Dear Customer, Results announced Thermax- Revenues In Line, But Profitability Subdued (insti)

Transcription

1 Dear Customer, Markets always tend to be interesting with something or the other happening all the time. Our Morning Mantra is released before the opening bell and it includes the market commentary along with Corporate & Global news for the day. U.S. stocks were mixed after the close on Thursday, as gains in the Telecoms, Basic Materials and Utilities sectors led shares higher while losses in the Oil & Gas, Financials and Industrials sectors led shares lower. Dow 25, % Dow Futures 25, % Hangseng 28, % Nikkei 22, % SGX Nifty 11, % Asian stocks markets fell on Friday amid heightened global trade tensions, while currency markets were whipsawed by a searing selloff in Russia's rouble after the United States slapped new sanctions, and as economic worries sent the Turkish lira tumbling. Market is expected to open flattish note and likely to witness up move during the day. Jet Airways deffered the result as Audit committee did not recommended the result GMR Infra issued LOIA to L&T for Rs 3028 crore for expanding Hyderabad airport. SBI committee approved divestment of 4 % stake in SBI General Insurance to non-promoter entity. HSIL started commercial production of its first phase of pipes and fittings plant in Telangana. Vikas WSP received order worth Rs crore from its MNC clients. Manappuram Finance approved the proposal of fundraising up to Rs 3,000 cr through public issue of NCDs in multiple tranches during FY Deepak Fertilizers to raise Rs 800 crore to fund expansion plans Bhushan Steel, SFIO arrests Neeraj Singhal, promoter and vice-chairman of the company. Retail Research Desk - Minda Corp Q1FY19 Concall Update - Outlook Positive- Revenue from Operations came at Rs Cr (8% QoQ, 34% YoY) Growth should come down from the current rates in coming quarters as it is on the back of a lower base of Q1FY18 Safety & Security systems grew by 30%, Driver Info. Systems by 32% and Interiors by 42% Key contributors to growth were the new greenfield plant at Mexico for Interior plastics & the diecast plant at Pune. Mexico plant is expected to have a peak revenue potential of $20 mn and Pune plant of Rs. 200 Cr Though EBITDA came down qoq but management has indicated the yearly margin will be higher than FY18 margin of 10.5% Gross debt stood at Rs. 723 Cr as on June 2018 and around ~Rs. 790 Cr as on date. QIP money raised recently (Rs. 310 Cr) will be kept as warchest for potential acquisitions which could happen in the next few quarters Furukawa JV achieved break-even at PAT level Gross Margins will be under pressure as the company will be able to pass on the increase in raw material costs with a lag and in some cases will not be able to pass on. Top 4 clients include Bajaj, M&M, Maruti & VW. None of them contribute more than 12% of sales Share is trading at P/E of 18.8x FY19E EPS Some interesting business wins during the quarter Won new business to supply BS VI compliant Instrument Clusters to a leading Indian 2W OEM for its new scooter model (provides Speed / RPM information to ECU electronically). Peak annual value of ~ Rs. 25 Cr Won new business to supply BS VI EFI wiring harness from leading 2W OEM. Peak annual value of ~Rs. 30 Cr Awarded new business from a leading Indian 2W OEM for Engine Oil Temperature Sensor and Engine Speed Sensor. Peak annual value of ~Rs. 35 Cr Won new business for Compressor Housing from leading German Tier-1. Peak annual value of Rs. 13 Cr - New business win from Japanese manufacturer for the supplies of die casted parts for its fuel injection pump in accordance with BS VI requirement Won Starter Motor business from the largest Tractor manufacturer in Turkey Breakthrough with Germany auto maker; bagged new business for Seat Latches Results announced Thermax- Revenues In Line, But Profitability Subdued (insti) Thermax posted 1QFY19 consolidated revenues of Rs10.4bn, up 19% YoY and broadly in line with our/consensus estimate, respectively. Gross margin was down 110bps YoY at 50.1%. Other expenses rose 30% YoY to Rs2.6bn (up 210bps YoY as a percentage of sales to 25.4%), leading to 160bps YoY decline in EBITDA margin to 6.7%, much below our/consensus estimate of 9% each. EBITDA fell 4% YoY to Rs693mn. Higher other income (up 29% YoY at Rs310mn) led to 21% YoY increase in PAT to Rs490mn, below our/consensus estimate of Rs641mn/Rs589mn, respectively. The consolidated order inflow in 1QFY19 was healthy at Rs16.5bn, leading to a strong order backlog of Rs64.2bn, up 13% QoQ. Thermax is focusing on executing its robust order book (which will

