GHCL Limited reported financial results for the quarter ended March 31, 2015. Net profit rose 31.45% to Rs. 511.10 million compared to Rs. 388.83 million in the corresponding quarter of the previous year. Revenue increased 7.10% to Rs. 6410.45 million. EBITDA grew 7.58% to Rs. 1324.14 million. EPS stood at Rs. 5.11, up from Rs. 3.89 in the year-ago quarter.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
Buy KPR Mill: Large green field facility of 36 mln garments to be addedIndiaNotes.com
India’s textiles sector is one of the mainstays of the national economy. It is also one of the largest contributing sectors of India’s exports contributing 11 per cent to the country’s total exports basket.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
Dhanuka Agritech's FY15 net profit up 14%; BuyIndiaNotes.com
Dhanuka Agritech Ltd is an Indian agrochemical company. For the quarter ending March 2015:
- Revenue rose 0.15% to Rs. 1530.40 million from Rs. 1528.05 million in the prior year.
- Net profit was Rs. 219.44 million, down 2.31% from Rs. 224.64 million in the previous year.
- Earnings per share was Rs. 4.39, down 2.31% from Rs. 4.49 in the previous year.
The company is expected to grow net sales and profit at a CAGR of 11% and 19% from 2014-2017.
Excel Crop Care: Net profit ramps up by 214% in FY14, buyIndiaNotes.com
Net profit ramps up by 214% for FY14 and stood at Rs. 672.51 million as against Rs. 214.24 million for the period of previous year. Operating Profit also increased by 90% to Rs. 1084.81 million. Buy for a target of Rs810.
This document provides an analysis of PC Jeweller Ltd, an Indian company that manufactures and retails jewellery. It summarizes PC Jeweller's financial performance in Q4 FY2015, with net sales up 31.51% year-over-year. The document also estimates the company's financials for FY2016-FY2017, projecting continued revenue and profit growth. Based on this analysis, the document recommends buying PC Jeweller shares, setting a target price of Rs. 425.
Grasim Industries reports improved performance in Q1FY16IndiaNotes.com
Grasim Industries reported improved performance for the quarter ended June 2015, with consolidated net sales up 7% to Rs. 8,599 crore. Operating margin improved 130 basis points to 16.5% due to lower raw material and power costs. However, operating profit grew only 16% to Rs. 1,417 crore due to higher interest and depreciation costs. Net profit declined 1% to Rs. 484.67 crore. Key segments like viscose staple fibre saw revenue increase 15% and EBITDA surge 72% on higher sales volumes and lower input costs. The cement subsidiary UltraTech reported 7% revenue growth but net profit fell 5% to Rs. 591 crore.
Buy KPR Mill: Large green field facility of 36 mln garments to be addedIndiaNotes.com
India’s textiles sector is one of the mainstays of the national economy. It is also one of the largest contributing sectors of India’s exports contributing 11 per cent to the country’s total exports basket.
Apollo Tyres approves further expansion of the Truck & Bus radial tyre capacityIndiaNotes.com
Apollo Tyres reported a 12.4% decrease in net sales but a 27.5% increase in net profit for Q1 FY16 compared to Q1 FY15. EBITDA rose 15.4% and profit margins increased 319 and 447 basis points respectively. Apollo Tyres approved expanding its Chennai truck and bus radial tire capacity and raising Rs. 20,000 million in debt for ongoing expansions. Analyst estimates see Apollo Tyres' operating profit and PAT growing at a CAGR of 13% and 23% from FY14 to FY17 respectively.
Dhanuka Agritech's FY15 net profit up 14%; BuyIndiaNotes.com
Dhanuka Agritech Ltd is an Indian agrochemical company. For the quarter ending March 2015:
- Revenue rose 0.15% to Rs. 1530.40 million from Rs. 1528.05 million in the prior year.
- Net profit was Rs. 219.44 million, down 2.31% from Rs. 224.64 million in the previous year.
- Earnings per share was Rs. 4.39, down 2.31% from Rs. 4.49 in the previous year.
The company is expected to grow net sales and profit at a CAGR of 11% and 19% from 2014-2017.
Excel Crop Care: Net profit ramps up by 214% in FY14, buyIndiaNotes.com
Net profit ramps up by 214% for FY14 and stood at Rs. 672.51 million as against Rs. 214.24 million for the period of previous year. Operating Profit also increased by 90% to Rs. 1084.81 million. Buy for a target of Rs810.
This document provides an analysis of PC Jeweller Ltd, an Indian company that manufactures and retails jewellery. It summarizes PC Jeweller's financial performance in Q4 FY2015, with net sales up 31.51% year-over-year. The document also estimates the company's financials for FY2016-FY2017, projecting continued revenue and profit growth. Based on this analysis, the document recommends buying PC Jeweller shares, setting a target price of Rs. 425.
Firstcall recommend PI Industries after Q4FY15 net profits rise 33.47% y/yIndiaNotes.com
PI Industries Ltd engages in agri-input and custom synthesis businesses. It reported financial results for Q4 FY15 with net sales growth of 48.05% YoY to Rs. 5,369.80 million and net profit growth of 33.47% YoY to Rs. 603.20 million. For FY16-FY17, the company estimates net sales to grow at a CAGR of 21% to Rs. 24,766.91 million in FY17 and net profit to grow at a CAGR of 32% to Rs. 2,910.31 million in FY17. At the current market price of Rs. 677.35, the stock trades at a
Fineotex Chemical Ltd is a leading manufacturer of chemicals for textiles, construction, and other industries. In Q4 FY15, the company's net sales increased 11.38% to Rs. 171 crore and net profit increased 111.99% to Rs. 40.68 crore. The document recommends buying shares of Fineotex Chemical Ltd, setting a target price of Rs. 44 based on estimated sales and profit growth over the next two years.
Long term investment: Buy Bharat Forge for target price of Rs1220IndiaNotes.com
Bharat Forge Ltd. (BFL), the flagship company of the USD2.5 billion Kalyani Group is a global provider of high performance, innovative, safety & critical components and solutions to various industries.
Chembond Chemicals: To keep its growth story; Maintain buyIndiaNotes.com
The document provides a research report on Chembond Chemicals Ltd by CMP Securities. Some key points:
- Chembond reported a 34.88% increase in net profit to Rs. 48.76 million for Q4 FY15 compared to the same period last year.
- Revenue was up 0.47% to Rs. 741.44 million for Q4 FY15. Earnings per share increased 34.88% to Rs. 7.32.
