5
30.4
33.7
34.1
35.8
133.4
131.8
371,519 378,497 387,223 385,809 389,213 390,880 400,685 387,223 400,685
1.0
2.0
1.0
2.0
1.7
1.3
3.3
8.4
8.5
12.9
12.2
11.5
11.6
11.3
11.3
9.9
(INR m)
FY18E
19 April 2018
10

March 2018 Results Preview | Sector: Automobiles
Mahindra CIE
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
MACA IN
378.4
84 / 1
270 / 199
-5 / -12 / -14
CMP: INR221
TP: INR272 (+23%)
Buy
Financial Snapshot (INR b)
Y/E Dec
2017 2018E 2019E 2020E
Sales
EBITDA
EPS (Rs)
BV/Share (Rs)
RoE (%)
RoCE (%)
Valuations
P/E (x)
P/BV (x)
EV/EBITDA(x)
EV/Sales (x)
Consolidated
23.0
2.2
11.5
1.5
18.2
2.0
9.7
1.3
14.6
1.8
7.8
1.2
13.1
1.6
6.7
1.0
65.2
8.2
9.6
68.8
9.4
12.1
26.3
11.6
10.1
74.2
11.1
15.1
24.8
12.8
11.5
78.8
12.2
16.8
11.3
12.6
11.5
EPS Growth (%) 107.8
10.4
8.7
98.3 110.4 125.5 142.4
MACA’s standalone revenue is expected to increase by 24% YoY
(+2.5% QoQ), led by strong growth for key customers and merger
of Gears India.
Standalone EBITDA margin is expected to expand ~190bp YoY
(+90bp QoQ) to 11.2% due to favourable mix and operating
leverage.
As a result, standalone PAT is expected to grow 67.5% YoY
(+53.7% QoQ).
Consolidated revenue is expected to grow by ~5% YoY (-3% QoQ)
to INR16.6b.
Consolidated EBITDA margin is expected to expand ~170bp YoY
(+30bp QoQ) to 13.7% mainly attributable to improved
performance in standalone business. As a result, consol. PBT is
expected to grow ~22% YoY (+7% QoQ) to INR1.4b.
The stock trades at 14.6x FY19E and 13.1x FY20E EPS; maintain
Buy.
Key issues to watch
Outlook for CY18.
Update on new products/customer addition.
Update on new order wins and ramp-up of past orders.
19 April 2018
11

March 2018 Results Preview | Sector: Technology
Cyient
Bloomberg
Equity Shares (m)
M. Cap. (INR b)/(USD b)
52-Week Range (INR)
1,6,12 Rel Perf. (%)
CYL IN
113.0
77 / 1
698 / 459
9 / 28 / 34
CMP: INR680
TP: INR675 (-1%)
Buy
Financial Snapshot (INR b)
Y/E June
2017 2018E 2019E 2020E
Sales
EBITDA
PAT
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
RoE (%)
RoCE (%)
Payout (%)
Valuation
P/E (x)
P/BV (x)
EV/EBITDA (x)
Div yld (%)
22.4
3.6
14.3
1.5
18.5
3.3
12.4
2.6
18.0
3.0
10.9
2.7
16.0
2.7
9.5
3.0
36.1
4.9
3.7
30.6
(0.2)
16.2
15.9
34.3
39.2
5.5
4.2
37.0
20.9
17.8
17.1
48.0
45.5
6.0
4.3
38.1
3.0
16.7
16.2
48.0
51.2
6.7
4.8
42.9
12.4
17.1
16.6
48.0
188.7 207.9 227.8 250.0
We expect CYL’s USD revenue to grow 8.8% QoQ in 4QFY18.
In the core services business, CYL’s revenue is expected to
increase by 2.5% QoQ. Due to appreciation in EUR/USD and
AUD/USD, we expect a cross-currency tailwind of 150bp for CYL.
Rangsons is expected to see strong growth and achieve its 15%
growth guidance for the year by clocking USD22m in revenue (up
81% QoQ) during the quarter.
Margins are expected to contract 90bp QoQ to 13.7% on higher
incremental revenue from Rangsons (lower-margin business).
PAT estimate for the quarter is INR1,078m (-0.7% QoQ), primarily
because of margin contraction and a higher ETR compared to the
previous quarter.
The stock trades at 18x FY19E and 16x FY20E EPS. Maintain Buy.
Key issues to watch for
Update on trajectory of top customer.
Revenue outlook and visibility for FY19.
Health and performance expectations of top customers.