2 Bajaj Electricals - Growth And Margin Revival In Consumer Products Aids Performance (insti) Whirlpool of India - Sustains Healthy Growth And Strong Margin (Insti) PNB Housing Finance - Growth Diverges Even More From The Peer Set (insti) Manappuram Finance - Gold Lending Saturation Theory Debunked (insti) Aegis Logistics Ltd. CMP Rs. 245 M Cap Rs Cr 52 W H/L 301/170 Page Industries Ltd. CMP Rs M Cap Rs Cr 52 W H/L 30669/15089 TV Today Network Ltd. CMP Rs. 443 M Cap Rs Cr 52 W H/L 558/210 NRB Bearings Ltd. CMP Rs. 187 M Cap Rs Cr 52 W H/L 193/109 lead to healthy revenue growth in FY19 on a suppressed base) as well as scaling up new manufacturing plants of chillers, chemicals and at Indonesia. We have retained Sell rating on Thermax with an unchanged target price of Rs965 based on 26x FY20E earnings Bajaj Electricals (BJE) reported 1QFY19 revenues of Rs11.4bn, up 12% YoY and in line with our estimate, but 7% below consensus estimate. Gross margin improved 220bps YoY to 27.8%, on a low base, and was broadly in line with FY18 gross margin of 27.5%. The consumer durable segment (52% of total sales) grew 27% YoY to Rs6bn (35% volume growth) aided by healthy growth in LED lights, fans and certain kitchen appliances. E&P segment s revenues fell 3% YoY to Rs5.4bn (48% of total sales) while volume growth was 5% YoY. EBIT margin of consumer durable segment was healthy at 7% versus 0.7% in 1QFY18 (low-base quarter) and 4.9% in FY18. EBIT margin of E&P segment declined 100bps YoY to 6.1% because of infrastructure creation costs of Rs50- Rs60mn towards a large power distribution order received in Uttar Pradesh. EBITDA rose 76% YoY to Rs798mn, translating to a 260bps YoY rise in operating margin to 7%, above our/consensus estimate of 6.1%/6.5%, respectively. PAT grew 98% YoY to Rs405mn, on a low base, above our estimate of Rs345mn but in line with consensus estimate. Current E&P order book is strong at Rs76.6bn (3.1x of FY18 E&P revenues), largely owing to Rs59.6bn Uttar Pradesh rural electrification project order. The management aims to sustain 7% margin in consumer products as well as E&P segment in FY19. We have retained Accumulate rating on BJE with a revised target price of Rs605 (Rs560 earlier) based on SOTP method. Whirlpool of India (WIL) posted healthy revenue growth of 13% YoY at Rs16.5bn in 1QFY19, broadly in line with our estimate. Sales growth is likely to be aided by distribution network expansion, focused execution on the shop floor through innovative product launches and filling up of product portfolio gap. Gross margin expanded 170bps YoY to 37.6% on a low base (FY18 gross margin was 37.9%). Other expenses (up 26% YoY at Rs2.6bn) rose 170bps YoY as a percentage of sales at 15.6%. EBITDA margin expanded 40bps YoY to 14.8%, translating to 16% YoY rise in EBITDA to Rs2.4bn, 5% above our estimate. Aided by higher other income (up 63% YoY at Rs357mn), PAT grew 23% YoY to Rs1.6bn. The bottom-line was 10% above our estimate of Rs1.5bn. We continue to remain optimistic about WIL outpacing industry growth along with maintaining its superior financial franchise. We expect WIL to report healthy 18% revenue CAGR over FY18-FY20E, despite the higher base of FY17 and FY18. With moderate margin expansion and rising other income, the earnings CAGR is likely to be much stronger at 31% over FY18-FY20E. We have assigned a P/E of 40x to WIL (up from 38x earlier) based on +0.5 standard deviation above the past three years median P/E and PEG ratio of 1.3x. We have revised upwards our target price on WIL to Rs1,900 (from Rs1,780 earlier). The WIL stock has given stellar returns since our initiating coverage report in March 2017 (up 66% in 18 months) and we feel a significant re-rating from the current valuation is unlikely. We have thus downgraded the rating on WIL to Accumulate (from Buy earlier). PNB Housing Finance (PNBHF) reported 1QFY19 results with the key strategic pointers being: (1) Loan assets continued to grow at an industry-leading rate of 45% YoY implying PNBHF in minimally impacted by generic challenges, including RERA, to the physical real estate sector and to the HFC segment (2) PNBHF plans to have ~7-8% of AUM in assignment pool as means of liquidity management (3) Asset quality remains best-in-class (See comprehensive conference call takeaways below; see initiating coverage report here). Per se, on the results front, PNBHF posted 28.1% YoY NII growth at Rs4,329mn, PPOP growth of 33.7% YoY at Rs4,193mn and PAT growth of 50.4% YoY at Rs2,558mn. We have revised our estimates for FY19/FY20 and retained Buy rating on PNBHF, revising our target price to Rs1,673 (from Rs1,634 earlier) and valuing the stock at 3.1x FY20E P/BV. Manappuram Finance (MFL) reported its 1QFY19 results with the key strategic pointers being: (1) Gold loan AUM growth was 6.2% QoQ, which was the third straight quarter of robust QoQ growth (2) MFI AUM growth looked optically muted QoQ due to seasonality but year-end AUM target of Rs35bn remains intact. (3) Entry into used car segment and earlier acquisition of education lender underline MFL s diversification DNA, which is positive for scalability. (See comprehensive conference call takeaways below; see initiating coverage report here). Per se, on the results front, MFL posted NII growth of 11.9% YoY and 3.2% QoQ at Rs6,415mn, PPOP growth of 4.8% YoY and 1.8% QoQ at Rs3,248mn and PAT growth of 18.7% YoY and 8.8% QoQ at Rs1,982mn. We have revised our estimates for FY19/FY20 and retained Buy rating on MFL, revising our target price to Rs142 (from Rs133 earlier), valuing the stock at 2.3x FY20E P/BV. Result ahead of expectations Revenue from Operations came at Rs Cr (-18.8% QoQ, 18.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 856 Cr EBIDTA came at Rs Cr (23.7% QoQ, 52.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 8.5% vs expectation of 6.2%, QoQ 5.6%, YoY 6.6% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.5 Share is trading at P/E of 32.6x FY19E EPS Result is above expectations Revenue from Operations came at Rs Cr (34% QoQ, 17.1% YoY) vs expectation of Rs. 828 Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (28.9% QoQ, 38.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 23.2% vs expectation of 21.7%, QoQ 24.1%, YoY 19.6% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 79.2x FY19E EPS Result is above expectations Revenue from Operations came at Rs Cr (0.4% QoQ, 10.5% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (21.5% QoQ, 33% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 34.9% vs expectation of 32.2%, QoQ 28.9%, YoY 29% Adj. PAT came at Rs. 41 Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 6.9 Share is trading at P/E of 17.4x FY19E EPS Result is above expectations Revenue from Operations came at Rs Cr (-0.6% QoQ, 30.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (5.4% QoQ, 62.1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 19% vs expectation of 17.6%, QoQ 17.9%, YoY 15.3% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.9

3 Zensar Technologies Ltd. CMP Rs M Cap Rs Cr 52 W H/L 1345/730 Jindal Steel & Power Ltd. CMP Rs. 217 M Cap Rs Cr 52 W H/L 294/112 Bharat Forge Ltd. CMP Rs. 634 M Cap Rs Cr 52 W H/L 800/555 Insecticides (India) Ltd. CMP Rs. 795 M Cap Rs Cr 52 W H/L 966/642 J Kumar Infraproject Ltd. CMP Rs. 238 M Cap Rs Cr 52 W H/L 375/182 Sundram Fasteners Ltd. CMP Rs. 646 M Cap Rs Cr 52 W H/L 684/363 SML Isuzu Ltd. CMP Rs. 876 M Cap Rs Cr 52 W H/L 1120/718 Sangam (India) Ltd. CMP Rs. 81 M Cap Rs. 320 Cr 52 W H/L 275/67 Share is trading at P/E of 18x FY19E EPS Result is above expectations Revenue from Operations came at Rs Cr (11% QoQ, 22.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (20.9% QoQ, 55.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 12.9% vs expectation of 13.2%, QoQ 11.8%, YoY 10.2% Adj. PAT came at Rs Cr vs expectation of Rs. 73 Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 17.4x FY19E EPS Record date for 1:5 stock split is September 10 Result is marginally above expectations Consolidated Steel volumes for Q1FY19 was 1.61 Mln T as against 1.66 Mln T in Q4FY18 and 1.15 Mln T in Q1FY18. Revenue from Operations came at Rs Cr (11.2% QoQ, 62.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (6.6% QoQ, 68.3% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 23.6% vs expectation of 25.2%, QoQ 24.6%, YoY 22.8% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.9 Share is trading at P/E of 22.1x FY19E EPS Share is trading at 6.8x EV/EBIDTA based on FY19E Bloomberg estimate. Result is marginally ahead of expectations Revenue from Operations came at Rs Cr (0.9% QoQ, 23.2% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (2.6% QoQ, 28.