22 June 2017
Market snapshot
Equities - India
Close
Chg .%
Sensex
31,284
0.0
Nifty-50
9,634
-0.2
Nifty-M 100
18,046
0.2
Equities-Global
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S&P 500
2,436
-0.1
Nasdaq
6,234
0.7
FTSE 100
7,448
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DAX
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-0.3
Hang Seng
10,394
-0.7
Nikkei 225
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0.5
Commodities
Close
Chg .%
Brent (US$/Bbl)
44
-2.2
Gold ($/OZ)
1,247
0.1
Cu (US$/MT)
5,718
1.5
Almn (US$/MT)
1,858
-1.0
Currency
Close
Chg .%
USD/INR
64.5
0.0
USD/EUR
1.1
0.0
USD/JPY
111.2
-0.4
YIELD (%)
Close
1MChg
10 Yrs G-Sec
6.4
0.0
10 Yrs AAA Corp
7.5
0.0
Flows (USD b)
21-Jun
MTD
FIIs
0.0
0.2
DIIs
0.0
0.7
Volumes (INRb)
21-Jun
MTD*
Cash
291
264
F&O
5,032
4,372
Note: YTD is calendar year, *Avg
YTD.%
17.5
17.7
25.7
YTD.%
8.8
15.8
4.3
11.3
10.6
5.4
YTD.%
-20.2
7.6
3.5
9.0
YTD.%
-5.0
5.7
-5.0
YTDchg
-0.1
-0.1
YTD
8.1
2.9
YTD*
285
4,746
Today’s top research idea
Avenue Supermarts (DMART): Delivering value
Expect PAT CAGR of 41% over FY17-21
DMART derives ~80% of its revenues from Maharashtra and Gujarat, which
together account for 21% of its retail spends in India. DMART intends to invest
75% of its profits in the existing clusters and plans to add 25 stores annually to
boost its growth potential.
Focus on cluster-based store expansion, rich product assortment, owned store
model, centralized sourcing and efficiency (40% of revenues), lower employee
cost (below 2% of sales v/s >4.5% for peers) and upfront payment to get cash
discount have made DMART India’s only retail company to showcase
consistent and profitable growth over the last decade.
We expect DMART to deliver CAGR of 31% in revenue and 41% in PAT over
FY17-21. We value the stock at 45x FY19E EPS, and initiate coverage with a
Neutral
rating and a target price of INR804.
Research covered
Cos/Sector
Avenue Supermarts
(DMART)
Automobiles
Aviation
Key Highlights
(Initiating Coverage) Delivering value
Mini segment recovery helps Maruti gain market share
Fare uptick visible in a seasonally strong 1Q
Piping hot news
Karnataka waives Rs 8,165 cr in farm loans, cites weak monsoon for
decision
Karnataka joined states such as Uttar Pradesh, Punjab and Maharashtra to
Quote of the day
There is a gigantic difference between
earning a great deal of money and being
rich
announce part waiver of farmer loans taken from cooperative banks, as the
ruling Congress gears up for elections next year.
Chart of the Day: Avenue Supermarts (DMART): Delivering value
Virtuous cycle of value retailing
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
MPC meeting minutes:
Dholakia argued for at least
50-bp rate cut
2
Sebi joins fight against bad loans
The Securities and Exchange Board of India (Sebi) on Wednesday joined
the fight against bad loans by providing several relaxations to the rules of
share acquisitions in the case of distressed companies. The market
regulator said an investor gaining control of a stressed company in the
listed space would not have to make an open offer. Also, Sebi’s pricing
formula for acquisition of shares would not be applicable in such cases…
Ravindra H Dholakia’s proposition,
that plunging inflation called for a
drastic rate cut of 50 basis points
(bps) or more, clearly did not find
other buyers in the six-member
Monetary Policy Committee (MPC)
that met on June 6 and 7…
3
Delhi HC refuses to issue
notice to Singh brothers on
plea filed by Daiichi
Delhi High Court today refused to
issue notice to former Ranbaxy
promoters Malvinder and
Shivinder Singh on contempt plea
filed by Japanese drugmaker
Daiichi Sankyo. HC said it can't
allow Daiichi to "hold a gun to
Fortis head" for every deal the
brothers enter into…
4
Banks led by State Bank of India
will decide on Thursday the fate of
three large defaulters — Essar
Steel, Bhushan Steel and
Electrosteel Steels — which
constitute nearly half the loans of
the top 12 defaulters identified by
the Reserve Bank of India, thus
marking a significant phase in the
effort of lenders to clean up…
Lenders to decide fate of
Bhushan and Essar Steel today
5
Reliance Industries likely to
declare Jio results separately
from Q2
RIL) is likely to formally declare
separate results for Reliance Jio
Infocomm (Jio) only from the July-
September quarter and not the
quarter to June. "The board will
take the final call but that’s the
thought process…
6
Delhi Metro to meet a sixth of
its energy needs from solar to
curtail costs
In an attempt to promote and
encourage clean energy, the Delhi
Metro Rail Corporation plans to
meet nearly a sixth of its power
requirements from solar energy.
The corporation's electricity
consumption is expected to touch
300 MW in the next five years…
7
Tata, govt hold talks for stake
in Air India
The Tata group is believed to have
held preliminary discussions with
senior government officials for
participating in the privatisation
process of the beleaguered
airline...
22 June 2017
2

Avenue Supermarts
BSE Sensex
31,284
S&P CNX
9,634
Initiating Coverage | Sector: Retail
CMP: INR818
TP: INR804 (-2%)
Neutral
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1,6,12 Rel. Perf. (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, (INR m)
Free float (%)
DMART IN
624.1
839 / 559
-11/-/-
510.5
7.9
5183
17.8
Avenue Supermarts (DMART) owns and operates an emerging national supermarket
chain, ‘D-MART’. Focused on value retailing, it offers a wide range of fast-moving
consumer (food and non-food) products, general merchandise and apparel. DMART
has grown impressively from opening its first store in Mumbai in 2002 to 131 stores
spread across 11 states. Over the last five years, it has expanded its total area of
operations at a CAGR of 21% to 4.1m sf and grown its sales and PAT at a CAGR of 40%
and 51% respectively.
Delivering value
Expect PAT CAGR of 41% over FY17-21
Financial Snapshot (INR b)
Y/E Mar
FY17 FY18E FY19E
Sales
119.0 163.1 217.9
EBITDA
9.8 13.7 18.7
NP
4.8
8.0 11.2
EPS (Rs)
7.7 12.8 17.9
EPS Growth (%)
34.5 67.2 39.3
BV/Share (Rs)
61.6 70.5 83.0
P/E (x)
106.6 63.8 45.8
P/BV (x)
13.3 11.6
9.8
RoE (%)
17.9 19.4 23.3
RoCE (%)
14.2 16.7 23.4
Shareholding pattern (%)
As On
Promoter
Public
Others
Mar-17
82.2
17.8
-
Avenue Supermarts
Delivering value
Size of India’s retail sector stands at USD616bn with share of organized brick and
mortar retail at USD55bn (9%). While overall retail is expected to grow at a CAGR
of 11.7% to USD960b by 2020, organized brick and mortar retail is expected to
grow at a faster CAGR of 20.2% to USD115b (12%) thereby providing huge
opportunity of growth for DMART.
While food and grocery forms the largest share of organized brick and mortar
retail in 2016 at 24%, penetration of food and grocery still stood at 3% in 2016 of
total retail is expected to improve to 5% by 2020 which should provide significant
opportunity for DMART given it derives 53.6% of its revenues from food and
grocery segment.
Additionally, DMART derives ~80% of its total revenues from Maharashtra and
Gujarat which accounts for 21% of total retail spends in India. DMART intends to
invest 75% of its profits in the existing clusters and plans to add 25 stores annually
(83.5% increase in area to 7.5m sf by FY21) embellishing its growth potential.
Focus on cluster-based approach towards store expansion, rich product
assortment, owned store model, centralized sourcing and efficiency (40% of
revenues), lower employee cost (below 2% of sales v/s >4.5% for peers), upfront
payment to get cash discount have made DMART India’s only retail company to
showcase consistent and profitable growth over last decade.
We expect it to deliver 31% revenue CAGR and 41% PAT CAGR over FY17-21.
EBITDA margin is likely to expand 60bp to 8.8% by FY21, which along with savings
on interest cost, would drive up PAT margin from 4% to 5.4%. With higher asset
turns, RoCE and ROE is likely to improve from 14% and 18% in FY17 to 27.5% and
27.4% respectively in FY21.
DMART stock has given 2.7x return from IPO price, which largely captures past
track record of creating unique scalable retail business model driven by flawless
execution as well as captures the future growth. We value the stock at 45x FY19E
EPS, and initiate coverage with a Neutral rating. Our target price of INR804 implies
2% downside.
Niket Shah
+
91 22 39825426
Niket.Shah@motilaloswal.com
Massive untapped opportunity offers high growth potential
The Indian retail industry is expected to grow at a CAGR of 11.7% to USD960b by
2020 from USD616b, organized brick and mortar retail is expected to grow at a
faster CAGR of 20.2% to USD115b (12%). Thus, we believe, India’s retail Industry
offers massive scope for growth. With its strong track record and its cluster-
based approach towards expansion, DMART is well placed to benefit. Positioned
3
22 June 2017

