NiveshDaily - 14 February, 2017 PDF

NiveshDaily
February 14, 2017

INDICES
Indices Previous (day) Close % chg From Research Desk
Sensex 28351.6 0.1 %
Nifty 8805.1 0.1%

(As on 13th February, 2017)  Concall Updates
Idea Cellular Ltd.
First PAT loss in 40 quarters since IPO. Maintain HOLD with a revised target price to Rs.
102
 Result Preview
Ashiana Housing | Rating: BUY | Target: Rs 183
We expect Ashiana to report an EBITDA of Rs 188mn, against an EBITDA loss of Rs 20mn
in Q31FY16.

Kalpataru Power (KPTL)| Rating: BUY | Target: Rs 332
We expect KPTL’s standalone revenue to grow 23.8% YoY on the back strong pick up in
execution of the orders won in the past 6‐9 months.
Shilpa Medicare Ltd. (SML) | Rating: BUY | Target: Rs 711
Watch out for any ramp up in US/Europe business both in API & Formulation especially
after receiving 2 approvals in last few months.
Sun Pharmaceutical Industries Ltd. | Rating: BUY | Target: Rs 782
In view of continued delay in resolution of regulatory issues at Halol we believe the stock
may remain under pressure for some time.
Tata Motors | Rating: HOLD | Target: Rs 560
Improvement in JLR sales led by pickup in F‐Pace model helped Tata Motors subs do well.
Additionally, success of Tiago helped keep the domestic volumes upbeat.

Oriental Carbon & Chemicals Ltd (OCCL) | Rating: HOLD | Target: Rs 863
In Q3FY17E, OCCL’s utilization levels (at the old unit) are expected to be ~85%.
MOIL Ltd.
EBITDA margin is expected to remain at ~29% led by lower raw material and employee
costs. While PAT is likely to grow by ~2x Y/Y to Rs 904 mn v/s Rs 455 mn in Q3 FY16.

 First Cut Analysis

Sunteck Realty Ltd (SRL)
Strong set of numbers from Sunteck, defying any demonetisation impact, foray into
affordable segment augurs well in longterm, maintain BUY with TP of Rs 358
SKF India Ltd.
Improvement in gross margins despite higher pickup in traded segment helps SKF beat
estimates. Maintain HOLD with a revised target price of Rs 1,472

 Result Today in INSL Universe

Daljeet S. Kohli
Head of Research
Tel: +91 22 66188826
daljeet.kohli@indianivesh.in
IndiaNivesh Securities Limited | Research Analyst SEBI Registration No. INH000000511
IndiaNivesh Research 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.
Idea Cellular Ltd.
First PAT loss in 40 quarters since IPO. Maintain HOLD with a revised
target price to Rs. 102
Q3FY17 Concall Update February 14, 2017

Current Previous Consolidated Financial Snapshot
CMP : Rs. 107
Rating : HOLD Rating : HOLD Rs. mn Q3FY17 Q2FY17 QoQ% Q3FY16 YoY%
INSPL
Variance Comments
Estimates
Target : Rs. 102 Target : Rs. 88 Revenue 86,607 92,989 ‐6.9% 90,014 ‐3.8% 89,012 ‐2.7% Inline

STOCK INFO EBITDA 21,655 28,290 ‐23.5% 31,285 ‐30.8% 25,813 ‐16.1% 18% jump
BSE 532822 EBITDA 25.0% 30.4% 34.8% 29.0% in Network
NSE IDEA Margin% Expenses
Index S&P BSE 100 pulled the
EBITDA
Bloomberg
Reuters
IDEA IN
IDEA.BO margin
Sector Telecom ‐ Services down
Face Value (Rs) 10 Other 437 1,291 ‐66.2% 308 41.8%
Mkt Cap (Rs bn) 395 Income
52w H/L (Rs) 128 / 66 Net Profit (3,839) 804 7,642 (1,710) 124.5% Lower

PAT ‐4.4% 0.9% 8.5% ‐1.9% EBITDA
SHAREHOLDING PATTERN % Margin% resulted in
(as on Dec, 2016) EPS (1.1) 0.2 2.1 (0.5) 124.5% lower PAT
Promoters 42.45
Public 57.55
Source: Company, IndiaNivesh Research
Source: BSE

 Idea Cellular Ltd (Idea) Q3FY17 result was disappointing, well below our
STOCK PER. (%) 3m 6m 12m
estimates. Revenue although was inline was negatively impacted by lesser than
IDEA 57.9 18.4 11.2
SENSEX 5.7 1.0 21.1 expected net subscriber addition during the quarter. 18% rise in Network
Source: Bloomberg, IndiaNivesh Research

Expenses led to a sharp decline in EBITDA margins (25% in Q3FY17 vs 34.7 in
IDEA v/s SENSEX Q3FY16, 34.7% in Q2FY17). Considering the sensitivity of telecom sectors
margins on topline growth, PAT fell even more sharply compounded by fall in
operating margins sharply. Drop in other income relative to Q2FY17 exposed
the sensitivity even further. Top‐line de‐grew by 3.8% Y/Y (+6.9% Q/Q) to Rs.
86.6 bn against INSL estimates of Rs. 89 bn. The revenue de‐growth was owing
to 5.3% Y/Y (+7.3% Q/Q) increase in total volume minutes while the ARPM fell

Source: Capitaline, IndiaNivesh Research by 6.9% Y/Y (‐10.6% Q/Q).

 During the quarter, minutes of usage per user per month (MoU) declined ‐2%

Y/Y (+4.6% Q/Q) to 385 mins (v/s 393 mins in Q3FY16 and 368 mins in Q2FY17).

Average revenue per user (APRU) fell at Rs. 173 (v/s Rs. 175 in Q2FY16; down
Daljeet S. Kohli
1.2% Q/Q and Rs. 181 in Q1FY17; down 4.5%). ARPM went‐up to 40.7 paisa (v/s
Head of Research 44.8 paisa in Q3FY16 & 47 paisa in Q2FY17).

