20 March 2019
Market snapshot
Equities - India
Sensex
Nifty-50
Nifty-M 100
Equities-Global
S&P 500
Nasdaq
FTSE 100
DAX
Hang Seng
Nikkei 225
Commodities
Brent (US$/Bbl)
Gold ($/OZ)
Cu (US$/MT)
Almn (US$/MT)
Currency
USD/INR
USD/EUR
USD/JPY
YIELD (%)
10 Yrs G-Sec
10 Yrs AAA Corp
Flows (USD b)
FIIs
DIIs
Volumes (INRb)
Cash
F&O
Note: *Average
Close
38,363
11,532
17,937
Close
2,833
7,724
7,324
11,788
11,687
21,567
Close
67
1,307
6,469
1,922
Close
69.0
1.1
111.4
Close
7.4
8.5
19-Mar
0.31
-0.18
19-Mar
434
10,709
Chg .%
0.7
0.6
0.7
Chg .%
0.0
0.1
0.3
1.1
0.1
-0.1
Chg .%
0.6
0.2
0.2
1.2
Chg .%
0.6
0.1
0.0
1MChg
0.06
0.06
MTD
3.61
-1.84
MTD*
407
10,434
CYTD.%
6.4
6.2
0.3
CYTD.%
13.0
16.4
8.9
11.6
15.4
7.8
CYTD.%
26.6
1.9
8.7
3.2
CYTD.%
-1.2
-1.0
1.5
CYTDchg
0.0
0.0
CYTD
5.38
-1.44
CYTD*
346
9,633
Today’s top research idea
Torrent Power: On growth track, again!
Initiating coverage with a Buy rating
Torrent Power (TPL) is engaged in generation and distribution of electricity. It has
amongst the best balance sheets and RoICs in the private power sector, even as
~30% of the gross block remains unutilized and capex is on an uptrend.
Given its presence across the value chain from generation to distribution, we
believe the company is well poised to capitalize on opportunities stemming from
distribution privatization, thrust on RE, and consolidation in the conventional
generation sector.
We expect EBITDA/PAT CAGR of ~12% to INR40.8b/INR13.3b over FY19-21. We
value the stock on an SOTP basis at INR315/share. The SOTP method does not
capture any value for the shut gas capacity of 1.8GW.
Initiate with Buy.
Research covered
Cos/Sector
Torrent Power
(Initiating coverage)
Axis Bank
Larsen & Toubro
MindTree
Jindal Steel & Power
Alembic Pharma
Key Highlights
On growth track, again!
Focused execution to drive RoE improvement
MindTree acquisition plan puts buyback option to rest
In the face of hostility; Downgrade to Neutral
Angul progressing well on production
Growth plans for the US market on track
Piping hot news
With a formal offer to SBI, Etihad seeks to fly out of Jet
Jet Airways’ financial problems took a turn for the worse on Tuesday with partner
Etihad formally asking State Bank of India to purchase its stake in the airline and
the pilots’ union threatening to strike work from April 1 if salary arrears are not
cleared.
Chart of the Day: Torrent Power – On growth track, again!
Diversified portfolio
Balance sheet best amongst private sector
Source: MOFSL, Company
Source: MOFSL, Company
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.
 Motilal Oswal Financial Services
In the news today
Kindly click on textbox for the detailed news link
1
RBI seeks modification of
NCLAT order in ILFS case
The Reserve Bank of India has
moved the National Company
Law Appellate Tribunal (NCLAT)
over the order passed regarding
classification of debt of IL&FS
group companies as NPA…
2
CPSE ETF receives bids worth Rs 6,072 cr from anchor investors
CPSE Exchange Traded Fund on Tuesday received bids worth Rs 6,072
crore from as many as 16 anchor investors, with the portion getting
subscribed nearly 6 times, sources said. The fifth tranche of the CPSE
ETF opened for subscription Tuesday, wherein the government seeks
to raise at least Rs 3,500 crore…
3
GST rate on homes: Now
builders can pick up old or
new rates on unfinished
projects
4
India’s fuel demand rose 3.8 per
cent in February as free cooking
gas connections spurred LPG
consumption while petrol and
diesel use continued to rise. Fuel
consumption in February totalled
17.41 million tonnes as
compared to 16.77 million
tonnes in the same month last
year…
India’s fuel demand rises 3.8%
in Feb
The GST Council on Tuesday
allowed builders to choose
between the old and new GST
regimes for projects that will
remain unfinished as on March
31, removing the fear among
these firms that they might lose
accumulated input tax credit for
under-construction projects…
5
Fortis Healthcare appoints
Ashutosh Raghuvanshi as MD
and CEO
Fortis Healthcare on Tuesday
said it has appointed Ashutosh
Raghuvanshi as Managing
Director and Chief Executive
Officer of the company with
immediate effect. The company's
board of directors have
approved the appointment of
Raghuvanshi as MD and CEO
with immediate effect for a
period of three years, Fortis
Healthcare said in a filing to the
BSE…
6
Reliance Communications has
moved the National Company
Law Appellate Tribunal, asking it
to direct the telecom
department not to cancel its
mobile permits for missing a
spectrum payment. The Anil
Ambani-led telco is said to have
also sought the appellate
tribunal’s intervention to ensure
that the government…
20 March 2019
7
Emami Ltd to take its entire
portfolio online to focus on e-
commerce
In its first ever attempt to tap e-
commerce, Emami Ltd is going to
take its entire portfolio online and
will launch online exclusive
products…
Reliance Communications
moves NCLAT to stop permit
cancellation
2
 Motilal Oswal Financial Services
Initiating Coverage | Sector: Utilities
Torrent Power
BSE SENSEX
38,363
S&P CNX
11,532
CMP: INR263
TP: INR315 (+20% )
Buy
On growth track, again!
Initiating coverage with a Buy rating
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USD b)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
TPW IN
481
126.4 / 1.8
277 / 212
3/5/-7
311
46.4
Torrent Power (TPL) is engaged in the distribution and generation of electricity. The
company has installed generation capacity of 3.7GW and under-construction capacity of
0.8GW. TPL is the sole electricity distributor to the cities of Ahmedabad (incl.
Gandhinagar), Surat, Bhiwandi and Agra, with a distribution reach of over 1,367sq.km.
Present across the value chain – from generation to distribution
Financial Snapshot (INR b)
Y/E March
2019E 2020E
Sales
133.5 138.4
EBITDA
32.8
36.6
NP
10.6
11.1
EPS (INR)
22.0
23.1
EPS Gr. (%)
12.1
5.1
BV/Sh. (INR) 176.6 193.7
P/E (x)
11.9
11.3
P/BV (x)
1.5
1.3
RoE (%)
13.0
12.5
RoCE (%)
8.8
8.8
2021E
143.6
40.8
13.3
27.6
19.5
215.3
9.5
1.2
13.5
9.4
TPL has a diversified portfolio spanning (i) regulated electricity distribution, (ii)
franchisee-based distribution (DF), (iii) a mix of gas- and coal-based
conventional generation and (iv) renewable energy (RE) generation. EBITDA
mix is broadly equal across these four categories.
The company’s regulated distribution business is among the most efficient in
India, delivering steady growth and generating assured returns. The DF
business is turning around; capex requirement is low with no regulatory
oversight to cap returns.
TPL’s RE capacity is likely to more than double in two years to 1.4GW; it has an
attractive mix of (a) feed-in tariff-based capacities generating a high RoE and
(b) under-construction competitively bid projects at >12% equity IRR.
It has a mix of gas- and coal-based conventional generation capacity of
~3.1GW. Of this, ~1.3GW is under long-term PPA, generating healthy double-
digit RoE, while the remaining ~1.8GW (all gas-based) is not utilized.
The sourcing of imported LNG has improved the PLF of its gas plant which is
under PPA, the DF business performance has improved now with the risk of
contract expiry behind, and the likely doubling of RE capacity has bolstered the
growth prospects. Also, privatization of electricity distribution in India is picking
up pace gradually, which could provide new growth opportunities.
We expect EBITDA/PAT CAGR of ~12% to INR40.8b/INR13.3b over FY19-21E,
driven by RE, DF and steady growth in regulated distribution. Around 80% of
TPL’s EBITDA is driven by the stable and predictable segments of regulated
distribution/generation and RE.
Net debt to equity is likely to remain comfortable at ~1x, even as ~30% of the
gross block remains unutilized and capex is on an uptrend.
TPL has one of the best balance sheets in the private power sector. It is present
across different segments of the sector, which provides it with a strong
platform for future growth. In our view, the company is well poised to
capitalize on opportunities stemming from distribution privatization, the thrust
on RE, and consolidation in the conventional generation sector. We value the
stock on an SOTP basis at INR315/share, implying an upside of 20%. The SOTP
method does not capture any value for the shut gas capacity of 1.8GW. The
stock trades attractively at ~1.2x FY21E P/BV. We initiate coverage on the stock
with a
Buy
rating. Higher LNG prices and lower wind PLF, however, are the
potential risk factors.