as a value retailer, its overall revenue has grown at a CAGR of 40% and like-to-like
revenue has grown higher than 20% in the last five years. Revenue per square foot
has grown at a CAGR of 16% to INR29,019. Unlike most of its peers, DMART has
been able to grow profitably without sacrificing on margins. It has grown from one
store in 2002 to 131 stores across 11 states/UT’s. It is typically an early mover in
areas populated by lower-middle, middle and aspiring upper-middle income
consumers in the income bracket of INR25,000-75,000 per month. DMART plans to
open 25 new stores every year. Given that Gujarat and Maharashtra, which
contribute ~80% to its revenue, contribute only 21% towards total retail spend in
India (USD616b), the growth potential for DMART is immense.
Its secret sauce for success has stood the endurance test
A combination of rich product assortment and making it available at everyday low
price (EDLP) is DMART’s winning formula in value retailing. For EDLP, the company
focuses on everyday low cost (EDLC), the key ingredients of which are:
Right product assortment:
DMART focuses on the most popular SKUs(from the
perspective of its target customers’ monthly purchase basket) in each product
category. We believe this helps to improve sales velocity, lower pilferage and
ensure fresh products on the shelf. DMART enjoys revenue per square foot of
INR29,019 against less than INR17,500 (FY16 data) for peers. For DMART,
pilferage is less than 50bp of sales.
Owned stores model:
Its strategy of expanding through owned stores ensures
savings in rent costs (4-5% for peers) and protects it from escalation in rentals.
DMART believes that RoCE of owned stores is low for the first nine years, but is
substantially higher thereafter. Of its 131 stores, DMART owns ~85%.
Sourcing efficiency:
DMART purchases directly from manufacturers and primary
vendors, thus saving on distributor/dealer margins. Upfront payments to
suppliers(lowest payables among peers: 9 days) help it to avail cash discounts,
which it passes on to end consumers. The logistics partners we interacted with
indicate that though working with DMART means lower revenue per km, the
turnover offered is higher and payment is immediate.
Centralized sourcing:
40% of DMART’s total sourcing is centralized, giving it
greater bargaining power. It stocks faster moving products like food and grocery
in warehouses closer to its stores and slower moving products like apparel
further away, thus optimizing storage costs. We believe DMART can increase
centralized sourcing to 60%, leading to further savings in procurement, which
can be passed on to the end consumer.
Lower employee cost:
DMART works on a variable employee model, which
ensures low employee costs – below 2% of sales. Only~4,200 employees are on
its direct payroll. The balance staff are third-party party hires.
Input metric focus:
DMART rates its managers based on number of idle cash
counters, empty shelves (especially when stocks exist in warehouses), and level
of pilferage. It allots ESOPs to deserving employees, creating a sense of
ownership amongst employees.
EDLC-EDLP creates a powerful virtuous cycle of growth for the company.
22 June 2017
4

Participating in e-tail opportunity, too
E-tail penetration in foods and groceries (F&G; key revenue contributor to DMART)
is miniscule at 0.03% and is expected to be 0.2-0.45% by 2020. Key factors like
supply chain & logistics, perishable nature of products, and maintenance of
consistent quality will restrict the growth of e-tailing in the F&G category. We do not
see competition from web-only e-tailers in the F&G space as a big threat for DMART.
Yet, DMART intends to participate in the e-tail opportunity and is piloting its online
model in some areas of Mumbai, where customers can buy online and choose to
pick up their purchases at
D-Mart Ready
pick-up points or get doorstep delivery
against delivery charges. DMART considers the in-store model more beneficial, as it
helps to spread the fixed costs better, as against the typical e-tail model, where
delivery costs are involved.
PAT to register 41% CAGR over FY17-21
We expect DMART to register revenue CAGR of 31% to INR349b in FY21, driven by
addition of 25 stores every year and improving revenue per square foot. DMART has
clocked high inventory turns of ~12x and fixed asset turnover of 4x over FY12-17,
despite asset heavy model which in our view is commendable. With increasing scale,
its ability to source at better prices is expected to improve further, which should
drive 60bp EBITDA margin expansion to 8.8%, though DMART would pass on most of
the benefits to the consumer. With full debt repayment (post IPO proceeds) leading
to savings in interest cost, we expect PAT to register 41% CAGR over FY17-21. With
net working capital at 26 days, mainly through efficient management of inventory
(stable around 34 days) and improving RoCE (14.2% in FY17 to 27.5% in FY21E), we
believe DMART resembles the performance and track record of the world’s largest
and most successful retailer, ‘Walmart’.
Valuation and view
We believe DMART deserves to be valued at a premium as it stands out on account
of its top-notch execution capabilities. Our key rationales for premium valuations
include:
1.
The only retail company to grow consistently and profitably:
DMART has
grown its total area of operations at 21% CAGR over FY12-17 and that too
without sacrificing its profitability. Its PAT grew at 51% CAGR over the same
period.
2.
Profitable expansion without sacrificing on returns:
DMART has consistently
improved its return ratios despite following an asset-heavy model. Its post tax
RoCE improved from 8% in FY12 to 14.2% in FY17 (FY17 includes impact of fund
raising). Most of Indian peers follow an asset-light approach and have been
unable to make a positive RoE.
4.
High Resemblance to Wal-Mart on all parameters:
Wal-Mart has showcased
consistent performance in terms of margins and return ratio over last 30 years.
During 2006-16, its gross margins have broadly remained in the range of 24-25%
while EBITDA and PAT margins have remained in range of 7.5-8% and 3.5-4%
respectively. Accordingly, it has consistently delivered an average RoE of 21%.
Similarly, DMART currently in its growth phase and has exhibited superior
performance on all parameters. It has registered revenue CAGR of 40% over
22 June 2017
5

FY12-17, with consistent improvement in EBITDA/PAT margins from 6.3% / 2.7%
in FY12 to 8.2% / 4% in FY17 with RoE improving from 9.5% in FY12 to 18% in
FY17 (FY17 includes impact of fund raising). Although, the gross margins of Wal-
Mart is higher at 25% vs DMART’s 15%, EBITDA margins of DMART are higher at
8% vs 7% of Wal-Mart because of low employee cost structure and other
expenses. PAT margins for FY17 stood at 4% (DMART) vs 3% (Wal-Mart).
Thus, we take Wal-Mart as a benchmark for valuations considering DMART’s high
resemblance with it on financial parameters and performance. Wal-Mart during its
high growth phase period CY98-CY00, registered earnings CAGR of ~20% with
average 1 year forward valuation of 33x. Post its high growth phase, the growth has
tapered off mainly due to advent of online players. The earnings CAGR for CY01-16
has been 7% which also led to decline in PE multiple (average PE during the period
was 18x). We believe DMART is currently in its high growth phase and expect it to
register revenue/PAT CAGR of 31% / 41% over FY17-21 with improving RoCE and
ROE (14.2% and 18% in FY17 to 27.5% and 27.4% in FY21E, respectively). Given
DMART’s flawless execution in the past and visibility of high earnings growth going
forward, we believe it deserves P/E of 45x (35% premium to Wal-Mart average PE of
33x) FY19E EPS, arriving at a price target of INR804. We initiate coverage with a
Neutral
rating.
22 June 2017
6

Sector Update | 21 June 2017
Automobiles
Mini segment recovery helps Maruti gain market share
Mini segment recovering, while Compact UVs facing heated competition
Pawan Goenka, MD
Mahindra & Mahindra, said
“We will put in another Rs 600
crore in the next couple of years to
take the cumulative total to Rs
1,200 crore not including product
development spend and the
investment in the high-end luxury
electric vehicle being developed by
Pininfarina. To that end, the
company has also restructured its
entire electric vehicle business
using its the earlier Mahindra Reva
plant in Bengaluru to make electric
powertrains only. We are working
on increasing productivity and
launching a new 360-600 V
powertrain that will go into the
Pininfarina badged luxury electric
car, small buses and other high-
end vehicles. It will also be used by
SsangYong for its e-vehicle range”.
Mini segment recovering from demonetization blues:
Kwid
volumes stood at
only 7k units in May-17, down from average of 9.1k units in FY17. On the other
hand,
Alto
reported volumes of 23.6k units (nine-month high), up 19% YoY.
Maruti’s share in the Mini segment is at a yearly high of
~74%.
Compact segment receives Baleno push:
Baleno
volumes increased 46% YoY to
14.6k units in May-17.
Grand i10 and i20
reported volumes of 13k units (up ~8%
YoY) and 10.7k (up ~2% YoY) units, respectively.
Celerio
reported volumes of
6.1k units (nine-month low) in May, down 17% YoY.
Tiago
continued to report
strong volumes at 4.9k units, up 49% YoY.
IGNIS
volumes stood at 4.5k units in
May (its fifth month since launch) v/s average of 4.8k units in FY17.
Compact sedan segment sees flurry of refreshes/facelifts:
New Dzire
reported
volumes of only 9k units as May included only part of wholesale volumes.
Tigor
reported 2.3k units in its third month. Due to competition from new Dzire,
volumes of peers like
Amaze
(1.3k units),
Xcent
(3.8k units) and
Zest
(1.4k units)
declined 6%, 19% & 13%, respectively, in May.
Mid-size segment:
CIAZ
reported volumes of 4.7k units, down 9% YoY, due to
the transition to the Nexa channel, while
Honda City
volumes were at 4k units.
UV-1 segment (compact SUVs) – competition heating up:
Brezza
reported
highest volumes at 12.4k units,
as against average of 9k units in FY17, while
Creta
reported volumes of 8.4k units.
KUV100
continues to struggle at 2k units,
whereas
TUV300
is stable at ~2.3k units.
Ertiga
reported volumes at 7.1k units
(44-month
high),
while
Bolero
volumes stood at 6k units, as against average of
4.7k units in FY17.
Ford EcoSport
volumes were consistent at ~3.5k units.
Honda
WR-V
reported volumes of 2.8k units in its third month of launch.
In the UV-1
segment, Maruti’s market share is at ~45%,
as against average of 38% in FY17,
while
MM’s share was at ~22%, as against ~25% in FY17.
UV-2 segment – MM gradually recovering:
Scorpio
reported volumes of 4.7k
units, as against average of 4.1k units in FY17, while
XUV500
volumes were at
2.1k units, as against average of 2.2k units in FY17. MM is gradually gaining
ground in its bread & butter models.
Hexa
reported paltry volumes of 727 units
in its fifth month since launch.
Innova
reported volumes of 5.6k units, down
22% YoY. In this segment,
MM is the leader with ~54% market share, as against
44% in FY17.
Overall market share:
Maruti’s market share in the PV segment was at ~52%, as
against 47.4% in FY17. Hyundai maintained its share at ~27%, followed by MM
(~8%) and Tata Motors (~5%).
Exports:
Maruti Baleno’s export volumes have been declining over the last three
months; however, its overall mix is improving led by higher Ertiga, Brezza and
Baleno domestic volumes.
22 June 2017
7

