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com February 03, 2016

Index

w Stock Update >> Bajaj Finance

w Stock Update >> Relaxo Footwear

w Stock Update >> Gateway Distriparks

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investor’s eye stock update

Bajaj Finance Reco: Buy

Stock Update

Stellar performance; PT revised to Rs7,025 CMP: Rs6,380

Company details Key points

ŠŠ Earnings growth ahead of estimates: Bajaj Finance Ltd (BFL) reported a 58.1%
Price target: Rs7,025 growth in net earnings driven by a strong uptick in the net interest income (up
Market cap: Rs34,220 cr 48.3% YoY). Given the seasonally strong quarter and strong uptick in consumer
segment (up 43% YoY), the overall assets under management (AUMs) expanded
52-week high/low: Rs6,496/3,919 by 40.9% YoY. The mortgages (working on reorganising the business with in-house
sourcing) and newer products like rural financing and lifestyle financing delivered
NSE volume: 0.6 lakh
a strong growth. The cost of funds moderated while yields expanded (disbursement
(No of shares)
in better yielding products) that aided growth in margins and core income.
BSE code: 500034
ŠŠ Asset quality improves: The reported asset quality showed improvement on a
NSE code: BAJFINANCE sequential basis (as per 150 days past due) largely contributed by sale of Rs82
crore of non-performing asset (NPA) receivables (relating to mortgage segment)
Sharekhan code: BAJFINANCE during the quarter. The provisions increased by 35.5% YoY partly due to accelerated
provisioning of Rs17.5 crore in an account. The company continues to provide
Free float: 2.27 cr
(No of shares) ahead of regulatory requirements and its provisioning coverage stood at 80% (vs
68% in Q3FY2015).
Shareholding pattern ŠŠ PT revised to Rs7,025, maintain Buy: BFL continued to deliver a strong growth in
AUMs and sturdy asset quality. We believe, given the company’s unique customer
acquisition strategy, ability to cross sell, launch of innovative product and strong
Others risk management systems will sustain loan growth momentum. We estimate its
0.3% earnings CAGR to grow at 28% YoY resulting in superior return ratios (RoA of 3.2%
and RoE of 19% by FY2017E). While the stock trades at significant premium to
Public peer companies, we believe strong growth visibility in consumer segments, healthy
42.1% asset quality and capitalisation levels, the valuation premium will sustain. We
have revised our price target on the stock to Rs7,025 (3.7x its FY2018E BV) and
Promoter maintained our Buy rating on the stock.
57.6%
ŠŠ Key risk: NPA ratio and collections across the product segments have remained
healthy for several quarters despite strong growth. Therefore any rise in NPAs may
affect valuations.
Price chart
Results Rs cr
7000
Particulars Q3FY16 Q3FY15 YoY (%) Q2FY16 QoQ (%)
6500
6000
Interest income 1,971.7 1,416.4 39.2 1,592.1 23.8
5500 Interest expense 749.3 592.4 26.5 694.7 7.9
5000 Net interest income 1,222.4 824.0 48.3 897.4 36.2
4500 Non-interest income 97.9 69.0 42.0 108.5 -9.7
4000 Net total income 1,320.3 893.0 47.9 1,005.9 31.3
3500 Operating expenses 549.0 392.1 40.0 441.1 24.5
Oct-15
Jun-15
Feb-15

Feb-16

Pre-provisioning profit 771.4 500.9 54.0 564.8 36.6

Provisions 146.2 107.9 35.5 136.8 6.8
Profit before tax 625.2 393.1 59.1 428.0 46.1
Price performance
Tax 216.7 134.7 60.9 148.6 45.9
Profit after tax 408.5 258.4 58.1 279.4 46.2
(%) 1m 3m 6m 12m Asset quality (%)
Gross NPA 1.29 1.50 -21 BPS 1.67 -38 BPS
Absolute -1.4 13.5 7.6 46.9
Net NPA 0.26 0.49 -23 BPS 0.46 -20 BPS
Relative Key items
3.6 21.6 21.2 69.9
to Sensex
Advances 41,760 29,528 41.4 36,515 14.4
AUM 43,425 30,822 40.9 37,964 14.4