Tel: +91 22 66188826  EBITDA stood at Rs. 21.6 bn (INSL est: Rs 25.8 bn), down 30.8% Y/Y (down 23.5%
daljeet.kohli@indianivesh.in
Q/Q). The consolidated EBITDA margin stood at 25% (v/s 34.8% in Q3FY16 and
Rajiv Bharati 30.4% in Q2FY17). Loss after tax (after minority interest and share of associates)
Research Analyst for quarter stood at Rs. 3.8 bn (INSL est. loss of Rs. 1.7 bn).
Tel: +91 22 66188818 Valuations
rajiv.bharati@indianivesh.in With recent sharp run‐up in the stock in response to merger talks with Vodafone,
the current price captures a lot of synergistic benefits of the potential merger. The
R Sriram management did not provide any further clarity on potential merger with
Research Associate Vodafone India. We have tweaked our estimates for FY17E & FY18E. We also

Tel: +91 22 61151621 introduce FY19E financials & roll over valuation to FY19. At CMP of Rs. 107, the
r.sriram@indianivesh.in stock is trading at 7.1x FY18E and 5.6x FY19E EV/EBITDA estimates. We maintain
HOLD rating on the stock with a revised TP of Rs. 102 per share (assigning an

EV/EBITDA multiple of 5.5x FY19E).

IndiaNivesh Securities Private Limited|Research Analyst SEBI Registration No. INH000000511
IndiaNivesh Research 601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007. Tel: (022) 66188800

Q3FY17 Concall Update (contd...)

Focus Charts:
Av. MoU per user improved by 4.6% QoQ, although a lower ARPU‐ARPM trajectory: APRM dip on expected lines
than expected subscriber addition restricted the impact to
7.3% QoQ on total MoUs
425 240 240 44 45 45 44 45 46 46 45 45 45 45 46 48 47 48
41 41 41 41 41
38 38 37 37 36
408 35 35 35 35 37 36
34 33 33 34 33
32 33
406
400 401 400 180 180 36
398 397 30
Paise per min
393
388 386 387
Minutes
384 384 385
Rupees
379
376
379 120 24
375 120
368 368
359
60 12
350 60
156
148
158
167
174
164
169
173
181
176
179
179
182
175
176
179
181
173
157
131
126
132
143
147
139
145
157
165
162
171
185
196
189
199
202
199
196
210
‐ 0
325 0
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
ARPU‐Blended (LHS) ARPM (RHS) Voice ARPM (RHS)
Voice traffic (bn min) Av. MOU (LHS)
Source: Company, IndiaNivesh Research Source: Company, IndiaNivesh Research

Fall in data subscribers was disappointing as ARMB continues …although 3G subscription still remains low and so was the
its downward trajectory, 15.9 paisa pe MB in Q3FY17 case with 4G data subscribers
40 140 32 20%
28
25 24
23
30 105 24 21 15%
20
paise per MB
mn GB
17
15
mn
20 70 16 13 10%

49 54 49 11
37 41 41 44 9
26 31
34 31 34 33 7
10 26 25 28 35 8 6 5%
18 19 22 3 4 4
2 2 3
0 ‐ 0 0%
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
Data Subscribers (mn) ARMB‐Blended (LHS) Data traffic (RHS) 3G Subscribers (LHS) 3G subs as % of total subs (RHS)

…albeit bulk of the data volume traffic is now on 3G for Idea Cell site addition profile: Bulk of the addition is happening on
Cellular with 4G expected to catch up as full roll out happens 4G
by next fiscal
80 80% 24
70 72 21
62
60 54 56 60% 17 17
18
43
in thousand
36 13
40 40%
mn GB
31 11
25 12 10
20 9
8 7
20 13 16 20% 7
8 9 5 5 5 5
3 4 5 5 6 6 4 4 5 4
3 3 2 3
0 0% 2
Q1FY13
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
0
Q2FY13
Q3FY13
Q4FY13
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
Q2FY16
Q3FY16
Q4FY16
Q1FY17
Q2FY17
Q3FY17
3G data volume (LHS)
4G data volume (LHS)
3G data volume as % of total volume (RHS) Cell Site Addition ‐ Cumulative Cell Site Addition ‐ 4G

Concall Highlights:
 No further clarity offered on potential merger with Vodafone India. Idea is open to see full
or partial stake in its fully owned tower assets and its stake in Indus Towers.
 Revenue market share (in Jul‐Sep 2016) period at 18.7%. Subscriber market share (VLR as
of Nov 2016) at 19.5%. As per the management, the sector has seen first annual revenue
decline.

Idea Cellular Ltd. (contd...) February 14, 2017 | 2


 Voice ARPM fall at 29.6 paise was due to two factors (a) drop in gross outgoing call
volumes (seen more in 4G customers) (b) drop in gross outgoing volume percentage (in
proportion to outgoing to incoming combined). Massive termination of calls from Jio at
lower remunerative prices brought down the overall APRMs. Voice tariffs are no more at
premium to Bharti and Vodafone. Indicative trend in Jan‐Feb 2017 continues to be
downward but ARPUs are strengthening.
 Idea’s revenue in established and new circles fell by 6.9% and 6.2% Q/Q respectively.
Additionally, EBIDTA from established circles (ESA) fell 22% Q/Q. The losses in new circles
(NSA) expanded to Rs.1.63bn [v/s Rs. 1.42bn in Q2FY17]. ESA EBITDA margin contracted
560 bps Q/Q to 29%.
 Customers migrating to unlimited plans are largely up‐trading. Management reiterated
that Jio is currently a second SIM phenomenon, and the subscribers though have reduced
usage on their first SIM have still not discontinued usage. On Jio, the management hinted
at perceptible decline in sector’s revenue if the free aggression from Jio persists.
 4G service areas to be expanded from present 12 service areas to 20 service areas using
the freshly acquired spectrum in recently concluded auction by Mar‐Apr 2017. It has
already launched 4G on second carrier in 4 circles (MP incl. Chattisgarh, Kerela, Punjab
and Haryana). It plans to launch the same in another 3 circles (Gujarat, UP‐west, and
Maharashtra) on second carrier soon. Current capacity utilization of 4G spectrum is at 20‐
30%. Services on 2300 MHz will be launched in next fiscal.
 Idea Cellular raised Rs. 70 bn through NCDs to refinance higher cost spectrum related
debt currently at 9%.
 Cost optimization including ICR rearrangement (it was EBITDA accretive in Q3FY17), active
infrastructure sharing across 2G+3G+4G sites.
 On launch of cheap feature phones: Management’s assessment is that globally no one
makes VoLTE phones below $50/unit and if any entity tries to launch a device in Rs. 800‐
1000 (2G handset range), the telecom operators may have to subsidize the device to
make the business case sustainable.
 Idea’s holding in Indus Tower has come down to 11.15% as it has swapped 4.85% of its
16% holding with American PE Providence for its proportional stake in Aditya Birla
Telecom Ltd (Idea’s captive tower business). Going forward only 11.15% of Indus Tower’s
business will be consolidated in Idea Cellular.