Valuation and view:
We prefer 4Ws over 2Ws and CVs due to stronger volume
growth and a stable competitive environment. While we expect 2W volumes to
benefit from a rural recovery in the near term, competitive intensity remains
high in the segment due to changing customer preferences. For CVs, we expect
volumes to remain muted at least for the next 2-3 quarters due to pre-buying,
GST implementation and cost inflation with relatively weak freight availability.
Our
top picks are Tata Motors, Maruti Suzuki and Amara Raja.
We also
like
MM as the best bet on a rural market recovery.
Exhibit 1:
Baleno domestic volumes inch up,
while exports decline
Baleno domestic volume
Baleno exports volume
Exhibit 2:
Mini segment recovering post demonetization, Maruti
is the key beneficiary
Mini segment volume
Maruti mini segment MS (%)
73.3
64.8
48,662
65.3
50,631
71.8
62.0
49,985
54,204
73.6
53,098
51,764
Source: SIAM, Company, MOSL
Source: SIAM, Company, MOSL
22 June 2017
8

Sector Update | 22 June 2017
Aviation
Fare uptick visible in a seasonally strong 1Q
Sequentially lower ATF prices, strong INR to support profitability further
Fare uptick visible:
Our one-month forward fare tracker for 11 routes shows an upward trend in fares over a
seasonally strong 1Q. We believe yields for airlines (IndiGo and SpiceJet) would improve QoQ in 1QFY18. In 4QFY17,
airlines’ fares faced downward pressure due to seasonal weakness; IndiGo’s yield declined ~5% YoY and SpiceJet’s yield
declined ~8% YoY.
Domestic passenger growth slipped below 20% YoY; industry at peak PLFs:
Domestic passenger growth rate
slipped below 20% YoY recently, primarily due slower capacity addition in the domestic market. Average passenger
growth for April-May was 16.4% YoY (v/s 22% in FY17), driven by 14.8% YoY growth in ASK (v/s 20% in FY17). Average
RPK grew ahead of ASK at 16.7% YoY (v/s 22% in FY17) due to increased PLF at 87.2% (84.4% in FY17). We believe
slower domestic capacity addition and peak load factor in a seasonally strong period should allow airlines to exercise
some pricing power.
Lower ATF prices and strong INR to support profitability:
In 1QFY18, ATF price declined 5% QoQ (from INR55.4/liter
in 4QFY17) and increased 16% YoY (from INR45.4/liter in 1QFY17) to INR52.7/liter. INR appreciation along with lower
ATF prices and increased air ticket fares should result in sequentially higher profitability for airlines.
Airlines’ profitability to improve in 1QFY18:
As expected, headline fares have picked up in a seasonally strong 1Q.
IndiGo’s slower capacity addition in the domestic market (17% in April-May 2017 v/s 25% earlier) gives a breather for
yields in the domestic market. We believe increased air ticket fares along with lower ATF prices (down ~6% QoQ) and
INR appreciation would further support airlines’ profitability in 1QFY18.
Average fare trends (1-month forward)
Indigo
SpiceJet
Exhibit 1:
Average fare trends of 11 major routes*: 1-month forward fares on major routes since February 2016
6,500
5,500
4,500
3,500
2,500
Jun-16
Headline fares picked up
in a seasonally strong 1Q
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17 Mar-17
Apr-17
May-17
Jun-17
Jul-17
*Note: Not a reflection of company-level averages
Source: MOSL
Exhibit 2:
Domestic ASK addition growth has slipped below 20%
in the recent period
YoY (%)
28
20
12
4
(4)
Domestic ASK
Linear (Domestic ASK)
Exhibit 3:
Domestic passenger load factor has increased
significantly; clocked 85.5/88.9% in April/May 2017
PLF (%)
96
88
80
72
69.5
Domestic PLF
87.0
Linear (Domestic PLF)
88.9
26.8
21.4
14.9
(2.1)
81.8
64
Source: DGCA, MOSL
Source: DGCA, MOSL
22 June 2017
9

In conversation
1. Confident of achieving guided growth of 30-35% for 3-4 years:
RBL Bank; Vishwavir Ahuja, MD & CEO
Going forward confident of achieving 30-35% growth for 3-4 years.
Research shows that at the customer end quality of service and fulfilment is still
a challenge for even the best and the biggest. The bank's internal tag-line is,
“Relationship with responsibility,”
Maintained GNPA under 1.25% throughout. However, in the current year
expects headwinds in the micro-banking space, which has been a star
performing segment for the last 4-5 years.
GNPAs could be slightly higher in the quarter and next 6 months but by the end
of the financial year, should come back to the 1.25%
Has been able to avoid the problems in power, infra and other sensitive sectors.
2. GST rates fair; company positioned to become stronger post
GST: Raymond; Gautam Singhania, CMD & Sanjay Behl, CEO
GST is reasonably fair. In the textile sector, a lot of small scale industries will
become compliant
Raymond is positioned to do much better in GST compliant era.”
No reason to get unnecessarily worried or concerned about any price increases,
he said.
3. Eyeing Rs 45000-50000 cr naval orders over next one year:
L&T defence; JD Patil, Wholetime Director & Sr VP-Defence
Will submit final bids for Rs 25,000 cr LPD project this week
Order for the LPD or the landing platform dock may come in by March 2018 or a
quarter after that.
Looking at three major other naval vessel programmes and one of them is ahead
of LPD. There are also diving support vessels and large hydrography survey
vessels for navy.
All these are utility ships and together they could be looking at Rs 45000-50000
cr of naval orders over next one year.
Strategic partnership policy on P75I project for Scorpene Submarines, have been
announced about a month back and now it is under physical implementation.
Within one or two months EOI should be out both for Indian partners as well as
the possible foreign partners. Post that it would take around four months to
decide on potential partnerships and based on that physical bidding would
happen. There is possibility of the bids to be made in this financial year
4. Will gain market share from organised players post GST:
Allcargo Logistics; Prakash Tulsiani, ED & COO
Will gain market share from organised players post GST,
Unorganised sector in logistics stands at 50 percent.
Organised sector, should grow at least at the rate of 20 percent
22 June 2017
10

From the think tank
1. India’s money illusion problem
The recent farmer protests in some parts of the country throw fresh light on an
old economic problem. People think in nominal rather than real terms. Price
changes matter. The paradox of farmer protests when farm output is at record
levels is less puzzling once we take falling food prices into account. It is the
nominal rather than the real trend that is hurting farmers. It is useful to
remember that two of the biggest movements launched by M.K. Gandhi were
timed with the deflation in farm prices after World War I and the Great
Depression across the world. The fact that it is lower prices that have brought
farmers to the streets seems to have got widespread acceptance in recent
weeks. This is a good cue to extend the discussion to some broader economic
issues, especially about why the Indian economy does not “feel” like it is
growing at 7%. Is it because too many people are not taking a closer look at
what has happened to prices in recent quarters? More on that later. The sharp
fall in inflation in recent years has pulled down the growth in nominal gross
domestic product (GDP). Many analytical muddles have followed.
2. Charting the Indian banking sector’s future
The Indian banking sector is at a critical juncture in its evolution. It is now clear
that the slump in credit growth and increase in stressed assets has affected the
profitability of all banks, and threatens the very survival of some of them. State-
owned banks account for more than three-fourths of the stressed asset load,
which is now far higher than their net worth. Provision levels are inadequate, as
the banks hold only 28% of gross non-performing assets and restructured assets,
as provisions. There is a $110 billion gap between the stressed assets in the
system and the provisions made. Shifts in consumer preferences, combined with
changes in technology and regulations, have created a perfect storm. The way
out will depend to a large extent on the speed and direction of stakeholder
reactions.
3. GST will have a positive impact on economy, industry and
consumers; here is why
From July 1, GST will be in force, redefining India’s indirect tax system and
reshaping the way business is done in the country. Almost two decades in the
making, the new tax system represents a historic success story in our economic
reforms journey. While the benefits of GST to the economy, industry and
consumers are well-known, it notably represents a structural reform. The
process of drafting the new system was unprecedented as it took place through
a committee of finance ministers from all states, taking off from the original
empowered committee created in 1999 for the introduction of state-level VAT.
State governments from different political parties with different ideologies came
together with the ministry of finance on a single platform for the larger national
good. With free discussions and consensus-building, this created requisite buy-
in from all states. Such a model could be replicated for future policy
development on issues such as labour reforms, land acquisition, agricultural
policies, etc.
22 June 2017
11