Quarterly Performance
Y/E March
Revenue (USD m)
QoQ (%)
Revenue (INR m)
YoY (%)
GPM (%)
SGA (%)
EBITDA
EBITDA Margin (%)
EBIT Margin (%)
Other income
ETR (%)
PAT
QoQ (%)
YoY (%)
EPS (INR)
Headcount
Util incl. trainees (%)
Attrition (%)
Offshore rev. (%)
E: MOSL Estimates
1Q
125
3.1
8,349
15.0
35.0
22.0
1,090
13.1
10.4
116
25.5
740
-12.3
-1.1
6.6
12,082
73.5
19.9
40.7
FY17
2Q
3Q
137
136
9.5
-0.5
9,136
9,171
18.4
17.3
34.4
34.0
20.4
20.6
1,283
1,228
14.0
13.4
11.5
10.7
184
309
22.6
25.8
973
940
31.5
-3.4
-1.2
8.3
8.7
8.4
12,286
12,155
78.0
78.3
22.7
22.6
40.1
40.4
4Q
141
3.8
9,410
15.3
34.4
21.1
1,249
13.3
10.6
264
18.1
785
-16.5
-7.0
7.0
12,048
77.4
15.6
39.2
1Q
141
0.0
9,070
8.6
34.9
22.1
1,160
12.8
9.9
350
31.2
876
11.6
18.4
7.8
12,201
74.1
16.6
40.4
FY18
2Q
3Q
150
152
6.5
1.3
9,654
9,834
5.7
7.2
35.4
35.6
20.8
21.1
1,410
1,431
14.6
14.6
11.9
11.8
407
273
28.0
18.3
1,116
1,086
27.4
-2.7
14.7
15.5
9.9
9.7
12,537
12,799
75.9
78.6
14.2
16.8
41.2
42.8
FY17
4QE
165
8.8
10,644
13.1
33.9
20.2
1,455
13.7
11.3
312
26.0
1,078
-0.7
37.3
9.6
13,109
78.0
42.6
538
14.0
36,065
16.5
34.4
21.0
4,848
13.4
10.8
874
24.2
3,699
7.4
32.9
12,048
(INR m)
FY18E
608
13.1
39,202
8.7
34.9
21.0
5,456
13.9
11.2
1,342
25.8
4,156
12.4
37.0
13,109
19 April 2018
12

In conversation
1. BLUE STAR: Aiming to gain 15% share in country’s ac market
by 2021; B Thiagarajan, MD
Expect 30% growth in the segment during this summer season.
Bullish about the growth prospect during the summer. Sector is expecting a
growth of around 20% this year in general.
Company is maintaining the same price rate since adjustments made in January.
The large volume of sale will negate the impact of rise in the price of
components.
Invertor ACs will have 60% to 65% share in the segment by 2020. While new
energy regulations that will come to effect by December 2020 could play a key
role in reshaping the AC market, it is unlikely to see drastic changes.
40% of sales is taking place through 0% finance indicating availability of
consumer friendly finance schemes available in market. Hope that demand for
ACs will now spread out from traditional markets to tier 3 and tier 4 markets.
2. BANK OF INDIA: Cash situation is under control; banks have
adequate cash; Dinabandhu Mohapatra, MD and CEO
Cash position is very good. Banks are having adequate cash.
Everything was in place and the situation would be under control withing the
next two or three days.
The government has asked to waive off cash handling charges levied by banks.
Banks have to focus on logistics to ensure availability of cash.
3. HOTELS: Comments from lemon tree, Kamath group, royal
orchid; Vishal Kamat, Director, Kamat Group
There has always been an underlying value in hospitality.
After a long time the hospitality industry has got a benchmark (Lemon Tree) and
that benchmark is making investors, shareholders re-look at what company
valuation should be for hospitality.
Company looking at expanding capacities wherever company can.
Expect the hospitality industry to surge going ahead.
19 April 2018
13

From the think tank
1. India needs to fundamentally alter its export strategy
India’s revenue from exports of merchandise over the last four fiscal years was
$310 billion, $262 billion, $275 billion and $302 billion, respectively. Thus over the
four years from April 2014 till March 2018, the total growth was zero, or, rather, a
tad negative. Even the ratio of exports to gross domestic product (GDP), at 11.6%,
is at a 14-year low. This at a time when the world is experiencing synchronized
income and consumption growth and our Asian peers are clocking decent export
numbers. India’s exports for the month of March this year have contracted by
0.7% compared to a year ago. This slowdown in exports is across all sectors, led by
the scandal-plagued gems and jewellery sector, whose exports fell sharply by
16.6% from a year ago. Garment exports too have suffered and have now fallen
behind Bangladesh and Vietnam in absolute dollar terms. Vietnam’s garment
exports grew by 10% last year and are expected to continue at that pace this year
too.
2. Depositor discipline in a time of bank frauds
The recent unveiling of large value frauds in various public sector banks has
brought to the fore a level of insecurity in the Indian depositors community akin
to the reactions of US depositors during the meltdown in 2007-09. Any scam is
bad—but financial scams are the worst because the sector is intricately inter-
related within its constituent markets as also with the real economy. Invariably,
we find that the perpetrators of frauds have been a step ahead of the
stakeholders and the regulators. It is rightly said that fraud is the daughter of
greed. Pillar 3 under Basel III advocates what could be called a “night lamp” in
the form of “market discipline” to ensure a well-calibrated response to such
unforeseen events. The alternative is to flounder in the dark. This is in addition
to the regular control mechanisms for ensuring safety and soundness of the
financial system.
3. India lives in her villages, not districts
Beyond the confines of one’s private space, the geographical unit that is real
and lived is a village. A village is not only a platform for social engagement, it is
also the unit where public policies and programmes come to fruition. Yet,
villages are not part of the mainstream public policy or academic discourse in
India. Meanwhile, the geographical unit that dominates the policy discourse in
India is the district. Recent efforts such as identifying “aspirational districts” (i.e.,
districts that are lagging on health and human development indicators and can
be prioritized for intervention) or developing “district rankings” are prime
examples of an exclusive focus on districts in policymaking. But focusing solely
on districts can be grossly misleading. Consider Haridwar, an aspirational district
in Uttarakhand. In Haridwar, 39% of children under the age of 5 are stunted (an
indicator of chronic undernutrition). It has 1.2 million inhabitants across 518
villages. According to our estimates from the 2016 National Family Health
Survey (NFHS), stunting prevalence in Haridwar varies between 0% and 85%
across its villages, rendering the district average of 39% practically meaningless.
19 April 2018
14

4. Sugarcane production: bitter harvest awaits sugar
Sugar production this year (2017-18) is expected to touch 30 million tons, an all-
time high. With such a record production, comes a host of problems—the most
important one being non-payment of “cane dues” to farmers. The government
can ill afford to ignore this crisis of plenty. This sugar season started with
conservative estimates of 23-24 million tons of production, triggering a debate
on whether imports of sugar may be required. Things changed dramatically in
the January-March 2018 period with periodic revision of production estimates.