Shareholding pattern (%)
As On
Dec-18 Sep-18 Dec-17
Promoter
53.6
53.6
53.6
DII
18.3
19.6
19.2
FII
7.1
5.8
6.3
Others
21.1
21.1
21.0
FII Includes depository receipts
Growth engine back on track
Torrent Power
On growth track, again!
Strong positioning and healthy balance sheet; Initiate with Buy
Dhruv.Muchhal@motilaloswal.com
20 March 2019
3
 Motilal Oswal Financial Services
Exhibit 1: Diversified portfolio
Others
(incl. DF)
14%
Gross Block
FY21 (%)
Exhibit 2: ~80% of EBITDA from stable/predictable segments
Reg. distribtion
% EBITDA
17
13
Reg.
generation
10%
34
36
FY18
Source: MOFSL, Company
20
16
31
32
FY19E
20
27
22
31
FY21E
Source: MOFSL, Company
Reg. generation
RE
Others (incl. DF)
Reg.
distribution
27%
RE
25%
Untied
generation
24%
Exhibit 3: EBITDA CAGR of ~12% over FY19-21E
Exhibit 4: Balance sheet best amongst private sector
Net debt to Equity
FY18 - x
>1
Classified NPAs
or under financial
stress
3.2
1.7
1.1
1.1
1.4
Source: MOFSL, Company
Source: MOFSL, Company
Exhibit 5: P/BV 1-year forward (x)
4.0
3.0
2.0
1.0
0.0
Source: Bloomberg
Exhibit 6: Utilities sector valuation
Up/(dw) MCAP
Rating
(USD M) FY19E
(INR) (INR)
%
Powergrid
NTPC
JSW Energy
CESC
Tata Power
NHPC
Torrent Power
Coal India
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
199
136
68
744
73
26
263
246
232
163
73
800
69
31
315
281
17
20
8
7
-5
22
20
14
14,870
19,220
1,588
1,416
2,832
4,032
1,775
22,193
18.3
11.1
3.8
75.4
2.5
2.2
22.0
27.4
CMP
TP
EPS
FY20E
20.8
13.8
4.6
80.0
6.6
2.6
23.1
29.0
FY21E
22.6
15.7
4.1
90.6
6.7
3.1
27.6
29.9
P/E (x)
FY19E
10.9
12.2
18.0
9.9
29.0
11.6
11.9
9.0
FY20E
9.6
9.9
14.8
9.3
11.0
9.6
11.3
8.5
P/B(x)
FY19E
1.7
1.2
1.0
1.1
1.2
0.9
1.5
7.4
FY20E
1.6
1.2
1.0
1.0
1.1
0.8
1.3
6.8
RoE (%)
FY19E
16.7
10.4
5.5
11.4
4.3
7.4
13.0
84.1
FY20E
17.1
12.2
6.5
11.2
10.3
8.7
12.5
83.7
Source: MOFSL, Company
20 March 2019
4
 Motilal Oswal Financial Services
19 March 2019
Update | Sector: Financials
Axis Bank
Buy
BSE SENSEX
38,363
S&P CNX
11,532
CMP: INR761
TP: INR875 (+15%)
Focused execution to drive RoE improvement
Takeaways from the Analyst Meet
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
AXSB IN
2,570
1956.7 / 28.4
763 / 478
4/22/30
6141
77.0
We met Axis Bank’s (AXSB) entire top management team along with its MD & CEO, Mr.
Amitabh Chaudhry, and CFO, Mr. Jairam Sridharan, at its maiden Sell-Side Analyst Day.
High on the discussion list was the progress and growth potential of AXSB’s different
businesses, key organizational changes and several initiatives to achieve sustainable
RoE of ~18%. Key takeaways:
Deposit growth a challenge; Risk Adjusted Return a key for loan growth
Deposit growth has been a bigger challenge for AXSB than asset growth. The
focus is now on growing the proportion of overall retail deposits (including term
deposits). Corporate loan growth will be a function of Risk Adjusted Return and
if the return criteria are met, then AXSB does not plan to impose any upper limit
on growth. But, it will be cautious on infrastructure finance and will stay away
from green-field projects.
Financials Snapshot (INR b)
Y/E March
FY19E FY20E FY21E
NII
OP
NP
NIM (%)
EPS (INR)
EPS Gr. (%)
BV/Sh. (INR)
ABV/Sh. (INR)
RoE (%)
RoA (%)
Valuations
P/E(X)
P/BV (X)
P/ABV (X)
215.5
184.9
48.0
3.1
18.5
NM
266.2
228.4
7.2
0.6
41.0
2.9
3.3
254.8
228.4
103.4
3.1
39.6
113.5
301.2
270.5
13.9
1.2
19.2
2.5
2.8
305.3
282.6
136.4
3.1
52.2
32.0
347.7
322.0
16.1
1.3
14.6
2.2
2.4
Increase in retail asset mix to be more calibrated
The share of retail assets has increased to 49% v/s 40% five years ago.
Incrementally, the bank is looking to grow both its retail and wholesale side of
the balance sheet, and has guided for calibrated increase in retail asset mix.
Product, Underwriting and Operations to become separate functions
AXSB plans to make Product, Underwriting and Operations a separate function
in both Wholesale and Retail business from 1
st
Apr’19. This will prevent any
Shareholding pattern (%)
inherent conflict of interest and help maintain better asset quality trend across
As On
Dec-18 Sep-18 Dec-17
cycles. The bank has recently hired a new compliance officer to bridge
Promoter
23.1
25.0
26.7
differences with the regulator.
DII
19.0
14.8
FII
48.7
51.7
Others
9.3
8.5
FII Includes depository receipts
13.8
50.5
9.1
Insurance manufacturing on the cards; Regulatory clarity awaited
Axis Bank wishes to enter into manufacturing of the life insurance business;
however, it is awaiting clarity from the RBI on the structuring of a life insurance
company. Depending upon the RBI guidelines and existing market opportunity,
the bank will look at acquiring stake in a life insurance company.
Stock Performance (1-year)
Corporate fee growth stable; Cautious on growing Guarantee Business
The decline in corporate fees appears to be over and the bank expects gradual
recovery in fee growth. However, AXSB will exercise caution in growing the
international/guarantee business, which will cap the recovery in fee intensity to
historical levels. The mix of fees has changed in favor of retail, where in the card
business contributes 24% to the total fees v/s 9% in FY14, while corporate fees
have declined from 32% to 17%.
20 March 2019
5
 Motilal Oswal Financial Services
Network expansion to continue; Aim to scale up subsidiaries
AXSB will continue to invest in branches to maintain its lead over peers, but the
form and format will keep changing as the digitalization process accelerates. The
bank aims to scale up its subsidiaries/developing businesses before focusing on
profitability, though it will not pursue opportunities if better returns are not on the
horizon. Eventually, the bank aims to be ranked amongst the top-5 across business
segments without listing any of its subsidiaries in the near- to medium -term.
AXSB well capitalized; no plans to raise capital over next 12 months
AXSB is well capitalized with CET-1 of 11.77%, which will further improve by 48bp,
post the conversion of outstanding warrants. In the last decade for an average 18%
growth, the bank consumed ~47bp of CET-1 every year. AXSB indicated that its CET-
1 threshold is ~11%, and thus, is not looking to raise any capital for the next twelve
months.
Focus on delivering 18% ROE on a consistent and sustainable basis
Management mentioned that while product and process are largely in place, the
lack of consistency and inadequate execution was an issue in the past. The bank is
now focused on disciplined execution to achieve its medium-term goal of
sustainable 18% RoE, which includes one medium-term capital raise.
What led to the fall in ROAs?
AXSB’s RoA has declined sharply from historical
levels led by (a) 50bp decline in NIMs, (b) 50bp decline in fees to average assets,
and (c) 110bp increase in credit cost.
In order of importance, credit cost, margin, opex and fees are the key RoE
drivers:
AXSB expects credit cost, margins, opex, and fees to be the key RoE
drivers in order of importance. The increase in high-yielding retail assets, mix
shifting from corporate to mid-corporate and reduction in NNPA will be the key
margin drivers. On opex, the bank expects cost-assets to moderate by 15-20bp
as retail share in the business mix has reached optimum levels. Direct sourcing
and increased usage of digital channels will help maintain better cost control in
retail lending and cards acquisition.
Valuation and view
AXSB has delivered a strong performance with multi-quarter high earnings. With a
capable management team in place and an improving credit cost/margins outlook,
we believe the bank is likely to see earnings accelerate in the coming years. AXSB
has already increased PCR to 75%, which should curb incremental provisioning
requirement. We, thus, expect RoA/RoE to improve to 1.3%/16.1% by FY21. We
revise our target price to INR875 (2.6x FY21E ABV for the bank + INR47 per share for
subsidiaries) and reiterate a
Buy rating.