- The report recommends buying Chembond shares with a target price of Rs. 460, citing expected sales and profit growth over the next few years. Net sales and profit are estimated to grow at a CAGR of 9%
Buy Bharat Rasayan, Indian agrochemical sector pegged at $7.5b by FY19IndiaNotes.com
This document provides an analysis of Bharat Rasayan Ltd, an Indian agrochemical company. It includes the company's stock information and target price. The document summarizes the company's quarterly financial results for Q4 FY15, noting increases in net sales, EBITDA, net profit, and EPS compared to the prior year. It also provides estimates for the company's financials from FY15-FY17, projecting continued growth in net sales, EBITDA, and net profit. The outlook and conclusion section states that the stock currently trades at a P/E of 13.12x for FY16E and 11.54x for FY17E, below the projected EPS for those
Go long on Simmonds Marshall for the mid- to long-termIndiaNotes.com
Simmonds Marshall Limited reported strong financial results for Q3 FY15. Net sales increased 46.39% to Rs. 342.69 million and net profit jumped 266.11% to Rs. 19.77 million compared to the same quarter of the previous year. For the first nine months of FY15, net sales grew 36.54% to Rs. 995.97 million and net profit increased 62.86% to Rs. 59.77 million. The company is expected to grow net sales and profit at a CAGR of 21% and 45% from FY13 to FY16 respectively based on estimates. The report recommends buying the stock with a target price of Rs. 105.00 for
Firstcall solar industries_india_ltd_6_july15IndiaNotes.com
- Solar Industries India Ltd is one of India's largest manufacturers of industrial explosives and explosive initiating systems.
- In Q4 FY15, the company's net sales rose 14.61% year-over-year to Rs. 3896.36 million, while net profit grew 1.52% to Rs. 401.01 million.
- For the full year FY15, the company's net sales were Rs. 13518.95 million and net profit was Rs. 1474.08 million, up 24% from FY14. Net sales and profit are expected to continue growing over the next few years.
This document provides a quarterly financial report for Simmonds Marshall Limited for Q4 FY2015. Some key highlights include:
- Net sales increased 13.95% to Rs. 344.09 million in Q4 FY2015 compared to the previous year.
- Net profit increased 60.98% to Rs. 11.51 million for Q4 FY2015 compared to the previous year.
- EPS increased 60.98% to Rs. 1.03 for Q4 FY2015 compared to the previous year.
- The company expects sales and profits to grow at a CAGR of 18% and 34% from 2014-2017 respectively.
AIA Engineering Q4FY15: Firstcall recommend for target of 1125IndiaNotes.com
This document provides an analysis of AIA Engineering Ltd, an Indian company that manufactures wear-resistant castings for cement, mining, and power industries. In Q4 FY2015, the company's net sales increased 4.88% YoY to Rs. 6048.11 million while net profit declined 5.78% to Rs. 1126.86 million. The document recommends buying the company's stock, sets a target price of Rs. 1125, and forecasts strong revenue and profit growth over the next few years.
Technofab Eng: Q4FY15 net profits up 129.55% y/y to INR37.44m; BuyIndiaNotes.com
This document provides an analysis of Technofab Engineering Ltd for the quarter and fiscal year ending March 2015. It recommends buying the stock with a target price of Rs. 187. Key highlights include:
- Net profit for Q4 FY15 was Rs. 37.44 million, up 129.55% YoY. Revenue was down 25.76% YoY.
- For FY15, net profit was Rs. 84.45 million, up 22% YoY. Revenue was up 3.15% to Rs. 4198.85 million.
- EPS for Q4 FY15 was Rs. 3.57, up 129.55% YoY. EPS estimates for FY16 and
Exide Ind: Net sales grows 17.51% to Rs19123.60 mn; Maintain buyIndiaNotes.com
Exide Industries' Net sales registered a growth of 17.51% to Rs.19123.60 million for the quarter ended June 30th 2014 as against Rs.15412.00 million for the corresponding quarter last year. Buy for a target of Rs.180.00.
Orient Bell Q4FY15: Operating profit surges 108.2% y/y; BuyIndiaNotes.com
Orient Bell Ltd reported higher net sales and net profit in Q4 FY15 compared to the same period last year. Net sales grew 13.39% to Rs. 2021.10 million while net profit jumped to Rs. 25.40 million from Rs. 4.50 million previously. The company has also entered into an agreement to acquire a 19.5% stake in a ceramic tile manufacturer and is setting up a new plant. At the current market price, the stock is recommended as a buy with a target price of Rs. 150 based on expected future earnings growth and industry outlook.
Sunil Hitech Engineers bags major government contracts; BuyIndiaNotes.com
- Sunil Hitech Engineers Ltd reported a 14.56% increase in net profit to Rs. 122.43 million for Q4 FY15 compared to the same period of the previous year. Revenue grew 9.52% to Rs. 5426.92 million.
- Earnings per share grew 2.19% to Rs. 8.02 for Q4 FY15. The order book as of March 31, 2015 was Rs. 35,800 million.
- For the full year FY15, net profit increased 48% to Rs. 368.97 million while total income grew 15% to Rs. 16489.75 million.
Multibase India's FY15 net profit up 42% y/y, Firstcall recommend 'Buy'IndiaNotes.com
The document provides an analysis report on Multibase India Ltd for the quarter ending March 31, 2015. The key highlights are:
1) Multibase India Ltd reported a 19.59% rise in net profit to Rs. 19.29 million for the quarter compared to the same period last year as revenue grew 5.26% to Rs. 158.65 million.
2) Earnings per share stood at Rs. 1.53 for the quarter, a 19.59% rise from the previous year.
3) Operating profit increased 26.89% to Rs. 31.95 million for the quarter compared to Rs. 25.18 million in the same period last year.
Rajratan Global Wire Ltd reported financial results for the quarter ending March 31, 2015. Net profit increased 62.31% to Rs. 24.46 million compared to the same quarter last year. Revenue rose 3.56% to Rs. 624.64 million. Earnings per share was Rs. 5.62, up from Rs. 3.46 last year. The company expects sales and profits to grow annually by 8% and 3% from 2014-2017. The document provides an analysis of the company's quarterly performance, financial estimates, industry overview and a recommendation to buy the stock.
This document provides an analysis of Rashtriya Chemicals and Fertilizers Ltd (RCF) stock. It summarizes RCF's Q4 FY15 financial results, including a 5.41% increase in net sales but a 56.54% decrease in net profit compared to the same quarter the previous year. The document estimates that RCF's net sales and profit will grow at a CAGR of 8% and 6% respectively from FY14 to FY17. Based on this analysis, the document recommends buying RCF stock, setting a target price of Rs. 67.