Both the Indian Sugar Mills Association and the Nation Federation of
Cooperative Sugar Factories were way off the mark in their early estimates. The
government agencies were no better. The big difference has come from
Maharashtra, whose initial estimate of production was 6-7 million tons.
Production now looks set to clock 10+ million tons. Neighbouring Karnataka also
has an ‘impressive’ performance, of 3.5 million tons. Add another 10.5 million
tons from UP and the story is more or less complete.
International
5. The globalization backlash paradox
Most economists wax eloquent about the benefits of “real” global integration –
that is, virtually uninhibited cross-border flows of goods, labor, and technology.
They are less certain when it comes to global financial integration, especially
short-term flows of so-called hot money. Yet today’s anti-globalization backlash
is focused largely on real integration – and almost entirely spares its financial
counterpart. The backlash against real integration has, most recently, spurred
US President Donald Trump’s administration to resort to unilateral trade
protectionism, targeting China in particular. In both the United States and
Europe, barriers against migration are being raised. Many governments are
moving to impose new taxes on technology companies deemed to be too large
or influential. In this context, the absence of even a whiff of protest against
financial integration is strange. After all, financial flows have regularly wreaked
havoc on rich and poor economies alike over the last 40 years.
19 April 2018
15

Click excel icon
for detailed
valuation guide
Valuation snapshot
Company
Reco
Automobiles
Amara Raja
Buy
Ashok Ley.
Buy
Bajaj Auto
Buy
Bharat Forge
Buy
Bosch
Neutral
CEAT
Buy
Eicher Mot.
Buy
Endurance Tech. Buy
Escorts
Sell
Exide Ind
Buy
Hero Moto
Neutral
M&M
Buy
Mahindra CIE
Buy
Maruti Suzuki Buy
Motherson Sumi Buy
Tata Motors
Buy
TVS Motor
Neutral
Aggregate
Banks - Private
Axis Bank
Buy
DCB Bank
Neutral
Equitas Hold.
Buy
Federal Bank
Buy
HDFC Bank
Buy
ICICI Bank
Buy
IDFC Bank
Neutral
IndusInd
Buy
J&K Bank
Buy
Kotak Mah. Bk Buy
RBL Bank
Buy
South Indian
Buy
Yes Bank
Buy
Aggregate
Banks - PSU
BOB
Buy
BOI
Neutral
Canara
Neutral
Indian Bk
Buy
PNB
Buy
SBI
Buy
Union Bk
Neutral
Aggregate
NBFCs
Aditya Birla Cap Buy
Bajaj Fin.
Buy
Capital First
Buy
Cholaman.Inv.&F
Buy
n
Dewan Hsg.
Buy
GRUH Fin.
Neutral
HDFC
Buy
HDFC Stand. Life Buy
Indiabulls Hsg Buy
L&T Fin Holdings Buy
CMP
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) (INR) Downside FY18E FY19E FY20E FY18E FY19E FY20E FY18E FY19E FY18E FY19E FY18E FY19E
849
149
2863
738
19411
1598
30870
1318
965
243
3742
799
218
9123
342
336
675
1000
179
3550
869
19096
1787
34529
1531
826
286
3922
889
272
10685
437
528
710
18
20
24
18
-2
12
12
16
-14
18
5
11
25
17
28
57
5
28.3
5.4
147.9
20.0
459.1
61.1
814.4
27.9
39.1
8.0
186.1
39.7
9.6
275.1
8.1
25.5
14.1
34.0
7.2
167.8
26.4
582.9
84.7
1,045.3
38.2
49.5
9.9
202.0
46.9
12.1
349.0
12.5
56.6
22.4
40.0
9.2
197.2
34.8
694.4
111.7
1,337.1
51.0
59.0
12.1
221.3
51.2