3G, 4G and Broadband update
 In last 12 months, Idea has expanded its network sites by 27%, adding 62,917 network
sites (2G+3G+4G). They have added 9,847 2G, 38,917 3G and 33,954 4G network sites.
Total network sites currently stands at 2,32,977. With 3G+4G site cumulatively at 1,00,615
sites, management’s indicative target of 2,00,000 sites at an average capex of Rs. 1.5 mn
per site would require another ~Rs. 150 bn capex going ahead to achieve 1 bn coverage.
CWIP was at Rs. 124 bn by the end of 9MFY17.

Capex Update
 Idea spent of Rs. 20 bn in 32FY17 (same as Q2FY17), totaling Rs. 50.8 bn in 9MFY17, in line
with FY17 capex guidance of Rs. 65‐70 bn (v/s Rs. 75 bn in FY16), covering 11 circles of 4G
and 13 circles of 3G. Capex in Q3 was partly funded by cash (Rs. 12.3 bn). The company’s
net debt stood at Rs. 491 bn (v/s Rs. 384 bn in FY16). Management earlier in Q2FY17
indicated that FY17 will be the peak capex year and will taper off by FY19. Management in
Q3FY17 concall indicated that the FY18 capex will be lower than current run rate of 18%
of annual revenue.



Management’s remark on Jio
 ”Despite an unprecedented outgoing voice rate fall, the lure of free offerings resulted in
lower than normal volume elasticity with the quarterly sequential voice minutes growing
only by 7.3% to 210 billion minutes (vs. 195.5 billion minutes in Q2FY17), that too led by
double digit growth in incoming call volume. The higher blended voice realization rate fall
was also an outcome of the tsunami of minutes terminating on Idea’s network from the
new operator resulting in overall higher ratio of subsidized incoming minutes recovered at
below cost IUC settlement rates The impact of free promotions was even more pronounced
on mobile data business. Idea, for the first time, witnessed a decline of 5.5 million mobile
data customers on sequential quarter basis….”

Quarterly Performance
Q3FY17 Q3FY16 YoY% Q2FY17 QoQ%
Particulars (Rs mn)
(Consolidated) (Consolidated) Change (Consolidated) Change
Net Sales 86,607 90,014 ‐3.8% 92,989 ‐6.9%
Other Op. Income 20 83 14
Total Income 86,627 90,097 ‐3.9% 93,002 ‐6.9%
Total Expenditure 64,973 58,812 10.5% 64,712 0.4%
Operating Profit 21,655 31,285 ‐30.8% 28,290 ‐23.5%
Other Income 437 308 41.8% 1,291 ‐66.2%
EBITDA 22,091 31,593 ‐30.1% 29,581 ‐25.3%
Depreciation 19,653 16,231 21.1% 19,543 0.6%
EBIT 2,438 15,362 ‐84.1% 10,038 ‐75.7%
Interest 9,669 3,657 10,044
EBT (7,230) 11,705 ‐161.8% (6)
Tax (2,248) 4,063 ‐155.3% 247
PAT (4,982) 7,642 ‐165.2% (253)
Minority Interest and Share of associates (1,143) ‐ (1,057)
Net Income (3,839) 7,642 ‐150.2% 804
Margins(%)
EBITDA Margin 25.0% 34.7% 30.4%
NPM ‐4.4% 8.5% 0.9%
EPS (1.07) 0.22 0.22
Source: Company Filings; IndiaNivesh Research


Daljeet S. Kohli Result Preview
Head of Research

Tel: +91 22 66188826
daljeet.kohli@indianivesh.in Ashiana Housing | Rating: BUY | Target: Rs 183

Rs Mn (consolidated) Q3FY17E Q2FY17 Q3FY16 Q‐o‐Q % Y‐o‐Y %
Monami Manna
Net Sales 1,345 1,163 317 15.7% 324.3%
Research Analyst
EBITDA 188 271 ‐20 ‐30.4% NA
Tel: +91 22 6 66188848 PAT 168 206.8 0.4 ‐18.7% 41931.3%
monami.manna@indianivesh.in EPS 1.6 2.0 0 ‐18.7% NA
Margin (%) Basis Points (BPS)
EBITDA % 14.0% 23.3% ‐6.3% ‐927 NA
PAT % 12.5% 17.8% 0.1% ‐528 1,237

Updates
 Ashiana is likely to report 324.3% Y‐o‐Y growth in revenue in Q3FY17, on account of
higher sales in one of its important market Bhiwadi. Even on a Q‐o‐Q basis we expect
the performance of the company to improve significantly with 15.7% Q‐o‐Q growth in
revenues. As Ashiana operates in the low and medium housing segment, we expect the
company to be significantly affected from the demonetization blues. However it is too
early to take a call on its sales volume, we will wait for management commentary on the
same and ground level feedback after the result.
 For FY17, AHL management expects to deliver about 1.1‐1.2 mn sq.ft under sole
ownership and another 0.6‐0.7 mn sq.ft under partnership projects.
 We expect Ashiana to report an EBITDA of Rs 188mn, against an EBITDA loss of Rs 20mn
in Q31FY16. However on a Q‐o‐Q basis, EBITDA is likely to show a de‐growth of 30.4%
due to high base of Q2FY17.
 In line with revenue and EBITDA growth Ashiana is expected to continue showing profit
by clocking a PAT of Rs 168mn against Rs 0.4mn PAT in Q3FY16. However due to
demonetization some impact is likely to be visible on the bottomline (though not to the
extent of other premium realty players). As a result on Q‐o‐Q basis, AHL is likely to
report 18.7% decline in its profit.

Key things to watch out
 Status of unsold inventory in its key market of Bhiwadi.
 Management commentary on trying to maintain a run‐rate of 80,000 sq.ft/quarter
amidst a tough demand environment and the wake of demonetization.
 Average realizations and gross profit margin per sq. ft. (management aim to maintain
30% gross profit ratio).
 Status of other ongoing projects.

