NiveshDaily FROM RESEARCH DESK October 28, 2014

NiveshDaily
October 28, 2014
INDICES
Indices
Previous (day) Close
% chg
Sensex
Nifty
26,752.90
7,991.70
-0.37%
-0.29%
(As on 27th October, 2014)
FROM RESEARCH DESK
 Stock Update
Bajaj Finance target achieved… maintain hold with target price of Rs 2,855….
 Results Preview
ABB India, Jubilant Life Sciences, Lupin & Mangalam Cement
 Result Update
Kajaria Ceramics Ltd.|Q2FY15 Result Update | Better than expectations
 Global Markets - Outlook
 IndiaNivesh Universe | Valuation Table
 Result Today
Daljeet S. Kohli
Head of Research
Mobile: +91 77383 93371, 99205 94087
Tel: +91 22 66188826
daljeet.kohli@indianivesh.in
IndiaNivesh Research
IndiaNivesh Securities Private Limited
601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007. Tel: (022) 66188800
IndiaNivesh Research is also available on Bloomberg INNS, Thomson First Call, Reuters and Factiva INDNIV.
Stock Update
Yogesh Hotwani
Research Analyst
Mobile: +91 77383 93373
Tel: +91 22 66188839
yogesh.hotwani@indianivesh.in
Bajaj Finance target achieved… maintain hold with target price
of Rs 2,855….
We had recommended hold on Bajaj Finance in Q2FY15 result update dated 16th
October 2014 at Rs 2727 with upwards revised target price of Rs 2855. On 27th
October 2014, stock has reached our target price. The rationales for
recommendation remains 1) strong growth in AUM of 41% yoy with focus on retail
financing in Consumer and SME segment, 2) Stable asset quality with secured
portfolio forming 82% of the book, Gross and Net NPA of 1.1% and 0.3% respectively
and 3) best in class ROE / ROA of 20% / 3.1%. At CMP of Rs 2842, the stock is trading
at P/ABV of 3x and 2.5x for FY15E and FY16E respectively. We maintain hold rating
on the stock with target price of Rs 2855, valuing at 2.5x FY16E ABV.
(We have initiated BUY on BFL on 24th April 2012 at Rs 847 with target price of
Rs 1,040 and initiated coverage on 12th July 2013 with strong BUY rating on the
stock at Rs 939 with target price of Rs 1,125. Further we have upgraded the target
price continuously to Rs 2,855 which was achieved on 27th October 2014. All our
earlier targets on BFL have been achieved giving the total return of 237% since 24th
April 2012).
IndiaNivesh Research
NiveshDaily
October 28, 2014 | 2
Results Preview
Rahul Koli
Research Associate
Mobile: +91 77383 93411
Tel: +91 22 66188833
rahul.koli@indianivesh.in
ABB
India:
ABB India
Ltd.
Rs.In mn
Net Revenue
EBITDA
Net Profit
EPS (Rs.)
Q3CY14E
Q3CY13A Q2CY14A % Y-o-Y % Q-o-Q
18,502
17,859
18,222
3.6%
1.5%
1,264
1,054
1,258
19.9%
0.4%
484
381
477
27.2%
1.5%
2.28
1.80
2.25
27.2%
1.5%
Standalone,Source: Company, IndiaNivesh Research Note:CY means finacial year Jan‐Dec
Updates:

ABB India is likely to report marginal growth in top-line of 3.6% y-o-y and
1.5% q-o-q to Rs 18.5 bn, out of a flat order book of Rs ~80 bn.

We expect company to show EBITDA margin growth of 93 bps y-o-y to 6.8%,
On back of Improvement in performance of power systems and process
automation segment coupled with management focus on small cycle orders.
Key things to watch out:

Total order wins and order book at the end of quarter.

Segment wise performance
Valuation: At CMP of Rs 1,154, ABB is trading at CY14E and CY15E PE multiple of
90.7x and 63.8x. We do not have formal rating on the stock.
Tushar Manudhane
Research Analyst
Jubilant Life Sciences
Mobile: +91 75066 45373
Tel: +91 22 66188835
tushar.manudhane@indianivesh.in
Sales
JOL IN (Rs Mn)
EBITDA
Adj Net Profit
Q2FY15E
Adj EPS
Q1FY15A
Y-o-Y Ch. Q-o-Q Ch. (%)
15,040
14,243
14,605
5.6
3.0
1,767
2,596
1,329
(31.9)
32.9
(15.1)
199
696
235
(71.4)
-
(1,502)
(187)
-
-
199
(806)
48
NA
316.5
1.2
4.4
1.5
(71.4)
(15.1)
Forex (loss) gain
Rep Net Profit
Q2FY14A
bps
EBITDA Margins (%)
Net Margins (%)
bps
11.7
18.2
9.1
(648)
265
1.3
4.9
1.6
(356)
(28)
Source: Company; IndiaNivesh Research
We expect Jubilant Life Sciences to show 71% y-y decline in adjusted PAT due to
subdued performance in lifescience ingredients as well as pharmaceuticals business.
The pharma segment was impacted in 1Q FY15 due to shut down at Montreal facility
after USFDA warning letter. The site was closed for 10 weeks. We expect gradual
improvement in sales from this site and as a result, the performance for the quarter
is expected to be subdued. Sales are expected to grow by 5%y-y to Rs15bn and
EBITDA is expected to decrease 276bps y-y to 15.5%.
Key factors to watch: Pricing & volume growth, EBITDA margins, pricing scenario
in chemical business and Symtet capacity utilization.
Valuation: At CMP of Rs163, the stock is trading at EV/EBITDA of 8.9x and 6.1x for
FY15E and FY16, respectively. We have HOLD rating with price target of Rs154 (based
on 6x FY16 EV/EBITDA) on the stock.
IndiaNivesh Research
NiveshDaily
October 28, 2014 | 3
Results Preview (contd...)
Tushar Manudhane
Research Analyst
Lupin
Mobile: +91 75066 45373
Tel: +91 22 66188835
tushar.manudhane@indianivesh.in
Sales
LPC IN (Rs Mn)
Q2FY15E Q2FY14A Q1FY15A Y-o-Y Ch. (%) Q-o-Q Ch. (%)
32,462
EBITDA
9,286
Adj Net Profit
5,478
26,315
32,840
23.4
(1.2)
6,232
4,062
10,579
49.0
(12.2)
6,248
34.9
(12.3)
-
-
-
-
-
Rep Net Profit
5,478
4,062
6,248
34.9
(12.3)
Adj EPS (Rs.)
12.25
9.09
13.98
34.9
(12.3)
bps
bps
Forex (loss) gain/exceptional
EBITDA Margins (%)
28.60
23.68
32.21
492
(361)
Net Margins (%)
16.88
15.44
19.03
144
(215)
Source: Company; IndiaNivesh Research
We expect Lupin to deliver sustained growth in earnings, with 24% y-y growth in
sales and 35% y-y growth in adjusted PAT to Rs32.5bn and Rs5.5bn, respectively.
This would be driven by healthy growth in domestic formulation and strong growth
in US market. We expect US sales to grow by 44% y-y to US$240mn led by increased
traction in existing products.
Key factors to watch: Progress on approvals of key products in US market and
performance in domestic formulation segment.
Valuation: At CMP of Rs1,394, the stock is trading at 25.7x FY15E EPS of Rs54 and
21.7x FY16E EPS of Rs64. We have BUY rating with price target of Rs1,545 (based
on 24x FY16 earnings) on the stock.
Rahul Koli
Research Associate
Mobile: +91 77383 93411
Tel: +91 22 66188833
rahul.koli@indianivesh.in
Mangalam Cement
Rs mn
Net Revenue
EBITDA
Net Profit
EPS (Rs)
Q2FY15E Q2FY14A Q1FY15A
2,498
1,479
2,303
243
41
354
91
26
130
3.39
0.97
4.85
% Y-o-Y % Q-o-Q
68.8%
8.5%
487.6%
-31.3%
251.6%
-30.1%
251.6%
-30.1%
Standalone, Source: Company, IndiaNivesh Research