15.1
457.0
17.5
58.7
32.4
0.9
28.8
4.8
52.8
-3.0
-34.6
32.1
18.8
103.5
-1.3
10.0
45.1
107.8
10.6
5.0
28.8
20.4
18.7
20.3
33.1
13.5
32.1
27.0
38.6
28.4
37.0
26.5
23.3
8.5
18.0
26.3
26.9
54.7
121.8
58.8
45.1
17.6
27.1
17.5
31.7
19.1
31.9
27.9
33.5
19.3
22.6
9.6
9.3
24.8
30.9
39.6
3.7
44.1
17.1
78.2
17.9
51.2
25.9
25.0
40.8
19.2
28.4
43.6
30.5
34.7
28.9
28.9
35.1
30.0
27.4
19.4
36.9
42.3
26.2
37.9
47.2
24.6
30.3
20.1
20.1
22.7
33.2
42.2
13.1
47.7
25.9
40.7
24.7
134.4
17.8
29.0
26.1
16.4
30.5
6.7
35.4
33.1
13.7
17.0
29.1
41.6
NM
NM
10.1
NM
86.1
NM
0.0
42.7
43.0
19.0
25.7
15.9
64.4
43.9
107.8
15.1
26.0
25.0
20.6
17.1
27.9
33.3
18.9
29.5
34.5
19.5
24.5
18.5
17.1
18.0
26.1
27.3
5.9
30.1
17.8
21.0
20.2
21.5
14.6
23.7
16.0
15.3
23.7
5.9
27.9
23.4
6.3
13.2
21.0
15.9
17.3
12.6
7.4
2,872
13.2
12.7
14.3
29.4
31.2
14.6
22.0
12.4
55.3
38.3
94.3
13.1
18.7
4.9
6.2
4.4
7.1
6.2
2.5
12.2
9.0
3.9
3.8
6.4
3.3
2.2
6.7
7.6
1.6
11.0
4.6
2.0
2.4
2.3
1.6
4.1
1.8
1.1
4.6
0.6
4.7
3.3
1.0
2.7
3.1
0.9
0.6
0.6
0.9
0.6
1.0
0.5
0.8
4.1
6.8
2.5
4.8
2.1
18.9
5.0
3.3
4.2
2.8
4.2
5.2
4.0
6.0
5.5
2.2
9.2
7.5
3.4
3.4
5.6
3.0
2.0
5.8
6.4
1.3
8.6
3.8
1.8
2.1
2.1
1.4
3.6
1.7
1.0
4.0
0.6
4.0
2.9
0.9
2.3
2.7
0.8
0.6
0.6
0.9
0.6
0.9
0.4
0.8
3.2
5.7
2.1
4.0
1.8
15.7
4.4
2.7
3.7
2.5
17.3
24.3
23.9
20.9
15.2
9.8
36.3
20.8
18.3
12.6
34.1
14.6
10.4
19.7
19.2
13.5
25.3
17.7
5.1
10.9
1.7
9.6
16.2
7.2
6.8
16.6
9.1
11.3
11.9
6.9
17.4
10.5
2.0
-7.7
-0.4
9.7
-3.0
-0.3
-16.0
-0.8
12.6
19.8
13.7
20.2
14.0
32.6
18.3
21.7
29.8
13.1
18.0
27.6
24.6
23.3
17.5
12.4
35.5
23.8
18.7
14.0
32.2
14.8
11.6
21.8
25.4
24.0
32.0
21.6
9.0
11.1
10.0
10.2
16.2
11.1
6.9
18.4
9.9
13.5
13.2
13.7
19.1
13.0
5.0
3.0
4.1
12.3
0.0
5.7
3.4
5.5
12.4
19.9
15.6
19.8
15.9
31.0
17.5
21.1
30.3
14.0
519
650
196
175
151
185
99
124
1937 2400
290
370
49
65
1845 2250
59
100
1158 1302
509
628
26
38
309
382
25
-11
22
25
24
27
32
22
68
12
23
45
24
12.8
8.0
1.1
5.6
66.8
11.1
3.0
60.4
8.8
32.7
15.4
1.9
18.2
24.7
9.7
7.0
6.8
81.8
18.1
3.2
78.0
10.0
41.5
21.8
4.1
23.4
44.0
11.5
10.7
8.5
102.3
25.5
3.8
100.2
14.4
54.1
29.3
5.3
30.2
-17.0 93.7
13.8 22.4
-79.9 526.1
15.3 22.0
17.7 22.5
-27.2 63.0
0.3
7.2
25.7 29.0
LP
13.5
21.9 26.8
29.3 41.5
-22.9 115.7
25.0 28.4
12.4 38.3
142
109
277
307
97
246
96
185
112
280
371
160
362
104
30
3
1
21
65
47
8
3.4
-18.8
-2.4
30.3
-5.7
2.9
-38.8
8.9
6.3
21.9
41.6
0.0
18.7
7.6
15.7
12.1
61.3
47.7
14.3
34.0
17.1
-43.1 161.5 75.6
Loss
LP
91.8
PL
LP 179.6
3.7 37.2 14.5
PL
LP 42,272
861.1 553.8 81.6
PL
LP 125.6
PL
LP 101.3
NA
39.8
38.9
33.3
25.9
21.9
7.3
2.2
32.6
26.0
45.2
37.8
30.2
17.0
28.7
16.6
14.7
14.2
15.0
39.1
42.4
34.2
27.5
20.2
26.0
20.4
16.9
25.8
21.8
29.0
157
225
1927 2330
651
960
1576 1750
593
720
639
600
1877 2225
492
475
1368 1630
172
240
43
21
47
11
21
-6
19
-3
19
40
3.7
44.8
34.2
61.3
37.3
9.9
42.7
4.6
90.9
6.6
5.3
61.7
44.6
71.7
48.0
11.6
49.0
5.2
104.6
9.2
7.6
82.8
56.8
86.2
60.5
13.9
57.3
6.6
127.4
11.8
19 April 2018
16

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
Reco
(INR) (INR) Downside
Neutral 558
608
9
Buy
611
750
23
Buy
508
575
13
Neutral 430