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 29% vs expectation of 28.6%, QoQ 28.5%, YoY 27.8% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 5 Share is trading at P/E of 25.9x FY19E EPS Result is marginally above expectations Revenue from Operations came at Rs Cr (88.8% QoQ, 2.3% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (197.8% QoQ, 10% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 17.4% vs expectation of 16%, QoQ 11%, YoY 16.2% Adj. PAT came at Rs. 34 Cr vs expectation of Rs Cr, QoQ Rs. 7.7 Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 16x FY19E EPS Result is marginally above expectations Revenue from Operations came at Rs Cr (-31.5% QoQ, 65.3% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 100 Cr (-16.3% QoQ, 59.4% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 16.2% vs expectation of 15.4%, QoQ 13.2%, YoY 16.8% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 5.3 Share is trading at P/E of 10.8x FY19E EPS Result is marginally above expectations Revenue from Operations came at Rs. 971 Cr (2.7% QoQ, 23.1% YoY) vs expectation of Rs. 950 Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (6.5% QoQ, 19.7% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 18.2% vs expectation of 18%, QoQ 17.5%, YoY 18.7% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 5.1 Share is trading at P/E of 35.4x TTM EPS Result is marginally above expectations No. of Vehicles Sold 4154 vs QoQ 3673, YoY 3140 Revenue from Operations came at Rs Cr (23% QoQ, 42.1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (62.8% QoQ, 116.8% YoY) vs expectation of Rs. 36 Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 8.7% vs expectation of 9.5%, QoQ 6.6%, YoY 5.7% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 6.8 Cr Quarter EPS is Rs Share is trading at P/E of 41.3x FY19E EPS Result has improved Revenue from Operations came at Rs Cr (10.3% QoQ, 9.6% YoY) vs QoQ Rs Cr, YoY Rs. 432 Cr EBIDTA came at Rs Cr (14.1% QoQ, 41.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 8.5%, QoQ 8.3%, YoY 6.6% Adj. PAT came at Rs. 4.2 Cr vs QoQ Rs Cr, YoY Rs. 1.2 Cr Last quarter Profit was high due to high tax credit Quarter EPS is Rs. 1.1

4 Aksh Optifibre Ltd. CMP Rs. 33 M Cap Rs. 537 Cr 52 W H/L 47/20 GMM Pfaudler Ltd. CMP Rs M Cap Rs Cr 52 W H/L 1024/510 VenkyS (India) Ltd. CMP Rs M Cap Rs Cr 52 W H/L 4725/1600 Vindhya Telelinks Ltd. CMP Rs M Cap Rs Cr 52 W H/L 1475/888 Excel Industries Ltd. CMP Rs M Cap Rs Cr 52 W H/L 1794/399 Mcleod Russel India Ltd. CMP Rs. 131 M Cap Rs Cr 52 W H/L 249/131 3M India Ltd. CMP Rs M Cap Rs Cr 52 W H/L 24812/12950 Hindustan Copper Ltd. CMP Rs. 64 M Cap Rs Cr 52 W H/L 111/53 ITD Cementation India Ltd. CMP Rs. 141 M Cap Rs Cr 52 W H/L 235/119 Share is trading at P/E of 9.6x TTM EPS Result has improved Revenue from Operations came at Rs Cr (-17.8% QoQ, 20.7% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (21.3% QoQ, 211% YoY) vs QoQ Rs. 25 Cr, YoY Rs. 9.8 Cr EBITDA Margin came at 21.8%, QoQ 14.8%, YoY 8.5% Adj. PAT came at Rs Cr vs QoQ Rs. 9.8 Cr, YoY Rs. 2.2 Cr Quarter EPS is Rs. 0.8 Share is trading at P/E of 15.7x TTM EPS Result has improved Revenue from Operations came at Rs Cr (6.1% QoQ, 35.4% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (6% QoQ, 93.8% YoY) vs QoQ Rs Cr, YoY Rs. 7.9 Cr EBITDA Margin came at 16.4%, QoQ 16.4%, YoY 11.4% Adj. PAT came at Rs. 9.1 Cr vs QoQ Rs. 8.4 Cr, YoY Rs. 5.6 Cr Quarter EPS is Rs. 6.2 Share is trading at P/E of 37.8x FY19E EPS Result has improved Revenue from Operations came at Rs Cr (2% QoQ, 14% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (18.9% QoQ, 9.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 15.7%, QoQ 13.5%, YoY 16.4% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs. 52 Cr Quarter EPS is Rs Share is trading at P/E of 19.5x FY19E EPS Result has improved Revenue from Operations came at Rs Cr (-6.9% QoQ, 37.7% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (16.8% QoQ, 71.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 16.6%, QoQ 13.2%, YoY 13.4% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 17.1x TTM EPS Result has improved Revenue from Operations came at Rs Cr (4.3% QoQ, 56.4% YoY) vs QoQ Rs. 183 Cr, YoY Rs. 122 Cr EBIDTA came at Rs Cr (5.9% QoQ, 381.4% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 31.4%, QoQ 30.9%, YoY 10.2% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs. 7.8 Cr Quarter EPS is Rs. 30 Share is trading at P/E of 22.3x TTM EPS Result has improved YoY Revenue from Operations came at Rs. 223 Cr (-41% QoQ, 15.3% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-106.4% QoQ, 66.7% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 7.7%, QoQ -70.9%, YoY 5.3% Adj. PAT came at Rs. 1.5 Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 0.1 Share is trading at P/E of 20.4x TTM EPS Result has improved Revenue from Operations came at Rs Cr (3.2% QoQ, 5.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (3.1% QoQ, 56.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 22% vs QoQ 22.1%, YoY 14.9% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 78.8x TTM EPS Result has improved Revenue from Operations came at Rs Cr (10.2% QoQ, 13.8% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (35.1% QoQ, 230.2% YoY) vs QoQ Rs Cr, YoY Rs. 33 Cr EBITDA Margin came at 25.9%, QoQ 21.1%, YoY 8.9% Adj. PAT came at Rs Cr vs QoQ Rs. 22 Cr, YoY Rs Cr Quarter EPS is Rs. 0.4 Share is trading at P/E of 56.3x TTM EPS Share is trading at 15.4x EV/EBIDTA based on annualized Q1FY19 Result has improved Revenue from Operations came at Rs Cr (-0.3% QoQ, 33.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (41% QoQ, 57.9% YoY) vs QoQ Rs Cr, YoY Rs Cr