Valuation
We expect AHL to report modest 1.1% revenue CAGR over FY16‐18E on the back of
improving deliveries in its key projects, while PAT is likely to witness 8.6% CAGR during FY16‐
18E with PAT margins expanding by 380bps over the same period. At CMP Rs 142, AHL is
trading at FY17E and FY18E, EV/EBIDTA multiples of 10.4x and 7.7x respectively. We have a
BUY rating on the stock with a target price of Rs 183 arrived on the basis of NAV based SOTP
valuation. We will revisit our rating and target price after Q3FY17 results.
IndiaNivesh Research February 14, 2017

Kalpataru Power (KPTL)| Rating: BUY | Target: Rs 332
Rs Mn (standalone) Q3FY17E Q2FY17 Q3FY16 Q‐o‐Q % Y‐o‐Y %
Net Sales 10742 11154 8680 ‐3.7 23.8
EBITDA 1182 1220 937 ‐3.2 26.1
PAT 548 578 381 ‐5.2 43.8
EPS 3.6 3.8 2.5 ‐5.2 43.8
Margin (%) Basis Points (BPS)
EBITDA % 11.0% 10.9% 10.8% 6 20
PAT % 5.1% 5.2% 4.4% ‐8 71

Updates
 We expect KPTL’s standalone revenue to grow 23.8% YoY on the back strong pick up in
execution of the orders won in the past 6‐9 months. KPTL’s order backlog remains
healthy at Rs 94 bn (Q2FY17 end).
 With better working capital management and softer commodity prices, EBITDA margin
of the company is likely to remain stable (20 bps Y‐o‐Y expansion) at 11%.
 Sharp reduction in finance cost (30% Y‐o‐Y drop in H1FY17) on the back of lower interest
rates coupled with debt repayment and better operating margin is likely to help the
company in reporting PAT growth of 43.8% Y‐o‐Y to Rs 548mn.

Key points to watch‐out
 Margin outlook for JMC projects and infrastructure business
 Steps taken and future roadmap for improvement in performance of Shubham Logistics
 Order inflow visibility from PGCIL as well as state utilities and from overseas markets
 Status and future outlook on traffic growth of JMC road BOT projects

Valuation
At the CMP of Rs 272, KPTL is trading at 8.1x and 7x for FY17E and FY18E EV/EBITDA. We
have a BUY rating on the stock with a SOTP based target price of Rs 332. We will revisit our
rating and target price after Q3FY17 results.


Daljeet S. Kohli Shilpa Medicare Ltd. (SML) | Rating: BUY | Target: Rs 711
Head of Research Rs. Mn. Q3FY17E Q2FY17 Q3FY16 Q‐o‐Q % Y‐o‐Y%
Tel: +91 22 66188826 Revenues 2603 2113 1982 23.2 31.3
daljeet.kohli@indianivesh.in EBIDTA 643 489 389 31.5 65.3
Adj Net Profit 433 382 218 13.4 98.6
Margin % Margin % Margin % Basis Points (BPS)
EBITDA % 25 23 20 156 508
PAT % 17 18 11 ‐144 564
Restart of 2 lines which were shut down for maintenance/up gradation in previous quarter,
ramp up in US business & continuation of positive contribution from subsidiaries may aid
growth in Q3. Watch out for any ramp up in US/Europe business both in API & Formulation
especially after receiving 2 approvals in last few months.

Valuation:
At CMP of Rs 727 the stock is trading at 23x FY18E EPS of Rs 30.9. We have BUY rating with
a target price of Rs 711.

Sun Pharmaceutical Industries Ltd. | Rating: BUY | Target: Rs 782
Rs. Mn. Q3FY17E Q2FY17 Q3FY16 Q‐o‐Q % Y‐o‐Y%
Revenues 78055 77640 70466 0.5 10.8
EBIDTA 24978 26666 21338 (6.3) 17.1
Adj Net Profit 17592 22519 13955 (21.9) 26.1
EBITDA % 32 34 30 ‐235 172
PAT % 23 29 20 ‐647 273
As the initial benefits of launch of gGleevac go away we expect overall US business at $525
mn with Gleevac sales down 30% Q‐Q. Price erosion in base business & lower Taro sales
will further weaken US sales. EBITDA margin is likely to contract Q‐Q due change in product
mix. DF will be impacted by demonetisation. We expect DF to grow at 8%Y‐Y.

Valuation:
At CMP of Rs 655, Sun Pharma stock is trading at 18x FY18E EPS of Rs 35.6. In view of
continued delay in resolution of regulatory issues at Halol we believe the stock may remain
under pressure for some time. However since the current valuation is undemanding & any
positive news on regulatory issues may become a trigger point for sharp rerating, We
maintain BUY rating on the stock with target price of Rs 782.


Daljeet S. Kohli Tata Motors | Rating: HOLD | Target: Rs 560
Head of Research
(In Rs. mn) Q3FY17E Q2FY17 Q3FY16 q‐q change y‐y change
Tel: +91 22 66188826 Volume(Unit) 282082 298223 273756 ‐5.4 3
daljeet.kohli@indianivesh.in Revenue 632814 669997 722564 ‐5.5 ‐12.4
EBIDTA 78271 79542 93800 ‐1.6 ‐16.6
Sriram R Adj. PAT 18404 20988 35244 ‐12.3 ‐47.8
Research Associate Reported PAT 18404 8283 34787 122.2 ‐47.1
Margins bps
Tel: +91 22 61151621
EBITDA Margin 12.40% 11.90% 13.00% 50 ‐61
r.sriram@indianivesh.in
PAT Margin 2.90% 3.10% 4.90% ‐22 ‐197

Rajiv Bharati Source: Company, IndiaNivesh Research
Research Analyst
Improvement in JLR sales led by pickup in F‐Pace model helped Tata Motors subs do well.
Tel: +91 22 66188818
rajiv.bharati@indianivesh.in
Additionally, success of Tiago helped keep the domestic volumes upbeat.

Valuation:
At CMP of Rs. 505, Tata Motors Ltd is currently trading at 8X FY18 EPS. We have a HOLD rating
on the stock with a target price of Rs. 560.