Indian chemical industry to reach a size of $350 bn by 2021; Buy Vinyl ChemicalsIndiaNotes.com
The document provides an analysis and stock recommendation for Vinyl Chemicals (India) Ltd. Some key points:
- Vinyl Chemicals reported an 11.8% increase in net profit and 12.84% rise in revenue for Q4 FY15 compared to the previous year.
- Earnings per share grew 11.8% to Rs. 1.86 for Q4 FY15.
- The company recommended a dividend of Rs. 1.5 per share for FY15 and saw net sales increase 51% to Rs. 4415.6 million for the full year.
- The analyst recommends buying the stock with a target price of Rs. 83, noting expected revenue and
Metroglobal Limited reported its financial results for the quarter ended 31st March 2015. Net sales rose 56.82% to Rs. 1592.45 million compared to the same quarter last year. Net profit was Rs. 24.92 million, an increase of 5.95% year-over-year. Earnings per share for the quarter was Rs. 1.53. The company operates in dyes and dye intermediates, realty and infrastructure, and trading and finance businesses. On an annual basis, net sales and profit after tax are expected to grow at a CAGR of 27-28% and 8% from 2014-2017, respectively. The report recommends buying the stock with a target price of Rs
Firstcall recommend PI Industries after Q4FY15 net profits rise 33.47% y/yIndiaNotes.com
PI Industries Ltd engages in agri-input and custom synthesis businesses. It reported financial results for Q4 FY15 with net sales growth of 48.05% YoY to Rs. 5,369.80 million and net profit growth of 33.47% YoY to Rs. 603.20 million. For FY16-FY17, the company estimates net sales to grow at a CAGR of 21% to Rs. 24,766.91 million in FY17 and net profit to grow at a CAGR of 32% to Rs. 2,910.31 million in FY17. At the current market price of Rs. 677.35, the stock trades at a
Fineotex Chemical Ltd is a leading manufacturer of chemicals for textiles, construction, and other industries. In Q4 FY15, the company's net sales increased 11.38% to Rs. 171 crore and net profit increased 111.99% to Rs. 40.68 crore. The document recommends buying shares of Fineotex Chemical Ltd, setting a target price of Rs. 44 based on estimated sales and profit growth over the next two years.
Long term investment: Buy Bharat Forge for target price of Rs1220IndiaNotes.com
Bharat Forge Ltd. (BFL), the flagship company of the USD2.5 billion Kalyani Group is a global provider of high performance, innovative, safety & critical components and solutions to various industries.
Chembond Chemicals: To keep its growth story; Maintain buyIndiaNotes.com
The document provides a research report on Chembond Chemicals Ltd by CMP Securities. Some key points:
- Chembond reported a 34.88% increase in net profit to Rs. 48.76 million for Q4 FY15 compared to the same period last year.
- Revenue was up 0.47% to Rs. 741.44 million for Q4 FY15. Earnings per share increased 34.88% to Rs. 7.32.
- The report recommends buying Chembond shares with a target price of Rs. 460, citing expected sales and profit growth over the next few years. Net sales and profit are estimated to grow at a CAGR of 9%
Buy Bharat Rasayan, Indian agrochemical sector pegged at $7.5b by FY19IndiaNotes.com
This document provides an analysis of Bharat Rasayan Ltd, an Indian agrochemical company. It includes the company's stock information and target price. The document summarizes the company's quarterly financial results for Q4 FY15, noting increases in net sales, EBITDA, net profit, and EPS compared to the prior year. It also provides estimates for the company's financials from FY15-FY17, projecting continued growth in net sales, EBITDA, and net profit. The outlook and conclusion section states that the stock currently trades at a P/E of 13.12x for FY16E and 11.54x for FY17E, below the projected EPS for those
Go long on Simmonds Marshall for the mid- to long-termIndiaNotes.com
Simmonds Marshall Limited reported strong financial results for Q3 FY15. Net sales increased 46.39% to Rs. 342.69 million and net profit jumped 266.11% to Rs. 19.77 million compared to the same quarter of the previous year. For the first nine months of FY15, net sales grew 36.54% to Rs. 995.97 million and net profit increased 62.86% to Rs. 59.77 million. The company is expected to grow net sales and profit at a CAGR of 21% and 45% from FY13 to FY16 respectively based on estimates. The report recommends buying the stock with a target price of Rs. 105.00 for
Firstcall solar industries_india_ltd_6_july15IndiaNotes.com
- Solar Industries India Ltd is one of India's largest manufacturers of industrial explosives and explosive initiating systems.
- In Q4 FY15, the company's net sales rose 14.61% year-over-year to Rs. 3896.36 million, while net profit grew 1.52% to Rs. 401.01 million.
- For the full year FY15, the company's net sales were Rs. 13518.95 million and net profit was Rs. 1474.08 million, up 24% from FY14. Net sales and profit are expected to continue growing over the next few years.
This document provides a quarterly financial report for Simmonds Marshall Limited for Q4 FY2015. Some key highlights include:
- Net sales increased 13.95% to Rs. 344.09 million in Q4 FY2015 compared to the previous year.
- Net profit increased 60.98% to Rs. 11.51 million for Q4 FY2015 compared to the previous year.
- EPS increased 60.98% to Rs. 1.03 for Q4 FY2015 compared to the previous year.
- The company expects sales and profits to grow at a CAGR of 18% and 34% from 2014-2017 respectively.
AIA Engineering Q4FY15: Firstcall recommend for target of 1125IndiaNotes.com
This document provides an analysis of AIA Engineering Ltd, an Indian company that manufactures wear-resistant castings for cement, mining, and power industries. In Q4 FY2015, the company's net sales increased 4.88% YoY to Rs. 6048.11 million while net profit declined 5.78% to Rs. 1126.86 million. The document recommends buying the company's stock, sets a target price of Rs. 1125, and forecasts strong revenue and profit growth over the next few years.
Technofab Eng: Q4FY15 net profits up 129.55% y/y to INR37.44m; BuyIndiaNotes.com
This document provides an analysis of Technofab Engineering Ltd for the quarter and fiscal year ending March 2015. It recommends buying the stock with a target price of Rs. 187. Key highlights include:
- Net profit for Q4 FY15 was Rs. 37.44 million, up 129.55% YoY. Revenue was down 25.76% YoY.
