In a postal ballot document shared with exchanges, UNSP has given detailed contours of its proposed arrangement to manufacture, import and distribute Diageo brands in India. Following are the key highlights from the same and our interaction with the management.
BK India will acquire an 85% stake in BK Indonesia for USD183mn, valuing it at a single digit EV/EBITDA multiple. This marks BK India's entry into the large Indonesian market. BK Indonesia aims to increase margins by focusing on chicken offerings and expanding full-service drive-thrus. The acquisition is expected to increase BK India's fair value by Rs. 25/share based on a discounted valuation of BK Indonesia relative to BK India. The brokerage maintains a Buy rating and unchanged target price of Rs. 250 for BK India.
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.
Hero Motors Ltd is the largest manufacturer of two-wheelers in India and globally. The annual report provides an overview of the company's operations in the past year. It discusses Hero's vision, strategy, manufacturing facilities, products, and distribution network. The report also analyzes key financial details such as the balance sheet, profit and loss, and sales trends. Hero's net sales and profits increased in the first quarter compared to the previous year. However, overall two-wheeler sales declined slightly due to economic factors like rising fuel costs. The company aims to strengthen its brand and launch new models to boost sales.
GIC Housing Finance's surplus scenario likely to continue for next three year...IndiaNotes.com
GIC Housing Finance Ltd reported financial results for the quarter ended June 30, 2015. Net sales grew 21.31% to Rs. 2045.80 million compared to the same quarter last year. Net profit grew 11.40% to Rs. 282.50 million. EPS was Rs. 5.25, up from Rs. 4.71 the previous year. For the full 2015 fiscal year, net sales grew 17% to Rs. 7327.40 million. The company expects continued growth over the next few years and the analyst recommends buying the stock with a target price of Rs. 260.
Coral India Finance: Buy for medium to long-term investmentIndiaNotes.com
Coral India Finance and Housing Ltd reported strong results for Q4 FY15, with net profit increasing 482% YoY to Rs. 25.66 million. Net sales increased 253% YoY to Rs. 57.99 million in Q4. For FY15, net profit grew 54% to Rs. 103.21 million and net sales increased 42% to Rs. 193.70 million. The company is engaged in finance and construction businesses and operates projects in multiple cities. The report recommends buying the stock with a target price of Rs. 66, citing favorable valuation and growth prospects over the next 3 years.
The document provides market commentary and corporate earnings updates for India and global markets on November 9, 2010. Key points:
- Indian markets ended higher with the Sensex up 0.39% and Nifty gaining 0.45%, supported by gains in FMCG, IT, tech and realty stocks. Midcap and smallcap indices also closed higher.
- Global markets were mixed with US indices closing lower and Asian markets opening mixed, with Japan's Nikkei up 1.1% while Hong Kong's Hang Seng fell 0.25%.
- Earnings updates are provided for companies such as Tata Motors, Divis Labs, and Hindalco Industries among others.
This equity research report provides an overview of Shaily Engineering Plastics Ltd, a manufacturer of plastic components and subassemblies. Some key points:
- The company has five manufacturing facilities in Gujarat producing components for industries like FMCG, pharmaceuticals, auto, and more.
- It caters to major domestic and international clients and has long-standing relationships. Exports are diversified globally.
- A new plant produces child-resistant packaging for pharmaceuticals with capacity for 100 million units. Approval from two drug companies received.
- The report recommends the stock as a potential multibagger, setting a target price significantly higher than the current market price.
BK India will acquire an 85% stake in BK Indonesia for USD183mn, valuing it at a single digit EV/EBITDA multiple. This marks BK India's entry into the large Indonesian market. BK Indonesia aims to increase margins by focusing on chicken offerings and expanding full-service drive-thrus. The acquisition is expected to increase BK India's fair value by Rs. 25/share based on a discounted valuation of BK Indonesia relative to BK India. The brokerage maintains a Buy rating and unchanged target price of Rs. 250 for BK India.
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.
Hero Motors Ltd is the largest manufacturer of two-wheelers in India and globally. The annual report provides an overview of the company's operations in the past year. It discusses Hero's vision, strategy, manufacturing facilities, products, and distribution network. The report also analyzes key financial details such as the balance sheet, profit and loss, and sales trends. Hero's net sales and profits increased in the first quarter compared to the previous year. However, overall two-wheeler sales declined slightly due to economic factors like rising fuel costs. The company aims to strengthen its brand and launch new models to boost sales.