Mangalam cement added capacity of 1.25 mnt in May-2014. Current total
cement capacity for the company stands at 3.25 mnt

For Q2FY15E, We expect Mangalam cement to report topline growth of 68.8%
y-o-y and 8.5% q-o-q led by 1) increased cement capacity and 2) average
blended realisation of Rs 3,633 per tn

EBITDA is likely to remain under pressure on q-o-q basis due to higher power/
fuel cost and distribution expenses. EBITDA and net profit for the quarter are
expected to report q-o-q decline of 31.3% and 30.1%, respectively.
Valuation: At CMP of Rs 259, Mangalam cement is trading at FY15E and FY16E EV/
EBITDA multiple of 8.4x and 4.9x. We have HOLD rating on the stock with target
price of Rs 276.
IndiaNivesh Research
NiveshDaily
October 28, 2014 | 4
Result Update
Kajaria Ceramics Ltd.
October 28, 2014
Better than expectations
Current
Previous
CMP : Rs.603
Rating : HOLD
Rating : SELL
Target : Rs.635
Target : Rs.482
STOCK INFO
BSE
500233
NSE
KAJARIACER
Bloomberg
KJC IN
Reuters
KAJR.BO
Sector
Ceramic Products
Face Value (Rs)
2
Equity Capital (Rs mn)
159
Mkt Cap (Rs mn)
47,908
52w H/L (Rs) (Adj.)
690/228
3m Avg Daily Volume (BSE + NSE)
90,618
SHAREHOLDING PATTERN
%
Kajaria Ceramics Ltd declared Q2FY15 results that better than our estimates;
however it was in-line with street estimates. We are positive on the long term
prospects of the company given its leadership position and its thrust to maintain
this position. We are positive on the execution capabilities of the company given
the on-schedule commencement of the expansion plans. On-time execution of
expansion plans is likely to result in return of 27.6% ROE in FY16E after an expected
dip in FY15E at 25.4% from 27.9% in FY14. The outlook of the sector has become
more robust given the government thrust on building new toilets, new government
campaign of Swachh Bharat Mission and corporate participation in the mission
through CSR activities. We arrive at a revised target price of Rs 635 per share by
revising our target multiple upwards to 22x from 18x earlier on revised FY16E
earnings estimate of Rs 28.9 per share. Accordingly, we revise our rating on the
stock to HOLD from SELL earlier.
Rs Mn
Q2FY15
Q1FY15
5,377
779
398
5.3
5,029
798
386
5.1
Net Sales
EBIDTA
PAT
EPS
Q2FY14 QoQ (%)
4,781
653
269
3.7
YoY (%)
6.9
-2.4
3.0
3.0
12.5
19.2
47.7
43.8
INSPL Variance
Estimate
(%)
5073
6.0
779
0.0
323
23.1
4.3
23.1
Source: Company, IndiaNivesh Research
(as on Sep. 2014)
Promoters
FIIs
DIIs
Public & Others
52.1
25.2
5.4
17.2

Net sales of the company grew 12.5% yoy to reach Rs 5377 mn in Q2FY15
from Rs 4781 mn in Q2FY14 (vs. INSPL est: Rs 5073 mn). This was driven by
7.1% yoy volume growth to reach 14.3 million square meters (msm) in Q2FY15
against 13.4 msm in Q2FY14. The share of own capacity in revenue mix stood
at 52.7% in Q2FY15 (vs. INSPL est: 50.3%) against 51.8% in Q2FY14. Average
realisation increased 8.3% yoy to reach Rs 376 per msm in Q2FY15 against
Rs 347.1 per msm in Q2FY14.

