Zensar Technologies reported lower than expected earnings for the third quarter. Revenue declined 1% quarter-over-quarter due to seasonal impacts and furloughs, while profit fell 28% due to currency fluctuations. However, management remains confident in the company's growth trajectory and expects double-digit growth in the enterprise services business for fiscal year 2015. While maintaining a "Buy" rating, the analyst raised the target price to Rs. 440, citing healthy order pipeline and near-term earnings visibility. At the current market price of Rs. 386, the stock trades at 5.6 times estimated earnings for fiscal year 2015.
Narnolia Securities Limited believe Bank of Baroda would rally more because of trading at lower side despite of index is running at all time high. But with this fundamental Bank of Baroda would trade in range of Rs.625 to Rs.700 depending upon sentiment as per our view.
Narnolia Securities Limited see Coal India at a attractive valuation to go long from the current dips. So we stick to our previous estimates with revised price premium and recommend Maintain Buy CIL at price dips with a revised target price of Rs.318/-. Which is ~13% upside from the current level.
Ingvysya Bank has not participated in recent market rally despite of strong liability base franchise and stable asset quality. Narnolia Securities Limited retained our BUY rating with price target of Rs.680 per share
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Narnolia Securities Limited positive to buy stocks of UltraTech Cement Ltd, DB Corp and Infosys with target price of Rs 1846,Rs 340 and Rs 400 to Rs 440 respectively
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
Narnolia Securities Limited believe Bank of Baroda would rally more because of trading at lower side despite of index is running at all time high. But with this fundamental Bank of Baroda would trade in range of Rs.625 to Rs.700 depending upon sentiment as per our view.
Narnolia Securities Limited see Coal India at a attractive valuation to go long from the current dips. So we stick to our previous estimates with revised price premium and recommend Maintain Buy CIL at price dips with a revised target price of Rs.318/-. Which is ~13% upside from the current level.
Ingvysya Bank has not participated in recent market rally despite of strong liability base franchise and stable asset quality. Narnolia Securities Limited retained our BUY rating with price target of Rs.680 per share
India Equity Analytics today by Narnolia Securities Limited. We recommended Reliance and Emami Ltd to BUY the stock with target price of Rs 1040 and Rs635 respectively. Also book profit on Kotak bank stock.
Narnolia Securities Limited positive to buy stocks of UltraTech Cement Ltd, DB Corp and Infosys with target price of Rs 1846,Rs 340 and Rs 400 to Rs 440 respectively
Narnolia Securities Limited recommend on Dabur India Ltd “Buy” view on the stock with a target price of Rs206 as well as CAN FIN HOME stock with price target of Rs.220. Neutral view on DB CORP Share
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Narnolia Securities Limited positive to buy stocks of Sobha Developers Ltd and Suprajit Engineering Ltd with target price of Rs 1420 and Rs. 350 respectively. Also book profit on DIVISLAB stock which has achieved our recommended Target price of Rs 1350.
Yes Bank profit growth was higher than expectation due and CMC remains a strong with excellent earning visibility led by joint effort of market strategy by TCS in its product and solutions. We recommend Neutral rating on both and buy stock of NIIT Tech which expect good growth from Travel & Tourism vertical in FY'14
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
India Equity Analytics today by Narnolia Securities Limited. We recommended Jyothy Lab to BUY the stock with target price of Rs 260, which looking at regionally strong brands and Union bank with Rs.163/share also neutral on ORIENTAL BANK. December 2013 sales volumes details of Automobile companies in this pdf.
Infosys largely reported inline set of sales numbers. We retain our BUY view on the stock with a target price of target price of Rs 3910 as well as neutral view on the stock of Indusind bank. Also private Bank result preview 3QFY14 in this Pdf.
GAIL (India) Limited Company registered a turnover of Rs. 26902.25 Cr, up by 19% in H1FY14 but Other income was down 8% to Rs 279.6 Cr. Narnolia Securities Limited recommend neutral view on the stock.
Narnolia Securities Limited positive to buy stocks of Stock SWARAJ ENGINES, Kolte-Patil Developers, Kalpatru Power Transmission and Godrej Consumer Product with target price of Rs Rs 648 ,Rs 120, Rs.95 and Rs 960 respectively
Hindustan Zinc’s (HZL) Q3FY14 stood at Rs. 3450.1 crore higher by 8.6% YoY. We reaffirm our positive stance on HZL and assign a BUY rating to the stock with a target price of Rs. 148
Narnolia Securities Limited positive to buy stocks of TCS, HDFC Bank, FEDERAL BANK, DB CORP and ITC Stock with target price of Rs 2360 ,Rs 760/share, 98/share, Rs 340, and Rs 380 respectively
Narnolia Securities Limited believe for the current market scenario the price is fare enough to trade.But looking at future capex plans and sluggish demand we belive the earnings and profitability of Shree cement may fall for the next two consecutive quarters.Also Value of Axis bank at Rs.1217/share implying 1.5 times of FY14E’s book value which is quite reasonable as per our view
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
Asset quality was better among peers but in tight liquidity situation it would remain challenging. Margin was compressed slightly in sequential basis but management continued to guided domestic NIM at 3% level from present of 2.95%. NSL value bank at Rs.634/share which is 0.75 times of FY14E’s book value.
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Narnolia Securities Limited positive to buy stocks of Sobha Developers Ltd and Suprajit Engineering Ltd with target price of Rs 1420 and Rs. 350 respectively. Also book profit on DIVISLAB stock which has achieved our recommended Target price of Rs 1350.
Yes Bank profit growth was higher than expectation due and CMC remains a strong with excellent earning visibility led by joint effort of market strategy by TCS in its product and solutions. We recommend Neutral rating on both and buy stock of NIIT Tech which expect good growth from Travel & Tourism vertical in FY'14
Narnolia Securities Limited expect that eClerx Services organic revenue growth remains soft in near term, and company is very focussed on inorganic growth and expect to see growth from cable business . we recommend ”BUY”view on the stock with a target price of Rs 1410 (revised from Rs 1350) .
India Equity Analytics today by Narnolia Securities Limited. We recommended Jyothy Lab to BUY the stock with target price of Rs 260, which looking at regionally strong brands and Union bank with Rs.163/share also neutral on ORIENTAL BANK. December 2013 sales volumes details of Automobile companies in this pdf.
Infosys largely reported inline set of sales numbers. We retain our BUY view on the stock with a target price of target price of Rs 3910 as well as neutral view on the stock of Indusind bank. Also private Bank result preview 3QFY14 in this Pdf.
GAIL (India) Limited Company registered a turnover of Rs. 26902.25 Cr, up by 19% in H1FY14 but Other income was down 8% to Rs 279.6 Cr. Narnolia Securities Limited recommend neutral view on the stock.
Narnolia Securities Limited positive to buy stocks of Stock SWARAJ ENGINES, Kolte-Patil Developers, Kalpatru Power Transmission and Godrej Consumer Product with target price of Rs Rs 648 ,Rs 120, Rs.95 and Rs 960 respectively
Hindustan Zinc’s (HZL) Q3FY14 stood at Rs. 3450.1 crore higher by 8.6% YoY. We reaffirm our positive stance on HZL and assign a BUY rating to the stock with a target price of Rs. 148
Narnolia Securities Limited positive to buy stocks of TCS, HDFC Bank, FEDERAL BANK, DB CORP and ITC Stock with target price of Rs 2360 ,Rs 760/share, 98/share, Rs 340, and Rs 380 respectively
Narnolia Securities Limited believe for the current market scenario the price is fare enough to trade.But looking at future capex plans and sluggish demand we belive the earnings and profitability of Shree cement may fall for the next two consecutive quarters.Also Value of Axis bank at Rs.1217/share implying 1.5 times of FY14E’s book value which is quite reasonable as per our view
Tata Motors stock at its CMP of Rs 364 is trading at 7.34 x of one year forward FY14E EPS of Rs50.The robust 3QFY14 results, Strong cash flows by JLR and better demand outlook, Narnolia Securities limited Maintain BUY for the stock with Target Price Rs 425
Asset quality was better among peers but in tight liquidity situation it would remain challenging. Margin was compressed slightly in sequential basis but management continued to guided domestic NIM at 3% level from present of 2.95%. NSL value bank at Rs.634/share which is 0.75 times of FY14E’s book value.