GIC Housing Finance's surplus scenario likely to continue for next three year...IndiaNotes.com
GIC Housing Finance Ltd reported financial results for the quarter ended June 30, 2015. Net sales grew 21.31% to Rs. 2045.80 million compared to the same quarter last year. Net profit grew 11.40% to Rs. 282.50 million. EPS was Rs. 5.25, up from Rs. 4.71 the previous year. For the full 2015 fiscal year, net sales grew 17% to Rs. 7327.40 million. The company expects continued growth over the next few years and the analyst recommends buying the stock with a target price of Rs. 260.
Coral India Finance: Buy for medium to long-term investmentIndiaNotes.com
Coral India Finance and Housing Ltd reported strong results for Q4 FY15, with net profit increasing 482% YoY to Rs. 25.66 million. Net sales increased 253% YoY to Rs. 57.99 million in Q4. For FY15, net profit grew 54% to Rs. 103.21 million and net sales increased 42% to Rs. 193.70 million. The company is engaged in finance and construction businesses and operates projects in multiple cities. The report recommends buying the stock with a target price of Rs. 66, citing favorable valuation and growth prospects over the next 3 years.
The document provides market commentary and corporate earnings updates for India and global markets on November 9, 2010. Key points:
- Indian markets ended higher with the Sensex up 0.39% and Nifty gaining 0.45%, supported by gains in FMCG, IT, tech and realty stocks. Midcap and smallcap indices also closed higher.
- Global markets were mixed with US indices closing lower and Asian markets opening mixed, with Japan's Nikkei up 1.1% while Hong Kong's Hang Seng fell 0.25%.
- Earnings updates are provided for companies such as Tata Motors, Divis Labs, and Hindalco Industries among others.
This equity research report provides an overview of Shaily Engineering Plastics Ltd, a manufacturer of plastic components and subassemblies. Some key points:
- The company has five manufacturing facilities in Gujarat producing components for industries like FMCG, pharmaceuticals, auto, and more.
- It caters to major domestic and international clients and has long-standing relationships. Exports are diversified globally.
- A new plant produces child-resistant packaging for pharmaceuticals with capacity for 100 million units. Approval from two drug companies received.
- The report recommends the stock as a potential multibagger, setting a target price significantly higher than the current market price.
Titan terminates existing customer advances schemes; long term prospect intac...IndiaNotes.com
TITAN has terminated its customer advance schemes following clarification by the Ministry of Corporate Affairs that contributions under such schemes will be treated as public deposits. We expect TTAN to launch a new scheme, complaint with applicable regulations
The document provides a summary of top business news headlines:
- Temasek will buy a 4.9% stake in Godrej Consumer for $135 million.
- Ujjivan raised Rs 29 crore through a bond issue.
- Strides Arcolab sold its Ascent Pharma subsidiary to Watson for $393 million.
- Other deals included investments in Gadhia Solar and Netmagic Solutions.
Godrej Industries Limited reported financial results for the first quarter of fiscal year 2011, with total income increasing 30% to Rs. 1,011 crore and profit after tax higher by 198% to Rs. 49 crore. Several Godrej companies experienced growth during the quarter, including plans from Godrej Consumer Products to acquire companies in South America and Argentina. Godrej Properties also expanded operations and several Godrej companies were recognized among India's best places to work. Chairman A.B. Godrej expressed optimism in the company's growth strategy and ability to deliver strong results going forward.
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.
This document appears to be the preface or introduction to a book titled "CA-IPCC Accounts Past 11 Attempts Question And Answers" written by CA Naveen Joshi. It provides information about the author and the purpose of compiling past exam questions and answers, which is to help students preparing for exams. It also lists the exam years that are covered, from November 2009 to November 2014. The preface expresses the author's intent to help and support students in their exam preparation through this compilation of past papers.
Cairn India reported a 12.5% rise in net profit for the third quarter driven by higher crude oil realizations and forex gains. Production is expected to increase with the ramp-up of new fields. While the stock has outperformed recently, the company is forecast to benefit from its low-cost assets as oil prices remain favorable. Analysts maintain a buy rating and price target of Rs. 415 based on Cairn's ability to increase production and realize higher prices in the current macroeconomic environment.