4. Reservations in universities, government must realise quota
is anathema to creating global class
Given how few Indian universities feature in global rankings—only three, from
over 700, make it to the top-200 in the latest QS World University Rankings—a
lot was expected from the government’s vision of creating 20 world-class
universities, if only because over 2 lakh Indian students go overseas to study
each year and spend over $10 billion while doing so. But the policy fell short
since what was required was a complete overhaul in approach and, now, the
wait for these institutes of eminence (10 government and 10 private) has got
longer. Mint reports that the government has deferred the plan till an inter-
ministerial group comprising HRD minister Prakash Javadekar, former HRD (now
textiles) minister Smriti Irani, power minister Piyush Goyal and commerce &
industry minister Nirmala Sitharaman work out a few kinks.
International
5. Amazon goes back to the future of groceries
Just when we thought we understood Amazon, it surprises us. We are used to
observing an online retailer that cuts prices relentlessly to undermine brick and
mortar stores. It has now decided to buy Whole Foods Market, a premium chain
for Americans who can afford fancy cheese and fish. If it wanted to turn
physical, the Amazon of our imagination might have followed Aldi, the private
German retailer, by investing $5bn to expand its US discount stores, or have
directly taken on Walmart’s 3,500 grocery and hardware Supercentres. Jeff
Bezos, Amazon’s founder, is instead entering the top end of the grocery market
by offering $13.7bn for Whole Foods.
22 June 2017
12

Click excel icon
for detailed
valuation guide
Rs
Valuation snapshot
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
24.4
17.1
18.8
31.0
37.3
17.8
30.9
29.1
20.0
23.8
19.0
19.9
24.4
24.2
14.9
32.6
21.7
21.6
23.7
32.3
20.3
25.3
17.9
17.3
25.1
21.6
30.7
29.1
10.3
15.8
22.7
8.8
10.0
10.7
8.8
9.0
8.7
14.3
14.7
6.2
12.0
30.1
22.2
19.7
11.9
43.4
32.1
13.6
17.3
8.5
26.7
5.5
4.5
4.8
6.6
8.4
3.1
15.6
7.3
3.6
3.9
7.4
3.2
2.8
6.1
2.7
10.8
4.9
2.2
3.1
2.4
2.3
5.1
2.1
1.3
4.5
0.9
4.8
4.5
1.1
3.7
3.3
1.1
0.6
0.8
0.5
1.0
0.4
0.8
1.3
0.5
0.9
8.1
4.1
4.1
1.8
14.6
6.4
3.9
3.6
2.6
3.0
4.7
3.9
4.3
5.8
7.4
2.7
11.1
6.0
3.1
3.4
6.3
2.9
2.5
5.2
2.3
8.5
4.2
2.1
2.8
2.2
2.1
4.4
2.0
1.3
3.9
0.8
4.2
4.0
1.0
3.1
3.0
1.0
0.6
0.7
0.5
0.9
0.4
0.8
1.2
0.5
0.9
6.6
3.4
3.5
1.6
12.1
5.8
3.5
3.1
2.3
2.8
ROE (%)
FY17 FY18E FY19E
20.3
23.3
25.3
16.2
15.8
16.9
40.3
20.8
12.3
14.0
35.7
14.2
6.4
20.3
9.8
25.6
17.1
6.9
10.9
8.9
9.9
17.9
10.2
7.2
16.0
-27.0
13.8
12.3
9.4
18.9
11.4
4.1
-6.7
4.2
1.4
10.1
-8.4
3.6
-0.2
2.7
0.9
21.7
15.1
18.1
14.4
30.4
19.3
25.5
19.4
23.9
6.4
20.8
24.4
24.1
19.9
21.2
16.3
41.9
22.6
16.8
14.5
35.9
14.2
10.8
21.2
16.5
29.2
19.3
9.9
12.4
7.1
10.9
18.2
9.9
7.4
16.5
4.0
14.5
14.6
10.6
17.9
13.0
12.3
6.1
6.8
5.8
10.6
4.6
5.6
8.9
8.1
7.4
24.0
16.7
19.0
14.5
30.6
18.3
27.0
19.3
29.0
10.9
21.2
26.9
25.6
22.5
22.2
17.9
38.5
23.1
17.9
15.8
31.3
14.4
11.5
22.3
27.8
35.9
22.8
15.7
14.0
10.1
12.5
19.0
10.6
9.0
17.3
7.0
15.7
17.3
12.2
19.4
14.7
14.5
9.0
9.4
7.3
11.1
5.4
7.5
10.7
10.5
9.3
26.2
19.5
19.9
15.2
30.9
17.4
29.6
19.0
32.2
12.9
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
Neutral
Exide Ind
Buy
Hero Moto
Neutral
M&M
Buy
Mahindra CIE
Not Rated
Maruti Suzuki
Buy
Tata Motors
Buy
TVS Motor
Buy
Aggregate
Banks - Private
Axis Bank
Neutral
DCB Bank
Neutral
Equitas Hold.
Buy
Federal Bank
Buy
HDFC Bank
Buy
ICICI Bank
Buy
IDFC Bank
Neutral
IndusInd
Buy
J&K Bank
Neutral
Kotak Mah. Bk Buy
RBL Bank
Under Review
South Indian
Buy
Yes Bank
Buy
Aggregate
Banks - PSU
BOB
Buy
BOI
Neutral
Canara
Neutral
IDBI Bk
Neutral
Indian Bk
Buy
OBC
Neutral
PNB
Buy
SBI
Buy
Union Bk
Neutral
Aggregate
NBFCs
Bajaj Fin.
Buy
Bharat Fin.
Neutral
Cholaman.Inv.&FnBuy
Dewan Hsg.
Buy
GRUH Fin.
Neutral
HDFC
Buy
Indiabulls Hsg
Buy
LIC Hsg Fin
Neutral
Manappuram
Not Rated
M&M Fin.
Buy
CMP
(INR)
TP % Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
24
25
21
6
-4
-7
10
6
-1
22
-4
16
11
39
7
28.0
4.6
132.3
26.2
473.1
93.3
613.8
23.5
23.2
8.2
169.1
54.3
5.4
248.6
19.8
11.7
842
1,044
94
117
2,821 3,422
1,168 1,242
24,298 23,287
1,870 1,741
27,562 30,402
897
948
718
711
225
274
3,769 3,622
1,385 1,603
240
-
7,266 8,060
457
635
545
581
34.5
41.8
30.1
5.5
7.1
20.4
150.4 178.2 21.3
37.7
49.7
44.7
650.7 776.2 51.4
104.9 133.9 20.0
892.0 1,135.1 44.9
30.8
37.9
38.2
35.9
44.4
31.0
9.5
11.8
27.6
198.1 201.2 22.3
69.6
81.7
25.5
9.9
11.8
44.8
300.0 370.9 29.2
30.8
65.8
23.1
16.7
26.7
46.4
28.4
23.4
8.8
4.8
5.8
67.1
16.3
3.3
59.4
4.4
32.3
17.6
2.9
90.5
41.2
11.2
7.5
7.3
79.4
18.7
4.3
72.0
8.0
40.5
23.8
3.6
114.0
33.0
29.8
33.1
24.2
29.9
19.0
19.1
29.8
NM
37.0
43.2
13.5
19.6
28.5
27.9
NM
18.8
37.2
10.3
NM
23.5
959.2
19.8
101.0
42.1
34.3
24.3
15.6
54.8
34.7
16.2
20.2
11.5
48.8
508
209
156
117
1,700
291
57
1,495
95
992
513
30
1,432
525
170
210
125
1,790
329
62
1,700
89
1,050
-
31
2,110
3
-18
34
7
5
13
8
14
-6
6
5
47
15.4
7.0
4.7
4.8
56.8
15.3
3.0
50.1
-31.3
26.8
11.9
2.2
73.0
167
137
353
57
300
148
146
290
151
217
147
380
49
360
150
184
375
174
30
7
8
-13
20
1
26
29
15
6.0
-14.8
18.8
1.5
29.3
-31.6
6.2
0.3
7.6
19.0
13.7
33.0
6.4
33.3
17.1
10.3
19.7
24.6
24.9
22.0
48.9
8.6
38.1
21.4
14.5
25.9
34.5
1,415
720
1,117
461
446
1,627
1,121
772
94
345
1,550
769
1,250
559
421
1,797
1,227
723
-
400
10
7
12
21
-6
10
9
-6
16
33.6
21.0
46.0
29.6
8.1
46.8
69.0
38.2
8.2
7.1
47.0
32.4
56.7
38.6
10.3
50.7
82.2
44.6
11.1
12.9
63.6
45.3
70.6
45.5
12.5
55.9
101.6
51.2
14.0
16.4
22 June 2017
13