Daljeet S. Kohli Oriental Carbon & Chemicals Ltd (OCCL) | Rating: HOLD | Target: Rs 863
Head of Research
Tel: +91 22 66188826 In Q3FY17E, OCCL’s utilization levels (at the old unit) are expected to be ~85%. The revenue
daljeet.kohli@indianivesh.in is expected to grow 3% Q/Q and 14.6% Y/Y to Rs. 709 mn on the back of stable demands in
domestic market. EBITDA Margin is expected to expand by 145 BPS Y/Y to 29.8% led by
lower employee expenses and lower power & fuel cost. EBITDA is likely to grow by 20.4%
Kamal Kant Sahoo YoY while the PAT is likely to at 9.5% YoY owing to higher tax rate in Q3FY17e (at 20%) as
Research Associate against Q3FY16 (at 12%).
Tel: +91 22 66188833
kamal.sahoo@indianivesh.in Rs (Mn) Q3 FY17E Q2 FY17 Q3 FY16 QoQ% YoY%
Revenue 717.0 696.3 625.7 3.0 14.6
EBITDA 213.9 211.1 177.6 1.3 20.4
PAT 149.8 146.7 136.8 2.1 9.5
EPS (Rs) 14.5 14.3 13.3 1.8 9.3
Margin% BPS
EBITDA 29.8 30.3 28.4 -48.7 144.6
PAT 21.3 19.7 18.6 155.0 272.0
Source: Company, IndiaNIvesh Research

Valuation
At CMP of Rs. 870, OCCL is trading at PER of 16.5x and 13.7x its FY17E and FY18E EPS. We
have a HOLD rating on the stock with a target price of Rs. 863 (13.5x FY18E), we will revise
our rating and estimates post the results.

MOIL Ltd. | Rating: BUY | Target: Rs 365

Rs (Mn) Q3 FY17E Q2 FY17 Q3 FY16 QoQ% YoY%
NET SALES 2548.4 1960.3 878.2 30.0 290.2
EBITDA 748.6 24.3 ‐255.7
PAT 904.2 259.2 456.7 248.8 198.0
Margin% BPS
EBITDA 29.4 1.2 ‐29.1
PAT 35.5 13.2 52.0 2225.8 ‐1652.3

In Q3FY17E MOIL is expected to present a positive set of numbers, The revenue is expected to
grow by 30% Q/Q and 290%Y/Y to Rs. 2548 mn on the back of rising demands in domestic
market and strong global cue. Global manganese prices have surged ~4x in CY16, However
MOIL has also increased prices of Mn ore by about 2x in last 6 months. Increased domestic
demand and lower imports due to supply cuts and re‐stocking in China will lead to higher
volume off take of Manganese during the session. EBITDA margin is expected to remain at
~29% led by lower raw material and employee costs. While PAT is likely to grow by ~2x Y/Y to
Rs 904 mn v/s Rs 455 mn in Q3 FY16.
Valuation
At CMP of Rs.366 MOIL is trading at EV/EBITDA multiple of ~6x FY17. We had initiated buy on
this stock on 5th Oct 2016 @ CMP Rs.261 with a TP of Rs.365. Since then the stock has already
given ~40% return till date. However, we have a positive view on the stock. Post the
management conferences call and detailed presentation, we will revisit our estimates, rating,
and target price.

Sunteck Realty Ltd (SRL)
Strong set of numbers from Sunteck, defying any demonetisation impact, foray
into affordable segment augurs well in longterm, maintain BUY with TP of Rs 358
 Sunteck Realty (SRL) reported Q3FY17 numbers, which were above our
Current Previous estimates. Revenue grew 8.5% YoY to Rs 8.4bn, 32.4% higher than our estimate
CMP : Rs 254 of Rs 6.3mn, due to strong revenue booking from its two BKC projects, Signia
Rating : BUY Rating : BUY
Isles and Signia Pearl. EBITDA grew 161.2% YoY to Rs 342mn which was ahead
Target : Rs 358 Target : Rs358 of our estimate of Rs 158mn. EBITDA margin expanded 2389bps YoY to 40.9%
higher than our estimate of 25%, mainly due to high ticket premium apartments
(NR‐Not Rated)
STOCK INFO sale in BKC, which carry higher margin. PAT grew by 268.9% YoY to Rs 206mn
against our estimate of Rs 95mn.
INDEX
BSE 512179
NSE SUNTECK
Bloomberg SRIN IN EQUITY
Reuters SUNT.BO
Sector Real Estate
Face Value (Rs) 2
Equity Capital (Rs mn) 126

Mkt Cap (Rs mn) 15,962
52w H/L (Rs) 300 / 174
Avg Daily Vol (BSE+NSE) 1,10,137

 SRL had shown good operational performance during Q3FY17, despite the
SHAREHOLDING PATTERN %
pangs of demonetisation. The company was able to clock good sales in its
(as on Dec,2016)
Promoters 73.85 luxury BKC projects, which aided its revenue as well as margin. During the
Public & Others 26.15 quarter SRL sold three apartments in Signia Isles worth Rs 680mn. The rest of

STOCK PERFORMANCE(%) 3m 6m 12m

the sales came from Signia Pearl.

SRIN IN EQUITY 19.0 11.7 27.8
SENSEX 5.7 0.7 23.3  ticket luxury projects. Signia Pearl commanded a price of Rs 40k/per sq.ft. Out
Margin expanded 2389bps YoY to 40.9% as all the above BKC projects are high

SRIN IN EQUITY v/s SENSEX
of the three apartments in Signia Pearl, SRL sold one before demonetisation
and the rest two after demonetisation, with price variation of hardly Rs 500‐
800/sq ft, which proves that the company was relatively unscathed from the
pangs of demonetisation.

 In Q3FY17, pre‐sales and collections stood at Rs 1.27bn and Rs 1.45bn
respectively. SRL saw a jump in its collections for 9MFY17 to Rs 4.3bn against
Rs 3.59bn in 9MFY16. SRL recently has announced its plan to foray into

affordable housing segment with an initial investment of Rs 10bn.

Valuations

We have valued SRL using DCF method, which yields a NAV of Rs 398/share for

SRL. Applying a 10% discount to our NAV, we arrive at a target price of
Daljeet S. Kohli Rs 358/share for SRL. At the CMP of Rs 254, SRL is currently available at a steep
Head of Research

discount of 36.2% to its NAV of Rs 398, which is quite attractive given the
Tel: +91 22 66188826
daljeet.kohli@indianivesh.in company’s future growth potential. We maintain our BUY rating with a target

price of Rs 358. We will revisit our estimates and target price after getting some

Monami Manna clarity on SRL’s future plan of foraying into affordable housing segment after
Research Analyst attending SRL’s post result conference call (scheduled at 5pm on 16th Feb).
Tel: +91 22 66188848
monami.manna@indianivesh.in

Financial Performance

YE March EBITDA

(Rs Mn)
Net Sales EBITDA Adj. PAT Adj. EPS (Rs)
Margin (%)
RoE (%) Adj. P/E (x) EV/EBITDA (x)
FY14 9,256 2,785 1,828 25.2 30.1 23.7 10.1 7.5
FY15 3,028 1,339 814 11.4 44.2 4.6 22.3 18.6