5 Birla Cable Ltd. CMP Rs. 122 M Cap Rs. 365 Cr 52 W H/L /37 Zee Learn Ltd. CMP Rs. 37 M Cap Rs Cr 52 W H/L 51/31 Deepak Fertilisers & Petrochemicals Corporation Ltd. CMP Rs. 269 M Cap Rs Cr 52 W H/L 500/239 Clariant Chemicals (India) Ltd. CMP Rs. 433 M Cap Rs. 999 Cr 52 W H/L 678/375 Eris Lifesciences Ltd. CMP Rs. 716 M Cap Rs Cr 52 W H/L 896/510 Ador Welding Ltd. CMP Rs. 349 M Cap Rs. 475 Cr 52 W H/L 659/266 Apollo Micro Systems Ltd. CMP Rs. 170 M Cap Rs. 353 Cr 52 W H/L 480/126 Esab India Ltd. CMP Rs. 733 M Cap Rs Cr 52 W H/L 1075/579 Asian Hotels (West) Ltd. CMP Rs. 280 M Cap EBITDA Margin came at 13.2%, QoQ 9.3%, YoY 11.2% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.7 Share is trading at P/E of 3.7x FY19E EPS Result has improved Revenue from Operations came at Rs Cr (2.8% QoQ, 145.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (14.9% QoQ, 876.4% YoY) vs QoQ Rs Cr, YoY Rs. 1.8 Cr EBITDA Margin came at 15%, QoQ 13.5%, YoY 3.8% Adj. PAT came at Rs Cr vs QoQ Rs. 8.9 Cr, YoY Rs Cr Quarter EPS is Rs. 3.7 Share is trading at P/E of 13.3x TTM EPS Result has improved Revenue from Operations came at Rs Cr (26% QoQ, 69% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (16.9% QoQ, 68.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 37.3%, QoQ 40.2%, YoY 37.5% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 0.7 Share is trading at P/E of 19.8x TTM EPS Result has improved Revenue from Operations came at Rs Cr (16.9% QoQ, 73.9% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (14.1% QoQ, 20.9% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 6.7%, QoQ 6.8%, YoY 9.6% Adj. PAT came at Rs Cr vs QoQ Rs. 39 Cr, YoY Rs Cr Quarter EPS is Rs. 4.2 Share is trading at P/E of 13.1x TTM EPS Result has improved Revenue from Operations came at Rs Cr (8.5% QoQ, 0.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (88.2% QoQ, 327.2% YoY) vs QoQ Rs Cr, YoY Rs. 5 Cr EBITDA Margin came at 8.1%, QoQ 4.7%, YoY 1.9% Adj. PAT came at Rs. 9.6 Cr vs QoQ Rs. 1.8 Cr, YoY Rs Cr Quarter EPS is Rs. 4.2 Share is trading at P/E of 30.6x TTM EPS Result improved Revenue from Operations came at Rs Cr (18.2% QoQ, 35.4% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (23.5% QoQ, 24% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 35.3%, QoQ 33.8%, YoY 38.6% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 5.2 Share is trading at P/E of 24.9x FY19E EPS Result improved Revenue from Operations came at Rs Cr (-29.3% QoQ, 17.8% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 7.5 Cr (-54.8% QoQ, 1780% YoY) vs QoQ Rs Cr, YoY Rs. 0.4 Cr EBITDA Margin came at 7.3%, QoQ 11.5%, YoY 0.5% Adj. PAT came at Rs. 4.1 Cr vs QoQ Rs. 9.4 Cr, YoY Rs Cr Quarter EPS is Rs. 3 Share is trading at P/E of 20.9x TTM EPS Result improved Revenue from Operations came at Rs Cr (-43.1% QoQ, 11.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 9.4 Cr (-48% QoQ, 177.8% YoY) vs QoQ Rs Cr, YoY Rs. 3.4 Cr EBITDA Margin came at 21.2%, QoQ 23.2%, YoY 8.5% Adj. PAT came at Rs. 4.3 Cr vs QoQ Rs. 8.2 Cr, YoY Rs Cr Quarter EPS is Rs. 2.1 Share is trading at P/E of 14.1x TTM EPS Result is good Revenue from Operations came at Rs Cr (11.8% QoQ, 25.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (106.3% QoQ, 65.4% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 13%, QoQ 7%, YoY 9.8% Adj. PAT came at Rs Cr vs QoQ Rs. 9.9 Cr, YoY Rs. 10 Cr Quarter EPS is Rs Share is trading at P/E of 26.8x FY19E EPS Result good

6 Rs. 321 Cr 52 W H/L 424/146 Eicher Motors Ltd. CMP Rs M Cap Rs Cr 52 W H/L 33484/26000 Engineers India Ltd. CMP Rs. 135 M Cap Rs Cr 52 W H/L 206/118 Cummins India Ltd. CMP Rs. 701 M Cap Rs Cr 52 W H/L 1012/612 PSP Projects Ltd. CMP Rs. 486 M Cap Rs Cr 52 W H/L 596/303 Tata Communications Ltd. CMP Rs. 589 M Cap Rs Cr 52 W H/L 758/534 Deccan Cements Ltd. CMP Rs. 438 M Cap Rs. 614 Cr 52 W H/L 660/388 ICRA Ltd. CMP Rs M Cap Rs Cr 52 W H/L 4180/3002 Gujarat Narmada Valley Fertilizers & Chemicals Ltd. CMP Rs. 429 M Cap Rs Cr 52 W H/L 549/254 Revenue from Operations came at Rs Cr (-9.3% QoQ, 15.7% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-14.8% QoQ, 44.7% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 31.8%, QoQ 33.9%, YoY 25.4% Adj. PAT came at Rs. 5.6 Cr vs QoQ Rs. 6.9 Cr, YoY Rs Cr Quarter EPS is Rs. 4.8 Share is trading at P/E of 25.8x TTM EPS Result is broadly in-line with expectations No. of Vehicles Sold vs QoQ , YoY Revenue from Operations came at Rs Cr (0.8% QoQ, 27.3% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (1.6% QoQ, 30.4% YoY) vs expectation of Rs. 805 Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 31.8% vs expectation of 31.9%, QoQ 31.5%, YoY 31% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 482 Cr Quarter EPS is Rs Share is trading at P/E of 27.2x FY19E EPS Result is broadly in-line with expectations Revenue from Operations came at Rs Cr (12.5% QoQ, 52.7% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (50.1% QoQ, 5.