Sharekhan 2 February 03, 2016 Home Next

investor’s eye stock update

Strong uptick in consumer segment drives AUM growth Asset quality improved led by sale of NPAs: The reported
BFL’s AUM registered a strong growth of 40.9% year on asset quality showed improvement on a sequential basis
year (YoY) largely contributed by consumer segment (as per 150 days past due) largely contributed by sale
which grew by 43% YoY (forms 42% of the AUM). Within the of Rs82 crore of NPA receivables (relating to mortgage
consumer segment, the categories like consumer durable segment) during the quarter. The provisions increased by
loans (up 42% YoY), personal loans (up 63%, salaried 35.5% YoY due to accelerated provisioning of Rs17.5 crore
personal loans 84% YoY) registered a robust growth. Two- in an account. The company continued to provide ahead
and three-wheeler loans which had been declining in of regulatory requirements and its provisioning coverage
earlier quarters witnessed a positive growth in Q3 (up stood at 80%.
6% YoY). The mortgages reported a growth of 16.7% YoY
Asset quality (%)
with home loans (salaried) growing by 77% YoY. Given
the intense competition in the loan against property 1.80
(LAP) segment, the company has slowed its growth (up 1.60
14%) and is re-organising the business (focus on in-house 1.40
sourcing to improve returns). The newer products like 1.20
rural finance and lifestyle finance continued to show a 1.00
strong traction (up 395% and 122% respectively partly 0.80

supported by low base). 0.60

0.40
Asset under management (Rs cr) 0.20
0.00
50,000.0 90.0
Q2FY15 Q3FY15 Q4FY15 Q1FY16 Q2FY16 Q3FY16
45,000.0
80.0
40,000.0 Gross NPA (%) Net NPA (%)
35,000.0 70.0
30,000.0 60.0
25,000.0
20,000.0 50.0 Valuation and outlook
15,000.0 40.0 BFL continues to deliver strong growth in AUMs and
10,000.0
30.0
sturdy asset quality. We believe, given the company’s
5,000.0
unique customer acquisition strategy, ability to cross sell,
0.0 20.0
Q3FY13 Q3FY14 Q3FY15 Q3FY16
launch of innovative product and strong risk management
systems, it will sustain loan growth momentum. We
AUM (Rs cr) growth (YoY, %)
estimate its earnings compounded annual growth rate
(CAGR) to grow at 28% YoY resulting in superior return
Improving margins aid NII growth ratios (return on asset [RoA] of 3.2% and return on equity
The net interest income (NII) showed a robust growth of [RoE] of 19% by FY2017). While the stock trades at
48% YoY supported by strong AUM growth and uptick in significant premium to peer companies, we believe strong
net interest margin (NIM). During the quarter, the cost of growth visibility in consumer segments, healthy asset
funds moderated (down 40BPS QoQ) while yield on loans quality and capitalisation levels, the valuation premium
improved (due to higher disbursement in better yielding will sustain. We have revised our price target to Rs7,025
consumer loans). As of Q3FY2016, the bank’s borrowing (3.7x its FY2018E book value [BV]) and maintained our
and debt markets constituted 47% each of the borrowing Buy rating on the stock.
mix. With focus on stable source of funding, the company
has garnered Rs2,052 crore of retail deposits (6% of One-year forward P/BV SD band
borrowings) which it plans to ramp-up to 16-18% of 4.5
borrowing over the next couple of years. 4.0
3.5
Net interest income (Rs cr)
3.0

1,400.0 60% 2.5

2.0
1,200.0 50%
1.5
1,000.0
40% 1.0
800.0
30% 0.5
600.0
0.0
20%
400.0
Feb-08

Feb-10

Feb-12

Feb-14

Feb-16

200.0 10%

0.0 0% PBV +1.6 mean 5 year PBV mean -1.5 mean

Q2FY15

Q3FY15

Q4FY15

Q1FY16

Q2FY16

Q3FY16

Net Interest Income (Rs Cr) Growth (%)