For H1FY15, net sales of the company grew 17.3% yoy to reach Rs 10406.3
mn from Rs 8874 mn in H1FY14. This was primarily driven by volume growth
of 11.1% and average realisation growth of 5.6%. The volume sales for H1FY15
stood at 28.3 msm against 25.5 msm in H1FY14. The share of own capacity
stood at 51.8% against 50.1% in H1FY14.
Source: BSE
STOCK PERFORMANCE (%) 1m
KAJARIA CERAMICS
1
SENSEX
0
3m
6
3
12m
167
29
Source: Capitaline, IndiaNivesh Research
KAJARIA CERAMICS v/s SENSEX
300
Revenue Details
250
200
150
100
50
Kajaria Ceramics
Oct/2014
Sep/2014
Jul/2014
Aug/2014
Jun/2014
May/2014
Apr/2014
Mar/2014
Jan/2014
Feb/2014
Dec/2013
Oct/2013
Nov/2013
0
Sensex
Source: Capitaline, IndiaNivesh Research
Daljeet S. Kohli
Head of Research
Mobile: +91 77383 93371, 99205 94087
Tel: +91 22 66188826
daljeet.kohli@indianivesh.in
Prerna Jhunjhunwala
Research Analyst
Mobile: +91 77388 92065
Tel: +91 22 66188848
prerna.jhunjhunwala@indianivesh.in
IndiaNivesh Research
Particulars
Sales Volume (msm)
Own
JV
Outsource
Total
Sales Value (Rs Mn)
Own
JV
Outsource
Total
Avg Realisation (Rs/msm)
Own
JV
Outsource
Total
Revenue Mix (%)
Own
JV
Outsource
Total
Q2FY15
Q1FY15
Q2FY14 QoQ (%)
7.5
3.8
3.0
14.3
7.2
3.9
3.0
14.1
7.1
3.7
2.6
13.4
2833.4
1504.9
1038.7
5377
2553.9
1443.1
1032.3
5029.3
2402.3
1250.5
980.4
4633.2
377.3
399.2
343.9
376.0
353.7
374.8
343.0
357.2
339.3
338.9
380.0
347.1
52.7
28.0
19.3
100.0
50.8
28.7
20.5
100.0
51.8
27.0
21.2
100.0
YoY (%)
H1FY15
H1FY14
%Chg
4.0
-2.1
0.3
1.6
6.1
2.2
17.1
7.1
14.65
7.61
6.04
28.3
13.2
7.0
5.3
25.5
10.8
8.9
14.6
11.1
10.9
4.3
0.6
6.9
17.9
20.3
5.9
16.1
5387.3
2948
2071
10406.3
4450.0
2370.1
2054.3
8874.4
21.1
24.4
0.8
17.3
6.7
11.2
6.5
17.8
0.3
-9.5
5.3
8.3
Bps Chg
191.4
84.5
-70.6
99.8
-120.8
-184.3
0.0
0.0
367.7
387.4
342.9
367.7
336.6
339.1
389.8
348.3
51.8
28.3
19.9
100.0
50.1
26.7
23.1
100.0
9.2
14.2
-12.0
5.6
Bps Chg
162.5
162.2
-324.7
0.0
Source: Company, IndiaNivesh Research
IndiaNivesh Securities Private Limited
601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007. Tel: (022) 66188800
IndiaNivesh Research is also available on Bloomberg INNS, Thomson First Call, Reuters and Factiva INDNIV.
Result Update (contd...)
EBITDA margin expansion of 82 bps
EBITDA of the company grew 19.2% yoy to reach Rs 779 mn in Q2FY15 against
Rs 653 mn in Q2FY14 (vs. INSPL est: Rs 779 mn). EBITDA margin expanded 82 bps at
14.5% in Q2FY15 against 13.7% in Q2FY14 (vs. INSPL est: 15.3%). The
outperformance in EBITDA margin on yoy basis was on account of lower raw material
cost which was partially offset by higher other expenses. Raw material cost as
percentage to sales stood at 43% in Q2FY15 against 46.7% in Q2FY14. Other
expenses as percentage to net sales were higher at 11.6% in Q2FY15 against 9.5%
in Q2FY14. Power cost increased to 21.6% of sales in Q2FY15 against 21.2% in Q2FY14
which could be attributed to higher gas price.
EBITDA for H1FY15 stood at Rs 1576 mn against Rs 1298 mn in H1FY14, signifying
growth of 21.5% yoy. EBITDA margin expanded 52 bps yoy to reach 15.1% in H1FY15
from 14.6% in H1FY14. This expansion is on account of lower raw material and
employee cost which was partially offset by higher power and fuel cost and other
expenditure.
PAT margin expanded 176 bps owing to operating and financial leverage
PAT grew 47.7% yoy to reach Rs 398 mn in Q2FY15 from Rs 269 mn in Q2FY14 (vs.
INSPL est.: Rs 323 mn). PAT margin expanded 176 bps to reach 7.4% in Q2FY15 from
5.6% in Q2FY14 (vs. INSPL est: 6.4%). This outperformance is on account of higher
other operating income and reduction in finance cost. Finance cost reduced by
26.2% yoy to reach Rs 84 mn against Rs 114 mn in Q2FY14. Also depreciation cost
increased at a lower rate than EBITDA growth, resulting in operating leverage for
the company.
PAT for H1FY15 stood at Rs 783 mn against Rs 527 mn in H1FY14, growth of 48.6%
yoy. This growth was higher than EBITDA growth due to higher other operating
income (734% yoy), lower than proportionate growth in depreciation (12.8% yoy)
and decline in interest cost (-31% yoy). Effective tax rate was lower at 32.6% in
H1FY15 against 34.2% in H1FY14,
Expansion Plans

The company commenced commercial operation of additional 4.5 msm
capacity of M/s Jaxx Vitrified Pvt Ltd on 6th September 2014. The total capacity
of the JV stands at 10.2 msm.

The commercial operation of additional 3 msm capacity of M/s Cosa Ceramics
Pvt Ltd began on 29th September 2014. With this addition, the total capacity
of the JV is now increased to 5.7 msm.

The remaining expansion plans announced in Q4FY14 are on schedule.
Preferential allotment of shares
The company allotted 3.88 mn shares on preferential basis to Westbridge Crossover
Fund LLC in October 2014, on account of conversion of warrants issued earlier. The
preferential allotment has been done at Rs 257.37 per share which includes a
premium of Rs 255.37 per share. The revised share capital of the company would
now be Rs 158.9 mn from Rs 151.2 mn earlier.
Revision in estimates
We have revised our estimates taking into consideration the following:
IndiaNivesh Research

Capacity addition of Cosa and Jaxx has come ahead of our estimates. We had
assumed Jaxx and Cosa capacity to come on-stream in Q4FY15. This has
resulted in pre-ponement of sales. Our volume growth assumption has
consequently increased by 5.5% / 2.2% over our earlier estimates for FY15E/
FY16E respectively. This has also resulted in marginally higher average
realisation in FY16E due to product mix change.