475
10
Buy
1347 1750
30
Buy
608
740
22
Buy
Buy
2205 2550
1569 1925
16
23
EPS (INR)
EPS Gr. YoY (%)
FY18E FY19E FY20E FY18E FY19E FY20E
38.9 44.3
52.6
1.8 13.8 18.7
18.6 24.2
30.0 24.0 29.6 24.1
13.9 19.2
23.0 95.8 38.7 19.4
44.0 44.7
49.8 48.9 1.6
11.4
50.9 67.5
88.1 61.0 32.7 30.4
32.9 39.0
46.0 13.0 18.5 18.1
115.2 138.7
77.5
110.6
167.3
134.5
36.6
39.8
27.7
12.1
3.7
135.9
36.0
8.9
-72.2
-13.2
48.1
79.8
16.5
36.6
15.5
10.9
18.4
3.1
76.4
16.4
17.1
20.4
42.7
23.0
52.0
11.4
14.2
48.2
27.1
63.3
34.7
9.2
9.7
22.8
16.7
17.2
53.8
21.5
25.3
5.7
18.4
20.6
20.6
21.7
22.9
16.2
7.6
19.4
26.9
18.4
58.8
18.6
19.8
14.2
24.1
28.3
19.8
13.8
23.7
23.9
9.8
13.9
18.5
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
14.3 12.6
2.2
1.9
32.8 25.3
4.6
4.0
36.7 26.4
3.4
3.2
9.8
9.6
2.2
1.9
26.5 19.9
3.6
3.2
18.5 15.6
2.9
2.4
19.1
20.2
31.8
63.4
21.3
27.7
47.0
44.5
71.9
31.7
24.9
36.5
49.2
27.0
27.9
54.6
42.6
40.4
15.4
35.7
32.1
15.9
14.2
25.9
41.7
19.1
24.3
31.7
35.0
44.0
23.5
22.8
33.3
40.1
23.2
23.8
35.5
35.1
32.3
14.5
30.2
26.6
30.3
24.7
17.9
40.0
11.2
22.6
27.9
27.9
39.5
24.8
18.4
13.7
36.0
32.3
25.9
46.1
51.0
39.1
39.4
36.6
194.8
46.4
2.6
2.8
4.6
7.4
3.5
1.0
9.3
19.4
1.2
5.1
3.6
8.0
9.3
5.9
3.5
5.0
7.9
4.6
2.5
5.7
3.5
2.4
3.3
1.8
4.8
1.5
0.9
3.5
4.6
2.9
5.8
2.3
2.0
6.7
4.2
3.3
14.4
19.7
22.4
11.1
12.7
9.8
11.3
2.3
2.4
4.0
6.4
3.2
1.0
8.7
15.9
1.2
4.7
3.3
6.9
8.2
4.9
3.2
4.6
6.7
4.2
2.2
5.0
3.2
2.3
3.1
1.7
4.3
1.4
0.9
3.1
4.1
2.7
4.8
2.1
1.7
5.8
3.9
3.0
12.8
17.0
21.0
9.9
11.2
9.3
9.9
ROE (%)
FY18E FY19E
16.6 16.5
20.2 17.0
10.9 12.5
24.5 20.9
14.6 17.0
16.7 16.9
14.2
14.7
14.6
11.6
16.6
3.6
20.4
50.2
1.7
16.5
13.9
23.5
18.9
21.7
13.0
9.1
20.0
11.9
17.1
16.9
11.0
6.1
10.1
1.7
8.9
6.9
1.7
4.8
14.3
2.8
11.9
6.5
9.7
15.4
8.5
7.8
26.8
33.9
49.9
25.4
30.1
-1.8
24.0
15.1
18.3
15.4
15.4
16.7
4.0
28.3
49.9
2.7
20.7
14.1
22.3
20.5
21.1
13.9
12.9
20.6
13.6
16.0
17.6
12.2
7.8
12.9
9.6
11.3
12.9
3.9
11.7
15.6
7.1
21.2
12.0
15.6
17.3
12.5
11.5
29.4
35.8
55.5
26.7
32.6
4.9
22.8
Company
LIC Hsg Fin
MAS Financial
M&M Fin.
Muthoot Fin
PNB Housing
Repco Home
Shriram City
Union
Shriram Trans.
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power &
Indu.
Cummins
Engineers India
GE T&D
Havells
K E C Intl
L&T
Siemens
Solar Ind
Thermax
Va Tech Wab.
Voltas
Aggregate
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Sell
1257 1240
Buy
139
196
Sell
88
80
Neutral 780
880
Buy
227
305
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Neutral
82
729
157
376
548
438
1361
1078
1040
1134
511
643
90
1040
200
430
630
385
1670
1285
1100
1350
700
660
-1
41
-9
13
35
10
43
28
14
15
-12
23
19
6
19
37
3
19.8
6.5
3.2
16.6
5.1
1.1
23.0
6.3
10.3
11.1
16.2
48.8
19.8
24.4
28.0
33.3
18.0
30.1
7.3
3.6
24.6
6.5
1.9
31.0
6.9
11.3
13.7
18.9
57.2
30.4
29.6
35.1
35.2
21.3
35.0
7.8
4.3
31.2
7.7
3.0
36.8
8.2
12.9
17.0
24.3
68.6
34.6
36.7
43.5
38.6
24.3
Neutral
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Not
Sagar Cements
Rated
Sanghi Inds.
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Buy
Emami
Buy
Future
Buy
Consumer
Godrej Cons.