Sharekhan 3 February 03, 2016 Home Next

investor’s eye stock update

Profit and loss statement Rs cr Key ratios

Particulars FY14 FY15 FY16E FY17E FY18E Particulars FY14 FY15 FY16E FY17E FY18E
Interest income 3,789 5,120 6,545 8,214 10,400 Per share data (Rs)
Interest expense 1,573 2,248 2,839 3,516 4,455 Earnings 144.5 178.7 220.3 282.5 356.6
Net interest income 2,215 2,872 3,706 4,698 5,945 Dividend 16.0 18.1 26.4 33.9 49.9
Non interest income 285 294 341 441 538 Book value 802.2 959.9 1,353.1 1,595.9 1,894.2
Net total income 2,500 3,166 4,047 5,139 6,483 Adj. book value 788.8 931.4 1,335 1,571 1,861
Operating expenses 1,151 1,428 1,793 2,266 2,846 Spreads (%)
Pre-provisioning profit 1,349 1,737 2,254 2,873 3,637 Yield on assets 19.1 18.9 18.5 18.4 18.2
Provisions 258 385 495 610 783 Cost of funds 9.6 9.7 9.5 9.4 9.2
Profit before tax 1,091 1,353 1,760 2,263 2,854 Net interest margins 11.1 10.5 10.4 10.4 10.3
Tax 372 459 586 758 954 Operating ratios (%)
Profit after tax 719 894 1,174 1,505 1,900 Cost to income 46.0 45.1 44.3 44.1 43.9
Provisions to loans 1.1 1.2 1.3 1.2 1.2
Balance sheet Non-interest income /
7.0 5.4 4.9 5.1 4.9
Total income
Particulars FY14 FY15 FY16E FY17E FY18E
Assets/Equity (x) 6.2 6.8 5.8 6.1 6.6
Liabilities
Return ratios (%)
Share capital 50 50 53 53 53
RoAE 19.6 20.3 19.5 19.2 20.4
Reserves 3,941 4,750 7,155 8,449 10,038
RoAA 3.4 3.1 3.2 3.2 3.2
Shareholders funds 3,991 4,800 7,209 8,502 10,091
Asset quality ratios (%)
Total borrowings 19,750 26,691 32,835 41,971 54,561
Gross NPA 1.2 1.5 1.6 1.7 1.8
Current liabilities 878 1,321 1,532 1,777 2,062
Net NPA 0.3 0.5 0.2 0.3 0.3
Total liabilities 24,618 32,811 41,575 52,250 66,714
Growth ratios (%)
Assets
Net interest income 31.8 29.6 29.0 26.8 26.5
Fixed assets 220 249 274 302 332 Pre-provisioning profit 28.1 28.8 29.7 27.5 26.6
Investments 28 332 382 439 505 Profit after tax 21.6 24.3 31.3 28.2 26.2
Receivable under
22,971 31,199 39,560 49,966 64,190 Advances 37.2 35.8 26.8 26.3 28.5
finance
Borrowings 50.4 35.1 23.0 27.8 30.0
Cash & deposits 777 220 235 251 269
Valuation ratios (x)
Other current
483 598 912 1,080 1,206 P/E 44.1 35.7 29.0 22.6 17.9
assets
Deferred tax assets 139 212 212 212 212 P/BV 8.0 6.6 4.7 4.0 3.4
Total assets 24,618 32,811 41,575 52,250 66,714 P/ABV 8.1 6.9 4.8 4.1 3.4