The company has reported better than expected operating cash flow and
working capital cycle which has resulted in lower debt for a sustainable period.
Kajaria Ceramics Ltd|Result Update
October 28, 2014 | 2
Result Update (contd...)
We have revised our debt assumptions downwards to Rs 2461 mn/ Rs 2143
mn from Rs 3253 mn / Rs 3074 mn. Consequently, our interest cost
assumptions have also been revised downwards.
Our revised FY15E/ FY16E revenue and PAT increased by 4.2%/4.0% and 14.3%/
7.8% respectively. The net profit margin is likely to expand due to higher own capacity
and operating leverage. Our revised FY16E EPS stands at Rs 28.9 per share.
Particulars (Rs Mn)
Sales
EBITDA
PAT
EPS
EBITDA Margin (%)
PAT Margin (%)
New
21862
3321
1605
20.2
15.2
7.3
FY15E
Earlier
% Chg
20972
4.2
3271
1.5
1405
14.2
17.7
14.3
15.4 (22 bps)
6.7 64 bps
New
28868
4417
2293
28.9
15.3
7.9
FY16E
Earlier
% Chg
27748
4.0
4414
0.1
2127
7.8
26.8
7.8
15.9 (61 bps)
7.7 28 bps
Source: Company, IndiaNivesh Research
Valuation and Outlook
At CMP of Rs 603, the stock trades at PE of 30.0x and 20.9x its FY15E and FY16E
earnings of Rs 20.2 and Rs 28.9 per share. We are positive on the long term prospects
of the company given its leadership position and its thrust to maintain this position.
We are positive on the execution capabilities of the company given the on-schedule
commencement of the expansion plans. On-time execution of expansion plans is
likely to result in return of 27.6% ROE in FY16E after an expected dip in FY15E at
25.4% from 27.9% in FY14. The outlook of the sector has become more robust
given the government thrust on building new toilets, new government campaign of
Swachh Bharat Mission and corporate participation in the mission through CSR
activities. We arrive at a revised target price of Rs 635 per share by revising our
target multiple upwards to 22x from 18x earlier on revised FY16E earnings estimate
of Rs 28.9 per share. Accordingly, we revise our rating on the stock to HOLD from
SELL earlier.
IndiaNivesh Research
Kajaria Ceramics Ltd|Result Update
October 28, 2014 | 3
Result Update (contd...)
Consolidated Quarterly Financials
Rs in mn
Q2FY15 Q1FY15 Q2FY14 QoQ (%) YoY (%)
H1FY15
H1FY14 Chg (%)
Net sales
5,377
5,029
4,781
6.9
12.5
10,406
8,874
17.3
Raw Materials
Power and Fuel
Staff cost
Other expenditure
Operating Expenses
2,314
1,159
502
623
4,598
2,111
1,114
485
521
4,232
2,235
1,011
428
454
4,128
9.6
4.0
3.6
19.5
8.7
3.6
14.6
17.5
37.1
11.4
4,425
2,273
988
1,144
8,830
3,963
1,849
867
897
7,577
11.7
22.9
13.9
27.5
16.5
EBITDA
EBITDA Margin (%)
779
14.5%
798
15.9%
653
13.7%
‐2.4
19.2
1,576
15.1%
1,298
14.6%
21.5
Other Operating Income
Other Income
Depreciation
Profit bef. Int. & Tax
35
14
135
692
4
13
127
688
3
20
117
558
810.5
10.9
6.9
0.6
1284.0
‐27.6
15.3
24.0
38
27
262
1,380
5
22
232
1,092
734.8
23.3
12.8
26.3
Interest & finance ch.
Profit before tax
84
608
76
612
114
444
11.2
‐0.7
‐26.2
36.9
160
1,220
231
861
‐31.0
41.7
Total tax expenses
Net profit
193
415
205
407
153
292
‐5.9
2.0
26.5
42.3
398
822
294
567
35.3
45.1
Less: Minority Interest
PAT
18
398
21
386
22
269
‐17.5
3.0
‐21.9
47.7
39
783
39
527
‐1.8
48.6
31.7%
7.4%
33.5%
7.7%
34.3%
5.6%
32.6%
7.9%
34.2%
6.4%
5.3
5.1
3.7
10.4
7.2
Effective tax rate
PAT Margins (%)
EPS- Diluted
3.0
43.8
44.6
Source: Company, IndiaNivesh Research
IndiaNivesh Research
Kajaria Ceramics Ltd|Result Update
October 28, 2014 | 4
Result Update (contd...)
Consolidated Financial Statements
Balance sheet
Income statement
Y E March (Rs m)
FY 12 FY 13 FY 14 FY 15E
Net sales
13115 16109 18387 21862
Growth %
37.7 22.8 14.1 18.9
Expenditure
11068 13673 15593 18541
Raw Material
6508 7485 8252 9680
Power and Fuel
2107 3066 3717 4591
Employee
1072 1364 1726 2055
Others
1381 1759 1898 2215
EBITDA
2047 2435 2794 3321
Growth %
38.6 19.0 14.7 18.9
EBITDA Margin %
15.6 15.1 15.2 15.2
Other Income
30
41
76
127
Depreciation and amortisation
393
446
470
549
EBIT
1684 2031 2400 2899
EBIT Margin %
12.8 12.6 13.1 13.3
Interest
485
454
408
345
Exceptional/Extraordinary item
0
0
0
0
PBT
1199 1577 1992 2554
PBT Margin %
9.1
9.8 10.8 11.7
Tax
381
499
678
869
Effective tax rate %
32
32
34
34
PAT
818 1078 1314 1686
Share of Minoity Interest/Associates
10
33
71
81
Net Income
809 1045 1242 1605
Growth%
33.4 29.2 18.9 29.2
PAT Margin %
6.2
6.5
6.8
7.3
FY 16E
28868
32.0
24452
12498
6524
2656
2774
4417
33.0
15.3
117
583
3950
13.7
300
0
3650
12.6
1241
34
2409
116
2293
42.9
7.9
Cash Flow
Y E March (Rs m)
PBT
Adjustment for:
Depreciation
Others
Changes in working capital
Tax expenses
Cash flow from operations
Capital expenditure
Free Cash Flow
Others
Cash flow from investments
Interest
Loans availed or (repaid)
Proceeds from Issue of shares (incl
share premium)
Proceeds from Minority Interest
Dividend paid (incl tax)
Cash flow from Financing
Net change in cash
Cash at the beginning of the year
Cash at the end of the year
Y E March (Rs m)
Share Capital
Share Warrants
Share Application Money
Reserves & Surplus
Net Worth
Minority Interest
Total debt
Net defered tax liability
Total Liabilities
Gross Fixed Assets
Less Depreciation
Capital Work in Progress
Net Fixed Assets
Investments
Current Assets
Inventories
Sundry Debtors
Cash & Bank Balance
Loans & advances
Other Current assets
Current Liabilities & provisions
Net Current Assets
Mis Exp not written off
Total assets
FY 12
147
0
0
2674
2821
72
2782
644
6319
7827
2617
24
5233
1
3676
1865
1189
72
548
2
2591
1085
0
6319
FY 13 FY 14 FY 15E FY 16E
147
151
159
159
0
250
0
0
0
4
0
0
3462 4890 7166 9137
3609 5295 7325 9296
275
409
490
605
3202 2364 2461 2143
656
713
739
812
7742 8781 11015 12856
9195 10235 13492 14301
2995 3319 3869 4452
78
405
100
30
6278 7321 9724 9879
1
1
1
1
4197 4434 4879 7159
2197 1931 1968 2743
1436 1648 1946 2540
55
61
89
862
504
791
874 1010
5
3
3
3
2734 2975 3589 4182
1463 1459 1290 2976
0
0
0
0
7742 8781 11015 12856
Key ratios
FY 12 FY 13 FY 14 FY 15E FY 16E
1199 1577 1992 2554 3650
393
446
470
549
583
394
417
356
345
300
-355 -599 -154
114 -1028
-337 -483 -647 -843 -1168
1293 1358 2017 2719 2338
-751 -1543 -1568 -2952 -739
541 ‐185
449 ‐233 1599
74
52
43
0
0
‐677 ‐1491 ‐1525 ‐2952 ‐739
-384 -407 -355 -345 -300
-23
568 -690
97 -318
0
0
-171
‐578
37
34
72
0
170
-214
117
-17
72
55
754
62
-257
‐486
6
55
61
750
81
-323
260
28
61
89
0
116
-323
‐825
774
89
862
Y E March
EPS (Rs)
FY 12 FY 13 FY 14 FY 15E FY 16E
11.0 14.2 16.4 20.2 28.9
Cash EPS (Rs)
16.3 20.3
22.7
27.1
36.2
BVPS
DPS (Rs)
38.3 49.0
2.5 3.0
70.1
3.5
92.2 117.0
3.5
3.5
PER (x)
P/CEPS (x)
P/BV (x)
EV/EBITDA(x)
M cap/sales (x)
54.9
36.9
15.7
22.7
3.4
42.5
29.8
12.3
19.3
2.8
36.7
26.6
8.6
16.8
2.5
29.9
22.2
6.5
14.7
2.2
20.9
16.7
5.2
11.0
1.7
ROCE
ROE
31.5 30.8
32.1 32.5
33.5
27.9
31.4
25.4
35.9
27.6
Inventory (days)
Debtors (days)
Trade Payables (days)
51.9 49.8
33.1 32.5
49.4 37.6
38.3
32.7
30.2
32.9
32.5
32.9
34.7
32.1
29.2
Total Asset Turnover (x)
Fixed Asset Turnover (x)
1.5
2.6
1.7
2.8
1.7
2.7
1.7
2.6
1.8
2.9
Debt/equity (x)
Debt/ebitda (x)
Interest Coverage (x)
Dividend Yield %
1.0
1.3
3.5
0.4
0.9
1.3
4.5
0.5
0.4
0.8
5.9
0.6
0.3
0.7
8.4
0.6
0.2
0.5
13.2
0.6
Source: Company, IndiaNivesh Research
IndiaNivesh Research
Kajaria Ceramics Ltd|Result Update
October 28, 2014 | 5
Global Markets - Outlook
Dharmesh Kant
VP Strategies & Fund Manager (PMS)
Mobile: +91 77383 93372
Tel: +91 22 66188890
dharmeshh.kant@indianivesh.in
Global Market Update