FY16 7,865 2,500 1,593 27.1 31.8 10.0 9.4 10.7
FY17E 10,001 3,300 2,081 35.4 33.0 11.7 7.2 7.9
FY18E 12,496 4,499 2,884 49.0 36.0 14.0 5.2 5.3

IndiaNivesh Securities Limited|Research Analyst SEBI Registration No:INH0000000511
IndiaNivesh Securities Ltd 601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007. Tel: (022) 66188800


Q3FY17 First Cut Analysis | Sunteck Realty Ltd
Q3FY17 and 9MFY17 Financial Performance
Quick Fundamentals (Rs. Mn) Consolidated Consolidated
Sunteck Realty Ltd Q3FY17 Q2FY17 Q3FY16 Q‐o‐Q % Y‐o‐Y % 9MFY17 9MFY16 Y‐o‐Y %
Net Revenue 837 2,061 771 ‐59.4% 8.5% 8,143 1,607 406.7%
Total Op. Expenses 495 797 640 ‐37.9% ‐22.7% 5,387 1,193 351.6%
Operating Expenses 444 674 595 ‐34.2% ‐25.4% 5,131 1,085 372.8%
Employee Cost 29 41 16 ‐29.4% 74.7% 106 47 126.6%
Other expenditure 22 82 29 ‐72.8% ‐22.6% 149 61 145.8%
EBITDA 342 1,264 131 ‐73.0% 161.2% 2,756 414 565.4%
Depreciation 6 6 6 ‐11.0% 0.1% 17 17 2.2%
EBIT 336 1,257 125 ‐73.3% 168.6% 2,896 627 361.9%
Other Income 63 56 61 NA 3.7% 157 230 ‐31.5%
Finance costs 42 143 45 ‐70.5% ‐6.6% 302 118 154.9%
Exceptional items ‐ ‐ ‐ NA NA ‐ ‐ NA
Profit before tax 357 1,171 141 ‐69.5% 153.3% 2,595 509 410.0%
Tax expense 111 148 58 ‐25% 92.7% 644 192 236.2%
Profit after tax 246 1,023 83 ‐75.9% 195.3% 1,951 317 515.0%
Minority/Associate ‐40 ‐50 ‐28 ‐ ‐ ‐170 ‐101 ‐
Net Profit 206 973 56 ‐78.8% 268.9% 1,780 216 724.8%
Other comrehensive income ‐28.3 ‐12.2 2.1 NA NA ‐38.6 ‐68.3 NA
Total comprehensive income 177.6 960.6 57.9 ‐81.5% 206.5% 1741.6 147.6 1080.3%
Reported EPS (Rs) 3.43 16.22 0.93 ‐78.8% 268.9% 29.69 3.60 724.8%
Margin % Margin % Margin % Basis Points (BPS) Margin % Margin % BPS
EBITDA % 40.9 61.3 17.0 ‐2048 2389 33.8 25.8 807
EBIT % 40.2 61.0 16.2 ‐2085 2394 35.6 39.0 ‐345
PBT % 42.7 56.8 18.3 ‐1412 2441 31.9 31.7 21
PAT % 24.6 47.2 7.2 ‐2260 1737 21.9 13.4 843
Source:Company filings; IndiaNivesh Research

Valuations
We have valued SRL using DCF method, wherein we have calculated value of
its real estate business comprising ongoing and forthcoming projects,
planned projects, pending value from completed development projects and
completed annuity projects. Our DCF method yields a NAV of Rs 398/share
for SRL. Applying a 10% discount to our NAV, we arrive at a target price of
Rs 358/share for SRL. At the CMP of Rs 254, SRL is currently available at a
steep discount of 36.2% to its NAV of Rs 398, which is quite attractive given
the company’s future growth potential. We maintain our BUY rating with a
target price of Rs 358. We will revisit our estimates and target price after
getting some clarity on SRL’s future plan of foraying into affordable housing
segment after attending SRL’s post result conference call (scheduled at 5pm
on 16th Feb).
IndiaNivesh Securities Ltd 14 Feb 2017 2 of 4





SKF India
Improvement in gross margins despite higher pickup in traded segment
helps SKF beat estimates. Revise rating to HOLD with a target price of

Rs 1,472
SKF India Q3FY17 numbers were above our estimate. Top‐line increased 9% YoY to
Current Previous Rs 6.6 bn which was in line with our estimate of Rs 6.4 bn. EBITDA margin
CMP : Rs 1,406 increased by 798 bps YoY to 13.4% (higher than our estimate of 11.0%), %), raw
Rating : HOLD Rating :BUY material cost decreased 150 bps YoY to 60.5.% (as a percentage of revenue) while
Target : Rs 1,472 Target : Rs 1,693 traded goods cost increased 196 bps YoY to 40.9%. Growth in traded goods was
(NR‐Not Rated) 14.4% implying further improvement in demand from railways segment. Staff cost
STOCK INFO increased by 78 bps YoY to 8.6% (as percentage of revenue). PAT margin increased
INDEX by 832 bps YoY to Rs. 652 mn (vs our estimates of Rs 517 mn on account of higher
BSE 500472
NSE SKFINDIA than expected EBITDA margin. During FY16 the company had changed its
Bloomberg SKF IN accounting year from calendar year to fiscal year. For FY16 the company covered
Reuters SKFB.NS 15 months starting from 1st January 2015 to 31st March 2016 and therefore
Sector Auto
previous year figures (for full year 2016) are not directly comparable.
Face Value (Rs) 10
Equity Capital (Rs mn) 527 Particulars (Rs. mn) Q3FY17 Q2FY17 Q3FY16 QoQ(%) YoY(%) INSPL Est Variance (%)
Mkt Cap (Rs mn) 74,142 Revenue 6,645 6,621 6,102 0.4 8.9 6,447 3.1
52w H/L (Rs) 1,550 / 1,095 EBIDTA 891 840 806 6.1 10.5 708 25.9
Avg Daily Vol (BSE+NSE) 27,816 PAT 653 603 563 8.4 16.1 517 26.4
EPS (RS.) 12 10 11 27.7 16.1 10 26.4

STOCK PERFORMANCE(%) 3m 6m 12m
SKF India (1.7) 0.4 30.5

SENSEX 5.7 0.7 23.3 Buyback
Source: Bloomberg, IndiaNivesh Research The board has approved a buyback of shares at a price of Rs. 1500 per share for an
aggregate amount not exceeding Rs. 3.9 bn (it amounts to 4.93% of the outstanding
SKF India v/s SENSEX shares). The acceptance ratio would come to 1:20 (total outstanding shares of 52.7
mn will reduced by 2.6 mn to 50.1 mn shares on proportionate allocation) as
everyone including promoters are participating in the buy back.