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 15.1% vs expectation of 20.1%, QoQ 11.3%, YoY 21.8% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.4 Share is trading at P/E of 21.1x FY19E EPS Result is broadly in-line with expectations Revenue from Operations came at Rs Cr (7.7% QoQ, -1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (24% QoQ, 9.9% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 16.2% vs expectation of 14.6%, QoQ 14%, YoY 14.6% Adj. PAT came at Rs. 183 Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 166 Cr Quarter EPS is Rs. 6.6 Share is trading at P/E of 27.3x FY19E EPS Result is broadly in-line with expectations Revenue from Operations came at Rs Cr (-11% QoQ, 50.7% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 33 Cr (-9.1% QoQ, 65.7% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 14.1% vs expectation of 12.9%, QoQ 13.8%, YoY 12.8% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs. 23 Cr, YoY Rs Cr Quarter EPS is Rs. 5.9 Share is trading at P/E of 24.3x TTM EPS Result inline with expectations Revenue from Operations came at Rs Cr (-2.4% QoQ, -9.2% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (0% QoQ, -0.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 14.2% vs expectation of 13.9%, QoQ 13.9%, YoY 13% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 57.2x FY19E EPS Result inline with expectations Revenue from Operations came at Rs Cr (-1.2% QoQ, 19.3% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 23 Cr (7.4% QoQ, -6.4% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 14.2% vs expectation of 13.5%, QoQ 13.1%, YoY 18.1% Adj. PAT came at Rs Cr vs expectation of Rs. 9.8 Cr, QoQ Rs. 8.7 Cr, YoY Rs Cr Quarter EPS is Rs. 8.1 Share is trading at P/E of 12.7x FY19E EPS Share is trading at 7.13x EV/EBIDTA based on trailing 4 qtrs Result is in-line with expectations Revenue from Operations came at Rs Cr (-4.6% QoQ, 12.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-7.6% QoQ, 14.1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 35.8% vs expectation of 36.6%, QoQ 36.9%, YoY 35.4% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 36.3x FY19E EPS Result ok. Exceptional item on account of written off of subsidy of Rs.127cr amount recognized earlier in the books Revenue from Operations came at Rs Cr (-9% QoQ, 64.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 439Cr vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 27.38%, QoQ 26.7%, YoY 18.1%

7 Bannari Amman Sugars Ltd. CMP Rs M Cap Rs Cr 52 W H/L 2649/1364 Ganesha Ecosphere Ltd. CMP Rs. 350 M Cap Rs. 764 Cr 52 W H/L 480/304 Kaveri Seed Company Ltd. CMP Rs. 614 M Cap Rs Cr 52 W H/L 708/431 TTK Healthcare Ltd. CMP Rs. 788 M Cap Rs Cr 52 W H/L 1466/680 Sudarshan Chemical Industries Ltd. CMP Rs. 466 M Cap Rs Cr 52 W H/L 635/316 GP Petroleums Ltd. CMP Rs. 92 M Cap Rs. 471 Cr 52 W H/L 97/67 Liberty Shoes Ltd. CMP Rs. 188 M Cap Rs. 320 Cr 52 W H/L 310/157 Godrej Agrovet Ltd CMP Rs. 646 M Cap Rs Cr 52 W H/L 738/522 Himatsingka Seide Ltd. CMP Rs. 305 M Cap Rs Cr 52 W H/L Adj. PAT came at Rs Cr vs QoQ Rs. 329 Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 6.4x TTM EPS Result is ok Revenue from Operations came at Rs Cr (35.1% QoQ, -30.3% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 23 Cr (42.7% QoQ, -39.5% YoY) vs QoQ Rs Cr, YoY Rs. 38 Cr EBITDA Margin came at 9.5%, QoQ 9%, YoY 10.9% Adj. PAT came at Rs. 3 Cr vs QoQ Rs. 3.9 Cr, YoY Rs. 5.4 Cr Quarter EPS is Rs. 2.4 Share is trading at P/E of 21.9x TTM EPS Result is ok Revenue from Operations came at Rs Cr (12.5% QoQ, 23.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-3.2% QoQ, 10% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 9.8%, QoQ 11.4%, YoY 11% Adj. PAT came at Rs Cr vs QoQ Rs. 9.8 Cr, YoY Rs. 8.9 Cr Quarter EPS is Rs. 4.8 Share is trading at P/E of 20.7x TTM EPS Result is ok Revenue from Operations came at Rs Cr (1298.6% QoQ, -1.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr ( % QoQ, -1.