Click excel icon
for detailed
valuation guide
CMP
(INR)
459
130
881
185
2,393
999
TP % Upside
(INR) Downside
465
1
117
-10
900
2
134
-28
2,689
1,269
12
27
EPS (INR)
FY18E
34.5
27.2
36.0
35.0
130.4
77.4
Valuation snapshot
FY19E
40.0
30.2
43.3
40.4
164.7
98.6
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
15.5 13.3
2.9
2.5
5.1
4.8
0.9
0.8
30.3 24.5
4.9
4.1
5.9
5.3
1.1
0.9
28.4
18.0
19.1
76.5
24.4
67.4
49.4
47.0
20.8
34.4
59.4
50.5
11.3
20.7
27.7
23.1
74.8
39.7
29.5
30.6
25.3
30.3
34.6
49.3
49.0
30.8
65.4
16.7
38.4
29.1
71.2
25.5
NM
336.6
45.2
41.8
36.3
55.0
49.8
52.0
39.7
42.5
51.7
34.3
57.2
36.8
34.2
18.3
12.9
16.4
60.1
23.6
31.3
35.4
39.5
37.3
31.7
38.1
39.9
NM
18.1
25.8
17.9
54.9
37.2
21.2
29.2
21.0
29.2
30.8
36.3
33.6
22.1
38.0
13.0
23.2
21.2
43.5
22.3
32.4
31.6
36.2
33.1
27.2
50.0
44.7
43.0
37.2
38.6
44.8
31.6
49.3
32.3
43.0
3.2
2.0
3.3
9.7
5.0
1.0
8.0
25.6
1.3
6.8
8.4
9.2
1.5
4.0
3.3
2.0
7.0
7.3
-1.7
4.2
4.0
4.7
3.9
2.5
3.7
2.1
4.5
1.8
1.3
3.9
4.2
4.5
3.0
5.9
8.6
4.8
3.5
14.6
16.3
23.6
10.5
14.6
12.6
7.2
36.5
8.3
6.4
2.8
1.8
2.9
8.4
3.9
1.0
7.5
18.4
1.2
6.2
7.4
8.1
1.5
3.4
3.2
1.8
6.0
6.3
-1.9
3.8
3.5
4.2
3.6
2.4
3.7
2.0
4.1
1.6
1.2
3.3
3.8
3.9
2.8
5.1
7.1
4.3
3.2
14.0
15.2
22.2
9.0
11.8
9.7
7.1
35.3
8.2
6.6
FY17
19.7
17.9
17.4
19.9
11.8
11.7
17.2
12.7
20.6
1.5
18.0
76.4
6.2
21.2
12.4
18.2
14.9
21.2
12.6
8.6
9.3
19.8
NM
14.3
16.3
18.0
11.2
5.0
7.5
7.5
7.2
11.5
3.4
14.4
6.0
19.2
-3.2
1.8
20.2
12.0
9.7
28.5
36.9
50.4
28.4
35.8
24.6
22.2
65.6
23.5
21.1
ROE (%)
FY18E
20.2
17.0
18.2
19.1
16.2
14.5
17.7
13.9
16.5
3.3
21.9
54.2
3.4
20.5
20.7
20.4
-3.3
20.3
12.5
10.0
11.0
18.1
-8.8
13.6
17.7
15.1
11.7
6.7
11.0
9.2
11.3
13.1
5.5
17.0
9.2
18.6
9.0
17.2
21.5
13.6
11.8
28.6
35.2
53.2
26.0
33.8
24.5
22.6
72.8
25.6
15.1
FY19E
20.6
16.8
18.5
19.1
17.8
16.3
17.9
15.8
16.8
3.6
30.1
50.3
4.2
23.2
21.5
21.4
15.1
21.2
13.6
11.8
13.7
19.5
-11.0
12.9
17.5
15.3
12.9
7.1
14.2
12.2
13.1
15.1
7.2
18.6
14.7
19.1
12.3
22.6
22.6
15.7
13.7
30.6
37.2
60.3
26.3
32.2
23.0
23.0
82.5
28.9
18.4
Company
Reco
Muthoot Fin
Buy
PFC
Neutral
Repco Home
Buy
REC
Neutral
Shriram City
Buy
Union
STF
Buy
Aggregate
Capital Goods
ABB
Sell
Bharat Elec.
Buy
BHEL
Sell
Blue Star
Neutral
CG Cons. Elec.
Buy
CG Power & Indu. Sell
Cummins
Neutral
GE T&D
Neutral
Havells
Neutral
Inox Wind
Under Review
K E C Intl
Neutral
L&T
Buy
Pennar Eng.
Not Rated
Siemens
Neutral
Solar Ind
Neutral
Suzlon Energy
Not Rated
Thermax
Sell
Va Tech Wab.
Buy
Voltas
Sell
Aggregate
Cement
Ambuja Cem.
Buy
ACC
Neutral
Birla Corp.
Buy
Dalmia Bharat
Buy
Grasim Inds.
Neutral
India Cem
Neutral
J K Cements
Buy
JK Lakshmi Ce
Buy
Ramco Cem
Buy
Orient Cem
Buy
Prism Cem
Buy
Shree Cem
Buy
Ultratech
Buy
Aggregate
Consumer
Asian Paints
Neutral
Britannia
Buy
Colgate
Buy
Dabur
Neutral
Emami
Buy
Godrej Cons.
Neutral
GSK Cons.
Sell
HUL
Buy
ITC
Buy
Jyothy Lab
Neutral
FY17
29.7
25.7
29.1
31.4
84.3
55.6
1,506
169
136
636
220
85
912
341
482
144
246
1,754
134
1,333
818
19
942
732
468
1,200
200
100
610
240
65
950
320
480
-
250
2,000
-
1,355
825
-
850
800
400
-20
18
-27
-4
9
-24
4
-6
0
2
14
2
1
-10
9
-15
19.7
6.9
2.0
12.9
4.7
4.1
26.5
5.7
9.6
12.8
11.9
63.3
5.8
17.8
20.6
0.6
30.8
28.9
15.5
25.1
7.2
4.4
17.9
5.6
2.3
28.8
8.9
12.1
-3.2
13.6
68.0
7.5
24.3
22.0
0.9
32.3
34.9
16.0
32.2
8.1
5.0
26.6
6.7
4.5
35.5
10.6
14.5
15.5
16.8
78.3
10.0
33.3
27.5
1.0
34.0
39.8
18.1
241
283
1,653 1,521
903
998
2,536 3,162
1,133 1,234
216
210
982
1,322
496
550
694
823
146
185
117
138
17,388 23,316
4,018 4,928
18
-8
10
25
9
-3
35
11
19
27
18
34
23
4.9
33.7
29.4
38.8
67.9
5.6
33.7
7.0
27.3
-1.6
0.3
384.4
96.1
6.6
49.2
40.9
66.7
86.9
9.3
46.4
11.4
31.1
4.5
3.7
480.7
121.4
7.2
63.6
58.9
87.1
114.5
12.9
59.5
20.5
37.5
6.8
5.8
621.0
159.1
1,156
3,669
1,103
288
1,128
1,954
5,362
1,124
309
384
1,210
4,050
1,180
295
1,250
1,950
4,380
1,215
355
390
5
10
7
3
11
0
-18
8
15
1
21.0
73.7
21.2
7.2
26.5
37.8
156.1
19.6
8.4
11.2
23.1
82.1
25.7
7.7
29.2
43.6
169.7
22.8
9.6
8.9
27.4
101.3
31.1
9.1
34.7
50.0
185.5
27.0
11.5
11.0
22 June 2017
14