Neutral
245
1573
760
2894
1094
150
422
828
141
121
932
264
1690
1004
3350
1187
148
470
967
179
159
-
8
7
32
16
9
-1
11
17
27
32
6.0
47.4
7.4
52.0
47.6
2.9
5.7
24.0
1.3
2.4
25.2
8.1
63.8
42.3
72.3
97.9
6.6
15.1
29.7
3.6
4.9
50.6
12.7 29.5
72.9 31.3
50.5 -74.0
102.1 34.0
111.8 -29.8
9.4
-48.5
21.2 -17.7
37.8 -11.9
8.3
LP
6.5 769.4
70.6
11.3
679.2
165.0
LP
59.3
-4.9
-19.3
-9.6
2.1
14.3
12.9
4.5
-5.7
Loss
12.7
34.2 56.8 40.6
34.5 14.2 33.2
470.3 19.2 102.4
39.1 41.3 55.7
105.6 14.2 23.0
129.3 41.8 51.7
163.8 40.5 73.7
23.4 27.6 34.5
163.6 133.3 104.2
105.1 32.7 50.8
101.0
86.0
29.5
59.5
63.0
18.2
24.8
17.9
19.2
23.8
LP
14.4
39.7
32.5
43.5
33.4
30.1
20.2
25.1
19.7
16.2
19.1
276.5
14.1
37.0
25.4
46.6
51.5
42.2
54.6
63.6
46.1
46.9
45.4
NM
53.1
116
157
17055 19116
3997 4799
35
12
20
4.6
8.5
365.7 473.5
77.5 123.7
1171
5360
1105
355
1136
59
1250
6180
1420
430
1475
76
7
15
29
21
30
30
1
21.5
84.2
24.0
7.6
25.0
-0.1
21.3
25.4
105.1
28.3
9.0
31.0
0.3
24.4
30.5
131.5
33.8
10.5
36.9
1.1
27.8
1131 1140
19 April 2018
17

Click excel icon
for detailed
valuation guide
CMP
(INR)
5901
1451
275
368
320
8987
24776
1051
9795
TP % Upside
(INR) Downside
6230
6
1530
5
275
0
405
10
350
9
8870
-1
27490
11
1115
6
9672
-1
EPS (INR)
EPS Gr. YoY (%)
FY18E FY19E FY20E FY18E FY19E FY20E
161.0 183.8 215.7 3.1 14.1 17.4
24.0 28.3
33.3 22.1 17.9 17.8
9.0
10.2
11.4
6.6 13.7 12.4
8.5
10.9
13.6 -24.8 29.3 24.0
6.4
7.5
9.0
1.7 18.0 18.8
140.0 163.8 193.5 13.2 17.0 18.1
297.1 415.7 549.8 24.5 39.9 32.2
17.6 20.6
23.7
5.4 17.0 14.9
142.1 171.3 200.8 6.9 20.5 17.3
3.5
33
3
14.1
32.6
6.4
17.4
56.9
9.7
22.9
78.5
-2.0
62.0
22.1
9.9
83.8
23.9
74.3
18.1
52.1
31.2
38.1
17.4
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
36.6 32.1
7.3
6.6
60.6 51.4 46.4 45.6
30.8 27.1
6.7
6.2
43.5 33.7
6.3
6.1
50.0 42.4 15.5 14.8
64.2 54.9 25.3 24.1
83.4 59.6 33.2 26.6
59.6 51.0 13.4 11.7
68.9 57.2 38.7 32.4
52.0
77.6
104.9
47.7
20.1
27.2
25.7
13.9
81.8
24.1
27.1
35.7
31.2
98.5
18.6
16.9
61.6
33.2
16.7
26.3
25.5
35.7
35.6
45.4
38.8
28.2
29.2
28.3
62.6
60.2
40.4
19.5
19.9
21.0
12.5
57.2
19.2
22.3
26.7
18.4
52.4
17.2
13.5
55.4
24.3
12.7
17.2
19.7
31.2
19.5
15.7
23.8
22.1
21.7
38.1
10.4
23.4
24.5
17.2
13.1
26.3
17.3
23.7
2.5
10.9
18.0
12.8
4.2
4.2
6.2
3.0
7.2
4.8
3.4
5.6
2.7
1.2
3.0
2.0
12.1
3.3
3.0
3.5
2.5
5.7
3.7
2.0
3.3
4.7
3.6
2.7
1.5
4.1
3.6
2.3
1.9
3.5
1.9
3.1
2.3
9.5
13.4
11.6
3.6
3.6
5.0
2.5
6.7
4.0
3.0
5.1
2.4
1.1
2.6
1.8
15.0
3.0
2.5
2.9
2.3
5.3
3.1
1.8
3.0
4.1
3.2
2.5
1.3
3.5
3.2
2.1
1.7
3.3
1.8
2.9
13.4
2.6
2.4
ROE (%)
FY18E FY19E
20.7 21.6
78.2 89.6
22.8 23.8
14.3 18.5
33.1 35.8
40.3 45.0
39.9 44.6
24.2 24.5
61.2 61.8
4.9
14.9
17.2
26.9
22.5
16.4
27.0
24.2
8.9
21.6
12.4
16.0
9.0
1.2
16.4
13.2
19.7
10.5
19.7
14.1
10.1
16.1
11.0
4.6
8.5
17.6
12.3
2.2
15.5
23.6
13.5
12.9
10.8
11.8
6.6
10.9
-7.8
19.6
-6.3
8.5
16.2
22.3
28.8
19.8
19.5
26.2
21.7
11.6
22.8
13.3
20.0
13.9
2.2
15.3
13.9
27.2
13.0
21.4
18.3
12.1
16.8
17.4
12.1
13.2
19.9
14.7
6.9
13.4
16.2
13.7
12.0
13.7
12.8
10.7
12.3
32.1
21.0
0.2
Company
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Neutral
Alkem Lab
Buy
Ajanta Pharma Buy
Aurobindo
Buy
Biocon
Neutral
Cadila
Buy
Cipla
Neutral
Divis Lab
Neutral
Dr Reddy’s
Neutral
Fortis Health
Buy
Glenmark
Neutral
Granules
Buy
GSK Pharma
Neutral
IPCA Labs
Buy
Jubilant Life
Buy
Laurus Labs
Buy
Lupin
Buy
Sanofi India
Buy
Shilpa Medicare Buy
Strides Shasun Buy
Sun Pharma
Buy
Torrent Pharma Neutral
Aggregate
Infrastructure
Ashoka Buildcon Buy
IRB Infra
Neutral
KNR
Buy
Constructions
Sadbhav
Buy
Engineering
Aggregate
Logistics
Allcargo Logistics Buy
Concor
Neutral
Gateway
Buy
Distriparks
Aggregate
Media
Dish TV
Buy
D B Corp
Buy
Den Net.