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investor’s eye stock update

Relaxo Footwear Reco: Buy

Stock Update

Healthy performance; maintain Buy with PT revised to Rs600 CMP: Rs457

Company details Key points

ŠŠ Another healthy performance; operating profit up 27.2% YoY: Relaxo
Price target: Rs600
Footwear (Relaxo) posted another quarter of healthy performance, wherein
Market cap: Rs5,480 cr despite challenging times and muted on-ground demand, its top line grew at
16.6% YoY, driven by combination of volume and premiumisation. This double-
52-week high/low: Rs614/185 digit growth is commendable and signifies the strong on-ground execution
NSE volume: 26,091 and brand salience efforts of the company. The growth in the revenue along
(No of shares) with falling prices of raw materials (EVA and other chemicals that are crude
derivatives) boosted the operating profit margin (OPM) by 116BPS in Q3FY2016,
BSE code: 530517
and the OPM stood at all-time high of 14%, driven by a healthy operating
NSE code: RELAXO performance, the net earnings grew by 22.7% YoY.
Sharekhan code: RELAXO ŠŠ Favourable industry dynamics coupled with enduring brands to keep
financials strong: With its economical price points (averaging at Rs118-124),
Free float: 3.0 cr the company is well placed to cash in on the transition towards branded shoes
(No of shares)
from the unorganised segment. We, thus, expect the company to post 20%
revenue CAGR over FY2015-18. Further, the initiatives to improve efficiency
Shareholding pattern
and rationalise cost along with low raw material prices are likely to culminate
into a healthy 29.7% earnings growth (CAGR) over FY2015-18. We have slightly
Foreign moderated our revenue growth estimates for the company for FY2017 and
2% Institutions FY2018. We expect Relaxo to post 21% growth for both the years, as against
Public & 2%
Others Non- our earlier estimate of 22% growth.
7% promoter
corporate ŠŠ Strong brands, focused management; maintain Buy: Relaxo’s strong presence
14% in the lucrative mid-priced footwear segment (through its top-of-the-mind recall
brands like Hawaii, Flite and Sparx) along with its integrated manufacturing
set-up, lean working capital requirement and vigilant management puts it in
Promoters a sweet spot to cash in on the strong growth opportunity unfolding in the
75%
footwear category due to a shift from unbranded to branded products. Thus,
we remain positive on the stock with our price target revised to Rs600 (Rs635
Price chart previously).
650
Results Rs cr
600
550 Particulars Q3FY16 Q3FY15 YoY (%) Q2FY16 QoQ (%)
500 Net revenues 387.7 332.5 16.6 386.3 0.4
450 COGs 161.0 140.3 14.7 158.9 1.3
400 Sales (%) 40.8 42.2 40.8
350 Staff cost 37.9 32.0 18.7 36.4 4.1
300 Sales (%) 9.8 9.6 9.4 3.8
Oct-15
Jun-15
Feb-15

Feb-16

Other expenses 134.6 117.6 14.4 139.9 -3.8

Sales (%) 34.7 35.4 - 36.2
Total expenses 333.5 289.9 15.0 335.2 -0.5
Price performance
Operating profit 54.2 42.6 27.2 51.1 6.0
OPM (%) 14.0 12.8 116BPS 13.2 75BPS
(%) 1m 3m 6m 12m Interest expenses 6.3 4.3 44.5 5.8 8.0
Absolute -8.1 -10.0 -16.9 41.8 Depreciation & amortisation 12.2 9.8 24.2 11.4 6.4
PBT 36.2 29.0 24.9 39.1 -7.3
Relative Tax 11.8 9.1 29.8 12.0 -1.6
-3.5 -3.6 -6.4 64.1
to Sensex
Reported PAT 24.4 19.9 22.7 27.1 -9.8
Adjusted PAT 24.4 19.9 22.7 24.1 1.2