US Markets: The U.S. stock market bounced between gains and losses before
wrapping up Monday’s relatively benign trading session mostly unchanged.
Investors flocked to stocks of large, dividend-paying companies over shares
of those businesses tethered to the strength of the overall economy. But gains
in shares of so-called defensive companies, like telecoms and consumer-staples
stocks, which tend to pay dividends, were offset by sharp losses in so-called
cyclical shares. Cyclical shares, including energy-and-materials companies, tend
to be dependent on the economy. Some of the slide in cyclical energy stocks
was being attributed to a research note by Goldman Sachs’s analysts, who
slashed their target price for crude oil to $75 from $90. Oil prices fell more
than 25% from their peak this summer.
This week, markets will focus on the Federal Open Market Committee meeting,
where the central bank is expected to announce the end of quantitative easing.
Traders will be looking to see if the Fed drops the “considerable period”
language in referencing its plans keeping rates low, at its two-day policy
meeting, which concludes Wednesday. As several Fed officials have come out
with dovish comments recently, investors largely expect that guidance to be
reiterated.

Day’s Performance: The S&P 500 closed 3 points, or 0.2%, lower at 1,961.63,
with energy and materials dragging down the benchmark index. Meanwhile,
the Dow Jones Industrial Average and The Nasdaq Composite eked out
marginal gains, finishing up less than a percentage point. Dow industrials
finished at 16,817.94 and the Nasdaq ended the day at 4,485.93.

Set ups on S&P 500, Dow Industrial Average and Nasdaq 100 have corrected
around 10% from their all time peak levels; we have highlighted possibility of
it regularly in our daily updates. Post the correct major US indices have posted
aggressive pull rally. However, we remain cautious on US markets though
testing of all time highs is likely post which another round of deep correction
will set in.

Emerging markets: Asian stocks fell, following U.S. shares lower, after
American data from home sales to manufacturing fell short of estimates and
investors awaited a Federal Reserve decision on its stimulus program.

Bullions & Commodities: Gold is trading at $1230 per troy ounce this morning
up 0.06% from previous close. WTI Crude future is trading at 80.54 per barrel
while Brent Crude future is trading at $85.28 per barrel.