- For FY15, net profit was Rs. 84.45 million, up 22% YoY. Revenue was up 3.15% to Rs. 4198.85 million.
- EPS for Q4 FY15 was Rs. 3.57, up 129.55% YoY. EPS estimates for FY16 and
Exide Ind: Net sales grows 17.51% to Rs19123.60 mn; Maintain buyIndiaNotes.com
Exide Industries' Net sales registered a growth of 17.51% to Rs.19123.60 million for the quarter ended June 30th 2014 as against Rs.15412.00 million for the corresponding quarter last year. Buy for a target of Rs.180.00.
Orient Bell Q4FY15: Operating profit surges 108.2% y/y; BuyIndiaNotes.com
Orient Bell Ltd reported higher net sales and net profit in Q4 FY15 compared to the same period last year. Net sales grew 13.39% to Rs. 2021.10 million while net profit jumped to Rs. 25.40 million from Rs. 4.50 million previously. The company has also entered into an agreement to acquire a 19.5% stake in a ceramic tile manufacturer and is setting up a new plant. At the current market price, the stock is recommended as a buy with a target price of Rs. 150 based on expected future earnings growth and industry outlook.
Sunil Hitech Engineers bags major government contracts; BuyIndiaNotes.com
- Sunil Hitech Engineers Ltd reported a 14.56% increase in net profit to Rs. 122.43 million for Q4 FY15 compared to the same period of the previous year. Revenue grew 9.52% to Rs. 5426.92 million.
- Earnings per share grew 2.19% to Rs. 8.02 for Q4 FY15. The order book as of March 31, 2015 was Rs. 35,800 million.
- For the full year FY15, net profit increased 48% to Rs. 368.97 million while total income grew 15% to Rs. 16489.75 million.
Multibase India's FY15 net profit up 42% y/y, Firstcall recommend 'Buy'IndiaNotes.com
The document provides an analysis report on Multibase India Ltd for the quarter ending March 31, 2015. The key highlights are:
1) Multibase India Ltd reported a 19.59% rise in net profit to Rs. 19.29 million for the quarter compared to the same period last year as revenue grew 5.26% to Rs. 158.65 million.
2) Earnings per share stood at Rs. 1.53 for the quarter, a 19.59% rise from the previous year.
3) Operating profit increased 26.89% to Rs. 31.95 million for the quarter compared to Rs. 25.18 million in the same period last year.
Rajratan Global Wire Ltd reported financial results for the quarter ending March 31, 2015. Net profit increased 62.31% to Rs. 24.46 million compared to the same quarter last year. Revenue rose 3.56% to Rs. 624.64 million. Earnings per share was Rs. 5.62, up from Rs. 3.46 last year. The company expects sales and profits to grow annually by 8% and 3% from 2014-2017. The document provides an analysis of the company's quarterly performance, financial estimates, industry overview and a recommendation to buy the stock.
This document provides an analysis of Rashtriya Chemicals and Fertilizers Ltd (RCF) stock. It summarizes RCF's Q4 FY15 financial results, including a 5.41% increase in net sales but a 56.54% decrease in net profit compared to the same quarter the previous year. The document estimates that RCF's net sales and profit will grow at a CAGR of 8% and 6% respectively from FY14 to FY17. Based on this analysis, the document recommends buying RCF stock, setting a target price of Rs. 67.
Indian chemical industry to reach a size of $350 bn by 2021; Buy Vinyl ChemicalsIndiaNotes.com
The document provides an analysis and stock recommendation for Vinyl Chemicals (India) Ltd. Some key points:
- Vinyl Chemicals reported an 11.8% increase in net profit and 12.84% rise in revenue for Q4 FY15 compared to the previous year.
- Earnings per share grew 11.8% to Rs. 1.86 for Q4 FY15.
- The company recommended a dividend of Rs. 1.5 per share for FY15 and saw net sales increase 51% to Rs. 4415.6 million for the full year.
- The analyst recommends buying the stock with a target price of Rs. 83, noting expected revenue and
Metroglobal Limited reported its financial results for the quarter ended 31st March 2015. Net sales rose 56.82% to Rs. 1592.45 million compared to the same quarter last year. Net profit was Rs. 24.92 million, an increase of 5.95% year-over-year. Earnings per share for the quarter was Rs. 1.53. The company operates in dyes and dye intermediates, realty and infrastructure, and trading and finance businesses. On an annual basis, net sales and profit after tax are expected to grow at a CAGR of 27-28% and 8% from 2014-2017, respectively. The report recommends buying the stock with a target price of Rs
Astec Lifesciences: Q4FY15 net sales up 97.15% y/y; Firstcall recommend 'Buy'IndiaNotes.com
This document provides an analysis of Astec LifeSciences Ltd, an Indian manufacturer of agrochemical active ingredients. It includes a summary of the company's Q4 FY15 financial results, showing increases in net sales, profit, and EPS compared to the prior year. The document also provides estimates of the company's financials from FY15-FY17, with projected growth in net sales and profit. It gives an overview of the company's products and facilities. Finally, it analyzes the company's stock, finding it currently trades at reasonable multiples compared to estimates for FY16-FY17.
M M Forgings: Q4FY15 net profit up 42.18% y/y to INR111.15m, BuyIndiaNotes.com
The document provides a stock analysis report for M.M. Forgings Ltd, an Indian steel forging manufacturer. It includes the company's financial highlights for Q4 FY2015, with net profit up 42% and revenue up 17.8%. Forecasts estimate a 15% CAGR in net sales and 28% CAGR in PAT from FY2014-FY2017. The report recommends buying the stock with a target price of Rs 740, citing its historical financial performance and growth prospects in the growing Indian engineering sector.
Suryalata Spinning Mills FY15: Net profit up 43%; BuyIndiaNotes.com
The document provides an analysis report on Suryalata Spinning Mills Ltd by CMP 116.50. In the first quarter of FY15, the company's net sales were Rs. 869.60 million, down 10.33% from the previous year. Net profit was Rs. 25.90 million, down 1.15% from the previous year. The report recommends buying the stock with a target price of Rs. 135 and forecasts net sales and profit to grow at a CAGR of 11% and 17% from FY14 to FY17 respectively. The industry overview section notes that the Indian textiles industry is valued at US$ 108 billion and expected to reach US$ 141 billion by 2021
Firstcall recommends a textile stock for the mid- to long-termIndiaNotes.com
The document provides a stock analysis and recommendation for Nitin Spinners Ltd. Key details include:
- In Q4 FY15, the company's net sales increased 54% to Rs. 1881 crore and net profit grew 43% to Rs. 123 crore.