Sharekhan 5 February 03, 2016 Home Next

investor’s eye stock update

Valuations Rs cr ŠŠ The company has already amicably settled the long

Particulars FY14 FY15 FY16E FY17E FY18E drawn litigation on its brand Sparx with Bata India,
Net sales 1,205.8 1,472.8 1,765.4 2,135.4 2,583.0 adding further momentum to the growth as Sparx is
Change (%) 20.0 22.1 19.9 21.0 21.0 one of the most promising brands in its portfolio with
Operating profit 146.6 200.4 254.2 316.0 384.9 strong revenue and margin growth potential ahead.
Change (%) 33.5 36.7 26.8 24.3 21.8
OPM (%) 12.2 13.6 14.4 14.8 14.9 ŠŠ To keep pace with the strong growth momentum, the
Net earnings 65.6 103.1 133.3 173.4 219.1 company is looking to augment its capacity for which
Change (%) 46.5 57.0 29.3 30.1 26.3 plans are on the drawing board stage. The company
Diluted EPS 5.5 8.6 11.1 14.5 18.3
has purchased a land parcel in Rajasthan (Bhilwara)
PER (x) 84.3 53.7 41.5 31.9 25.3
at a cost of Rs48 crore for the project.
EV/EBITDA 38.3 28.7 22.5 17.6 14.2
RoCE (%) 23.3 25.1 26.0 27.0 27.2
ŠŠ Its key raw materials, ethylene vinyl acetate (EVA)
RoE (%) 20.4 23.4 22.2 21.8 24.2
and other chemicals, are crude derivatives and
Earnings highlights hence follow crude cycle with a lag effect. Prices
of EVA have been ruling at 15-17% lower YoY and are
Revenue growth aided by volume and realisation currently trading at around Rs120 per kg as against
growth: In Q3FY2016, Relaxo posted a healthy revenue Rs140-145 a kg a year ago. The management believes
growth of 16.6% year on year (YoY), aided by both that apart from crude, the demand supply dynamics
volume and realisation growth. This double-digit growth for EVA play an important role in determining the
coming in an environment of muted consumer demand is prices, and the prices have largely bottomed with
commendable and signifies the growing brand salience minimal scope for further downside.
of its brands along with its strong on-ground execution.
The company would remain focused on consumers with We expect revenues to grow at 20.6% over FY2015-
the introduction of value-added and premium products 18: Relaxo’s product presence in the economy category
under each of its brands. The newly launched flip flop and mid-priced category along with its integrated
range, Bahamas, has received a decent response from manufacturing set-up puts it in a sweet spot to cash in on
the market. the emerging consumer transition from the unorganised
to the organised segment, capturing the benefits at all
Soft raw material pricing led to robust margin levels. We expect Relaxo to significantly outperform the
expansion: Product mix premiumisation along with industry growth rates led by both volume and realisation
falling prices of raw materials (EVA and other chemicals growth. We, thus, expect Relaxo to grow its revenues at
that are crude derivatives) was reflected as a reduction a compounded annual growth rate (CAGR) of 20.6% over
in the raw material cost, which declined by 140 basis FY2015-18.
points (BPS) YoY. The effect of these benefits was visible
in strong improvement in the OPM. Consequently, the Net earnings to grow at 29.7% CAGR over FY2015-18E:
OPM expanded by 116BPS YoY and was at 14% for the A robust revenue growth, low prices of raw materials
quarter. (rubber, EVA), the management’s stiff eye on cost
rationalisation and efficiency improvement along with
Reported net earnings grew healthily at 22.7% YoY: efforts to weed out the loss-making stores are likely to
Led by a strong operational performance the reported have a positive effect on the margins of the company. We
net earnings grew by a strong 22.7% YoY. expect Relaxo’s OPM to further expand hereon and reach
15% by FY2018. The net earnings are expected to grow
Key developments at a 29.7% CAGR over FY2015-18. We have retained our
positive stance on the stock due to its structural growth
ŠŠ The company’s foray into modern trade through
story. We have also retained our Buy rating on it with a
institutional sales and online shopping access to
revised price target of Rs600 (valued at 33x its FY2018E
customers to boost sales and have a presence in all
earnings).
trade options are yielding positive results.

Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

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investor’s eye stock update

Gateway Distriparks Reco: Buy

Stock Update

Weak macro environment and rising competitive intensity affect earnings; PT revised to Rs345 CMP: Rs273