Neutral
Reco
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Not
181
-
Rated
Buy
1092 1450
Neutral 3423 3510
499
1780
1385
610
623
386
584
1173
2097
145
567
107
2360
710
798
501
791
5055
475
641
512
1353
555
2500
1840
820
600
555
600
1100
2575
185
550
175
2500
750
1110
613
940
5600
686
989
675
1400
11
40
33
34
-4
44
3
-6
23
28
-3
63
6
6
39
22
19
11
45
54
32
3
24.8 25.6
65.4 89.5
54.0 65.8
43.8 48.7
7.6
10.9
16.0 20.1
21.6 26.2
32.9 44.0
67.1 114.1
1.5
2.8
30.6 32.9
6.3
7.9
38.3 42.6
21.4 29.2
47.8 62.6
19.0 29.1
31.0 40.2
141.7 161.8
13.3 24.3
14.1 40.8
13.2 21.5
48.0 61.3
30.5
110.6
81.4
53.6
19.8
23.3
32.0
52.7
146.1
7.3
41.1
11.0
48.5
37.3
72.5
35.7
54.1
186.9
30.6
55.7
27.7
78.5
15.0 3.1
19.1
-12.4 36.9 23.6
-5.8 21.9 23.6
11.4 11.2 10.1
-25.3 43.1 81.5
12.7 25.5 15.9
35.7 21.3 22.3
-17.7 33.9 19.7
-7.6 70.0 28.0
-85.8 87.8 164.5
-22.2 7.7
24.7
-12.4 25.2 38.7
11.5 11.2 13.7
33.2 36.6 27.7
29.5 30.9 15.8
7.0 52.7 22.8
-45.2 29.5 34.6
9.8 14.2 15.5
-5.0 82.4 25.9
-56.2 188.8 36.7
-49.6 63.3 28.8
-12.9 27.6 28.0
-19.3 34.4 25.5
266
256
327
392
290
240
375
460
9
-6
15
17
2.1
25.4
16.9
13.9
7.0
24.6
14.0
16.0
8.3
21.3
18.2
17.4
LP 238.0 18.1 128.8
24.8 -3.0 -13.6 10.1
41.2
27.1
-17.3
14.9
30.2
8.6
19.3
28.2
17.9
149
198
1346 1386
184
231
33
3
26
8.2
44.2
6.2
11.4
51.2
10.6
13.2
58.2
12.9
-16.5
16.3
-8.3
8.5
38.6
15.9
69.8
22.0
LP
25.8
LP
16.3
13.5
21.8
14.6
109.9
20.1
5,545
18.2
30.5
29.4
28.9
78
313
105
101
420
90
30
34
-15
-0.3
18.3
-2.9
1.6
23.0
0.1
3.4
27.6
4.0
PL
-10.4
Loss
NM
48.4 18.5
17.1 13.6
3.1
NM 1,482.9 2.4
19 April 2018
18

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
Company
Reco
(INR) (INR) Downside
Ent.Network
Buy
686
820
20
Hathway Cable Buy
40
47
17
Hind. Media
Buy
223
305
37
HT Media
Neutral 87
98
13
Jagran Prak.
Buy
159
215
35
Music Broadcast Buy
385
469
22
PVR
Buy
1323 1760
33
Prime Focus
Buy
90
130
45
Siti Net.
Neutral 16
27
69
Sun TV
Buy
897 1225
37
Zee Ent.
Buy
588
705
20
Aggregate
Metals
Hindalco
Buy
243
340
40
Hind. Zinc
Neutral 323
342
6
JSPL
Buy
250
362
45
JSW Steel
Buy
310
334
8
Nalco
Neutral 80
84
5
NMDC
Buy
123
215
75
SAIL
Sell
77
71
-8
Rain Industries Buy
337
480
42
Vedanta
Buy
292
346
18
Tata Steel
Neutral 602
778
29
Aggregate
Oil & Gas
Aegis Logistics Buy
283
303
7
BPCL
Buy
405
554
37
GAIL
Sell
330
285
-14
Gujarat Gas
Buy
858 1066
24
Gujarat St. Pet. Neutral 187
191
2
HPCL
Buy
320
536
67
IOC
Buy
165
261
58
IGL
Buy
293
416
42
Mahanagar Gas Buy
896 1228
37
MRPL
Neutral 108
119
11
Oil India
Buy
218
260
19
ONGC
Buy
182
222
22
PLNG
Buy
238
317
33
Reliance Ind.
Buy
937 1134
21
Aggregate
Retail
Jubilant Food
Neutral 2488 2185
-12
PC Jeweller
Buy
294
520
77
Titan Co.
Buy
977 1090
12
Aggregate
Technology
Cyient
Buy
642
675
5
HCL Tech.