- Earnings per share grew 43% to Rs. 2.69 for Q4.
- The analyst recommends buying the stock with a target price of Rs. 53, citing expected sales and profit growth of 18% and 16% annually through 2017.
Deepak Nitrite Ltd reported financial results for Q1 FY16, with net profit increasing 38.11% to Rs. 133.58 million. Revenue grew 4.21% to Rs. 3383.22 million. EBITDA increased 35.39% to Rs. 381.75 million. EPS stood at Rs. 1.28, up from Rs. 0.93 the previous year. Domestic revenue grew marginally while export revenue increased 12%. The company expects net sales and PAT to grow at a CAGR of 11% and 15% from FY14 to FY17. At Rs. 72.05, Deepak Nitrite is recommended as a buy.
Divi's Lab Q4FY15: Net profit up 18.57% y/y to INR2,289.10m, Firstcall recomm...IndiaNotes.com
The document provides an analysis report on Divis Laboratories Ltd by Firstcall Research. It includes key financial highlights for Divis Labs for Q4 FY15, estimates for FY16-17, industry overview of the pharmaceutical sector in India, and a recommendation to buy Divis Labs shares with a target price of Rs. 2000. Some key points from the analysis are that Divis Labs reported a 10.33% rise in Q4 revenue and 18.57% rise in net profit. EPS growth was also 18.57% for Q4 FY15. The company is expected to see a CAGR of 17% in net sales and 15% in PAT from FY14-17E. Firstcall Research
Is Asian Granito ideal for mid- to long-term investments?IndiaNotes.com
- Asian Granito India Ltd is an Indian tile manufacturer that has seen strong revenue growth. In Q3 FY15, the company's net profit was marginally up and revenue increased 20.53% year-over-year.
- The report recommends buying Asian Granito stock with a target price of Rs. 164, citing expected revenue and earnings growth as well as reasonable valuation multiples for FY15 and FY16.
- The Indian tiles industry is growing rapidly due to urbanization and construction activity and is expected to see strong demand growth over the next few years.
Wim Plast Q4FY15: Net profit up 47.14%; Firstcall recommend 'Buy'IndiaNotes.com
Wim Plast Ltd reported strong growth in Q4 FY15 with net sales up 29.15% and net profit up 47.14% YoY. For the full year FY15, net sales were up 24% and net profit was up 17.6% YoY. The brokerage recommends buying the stock with a target price of Rs. 1910, citing estimated sales and profit CAGRs of 16% and 15% from FY14-FY17 respectively on the back of Wim Plast's diversified product portfolio and pan-India distribution network. The current market price of Rs. 1750 provides an attractive entry point given forward PE multiples of 21.26x for FY17E.
Orbit Exports Q4FY15: Growth story to continue in coming quarters alsoIndiaNotes.com
Orbit Exports Limited reported financial results for the quarter ended March 31, 2015. Net sales grew 15% to Rs. 424.77 million compared to the same quarter last year. Net profit jumped 139% to Rs. 63.26 million due to a 70% rise in EBITDA to Rs. 120.75 million. For the full fiscal year 2015, net sales increased 15% to Rs. 1574.05 million while net profit grew 27% to Rs. 266.99 million. The company expects net sales and profit to grow at a compound annual growth rate of 13% and 26% respectively from 2014 to 2017. Based on the financial projections, the report recommends buying the stock with a target price of Rs
Arrow Coated Products: Q4FY15 net profit up 161.19% y/y; 'Buy' says FirstcallIndiaNotes.com
The document provides an analysis of Arrow Coated Products Ltd for the quarter and fiscal year ending March 2015. Key highlights include net profit jumping 161% in Q4 FY15 compared to the same period last year. Sales increased 4% in Q4. EPS for the quarter was Rs. 0.97 compared to Rs. 0.37 last year. The company is expected to see 28% sales and 50% profit CAGR from 2014-2017. The document recommends buying the stock with a target price of Rs. 530.
Castrol India clocks Q1CY15 net profit of INR1,467m; Firstcall recommends 'Buy'IndiaNotes.com
Castrol India reported its financial results for the quarter ended March 31, 2015. Net sales were Rs. 7,992 million, down slightly from the prior year quarter. Net profit increased 46% to Rs. 1,467 million due to a 45% rise in profit before tax. EBITDA grew 45% to Rs. 2,342 million on higher other income. The company's EPS for the quarter was Rs. 2.97, up significantly from Rs. 1.01 in the same quarter of the previous year. Analysts expect net sales and PAT to grow at a CAGR of 6% and 8%, respectively, from 2013 to 2016.
Gillette India Limited reported its financial results for the quarter ended March 31, 2015. Net sales increased 8.48% year-over-year to Rs. 4,941.40 million driven by growth across all business segments. Net profit jumped 262.74% to Rs. 307.60 million compared to Rs. 84.80 million in the prior year period. For the nine months ended FY15, net sales grew 12.80% while net profit increased 146.11%. The brokerage recommends buying Gillette India given its strong brands and expected sales and profit growth of 15-16% over FY13-FY16.
Mayur Uniquoters Q4FY15: Buy for a target of 470IndiaNotes.com
The document provides an analysis of Mayur Uniquoters Limited, an Indian company that manufactures and sells coated textile fabrics. In Q4 FY15, the company reported a net profit of Rs. 182.66 million on net sales of Rs. 1210.67 million, with an EBITDA of Rs. 285.05 million. For the full FY15, net sales grew 8% to Rs. 5063.17 million while net profit increased 16% to Rs. 659.01 million. The analysis recommends a 'Buy' rating for the stock with a target price of Rs. 470, noting expected sales and profit growth over the coming years.
Kitex: ICRA upgrades long and short-term ratings to AA minus and A one Plus; BuyIndiaNotes.com
Kitex Garments reported a 10.64% increase in net profit to Rs. 159.75 million for Q1 FY16 compared to Q1 FY15. Revenue rose 6.15% to Rs. 1090.81 million. EPS increased 10.64% to Rs. 3.36. The company is recommended as a buy with a target price of Rs. 895 based on expected sales and profit growth over the next two years. The global children's wear market is large and growing, representing an opportunity for Kitex Garments as a leading children's apparel producer.
Will rapid urbanisation propel growth in Hitech Plast?IndiaNotes.com
1) The document provides an analysis of Hitech Plast Limited, a manufacturer of rigid plastic packaging. It summarizes the company's Q3 FY15 financial results, with net sales of Rs. 1157.48 million and net profit growth of 9.99% year-over-year.