Currencies: The U.S. Dollar Index tracking the U.S. currency against a basket
of six others currencies trading at 85.51 this morning up (0.08%) from previous
close. Long term set ups up on Dollar Index are looking strong. It has broken
above 84 on a weekly closing basis. Likely upside in medium term would be
around 89 levels. The dollar and U.S. stocks often trade on opposite paths,
with a weak dollar seen as providing investors with cheap funding to buy
stocks. Plus the dollar’s drop generally helps U.S. companies’ overseas sales.
Source: Bloomberg
IndiaNivesh Research
NiveshDaily
October 28, 2014 | 5
October 28, 2014
IndiaNivesh Universe | Valuation Table
Company Nam e
Auto
Ashok Leyland**
Bajaj Auto
Eicher Motors** $$$
Exide Industries
Hero MotoCorp
Mahindra & Mahindra**
Maruti Suzuki India
Tata Motors Company**
TVS Motor Company
SKF India $$$
Sw araj Engines
Rs. Mn
Mcap
Rs.
CMP
Rs.
TP
Reco
%
(-) Dow n/(+) Up
130,199
728,467
332,345
132,940
615,627
780,589
957,503
1,510,366
121,432
58,778
12,072
46
2,517
12,262
156
3,083
1,257
3,170
504
256
1,115
972
NA
2,556
NA
195
3,157
1,212
2,214
NA
146
1,076
1,184
NEUTRAL
BUY
NEUTRAL
BUY
BUY
HOLD
HOLD
NOT RATED
HOLD
HOLD
BUY
NA
1.5
NA
24.7
2.4
-3.6
-30.2
NA
-42.9
-3.5
21.8
Information Technology
Infosys
Tata Consultancy Services
Wipro
HCL Technologies###
Tech Mahindra
NIIT Technologies
KPIT Cummins
Mastek
NIIT Ltd
SQS India BFSI (Thinksoft Global)
2,183,849
4,812,888
1,369,131
1,049,720
547,865
22,333
32,402
5,778
7,565
6,229
3,803
2,457
555
1,497
2,326
367
166
259
46
602
3,952
2,666
611
1,697
2,151
326
190
550
55
494
HOLD
HOLD
HOLD
HOLD
HOLD
SELL
BUY
BUY
BUY
HOLD
3.9
8.5
10.1
13.4
-7.5
-11.2
14.7
112.2
20.1
-18.0
Oil & Gas
Cairn India
Gail India
Oil India
Oil & Natural Gas Corporation
Reliance Industries**
519,980
617,178
359,780
3,376,424
3,044,893
277
487
599
395
941
377
468
680
462
1,111
BUY
BUY
BUY
BUY
BUY
35.9
-3.8
13.6
17.1
18.0
FMCG
Bajaj Corp
Godrej Consumer Products**
Marico**
Dabur**
Tata Global Beverages**
42,561
311,250
193,559
367,782
96,656
289
914
300
209
156
279
UR
UR
UR
180
HOLD
UR
UR
UR
BUY
-3.3
NA
NA
NA
15.2
(CMP as of previous day)
Sales (Rs. Mn)
FY14
FY15E
FY16E
114,867 117,368 150,347
197,263 215,132 250,948
68,098
28,868
40,235
59,727
70,123
84,989
251,249 296,380 337,307
669,310 775,377 908,805
444,506 446,109 487,937
2,308,031 2,708,901 3,144,977
83,790
99,124 119,308
22,464
24,984
29,368
6,083
6,144
7,668
EBITDA (Rs.Mn)
FY14
FY15E
FY16E
PAT (Rs. Mn)
FY14
FY15E
FY16E
FY14
EPS (Rs.)
FY15E
FY16E
P/E (x)
FY15E FY16E
4,239
41,650
7,178
8,253
35,649
101,641
54,649
328,026
4,895
2,699
906
7,744
39,946
7,233
10,178
42,997
109,602
52,661
433,581
6,015
3,255
921
13,760
48,063
10,841
13,213
54,803
130,033
53,414
499,336
8,125
3,900
1,226
-1,641
33,803
3,939
4,872
21,027
46,669
28,529
119,604
1,863
1,667
670
454
35,353
4,950
6,346
28,560
48,420
28,444
189,000
3,179
2,263
702
5,623
41,098
7,700
8,362
36,624
59,464
30,374
218,829
4,627
2,724
915
-0.6
116.8
145.0
5.7
105.3
75.8
94.4
37.2
3.9
31.6
54.0
0.2
122.0
164.7
7.5
135.3
81.7
94.2
58.9
6.7
42.6
56.5
2.0
142.0
254.7
9.8
175.4
100.3
100.6
68.3
9.7
50.9
73.7
NA
20.6
74.5
20.9
22.8
15.4
33.6
8.6
38.1
26.2
17.2
23.2
17.7
48.1
16.0
17.6
12.5
31.5
7.4
26.4
21.9
13.2
539,008 604,062
972,564 1,153,284
490,894 556,458
369,777 422,853
217,827 248,231
23,142
25,724
30,319
34,324
9,541
10,683
10,393
12,429
2,349
2,827
133,604
251,528
95,078
86,660
42,076
3,631
4,204
726
598
399
146,449
291,078
106,080
93,823
45,959
3,587
4,079
739
689
552
176,100
346,961
123,185
106,711
53,147
4,090
5,011
821
1,043
576
105,999
191,639
77,967
63,690
30,288
2,305
2,490
518
178
300
117,556
217,774
81,481
70,711
31,372
2,292
2,568
436
-138
349
138,221
265,446
91,019
80,555
36,901
2,612
2,982
523
208
454
185.2
97.7
31.7
91.2
126.8
37.8
13.0
23.0
1.1
28.7
205.5
111.3
33.1
102.8
138.6
38.2
12.9
19.6
3.5
22.3
238.4
128.4
36.9
116.0
161.6
43.5
14.9
23.5
4.0
36.3
18.5
22.1
16.8
14.6
16.8
9.6
12.8
13.3
13.1
27.0
16.0
19.1
15.0
12.9
14.4
8.4
11.1
11.0
11.5
16.6
187,612 172,548 198,263
616,435 541,034 724,424
97,157 127,422 131,546
1,744,771 1,918,288 2,044,282
4,344,600 4,325,460 4,481,137
137,504
80,111
37,028
491,947
357,610
116,926
73,712
54,972
680,200
408,109
131,415
74,443
65,084
772,371
471,675
124,318
47,862
29,420
265,065
224,930
96,529
45,173
37,414
315,453
247,519
110,259
49,411
43,985
369,746
257,636
65.0
37.7
48.9
31.0
76.6
50.5
35.6
62.2
36.9
80.2
57.7
39.0
73.2
42.4
89.1
5.5
13.7
9.6
10.7
11.7
4.8
12.5
8.2
9.3
10.6
1,860
11,784
7,591
11,690
7,521
2,369
13,590
8,683
13,547
8,099
NA
16,204
10,220
16,012
9,268
1,489
7,597
4,854
9,139
4,805
1,955
9,109
5,714
10,685
4,512
NA
11,125
6,798
12,708
5,273
10.1
22.3
7.5
5.2
7.8