20 March 2019
6
 Motilal Oswal Financial Services
Larsen & Toubro
BSE SENSEX
38,363
S&P CNX
11,532
19 March 2019
Update
| Sector:
Capital Goods
CMP: INR1,357
TP: INR1,610(+19%)
Buy
MindTree acquisition plan puts buyback option to rest
Acquisition marginally EPS accretive but not preferred use of cash
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
LT IN
1,402
1902.6 / 27.6
1459 / 1183
2/-2/-11
3297
100.0
Financials Snapshot (INR b)
2019 2020E
Y/E Mar
Net Sales
1,374 1,532
EBITDA
162.7 194.8
PAT
81.0 102.9
EPS (INR)
57.8
73.4
Gr. (%)
11.8
27.0
BV/Sh (INR)
435.6 564.4
RoE (%)
13.9
14.7
RoCE (%)
9.4
11.1
P/E (x)
23.5
18.5
P/BV (x)
3.4
3.1
2021E
1,734
227.0
127.2
90.7
23.6
627.7
15.2
12.3
14.9
2.4
Shareholding pattern (%)
As On
Dec-18 Sep-18 Dec-17
Promoter
0.0
0.0
0.0
DII
38.7
37.9
40.1
FII
20.2
20.4
18.5
Others
41.1
41.7
41.4
FII Includes depository receipts
Stock Performance (1-year)
Larsen & Toubro
Sensex - Rebased
1,550
1,450
1,350
1,250
1,150
INR107b of cash earmarked for first-ever hostile takeover in IT industry:
Larsen & Toubro (LT) has announced its intention to acquire a significant 66%
stake in Mindtree (MTCL). It has earmarked an amount of INR107b for this
acquisition, valuing MTCL at INR162b (+5% v/s current market cap of INR155b)
or INR980/share. However, the promoters of MTCL (13.3% stake) may look to
resist the hostile takeover by engaging with other shareholders, and hence, it
could be a long-drawn process, in our view.
LT’s rationale for the acquisition:
The primary rationale is to expand the
services business (in line with its five-year value creation strategy presented in
2016). Moreover, this is better utilization of its strong cash balance, especially
in light of the rejection of the INR90b share buyback by the SEBI.
Retention of top management key for success of the acquisition:
MTCL would
continue to be an independent listed entity after the acquisition, and LT does
not plan to merge it with its own IT business, at least in near future. LT’s
management admitted that retention of top management is vital as the IT
business is much more people-oriented with strong customer relationships.
Considering this, it will engage with the promoters and try to address their
concerns. LT believes that there is enough opportunity in the IT industry to
capitalize on, and thus, all the three IT platforms (LTI, LTTS and MTCL) would be
allowed to scale up on their own.
Buyback may be put on backburner for now:
As of end-Dec’18, LT had cash
and cash equivalents of INR150b. Additionally, it generates free cash of
~INR15b/quarter. Even though LT is still engaged with the SEBI for its planned
share buyback, the MTCL acquisition lowers the chances of a buyback now, in
our view.
Higher aggression, if any, toward acquisition may elevate capital allocation
concerns:
MTCL’s acquisition raises a few questions on the capital allocation
policy, especially given that LT has been on track to meet its RoE guidance of
18% by FY21 and divesting its non-core assets. The concerns may get elevated
in case the cost of acquisition increases in due course of time. Ideally, LT
shareholders would have preferred share buyback as the best utilization of the
cash balance. Even management had the same intention until the same was
rejected by the SEBI.
Valuation and view:
MTCL acquisition may be marginally EPS accretive and
neutral from the valuation perspective. However, it is too early to incorporate
the same in our estimates as it may be a long-drawn process. For now, we
maintain our
Buy
rating and target price of INR1,610.
20 March 2019
7
 Motilal Oswal Financial Services
19 March 2019
Update | Sector: Technology
MindTree
BSE SENSEX
38,363
S&P CNX
11,532
CMP: INR943
TP: INR1,000 (+6%)
Downgrade to Neutral
In the face of hostility
A distraction that the promoters could have done without
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
MTCL IN
168
154.9 / 2.2
1182 / 741
-2/-19/5
1847
86.7
Financials Snapshot (INR b)
2019 2020E 2021E
Y/E MARCH
70.4
80.9
91.1
Net Sales
10.8
12.6
14.3
EBITDA
7.6
8.7
10.3
NP
47.3
53.0
62.4
EPS
37.7
11.9
17.9
EPS Gr (%)
195.0 226.3 263.3
BV/Sh. (INR)
P/E (x)
20.0
17.9
15.2
P/BV (x)
4.9
4.2
3.6
RoE (%)
25.5
25.1
25.5
RoCE (%)
30.7
31.5
31.4
Shareholding pattern (%)
As On
Dec-18 Sep-18 Dec-17
Promoter
13.3
13.3
13.6
DII
10.7
8.1
8.5
FII
40.2
43.2
40.6
Others
35.8
35.4
37.3
FII Includes depository receipts
Stock Performance (1-year)
Mindtree
Sensex - Rebased
1,180
1,060
940
820
700
L&T announced purchase of 20.32% shares of MindTree (MTCL) from the
largest shareholder, followed by the intent to buy up to 15% from the open
market and making an open offer for up to 31%, taking the total potentially
up to 66%.
While the acquisition is strategic in nature, L&T does not have any
immediate plans to merge MTCL with LTI. The two companies will operate
separately for now.
MTCL’s promoters have expressed their disapproval of the hostile nature of
the transaction and are prepared to fight it out in their attempt to try and
retain the control of operations.
The turn of events may be understandably unsettling for some
employees/clients, where the risks of attrition cannot be ignored. The
development may also consume a substantial bandwidth of the founders,
key personnel in the business. MTCL’s stock is up 12% since its 3QFY19
results, and our target price of INR1,000 now implies only 6% upside. As a
consequence of the aforementioned factors, we are downgrading our
rating to Neutral.
L&T to initiate buy-in of 66% stake in MTCL
L&T has entered into a share purchase agreement with V.G. Siddhartha,
Coffee Day Enterprise and related parties for the acquisition of 3.3m equity
shares aggregating to 20.32% of the paid-up equity capital at a price of
INR980 per share.
In addition to this, L&T has also placed a purchase order for 2.4m shares
(15%) at a maximum price of INR980/share in the open market.
Lastly, it will make an open offer for another 31% at INR980/share. If all
transactions go through, L&T will hold a 66% stake in MTCL with a total
outflow of INR107.3b (Link).
Strategic in nature but to run independently for now
MTCL’s acquisition by LTI has its strategic rationale in the formation of a
large-sized Digital practice (44% of MTCL’s revenues are Digital v/s 33% in
LTI).
MTCL has a lower net margin (10-11%) than LTI (15-16%). L&T expects to
drive some opportunities to improve the net margin at MTCL, as it saw in the
past with LTI.
Both companies have a limited client overlap, which means a minimal impact
from competing with each other while they operate as independent entities.
L&T cited that it has no intent to merge these businesses and each of them
will be running as a separately listed entity. Their scales are small enough
to grow independently of each other.
20 March 2019
8
 Motilal Oswal Financial Services
MTCL founders’ vehement disapproval of L&T’s approach
MTCL promoters (current) expressed their disapproval of L&T’s intent to buy a
controlling stake, and cited that the deal is ‘value destructive’ for all
stakeholders.
The cultural uniqueness of MTCL means that under a different ownership,
misalignment will potentially drive out both employees and customers, helping
no one in the process, according to the promoters.
A distraction MindTree could have done without
It will not be an exaggeration to suggest that a bulk of the key (active promoter
team) personnel bandwidth will be consumed in trying to keep L&T at bay,
which will be an unfortunate business distraction.
In the meanwhile, for employees at MTCL, the overhang can be understandably
unsettling, despite the assurances by the leadership. An eventual merger with
LTI could potentially pose a risk of redundancies arising out of integration and
extraction of synergies.
Some of MTCL’s top clients have had long-standing relationships with the
company, and its founding leaders have been the face of the company. Top-10
clients contribute ~44% of revenues. Risk to growth/relationship in one/multiple
accounts cannot be completely ruled out, especially as the share of L&T starts to
creep up and the promoters’ options start thinning out.
L&T has shared that MTCL will remain an independent listed entity, and
possibilities of a merger will be explored after a few years. There is little (if any)
case for owning two businesses competing with each other in the attractive
segment of Digital deals.
At 15.2x FY21E, and with market purchase/open offer at INR980/share, the
upside seems capped. Our price target for MTCL has been INR1,000. Since its
3QFY19 earnings, the stock had returned 14% before 18
th
March’s
announcement, and the remnant upside implied by our target is 6%. This,
combined with the potential business risks from current ownership tussle,
drives our rating downgrade to Neutral.