Vedanta Resources and Sesa Goa have agreed to acquire a 51-60% stake in Cairn India from Cairn Energy for Rs405 per share, of which Rs355 per share is for acquisition and Rs50 is a non-compete fee. Vedanta and Sesa Goa will make an open offer for 20% of Cairn India shares at Rs355 per share, and Sesa Goa will make a strategic investment of 20% in Cairn India acquired from Vedanta. The deal is subject to regulatory approvals and a special shareholder resolution.
The document discusses various capital budgeting techniques for evaluating investment projects, including payback period, discounted payback period, net present value (NPV), profitability index (PI), and internal rate of return (IRR). It explains that more sophisticated techniques like NPV, PI, and IRR are preferred because they consider the time value of money and examine all cash flows, unlike payback period which does not. The key is to accept projects whose NPV is positive, PI is above 1, or IRR exceeds the required rate of return. Capital rationing, when a firm limits capital expenditures, can be addressed through adjusting the cost of capital or using linear programming.
The Forecast Analysis on V – Guard Industries LimitedVARUN KESAVAN
V-Guard Industries Ltd is a major electrical appliances manufacturer in India, and the largest in the state of Kerala with an annual turnover of ₹ 17.50 billion (FY 2014-15). It manufactures voltage stabilizers, wiring cables, electric pumps, electric motors, geysers, solar water heaters, electric fans and UPSs. It was founded in 1977 by Kochouseph Chittilappilly as a small voltage stabilizer manufacturing unit.
Kochouseph Chittilappilly also founded other establishments held as subsidiaries such as V Star Creations, an Indian manufacturer of innerwear for men, women, and children, and Wonderla, a chain of amusement parks in South India.
V-Guard is one of India’s leading consumer goods company with technologically diversified product offerings. Headquartered in city of Kochi, Kerala, the company now has over 500 distributors, 20,000 retailers, and a growing count of branches across India. It’s listed with the NSE and BSE since 2008. Over the years V-Guard has ventured into domestic, industrial and agricultural electronic goods and appliances category taking the total company revenue to over Rs. 1700 Crore.
Hindustan Construction Company (HCC) saw significant growth in key financial metrics from FY2006-07 to FY2007-08. Sales turnover increased 44% and net profit increased 37%. However, interest costs also increased substantially, lowering the net profit margin. While current assets grew 31%, current liabilities also increased 21%, reducing liquidity. HCC has higher leverage than industry averages. The management will need to focus on improving liquidity and reducing interest costs as the business model requires substantial debt for long-term infrastructure projects.
Hindustan Construction Company (HCC) is an engineering and construction company founded in 1926. It constructs large infrastructure projects across sectors. The document analyzes HCC's financial ratios and Z-score from 2007-2009. While revenue and profits increased, debt levels also rose. The Z-score, which predicts bankruptcy risk, was above 3 in 2007 but fell to around 2.6 in 2009, indicating increased risk. Based on this analysis, the author does not recommend investing in HCC's bond issue.
Financial analysis of Ril & competitorsVikram Dahiya
Reliance Industries is India's largest private sector conglomerate, founded by Dhirubhai Ambani. It has the largest annual turnover and market capitalization of any company in India. The document analyzes Reliance's financial ratios over time, including profit margin, asset turnover, return on assets, and debt-equity, and compares them to its major competitors in the oil and gas industry such as Essar Oil, BPCL, HPCL, and IOCL. Overall, the analysis finds that Reliance has the most consistent and best financial ratios compared to its competitors.
1) ONGC reported lower than expected results for the first quarter of fiscal year 2011 due to lower crude oil and natural gas production as well as a decline in net realizations.
2) Total operating income declined 8.7% year-over-year to Rs. 13,823 crore, while net profit declined 24.5% to Rs. 3,661 crore.
3) While performance is expected to improve going forward due to fuel price reforms, the analyst maintains an "Accumulate" rating on ONGC shares due to limited downside risk and potential for further reforms in the oil sector.
Idea Cellular's net sales increased 46.68% from Rs. 6,719.99 crores in FY2007-08 to Rs. 9,857.08 crores in FY2008-09. Operating profit grew 31.90% from Rs. 2,462.58 crores to Rs. 3,248.02 crores. However, net profit declined 18.35% from Rs. 1,006.15 crores to Rs. 821.54 crores due to a rise in interest, depreciation and tax expenses. Total income rose 49.36% from Rs. 6,919.04 crores to Rs. 10,334.40 crores driven by growth
TTK Healthcare Q4FY15: Net profit up 40.48% y/y to INR45.67m; BuyIndiaNotes.com
TTK Healthcare reported financial results for the quarter ended March 31, 2015. Net profit increased 40.48% to Rs. 45.67 million compared to the same period last year. Revenue rose 11.26% to Rs. 1119 million. Earnings per share increased 40.48% to Rs. 5.88. Operating profit grew 55.27% to Rs. 110.24 million. The company is expected to grow net sales and profit at a CAGR of 12% and 11% from 2014 to 2017. The report recommends buying the stock with a target price of Rs. 1240.