13.3
26.5
8.8
6.1
7.3
NA
32.4
10.5
7.3
8.5
21.7
34.5
34.1
34.3
21.4
NA
28.2
28.6
28.7
18.4
499,365
818,094
434,269
329,170
188,314
23,050
26,940
9,096
9,510
1,944
6,707
76,024
46,865
70,734
77,376
7,676
87,043
56,566
81,372
82,157
8,881
100,985
64,871
93,910
89,344
IndiaNivesh Universe | Valuation Table (contd...)
Company Nam e
Pharma
Ajanta Pharma
Aurobindo Pharma
Alembic Pharma
Biocon
Cadila
Cipla
Divis Lab
Dr Reddy
Glenmark
Jubilant Life Science
Lupin
Sun Pharma
Ipca Lab
Torrent Pharma
JB Chemical
Shilpa Medicare
Sharon Bio-Medicine
Others
BASF India Ltd.** &&
UPL
Coromandel International Ltd.
Sesa Sterlite **
Kajaria Ceramics
Somany Ceramics
Aditya Birla Nuvo Ltd.**
Radico Khaitan Ltd.**
Kaveri Seed Ltd**
HSIL Ltd**
Jindal steel and Pow er**
Godaw ari pow er and Ispat ltd
Liberty Shoes Ltd
HIL Ltd
Pennar Industries Ltd
Company Nam e
Telecom
Bharti Airtel
Idea Cellular
Sales (Rs. Mn)
FY14
FY15E
EBITDA (Rs.Mn)
FY14
FY15E
PAT (Rs. Mn)
FY14
FY15E
Rs. Mn
Mcap
Rs.
CMP
Rs.
TP
Reco
%
(-) Dow n/(+) Up
65,683
274,822
76,519
93,970
279,830
504,315
239,366
528,898
194,128
25,867
625,627
1,667,653
92,413
144,408
18,692
20,818
6,719
1,867
943
406
470
1,367
628
1,803
3,106
716
162
1,393
805
732
853
220
540
64
1,569
1,154
412
479
1,553
632
1,802
3,453
775
154
1,545
754
868
964
295
542
140
HOLD
BUY
HOLD
HOLD
BUY
HOLD
HOLD
BUY
HOLD
HOLD
BUY
HOLD
BUY
HOLD
BUY
HOLD
BUY
-16.0
22.4
1.5
1.9
13.6
0.6
-0.1
11.2
8.3
-5.2
10.9
-6.4
18.5
13.0
33.8
0.4
120.0
12,083
80,366
18,632
28,773
70,600
101,004
25,253
132,170
60,052
58,034
112,866
160,804
32,288
40,363
10,006
5,482
13,248
13,935
121,260
22,694
33,263
84,145
112,980
31,786
150,023
69,747
62,022
135,950
186,025
35,985
48,834
11,282
7,441
15,897
16,466
137,339
26,585
38,801
99,115
136,037
38,011
169,881
80,060
70,639
158,435
202,012
40,434
48,834
12,734
9,421
19,077
3,690
21,396
3,615
7,249
12,207
21,572
10,152
25,465
11,004
11,165
30,859
71,969
8,141
10,545
1,546
1,222
1,575
4,208
24,481
4,614
7,810
16,154
22,763
13,570
33,898
14,876
10,034
33,204
78,457
8,552
12,338
1,817
1,539
1,987
4,989
25,212
5,593
8,970
19,983
28,079
16,400
37,794
17,166
11,701
39,121
81,584
9,722
13,622
2,113
1,978
2,575
2,339
11,729
2,355
4,138
8,036
13,884
7,733
21,515
5,423
1,090
18,364
31,415
4,785
6,639
615
757
703
52,090
143,990
87,281
738,352
46,114
12,034
217,014
12,432
63,347
26,105
139,569
4,959
4,741
4,969
6,535
1,203
336
305
249
610
310
1,668
93
919
395
153
151
278
666
54
NA
480
279
378
482
332
1,645
165
795
425
201
198
336
898
81
UR
BUY
HOLD
BUY
SELL
HOLD
BUY
BUY
HOLD
HOLD
HOLD
BUY
HOLD
BUY
BUY
NA
42.9
-8.6
51.8
-21.0
7.2
-1.4
76.6
-13.5
7.5
31.8
30.8
20.8
34.9
49.2
42,347
107,709
71,269
661,524
18,387
12,629
258,934
14,122
10,111
18,582
200,040
15,409
4,835
8,657
11,133
51,510
121,670
111,207
796,156
20,972
15,853
277,997
15,878
12,136
22,029
259,617
17,103
5,808
10,984
16,366
54,903
138,703
125,040
895,475
27,748
20,483
310,730
17,859
14,615
26,642
315,044
18,976
7,410
13,840
20,784
3,642
20,484
9,982
203,918
2,818
868
46,232
1,935
2,213
2,651
55,287
2,119
394
406
898
3,294
22,009
9,675
273,759
3,271
1,013
53,413
2,273
2,973
3,229
74,281
2,854
473
1,074
1,637
4,368
26,543
10,879
303,679
4,414
1,320
62,431
2,469
3,679
4,107
84,648
3,152
654
1,748
2,182
1,279
9,498
3,565
62,985
1,242
289
11,429
712
2,090
340
19,104
578
132
71
260
Rs. Mn
Rs.
Rs.
Mcap
CMP
TP
Reco
(-) Dow n/(+) Up
1,657,122
564,119
415
157
NA
165
SELL
HOLD
NA
5.2
%
Sales (Rs. Mn)
FY14
FY15E
857,461
264,320
960,690
302,317
FY16E
FY16E
NA
341,618
EBITDA (Rs.Mn)
FY14
FY15E
277,778
81,430
318,082
96,741
FY16E
FY16E
356,133
111,026
FY16E
FY14
EPS (Rs.)
FY15E
FY16E
2,772
15,470
3,124
5,008
10,287
14,240
9,951
22,035
8,965
1,127
24,357
62,357
5,501
7,826
1,559
994
1,054
3,262
18,650
3,834
5,780
10,287
20,305
11,962
24,401
10,460
2,638
28,859
65,078
6,847
7,826
1,784
1,306
1,471
66.4
40.2
12.5
20.8
39.3
17.3
58.3
126.0
20.0
6.9
40.8
15.2
37.9
39.2
7.3
19.6
4.7
78.4
53.2
16.6
23.3
50.2
17.7
75.0
129.4
33.2
7.1
54.3
30.1
43.3
49.1
18.4
25.8
10.0
92.3
64.1
20.3
26.9
64.7
25.3
90.1
143.3
38.8
16.6
64.4
31.4
52.7
46.2
21.1
33.9
13.9
23.8
17.7
24.5
20.2
27.2
35.5
24.0
24.0
21.6
22.9
25.7
26.8
16.9
19.3
12.0
20.9
6.4
20.2
14.7
20.0
17.5
21.1
24.8
20.0
21.7
18.4
9.8
21.6
25.6
13.9
18.5
10.4
15.9
4.6
1,290
12,335
5,310
68,027
1,405
451
14,047
875
2,897
1,082
22,736
907
168
563
713
1,679
16,338
6,052
85,650
2,127
646
17,770
947
3,640
1,283
23,871
1,146
286
1,019
1,063
23.6
21.6
15.4
21.5
16.7
8.3
91.1
3.7
30.3
5.1
20.5
17.7
7.9
14.3
2.0
37.0
28.7
18.8
22.6
17.7
11.6
108.1
7.0
39.6
16.0
22.6
27.7
9.9
75.4
5.4
43.0
37.9
21.4
29.1
26.8
16.6
153.4
7.5
48.4
26.0
26.1
35.0
16.8
136.5
8.1
32.5
11.7
16.2
11.0
34.5
26.7
15.4
13.4
23.2
24.7
6.7
5.5