20 March 2019
9
 Motilal Oswal Financial Services
Jindal Steel & Power
BSE SENSEX
38,363
S&P CNX
11,532
19 March 2019
Update | Sector: Metals
CMP: INR170
TP: INR287 (+69%)
Buy
Angul progressing well on production
Focus on deleveraging, valuations attractive
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
JSP IN
968
164.3 / 2.4
265 / 123
16/-28/-40
2208
41.3
Financials Snapshot (INR b)
Y/E Mar
2019E 2020E 2021E
392.1 393.0 418.2
Net Sales
86.6
88.6
98.9
EBITDA
2.2
3.6
24.0
PAT
2.3
3.8
24.7
EPS (INR)
-127.2
63.1 558.2
Gr. (%)
318.8 322.2 346.5
BV/Sh (INR)
0.7
1.2
7.4
RoE (%)
5.6
5.8
8.1
RoCE (%)
73.7
45.2
6.9
P/E (x)
0.5
0.5
0.5
P/BV (x)
Shareholding pattern (%)
As On
Dec-18 Sep-18 Dec-17
Promoter
58.7
58.7
62.0
DII
9.3
11.1
6.4
FII
17.8
18.3
17.6
Others
14.3
12.0
14.1
FII Includes depository receipts
Stock Performance (1-year)
Jindal Steel
Sensex - Rebased
300
250
200
150
100
We visited Jindal Steel and Power’s (JSP) Angul plant. Key highlights:
Increase in the production run-rate at Angul in 4QFY19 offers visibility of
~22% volume growth for the standalone company in FY20.
Coal gasification and DRI units, too, have restarted operations. Moreover, the
third battery of the 500ktpa coke oven unit is in the advance stage of
commercial production, which will substitute coke imports, and thus, reduce
costs. FCF generation is improving.
Management remains focused on monetization of assets in the global
venture and deleveraging. The stock trades attractively at a cash P/E of 3.6x.
Power business, too, can secure PPAs, with DISCOMs now starting to invite
bids. Maintain Buy.
Key takeaways from our visit:
Coal gasification plant (CGP)
We note that operations at this plant were halted in Jun’17, immediately after
the commissioning of the blast furnace. However, gas production has restarted
here in March after ~20 months. Two of the seven units are operating at ~90%
utilization.
Ramp-up at CGP is dependent on DRI production. For running the DRI plant at
full capacity, production at 5-6 units of CGP will have to be ramped up.
JSP is dependent on imported, e-auction and linkage coal for gasification. Such
coal may be smoldered (given that it is received 60 days post production) and
has higher volatile matter, leading to increased costs. Cost of gas production
stands at USD10/mmbtu.
In contrast, if coal were made available from its erstwhile captive mine (de-
allocated in 2014), the receiving time (post production) would be ~12 hours
and cost of gas production would have been USD3-4/mmbtu.
Direct reduced iron (DRI)
DRI plant has restarted in Mar’19 and is operating at a run-rate of ~1mtpa
(3,000tpd at 50% utilization). JSP plans to increase the DRI utilization run-rate
to ~80-85% by Sep’19.
JSP has started using surplus coke oven gases (two coke oven batteries
commissioned last year) in DRI production. The third coke oven battery is likely
to be commissioned in FY20.
Usage of coke oven gases in DRI production is likely to increase. Coke oven acts
as a cost-effective substitute to syngas (gas obtained from CGP).
Full ramp-up of DRI would lead to savings of INR2,000-2,500/t for the unit.
20 March 2019
10
 Motilal Oswal Financial Services
Blast furnace (BF)
BF is operating at a run-rate of ~3mtpa (9,000-9,500tpd). Total capacity stands
at ~4mtpa. Coke rate is 400-410kg/thm.
JSP expects BF production to ramp up to ~3.3mtpa in the near term.
Coke oven
Two batteries of 500ktpa are operational now. The third set of batteries with
capacity of 500kt is in the advance stage of commissioning.
Commissioning of the third coke oven battery would make Angul fully self-
sufficient in terms of its coke requirements.
Power plant
Of the six units of the company’s captive power plants (6x135MW), four units
are operational. Internal consumption is ~400-500MW annually.
Plate mill
The 1.2mtpa plate mill is API-Q1 certified, which allows JSP to supply to offshore
platforms such as oil rigs and critical pipes. It also provides products for the
defense, wind, submarine and boiler markets.
20-25% of its volumes are exported, largely to the European and the Middle East
markets.
Plate mill yield is ~92%.
Current steel production rate reinforces volume/FCF prospects
With the DRI plant restarted now, total metallic availability is ~12,500tpd, which
implies that annual steel production of 3.3mtpa is achievable. Thus, a total of
6.2mtpa of steel for standalone (our FY20 estimate, including Raigarh) is doable. We
expect steel sales volumes to increase from ~3.8mt in FY18 to ~6.4mt by FY21,
implying a CAGR of 19%. Operating leverage and related efficiencies will reduce the
conversion cost. We expect consolidated EBITDA CAGR of ~15% over FY18-21. JSP
should generate significant free cash flow as major capex is now behind.
Changing power sector dynamics bode well for earnings
Power business is still highly underutilized, with PLF hovering at ~ 35%. Oversupply
in the power market has already started reducing owing to capacity addition and the
retirement of old plants. Over the last 5-6 months, DISCOMs have become active in
inviting medium- and long-term PPAs. There is visibility of nearly 7-8GW of such
tenders, which will shrink merchant capacity availability by nearly 50% within the
next 12 months. Therefore, we believe that JSP will be able to secure PPAs within
the next few years, which will boost FCF further.
Focus on debt reduction; valuations attractive; Maintain Buy
JSP remains focused on debt reduction. USD740m (total: USD1.8b) debt of global
venture has been restructured at LIBOR plus 350bp. JSP is also pursuing asset
monetization, including stake sale in Oman through a structured deal. The stock
trades at an attractive valuation of 6.4x FY20E EV/EBITDA, 3.6x cash P/E and an FCF
yield of ~16%. We value the stock at INR287 (SOTP-based).
20 March 2019
11
 Motilal Oswal Financial Services
Alembic Pharmaceuticals
BSE SENSEX
38,363
S&P CNX
11,532
19 March 2019
Update | Sector: Healthcare
CMP: INR540
TP: INR615 (+14%)
Neutral
Growth plans for the US market on track
Momentum of filings from new site to build in FY20 onwards
Stock Info
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
12M Avg Val (INR M)
Free float (%)
ALPM IN
189
101.8 / 1.5
664 / 412
-7/-19/-16
54
27.0
Financials Snapshot (INR b)
Y/E MARCH
FY19E FY20E FY21E
Net Sales
39.5
43.4
49.5
EBITDA
8.8
9.2
10.7
NP
5.5
5.6
6.6
EPS
29.3
29.6
34.8
EPS Gr (%)
33.8
1.2
17.5
BV/Sh (INR)
140.0 162.8 190.8
P/E (x)
18.4
18.2
15.5
P/BV (x)
3.9
3.3
2.8
RoE (%)
22.4
19.3
19.5
RoCE (%)
18.4
16.8
17.6
We met the management of Alembic Pharma (ALPM) to understand the progress
of its ongoing significant capex over the past 3-4 years. Key takeaways:
With investments of INR12b largely over, ALPM is moving towards exhibit
batches and subsequent filings of oral solids and injectable facilities.
Accordingly, FY21 would be the year for a revenue ramp-up and stabilization
of operational costs associated with these facilities.
We expect 9% earnings CAGR over FY19-21, which appears moderate, partly
due to the high base of FY19. We further expect earnings momentum to
improve greatly, FY21 onwards, as ALPM starts reaping benefits from its new
investments. We value ALPM at 18x 12M forward earnings and arrive at a PT
of INR615.
We remain positive on ALPM, on the back of its strong product pipeline in
onco-injectables/derma/oral solids dosages, creation of capacity/capability
to support manufacturing and for its sound compliance record in the US
market. Even the domestic branded formulation business is in good stead to
outperform the industry. However, we maintain Neutral on limited upside
from current levels.
Exhibit 7: New capex of INR10.7b to enhance formulation capability and capacity
Location
Panelav
Karkhadi
Jarod
Panelav
Karkhadi
Panelav
Panelav
Karkhadi
*EB – Exhibit Batches
API/Formulation
Formulation
Formulation
Formulation
Formulation
Formulation
Formulation
API
API
API
Dosages
Oral solid
dosage/Injectables
Onco-Injectables
General Injectable &
Opthalmic
Oral solid dosage
Tablets/Capsules
Derma (JV)
New capex (INR m) Remarks (Inspection/EB*)
2,500
4,000
2,200
2,000
EB taken in sep-18; ready for inspection
EB planned in 2QFY20; ready for
inspection
EB planned in 2QFY20; ready for
inspection
EB planned in 2QFY20
Last FDA inspection in Dec-18
2 successful USFDA audits till date
Last FDA inspection in Dec-18
Last FDA inspection in Dec-18
Last FDA inspection in Dec-18
Source: MOFSL, Company
Brownfield Expansion
Brownfield Expansion
Brownfield Expansion
Brownfield Expansion
20 March 2019
12
 Motilal Oswal Financial Services
In conversation
1. HDFC LIFE : MAXIMUM GROWTH SEEN IN RETIREMENT
PLANS; Vibha Padalkar, MD & CEO
Have always maintained that smooth upward curve on all key matrix including
growth, so a 2-2.5 times GDP growth is something that company believes should
lead to a sustained increase of 20 percent plus growth in embedded value.