Narnolia Securities Limited expect performance Public Sector Banks (PSBs) to remain muted on the back of slower pace of loan growth and deteriorating asset quality led by ongoing restructure assets and stress in economy. For more information contact us on http://www.narnolia.com/index.php/contact-us/
Union bank reported profit growth of 15.4% largely due to lower provisions and Narnolia Securities Limited value bank at Rs.152/share which is 0.5 times of FY14E’s book contingencies led by lower slippage and restructure assets value.
Narnolia Securities Limited natural view on the KPIT stock could be change after favorable update on stock and healthy earning guidance for FY15E. At a CMP of Rs 151, stock trades at 9x FY15E EPS. Also today buy UCO bank stock due to net profit growth of 207% YoY
Narnolia Securities Limited positive to buy stocks of Coal India LTD and Cipla Limited with target price of Rs 440 and Rs.307 respectively and neutral view on the stock of Canara bank.
Narnolia Securities Limited have raised our target price largely due to two factors –(1) margin and return ratio likely to improve from April quarter as permanagement and (2) price would settle at 3.2 times of FY14E book due to showing some positive upturn in economy and boost up of market sentiment. Narnolia Securities Limited recommend buy stock of Indusind bank price target of Rs.540
CMC has recent healthy demand environment across the IT space, Narnolia Securities Limited positive for the "BUY" view on the stock and we revise our target price from Rs1490 to Rs1690.
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
Divi’s Laboratories Better business model in comparison to other Indian healthcare companies, Narnolia Securities Limited positive for the stock and recommend BUY with target price of Rs 1350 as well as for Godrej Consumer due to 20%+ growth in the domestic market. Also we advice our investors to book part profit at the current level of Axis bank.
The Prestige Estate has moved up form starting of CY12, peaked in May13, then went down gradulally. Narnolia Securities Limited do not recommend additional investment in this stock despite its gains in the current period.
Narnolia Securities Limited positive to buy stocks of Jyothy Lab, ICICI BANK, Crompton Greaves Ltd and BANK OF INDIA with target price of Rs 1846,Rs 130, Rs 1094 and Rs 260. respectively
Narnolia Securities Limited positive to buy stocks of State Bank of India with target price of Rs Rs.1779/share which is 1.1 times of FY14E book value and neutral view on the stock of Sun Pharmaceuticals Industries limited
Narnolia Securities Limited initiated CMC stock at a CMP of Rs 1208 (5th June 2013) and now, it achieved
its target of Rs1690, we advice to book profit on the stock because of its premium valuation. For investment information contact us on our website http://www.narnolia.com/index.php/contact-us/
Narnolia Securities Limited initiated KPIT stock at a CMP of Rs 115 (14 Jan 2013) and now, it achieved its target of Rs 177. We advice to book profit on the stock because of its premium valuation. For information visit our website http://www.narnolia.com/
Bank’s management continued to guide loan growth of 20% in FY14 but we lower our loan growth assumption to 15% for FY14 . We recommend ”BUY”view on the stock with a target price of Rs 1525
Narnolia Securities Limited positive to buy stocks of Escorts Ltd in current level with Revised price target of Rs. 175. For more information about stock market tips, contact here http://www.narnolia.com/index.php/contact-us/
Narnolia Securities Limited expect, TCS will be star performer in growth sense than other peers. Hence,we are maintaining 17% (revised from 18%) revenue growth in dollar term for FY14E because of improved demand environment, while NASSCOM expects 12-14% for the Industry. At a price of Rs 2041, it is trading at 18x FY15E earnings, We maintain" BUY" view on the stock with a target price of Rs 2510. Also Hold Stock of HDFC Bank
Narnolia Securities Limited are positive to buy stock of Tata Steel Ltd, V-Guard Industries Ltd and Infosys with target prize Rs.401, Rs.525, Rs 3760 respectively. Also Book profit on Axis bank Stock
Similar to Book Profit on HDFC LTD and Buy Kajaria Ceremics, Zensar Tech Stocks Today (20)
Hindalco Industries Ltd greater comfort on sustainability and visibility of ramp up in UAIL operations, we raise our FY16E volume and consolidated EBITDA by ~2%. Narnolia Securities Limited continue to see Hindalco benefiting over next three years from volume growth in Novelis and Indian operations. We recommeded buy stock with targated price of Rs.140 which is a 15% upside addition.
Narnolia Securities Limited cover Persistent System as one of the few companies in the tier-II with potential to grow revenue at a range of 18-20%. Considering the company’s premium valuation, we advice “Book Profit” on the stock. At a CMP of Rs 1059, stock trades at 13.4x FY15E earnings. Our view could be change with management guidance, higher currency flactuations and post earnings of coming quarter
Narnolia Securities Limited believe the ACC Limited stock's fundamental is still good and price too cheap also , but for the earning upgradation and revised target price we would like to see the 1st quarter earnings,hence we recommend Book Profit on the stock at a price range between Rs.1253 to Rs.1310. Also Hold the Stock of ICIC Bank. For more information please go through this PDF
Considering management’s aggressive expansion in production capacity and marketing network, Narnolia Securities Limited believe company can deliver good growth in coming years. Further, we expect the company to benefit immensely from the subdued steel prices currently. Narnolia Securities Limited expect the benefit to flow in for the next coming quarters as well. We recommend a "Buy" rating on stock with price target of Rs. 105
HCL tech’s decent level of utilization, focused on cost control andutilization of new market opportunities through vendor’s consolidation would provide a new shape to the company in near future. Narnolia Securities Limited retain BUY onthe stockand revised our target price from Rs 1560 to Rs 1650.
Narnolia Securities Limited initiated Swaraj Engines Ltd stock CMP of INR 61, the stock discounts its FY14E EPS of Rs. 54.20 by 12.0x and FY15E EPS of Rs. 61.7 We advice to book profit on the stock and BUY rating to the stock of Hindustan Zinc LTD with a target price of Rs. 148
Mr. Narayan Murthy expressed its view regarding senior level exits from the company. In near term, non-performers in Infosys could be asked to leave or may hand over layoff notices. Infosys will retain its revenue acceleration and margin expansion. We retain our “BUY” view on the stock with a target price of target price of Rs 3910 .
See Private Sector Banks Result Review 3QFY14. Powergrid strong growth visibility and minimal operational risks. We valued stock for a 12 month period at a target price of Rs.118 also We rate a BUY rating on the stock with an 12 months price target price of Rs 80.0 at 4.1x FY15E earnings of IFGL Refractories Ltd stock.
All IT companies are accelerating its revenue growth and shaping up its margin because of favorable demand and supply environment. We maintain our positive stance on (In order ofpreference) TECHM, PERSISTENT, ZENSARTECH, ECLERX and KPIT under mid cap space.
Most of banking stocks reported moderate revenue and profit growth owing to multiple headwinds. In near term we are not seeing improvement in economic condition and asset quality pressure are expected to remain in the system due to tight liquidity situation and rising interest rate. Post result we like SBI, Union Bank and UCO Bank due to their structural improvement in balance sheet, operating and financial metrics.