Click excel icon
for detailed
valuation guide
CMP
TP % Upside
(INR)
(INR) Downside
316
335
6
6,767 5,715
-16
16,306 18,000
10
218
245
12
818
762
-7
8,002 8,760
9
129
-
782
830
6
2,323 2,415
4
EPS (INR)
FY18E
6.9
118.6
313.9
7.4
18.4
155.8
3.5
9.7
37.4
Valuation snapshot
FY19E
8.4
139.5
400.0
12.3
21.2
181.6
6.4
14.7
51.8
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
50.3 45.5 17.5 15.0
57.4 57.0 21.7 19.9
68.3 51.9 27.3 21.6
60.5 29.3
2.8
2.5
48.9 44.3 12.7 10.3
55.2 51.4 45.6 36.4
36.6 37.1
1.8
1.8
90.0 80.7
9.0
8.2
86.9 62.2 17.4 12.0
46.4 41.0 12.8 11.9
24.7
24.7
26.2
16.7
16.5
36.7
34.0
16.2
37.0
18.8
16.0
19.1
71.5
29.3
18.5
33.4
20.2
35.5
21.7
23.5
17.8
41.8
31.3
37.9
16.0
18.0
29.3
79.6
18.4
NM
10.3
11.1
16.9
77.1
NM
34.1
21.8
41.1
12.2
12.6
20.4
23.4
23.1
14.8
15.3
28.7
27.1
18.0
25.1
92.3
14.0
17.0
47.3
21.0
18.2
33.0
20.8
28.7
20.0
21.7
14.4
33.0
28.9
22.2
8.5
14.5
24.2
38.3
15.6
NM
10.0
10.4
15.0
43.9
NM
28.7
30.8
29.2
8.7
11.5
5.3
5.3
8.6
4.2
2.3
8.3
3.5
3.6
3.6
2.0
4.0
3.2
15.4
2.4
3.7
5.7
3.5
7.2
5.1
4.1
2.6
18.5
3.3
2.2
2.2
2.8
3.6
17.1
4.3
1.6
1.8
0.7
2.5
7.7
4.2
8.5
8.0
5.9
1.5
3.4
4.4
4.5
6.6
3.3
2.0
6.8
3.1
3.3
3.0
1.8
3.1
2.3
18.8
2.2
3.2
5.4
3.3
5.9
4.4
3.6
2.3
14.1
3.1
2.1
1.9
2.4
3.3
11.8
3.9
1.7
1.5
0.7
2.4
6.6
4.6
7.8
6.8
5.3
1.2
2.9
FY17
36.7
39.0
40.0
5.9
28.2
45.3
5.2
10.4
21.3
27.6
23.1
23.4
37.7
28.3
13.6
24.8
10.2
23.5
9.6
11.3
24.7
20.0
21.5
8.6
22.0
17.1
18.5
22.2
25.3
17.5
12.6
50.5
10.8
5.9
12.4
16.7
12.2
24.1
25.5
-12.0
19.3
7.1
17.6
10.4
-23.5
25.0
23.7
14.3
14.0
24.4
ROE (%)
FY18E
35.5
36.4
41.6
9.1
25.6
78.9
4.9
10.7
19.3
29.0
23.6
20.8
32.3
24.8
13.3
26.1
11.5
19.2
13.3
2.0
22.4
16.4
39.7
11.0
18.9
16.3
16.3
22.5
23.5
16.6
17.2
48.6
11.1
9.9
19.4
17.8
13.7
36.5
26.2
-5.3
16.6
6.9
16.3
16.1
-7.8
27.3
23.8
18.1
15.6
27.2
FY19E
38.1
39.0
42.8
13.4
24.0
74.0
8.5
14.6
19.7
30.6
24.1
21.0
30.0
22.5
16.1
27.1
12.8
19.2
15.1
5.3
21.3
17.6
54.4
13.2
19.7
19.3
17.9
20.7
24.6
17.6
17.8
46.8
11.7
11.7
25.4
18.6
15.0
44.1
27.6
0.7
15.6
6.6
17.3
20.5
1.5
31.9
23.8
20.6
15.1
25.4
Company
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Aggregate
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Aggregate
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway
Distriparks
Gati
Transport Corp.
Aggregate
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Aggregate
Metals
Hindalco
Hind. Zinc
Reco
Neutral
Sell
Buy
Neutral
Neutral
Buy
Not Rated
Neutral
Neutral
FY17
6.3
118.0
238.7
3.6
16.7
144.9
3.5
8.7
26.7
Neutral
Neutral
Buy
Buy
Sell
Buy
Neutral
Neutral
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Buy
Buy
Buy
Not Rated
Buy
532
1,870
1,531
655
337
521
541
644
2,684
195
629
138
2,458
471
1,094
4,318
528
462
1,196
640
1,900
2,028
750
300
510
500
600
2,625
240
800
200
2,700
480
1,475
4,850
650
-
1,450
20
2
32
14
-11
-2
-8
-7
-2
23
27
44
10
2
35
12
23
21
21.6
75.7
58.4
39.3
20.4
14.2
15.9
39.7
72.6
10.3
39.3
7.3
34.4
16.1
59.2
129.1
26.1
13.0
55.2
26.0
80.0
66.4
44.1
22.0
18.1
20.0
35.8
107.1
2.1
45.0
8.1
51.9
22.4
60.2
131.0
25.4
16.1
59.8
32.1
94.9
79.9
50.2
29.9
23.2
25.0
39.8
144.5
6.1
53.5
11.4
60.1
29.9
73.7
173.4
30.8
18.0
73.2
Buy
Not Rated
Neutral
Buy
Not Rated
Not Rated
175
4,285
1,190
258
134
305
228
-
1,162
310
-
-
30
-2
20
9.8
102.5
38.0
6.8
8.4
16.9
12.2
129.9
41.2
11.6
15.9
21.0
14.3
163.2
45.8
14.3
23.9
25.9
Buy
Buy
Neutral
Buy
Neutral
Buy
Buy
Neutral
Neutral
Buy
79
376
84
271
82
182
1,583
30
848
504
106
460
90
360
85
225
1,666
36
860
600
35
22
7
33
4
24
5
20
1
19
1.0
20.4
-8.6
26.4
7.4
10.8
20.5
-1.8
24.9
23.1
2.1
24.1
-2.7
27.1
7.9
12.2
36.1
-0.5
29.5
16.4
3.8
28.7
0.3
29.9
8.3
14.0
54.7
0.1
38.4
19.5
Buy
Sell
197
249
250
235
27
-6
16.2
19.7
22.6
21.5
25.9
23.7
22 June 2017
15

Click excel icon
for detailed
valuation guide
CMP
Reco
(INR)
Buy
125
Buy
200
Neutral
63
Under Review 111
Sell
57
Neutral
238
Sell
518
TP % Upside
(INR) Downside
184
48
241
20
65
3
-
30
-48
225
-6
451
-13
EPS (INR)
FY18E
-16.0
20.1
3.6
12.0
-12.6
24.5
50.2
Valuation snapshot
FY19E
-2.5
22.6
4.0
12.7
0.4
27.4
66.5
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
NM
NM
0.4
0.4
13.5
9.9
2.1
1.8
17.1 17.6
1.2
1.2
11.2
9.2
1.6
1.5
NM
NM
0.6
0.7
15.7
9.7
1.5
1.4
14.0 10.3
1.6
1.4
17.4 13.6
1.4
1.3
9.0
16.3
38.9
18.7
8.7
10.0
25.3
10.6
14.9
10.1
19.5
13.3
12.0
92.6
57.9
61.0
16.6
14.1
18.8
15.0
10.3
14.9
20.9
15.3
13.6
18.1
28.7
18.0
12.7
15.1
15.8
16.3
32.9
25.0
NM
28.9
35.7
16.8
17.3
16.7
12.3
14.5
10.1
13.4
20.7
14.7
11.6
9.8
23.4
9.7
8.3
8.0
16.8
11.7
11.0
76.2
50.9
53.3
13.3
13.6
16.8
14.6
9.2
13.8
17.0
14.2
13.7
15.5
23.8
17.2
12.1
14.8
13.3
15.9
58.2
21.2
NM
41.5
166.7
13.7
12.2
30.5
11.9
11.7
2.8
1.6
6.7
2.1
2.6
1.9
5.2
2.2
0.8
1.0
4.1
1.4
1.6
7.6
11.0
10.5
2.7
3.5
4.6
3.1
1.6
5.2
3.4
2.0
2.1
2.8
9.0
5.7
2.1
2.4
2.4
3.8
2.2
4.4
1.2
13.5
2.5
6.3
2.0
1.0
1.3
2.2
2.4
1.5
5.3
1.9
2.3
2.0
4.5
1.8
0.8
0.9
3.5
1.3
1.5
7.1
9.7
9.4
2.4
3.5
4.0
2.8
1.3
4.0
3.1
2.3
1.9
2.7
7.2
5.8
1.9
2.2
2.1
3.6
2.1
3.8
1.4
10.2
2.5
6.3
1.8
1.0
1.3
1.9
FY17
-7.9
17.3
7.2
12.4
-6.7
9.7
15.4
8.0
32.4
10.2
17.8
11.9
32.4
22.3
21.0
24.8
5.7
10.4
23.2
11.9
13.2
8.2
20.6
17.2
16.2
27.5
26.5
23.3
14.3
40.4
16.8
13.2
16.1
17.0
37.1
33.5
18.4
16.9
16.3
23.2
6.7
16.2
-1.6
126.2
6.9
37.8
11.4
6.7
11.5
16.2
ROE (%)
FY18E
-5.0
19.7
6.7
14.9
-15.2
14.8
14.5
9.7
25.1
11.7
28.5
13.7
21.2
20.2
20.6
20.5
9.3
11.7
22.4
11.8
13.4
9.3
20.2
17.6
17.8
25.4
25.3
21.4
15.6
32.8
18.9
14.0
14.8
18.1
33.7
32.4
16.7
15.5
17.2
22.6
3.7
19.4
-20.8
27.9
1.5
46.2
15.5
3.3
10.9
17.5
FY19E
-0.8
18.8
7.3
15.7
0.5
15.3
17.1
12.3
23.3
12.5
27.5
14.6
18.7
19.9
19.5
18.4
9.6
13.0
25.7
11.2
13.4
12.6
20.9
18.5
17.9
26.0
23.5
21.2
15.2
28.3
20.5
15.7
14.7
20.3
32.3
32.3
17.0
15.7
17.4
22.0
6.4
19.1
-27.4
39.1
3.9
52.1
15.0
2.8
12.3
17.8
Company
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Aggregate
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Aggregate
Retail
Jubilant Food
Titan Co.
Aggregate
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Aggregate
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Aggregate
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
FY17
-20.9
14.8
3.7
10.0
-6.2
15.1
37.0
Neutral
Sell
Sell
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Buy
Neutral
655
368
795
165
529
408
1,091
124
287
165
443
1,418
779
357
699
171
632
457
1,067
124
363
229
546
1,264
19
-3
-12
4
19
12
-2
0
26
39
23
-11
72.5
22.6
20.4
8.8
61.0
41.0
43.1
11.7
19.3
16.4
22.7
106.6
64.5
27.4
38.5
11.2
45.6
41.9
46.7
12.8
34.7
20.6
26.3
121.7
70.3
31.6
46.6
13.4
45.8
43.3
51.8
13.3
37.4
23.9
35.9
127.8
Sell
Neutral
927
523
680
505
-27
-3
10.0
9.0
12.2
10.3
17.9
12.1
Buy
Buy
Neutral
Buy
Neutral
Buy
Neutral
Neutral
Neutral
Buy
Buy
Neutral
Buy
Neutral
Buy
508
844
258
944
123
826
519
594
580
681
1,618
2,406
391
256
870
620
960
235
1,200
150
850
475
600
470
700
1,607
2,400
500
250
1,020
22
14
-9
27
22
3
-9
1
-19
3
-1
0
28
-2
17
30.6
59.8
13.7
62.9
11.9
55.5
24.9
38.9
42.8
37.7
56.3
133.4
30.9
16.9
54.9
38.3
61.9
15.4
64.7
13.4
59.7
30.5
41.7
42.5
43.9
68.0
139.7
32.3
17.3
65.5
44.2
67.6
16.7
71.1
15.2
65.0
36.5
45.0
46.1
51.4
80.4
149.6
36.9
19.1
76.0
Buy
Buy
Buy
Buy
366
372
81
753
430
440
110
811
17
18
36
8
11.1
14.9
-1.1
26.0
6.3
17.5
-12.9
18.1
11.5
19.9
-13.6
36.0
Buy
Buy
Buy
Buy
Buy
251
899
65
160
206
316
1,040
88
198
242
26
16
36
24
18
14.9
51.9
3.9
13.0
14.2
18.3
73.4
2.1
13.4
17.6
20.7
80.6
1.8
16.2
20.5
22 June 2017
16