Valuation and Outlook
A healthy balance sheet, robust cash flow generation, strong parentage & product
profile and strong distribution reach are other key positives. Capacity utilization at
SKF’s plant still remains low implying no major capex requirement in near future,
Source: Bloomberg, IndiaNivesh Research performance will start picking up as revenue from the generation 3 hub bearing

Daljeet S. Kohli plant starts reflecting from Q4FY17. Company’s twin initiative to expand into bearing
Head of Research for 4W and third generate bearing on industrial segment should drive sales and
Tel: +91 22 66188826 margins in upcoming fiscals. We have tweaked our estimates for FY17E & FY18E. We
daljeet.kohli@indianivesh.in also introduce FY19E financials & roll over valuation to FY19. At CMP of Rs. 1406

Rajiv Bharati stock is trading at 19x FY19E EPS. We revise rating to HOLD with a target price of Rs.
Research Analyst 1,472 (20xFY19E EPS).
Tel: 022‐66188818
rajiv.bharati@indianivesh.in

Sriram R
Research Associate
Tel:+91 22 61151621
r.sriram@indianivesh.in

Financial Performance
YE March EBITDA
Net Sales EBITDA Adj.PAT Adj.EPS (Rs) RoE(%) Adj.P/E(x) EV / EBITDA (x)
(Rs Mn) Margin
CY14 24,156 2,832 2,031 38.5 11.7 15.1 37.0 24.6
FY16 29,979 3,641 2,574 48.8 12.1 17.2 29.2 18.7
FY17E 27,101 3,039 2,295 43.5 11.2 14.0 32.7 21.9
FY18E 31,166 3,877 2,922 55.4 12.4 16.1 25.7 16.9
FY19E 37,400 5,106 3,882 73.6 13.7 18.8 19.4 12.5
Source: Company, IndiaNivesh Research, *FY16 is for 15 months
IndiaNivesh Securities Limited|Research Analyst SEBI Registration No:INH0000000511
IndiaNivesh Securities Ltd 601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007. Tel: (022) 66188800


Q3FY17 First Cut Analysis | SKF India
Chapt er Title
Q3FY17 Q2FY17 Q3FY16 Q‐o‐Q % Y‐o‐Y %

Total Operating Income (Net) 6,645 6,621 6,102 0.4 8.9
Cost of Revenues 5,754 5,781 5,295 ‐0.5 8.7
Raw Material Consumed 1,520 1,525 1,399 ‐0.4 8.7
Stock Adjustment ‐221 ‐291 5 ‐23.9
Purchase of Finished Goods 2,720 2,879 2,379 ‐5.5 14.4
Staff cost 574 549 480 4.6 19.7
Other Expenses 1,161 1,118 1,034 3.8 12.3
EBIDTA 891 840 806 6.1 10.5
Depreci ation 119 122 129 ‐2.0 ‐7.9
EBIT 772 718 677 7.4 14.0
Interest Expense
Other income 246 212 198 16.0 24.2
Exceptional i tem
PBT 1,018 930 875 9.4 16.3
Provision for taxation 364 328 312 11.1 16.7
PAT 653 603 563 8.4 16.1
EPS (RS.) 12.4 9.7 10.7 27.7 16.1
EBITDA % 13.4 12.7 13.2 72 20
EBIT % 11.6 10.9 11.1 76 52
PBT % 15.3 14.1 5.1 126 1020
PAT % 9.8 9.1 10.6 73 ‐79
Source: Company Filings, IndiaNivesh Research

Cost Analysis Q3FY17 Q2FY17 Q3FY16 bps QoQ bps YoY
Adj. Raw Materials 60.5% 62.1% 62.0% ‐166 ‐150
Staff Cost 8.6% 8.3% 7.9% 35 78
Other Expenses 17.5% 16.9% 16.9% 58 53


Income Statement (Standalone)

Y E March (Rs m) CY14 FY16 FY17E FY18E FY19E
Net sales 24,156 29,979 27,101 31,166 37,400
Growth (%) 6 24 (10) 15 20
Operating expenses (21,324) (26,338) (24,062) (27,289) (32,294)
Operating profit 2,832 3,641 3,039 3,877 5,106
Other operating income 0 0 0 0 0
EBITDA 2,832 3,641 3,039 3,877 5,106
Growth (%) 8.4 28.5 (16.5) 27.6 31.7
Depreciation (540) (684) (593) (629) (629)
Other income 769 1,009 1,084 1,247 1,496
EBIT 3,062 3,966 3,530 4,495 5,973
Finance cost 0 0 0 0 0
Exceptional item 0 0 0 0 0
Profit before tax 3,062 3,966 3,530 4,495 5,973
Tax (current + deferred) (1,031) (1,392) (1,236) (1,573) (2,091)
Profit / (Loss) for the period 2,031 2,574 2,295 2,922 3,882
Associates, Min Int 0 0 0 0 0
Reported net profit 2,031 2,574 2,295 2,922 3,882
Extraordinary item 0 0 0 0 0
Adjusted net profit 2,031 2,574 2,295 2,922 3,882
Growth (%) 22 27 (11) 27 33
Balance Sheet (Standalone)
Y E March (Rs m ) CY14 FY16 FY17E FY18E FY19E
Share capital 527 527 527 527 527
Reserves & surplus 13,635 15,167 16,670 18,668 21,628
Net Worth 14,162 15,694 17,197 19,196 22,155
Minority Interest 0 0 0 0 0
Total Liabilities 4,950 5,142 5,660 6,327 7,350
Non‐current liabilities 271 275 248 286 343
Long‐term borrowings 0 0 0 0 0
Deferred tax liabilities 1 0 0 0 0
Other Long term liabilities 0 0 0 0 0
Long term provisions 270 275 248 286 343
Current Liabilities 4,679 4,867 5,412 6,041 7,007
Short term borrowings 0 0 0 0 0
Trade payables 3,367 2,929 3,235 3,720 4,464
Other current Liabilities 858 724 963 1,107 1,329
Short term provisions 454 1,214 1,214 1,214 1,214
Total Liabilities and Equity 19,112 20,836 22,857 25,523 29,504