Narnolia Securities Limited natural view on Stock of Dena Bank, Nestle India. Also we recommend BUY for the Vardhman Textiles stock with target price of Rs.412 because current earning growth and environment the stock is looking very good but due
to lack of trigeers in FY15 we are really conservative for FY15
Britannia Industries volume growth will recover gradually over the next few quarters, driven by higher brand spends and portfolio expansion. Narnolia Securities Limited have "BUY" view on the stock with a target price of Rs 1065
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
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Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
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what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Book Profit on HDFC LTD and Buy Kajaria Ceremics, Zensar Tech Stocks Today
1. IEA-Equity
Strategy
India Equity Analytics
23th Jan, 2014
Daliy Fundamental Report on Indian Equities
HDFC LTD :
"NEUTRAL"
Edition : 190
23th Jan 2014
HDFC profit growth of 12.1% YoY was inline with street expectation. NBFC reported stable asset quality on sequential basis as well as registered
healthy loan growth. HDFC ltd has well above CAR which would support growth going forward. At the current price of Rs.840, stock is trading at
4.3 tines one year forward book and 26 times of FY14E’s earnings. We value HDFC at Rs.875/ share which is 4.5 times of FY14E’s book and P/E
multiple of 27 times of full year EPS. .......................................................... ( Page :2-4)
Zensar Tech : "Better growth trajectory ahead"
"BUY"
23th Jan 2014
Earning numbers below expectation, management confident for growth ahead:For 3QFY14, Zensar Tech reported lower growth than
expectations, Sales declined by 1%(QoQ) because of seasonal and furloughs impacts.Considering healthy order pipeline and its earning visibility
in near future, we maintain “BUY” view on the stock with a target price of Rs 440. At a CMP of Rs 386, stock trades at 5.6x FY15E EPS
................................................................... ( Page : 5-7)
Kajaria Ceremics :"Capacity expansion & sustained realisation to drive
growth…"
"BUY"
23th Jan 2014
At the current CMP of Rs. 311, the stock is trading at a PE of 19x and 14x of FY14E and FY15E. The company can post RoE of 29.2% and 30.0% &
EPS of Rs. 18.3 and Rs. 24.9 FY14E and FY15E. We believe that the current level is also good to enter. We expect Kajaria’s strong earnings growth
and rising market share will trigger re-rating and hence upgrade our price target to Rs 370. We advice those who have already bought into the
counter to hold on for further gains and those wishing to get in can do so with a revised price target of Rs. 350 in mind (12% return) over the
next couple of quarter. ..................................................................... ( Page : 8-10)
RELIANCE :
"BUY"
22th Jan 2014
The company for 3QFY14 reported turnover of Rs 103521 Cr up by 10.5% YoY. Refining revenues during the quarter increased to Rs 95432 Cr
up 10.1%YoY however it has witness sequential decline on account lower crude throughput of 17mmt due to maintenance turnaround. The
Capacity utilization stood at 110%.. .................................................. ( Page :11-12)
KOTAK BANK
"NEUTRAL"
22th Jan 2014
At the current price of Rs.708, bank is trading at 4.5 times of one year forward book and 37.5 times of one year forward earnings which
premium over its peers under our coverage. Bank reported slightly deterioration in asset quality and negative earnings due to muted operating
and financials metrics. We lower our target price to Rs.714 from earlier of Rs.782. We have neutral view on the stock.
...................................................................... ( Page : 13- 17)
Emami Ltd :
"BUY"
22th Jan 2014
Witnessed below sales numbers and beats on profitability and Margin expansion;Emami Ltd reported 6.6% (YoY) sales growth, Adversely
impacted by unfavorable season and moderation in the growth of FMCG sector. Overall volume grew by 6%. We retain “Buy” view on the stock
with a target price of Rs 635. At a CMP of Rs 448 , the stock is trading at P/BV of 7.3x on FY15E, respectively.
................................................................................... ( Page : 18-20)
Hindustan Zinc LTD : Good gains ahead
"BUY"
21th Jan 2014
Hindustan Zinc’s (HZL) Q3FY14 performance was inline to our estimates on the back of healthy zinc sales volumes and higher metal premiums.
Total operating income for Q3FY14 stood at Rs. 3450.1 crore higher by 8.6% YoY but lower by 3.1% QoQ. Total zinc sales in Q3FY14 came in at
196,000 tonne, up 17% YoY and 2% QoQ . Being an integrated & dominant player in the domestic industry with low cost of production, the
company is poised to benefit in the long run. We reaffirm our positive stance on HZL and assign a BUY rating to the stock with a target price of
Rs. 148/-. .................................................. ( Page : 21- 23)
Narnolia Securities Ltd,
2. HDFC LTD
Result Updated
CMP
Target Price
Previous Target Price
Upside
Change from Previous
NEUTRAL
840.5
875
4
-
Market Data
BSE Code
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Cr)
Average Daily Volume
Nifty
500010
HDFC
931/632
131340
1.16
6338
Stock Performance
1M
Absolute
6.6
Rel.to Nifty
5.7
1yr
2.4
-2.1
YTD
2.4
-2.1
Share Holding Pattern-%
Current 4QFY13 3QFY1
Promoters - 3
FII
74.3
73.1
73.6
DII
12.9
13.8
13.0
Others
12.9
13.1
13.3
"NEUTRAL "
23th Jan, 2014
HDFC's profit growth of 12.1% YoY was inline with street expectation. NBFC
reported stable asset quality on sequential basis as well as registered healthy
loan growth. HDFC ltd has well above CAR against requirement which would
support growth going forward. At the current price of Rs.840, stock is trading
at 4.3 tines one year forward book and 26 times of FY14E’s earnings. We value
HDFC at Rs.875/ share which is 4.5 times of FY14E’s book and P/E multiple of
27 times of full year EPS.
Profit growth in line with street expectation
HDFC Ltd’s 3QFY14 result was in line with street expectation as profit grew by 12%
YoY to Rs.1278 cr on standalone basis. Profit of the NBFC grew by 13.4% YoY on
consolidated basis to Rs.1935 cr versus Rs.1706 cr in last quarter. NII grew by
12.8% YoY to Rs.1940 with inclusion of investment sale. Adjusted the same, NII
grew by 17% YoY to Rs.1905 cr versus Rs.1624 cr last quarter corresponding year.
Stable operating cost led operating growth at 12.5% YoY
Other income was Rs.46 cr versus Rs.105 cr in last quarter and Rs.95 cr in previous
quarter. Due to lower support from other income, total revenue grew by 13% YoY to
Rs.1951 cr. Operating expenses increased to Rs.168 cr ( Up by 17% YoY) led
operating profit growth of 12.5% YoY to Rs.1783 cr.
Stable asset quality and balance sheet keep growing
On asset quality side, NBFC’s gross non performing asset stood at 0.77% of loan of
loan portfolio versus 0.79% in previous quarter and in absolute term in amounted to
Rs.1478 cr. Loan book of the company corpus increased by 19.2% YoY to
Rs.192266 cr as on December 2013. The total assets increased to Rs 218286 cr as
HDFC Vs Nifty
against Rs 183770 cr as at December, 2012 registering an increase of 19 per cent.
Margin compression, spread would declined going forward
Net interest margin for the quarter stood at 4% despite of 25 bps reduced home loan
for retail customers during the quarter as against 4.06% in 2QFY14. Spread which is
the difference of interest income and interest expenses, maintained at 2.25%. Going
forward, there would be some pressure in spread as NBFC’s balance sheet keeps
increasing with the support of borrow fund. In rising interest rate and inflationary
pressure era, we expect to come down to 2% in next couple of quarters.
Financials
NII
Total Income
PPP
Net Profit
EPS
2011
4483
5558
3890
3535
24.1
Narnolia Securities Ltd,
2012
5212
6198
5746
4123
27.9
Rs, Cr
2013
2014E
2015E
6179
7053
8193
7257
8131
9271
6718
7562
8530
4848
5438
6194
31.4
35.2
40.1
(Source: Company/Eastwind)
2
3. HDFC LTD
Quarterly Result
NII grew on the back of healthy loan growth
and stable spread
Operating cost stable led PPP growth at 12.5%
YoY
Net profit of Rs.1278 cr was in line with
expectation.