Company details Key points

ŠŠ Weak macro environment and margin pressure affect earnings: For Q3FY2016,
Price target: Rs345
Gateway Distriparks Ltd (GDL)’s consolidated adjusted earnings after minority
Market cap: Rs2,970 cr interest and associate income declined by 43.1% YoY to Rs30.9 crore. The
consolidated revenues were affected by lower volumes in container freight station
52-week high/low: Rs454/266 (CFS; down 10.4% YoY) and rail (down 20.0% YoY) divisions. The volume off-take
was primarily affected by Chennai floods, lower & imbalanced export-import trade
NSE volume: 1.5 lakh
(No of shares) and market shrinkage. Further, increased railway haulage charges and increasing
competitive intensity pressuring realisations resulted in over 1,000-BPS erosion in
BSE code: 532622 operating profit margin (OPM) for both CFS and rail divisions. Consequently, the
operating profit for the quarter declined by 27.1% YoY to Rs61.9 crore.
NSE code: GDL
ŠŠ Long-term growth triggers still intact while near-term uncertainty remains: The
Sharekhan code: GDL
company will be setting up a CFS facility at Krishnapatnam Port to commence
Free float: 8.1 cr operations after 15 months and enter into new locations to revive CFS volume.
(No of shares) Further, proposed rail inland container depots (ICD) at Viramgam to commence
operations in Q4CY2016 will help in consolidating its position on the western
Shareholding pattern dedicated freight corridor (DFC) route. The demand recovery in CFS business is
likely to get delayed owing to macro factors and competitive intensity at JNPT
port. The management is negotiating with Blackstone for purchase of the balance
Promoters FII stake in its rail division.
25% 24%
ŠŠ Maintain Buy with revised price target of Rs345: We had in our report dated
December 22, 2015 highlighted on GDL’s earnings for H2FY2016 to be affected
on weak demand environment which we believe can put further pressure on
Public & GDL’s valuation in the near term. We have revised our estimates for FY2016 and
others FY2017 factoring lower volume and margin erosion in rail and CFS divisions (we
10% have introduced FY2018 estimate in this note). However, we believe the structural
Institutions
41% growth story over the long term remains intact for GDL (owing to a range of
services, leadership position in the CFS and rail businesses and a healthy balance
sheet). Thus, we have maintained our Buy rating on the stock of GDL with a revised
Price chart price target of Rs345.
500 ŠŠ Risk: The risk to our call is a higher-than-expected or prolonged deterioration in
demand environment.
450

400 Results (consolidated) Rs cr

Particulars Q3FY16 Q3FY15 YoY (%) Q2FY16 QoQ (%)
350
Net sales 267.1 272.1 -1.8 259.5 2.9
300 Operating expenses 205.3 187.3 9.6 195.4 5.0
250 EBITDA 61.9 84.8 -27.1 64.1 -3.5
Depreciation 20.2 20.0 1.0 20.2 -0.4
Oct-15
Jun-15
Feb-15

Feb-16

Other income 4.7 4.7 -0.2 4.8 -3.1

Interest 4.6 4.3 7.0 5.0 -6.7
PBT 41.8 65.2 -36.0 43.7 -4.5
Price performance
Taxes 12.6 12.6 -0.3 14.1 -10.6
Extraordinary item 0.0 0.0 0.0
(%) 1m 3m 6m 12m RPAT 29.2 52.6 -44.5 29.7 -1.6
Minority interest & assoc. inc. -1.8 -1.7 0.7 -1.0 83.9
Absolute -6.5 -9.4 -18.3 -20.5 APAT 30.9 54.3 -43.1 30.6 1.1
Relative Margin (%) BPS BPS
-1.8 -3.0 -8.0 -8.1 EBITDA 23.2 31.2 -801 24.7 -153
to Sensex
NPM 11.6 20.0 -839 11.8 -21
Effective tax rate 30.1 19.4 1,077 32.2 -205