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherIndiaNotes.com
BRIT plans to undertake 1) faster and bigger innovations 2) aggressive cost reduction 3) distribution expansion and 4) provision of delightful and affordable consumer experience Maintain ‘BUY’ with a target of Rs1,110
MRF Limited has grown sales at 21% annually over the last 10 years while improving profitability margins. The company maintains a comfortable debt level with a current debt-to-equity ratio of 0.3 and strong interest coverage. Financial analysis shows increasing returns on equity and assets over time, with returns generally exceeding common benchmarks. Cash flow from operations consistently exceeds profits, and the company generates positive free cash flow. Overall, the analysis indicates MRF has grown profitably while prudently managing its balance sheet.
Titan terminates existing customer advances schemes; long term prospect intac...IndiaNotes.com
TITAN has terminated its customer advance schemes following clarification by the Ministry of Corporate Affairs that contributions under such schemes will be treated as public deposits. We expect TTAN to launch a new scheme, complaint with applicable regulations
The document provides a summary of top business news headlines:
- Temasek will buy a 4.9% stake in Godrej Consumer for $135 million.
- Ujjivan raised Rs 29 crore through a bond issue.
- Strides Arcolab sold its Ascent Pharma subsidiary to Watson for $393 million.
- Other deals included investments in Gadhia Solar and Netmagic Solutions.
Godrej Industries Limited reported financial results for the first quarter of fiscal year 2011, with total income increasing 30% to Rs. 1,011 crore and profit after tax higher by 198% to Rs. 49 crore. Several Godrej companies experienced growth during the quarter, including plans from Godrej Consumer Products to acquire companies in South America and Argentina. Godrej Properties also expanded operations and several Godrej companies were recognized among India's best places to work. Chairman A.B. Godrej expressed optimism in the company's growth strategy and ability to deliver strong results going forward.
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.
This document appears to be the preface or introduction to a book titled "CA-IPCC Accounts Past 11 Attempts Question And Answers" written by CA Naveen Joshi. It provides information about the author and the purpose of compiling past exam questions and answers, which is to help students preparing for exams. It also lists the exam years that are covered, from November 2009 to November 2014. The preface expresses the author's intent to help and support students in their exam preparation through this compilation of past papers.
Cairn India reported a 12.5% rise in net profit for the third quarter driven by higher crude oil realizations and forex gains. Production is expected to increase with the ramp-up of new fields. While the stock has outperformed recently, the company is forecast to benefit from its low-cost assets as oil prices remain favorable. Analysts maintain a buy rating and price target of Rs. 415 based on Cairn's ability to increase production and realize higher prices in the current macroeconomic environment.
Vedanta Resources and Sesa Goa have agreed to acquire a 51-60% stake in Cairn India from Cairn Energy for Rs405 per share, of which Rs355 per share is for acquisition and Rs50 is a non-compete fee. Vedanta and Sesa Goa will make an open offer for 20% of Cairn India shares at Rs355 per share, and Sesa Goa will make a strategic investment of 20% in Cairn India acquired from Vedanta. The deal is subject to regulatory approvals and a special shareholder resolution.
The document discusses various capital budgeting techniques for evaluating investment projects, including payback period, discounted payback period, net present value (NPV), profitability index (PI), and internal rate of return (IRR). It explains that more sophisticated techniques like NPV, PI, and IRR are preferred because they consider the time value of money and examine all cash flows, unlike payback period which does not. The key is to accept projects whose NPV is positive, PI is above 1, or IRR exceeds the required rate of return. Capital rationing, when a firm limits capital expenditures, can be addressed through adjusting the cost of capital or using linear programming.
The Forecast Analysis on V – Guard Industries LimitedVARUN KESAVAN
V-Guard Industries Ltd is a major electrical appliances manufacturer in India, and the largest in the state of Kerala with an annual turnover of ₹ 17.50 billion (FY 2014-15). It manufactures voltage stabilizers, wiring cables, electric pumps, electric motors, geysers, solar water heaters, electric fans and UPSs. It was founded in 1977 by Kochouseph Chittilappilly as a small voltage stabilizer manufacturing unit.