Source: Eastwind/Company
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
3
4. HDFC LTD
HDFC Performance vs Nifty with base re-adjustment
Quarterly Performance
Rs Cr
Income from Operations
Profit on Sale of Investments
Total Income
Interest and Other Charges
Staff Expenses
Provision for Contingencies
Other Expenses
Depreciation
Total Expenditure
Profit from Operations before Other Income
Other Income
Profit Before Tax
Tax Expense
Net Profit After Tax
3QFY14 2QFY14 3QFY13 % YoY Gr % QoQ Gr
5985
5859
5146
16.3
2.2
35
87
96
-64.1
-60.1
6020
5946
5242
14.8
1.2
4080
4046
3521
15.9
0.8
71
67
64
10.3
5.4
25
15
40
-37.5
66.7
89
95
74
21.1
-6.3
8
9
6
41.8
-12.0
4273
4233
3705
15.3
1.0
1747
1713
1537
13.7
1.9
11
8
8
32.8
38.4
1758
1721
1545
13.8
2.1
480
455
405
18.5
5.5
1278
1266
1140
12.1
0.9
Source: Eastwind/Company
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
4
5. Zensar Tech
"BUY"
23rd Jan' 14
"Better growth trajectory ahead"
Result update
Buy
CMP
Target Price
Previous Target Price
Upside
Change from Previous
386
440
400
14%
10%
Market Data
BSE Code
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Crores)
Average Daily Volume
Nifty
504067
ZENSARTECH
430/181
1691
20884
6339
Stock Performance
1M
13
12
Absolute
Rel. to Nifty
1yr
32.6
28.4
YTD
16.5
12.8
Share Holding Pattern-%
Current
Promoters
FII
DII
Others
1QFY14
48.27
11.99
0.96
38.78
48.35
11.68
1.26
38.71
1 year forward P/E
4QFY13
48.36
10.75
1.28
39.61
Earning numbers below expectation, management confident for growth ahead:
For 3QFY14, Zensar Tech reported lower growth than expectations, Sales declined by
1%(QoQ) because of seasonal and furloughs impacts. PAT was down by 28%(QoQ),
the profit growth has been impacted due to currency fluctuations during the period to
the extent of Rs 19.06 Cr on a YoY basis and Rs 23.02 Cr on a QoQ basis.
Management expects good growth starting from 4QFY14E with its Infrastructure
Management (IM) business gaining momentum. The deal booking and pipeline is good
and expects to perform well going forward. It expects double-digit growth in the
Enterprise Services business for the FY15 on the back of healthy pipeline. In addition, it
anticipates good growth from the IMS for the FY'15.
On Margin front; During the Quarter, its EBITDA margin declined by 240bps to
14.7%and PAT margin down by 320bps to 8.6%. Post earning, management has
expressed its margin at a range of 16-17% and PAT margin could be seen at a double
figure for only organic business.
On segmental growth; The Infrastructure Management(IM) business of the company,
which has been restructured over the last few quarters, has shown a sharp increase in
dollar revenues of over 12% on a sequential quarter basis. The company reported 12
new customer wins in the quarter including over USD27 mn of new business in IM. In
INR term, Application Management Services (contributes 65% of Sales) declined by
4.5%(QoQ) and IM grew by 0.5% (QoQ). While, Products and License business jumped
from Rs50cr (2QFY14) to 70cr.
Mix geographical footing: During the quarter, revenue growth from Europe region was
impressive with 10%(QoQ), while USA and ROW, both were down by 1% impacted by
seasonal impact.Given the order book Enterprise, business expects to grow robustly
going forward.
Healthy order Pipeline: The Quarter has been upbeat with several new client additions,
with the company’s focus on cloud, security and multi-vendor services reaping results.
Recent Management comments also revealed favourable scenario of order booking.
View and Valuation: The deal booking and pipeline is good and expects to perform well
going forward. It expects double digit growth in the Enterprise Services business for the
FY15E on the back of healthy pipeline. Also, it anticipates good growth from the IMS for
the FY'15E.
Order pipeline continues to be stable at $ 200 mn mainly on the back of good demand
seen in Mobility, Cloud Computing and social networking side. Considering healthy
order pipeline and its earning visibility in near future, we maintain “BUY” view on the
stock with a target price of Rs 440. At a CMP of Rs 386, stock trades at 5.6x FY15E EPS.
Financials
Revenue
EBITDA
PAT
EBITDA Margin
PAT Margin
3QFY14
592.01
87.26
50.8
14.7%
8.6%
2QFY14
599.7
102.54
70.6
17.1%
11.8%
(QoQ)-%
(1.3)
(14.9)
(28.0)
(240bps)
(320bps)
3QFY13
525.5
70.1
48.7
13.3%
9.3%
Rs, Crore
(YoY)-%
12.7
24.5
4.3
140bps
(70bps)
(Source: Company/Eastwind)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
5
8. Kajaria Ceremics Ltd.
"Buy"
23rd Jan' 14
"Capacity expansion & sustained realisation to drive growth…"
Result update
Buy
CMP
Target Price
Previous Target Price
Upside
Change from Previous
312
350
285
12%
19%
Market Data
BSE Code
NSE Symbol
52wk Range
H/L Capital
Mkt
(Rs Crores)
Average Daily
Volume (Nos.)
Nifty
500233
KAJARIACER
174/320
2,356
63,000
6,322
Stock
1M
6.3
5.3
Absolute
Rel. to Nifty
1yr
35.4
29.8
YTD
61.8
50.4
Share
Promoters
FII
DII
Others
2QFY14
52.1
25.6
3.8
18.5
1 yr Forward P/B
1QFY14 4QFY13
53.5
53.5
18.4
15.6
3.1
3.2
25.0
27.6
Despite the slowdown in the overall industrial space, company performed well in 3QFY14
numbers. Company's consolidated revenues increased by 5.4 per cent to Rs 440.4 crore while
net profit witnessed a growth by 17.6 per cent to Rs 30.0 crore on yoy basis for the December
quarter. Company's EBITDA has gone up by 9.5% to Rs 66.4 crore against Rs 60.6 crore in
Q3FY13. The EBITDA margin of the company too has improved by 56 bps and stands at 15.1%
in current quarter. On the basis of the company current quarter sales have been adversely
affected due to production shut down at Gujarat which impact the company revenue by Rs. 2025 crore. Kajaria’s thrust on capacity expansion and gaining market share is helping it to post
strong topline growth. Further, KCL has plans to do a capital expenditure of about Rs 425 crore
over the financial year FY13 to FY16. This investment will help company to have revenue of
over Rs 2500 crore by FY16. We are remain bullish on the counter and continue to maintain
our buy rating on stock with an upgraded price target of Rs 350.
Growth story :
The company had taken a price hike in October'13, further recent developments in Morbi are
structural positives Near-term demand trends look reasonable and this category has been
relatively resilient to the general slowdown witnessed in consumption. If recent price increases
stick, margins could expand significantly in the next few quarters. Further, Next year, company
looking at selling almost about 60 million square meters of tiles.
Capacity expansion :
KCL has plans to do a capital expenditure of about Rs 425 crore over the financial year FY13 to
FY16. This investment will help company to have revenue of over Rs 2500 crore by FY16. In
addition, the Joint Ventures of KCL with the private firms - Jaxx Vitrified and Cosa Ceramics,
having annual capacity of 5.7 million square meters (MSM) and 2.7 MSM respectively, will
increase the KCL's production capacity. Hence, with the increased capacities of its vitrified tiles
and strong demand in the market, we expect KCL to deliver strong growth over the medium
term.
Valuation :
At the current CMP of Rs. 311, the stock is trading at a PE of 19x and 14x of FY14E and FY15E. The
company can post RoE of 29.2% and 30.0% & EPS of Rs. 18.3 and Rs. 24.9 FY14E and FY15E. We
believe that the current level is also good to enter. We expect Kajaria’s strong earnings growth
and rising market share will trigger re-rating and hence upgrade our price target to Rs 370. We
advice those who have already bought into the counter to hold on for further gains and those
wishing to get in can do so with a revised price target of Rs. 350 in mind (12% return) over the
next couple of quarter.
Financials
Revenue
EBITDA
PAT
EBITDA Margin
PAT Margin
3QFY14
440.4
66.5
30.0
15.1%
6.8%
2QFY14
478.4
65.6
29.2
13.7%
6.1%
(Source: Company/ Eastwind Research)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
(QoQ)-%
-7.9
1.4
3.0
140 bps
70 bps
3QFY13
418.0
60.7
25.0
14.5%
6.0%
Rs, Crore
(YoY)-%
5.4
9.6
20.4
60 bps
80 bps
(Consolidated)
8
9. Kajaria Ceremics Ltd.
Sales Volume
Management Guidence FY15:
Sales Value
Expect 18-20% Revenue growth in FY15 out of
which a volume growth of about 14 percent
and price and value both should add about 4-5
percent.
EBITDA margin to be somewhere around 16%
in FY15, Expecting a growth somewhere
between 50bps to 100bps.