Company’s focus is on conserving embedded value and to grow it steadily.
In the past 5 years, growth has been very consistently 20-20 mark; 20 percent
growth in embedded value, 20 percent return on embedded value as well as 20
percent and above new business margins. So no reason to believe that company
won’t continue along that trajectory.
Company is focusing significantly on the retiral space. Maximum growth is seen
in plans pertaining to retirement.
2. TECH MAHINDRA: EXPECT HEALTHY Q4 IN TERMS OF DEAL
WIN NUMBERS; Manoj Bhat, CFO
Expecting to see a healthy fourth quarter in terms of deals.
There is an ongoing trend of consolidation in the IT sector. People are looking
for enhanced opportunities and company welcomes any such moves.
75 percent of book is hedged for the next few quarters.
20 March 2019
13
 Motilal Oswal Financial Services
From the think tank
1. NIGHT-TIME COMMERCE OFFERS INDIA A GROWTH
OPPORTUNITY
With Future Retail signed up as its master franchise, the 7-Eleven convenience
store chain will open its iconic shops in many Indian cities this year. Unlike in
almost all the 18 other countries where it is “always close, but never closed", it
won’t be able to operate round the clock in India. As Kishore Biyani says, “We will
be open 24 hours wherever we can." That is because India ignores and often looks
down on its night-time economy. Mention the phrase and the first thing that
comes to mostpeople’s mind is not just nightlife, but the seedy side of it, involving
dance bars, prostitution, drunken driving, gang fights and other crime. Police
commissioners will refuse permission for retail establishments to stay open late
because of “law and order" problems, some communityleaders will complain of
the evils that go with nocturnal activities and civic groups will protest noise, traffic
and rowdyism. In most cities, after-dark economic activity starts slowing down at
10pm, though restaurants and bars in a few big cities remain open until 1.30am.
2. TIME TO EASE CREDIT FLOWS IN EFFECTIVE WAYS
The lukewarm response of Indian lenders in passing on the last rate cut by the
Reserve Bank of India to customers has made one thing clear: monetary policy
transmission just isn’t happening. Since RBI’s rate cut in early February, only a
handful of banks have been lending money at lower rates of interest. That too,
only marginally. In other words, the general burden that businesses and
consumers bear is not coming down significantly enough to encourage the kind of
investment and consumption that the central bank had hoped for. Worse still,
bankers are cautioning they have very little headroom to cut lending rates in the
near future, given their high cost of funds.
3. WHAT WILL THE RUPEE DO NOW
Now that the rupee has broken smartly above 69 to the $, the level at which
Raghuram Rajan came in as Governor (2013) and which had provided a strong
support to the rupee till last August, when it fell sharply (to nearly Rs75 to the $)
during the last rupee ‘crisis’, where do we go from here? Will this episode parallel
what happened in 2009, when, after hitting a (then) all-time low of Rs51.95 to the
$, the rupee strengthened by nearly 15% over the next 2+ years? Or, will it simply
rally for a year as it did in 2012-13, before falling sharply again (to another all-time
low)? Or will it hold above the current all-time low (of Rs75 to the $) but be
battered with high volatility for the next 5 years, paralleling its path from 2013 to
2018? Or, since history only repeats itself approximately, will it trace an entirely
different path? There are no answers but it may be worth looking at several new
forces in the game. Perhaps the most significant is the possibility that India’s share
in the MSCI index may be increased—this would substantially influence debt flows
into the Indian market—indeed, on March 14, there were debt inflows of $223
million, more than double the average daily debt inflows earlier in March.
20 March 2019
14
 Motilal Oswal Financial Services
Click excel icon
for detailed
valuation guide
Valuation snapshot
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Maruti Suzuki
Motherson Sumi
Tata Motors
TVS Motor
Aggregate
Banks - Private
AU Small Finance
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IndusInd
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Aggregate
Banks - PSU
BOB
BOI
Canara
Indian Bk
PNB
SBI
Union Bk
Aggregate
NBFCs
Aditya Birla Cap
Bajaj Fin.
Cholaman.Inv.&F
HDFC
HDFC Life Insur.
ICICI Pru Life
Indiabulls Hsg
L&T Fin Holdings
LIC Hsg Fin
MAS Financial
M&M Fin.
Muthoot Fin
PNB Housing
Reco
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Buy
Neutral
Neutral
CMP
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) (INR) Downside FY18 FY19E FY20E FY18 FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
743
92
2980
518
18447
1152
21751
1146
811
228
2615
690
6833
162
183
478
855
110
3045
568
20147
1370
23960
1476
754
280
2928
841
8131
204
166
576
15
20
2
10
9
19
10
29
-7
23
12
22
19
26
-9
20
27.6
6.0
151.3
18.4
469.8
64.0
799.6
29.1
39.5
8.2
185.1
41.0
266.7
5.4
22.9
13.9
28.6
7.0
159.2
23.8
543.9
64.7
855
34.7
54.6
8.9
171.9
41.5
244.8
5.3
-4.4
15.2
35.9
7.3
177.1
27.3
632.3
82.5
1,000
44.8
60.5
10.9
181.0
47.5
291.8
7.5
17.2
22.0
-1.5
37.1
7.3
40.7
-0.7
-30.3
27.0
23.8
88.0
0.4
9.5
49.8
7.3
6.0
15.7
18.7
15.8
3.7
18.3
5.2
28.9
15.8
1.1
7.0
19.5
38.3
9.1
-7.2
1.2
-8.2
-2.4
PL
9.0
-21.8
25.5
4.0
11.3
15.1
16.2
27.5
16.9
28.9
10.7
21.5
5.3
14.2
19.2
43.0
LP
44.7
40.7
26.0
13.0
18.7
21.8
33.9
17.8
25.4
33.0
14.8
25.5
15.2
16.6
27.9
30.7
NM
31.4
25.9
45.1
41.0
19.8
20.1
15.2
28.4
52.0
25.1
35.6
31.4
9.7
13.5
31.1
20.7
12.5
16.8
18.9
29.2
14.0
21.8
25.6
13.4
21.0
14.5
14.5
23.4
21.5
10.6
21.7
18.4
34.1
19.2
15.2
14.3
10.5
23.7
19.7
17.2
29.2
23.2
6.0
11.0
20.8
3.8
3.2
4.0
4.4
5.1
1.6
6.8
6.3
2.7
3.2
4.1
2.4
4.5
4.9
0.9
6.7
3.3
5.4
2.9
2.1
1.9
1.4
4.2
2.4
3.9
4.5
3.7
0.5
2.0
3.4
0.8
0.8
0.6
0.7
0.8
1.2
0.4
0.9
2.3
8.9
3.5
4.6
4.1
2.3
1.8
2.2
1.6
3.6
2.4
2.6
2.0
3.3
2.8
3.6
3.8
5.5
1.5
5.5
5.4
2.3
2.9
3.9
2.2
4.2
4.2
0.9
5.5
3.0
4.2
2.5
1.9
1.7
1.2
3.7
2.2
3.1
3.9
3.3
0.5
1.7
3.0
0.7
0.8
0.6
0.7
0.8
1.1
0.4
0.8
2.0
7.2
2.9
4.2
3.4
2.0
1.6
1.9
1.4
3.1
2.2
2.2
1.7
15.6
26.7
22.8
21.9
15.9
9.6
29.5
20.7
20.0
12.7
28.1
14.5
16.3
16.8
-1.8
23.1
12.7
13.8
7.2
11.6
9.7
9.5
16.7
4.7
16.5
12.1
12.3
5.6
15.5
10.8
5.3
-15.0
3.5
4.6
-11.0
1.8
2.1
0.1
10.2
22.8
21.8
15.6
18.6
15.7
25.7
18.8
15.6
19.8
13.2
23.2
16.1
17.1
24.1
22.8
21.5
17.9
11.2
27.7
22.8
18.8
14.1
27.7
14.1
17.4
21.0
8.5
27.8
16.2
13.9
13.9
13.4
12.4
12.5
16.5
11.8
20.2
13.3
14.9
8.6
16.7
14.3
8.8
2.7
8.2
8.6
6.6
11.5
5.5
8.8
11.3
24.2
20.4
15.3
19.1
14.9
26.2
18.5
16.1
19.6
14.9
23.0
16.8
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
583
761
201
136
94
2268
398
1726
1348
649
16
249
720
875
175
150
115
2500
450
1900
1350
650
20
270
24
15
-13
10
23
10
13
10
0
0
25
8
10.2
1.1
8.0
0.9
4.8
67.8
11.1
60.2
32.5
15.1
1.9
18.4
12.9 17.1 -79.5 26
32.3
18.5 39.6 -92.8 1,568 113.5
10.2 13.2 13.8 27.6 30.1
6.8
9.5 -82.3 631.5 40.6
6.1
8.9 -1.3 29.3 44.5
79.8 95.9 19.4 17.6 20.2
7.7 20.2 -34.3 -30.8 163.7
68.8 100.2 25.2 14.3 45.6
37.9 46.1 21.3 16.4 21.7
20.6 28.0 27.3 36.4 35.6
1.7
2.7 -25.5 -10.5 61.1
18.5 22.6 26.3 0.4
22.4
-1.3 22.2 49.5
8.9
-24.4
17.0
15.3
-14.4
6.6
4.5
15.7
PL
LP
77.5
3.7 Loss Loss
LP
42.3
PL
LP
148.5
30.4 -10.4 -41.7 98.8
8.0
PL
Loss
LP
30.0
PL
LP
354.4
12.8
PL
LP
185.8
PL
LP 9,703.7
10.4
57.4
25.4
5.9
16.6
-29.0
6.3
69.5
21.1
47.9
24.1
13.8
33.0
27.2
30.5
13.2
16.0
18.3
11.0
14.9
15.6
17.7
15.1
24.5
16.8
18.2
Buy
Neutral
Neutral
Buy
Neutral
Buy
Neutral
124
101
277
273
91
303
88
140
90
278
300
80
340
80
13
-11
0
10
-12
12
-9
-9.8
-43.2
-63.5
26.2
-50.3
-5.3
-56.5
14.0 7.9
NM 27.0
16.2 6.5
17.9 9.0
NM 11.3
45.8 10.1
19.6 6.8
929.4 9.5
25.3
42.8
17.6
44.0
56.5
43.1
7.3
12.8
10.9
19.8
19.3
12.2
13.0
19.9
32.8
15.6
37.9
47.8
38.8
6.3
11.1
9.3
17.2
15.5
10.5
11.0
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
105
2922
1376
1968
364
345
698
147
522
561
417
598
856
145
2400
1525
2300
475
430
900
185
600
650
518
500
1100
39
-18
11
17
30
25
29
26
15
16
24
-16
29
3.8
43.4
62.3
42.3
5.5
11.3
90.2
6.8
39.4
19.2
17.4
43.0
49.6
4.1
5.3
NA
68.3 89.1 35.9
78.1 88.4 35.5
44.8 51.9 6.2
6.4
7.6 23.7
8.0
8.9 -3.8
95.9 110.2 31.5
11.5 13.3 29.5
47.7 56.1 3.0
28.4 32.6 27.5
21.7 27.0 146.3
48.9 57.1 45.6
66.0 78.0 56.9
20 March 2019
15
 Motilal Oswal Financial Services
Click excel icon
for detailed
valuation guide
Valuation snapshot
Company
Repco Home
Shriram City
Union
Shriram Trans.