28.1
8.8
10.1
28.0
8.9
14.3
8.6
22.8
18.6
10.9
12.5
19.0
15.2
5.9
4.3
16.6
4.9
6.7
FY16E
FY14
EPS (Rs.)
FY15E
FY16E
NA
32,454
7.0
5.9
8.7
7.7
NA
9.2
PAT (Rs. Mn)
FY14
FY15E
27,727
19,678
29,683
27,208
P/E (x)
FY15E FY16E
EV/EBITDA (x)
FY15E FY16E
7.2
6.5
6.5
5.7
IndiaNivesh Universe | Valuation Table (contd...)
Company Nam e
Power
Adani Pow er**
CESC Ltd
Coal India
JSW Energy**
NHPC
NTPC
Pow er Grid Corporation
Reliance Pow er
Torrent Pow er**
Tata Pow er Company**
Company Nam e
Banking & Financial Services
State Bank of India
Punjab National Bank
Allahabad Bank
Bank of Baroda
Corporation Bank
Federal Bank
Canara Bank
ICICI Bank
HDFC Bank**
Axis Bank
DCB Bank
Karur Vysya Bank
Sales (Rs. Mn)
FY14
FY15E
EBITDA (Rs.Mn)
FY14
FY15E
PAT (Rs. Mn)
FY14
FY15E
Rs. Mn
Mcap
Rs.
CMP
Rs.
TP
Reco
%
(-) Dow n/(+) Up
130,385
83,919
2,251,784
122,020
220,860
1,202,601
743,147
201,268
74,907
239,224
45
672
357
74
20
146
142
72
159
88
50
NR
422
NA
NA
190
164
118
NA
104
SELL
NOT RATED
HOLD
NOT RATED
NOT RATED
BUY
BUY
BUY
NOT RATED
BUY
10.1
NA
18.4
NA
NA
30.3
15.5
64.5
NA
17.6
Rs. Mn
Mcap
Rs.
CMP
Rs.
TP
Reco
%
(-) Dow n/(+) Up
1,939,448
337,648
58,491
388,900
54,661
118,306
179,153
1,820,638
2,166,250
1,007,200
24,226
57,872
2,598
933
107
906
326
138
388
1,573
897
427
86
540
3,003
827
87
1,058
NA
153
383
1,600
910
450
88
620
BUY
HOLD
SELL
BUY
NOT RATED
BUY
HOLD
HOLD
HOLD
BUY
HOLD
BUY
15.6
-11.3
-19.0
16.8
NA
10.6
-1.4
1.7
1.4
5.4
2.1
14.8
492,822
161,460
53,113
119,654
37,837
22,286
89,444
164,756
191,096
119,516
3,684
12,837
565,451
175,889
60,883
135,576
43,107
24,527
105,599
183,854
223,729
144,645
4,726
14,497
633,554
200,450
67,548
154,389
50,840
29,066
124,515
207,915
271,088
170,657
5,959
17,362
321,092
113,845
40,204
93,532
30,394
14,804
67,962
165,946
149,386
114,561
1,880
8,378
373,776
119,335
42,062
102,214
34,848
16,334
76,545
184,169
175,025
130,925
2,500
9,054
423,230
138,295
47,937
118,014
43,195
19,670
86,643
213,622
214,348
153,908
3,366
11,203
108,912
33,426
11,720
45,411
5,617
8,389
24,382
98,105
87,435
62,177
1,514
4,296
13.7
0.5
16.6
1.1
-1.4
13.6
18,989
22,153
19,821
116,830
2,295
4,038
21,910
27,202
25,089
137,304
2,658
5,202
25,985
33,694
28,813
157,365
3,088
6,581
18,470
13,490
13,929
5,060
1,466
1,278
20,915
16,832
16,913
5,574
1,712
1,949
24,971
20,553
19,507
6,703
1,995
2,750
13,172
7,190
5,948
1,395
1,287
370
LIC Housing Finance
168,658
334
380
BUY
Bajaj Finance
142,499
2,842
2,855
HOLD
L&T Finance Holding
117,932
69
80
BUY
Max India+++
86,730
325
329
HOLD
CARE+++
38,164
1,316
1,298
HOLD
CFL
26,297
317
360
BUY
Note: ** Bloomberg Est; +++ Manufacturing Format; $$$ Calendar Year; ### Y/E June, && EBIT
Source: Company Filings; IndiaNivesh Research
157,541
101,109
688,100
87,054
74,159
789,217
156,754
51,748
86,811
356,487
194,821
59,564
842,422
93,675
78,375
810,753
178,396
63,220
98,706
373,593
FY16E
206,000
63,367
891,341
95,036
81,456
888,817
210,265
89,011
103,980
392,487
Net Interest Income (Rs. Mn)
FY14
FY15E
FY16E
49,899
17,375
178,713
NA
44,460
198,795
133,129
19,167
13,046
77,118
66,541
15,535
208,109
33,143
51,108
228,669
152,433
21,394
18,244
84,519
FY16E
72,169
16,233
240,101
31,718
52,503
207,156
180,051
39,784
19,376
87,149
Pre-Tax Pre-Prov. Profit (Rs.Mn)
FY14
FY15E
FY16E
-2,906
4,916
151,117
7,547
12,188
114,036
45,476
10,267
1,053
-2,600
FY16E
FY14
EPS (Rs.)
FY15E
FY16E
5,594
7,241
208,341
11,841
25,236
105,628
66,617
19,735
1,461
18,477
-1.04
39.35
23.92
4.60
1.02
13.83
9.47
3.66
2.23
-1.61
-0.31
44.10
28.40
7.32
2.09
11.69
10.51
3.72
11.95
6.16
1.82
66.79
33.00
7.37
2.27
12.69
12.73
7.00
10.23
7.27
FY16E
FY14
EPS (Rs.)
FY15E
FY16E
132,987
37,160
11,077
50,972
2,729
9,974
26,394
107,636
103,718
69,631
1,899
4,759
155,704
41,692
13,827
61,329
7,322
12,039
29,322
121,254
128,211
81,741
2,060
5,870
146.0
92.0
21.5
105.4
33.5
9.8
52.9
85.0
36.3
26.4
6.0
40.1
178.0
103.0
20.3
118.4
16.3
11.7
57.2
93.0
42.8
30.0
7.6
39.5
209.0
115.0
25.4
142.4
43.7
14.1
63.6
105.0
52.9
35.0
8.2
48.7
2.0
1.3
1.0
1.2
0.8
1.6
0.8
2.4
4.1
2.4
1.7
1.6
1.8
1.1
0.9
1.0
0.8
1.4
0.7
2.1
3.4
2.0
1.5
1.5
13,677
8,679
6,693
1,551
1,452
847
16,332
10,523
8,344
1,777
1,680
1,299
26.1
143.0
3.5
5.2
44.4
4.5
27.1
174.0
3.9
5.8
50.1
10.3
32.3
212.0
4.9
6.7
57.9
14.1
2.0
3.0
1.7
2.8
6.7
2.2
1.8
2.5
1.5
2.6
5.8
1.9
-487
6,815
179,348
11,904
23,309
96,946
54,965
7,723
1,279
15,396
PAT (Rs. Mn)
FY14
FY15E
P/BV (x)
FY15E FY16E
2.0
1.4
4.7
1.6
0.7
1.3
1.9
1.0
1.2
1.6
1.8
1.3
4.1
1.5
0.7
1.2
1.7
0.9
1.3
1.5
P/ABV (x)
FY15E FY16E
Result Today
ABB India
Jubilant Life Sciences
Lupin
Mangalam Cement
Nestle India
Ranbaxy Laboratories
SRF
IndiaNivesh Securities Private Limited
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