Mn sft
Crore
(Source: Company/Eastwind Research )
(Source: Company/Eastwind Research )
Sales Q-o-Q
(Source: Company/Eastwind Research )
Margin % (Q-o-Q)
(Source: Company/Eastwind Research )
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
9
11. RELIANCE
"BUY"
22th Jan' 14
Good Growth Ahead
Result Update
BUY
CMP
Target Price
Previous Target Price
Upside
Change from Previous
862
1040
21%
-
Market Data
BSE Code
NSE Symbol
52wk Range H/L
Mkt Capital (Rs, Cr)
Average Daily Volume
Nifty
500325
RELIANCE
954/765
279218
52019
6313
Result Highlights :
Better-than-expected performance of the refining segment.
Higher Other Income.
The company for 3QFY14 reported turnover of Rs 103521 Cr up by 10.5% YoY. Refining
revenues during the quarter increased to Rs95432 Cr up 10.1%YoY however it has witness
sequential decline on account lower crude throughput of 17mmt due to maintenance
turnaround. The Capacity utilization stood at 110%.The Petrochemical revenues for the
quarter increased by 14.6% YoY to Rs25280 Cr driven by higher prices during the quarter.
The Oil and Gas segment revenue witnessed a fall of 9.8% YoY to Rs1733 Cr on account of
falling gas production from KG- D6.
Company’s Q3FY14 EBITDA witnessed a sequential decline of 2.9% to Rs 7622 Cr mainly
on account of fall in petrochemical margin and lower crude throughput at RIL’s refineries.
Petrochemical EBIT for the quarter decreased by 15.2% sequentially to Rs2124 Cr due to
lower volumes in polymers and polyester segments. The refining EBIT for the 3QFY14
came at Rs 3141 Cr down by 13 % YoY while Oil and gas EBIT came at Rs 540 Cr.
Stock Performance-%
Absolute
Rel. to Nifty
1M
-3
-4
1yr
-4
-8
YTD
9
-7
Share Holding Pattern-%
Promoters
FII
DII
Others
Current 2QFY14 1QFY1
4
45.3
45.3
45.3
18.3
17.7
17.4
11.5
11.8
11.6
25.0
25.2
25.7
1 Yr Price Movement Vs Nifty
RIL’s GRM at US$7.6/bbl was relatively superior to Singapore-Dubai GRM (which has
weakened to US$4.3/bbl in 3QFY14 vs US$5.4/bbl in 2QFY14 and US$6.6/bbl in 3QFY13)
due to the strength in gasoil cracks and the widening light-heavy crude spread.
Other Highlights:
Shale gas: RIL has incurred a cumulative investment of USD6.8bn till date across its three
shale gas JVs in the US. RIL’s share of revenue and EBITDA from the shale gas JVs during
3QFY14 amounted to USD221.3 Mn up 29% YoY and USD174 Mn,respectively.The Shale
Business during 9MFY14 registered turnover USD 627Mn up 47% YoY and EBITDA for the
period stand was USD 462Mn up 40% YoY.
Retail business: Revenues grew to Rs3927Cr in the third quarter compared to Rs 2839 Cr
for the same period last fiscal translating growth of 38% YoY. The Retail business reported
an EBITDA of Rs1bn during the quarter. The company added 27 new stores in 3QFY14,
taking the total number of stores to 1,577.
The company’s outstanding cash on the standalone balance sheet as at end-3QFY14 was
at USD14.4bn and outstanding debt was at USD13.2bn
View and Valuation:
The stock is trading at Rs 862 and in light of 3QFY14 performance, business outlook and
management commentary we maintain our previous recommendation BUY for the stock
with Target Price Rs 1040.
Financials
Revenue
EBITDA
PAT
EBITDA Margin
PAT Margin
3QFY14
103521
7622
5511
7.4%
5.3%
2QFY14
103758
9909
5490
9.6%
5.3%
(QoQ)-%
(0.2)
(23.1)
0.4
(220bps)
(10bps)
3QFY13
93886
8373
5502
8.9%
5.9%
Rs, Crore
(YoY)-%
10.3
-9.0
0.2
(160bps)
(50bps)
(Source: Company/Eastwind)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
11
12. RELIANCE
Sales Trend (Rs/Bn)
Sales was flat on sequential basis.
(Source: Company/Eastwind)
EBITDA & OPM %
Yearly
decline in EBITDA reflects lower
refining margin and lower crude throughput
(Source: Company/Eastwind)
PAT & NPM %
Growth in PAT due to strong financial
performance of the refining segment and
higher-thanexpected other income
(Source: Company/Eastwind)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
12
13. KOTAK BANK
Result update
CMP
Target Price
Previous Target Price
Upside
Change from Previous
NEUTRAL
702
714
782
2
-9
Market Data
BSE Code
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Cr)
Average Daily Volume
Nifty
500247
KOTAKBANK
804/588
54341
1.12 lakhs
6314
"NEUTRAL"
22th Jan, 2014
At the current price of Rs.708, bank is trading at 4.5 times of one year forward
book and 37.5 times of one year forward earnings which premium over its
peers under our coverage. Bank reported slightly deterioration in asset quality
and negative earnings due to muted operating and financials metrics. We
lower our target price to Rs.714 from earlier of Rs.782. We have neutral view
on the stock.
Muted revenue growth driven moderate NII growth negative non Interest
Income
Kotak Mahindra Bank reported moderate growth in core banking business with NII
grew by 10.9% YoY to Rs.913 cr. Muted revenue growth was driven by lower loan
growth, flat to negative non interest income, declined credit deposits ratio and NIM
compression. Non- interest income reported flat to negative numbers to Rs.300 cr
from Rs.305 cr in 3QFY13. Fee income registered growth of 6% YoY to Rs.226 cr
Stock Performance
1M
Absolute
-3.6
Rel.to Nifty
-4.1
from Rs.213 cr in corresponding quarter last year and treasury income reported
1yr
12.4
7.8
YTD
12.4
7.8
Share Holding Pattern-%
Current 4QFY13 3QFY1
3
Promoters
43.7
43.7
43.8
FII
31.8
31.1
31.2
DII
Others
1.7
22.9
KOTAK Bank Vs Nifty
2.3
22.9
2.2
22.9
128% YoY growth to Rs.144 cr versus Rs.63 cr in 3QFY13.
Cost Income ratio increased led flat growth in operating profit
Operating expenses increased by 13.1% to Rs.628 cr from Rs.555 cr in last year
same quarter in which employee cost decreased by 5% YoY while other operating
cost increased by 33% YoY. Operating profit reported growth of 2.1% YoY to Rs.585
cr largely due to lower other income. Cost income increased to 51.8% in 3QFY14
versus 49.2% in 3QFY13 and 50.3% in 2QFY14.
Sequentially asset quality deteriorated
In 3QFY14, bank’s asset quality deteriorated by 7% on sequential basis in absolute
term while as a percentage to gross advance, it stood at 2% (slightly deteriorated by
4 bps). During quarter bank had made provisions of Rs.70 cr versus Rs.72 cr in
previous year in which loan loss provisions were Rs. 25.44 cr and investment
provisions to the tune of Rs. 43.3cr. As the result, net NPA increased by 20% QoQ
while as a percentage to net advance, this ratio stood at 1.1% versus 1% in previous
quarter. Provisions coverage ratio (without technical write off) declined by 590 bps on
sequential basis to 45.7%.
Financials
NII
Total Income
PPP
Net Profit
EPS
2011
2098
781
1325
818
11.1
2012
2512
977
1655
1085
14.6
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
Rs, Cr
2013
2014E
2015E
3206
3682
3762
1161
1412
1412
2157
2585
2536
1361
1450
1601
17.7
18.9
20.8
(Source: Company/Eastwind)
13
14. KOTAK BANK
Profit declined due to lower NII Growth, flat to negative other income growth along
with muted performance in operating and financials metrics
Kotak bank reported net profit de-growth of 6% YoY to Rs.340 cr largely due to lower
loan growth, declined in credit deposits ratio, moderate NII growth , lower other income
along with higher cost income ratio. Consequently ROA declined to 1.6% from 1.8% in
3QFY14 and ROE declined to 11.4% from 16.1%. On consolidated level, bank’s profit
grew by 2.4% YoY to Rs.591.25 cr. Consolidated profit come from Kotak Mahindra Prime,
Kotak Securities, Kotak Mahindra Capital, Kotak Mahindra Old Mutual Life Insurance and
other businesses.