Aggregate
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
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.
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Johnson
Sanghi Inds.
Shree Cem
Ultratech
Aggregate
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Future Consumer
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk Foods
Pidilite Ind.
Reco
Buy
Buy
Buy
CMP
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) (INR) Downside FY18 FY19E FY20E FY18 FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
456
480
5
32.9 38.8 44.4 13.1 17.7 14.4 11.8 10.3 1.9
1.6 17.2 16.8
1795
1224
2000
1400
11
14
100.8 144.2 158.0 19.5
69.1 108.7 133.3 24.7
25.1
10.6
5.7
2.2
14.5
5.2
23.5
6.3
7.5
11.2
17.9
51.7
19.8
24.4
20.5
24.1
17.3
12.0
7.1
3.2
16.8
6.0
26.9
6.4
10.1
13.2
19.7
57.8
25.1
28.7
26.3
26.3
15.4
43.1
57.3
21.3
9.6
22.6
18.8
44.8
4.1
18.6
40.5
28.6
13.9
17.1
9.4
22.8
25.2
27.0
23.1
30.6
38.4
27.6
14.1
22.8
8.5
36.9
89.8
28.9
150.3
12.8
81.8
23.8
LP
25.7
33.9
22.4
36.1
31.4
18.5
22.2
15.1
13.7
12.9
LP
18.9
8.6
19.1
13.1
22.2
18.7
10.5
24.7
16.3
23.2
12.4
11.3
25.9
109.7
13.5
21.3
40.7
37.0
27.9
18.5
27.7
58.2
15.3
23.5
41.8
36.2
37.7
12.9
39.9
27.7
36.7
27.3
20.8
13.1
53.8
24.3
55.4
36.3
NM
33.7
36.9
47.3
51.5
29.4
60.7
64.6
46.2
50.6
31.4
NM
47.8
34.2
59.1
30.3
34.6
45.4
59.8
62.6
18.4
64.8
11.4
9.2
21.8
75.8
13.0
18.0
29.0
28.8
24.5
15.8
25.3
47.4
12.2
18.5
33.9
27.7
27.2
10.1
35.0
22.5
33.8
20.0
11.0
10.2
21.5
21.5
30.4
29.3
28.8
26.8
27.6
38.7
37.8
22.3
51.2
52.9
40.1
44.5
27.8
61.3
40.2
31.5
49.6
26.8
28.3
38.2
54.1
50.2
15.9
52.6
1.9
1.8
3.9
7.0
2.7
0.8
7.2
14.2
4.8
3.2
5.3
11.3
3.2
3.4
4.5
7.3
3.8
1.5
4.7
3.3
2.2
2.8
0.9
1.2
0.6
2.9
2.7
3.8
1.8
4.0
0.9
6.5
3.9
2.4
15.3
19.6
21.7
11.5
8.3
7.8
10.6
8.2
49.8
7.3
5.5
15.0
28.0
32.2
2.6
15.0
1.6
1.5
3.5
6.5
2.4
0.7
6.5
11.3
4.5
2.9
4.7
9.9
2.6
3.1
4.2
6.0
3.4
1.3
4.3
2.8
2.1
2.5
0.9
1.1
0.6
2.7
2.5
3.4
1.7
3.6
0.9
5.7
3.2
2.2
14.5
18.3
21.7
10.3
8.0
6.9
9.7
7.4
50.5
6.8
5.2
13.7
27.6
27.0
2.3
13.7
16.3
16.8
15.2
6.3
19.7
3.5
19.3
42.4
18.0
16.9
20.4
19.4
20.9
13.9
11.2
21.9
10.5
10.9
12.7
11.9
6.1
10.8
4.6
6.0
1.1
12.8
4.9
11.0
-0.8
12.6
2.5
14.3
7.9
8.3
15.5
17.8
15.9
8.6
18.3
4.2
22.3
43.7
19.0
18.0
19.7
20.9
21.5
14.7
12.7
23.8
13.2
14.1
12.9
12.4
6.3
13.3
8.3
6.1
2.8
13.0
8.4
12.3
6.0
14.2
3.3
15.6
9.5
10.0
Sell
Buy
Sell
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Neutral
1316
96
68
683
222
752
118
280
766
302
1357
1049
1040
989
339
613
1020
110
47
620
270
950
145
280
820
260
1610
1125
1125
1240
300
590
-23
14
-31
-9
22
26
23
0
7
-14
19
7
8
25
-12
-4
17.4 -41.9 12.7
7.4 -8.8 24.0
3.8 62.7 45.5
23.6 12.7 15.6
7.7 14.3 16.1
30.7 -11.2 14.4
7.4 14.8 1.6
11.1 30.8 35.2
16.2 17.4 17.3
24.7 51.1 10.2
73.4 22.4 11.8
30.9 10.9 27.1
37.5 18.2 17.9
36.3 -1.2 28.0
33.6 27.6 9.3
17.5 11.9 -11.1
14.5 15.1
6.8
78.4
48.6
80.8
4.8
38.7
11.3
24.5
3.0
3.4
2.2
466.1
105.2
31.6
27.7
-35.6
-30.2
-42.0
56.2
6.4
-11.9
LP
302.1
29.5
0.4
-10.9
1.7
1.9
13.5
18.6
7.2
-8.5
Loss
11.4
6.6
24.7
5.5
-12.4
2.0
13.2
30.3
383.7
13.2
2.3
22.1
35.5
32.4
-41.3
-16.3
-16.4
-17.4
PL
92.4
-56.0
-1.3
-9.8
8.0
13.3
15.6
10.8
8.5
4.2
Loss
5.6
23.8
17.5
11.6
8.7
16.9
27.5
21.6
33.5
-4.0
Neutral
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
230
194
1565 1853
534
590
820
836
103
81
833
825
343
386
718
680
86
82
91
100
60
67
18034 21017
3981 4368
-16
18
11
2
-21
-1
13
-5
-5
10
11
17
10
6.1
46.9
18.9
47.3
3.3
41.0
7.4
24.0
2.2
1.4
3.7
385.8
85.7
6.3
57.3
25.6
62.6
1.9
34.3
6.2
19.8
-0.4
2.7
1.6
380.9
77.3
Neutral
Buy
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Buy
Neutral
Neutral
Buy
Buy
1454
3124
1288
427
397
46
710
7052
1700
299
185
340
10677
23672
255
1177
1500
3630
1540
455
520
56
805
7785
2125
300
190
470
11800
25755
260
1280
3
16
20
7
31
22
13
10
25
0
3
38
11
9
2
9
21.1
41.8
25.2
7.8
12.1
-0.2
14.1
166.5
24.5
8.9
4.9
6.4
140.0
311.1
10.4
18.9
23.9
48.4
27.9
8.4
12.6
-0.1
14.9
206.1
28.8
9.9
5.3
7.5
178.6
378.3
13.9
18.2
28.4
59.1
32.1
9.6
14.3
0.8
17.7
223.9
34.3
11.2
6.5
8.9
197.3
472.0
16.1
22.4
26.2 29.1
32.1 35.8
48.4 54.1
24.2 24.4
27.4 29.2
-1.9 11.9
23.2 25.3
24.5 24.7
86.1 101.2
23.8 26.2
16.5 18.9
35.4 37.5
48.5 51.4
51.5 53.8
15.2 15.5
24.4 27.3
20 March 2019
16
 Motilal Oswal Financial Services
Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR) (INR) Downside
10334 9800
-5
1383 1480
7
575
700
22
EPS (INR)
FY18 FY19E FY20E
113.9 134.4 167.0
14.9 23.0 26.8
6.7 10.3 14.2
Valuation snapshot
P/B (x)
FY19E FY20E
35.7 30.2
11.4 9.5
13.5 10.6
13.5 12.5
3.9
3.8
3.8
3.3
6.5
3.5
2.8
6.4
3.2
3.0
2.0
10.5
3.8
2.7
2.5
5.8
2.4