Kochouseph Chittilappilly also founded other establishments held as subsidiaries such as V Star Creations, an Indian manufacturer of innerwear for men, women, and children, and Wonderla, a chain of amusement parks in South India.
V-Guard is one of India’s leading consumer goods company with technologically diversified product offerings. Headquartered in city of Kochi, Kerala, the company now has over 500 distributors, 20,000 retailers, and a growing count of branches across India. It’s listed with the NSE and BSE since 2008. Over the years V-Guard has ventured into domestic, industrial and agricultural electronic goods and appliances category taking the total company revenue to over Rs. 1700 Crore.
Hindustan Construction Company (HCC) saw significant growth in key financial metrics from FY2006-07 to FY2007-08. Sales turnover increased 44% and net profit increased 37%. However, interest costs also increased substantially, lowering the net profit margin. While current assets grew 31%, current liabilities also increased 21%, reducing liquidity. HCC has higher leverage than industry averages. The management will need to focus on improving liquidity and reducing interest costs as the business model requires substantial debt for long-term infrastructure projects.
Hindustan Construction Company (HCC) is an engineering and construction company founded in 1926. It constructs large infrastructure projects across sectors. The document analyzes HCC's financial ratios and Z-score from 2007-2009. While revenue and profits increased, debt levels also rose. The Z-score, which predicts bankruptcy risk, was above 3 in 2007 but fell to around 2.6 in 2009, indicating increased risk. Based on this analysis, the author does not recommend investing in HCC's bond issue.
Financial analysis of Ril & competitorsVikram Dahiya
Reliance Industries is India's largest private sector conglomerate, founded by Dhirubhai Ambani. It has the largest annual turnover and market capitalization of any company in India. The document analyzes Reliance's financial ratios over time, including profit margin, asset turnover, return on assets, and debt-equity, and compares them to its major competitors in the oil and gas industry such as Essar Oil, BPCL, HPCL, and IOCL. Overall, the analysis finds that Reliance has the most consistent and best financial ratios compared to its competitors.
1) ONGC reported lower than expected results for the first quarter of fiscal year 2011 due to lower crude oil and natural gas production as well as a decline in net realizations.
2) Total operating income declined 8.7% year-over-year to Rs. 13,823 crore, while net profit declined 24.5% to Rs. 3,661 crore.
3) While performance is expected to improve going forward due to fuel price reforms, the analyst maintains an "Accumulate" rating on ONGC shares due to limited downside risk and potential for further reforms in the oil sector.
Idea Cellular's net sales increased 46.68% from Rs. 6,719.99 crores in FY2007-08 to Rs. 9,857.08 crores in FY2008-09. Operating profit grew 31.90% from Rs. 2,462.58 crores to Rs. 3,248.02 crores. However, net profit declined 18.35% from Rs. 1,006.15 crores to Rs. 821.54 crores due to a rise in interest, depreciation and tax expenses. Total income rose 49.36% from Rs. 6,919.04 crores to Rs. 10,334.40 crores driven by growth
TTK Healthcare Q4FY15: Net profit up 40.48% y/y to INR45.67m; BuyIndiaNotes.com
TTK Healthcare reported financial results for the quarter ended March 31, 2015. Net profit increased 40.48% to Rs. 45.67 million compared to the same period last year. Revenue rose 11.26% to Rs. 1119 million. Earnings per share increased 40.48% to Rs. 5.88. Operating profit grew 55.27% to Rs. 110.24 million. The company is expected to grow net sales and profit at a CAGR of 12% and 11% from 2014 to 2017. The report recommends buying the stock with a target price of Rs. 1240.
Buy Britannia Industries for a target of Rs1110 - Prabhudas LilladherIndiaNotes.com
BRIT plans to undertake 1) faster and bigger innovations 2) aggressive cost reduction 3) distribution expansion and 4) provision of delightful and affordable consumer experience Maintain ‘BUY’ with a target of Rs1,110
MRF Limited has grown sales at 21% annually over the last 10 years while improving profitability margins. The company maintains a comfortable debt level with a current debt-to-equity ratio of 0.3 and strong interest coverage. Financial analysis shows increasing returns on equity and assets over time, with returns generally exceeding common benchmarks. Cash flow from operations consistently exceeds profits, and the company generates positive free cash flow. Overall, the analysis indicates MRF has grown profitably while prudently managing its balance sheet.