Loan & deposits growth muted on YoY basis, saving deposits grew on the back of
lucrative interest rate
Loan increased by 5.8% YoY to Rs.53149 cr from Rs.50245 cr in corresponding quarter
last year led by retail and corporate loan growth of 6% and 5% respectively. Deposits
grew by 6% YoY led by saving deposits growth of 37.6% YoY largely due to bank’s
lucrative interest rate on saving deposits. Demand deposits and term deposits registered
growth of 6.1% and 0.6% respectively. CASA ratio, in absolute term grew by 22% YoY
while in percentage to total deposits, it stood at 29.7% versus 25.9% in last quarter.
Valuation &view
At the current price of Rs.708, bank is trading at 4.5 times of one year forward book and
37.5 times of one year forward earnings which premium over its peers under our
coverage. Bank reported slightly deterioration in asset quality and negative earnings due
to muted operating and financials metrics. We lower our target price to Rs.714 from
earlier of Rs.782. We have neutral view on the stock.
Valuation Band
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
14
15. KOTAK BANK
Fundamental through graph
Muted growth in NII was on account of
moderate growth in operating as well as
financials metrics
Lower non interest income and higher
operating cost led operating growth of 2.1%
YoY
Profit declined by 6% YoY due to lower NII
growth, flat non interest income, higher
operating cost and higher provsions on yealry
basis.
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
15
16. KOTAK BANK
Quarterly Performance
Quarterly Result( Rs Cr)
Interest/discount on advances / bills
Income on investments
Interest on balances with Reserve Bank of India
Others
Total Interest Income
Others Income
Total Income
Interest Expended
NII
Other Income
Total Income
Employee
Other Expenses
Operating Expenses
PPP( Rs Cr)
Provisions
PBT
Tax
Net Profit
3QFY14
1702
484
6
0
2192
300
2492
1280
913
300
1212
277
350
628
585
70
515
175
340
2QFY13
1644
510
7
11
2172
297
2469
1248
924
297
1221
265
350
615
607
72
534
182
353
3QFY13 % YoY Gr % QoQ Gr
1597
6.5
3.5
492
-1.6
-5.0
5
21.3
-11.7
0
82.6
-96.3
2095
4.7
0.9
305
-1.7
0.9
2399
3.9
0.9
1272
0.6
2.5
823
10.9
-1.2
305
-1.7
0.9
1128
7.5
-0.7
292
-4.9
4.8
264
32.9
0.1
555
13.1
2.1
573
2.1
-3.6
42
64.6
-3.5
530
-2.9
-3.6
169
3.8
-3.7
362
-6.0
-3.6
Balalce Sheet( Rs Cr)
Net Worth
Deposits
Borrowings
Total Liabilities
Investment
Advances
Total Assets
11896
54671
13673
84297
23615
53149
84297
11569
52642
14523
82185
22528
50609
82185
8992
51524
18566
82428
26587
50245
82428
Asset Quality
GNPA
NPA
GNPA
NPA
PCR(w/o technical write-off)
1076.2
584.5
2.02
1.10
46
1005.9
486.9
1.99
0.96
52
740.0
322.7
1.47
0.64
56
32.3
2.8
6.1
3.9
-26.4
-5.9
2.3
2.6
-11.2
4.8
5.8
5.0
2.3
2.6
Source: Eastwind/ Company
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
16
17. KOTAK BANK
Financials & Assumption
Rs Cr
Interest/discount on advances / bills
Income on investments
Interest on balances with Reserve Bank of India
Others
Total Interest Income
Others Income
Total Income
Interest on deposits
Interest on RBI/Inter bank borrowings
Others
Interest Expended
NII
Other Income
Total Income
Employee
Other Expenses
Operating Expenses
PPP( Rs Cr)
Provisions
Net Profit
2011
2012
2013
2014E
2015E
3214
957
17
1
4190
781
4970
1498
349
246
2092
2098
781
2878
784
769
1553
1325
507
818
4867
1306
4
2
6180
977
7158
2504
775
389
3668
2512
977
3490
902
932
1835
1655
570
1085
6146
1870
24
2
8042
1161
9203
3346
1055
435
4837
3206
1161
4366
1075
1135
2210
2157
796
1361
6751
2079
27
20
8877
1412
10290
3926
0
1071
5195
3682
1412
5095
1129
1380
2509
2585
389
1450
8141
2006
7
20
10173
1412
11586
4515
0
2583
6411
3762
1412
5175
1188
1451
2639
2536
249
1601
Deposits
Deposits Growth(%)
Borrowings
Borrowings Growth(%)
Loan
Loan Growth(%)
Investment
Investment Growth(%)
29261
22.5
11724
90.9
29329
41.2
17121
36.8
38537
31.7
16596
41.6
39079
33.2
21567
26.0
51029
32.4
20411
23.0
48469
24.0
28873
33.9
58683
15.0
14671
-28.1
55739
15.0
25718
-10.9
67486
15.0
35387
141.2
64100
15.0
30862
20.0
11.0
5.6
8.6
5.1
5.1
5.1
12.5
6.1
9.8
6.5
7.0
6.7
12.7
6.5
9.9
6.6
7.3
6.8
12.7
8.1
4.5
6.7
7.3
7.1
12.7
6.5
4.0
9.5
7.3
6.2
93
4.9
41.2
108
5.0
37.0
Eastwind Calculation
Yield on Advances
Yield on Investments
Yield on Funds
Cost of deposits
Cost of Borrowings
Cost of fund
Valuation
Book Value
P/BV
P/E
123
159
179
5.3
4.5
4.0
36.9
37.5
34.0
Source: Eastwind/ Company
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
17
18. Emami Ltd
"BUY"
22nd Jan' 14
"The niche advantage."
Results update
BUY
Witnessed below sales numbers and beats on profitability and Margin expansion;
CMP
Target Price
Previous Target Price
Upside
Change from Previous
448
635
500
42%
27%
For 3QFY14, Emami Ltd reported 6.6% (YoY) sales growth, Adversely impacted by
unfavorable season and moderation in the growth of FMCG sector. Overall volume
grew by 6%. International Business has performed well with 37% sales growth led by
aggressive growth in GCC and SAARC. PAT up by 31%(YoY) due to judicious mix of
benign RM cost and price hike on some selective brands. its market share increased
across all brands during the quarter.
We expect revenue growth could be seen better in 4QFY14 as the weather related
headwinds for cooling oils is behind us and pricing on balms stabilize.
As the company has already forward contracted menthol for the year, menthol prices
continue to trend lower and price hikes for the year have been taken place. Margin
expansion visibility remains high going forward.
Margin Picked up: The OPM has increased by 520 bps to 30.2 % due to fall in RM cost by
60 bps to 28.1%, purchases of finished goods by 400bps to 4.6% and ASP cost by 160 bps
to 15% of adjusted net sales. The mgmt said that the prices are likely to remain stable
for the remainder of the fiscal year. The company has covered the Menthol prices for
the whole year.
Volume and Value growth: The volume of Navratna oil grew by 1%, Fair and Handsome
was 2% and Balm volume grew by 4%. While, Boroplus volume decline by 4% on YoY
basis impacted by unfavourable winter season. The value growth for , Fair and
Handsome was 12%, Navratna oil was 6% while Balm was at 3%. While, Boroplus
decline by 3% on YoY basis.
Distribution Reach: Although rural continues to grow ahead of urban markets, the
growth for Emami from rural area was at 13% and urban growth was flat on YoY basis.
The company, which gets majority of its rural revenues from Uttar Pradesh, Bihar and
West Bengal, is looking beyond these markets for its future growth. The company's
direct outlet reach is 6 lakh. The company has added 20000 outlets in Q2 and expects to
add 75000 – 100000 in FY14E.
Product expansion: The company has launched Boroplus face-wash last month and
there will be new launches in Q4 also. The mgmt said that for next 2 – 3 years it has
strong pipeline of products to be launch.
View and Valuation: Considering Emami’s focus on increasing rural penetration,
effective cost management, continuous strengthening of its brand equity and new
product funnel strongly in next 2- 3 years. The company's efforts are continue to
strengthen its market share in most of the categories it is present, we are positive on
the stock. We retain “Buy” view on the stock with a target price of Rs 635. At a CMP of
Rs 448 , the stock is trading at P/BV of 7.3x on FY15E, respectively.