Non Current Assets 6,170 5,358 5,715 6,104 6,528
Net Block 3,654 3,098 3,396 3,723 4,084
Goodwill 0 0 0 0 0
Non‐current Investments 0 0 0 0 0
Long‐term loans and advances 2,517 2,260 2,319 2,381 2,444
Deferred tax Assets 0 0 0 0 0
Other non current Assets 0 0 0 0 0
Current Assets 12,942 15,478 17,142 19,418 22,977
Inventories 2,930 3,350 3,287 3,780 4,536
Sundry Debtors 3,730 4,179 4,185 4,813 5,775
Cash & Bank Balances 5,348 6,973 8,622 9,621 11,219
Other current Assets 129 175 144 166 199
Loans & Advances 806 800 904 1,040 1,247
Current Investments 0 0 0 0 0
Total (Assets) 19,112 20,836 22,857 25,523 29,504


Cash Flow Statement (Standalone)

Y E March (Rs m) CY14 FY16 FY17E FY18E FY19E
Profit before tax 3,062 3,966 3,530 4,495 5,973
Depreciation 540 684 593 629 629
Change in working capital (135) (461) 443 (672) (1,000)
Total tax paid (1,070) (1,393) (1,236) (1,573) (2,091)
Others 0 0 0 0 0
Cash flow from operations (a) 2,334 2,796 3,331 2,878 3,511
Capital expenditure (182) (128) (891) (957) (989)
Change in investments 0 0 0 0 0
Others 56 0 0 0 0
Cash flow from investing (b) (126) (128) (891) (957) (989)
Free cash flow (a+capex) 2,152 2,668 2,440 1,922 2,522
Equity raised/(repaid) 0 0 0 0 0
Debt raised/(repaid) 0 0 0 0 0
Dividend (incl. tax) 0 0 0 0 0
Others (619) (1,043) (791) (923) (923)
Cash flow from financing (c) (619) (1,043) (791) (923) (923)
Net change in cash (a+b+c) 1,589 1,625 1,649 999 1,599
Reconciliation of Other balances 0 1 0 0 0
Cash as per Balance Sheet 5,348 6,973 8,622 9,621 11,219

Key Ratios (Standalone )
Y E March CY14 FY16 FY17E FY18E FY19E
Adjusted EPS (Rs) 38.5 48.8 43.5 55.4 73.6
Growth 21.8 26.7 (10.8) 27.3 32.9
Dividend/share (Rs) 0.0 0.0 0.0 0.0 0.0
Dividend payout ratio 0.0 0.0 0.0 0.0 0.0
EBITDA margin 11.7 12.1 11.2 12.4 13.7
EBIT margin 12.7 13.2 13.0 14.4 16.0
Net Margin 8.4 8.6 8.5 9.4 10.4
Tax rate (%) 33.7 35.1 35.0 35.0 35.0
Debt/Equity(x) 0.0 0.0 0.0 0.0 0.0
Inventory Days 44 41 44 44 44
Sundry Debtor Days 56 51 56 56 56
Trade Payable Days 51 36 44 44 44
Du Pont Analysis ‐ ROE
Net margin 8.4 8.6 8.5 9.4 10.4
Asset turnover (x) 1.3 1.5 1.2 1.3 1.4
Leverage factor (x) 1.3 1.3 1.3 1.3 1.3
ROE(%) 15.1 17.2 14.0 16.1 18.8
RoCE (%) 14.8 16.9 13.7 15.8 18.5
Valuation (x)
PER 37.0 29.2 32.7 25.7 19.4
PCE 29.2 23.1 26.0 21.2 16.7
Price/Book 5.3 4.8 4.4 3.9 3.4
EV/EBITDA 24.6 18.7 21.9 16.9 12.5
Source: Company, IndiaNivesh Research. *FY16 is for 15 months


Result Today in our INSL Universe
 Ashiana Housing Ltd.
 Kalpataru Power Transmission Ltd.
 MOIL Ltd.
 Oriental Carbon & Chemicals Ltd.
 Shilpa Medicare Ltd.
 S.P. Apparels Ltd
 Sun Pharmaceutical Industries Ltd.
 Tata Motors Ltd.


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particular circumstances. INSL does not take responsibility thereof. The research analysts of INSL have adhered to the code of conduct under Regulation 24 (2) of the Securities and Exchange Board
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volume, as opposed to focusing on a company’s fundamentals and, as such, may not match with a report on a company’s fundamentals. Nothing in this document constitutes investment, legal,
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holdings in the stocks mentioned in the document.
This report is based / focused on fundamentals of the Company and forward‐looking statements as such, may not match with a report on a company’s technical analysis report
Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this
report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the
specific recommendations or views expressed in this report: Daljeet S Kohli, Kamal Sahoo, Santosh Yellapu, Rajiv Bharati, Sriram R, Monami Manna and Saptarshi Mukherjee.
Following table contains the disclosure of interest in order to adhere to utmost transparency in the matter:

Disclosure of Interest Statement
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12 Has research analyst served as an officer, director or employee of the No
subject company
13 Has research analyst or INSL engaged in market making activity for the No
subject company
14 Other disclosures No

INSL, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations
expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. This information is subject to change,
as per applicable law, without any prior notice. INSL reserves the right to make modifications and alternations to this statement, as may be required, from time to time.
Definitions of ratings
BUY. We expect this stock to deliver more than 15% returns over the next 12 months.
HOLD. We expect this stock to deliver ‐15% to +15% returns over the next 12 months.
SELL. We expect this stock to deliver <‐15% returns over the next 12 months.
Our target prices are on a 12‐month horizon basis.
Other definitions
NR = Not Rated. The investment rating and target price, if any, have been arrived at due to certain circumstances not in control of INSL
CS = Coverage Suspended. INSL has suspended coverage of this company.
UR=Under Review. Such e invest review happens when any developments have already occurred or likely to occur in target company & INSL analyst is waiting for some more information to draw
conclusion on rating/target.
NA = Not Available or Not Applicable. The information is not available for display or is not applicable.
NM = Not Meaningful. The information is not meaningful and is therefore excluded.
Research Analyst has not served as an officer, director or employee of Subject Company
One year Price history of the daily closing price of the securities covered in this note is available at www.nseindia.com and www.economictimes.indiatimes.com/markets/stocks/stock‐quotes.
(Choose name of company in the list browse companies and select 1 year in icon YTD in the price chart)

IndiaNivesh Securities Limited
Research Analyst SEBI Registration No. INH000000511
IndiaNivesh Research 601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007.
February 14, 2017
Tel: (022) 66188800 / Fax: (022) 66188899
e‐mail: research@indianivesh.in | Website: www.indianivesh.in

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20 70 16 13 10%

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