1.6
2.8
5.8
3.5
1.7
0.8
2.8
2.0
1.3
1.3
3.1
2.8
2.0
2.8
1.7
2.8
6.4
4.8
5.1
3.7
1.1
3.4
0.5
2.2
1.0
1.4
0.6
3.3
3.3
3.3
2.6
5.6
3.1
2.5
5.4
2.8
2.6
1.8
9.8
3.3
2.2
2.3
5.3
2.1
1.5
2.5
5.1
3.1
1.5
0.7
2.4
1.8
1.2
1.2
2.9
2.6
1.7
2.5
1.5
2.4
5.1
4.4
4.3
3.2
0.9
3.0
0.5
2.0
1.1
1.4
0.5
ROE (%)
FY19E FY20E
50.0 53.0
20.6 20.1
24.2 26.3
29.3 31.7
22.4
16.6
17.5
19.6
13.0
18.8
9.4
22.9
13.7
13.2
16.3
19.2
15.4
20.8
8.5
17.2
10.5
3.5
10.3
16.4
13.1
14.3
14.8
16.2
11.8
13.5
10.3
12.3
11.5
14.6
5.8
13.1
10.4
14.0
30.8
19.4
17.3
15.0
23.5
0.7
24.8
16.5
17.0
6.8
19.3
18.4
17.9
22.2
20.9
17.1
11.3
21.1
14.4
14.1
17.0
21.7
16.1
19.9
11.9
18.5
14.3
8.3
13.1
19.9
14.9
14.6
11.5
14.0
10.5
11.5
10.7
13.6
12.6
20.0
9.3
19.3
12.7
12.2
30.9
19.7
18.0
14.3
26.5
1.2
15.1
9.8
11.9
6.2
Company
P&G Hygiene
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Glenmark
Granules
GSK Pharma
IPCA Labs
Jubilant Life
Lupin
Sanofi India
Shilpa Medicare
Strides Pharma
Sun Pharma
Torrent Pharma
Aggregate
Infrastructure
Ashoka Buildcon
IRB Infra
KNR
Constructions
Sadbhav
Engineering
Aggregate
Logistics
Allcargo Logistics
Concor
Aggregate
Media
D B Corp
Ent.Network
Jagran Prak.
Music Broadcast
PVR
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Reco
Neutral
Neutral
Buy
EPS Gr. YoY (%)
P/E (x)
FY18 FY19E FY20E FY19E FY20E
-14.5 18.0 24.3 76.9 61.9
71.7 54.0 16.6 60.2 51.6
26.1 53.3 37.4 55.6 40.5
10.7 14.7 16.9 46.1 39.5
2.5
-21.1
-7.5
8.7
-39.2
20.6
31.2
-17.3
-10.9
-27.5
-23.2
14.4
18.1
23.3
-43.5
9.8
-0.7
-65.1
-48.5
-2.6
-19.3
34.6
17.5
33.8
22.9
-17.5
0.2
91.4
-2.0
-11.6
69.5
69.4
-0.9
60.1
22.1
86.1
32.5
-18.9
16.7
18.3
-13.1
24.2
-9.3
15.3
25.6
13.6
1.2
26.8
18.7
38.1
83.5
3.3
34.2
9.4
17.9
22.8
16.5
21.4
20.3
15.1
47.8
19.2
54.0
148.0
38.8
40.6
29.3
16.7
-13.4
-0.4
-1.1
18.4
24.6
23.6
18.2
52.9
19.6
29.6
30.3
24.7
22.9
13.2
54.6
26.1
14.0
29.1
34.0
24.1
45.8
28.1
38.4
26.5
12.7
5.5
18.3
17.9
10.0
18.2
19.4
19.9
13.2
28.8
19.0
22.1
27.7
20.9
18.6
11.4
45.0
21.7
12.1
19.7
28.5
15.6
18.4
20.2
27.3
20.5
10.9
6.4
18.4
18.1
10.5
11.6
21.9
20.3
8.8
28.3
8.4
20.4
47.3
14.8
23.7
17.7
7.0
12.0
45.2
13.9
10.6
11.7
8.8
Neutral
Buy
Buy
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
540
1781
1032
778
628
337
533
1696
2705
646
118
1311
920
843
755
5622
366
448
469
1871
615
2365
1390
940
685
420
520
1570
2540
560
140
1330
970
1050
1000
7000
480
590
540
1660
14
33
35
21
9
25
-2
-7
-6
-13
19
1
5
25
32
25
31
32
15
-11
21.9
58.9
53.0
42.7
6.2
17.5
20.3
33.0
64.7
28.5
5.6
19.7
19.0
45.6
32.0
141.7
12.8
11.3
13.5
53.7
29.3
72.4
43.7
42.8
11.9
17.2
18.0
56.0
109.6
28.2
8.9
24.0
35.3
60.4
25.9
165.5
15.2
9.8
16.7
48.7
29.6
91.8
51.9
59.1
21.8
17.7
24.1
61.3
129.2
34.7
10.4
29.1
42.5
69.5
38.3
197.3
23.4
24.3
23.2
68.5
Buy
Neutral
Buy
Buy
134
150
265
242
175
155
260
265
30
4
-2
10
8.4
23.9
19.4
12.9
10.6
27.1
14.4
13.5
12.4
23.5
14.4
13.4
61.8 -25.4
17.5
5.2
Buy
Buy
116
511
142
614
22
20
7.3
17.4
8.7
19.7
10.1 -23.1 19.3
23.4 44.7 13.0
28.4 13.9
22.4 -13.8 -11.2
19.0 -40.5 62.0
13.3 -9.5 -9.7
3.0 41.1 25.5
35.9 30.4 29.2
42.0 11.6 37.1
19.7 -23.2 37.3
-5.3 19.2
29.0 120.5 40.8
23.1 7.2 -7.7
3.8 Loss
LP
20.7 56.9 30.7
5.1 37.0 75.1
10.1 31.5 3.8
6.1
LP 2,330
16.2
18.9
18.5
43.4
72.9
53.4
30.6
3.9
10.5
18.8
19.3
8.9
18.5
63.1
-32.2
-42.4
-26.0
-3.1
13.4
26.0
24.1
12.6
48.9
12.9
26.7
49.1
16.4
28.2
21.1
7.6
14.2
73.7
9.4
6.1
8.7
8.6
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
196
539
112
61
1696
623
467
215
720
140
76
1850
720
475
9
34
25
25
9
16
2
17.6
6.8
9.6
1.8
26.7
27.7
12.0
15.6
11.0
8.7
2.3
34.5
38.0
16.5
Buy
Neutral
Buy
Buy
Buy
Buy
Neutral
202
278
169
288
55
118
54
302
273
287
322
69
111
52
49
-2
70
12
26
-6
-3
18.9
21.1
-8.5
23.4
5.1
13.1
0.3
26.6
19.5
2.3
30.6
8.9
13.6
6.3
20 March 2019
17
 Motilal Oswal Financial Services
Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR) (INR) Downside
105
123
17
173
162
-6
526
370
-30
EPS (INR)
FY18 FY19E FY20E
23.7 20.4 13.7
20.4 13.8 21.5
69.5 88.7 72.0
Valuation snapshot
ROE (%)
FY19E FY20E
16.0 9.9
8.3 12.8
17.3 14.1
12.8 12.0
17.0
17.8
15.9
20.4
15.8
20.6
11.2
20.0
25.0
2.2
11.5
16.1
22.1
12.4
13.3
27.9
28.5
28.3
17.0
25.9
26.5
25.6
35.6
25.5
24.3
23.1
16.7
34.1
36.6
22.8
17.7
17.9
26.7
21.7
19.2
14.2
19.0
13.6
21.2
12.5
20.1
22.9
15.6
11.4
16.4
23.3
12.6
13.9
26.7
33.4
30.2
18.9
25.4
25.5
27.4
29.0
25.1
31.6
24.1
17.8
27.2
39.3
23.8
17.9
17.2
27.4
Company
Rain Industries
Vedanta
Tata Steel
Aggregate
Oil & Gas
Aegis Logistics
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
Mahanagar Gas
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