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 35%, QoQ -32.1%, YoY 35% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 17.4x FY19E EPS Result is ok Revenue from Operations came at Rs Cr (19.3% QoQ, 38.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-0.8% QoQ, % YoY) vs QoQ Rs Cr, YoY Rs. -2 Cr EBITDA Margin came at 9.1%, QoQ 11%, YoY -1.6% Adj. PAT came at Rs. 7.9 Cr vs QoQ Rs. 8 Cr, YoY Rs Cr Quarter EPS is Rs. 5.6 Share is trading at P/E of 31x TTM EPS Result ok Revenue from Operations came at Rs Cr (-10.8% QoQ, 2.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-1.9% QoQ, 19.4% YoY) vs QoQ Rs. 56 Cr, YoY Rs. 46 Cr EBITDA Margin came at 16%, QoQ 14.6%, YoY 13.7% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 26.1x FY19E EPS Result is ok Revenue from Operations came at Rs. 167 Cr (-6.8% QoQ, 67.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-15% QoQ, 33.4% YoY) vs QoQ Rs. 12 Cr, YoY Rs. 7.6 Cr EBITDA Margin came at 6.1%, QoQ 6.7%, YoY 7.6% Adj. PAT came at Rs. 3.3 Cr vs QoQ Rs. 4 Cr, YoY Rs. 3.5 Cr Quarter EPS is Rs. 0.6 Share is trading at P/E of 29.2x TTM EPS Result is ok Revenue from Operations came at Rs Cr (9.8% QoQ, 19.9% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-2.8% QoQ, 15.9% YoY) vs QoQ Rs Cr, YoY Rs. 8.8 Cr EBITDA Margin came at 7%, QoQ 7.9%, YoY 7.2% Adj. PAT came at Rs. 2.3 Cr vs QoQ Rs. 2.5 Cr, YoY Rs. 1.1 Cr Quarter EPS is Rs. 1.3 Share is trading at P/E of 38x TTM EPS Result is ok Revenue from Operations came at Rs Cr (24.2% QoQ, 10.4% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (87.8% QoQ, 10.7% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 9.4%, QoQ 6.2%, YoY 9.4% Adj. PAT came at Rs. 81 Cr vs QoQ Rs. 36 Cr, YoY Rs Cr Quarter EPS is Rs. 4.2 Share is trading at P/E of 40x FY19E EPS Result is ok Revenue from Operations came at Rs Cr (3.4% QoQ, 8.9% YoY) vs QoQ Rs Cr, YoY Rs Cr

8 444/256 The Company has incurred a one time transaction cost of Rs 6.9 cr towards acquiring exclusive license rights to the Tommy Hilfiger Home brand, the Copper Fit brand and other brands. Adjusting to that, EBIDTA came at Rs Cr (-1.2% QoQ, 12.9% YoY) vs QoQ Rs. 124 Cr, YoY Rs Cr EBITDA Margin came at 21%, QoQ 22%, YoY 20.3% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 4.5 Share is trading at P/E of 11.7x FY19E EPS KDDL Ltd. CMP Rs. 511 M Cap Rs. 554 Cr 52 W H/L 622/176 Coffee Day Enterprises Ltd. CMP Rs. 272 M Cap Rs Cr 52 W H/L 375/204 Axiscades Engineering Technologies Ltd. CMP Rs. 114 M Cap Rs. 430 Cr 52 W H/L 229/90 AIA Engineering Ltd. CMP Rs M Cap Rs Cr 52 W H/L 1751/1273 Cera Sanitaryware Ltd. CMP Rs M Cap Rs Cr 52 W H/L 4300/2583 Varun Beverages Ltd. CMP Rs. 760 M Cap Rs Cr 52 W H/L 795/481 Gujarat Pipavav Port Ltd. CMP Rs. 113 M Cap Rs Cr 52 W H/L 168/102 VA Tech Wabag Ltd. CMP Rs. 379 M Cap Rs Cr 52 W H/L 654/336 Result is ok Revenue from Operations came at Rs Cr (5.2% QoQ, 19.8% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-5.3% QoQ, 139.9% YoY) vs QoQ Rs Cr, YoY Rs. 5.2 Cr EBITDA Margin came at 8.6%, QoQ 9.5%, YoY 4.3% Adj. PAT came at Rs. 5 Cr vs QoQ Rs. 6.7 Cr, YoY Rs Cr Quarter EPS is Rs. 4.6 Share is trading at P/E of 23.9x TTM EPS Result is flat Revenue from Operations came at Rs Cr (-13.4% QoQ, 20.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-14.5% QoQ, 3.4% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 15.7%, QoQ 15.9%, YoY 18.2% Adj. PAT came at Rs. 2.1 Cr vs QoQ Rs. 3.5 Cr, YoY Rs. 2.6 Cr Quarter EPS is Rs. 0.1 Share is trading at P/E of 41.9x FY19E EPS Result is weak Revenue from Operations came at Rs Cr (-17.4% QoQ, 11.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-74.4% QoQ, % YoY) vs QoQ Rs Cr, YoY Rs. 5.8 Cr EBITDA Margin came at -1.5%, QoQ -4.8%, YoY 5.2% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs. 1.7 Cr Quarter EPS is Rs Share is trading at P/E of -29.8x TTM EPS Result is marginally below expectations Revenue from Operations came at Rs Cr (-3.8% QoQ, 25.5% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 570 Cr EBIDTA came at Rs Cr (-6.6% QoQ, 19.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 21.8% vs expectation of 23.6%, QoQ 22.4%, YoY 22.8% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 32.5x FY19E EPS Result is marginally below expectations Revenue from Operations came at Rs Cr (-22.2% QoQ, 19.7% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-30.8% QoQ, 6.6% YoY) vs expectation of Rs Cr, QoQ Rs. 51 Cr, YoY Rs Cr EBITDA Margin came at 12.6% vs expectation of 14.3%, QoQ 14.1%, YoY 14.1% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 31.3x FY19E EPS Result is marginally below expectations Revenue from Operations came at Rs Cr (88.1% QoQ, 26.1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (232.9% QoQ, 19.