Neutral 999
950
-5
Hexaware
Neutral 417
340
-18
Infosys
Buy
1125 1330
18
KPIT Tech
Neutral 231
250
8
L&T Infotech
Buy
1387 1400
1
Mindtree
Buy
866
1000
15
Mphasis
Neutral 896
800
-11
NIIT Tech
Neutral 926
800
-14
EPS (INR)
EPS Gr. YoY (%)
FY18E FY19E FY20E FY18E FY19E FY20E
7.2
15.3
28.7 -37.2 113.8 86.9
-0.2
0.8
2.0
Loss
LP 161.9
25.9 28.8
32.4
0.2 11.3 12.6
11.8 12.1
12.7 59.3 2.6
4.9
10.1 13.1
16.0
-5.3 30.5 21.5
8.3
13.5
17.8 29.9 62.3 31.4
22.1 37.3
51.5
7.8 68.7 37.9
2.5
5.8
7.9 100.6 137.5 36.4
-0.9
0.1
0.6
Loss
LP 411.6
27.7 35.8
42.5 11.6 29.1 18.7
13.0 17.6
21.0
-2.9 35.4 19.3
9.9 46.6 28.2
19.2
21.2
-12.7
21.5
-0.2
13.6
-0.9
25.6
22.8
58.2
25.9
27.9
7.7
24.0
5.1
14.0
4.3
40.6
33.4
69.4
26.9
30.3
12.2
23.7
5.3
14.7
6.5
44.6
38.9
61.4
123.8
7.5
Loss
45.3
PL
37.0
Loss
165.9
50.7
53.4
64.7
35.1
31.7
LP
11.5
LP
2.9
LP
58.6
46.4
19.1
42.3
3.8
8.9
58.8
-1.0
2.6
4.7
50.2
9.8
16.4
-11.5
7.4
28.5
13.0
7.7
27.5
4.5
16.5
23.1
13.2
1.2
8.3
3.3
8.2
17.9
15.2
13.7
31.3
27.6
24.1
26.0
12.4
8.1
12.5
10.8
29.2
17.9
17.0
8.0
15.9
Valuation snapshot
P/E (x)
P/B (x)
FY18E FY19E FY18E FY19E
95.6 44.7
3.7
3.4
NM
53.0
2.9
2.7
8.6
7.7
1.2
1.1
7.4
7.2
0.8
0.7
15.8 12.1
2.5
2.2
46.1 28.4
3.7
3.3
59.8 35.4
5.8
5.1
36.7 15.5
3.8
2.4
NM 126.3 3.1
3.0
32.3 25.0
8.1
7.4
45.2 33.4
7.3
6.2
38.0 25.9
5.2
4.5
12.7
15.3
NM
14.4
NM
9.0
NM
13.2
12.8
10.3
15.0
45.1
10.1
15.7
39.8
14.8
8.1
8.0
31.2
16.0
9.2
11.9
10.8
17.0
15.3
12.4
82.0
19.1
78.0
61.0
17.3
15.8
25.1
17.4
18.4
20.9
25.9
20.4
20.7
9.4
11.6
32.5
12.9
15.7
8.8
17.9
8.3
8.7
8.7
10.5
29.7
9.8
14.4
24.7
14.1
9.9
9.4
26.5
16.6
9.4
8.0
8.4
14.9
13.8
11.4
63.3
15.1
61.4
48.0
16.8
15.1
22.3
16.0
17.1
18.9
20.8
17.6
17.4
1.6
3.8
0.8
2.8
1.6
1.6
0.9
2.9
1.8
1.5
1.7
12.4
2.3
1.8
6.3
2.1
2.2
1.4
6.0
4.3
1.6
0.9
1.0
3.7
1.9
1.6
18.5
3.0
16.5
11.7
3.1
3.9
6.3
3.9
2.6
6.0
5.4
3.5
3.3
1.4
3.2
0.8
2.3
1.5
1.4
0.8
2.2
1.7
1.3
1.5
9.3
2.0
1.7
5.2
1.9
1.9
1.3
5.1
3.9
1.4
0.8
1.0
3.2
1.7
1.5
18.8
2.6
15.3
10.6
2.8
3.5
5.5
3.5
2.2
4.9
4.7
3.2
2.9
ROE (%)
FY18E FY19E
3.9
7.9
-1.2
5.2
15.1 14.6
11.5 10.6
14.9 18.5
8.3 12.2
10.2 15.3
11.6 18.9
-15.8 2.4
26.1 30.9
17.4 20.2
13.7 17.5
13.8
26.9
-4.0
20.9
-0.3
18.2
-1.0
24.7
14.1
16.0
11.5
30.7
24.1
11.9
16.8
15.0
28.2
18.5
20.7
28.0
18.9
7.4
9.6
23.7
13.0
13.2
22.5
16.9
23.4
19.2
17.8
25.7
26.9
24.1
14.9
32.4
20.3
15.3
16.2
16.2
29.8
2.4
19.4
9.8
17.2
4.8
29.8
19.8
16.2
14.6
35.9
21.6
12.0
23.0
14.0
20.6
14.4
20.8
24.4
16.1
10.5
12.0
22.9
12.8
13.0
29.8
18.4
25.9
22.2
16.7
24.4
26.1
22.9
14.0
28.4
24.4
18.8
17.8
6.3
40.0
21.0
21.6
12.7
39.5
20.7
9.4
55.9
11.7
18.3
16.8
14.0
61.1
9.5
41.2
22.9
34.7
13.3
32.5
17.6
11.1
53.9
11.4
27.2
21.8
16.0
67.7
12.3
46.5
24.6
44.3
13.9
37.8
21.7
12.5
54.6
12.4
28.1
23.5
18.8
78.0
74.2 52.1
-17.3 2.9
23.9 8.8
34.3 61.1
43.8 4.9
-2.9 -17.8
-1.2 -15.0
6.9 17.7
27.0 -3.6
-20.7 -2.5
-18.3 48.1
2.3 29.6
23.0 14.3
20.9 10.9
5.5
8.3
186.2
44.4
38.8
48.6
20.9
6.0
21.2
3.1
5.1
19.5
34.2
13.0
17.9
29.6
26.6
27.0
27.2
3.0
4.5
12.7
8.3
7.8
10.5
24.8
15.6
18.5
30.3
15.4
12.5
39.3
19.5
15.9
51.6
24.9
19.8
37.0
63.4
16.6
64.8
12.5
66.3
33.4
44.0
44.8
38.1
66.3
18.7
70.1
13.5
73.3
41.7
50.8
53.1
42.9
71.6
21.0
77.7
17.5
86.3
48.8
54.9
61.6
19 April 2018
19

Click excel icon
for detailed
valuation guide
CMP
Reco
(INR)
Buy
677
Buy
1064
Neutral 3160
Buy
656
Neutral 293
Buy
1000
TP % Upside
(INR) Downside
900
33
1236
16
2700
-15
700
7