1. The document analyzes an investment in Dabur India Pvt. Ltd for three investors with different investment horizons of 1 year, 3 years, and 7 years.
2. Technical analysis and relative valuation are recommended for the 1 year investment, DCF and relative valuation for 3 years, and DCF for 7 years.
3. A fundamental analysis of Dabur finds the company has good profitability, liquidity, and cash flow ratios compared to industry averages. The analysis recommends Dabur as an investment.
Ranbaxy's 5QFY14 results were below estimates. Revenue was flat YoY at INR24.7b, while EBITDA declined 7% YoY to INR1.5b, with EBITDA margin at 6.1%. Reported loss stood at INR738m
The document provides an investor presentation for LIC for FY 2023. Some key highlights:
- LIC achieved total premium income of INR 4.74 lakh crore in FY23, up 10.9% from FY22. Individual new business premium grew 6.9% to INR 2.34 lakh crore.
- Profit after tax for FY23 was INR 36,397 crore compared to INR 4,043 crore in FY22, impacted by a change in accounting policy.
- Total new business sum assured grew 12.5% to INR 6.95 lakh crore. Indian embedded value increased 7.7% to INR 5.
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.
Wockhardt posted a net loss of Rs 191.6 crore for Q4FY12 due to exceptional items such as derivative liabilities and goodwill impairment. Excluding exceptional items, net profit grew 57% YoY to Rs 261.6 crore. Net sales grew 32.2% YoY to Rs 1,241.4 crore. The brokerage expects the company to benefit from its product portfolio and focus on high margin products, projecting a revenue CAGR of 14.8% over FY12-FY14. However, it has lowered earnings estimates for FY13-FY14 to factor in higher taxes and the potential delay of a nutrition business sale. The stock currently trades at attractive valu
This document provides an agenda and overview for a corporate presentation. The agenda includes sections on introduction, financial and business highlights, product information, customer reach, distribution initiatives, actuarial metrics, ESG initiatives, technological initiatives, and next steps. The introduction section outlines LIC's history and scale in India as the largest life insurer. The financial highlights section reviews LIC's financial performance for fiscal years 2022-2023, including growth in premiums, AUM, and profits. An overview of LIC's business performance for the first half of fiscal year 2024 is also provided.
Bajaj Finance Q1FY15: AUM growth remained strong at Rs269.4 bn, buyIndiaNotes.com
Bajaj Finance Q1FY15 PAT stood at INR2.11b, up 20% YoY and 16% QoQ (11% above est. of INR1.9b). Strong AUM growth (+40% YoY and 12% QoQ) and stable asset quality QoQ (GNPA/NNPA 1.13/0.27%) were highlights of the quarter. Buy
Motilal Oswal reiterate bullish long term view on United SpiritsIndiaNotes.com
- United Spirits is reinvigorating its premium brands through changes to packaging, brand architecture and increased investments in marketing. It is also shifting brand spending towards more effective above-the-line advertising.
- Several cost-cutting measures such as value engineering, packaging lightweighting and overhead reductions can boost margins. The industry is trending towards premiumization which should support United Spirits' profitability.
- The report maintains a buy rating for United Spirits, seeing the premiumization and cost management initiatives as driving margin expansion and making it a long-term consumer story.
1) SIOS Corp. reported financial results for the first 6 months of 2022, with net sales down 10.2% YoY to ¥8.079 billion and an operating loss of ¥225 million compared to a profit of ¥295 million in the same period last year.
2) The company lowered its full-year forecasts due to weaker sales of certain software products and increased investments in new SaaS solutions.
3) SIOS plans to focus on growing its SaaS business, including new offerings in healthcare IT and HR tech, to achieve its goal of contributing innovative solutions to society.
1. SIOS Corp reported financial results for the first 6 months of 2022, with consolidated net sales down 10.2% YoY to 7,256 million yen. The open system infrastructure business saw a 14.9% sales decrease and the application business a 2.6% decrease. Both segments reported losses.
2. SIOS Corp lowered its full-year forecasts, expecting net sales of 15,000 million yen, down 1,000 million from earlier forecasts, and operating losses of 550 million yen compared to earlier profit forecasts.