2) The analysis recommends buying shares of Hitech Plast, with a target share price of Rs. 140. The company is expected to grow sales at a 6% CAGR from FY13 to FY16E. Financial ratios like P/E, ROE, and P/BV suggest the stock is undervalued.
3) Hitech Plast primarily serves industries like paint
Good Luck Steel Tubes Q4FY15: Net profit up 158.31% y/y; BuyIndiaNotes.com
The document provides a stock analysis and recommendation for Good Luck Steel Tubes Ltd. Key points:
- The company reported a 158% increase in net profit and 9.5% increase in net sales for Q4 FY2015 compared to the same period last year.
- Earnings per share stood at Rs. 3.13 for Q4 FY2015, up from Rs. 1.34 in the previous year.
- Net sales and profit after tax are expected to grow at a CAGR of 7% and 13% from FY2014 to FY2017 respectively.
- The analyst recommends buying the stock with a target price of Rs. 105, citing improving performance, expanded international presence, and
Similar to Firstcall recommend GHCL on 31.45% y/y rise in Q4FY15 net profit (20)
The document summarizes financial information for GlaxoSmithKline Consumer Healthcare Ltd for quarters ending June 2015 and September 2015E. Key highlights include:
- For Q1 FY16 ending June 2015, net profit increased 19.13% YoY to Rs. 1550.10 million, net sales grew 8.18% YoY, and operating profit rose 20.64% YoY.
- Estimates for Q2 FY16 ending September 2015 show net sales growth to Rs. 11850.30 million and net profit increasing to Rs. 1775.02 million.
- At the current market price of Rs. 6270.20, the stock trades at a P/E ratio of 40.
The document provides a technical analysis recommendation for buying Lupin stock. It recommends buying between price levels of 1790 and 1820 with a stop-loss of 1660. The analysis notes that shorter term moving averages have converged and the RSI oscillator is showing a positive signal in the mid-range, indicating buy signals on both technical indicators.
Indoco Remedies reported quarterly results slightly below expectations due to restructuring of its domestic business. Sales grew 9% to Rs 216 crore while margins improved. Exports grew 23% but was offset by weak 2% domestic growth. The company expects the domestic segment to recover in the second half of the year. For the full year, sales are expected to grow 19% overall. While the quarter saw short-term impacts of domestic restructuring, the analyst maintains a HOLD recommendation based on the company's business model and expectations for profitability and returns to further expand.
Thermax Limited is a leading energy and environment solutions provider operating globally. In Q1 FY2016, the company's net sales increased 19.27% to Rs. 10011.90 million and net profit increased 48.96% to Rs. 616.78 million compared to the same period last year. The order balance on June 30, 2015 stood at Rs. 42750 million, down 18% from the previous year. The company plans to set up new manufacturing facilities. Analysts recommend buying the stock with a target price of Rs. 1145, citing expected growth in earnings.
Agro Tech Foods: Demonstrates continued strong growth in tough environment; BuyIndiaNotes.com
The document provides a quarterly financial results update for Agro Tech Foods Ltd for the quarter ending June 30, 2015. Key highlights include:
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- Net profit was Rs. 45.80 million, down from Rs. 53.50 million in the same quarter last year.
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Can Fin Homes Ltd reported financial results for the quarter ended June 30, 2015, with net sales of Rs. 2425.30 million, a 37.8% increase year-over-year, and net profit of Rs. 321.01 million, a 69.33% increase. The company provides loans for housing and non-housing purposes through a network of over 100 branches across India, and financial projections estimate continued revenue and profit growth over the next few years.
This document provides an analysis of SQS India BFSI Ltd's financial performance for Q1 FY16. It reports that the company's net sales grew 13.6% YoY to Rs. 583 million in Q1 FY16. Net profit increased 38.76% YoY to Rs. 87 million. EBITDA was Rs. 143 million, a 28.25% increase YoY. The document recommends buying shares of SQS India BFSI Ltd based on expected future revenue and profit growth.
The document provides a daily technical analysis of the stock MAXWELL. It recommends buying the stock with targets of 75/78 and a stop-loss of 66. The analyst believes the stock will head upward in the near term as it has broken out of a downward trend line and is supported by an upward trend line with momentum. The analysis is for a duration of 2-3 days.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
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TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
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TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
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Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Firstcall recommend GHCL on 31.45% y/y rise in Q4FY15 net profit
1. CMP 70.50
Target Price 82.00
ISIN: INE539A01019
JUNE 16th
2015
GHCL LTD
Result Update (PARENT BASIS): Q4 FY15
BUY
Index Details
Stock Data
Sector Commodity Chemicals
BSE Code 500171
Face Value 10.00
52wk. High / Low (Rs.) 107.10/48.50
Volume (2wk. Avg.) 52000
Market Cap (Rs. in mn.) 7051.34
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY15A FY16E FY17E
Net Sales 23736.10 25777.40 27736.49
EBITDA 5094.52 5588.64 6116.49
Net Profit 1843.09 2006.93 2240.28
EPS 18.43 20.07 22.40
P/E 3.83 3.51 3.15
Shareholding Pattern (%)
1 Year Comparative Graph
GHCL LTD S&P BSE SENSEX
SYNOPSIS
GHCL Limited incorporated in 1983, manufactures and
trades inorganic chemicals and textiles products in
India and internationally.
In Q4 FY15, Net profit stood at Rs. 511.10 million as
against Rs. 388.83 million in the corresponding quarter
of previous year, an increase of 31.45% y-o-y.
Net sales of the company rose by 7.10% y-o-y and stood
at Rs. 6410.45 million for the 4th quarter of FY15
compared to Rs. 5985.45 million for the 4th quarter of
FY14.
For Q4 FY15, Operating profit or EBITDA registered a
growth 7.58% y-o-y of Rs. 1324.14 million as against
Rs. 1230.86 million for Q4 FY14.
Reported Earnings per share of the company stood at
Rs. 5.11 as against Rs. 3.89 in the previous year quarter.
In Q4 FY15, Profit before Tax (PBT) grew by 63.65% y-
o-y of Rs. 717.46 million compared to Rs. 438.42
million in Q4 FY14.
During Q4 FY15, Revenue from Inorganic chemicals
segment increased by 9% y-o-y of Rs. 3781.19 million
as against Rs. 3472.20 million during Q4 FY14.
The company has recommended Dividend of 22% i.e.,
Rs. 2.20/- per share on face value of Rs. 10.00/- each
for the financial year ended March 31, 2015.