Market Data
BSE Code
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Crores)
Average Daily Volume
Nifty
531162
EMAMI
539/368
10275
37072
6314
Stock Performance
1M
-3.3
-3.9
Absolute
Rel. to Nifty
1yr
15.2
11.1
YTD
15.3
10.8
Share Holding Pattern-%
Promoters
FII
DII
Others
Current 2QFY14 1QFY14
72.74
72.74
72.74
16.69
16.68
15.46
2.02
2.18
3.27
8.55
8.4
8.53
1 yr Forward P/B
Financials
Revenue
EBITDA
PAT
EBITDA Margin
PAT Margin
3QFY14
584.7
176.8
150.7
30.2%
25.8%
2QFY14
406.7
87.4
80
21.5%
19.7%
(QoQ)-%
43.8%
102.3%
88.4%
870bps
610bps
3QFY13
548.65
136.9
114.9
25.0%
20.9%
Rs, Cr
(YoY)-%
6.6%
29.1%
31.2%
520bps
490bps
(Source: Company/Eastwind)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
18
19. Emami Ltd
Sales and Sales Growth(%)
Sales for3QFY14E increased by 6.6%(YoY).
Overall volume grew by 5%. However, the
company continues to successfully
strengthen its market share in most of the
categories it is present.
(Source: Company/Eastwind)
Margin-%
The OPM has increased by 520 bps to 30.2 %
due to fall in RM cost by 60 bps to 28.1%,
(Source: Company/Eastwind)
Expenses on Sales
Management is focussed to reduce its Ad
revenue as before.
(Source: Company/Eastwind)
Ad spends: The ad spends in 3QFY14 have declined by 360bps YoY to 15% as a percentage
of sales. The ad spends, as a percentage of sales, are expected to be in the range of 1718% in 4QFY14 and FY15.
Tax: The effective tax rate was flat at 17% on YoY basis.and Company expects to see
samr range of tax rate for FY15E
(Source: Company/Eastwind)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
19
20. Emami Ltd
Key facts from Conference Call (Attended on 21st Jan 2013)
▪ The management expects sales growth of 15%, consolidated with 3.4% growth from
new launches and 12% from existing brands while PAT guidance also continues to stand at
15% aided by strong gross margin expansion on the back of lower Mentha Oil prices.
▪ The mgmt has guided for a capex of Rs 70 – 75 crore each during FY14 and FY15. ASP for
FY14 will be 16% - 17%. And 18% for FY15%.
▪ The management expects 25% growth from International business considering political
uncertianty in Bangladesh for FY15E.
▪ The company has already taken price hikes and no further hikes are expected in FY14E.
Total annualized price hike for FY14 is 4% YoY.
▪ Emami has a good cash balance of Rs5bn which it expects to utilize for acquisition.
Financials
Rs in Cr,
Sales
Raw Materials Cost
Purchases of stock-in-trade
WIP
Employee Cost
Advertisement and Publicity
Other expenses
Total expenses
EBITDA
Depreciation and Amortisation
Other Income
Exceptional Items
EBIT
Interest
PBT
Tax Exp
PAT
Growth-% (YoY)
Sales
EBITDA
PAT
Expenses on Sales-%
RM Cost
Ad Spend
Employee Cost
Other expenses
Tax rate
Margin-%
EBITDA
EBIT
PAT
Valuation:
CMP
No of Share
NW
EPS
BVPS
RoE-%
Dividend payout-%
P/BV
P/E
FY10
1037.98
380.53
0
0
57.91
194.42
158.66
791.52
246.46
117.52
7
89.97
128.94
20.98
204.93
35.21
169.72
FY11
1247.08
346.76
204.9
-28.48
72.87
219.41
178.17
993.63
253.45
116.09
33.1
113.9
137.36
15.23
269.13
40.41
228.72
FY12
1453.51
415.12
189.13
22.17
92.31
228.99
209.02
1156.74
296.77
120.89
54.12
84.15
175.88
15.21
298.94
40.12
258.82
FY13
1699.09
539.83
182.14
-6.52
115.55
279
241.82
1351.82
347.27
124
56
96
223.2
6.6
368.69
54
314.68
FY14E
1886.97
566.09
141.52
22.64
141.52
311.35
283.05
1466.18
420.79
103.61
56.61
94.35
317.18
6.86
461.28
76.11
385.17
FY15E
2177.55
675.04
174.20
21.78
174.20
348.41
332.08
1725.71
451.84
119.57
65.33
119.77
332.28
5.14
512.22
87.08
425.15
35.5%
91.0%
85.0%
20.1%
2.8%
34.8%
16.6%
17.1%
13.2%
16.9%
17.0%
21.6%
11.1%
21.2%
22.4%
15.4%
7.4%
10.4%
36.7%
18.7%
5.6%
15.3%
17.2%
27.8%
17.6%
5.8%
14.3%
15.0%
28.6%
15.8%
6.4%
14.4%
13.4%
31.8%
16.4%
6.8%
14.2%
14.6%
30.0%
16.5%
7.5%
15.0%
16.5%
31.0%
16.0%
8.0%
15.3%
17.0%
23.7%
12.4%
16.4%
20.3%
11.0%
18.3%
20.4%
12.1%
17.8%
20.4%
13.1%
18.5%
22.3%
16.8%
20.4%
20.8%
15.3%
19.5%
197.70
15.13
625.42
11.22
41.34
27.1%
23.4%
4.78
17.62
249.40
15.13
689.85
15.12
45.59
33.2%
23.2%
5.47
16.50
260.80
15.13
706.63
17.11
46.70
36.6%
23.8%
5.58
15.25
397.40
15.13
777.47
20.80
51.39
40.5%
44.6%
7.73
19.11
448.00
22.70
1069.71
16.97
47.13
36.0%
24.1%
9.51
26.40
448.00
22.70
1388.64
18.73
61.18
30.6%
25.0%
7.32
23.92
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
(Source: Company/Eastwind)
20
21. Hindustan Zinc LTD.
"BUY"
21st Jan' 14
Good gains ahead
Result Update
BUY
CMP
Target Price
Previous Target Price
Upside
Change from Previous
135
148
143
10%
3%
Market Data
BSE Code
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Crores)
Average Daily Volume (Nos.)
Nifty
500188
HINDZINC
143/94
56133
5613
6291
Stock Performance-%
1M
4.3
0.0
Absolute
Rel. to Nifty
1yr
-1.7
9.2
YTD
-3.4
11.3
Share Holding Pattern-%
3QFY14
64.9
1.8
31.4
1.8
Promoters
FII
DII
Others
2QFY14 1QFY14
64.9
64.9
1.8
1.5
31.4
31.5
1.8
2.1
1 yr Forward P/B
450
400
350
300
250
200
150
100
50
Jul-13
Jan-14
Jul-12
Jan-13
Jul-11
Jan-12
Jul-10
Jan-11
Jul-09
Jan-10
Jul-08
Jan-09
Jul-07
Jan-08
Jan-07
0
Source - Comapany/EastWind Research
The attorney-general’s clearance for the Centre’s proposal to divest its residual stake in
Hindustan Zinc Ltd (HZL) lifted the Street’s mood. As the government holds 29.5 per cent
(minority) stake in HZL, the attorney-general said HZL was no longer a public sector
company. With the majority 64.92 per cent stake with Vedanta, the group will be eyeing
the government’s stake as well as the remaining 5.58 per cent owned by others.
A reason to wait and watch , is since the government is looking at auction, how much will
Vedanta be able to garner and what price it is willing to pay is not known. In the past it
has said it wanted majority control when Vedanta had earlier offered Rs 149 a share (13.7
per cent more than the current price). If this is any benchmark, investors stand to gain.