Click excel icon
for detailed
valuation guide
CMP
(INR)
82
TP % Upside
EPS (INR)
(INR) Downside FY17 FY18E FY19E
67
-18
5.2
6.7
7.0
Valuation snapshot
P/E (x)
P/B (x)
FY17 FY18E FY17 FY18E
15.8 12.1
1.9
1.7
14.6 12.7
2.2
2.1
30.9
39.2
30.5
34.5
27.0
39.3
37.1
27.4
27.1
14.2
62.0
84.7
19.5
23.4
33.3
14.9
63.3
44.3
38.4
23.8
24.3
39.6
19.0
39.5
50.0
61.9
51.4
53.8
23.0
33.8
28.6
30.5
23.5
31.4
22.2
24.5
19.1
12.7
48.0
35.2
14.2
22.1
21.5
12.5
38.2
36.0
31.4
19.6
24.2
27.6
18.3
29.8
38.5
48.1
41.0
31.5
2.8
5.2
34.5
9.3
4.7
4.2
5.1
8.9
22.3
4.3
6.0
4.9
1.7
3.1
4.3
4.0
4.0
4.1
11.7
6.0
6.9
3.7
3.0
5.1
27.2
9.8
12.2
4.9
2.5
4.6
30.9
7.7
4.2
2.8
4.2
7.1
19.8
3.2
5.5
4.3
1.6
2.8
4.7
3.3
3.7
3.9
10.9
5.0
5.6
3.4
2.7
4.6
23.2
8.9
10.0
4.4
ROE (%)
FY17 FY18E FY19E
11.2
14.6
13.6
15.3
16.3
17.4
10.3
13.9
115.2
31.1
18.2
11.1
15.1
37.7
86.2
34.8
10.2
5.9
8.6
14.8
13.6
29.9
7.3
9.9
30.4
26.8
32.8
9.8
16.6
13.7
56.8
16.5
27.4
9.5
11.5
14.5
114.1
27.7
18.9
11.3
20.7
32.3
110.2
28.8
11.9
12.5
11.7
13.4
20.5
28.7
8.8
11.1
35.9
27.8
25.4
13.0
15.1
16.1
65.0
19.4
26.9
14.8
14.7
15.9
106.8
29.6
21.7
11.5
24.3
31.6
129.8
25.9
12.3
16.2
14.8
13.7
25.4
27.7
13.1
14.6
39.6
28.2
23.8
16.4
17.0
18.2
66.3
22.2
28.8
17.5
Company
Tata Power
Aggregate
Others
Arvind
Bata India
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet
Education
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
TTK Prestige
V-Guard
Wonderla
Reco
Sell
Neutral
Under Review
Buy
Neutral
Under Review
Buy
Buy
Buy
Neutral
Buy
Buy
Sell
Under Review
Neutral
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Buy
Sell
Neutral
Neutral
Buy
382
528
416
300
430
166
2,506
353
1,250
185
972
282
108
409
635
388
804
1,099
2,801
185
810
2,874
1,633
287
1,351
6,623
184
376
382
-
531
323
-
229
3,334
368
1,234
229
1,050
240
-
465
653
551
900
1,300
2,841
226
952
3,044
1,816
367
1,288
5,281
167
393
0
28
8
38
33
4
-1
24
8
-15
14
3
42
12
18
1
22
17
6
11
28
-5
-20
-9
4
12.4
13.5
13.6
8.7
16.0
4.2
67.6
12.9
46.0
13.0
15.7
3.3
5.5
17.5
19.1
26.0
12.7
24.8
72.9
7.8
33.4
72.6
85.9
7.2
27.0
106.9
3.6
7.0
16.6
15.6
14.6
9.8
18.3
5.3
112.9
14.4
65.6
14.6
20.3
8.0
7.6
18.5
29.5
31.0
21.0
30.5
89.3
9.4
33.4
104.1
89.0
9.6
35.1
137.7
4.5
11.9
23.6
19.3
15.2
12.9
23.6
7.1
166.7
17.5
88.2
17.6
22.9
12.0
10.0
21.1
36.3
36.7
30.0
42.9
109.3
11.3
38.1
144.6
111.5
12.2
42.9
176.0
6.0
16.0
22 June 2017
17