Sharekhan 7 February 03, 2016 Home Next

investor’s eye stock update

Segmental performance Rs cr
Particulars Q3FY16 Q3FY15 YoY (%) Q2FY16 QoQ (%)
Revenue (Rs cr)
CFS 77.7 88.6 -12.3 81.2 -4.2
Rail 189.4 162.7 16.4 178.4 6.2
Cold chain* 63.0 51.3 22.9 57.7 9.3
Total 330.2 302.7 9.1 317.2 4.1
EBITDA (Rs cr)
CFS 24.2 36.6 -33.9 28.1 -14.0
Rail 37.7 48.9 -22.9 36.0 4.7
Cold chain* 11.4 11.4 -0.5 11.0 2.9
Total 73.2 96.9 -24.4 75.1 -2.5
PAT (Rs cr)
CFS 13.0 19.4 -33.0 15.1 -14.0
Rail 16.1 32.6 -50.6 14.3 12.6
Cold chain* 1.8 2.4 -22.5 1.2 55.1
Total 30.9 54.3 -43.1 30.6 1.1
Volume (TEUs)
CFS 86,604 96,612 -10.4 95,574 -9.4
Rail 51,140 63,952 -20.0 46,631 9.7
Realisation (Rs/TEU)
CFS 8,975 9,174 -2.2 8,494 5.7
Rail 37,034 25,446 45.5 38,247 -3.2
EBITDA margin (%) BPS BPS
CFS 31.1 41.2 -1,017 34.6 -352
Rail 19.9 30.1 -1,015 20.2 -27
Cold chain 18.0 22.3 -424 19.1 -112
Overall 22.2 32.0 -983 23.7 -151
*with effect from Sep 2014, Snowman Logistics’ numbers are not consolidated line-by-line (except 40.4 % of PAT is added).

Valuations (consolidated) Rs cr
Particulars FY14 FY15 FY16E* FY17E* FY18E*
Sales (Rs cr) 1,008 1,105 1,040 1,108 1,211
EBITDA (Rs cr) 259 320 258 278 314
Margin (%) 25.7 29.0 24.8 25.1 25.9
Adj net profit (Rs cr) 142 188 125 152 179
EPS (Rs) 13.1 17.3 11.5 14.0 16.4
Y-o-Y growth (%) 12 32 (34) 22 18
PER (x) 20.9 15.8 23.8 19.5 16.6
EV/EBITDA (x) 12.1 9.3 11.5 10.8 9.6
P/BV (x) 3.5 3.2 3.2 3.3 3.4
RoCE (%) 13.3 16.6 13.8 15.6 18.6
RoNW (%) 17.5 21.3 13.6 17.0 20.3
*Adjustment in accounting of Snowman Logistics from subsidiary to associate company

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TVS Motor Jaiprakash Associates
Banks & Finance Larsen & Toubro
Allahabad Bank Punj Lloyd
Andhra Bank Oil & gas
Axis (UTI) Bank Oil India
Bajaj Finance Reliance Ind
Bajaj Finserv Selan Exploration Technology
Bank of Baroda Pharmaceuticals
Bank of India Aurobindo Pharma
Capital First Cipla
Corp Bank Cadila Healthcare
Federal Bank Divi’s Labs
HDFC Glenmark Pharmaceuticals
HDFC Bank Ipca Laboratories
ICICI Bank Lupin
IDBI Bank Sun Pharmaceutical Industries
LIC Housing Finance Torrent Pharma
PTC India Financial Services Building materials
Punjab National Bank Grasim
SBI The Ramco Cements
Union Bank of India Shree Cement
Yes Bank UltraTech Cement
Consumer goods Discretionary consumption
Britannia Century Plyboards (India)
GSK Consumers Cox and Kings
Godrej Consumer Products Inox Leisure
Hindustan Unilever Info Edge (India)
ITC KDDL
Jyothy Laboratories KKCL
Marico Orbit Exports
Zydus Wellness Raymond
IT / IT services Relaxo Footwear
Firstsource Soluation Speciality Restaurants
HCL Technologies Thomas Cook India
Infosys Wonderla Holidays
Persistent Systems Zee Entertainment
Tata Consultancy Services Diversified / Miscellaneous
Wipro Aditya Birla Nuvo
Capital goods / Power Bajaj Holdings
Bharat Heavy Electricals Bharti Airtel
CESC Bharat Electronics
Crompton Greaves Gateway Distriparks
Finolex Cable Max India
Greaves Cotton PI Industries
Kalpataru Power Transmission Ratnamani Metals and Tubes
PTC India Supreme Industries
United Phosphorus
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