Q3FY14 Performance :
Hindustan Zinc’s (HZL) Q3FY14 performance was inline to our estimates on the back of
healthy zinc sales volumes and higher metal premiums. Total operating income for
Q3FY14 stood at Rs. 3450.1 crore higher by 8.6% YoY but lower by 3.1% QoQ. Total zinc
sales in Q3FY14 came in at 196,000 tonne, up 17% YoY and 2% QoQ . The company
realised premium on metal sales amounting to ~US$241/tonne for zinc (Zn) &
~US$305/tonne for lead (Pb) . Lead sales volume for the quarter stood at 23500 tonnes
(lower by 24% QoQ and 22% YoY), while silver sales volumes stood at 78500 kg (lower by
31% YoY and 14% QoQ) . EBITDA came in at Rs.1823.8 crore and inline to our estimate of
Rs. 1829.6 crore. Subsequently, net profit stood at Rs. 1722.7 crore . Being an integrated
& dominant player in the domestic industry with low cost of production, the company is
poised to benefit in the long run. We reaffirm our positive stance on HZL and assign a
BUY rating to the stock with a target price of Rs. 148/-.
Investment Concern
HZL’s revenues are directly linked with the global market for products essentially, Zinc
and Lead which are priced with reference to LME prices and Silver to LBMA (London
Bullion Metal Association) prices.
Disruptions in mining due to equipment failures, unexpected maintenance problems ,
non-availability of raw materials of appropriate price, quantity and quality for our energy
requirements, disruptions to or increased cost of transport services or strikes and
industrial actions or disputes.Lower than expected demand by galvanizing industries for
zinc and industrial batteries, car batteries industries for lead would affect the company
estimates.
Financials :
Q3FY14
Y-o-Y %
Q-o-Q %
Q3FY13
Q2FY14
Net Revenue
3450
8.6
-9.8
3178
3826
EBITDA
1824
22.1
-3.1
1883
1494
Depriciation
210
18.6
12.9
186
177
Tax
305
50.2
20.1
254
203
PAT
1723
6.8
5.1
1640
1613
(In Crs)
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
21
22. Hindustan Zinc LTD.
Silver(rs/ounce)
Nov-13
Dec-13
Nov-13
Dec-13
Nov-13
Dec-13
Oct-13
Sep-13
Jul-13
Aug-13
Jun-13
Apr-13
May-13
Feb-13
Mar-13
1800
1600
1400
1200
1000
800
600
400
200
0
Jan-13
Source - Comapany/EastWind Research
LME Price/Ton
Lead
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
May-13
Apr-13
Mar-13
160000
140000
120000
100000
80000
60000
40000
20000
0
Feb-13
From the Management Corner :
Volatile Desel Price and high Sulphuric acid price affecting the company,s PAT
adversly.Company is tracking on 95% capacity utilization.Captive plants enjoy the lower
Tax rate and company enjoys zero tax from tax free geographycal areas. Smelting Plants
are improvised and management is confident that the smelting plants will maintain
their stance for the coming quarters also.
Outlook and valuation:
With a cash-rich balance sheet and strong visibility over production growth of zinc, lead
and silver over FY2013-15, we are positive on HZL.The Rampura Agucha underground
mine project is operational via ramps (tunnel driven downward from the surface) and
commercial production already ramp up in Q3 and will in Q4 of FY14 . The Kayad mine
project will also commence commercial production in the current fiscal year. A cash-rich
balance sheet, low cost of production and inexpensive valuations make HZL an
attractive bet at the current price levels.HZL’s integrated business model ensures steady
cash flow, which reiterates our positive stance on the company.we Valuing the stock at
this level, we recommend BUY rating on HZL with a target price of Rs.143-148 for FY14.
LME Price/Ton
Jan-13
Lower Production Guideline
HZL has marginally downward revised its mined metal production guidance for FY14
from 950,000 tonnes earlier to 900,000 tonnes. This reflects slower-than-expected
ramp up of underground mining projects and some changes in mining sequence
wherein preference has been given to primary mine development during this period.
Source - Comapany/EastWind Research
LME Price/Ton
Zinc
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
Oct-13
Sep-13
Aug-13
Jul-13
Jun-13
125000
120000
115000
110000
105000
100000
95000
90000
May-13
FY14E
13577
1787
15364
1291
707
6484
7093
718
37
1097
6967
19.0
Apr-13
FY13
12700
2032
14732
1070
696
6218
6482
647
29
921
6899
21.0
Mar-13
FY12
11405
1543
12948
1228
568
5336
6069
611
14
1419
5526
21.0
Feb-13
FY11
9912
979
10891
1023
492
4417
5496
475
19
1059
4900
22.0
Jan-13
P/L PERFORMANCE
Net Revenue from Operation
Other Income
Total Income
Power, fuel & water
Repairs
Expenditure
EBITDA
Depriciation
Interest Cost
Net tax expense / (benefit)
PAT
ROE%
Source - Comapany/EastWind Research
22
23. Hindustan Zinc LTD.
B/S PERFORMANCE
Share capital
Reserve & Surplus
Total equity
Long-term borrowings
Short-term borrowings
Long-term provisions
Trade payables
Short-term provisions
Total liabilities
Intangibles
Tangible assets
Capital work-in-progress
Long-term loans and advances
Inventories
Trade receivables
Cash and bank balances
Short-term loans and advances
Total Assets
RATIOS
P/B
EPS
Debtor to Turnover%
Creditors to Turnover%
Inventories to Turnover%
FY10
423
17701
18124
0
60
0
478
340
20238
109
6071
1113
361
452
152
928
96
20238
FY10
3.2
95.6
1.9
6.0
0.6
FY11
845
21688
22533
0
0
0
475
567
25053
109
7145
875
594
762
209
5633
158
25053
FY11
2.2
11.6
2.1
4.8
0.8
FY12
845
26036
26881
0
0
0
410
504
29485
47
8466
445
876
798
332
5255
233
29485
FY12
2.1
13.1
2.9
3.6
0.7
FY13
845
31431
32276
0
0
0
484
825
35465
10
8474
1082
1898
1111
403
6942
373
35465
FY13
1.7
16.3
3.2
3.8
0.9
CASH FLOWS
Cash from Operation
Changes In Working Capital
Net Cash From Operation
Cash From Investment
Cash from Finance
Net Cash Flow during year
FY10
4001
77
4077
-3881
-187
8
FY11
4483
-212
4272
-3658
-363
250
FY12
4553
-61
4492
-3499
-1242
-248
FY13
4935
-183
4752
-3234
-1257
262
Net
Revenue
from
Operatio
n
4000
3500
3000
2500
30.0
Revenue
Growth
4500
15.0
25.0
20.0
2000
10.0
1500
5.0
1000
0.0
500
0
-5.0
Source - Comapany/EastWind Research
ZinC Productions:
250000
Zinc Production
(tons)
200000
150000
100000
50000
0
Source - Comapany/EastWind Research
2500
EBIDTA %
2000
49
49
50
47
43
1500
60
EBIDTA
43
41
40
42
30
Trading At :
7000
EBIDTA & Margin :
1000
NIFTY
HINDZINC
20
160
6000
140
5000
120
500
10
100
4000
80
3000
60
2000
0
40
1000
0
20
0
0
Source - Comapany/EastWind Research
Narnolia Securities Ltd,
Please refer to the Disclaimers at the end of this Report.
23
24. N arnolia Securities Ltd
402, 4th floor 7/ 1, Lord s Sinha Road Kolkata 700071, Ph
033-32011233 Toll Free no : 1-800-345-4000
em ail: research@narnolia.com ,
w ebsite : w w w .narnolia.com
Risk Disclosure & Disclaimer: This report/message is for the personal information of
the authorized recipient and does not construe to be any investment, legal or taxation
advice to you. Narnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any
action based upon it. This report/message is not for public distribution and has been
furnished to you solely for your information and should not be reproduced or
redistributed to any other person in any from. The report/message is based upon publicly
available information, findings of our research wing “East wind” & information that we
consider reliable, but we do not represent that it is accurate or complete and we do not
provide any express or implied warranty of any kind, and also these are subject to change
without notice. The recipients of this report should rely on their own investigations,
should use their own judgment for taking any investment decisions keeping in mind that
past performance is not necessarily a guide to future performance & that the the value of
any investment or income are subject to market and other risks. Further it will be safe to
assume that NSL and /or its Group or associate Companies, their Directors, affiliates
and/or employees may have interests/ positions, financial or otherwise, individually or
otherwise in the recommended/mentioned securities/mutual funds/ model funds and
other investment products which may be added or disposed including & other mentioned
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