MOSL Universe stock performance
Company
Automobiles
Amara Raja
Ashok Ley.
Bajaj Auto
Bharat Forge
Bosch
CEAT
Eicher Mot.
Endurance Tech.
Escorts
Exide Ind
Hero Moto
M&M
Mahindra CIE
Maruti Suzuki
Tata Motors
TVS Motor
Banks - Private
Axis Bank
DCB Bank
Equitas Hold.
Federal Bank
HDFC Bank
ICICI Bank
IDFC Bank
IndusInd
J&K Bank
Kotak Mah. Bk
RBL Bank
South Indian
Yes Bank
Banks - PSU
BOB
BOI
Canara
IDBI Bk
Indian Bk
OBC
PNB
SBI
Union Bk
NBFCs
Bajaj Fin.
Bharat Fin.
Cholaman.Inv.&Fn
Dewan Hsg.
GRUH Fin.
HDFC
Indiabulls Hsg
LIC Hsg Fin
Manappuram
M&M Fin.
Muthoot Fin
PFC
Repco Home
REC
STF
Shriram City Union
1 Day (%)
0.8
0.6
0.2
-1.2
-1.7
0.1
-1.1
-0.8
-0.9
-0.1
-0.9
-0.3
-0.4
0.7
-2.1
-0.8
-0.8
-0.4
-1.0
-1.8
0.7
-0.5
-0.1
-1.3
-0.6
0.9
0.5
0.5
-0.7
-0.1
0.3
0.2
1.8
-0.4
-0.3
1.6
0.1
0.0
0.3
-0.7
-1.3
0.2
0.7
-0.4
-0.7
-0.3
1.2
-2.7
-1.0
-1.3
-0.6
-1.8
0.8
-1.4
1M (%)
-5.8
10.3
-5.1
10.6
5.5
4.9
-1.2
12.3
12.3
-5.4
5.5
3.9
-3.2
7.0
3.2
3.8
1.3
9.1
-1.0
4.0
9.0
4.2
-5.5
7.6
11.9
5.8
-7.7
12.4
0.2
-11.3
-23.0
-3.8
-17.3
-12.8
-5.8
-5.9
-5.8
-13.2
9.6
3.5
7.8
13.7
12.3
7.0
7.6
13.2
4.5
9.6
21.1
-15.8
17.0
-14.7
-0.1
11.7
12M (%)
-2.2
-8.3
7.5
54.5
10.8
124.9
47.2
294.2
38.5
23.6
1.6
24.1
74.8
-5.7
84.0
-1.9
113.4
-11.3
106.1
45.8
34.4
23.8
37.0
40.4
33.0
60.9
33.8
11.5
42.9
71.1
-19.5
113.1
47.5
50.5
35.7
20.5
86.1
3.1
18.9
126.1
61.2
31.5
61.3
59.3
47.1
7.2
71.5
55.7
16.4
117.3
-13.6
46.6
Company
Capital Goods
ABB
Bharat Elec.
BHEL
Blue Star
CG Cons. Elec.
CG Power & Inds Sol.
Cummins
GE T&D
Havells
Inox Wind
K E C Intl
L&T
Pennar Eng.
Siemens
Solar Ind
Suzlon Energy
Thermax
Va Tech Wab.
Voltas
Cement
Ambuja Cem.
ACC
Birla Corp.
Dalmia Bharat
Grasim Inds.
India Cem
J K Cements
JK Lakshmi Ce
Ramco Cem
Orient Cem
Prism Cem
Shree Cem
Ultratech
Consumer
Asian Paints
Britannia
Colgate
Dabur
Emami
Godrej Cons.
GSK Cons.
HUL
ITC
Jyothy Lab
Marico
Nestle
Page Inds
Parag Milk
Pidilite Ind.
P&G Hygiene
Prabhat Dairy
United Brew
United Spirits
Healthcare
Alembic Phar
Alkem Lab
Ajanta Pharma
1 Day (%)
0.7
0.7
-0.9
-2.4
0.2
0.6
-1.4
0.1
-0.4
-1.1
-1.3
0.2
-1.7
0.3
-0.6
0.8
-2.2
1.1
-0.5
0.1
0.3
-1.2
-0.5
-0.9
-0.1
-1.7
2.2
0.1
-1.3
1.2
-1.1
-1.2
0.4
2.5
2.0
0.3
1.1
0.8
0.2
2.5
0.2
0.8
-0.5
0.9
-0.2
-0.8
0.6
0.5
1.2
0.2
1.7
1.7
-0.1
-0.2
1M (%)
-1.4
-3.0
-16.8
-1.7
-1.2
-6.9
-5.7
-6.3
-0.5
-8.6
0.3
1.7
2.6
-3.1
-0.6
-9.0
-4.1
9.1
12.6
-4.1
-1.6
17.8
4.5
1.0
4.2
-11.6
5.0
1.2
-4.3
-2.8
-6.9
-7.8
3.0
2.2
8.8
4.4
1.9
8.6
1.4
11.5
8.1
3.0
2.1
3.6
12.3
-9.5
7.4
5.5
6.3
1.1
21.0
-11.4
-0.2
-8.6
12M (%)
22.3
31.6
12.0
50.0
59.9
17.9
13.9
-3.2
31.3
-38.1
79.5
17.3
-11.2
5.4
30.4
5.9
16.8
25.8
45.0
0.2
6.2
84.0
135.2
31.5
108.6
51.8
27.0
25.2
-10.3
24.5
25.4
19.9
17.8
43.0
25.0
-7.1
5.5
24.6
-7.2
28.8
29.3
29.1
23.7
3.8
20.3
-16.5
18.0
27.8
26.3
4.9
-4.4
-1.8
37.0
4.2
22 June 2017
18

MOSL Universe stock performance
Company
Aurobindo
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy’s
Fortis Health
Glenmark
Granules
GSK Pharma
IPCA Labs
Lupin
Sanofi India
Sun Pharma
Syngene Intl
Torrent Pharma
Logistics
Allcargo Logistics
Blue Dart
Concor
Gateway Distriparks
Gati
Transport Corp.
Media
Dish TV
D B Corp
Den Net.
Hind. Media
HT Media
Jagran Prak.
PVR
Siti Net.
Sun TV
Zee Ent.
Metals
Hindalco
Hind. Zinc
JSPL
JSW Steel
Nalco
NMDC
SAIL
Vedanta
Tata Steel
Oil & Gas
BPCL
GAIL
Gujarat Gas
Gujarat St. Pet.
HPCL
IOC
IGL
MRPL
Oil India
ONGC
PLNG
Reliance Ind.
Retail
Jubilant Food
1 Day (%)
-0.6
0.5
-0.6
-1.0
0.1
0.5
-1.8
0.0
0.0
-0.2
-0.7
-1.6
1.7
0.8
-0.8
0.1
-1.0
1.2
0.3
1.2
1.6
-1.7
-0.9
-0.3
1.3
-1.3
0.4
0.0
0.8
2.7
0.2
-0.1
-2.7
-1.5
-1.2
0.5
-0.4
-1.3
-0.3
-1.3
-0.9
-1.5
-2.0
-0.6
-1.7
-0.8
-0.7
0.7
-2.4
-2.5
-2.1
-0.3
0.4
0.1
1M (%)
9.8
3.1
13.4
-4.0
5.4
1.1
-4.2
-4.7
-7.0
0.6
-11.0
-16.8
6.1
-19.1
-4.3
-7.0
-1.6
-0.4
-0.5
5.1
-0.5
16.9
-20.6
2.2
-12.4
-1.7
-0.8
-2.2
4.2
-5.2
-0.5
-1.2
2.9
1.1
11.4
3.4
-6.8
-9.5
-5.3
3.5
5.8
-6.8
-8.2
1.7
-5.1
1.6
-6.2
9.2
-7.3
-9.3
-8.3
-1.1
7.6
-8.9
12M (%)
-9.3
39.5
64.6
12.0
-42.3
-12.0
19.6
-17.5
-0.1
-29.9
-4.1
-24.5
3.1
-28.3
13.1
-10.1
5.0
-26.9
11.7
-17.6
-18.1
60.4
-17.0
-0.5
-7.2
-0.3
4.3
4.8
66.3
-21.2
132.4
12.6
59.4
40.9
87.2
42.9
50.2
21.0
28.4
89.7
55.1
30.1
28.5
52.9
23.7
70.6
97.9
77.0
88.8
7.7
14.0
56.1
43.6
-12.7
Company
Titan Co.
Technology
Cyient
HCL Tech.
Hexaware
Infosys
KPIT Tech
L&T Infotech
Mindtree
Mphasis
NIIT Tech
Persistent Sys
Tata Elxsi
TCS
Tech Mah
Wipro
Zensar Tech
Telecom
Bharti Airtel
Bharti Infratel
Idea Cellular
Tata Comm
Utiltites
Coal India
CESC
JSW Energy
NTPC
Power Grid
Tata Power
Others
Arvind
Bata India
Castrol India
Century Ply.
Coromandel Intl
Delta Corp
Dynamatic Tech
Eveready Inds.
Interglobe
Indo Count
Info Edge
Inox Leisure
Jain Irrigation
Just Dial
Kaveri Seed
Kitex Garm.
Manpasand
MCX
Monsanto
Navneet Educat.
PI Inds.
Piramal Enterp.
SRF
S H Kelkar
Symphony
TTK Prestige
V-Guard
Wonderla
1 Day (%)
-0.9
0.1
-1.2
0.4
0.0
-1.0
0.0
-0.1
-0.1
0.7
0.0
0.0
-1.5
-0.8
0.7
0.1
0.0
-1.5
-1.5
0.9
-1.3
1.2
3.2
0.7
-1.1
-0.4
0.2
-0.8
0.7
2.3
2.1
1.7
-2.5
0.0
1.5
2.2
-2.0
-1.3
0.0
0.0
1.9
-2.8
0.6
0.7
-1.8
1.2
-0.5
-1.2
0.2
1.4
0.9
-1.4
-1.5
0.1
1M (%)
10.9
-0.9
-0.2
2.1
-1.5
-2.6
6.8
4.5
2.3
16.3
18.0
4.4
-4.0
-6.0
-1.4
-2.3
-1.7
-2.0
-8.2
11.6
-9.5
2.4
-0.4
0.8
0.0
-2.9
1.5
-3.3
-4.8
18.0
5.3
8.5
-8.7
8.4
17.4
-5.0
14.2
-1.9
16.6
-19.8
18.2
-1.4
1.4
10.9
0.7
13.6
0.0
1.4
-6.4
-0.8
-4.7
4.3
-9.9
-2.2
12M (%)
39.2
1.8
9.8
21.4
-21.7
-35.5
-20.8
9.5
9.9
-2.3
-9.3
-9.1
-27.2
-8.6
-10.1
1.1
6.8
-21.0
64.1
-19.8
54.4
-22.3
5.4
32.3
11.4
17.0
-1.8
10.4
49.4
76.5
81.4
-1.8
37.0
20.4
-3.7
20.0
25.3
60.8
-38.7
42.0
-22.4
48.8
11.7
7.4
97.8
18.9
111.6
29.4
32.8
12.1
42.9
87.7
-5.1
22 June 2017
19

NOTES
22 June 2017
20

THEMATIC/STRATEGY RESEARCH GALLERY

REPORT GALLERY
RECENT INITIATING COVERAGE REPORTS
Rs

DIFFERENTIATED PRODUCT GALLERY

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No
No
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For U.S
13 December 2016
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