3. SIOS Corp will focus on growing its SaaS business, including new products in medical technology and HR technology, to achieve its management goals and
This document is the announcement of annual results for the year ended 31 December 2014 by China Ting Group Holdings Limited. It includes:
1) Key financial highlights showing an increase in revenue but a turn to operating loss and net loss attributable to shareholders compared to the previous year. Significant items contributing to the losses are also noted.
2) Introduction and consolidated statements of comprehensive income, financial position, changes in equity and cash flows for the year ended 31 December 2014.
3) Notes to the financial statements providing details on the basis of preparation, segment information and new/amended standards.
This document provides an analysis of the top 4 FMCG companies in India - HUL, ITC, Godrej and Colgate. It includes fundamental analysis using financial ratios of the companies from 2010-2014. The fundamental ratios analyzed include growth%, gross profit margin, return on equity, earnings per share, price to book ratio, and price to sales ratio. The technical analysis studied the opening and closing prices of shares to understand trends. The analysis found that ITC had the most upward trend in its share price, suggesting it would provide long term benefits for investors.
Fundamental analysis and technical analysis of Top 4 FMCG CompaniesSHAHID HASSAN
This document provides an analysis of the top 4 FMCG companies in India. It includes a fundamental analysis comparing financial ratios of ITC, HUL, Godrej from 2010-2014. The analysis finds ITC has shown the most upward trend in share price over this period. An investor looking for long term returns would benefit most from investing in ITC based on this fundamental analysis. Technical analysis of share price trends was also conducted but results are not described. The document provides background on each company and extracts of financial statements including balance sheets and income statements for ITC and HUL.
The document introduces the Channel Diversity Index (CDI) as a new metric for measuring sales channel diversification. The CDI calculates the distribution of sales across multiple partners, with higher scores indicating a more even spread. It analyzes a mobile operator's prepaid revenues from 2007 to 2008 as an example, showing how the CDI increased as revenues diversified across more partners. The document argues CDI allows companies to better monitor sales channel power dynamics and design channel strategies to reduce over-reliance on any single partner.
SBI Magnum Equity Fund: An Open-ended Equity Scheme - Jan 17SBI Mutual Fund
SBI Magnum Equity Fund is an equity scheme that seeks capital appreciation through investment in diversified portfolio of equities of high growth companies, along with liquidity of an open ended scheme. To know more about this mutual fund check the SBI Mutual Fund Page
https://www.sbimf.com/en-us/equity-schemes/sbi-magnum-equity-fund
SIOS Corporation reported its financial results for the fiscal year ended December 31, 2023. Key highlights include:
- Net sales increased 10.2% year-over-year to 15,889 million yen.
- Operating loss improved to 208 million yen compared to a loss of 572 million yen in the previous fiscal year.
- For the current fiscal year ending December 31, 2024, the company forecasts further growth with net sales projected to increase 4.5% to 16,600 million yen and a return to operating profit of 330 million yen.
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United Spirits to operate Diageo brands in India; buy
1. Gautam Duggad (Gautam.Duggad@MotilalOswal.com); +91 22 3982 5404
Manish Poddar (Manish.Poddar@MotilalOswal.com); +91 22 3027 8029
28 October 2014
Update | Sector: Consumer
United Spirits
CMP: INR2,677 TP: INR3,000 Buy
UNSP to operate Diageo brands in India
Enters into four key agreements with Diageo entities
In a postal ballot document shared with exchanges, UNSP has given detailed contours of its proposed arrangement to manufacture, import and distribute Diageo brands in India. Following are the key highlights from the same and our interaction with the management.
Four agreements between UNSP and Diageo entities
1. License to manufacture and sell Bottled in India (BII bulk) brands of Diageo Brands BV (VAT 69, Haig Gold Label, and Black & White): Under this, UNSP will purchase and import bulk spirit from Diageo Brands BV at mutually agreed prices.
2. License to manufacture and sell Bottled in India (manufactured in India) brands of Diageo North America Inc and Diageo Scotland Limited (Smirnoff and related variants, Captain Morgan Rum): Under this, UNSP will manufacture these brands by procuring raw materials from entities other than the brand owners. It will pay royalty to Diageo on a quarterly basis. Royalty will consist of two components – (i) a fixed component, which will be fixed at the commencement of the agreement, and (ii) a variable component, which will be set at the start of each year. The amount of royalty will be calculated as a percentage of the net sales for a particular year and will be mutually agreed between UNSP and the brand owners from time to time.