L & T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Vodafone Idea
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NHPC
NTPC
Power Grid
Tata Power
Aggregate
Reco
Buy
Sell
Sell
EPS Gr. YoY (%)
P/E (x)
P/B (x)
FY18 FY19E FY20E FY19E FY20E FY19E FY20E
238.1 -14.0 -32.8
5.2
7.7
0.8
0.7
34.6 -32.2 55.4 12.5 8.0
1.1
1.0
83.3 27.6 -18.9
5.9
7.3
1.0
1.1
74.2 17.3
-3.0
9.6
9.9
1.2
1.2
47.3
19.5
-1.0
7.7
-2.4
16.0
18.1
16.7
4.7
674.2
4.9
12.5
15.4
13.9
14.6
13.1
27.1
24.5
23.8
11.7
11.3
7.7
3.9
12.0
7.4
18.1
19.1
10.5
9.3
11.9
16.4
10.6
8.6
30.9
11.7
12.2
24.8
11.9
7.9
11.8
27.6
17.1
54.1
6.3
5.8
16.2
21.2
13.0
56.3
67.8
65.3
16.6
13.9
17.6
19.8
18.0
20.0
16.7
19.1
13.8
21.6
24.5
16.2
17.0
16.5
20.7
21.0
9.8
12.3
23.0
12.2
6.8
10.0
23.6
16.4
7.0
6.0
5.2
14.1
18.6
11.4
49.8
53.3
52.4
13.4
12.5
15.8
18.4
17.3
17.9
15.5
16.2
11.6
19.5
22.4
14.4
14.6
14.9
19.0
5.0
2.0
1.8
4.7
1.8
1.5
1.3
5.1
4.0
1.2
0.7
0.9
3.4
2.5
1.7
15.7
19.3
18.5
2.8
3.3
4.3
5.1
5.6
4.9
5.3
4.2
2.2
6.6
9.0
3.5
2.7
2.8
5.5
2.3
3.7
0.5
25.0
1.7
7.3
1.1
1.0
0.9
1.2
1.7
1.2
1.8
4.2
1.8
1.7
4.1
1.6
1.4
1.2
4.4
3.5
1.0
0.7
0.8
3.1
2.2
1.6
13.3
16.6
15.8
2.5
3.0
3.8
5.0
4.5
4.2
4.4
3.6
2.0
4.5
8.6
3.3
2.5
2.4
5.2
2.4
3.8
0.6
17.1
2.0
6.7
1.0
1.0
0.8
1.1
1.6
1.1
1.7
Buy
Buy
Neutral
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
204
408
363
147
181
291
162
301
978
74
183
157
244
1375
277
398
348
165
209
231
183
389
1300
77
239
182
311
1426
36
-2
-4
12
16
-21
13
29
33
3
30
16
27
4
5.9
49.8
20.4
4.2
11.9
47.4
23.9
9.4
48.4
12.8
23.6
20.2
13.9
60.9
6.6
34.8
29.7
5.9
15.2
36.6
13.8
10.9
57.1
1.4
29.3
26.9
15.0
65.0
9.7 64.5 11.1
41.6 3.0 -30.0
29.4 20.5 45.7
6.4 32.7 40.3
14.8 34.6 28.3
42.5 -12.4 -22.7
16.3 11.0 -42.3
12.7 9.2 15.7
59.8 21.5 18.1
10.6 -13.6 -89.2
30.7 -1.2 24.2
30.3 -9.9 33.5
17.4 21.8 8.6
74.0 20.7 6.6
5.5 -1.4
28.1 180.4 67.1
20.8 39.9 29.5
51.1 35.1
48.8
83.0
21.5
39.2
94.4
53.0
62.7
82.2
55.8
50.4
90.5
55.0
17.7
15.5
24.8
4.5
21.2
3.1
19.6
38.0
13.2
19.8
7.2
37.7
-1.0
33.6
7.7
1.3
5.2
3.0
18.8
16.5
12.4
37.0
37.7
32.6
52.6
16.0
17.8
25.4
15.0
13.2
32.8
14.8
Neutral
Buy
1399
1109
1300
1180
-7
6
14.9
12.6
24.8
16.4
Neutral
Neutral
Neutral
Buy
Neutral
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
655
1035
340
722
1636
943
975
1330
647
985
2025
795
258
231
720
1105
365
865
1950
1000
1050
1400
800
1050
2000
940
282
260
10
7
7
20
19
6
8
5
24
7
-1
18
9
12
38.2
62.6
16.6
32.4
66.3
34.4
44.0
45.6
40.4
38.7
66.0
42.7
13.4
10.6
39.4
74.3
19.3
36.4
90.9
47.3
58.4
69.5
46.8
45.6
82.8
49.1
15.2
14.0
Buy
Neutral
Buy
Buy
337
327
32
606
380
290
40
630
13
-11
25
4
3.5 -7.6 -5.6 -68.6 PL
13.6 14.0 13.4 -8.1
2.5
-9.6 -18.6 -18.8 Loss Loss
1.2
1.3 11.2 -89.0 15.9
PL
Loss
19.2
62.1
3.0
2.4
8.9
16.5
5.3
27.4
75.4
3.8
2.2
11.1
18.3
2.5
29.0 26.3 43.0
80.0 54.6 21.5
4.6 -21.2 24.5
2.6 -17.3 -9.9
13.8 -10.9 25.1
20.8 16.1 10.4
6.6
3.5 -52.8
7.2 24.4
Loss
NM
NM
-4.4
23.4 24.5
Loss
NM
NM
732.3 449.9 54.1
Loss
-14 -14.9
6.0
6.0
21.8
20.4
24.4
13.9
163.4
13.7
8.9
9.8
18.0
11.6
12.1
10.9
28.9
10.4
8.4
9.2
14.8
9.6
9.8
9.6
11.0
9.2
-4.7 -3.9
15.5 15.3
-37.0 -31.5
6.5 37.6
-12.1 -13.5
82.5
11.4
5.5
7.4
10.3
16.7
4.3
17.1
80.4
11.2
6.5
8.7
12.0
17.1
10.3
18.1
Buy
Buy
Neutral
Buy
Buy
Buy
Neutral
243
739
68
25
135
199
73
281
800
73
31
164
232
69
16
8
7
22
22
17
-5
20 March 2019
18
 Motilal Oswal Financial Services
Click excel icon
for detailed
valuation guide
Valuation snapshot
Company
Others
Avenue
Supermarts
Brigade Enterpr.
BSE
Castrol India
Coromandel Intl
Delta Corp
Indian Hotels
Interglobe
Info Edge
Kaveri Seed
MCX
Navneet
Education
Oberoi Realty
Phoenix Mills
Quess Corp
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Tata Chemicals
Team Lease Serv.
Trident
UPL
Reco
Sell
Buy
Buy
Buy
Buy
Buy
Buy
Neutral
Neutral
Buy
Buy
Buy
Buy
Buy
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
CMP
TP % Upside
EPS (INR)
EPS Gr. YoY (%)
P/E (x)
P/B (x)
ROE (%)
(INR) (INR) Downside FY18 FY19E FY20E FY18 FY19E FY20E FY19E FY20E FY19E FY20E FY19E FY20E
1478
241
609
158
472
242
150
1326
1898
459
801
108
496
683
804
1009
2646
2397
159
592
2903
68
932
1400
283
750
215
571
312
189
1041
1670
582
900
159
560
708
730
1023
2775
2636
207
771
3400
94
1035
-5
17
23
36
21
29
26
-22
-12
27
12
47
13
4
-9
1
5
10
30
30
17
38
11
12.9
10.8
43.5
7.0
22.7
5.8
0.7
58.3
14.9
32.0
21.2
5.5
15.5
16.7
34.7
7.2
23.9
7.0
2.4
-5.7
24.4
32.9
23.1
8.3
21.4
68.4
19.7
54.2
-20.2
2.4
5.4
21.2
270.2
PL
64.0
2.7
8.9
38.6
-0.9
15.6
1.0
19.0
29.0
26.8
LP
26.7
12.2
30.2
17.7
55.6
29.3
79.8
24.4
61.7
26.0
19.5
14.7
47.3
13.7
5.7
95.6
14.5
17.5
22.1
19.7
34.5
61.4
NM
77.8
14.0
34.7
13.0
22.3
40.5
45.2