Net profit rose by 59% to Rs 1843.09 million for the
end of FY15 from Rs 1156.98 million for the end of
FY14.
Net Sales and PAT of the company are expected to grow
at a CAGR of 7% and 18% over 2014 to 2017E
respectively.
PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
GHCL Ltd 70.50 7051.34 18.43 3.83 1.02 22.00
Bodal Chemicals Ltd 26.10 2847.70 8.43 3.10 1.77 0.00
Deepak Nitrite Ltd 64.75 6768.80 5.11 12.67 2.12 50.00
Deepak Fertilizers & Petrochemicals Corp. 117.00 10320.00 8.88 13.18 0.66 40.00
2. QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results Updates- Q4 FY15
GHCL Limited was incorporated in 1983. It manufactures
and trades inorganic chemicals and textiles products in
India and internationally has reported its financial results
for the quarter ended 31st March, 2015.
The company’s net profit jumps to Rs. 511.10 million an increase of 31.45% in 4th quarter of FY15 as against Rs.
388.83 million in the corresponding period of previous year. Revenue for the quarter rose by 7.10% to Rs.
6410.45 million from Rs. 5985.45 million, when compared with the prior year period. EPS of the company stood
at Rs. 5.11 a share during the quarter as against Rs. 3.89 over previous year period. EBITDA was at Rs. 1324.14
million in Q4 FY15 as against Rs. 1230.86 million in the corresponding period of the previous year.
Break up of Expenditure
Segment Revenue
Months Mar-15 Mar-14 % Change
Net Sales 6410.45 5985.45 7.10
PAT 511.10 388.83 31.45
EPS 5.11 3.89 31.45
EBITDA 1324.14 1230.86 7.58
Break up of Expenditure
(Rs in millions)
Q4 FY15 Q4 FY14 Chg %
Cost of material Consumed 2202.93 2249.77 -2%
Employee Benefit Exp 293.88 329.86 -11%
Dep & Amortization Exp 272.24 198.46 37%
Other Expenses 1048.16 915.30 15%
Purchase of stock in Trade 154.48 103.63 49%
Power Fuel & Water 978.16 1074.88 -9%
3. COMPANY PROFILE
GHCL Limited was incorporated in 1983. Together with its subsidiaries, it manufactures and trades inorganic
chemicals and textiles products in India and internationally. The company operates through Inorganic Chemicals,
Textiles, and Others segments. The Inorganic Chemicals segment provides soda ash used in textiles, paper,
metallurgical industries, and desalination plants. This segment also offers organic and inorganic chemicals,
including sodium tripolyphosphate, liner alkyl benzene LAB, borax, sodium sulphate, zeolite, optical brightener,
and hydrogen peroxide used in detergent, glass manufacturing, and other related industries.
GHCL Limited, being one of the leading manufacturers of Soda Ash in India, has an annual production capacity of
8,50,000 metric tons, which contributes to almost 29% of the annual domestic requirement. Soda Ash is an
essential ingredient in the manufacture of detergent, soap, glass, sodium salts and dyes. It is widely used in
textiles, paper, metallurgical industries and desalination plants. As a Chemical Manufacturer, the company
produces premium quality Soda Ash enabling our customers to produce high-quality detergent, soap, glass,
sodium salts and dyes.
The company has a strong Marketing and Distribution network that enables it to effectively cater to both
Domestic and Overseas Market. GHCL Soda Ash is used by almost all major manufacturers of Glass, Soap and
Detergent, Silicates and Other Chemicals.
The Textiles segment manufactures yarn, griege fabric, and home textile products comprising bed linen, curtains,
made ups, and cotton yarn. This segment also provides flat sheets, fitted sheets, pillow cases, shams, valences,
curtains, duvet covers, and other bed items in cotton and blends under the Grace brand name. The other segment
is involved in the provision of information technology enabled services; and the generation of wind power.
The two Spinning units are located within the state of Tamil Nadu; India has an Installed capacity of 125,000
spindles manufacturing 100% Cotton and Polyester Cotton yarns. The manufacturing units at the Textile
Company have state-of-the-art textile machinery from Reiter, Switzerland and Schlafhorst, Germany, among
others to lend that cutting edge to Quality.
The production facilities are ISO 9001-2000 certified and also have been awarded the OKO-TEX certification
from CITIVE. As a Textile company the R&D and advanced technological processes ensure Home Textile products
are appropriately designed for cross-industry usage from Homes, Hotels to Healthcare.
GHCL takes pride in manufacturing various grades of Edible as well as Industrial grade salt. The company’s salt
works expands to around 3,200 acres of leased land for salt production, which has a capacity to produce 150,000
metric tonns per annum of raw salt. The refinery at Tiruporur has state-of-the-art infrastructure with an
installed capacity to produce 70,000 metric tons of refined iodized salt per annum.
4. FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)
Balance Sheet as at March 31, 2014 -2017E
FY14A FY15A FY16E FY17E
SOURCES OF FUNDS
Shareholder's Funds
a) Share Capital 1000.19 1000.19 1000.19 1000.19
b) Reserves and Surplus 7597.77 6697.14 6831.08 7145.31
1. Sub Total - Net worth 8597.96 7697.33 7831.27 8145.50
Non Current Liabilities
a) Long term Borrowings 7233.27 7837.46 8307.71 8640.02
b) Deferred Tax Liabilities 1620.20 1727.27 1830.91 1922.45
c) Other Long term Liabilities 57.72 46.77 39.75 43.73
d) Long term Provisions 16.81 37.84 56.12 75.76
2. Sub Total - Non Current Liabilities 8928.00 9649.34 10234.49 10681.95
Current Liabilities
a) Short term Borrowings 4947.77 4541.65 4269.15 4098.38
b) Trade Payables 4170.48 3918.64 4114.57 4402.59
c) Other Current Liabilities 1752.00 1688.32 1637.67 1676.97
d) Short Term Provisions 383.70 412.78 437.55 459.42
3. Sub Total - Current Liabilities 11253.95 10561.39 10458.94 10637.38
Total Liabilities (1+2+3) 28779.91 27908.06 28524.70 29464.83
APPLICATION OF FUNDS
Non-Current Assets
a) Fixed Assets 18800.06 19393.66 19975.47 20694.59
b) Non-current investments 55.83 15.80 17.13 17.98
c) Long Term loans and advances 237.55 130.87 86.37 91.56
d)Other non-current assets 5.47 4.69 4.78 6.12
1. Sub Total - Non Current Assets 19098.91 19545.02 20083.75 20810.25
Current Assets
a) Current investments 20.00 0.00 0.00 0.00
b) Inventories 4041.81 4173.31 4273.47 4316.20
c) Trade receivables 2978.69 2675.13 2883.72 3172.09
d) Cash and Bank Balances 390.59 319.91 351.90 404.69
e) Short-terms loans & advances 2249.91 1194.69 931.86 761.60
2. Sub Total - Current Assets 9681.00 8363.04 8440.95 8654.59
Total Assets (1+2) 28779.91 27908.06 28524.70 29464.83
5. Annual Profit & Loss Statement for the period of 2014 to 2017E
Value(Rs.in.mn) FY14A FY15A FY16E FY17E
Description 12m 12m 12m 12m
Net Sales 22242.09 23736.10 25777.40 27736.49
Other Income 49.99 112.57 123.83 133.73
Total Income 22292.08 23848.67 25901.23 27870.22
Expenditure -17680.01 -18754.15 -20312.59 -21753.73
Operating Profit 4612.07 5094.52 5588.64 6116.49
Interest -1705.30 -1638.36 -1680.96 -1765.01
Gross profit 2906.77 3456.16 3907.68 4351.49
Depreciation -815.68 -844.53 -920.54 -1012.59
Exceptional Items -588.55 -32.19 -44.42 -29.76
Profit Before Tax 1502.54 2579.44 2942.72 3309.13
Tax -339.60 -749.19 -935.78 -1068.85
Profit After Tax 1162.94 1830.25 2006.93 2240.28
Extraordinary Items -5.96 12.84 0.00 0.00
Net Profit 1156.98 1843.09 2006.93 2240.28
Equity capital 1000.19 1000.19 1000.19 1000.19
Reserves 4378.43 5945.51 7634.03 9618.88
Face value 10.00 10.00 10.00 10.00
EPS 11.57 18.43 20.07 22.40
Quarterly Profit & Loss Statement for the period of 30th Sept 2014 to 30th June, 2015E
Value(Rs.in.mn) 30-Sep-14 31-Dec-14 31-Mar-15 30-June-15E
Description 3m 3m 3m 3m
Net sales 5922.49 5816.12 6410.45 6186.08
Other income 12.00 31.33 32.79 38.82
Total Income 5934.49 5847.45 6443.24 6224.91
Expenditure -4760.10 -4594.66 -5119.10 -4750.91
Operating profit 1174.39 1252.79 1324.14 1473.99
Interest -416.95 -440.09 -360.05 -378.05
Gross profit 757.44 812.70 964.09 1095.94
Depreciation -189.97 -194.14 -272.24 -249.37
Exceptional Items -56.82 -11.17 25.61 -9.49
Profit Before Tax 510.66 607.39 717.46 837.08
Tax -203.90 -188.60 -219.20 -248.61
Profit After Tax 306.76 418.79 498.26 588.46
Extraordinary Items 0.00 0.00 12.84 0.00
Net Profit 306.76 418.79 511.10 588.46
Equity capital 1000.19 1000.19 1000.19 1000.19
Face value 10.00 10.00 10.00 10.00
EPS 3.07 4.19 5.11 5.88
7. OUTLOOK AND CONCLUSION
At the current market price of Rs. 70.50 the stock P/E ratio is at 3.51 x FY16E and 3.15 x FY17E respectively.
Earnings per share (EPS) of the company for the earnings for FY16E and FY17E are seen at Rs. 20.07 and Rs.
22.40 respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 7% and 18% over 2014 to 2017E
respectively.
On the basis of EV/EBITDA, the stock trades at 3.45 x for FY16E and 3.17 x for FY17E.
Price to Book Value of the stock is expected to be at 0.82 x and 0.66 x respectively for FY16E and FY17E.
We recommend ‘BUY’ in this particular scrip with a target price of Rs. 82.00 for Medium to Long term
investment.
8. INDUSTRY OVERVIEW
Global demand for soda ash is growing. At the same time there is an extremely sharp increase in input costs for
soda ash manufacturers in all regions. World’s total soda ash demand which at present is at 54.00 Million MT is
expected to grow by at least 4 % with more than 50% of it is expected to come from Latin America, India, China
and Middle East countries due to a higher expected GDP growth. Consumption of soda ash per person is expected
to register healthy rise in the next few years with China leading the rankings with consumption from 10.85
kilograms in 2007 to an expected 12.00 kilograms in 2013. China is likely to add at least 2 Million MT capacities
every year on the back of huge infrastructure investments.
The manufacturing and processing costs for producing soda ash from trona are more cost competitive than other
manufacturing techniques partly because of the cost associated with procuring the material needed for synthetic
production. In addition, trona- based production consumes less energy. The average cost of production per ton of
soda ash (before freight and logistics costs) from trona is approximately one-third to one-half the cost per ton of
soda ash from synthetic production. The future depends up on soda ash prices. Soda ash prices fluctuate
according to the demand supply situation in the global market, China in particular.
Textiles – Outlook & Growth
Global trade in textile is currently at 550 Billion USD, growing at CAGR of 4%. Indian Textile industry is about 60
Billion USD. The Textile industry in India traditionally, after agriculture, is the only industry that has generated
huge employment for both skilled and unskilled labor in textiles. The textile industry continues to be the second
largest employment generating sector in India with employment to more than 35 million people. Besides,
another 55 million people are engaged in its allied activities. The Indian Textiles Industry is the 2nd largest only
after China. The Industry plays a major role in the economy of the country and contributes about 11% to
Industrial Production, 14% to the manufacturing sector and around 4% to GDP of the country. Further, it also
contributes about 12% of the country’s total export earnings. There are 2500 weaving factories and 4125 textile
finishing factories across the country.
Textile industry has been growing at 10% over last several years. Government of India has provided a number of
export promotion policies for the Textile sector. In addition, States of Gujarat, Maharashtra, Madhya Pradesh
have special incentive for textile industry. With Indian Textile industry looking to grow to 140 billion mark by
2025, there are going to be huge opportunities in future for growth in this industry.
Overall the outlook of the Indian Textile Industry looks positive. The Government had set an export target of US$
65 billion and creation of 25 million additional jobs has been proposed with a CAGR of 15% during the 12th Five
Year Plan (2012-17). Inherent strengths & cost competitiveness of Indian textiles industry is catalyzing major
retailers & brands of the world such as Wal-Mart, Target Gap, Marks & Spencer & Tesco to set up their sourcing
hubs which augurs well for the sector.
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