3. Agreement to distribute Bottled in Origin (BIO) products in India: Under this, UNSP will exclusively import and distribute Diageo brands (Johnnie Walker and related variants, J&B, Ciroc, Baileys, Lagavulin, and Talisker). UNSP will purchase these products from Diageo entities at mutually agreed prices and will undertake, at its own expense, all marketing/promotion activities necessary to distribute these brands.
4. Cost sharing agreement with Diageo India: This pertains to proportionate sharing by UNSP and Diageo India (DIPL) of the expenses incurred by DIPL during the transition period for advertising, marketing and promotion activities for Diageo-owned brands.
The first three agreements are for an indefinite period while timelines for the cost sharing agreement will differ from state to state and will extend from January 2015 to July 2015 or later.
BSE Sensex
S&P CNX
26,881
8,028
Stock Info
Bloomberg
UNSP IN
Equity Shares (m)
145.3
52-Week Range (INR)
2,941/2,226
1, 6, 12 Rel. Per (%)
11/-23/-26
M.Cap. (INR b)
389.0
M.Cap. (USD b)
6.3
Financial Snapshot (INR Million)
Y/E Mar
2015E
2016E
2017E
Net Sales
85,078
96,268
110,452
EBITDA
8,578
11,472
14,378
Adj PAT
3,583
6,397
9,034
EPS (INR)
24.7
44.0
62.2
Growth (%)
-375.2
78.5
41.2
BV/Sh.(INR)
234.7
278.7
338.5
RoE (%)
10.5
15.8
18.4
RoCE (%)
13.2
17.0
20.2
P/E (x)
108.6
60.8
43.1
P/BV (x)
11.4
9.6
7.9
Shareholding pattern (%)
As on Jun-14 Mar-14 Jun-13
Promoter 33.0 38.6 21.1
DII 0.1 4.0 6.0
FII 11.5 40.7 42.4
Others 55.4 16.7 30.5
Note: FII Includes depository receipts
Stock Performance (1-year)
2,0002,4002,8003,2003,600 Oct-13Jan-14Apr-14Jul-14Oct-14 United SpiritsSensex -Rebased
Investors are advised to refer through disclosures made at the end of the Research Report.
2. United Spirits
28 October 2014 2
Takeaways from management interaction
Subsequent to the execution of these agreements, Diageo India will remain a legal entity while all operating activities (manufacturing, distribution, etc) currently undertaken by Diageo will be transferred to UNSP.
UNSP is not assuming any of Diageo India’s assets/liabilities on its books, but only undertaking licensing for manufacturing/importing and distributing Diageo brands for a fee.
UNSP expects 10% EBIT contribution from these additional revenues (Diageo India did a turnover of ~INR7b in FY14).
UNSP will not be making any additional investments except for the required working capital to conduct the additional business.
Diageo India does not have any owned manufacturing facility. UNSP will manufacture some of the Diageo brands in its facility and for the rest of the brands, it will continue with the existing arrangement of leased facilities.
Management believes transactions are value accretive: According to the management, “the agreements are value accretive for the company and are consistent with the company’s strategy to build and extend its competitive advantage in the ‘Premium and Above’ market segments”. It believes UNSP has developed into an institution with efficient systems, competent management practices and stringent operational control processes and the agreements are a part of the company’s three year strategic plan to deliver the long term vision of becoming “the most admired, respected and best performing consumer goods company in India”.
Big opportunity unfolding; maintain Buy
We believe the current agreements address the overarching concern voiced by some investors pertaining to Diageo operating two subsidiaries in India. Notwithstanding near-term challenges – moderation in industry growth, inflation in RM costs, slower than expected pace of margin expansion, etc – the long-term IMFL opportunity in India is solid. With Diageo gaining majority control and bulk of balance sheet clean-up behind, we expect underlying P&L and margin improvement to commence.
In our recently released note (“Paradigm Shift: Beginning of a new era” dated 22 September 2014) we outlined our detailed bullish thesis on UNSP. We also highlighted the case study of six consumer companies with dominant market positioning and quality management generating 25%+ CAGR over the past decade. With new management and better controls in place, we believe UNSP offers a unique multi-year play on the IMFL growth story. Buy with a DCF-based target price of INR3,000. Regulation and taxation, policy-related risks, and spike in raw material cost constitute key risks.
Please refer to our note “Paradigm Shift: Beginning of a new era” dated 22 September
6. United Spirits
28 October 2014 6
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Disclosure of Interest Statement UNITED SPIRITS LTD
Analyst ownership of the stock No
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