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 27.9% vs expectation of 29.2%, QoQ 15.8%, YoY 29.4% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 245 Cr Quarter EPS is Rs Share is trading at P/E of 40.6x FY19E EPS Result is marginally below expectations Revenue from Operations came at Rs. 176 Cr (6.4% QoQ, 4.1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-1.8% QoQ, -11.9% YoY) vs expectation of Rs Cr, QoQ Rs. 93 Cr, YoY Rs Cr EBITDA Margin came at 51.9% vs expectation of 58.9%, QoQ 56.2%, YoY 61.3% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1 Share is trading at P/E of 20x FY19E EPS Result is marginally below expectations Revenue from Operations came at Rs Cr (-33.7% QoQ, 2.9% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-56.6% QoQ, -1.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 6% vs expectation of 6.3%, QoQ 9.1%, YoY 6.3% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 2.6

9 VA Tech Wabag Ltd. CMP Rs. 379 M Cap Rs Cr 52 W H/L 654/336 HSIL Ltd. CMP Rs. 332 M Cap Rs Cr 52 W H/L 564/311 Aurobindo Pharma Ltd. CMP Rs. 601 M Cap Rs Cr 52 W H/L 809/527 KEI Industries Ltd. CMP Rs. 430 M Cap Rs Cr 52 W H/L 496/206 Skipper Ltd. CMP Rs. 141 M Cap Rs Cr 52 W H/L 293/141 MRF Ltd. CMP Rs M Cap Rs Cr 52 W H/L 81426/61000 Apar Industries Ltd. CMP Rs. 600 M Cap Rs Cr 52 W H/L 870/597 Ipca Laboratories Ltd. CMP Rs. 815 M Cap Rs Cr 52 W H/L 815/400 Future Retail Ltd. CMP Rs. 515 M Cap Rs Cr 52 W H/L 659/382 Share is trading at P/E of 12.1x FY19E EPS Result is marginally below expectations Revenue from Operations came at Rs Cr (-33.7% QoQ, 2.9% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-56.6% QoQ, -1.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 6% vs expectation of 6.3%, QoQ 9.1%, YoY 6.3% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 2.6 Share is trading at P/E of 12.1x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (-17.9% QoQ, 12.9% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-40.9% QoQ, -17% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 8.1% vs expectation of 11.3%, QoQ 11.3%, YoY 11.1% Adj. PAT came at Rs. 2.1 Cr vs expectation of Rs. 11 Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 0.3 Share is trading at P/E of 23.5x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (5% QoQ, 15.5% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-3.1% QoQ, -7.4% YoY) vs expectation of Rs Cr, QoQ Rs. 804 Cr, YoY Rs Cr EBITDA Margin came at 18.3% vs expectation of 21.4%, QoQ 19.9%, YoY 22.9% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 517 Cr Quarter EPS is Rs. 7.8 Share is trading at P/E of 13.5x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (-14.2% QoQ, 11.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-14.7% QoQ, 12.2% YoY) vs expectation of Rs Cr, QoQ Rs. 101 Cr, YoY Rs Cr EBITDA Margin came at 9.7% vs expectation of 9.6%, QoQ 9.8%, YoY 9.7% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 4.1 Share is trading at P/E of 17.3x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (-19.3% QoQ, 20% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-58.6% QoQ, -12.9% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 9.4% vs expectation of 14.2%, QoQ 18.3%, YoY 12.9% Adj. PAT came at Rs. 4.5 Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 16 Cr Quarter EPS is Rs. 0.4 Share is trading at P/E of 10.5x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (-0.3% QoQ, 8.1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-13.2% QoQ, 116.5% YoY) vs expectation of Rs Cr, QoQ Rs. 686 Cr, YoY Rs. 275 Cr EBITDA Margin came at 15.4% vs expectation of 17.9%, QoQ 17.7%, YoY 7.7% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Share is trading at P/E of 25.8x TTM EPS Result is below expectations Revenue from Operations came at Rs Cr (-17.1% QoQ, 13.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-11.7% QoQ, 11.7% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 7.4% vs expectation of 6.9%, QoQ 7%, YoY 7.6% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 7.1 Share is trading at P/E of 11.8x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (9.1% QoQ, 19.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 713 Cr EBIDTA came at Rs. 114 Cr (3.7% QoQ, 429.8% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 13.4% vs expectation of 16.5%, QoQ 14%, YoY 3% Adj. PAT came at Rs Cr vs expectation of Rs. 75 Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 5.2 Share is trading at P/E of 28.5x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (-0.8% QoQ, -3.5% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (9.6% QoQ, 5.4% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 4.9% vs expectation of 5.1%, QoQ 4.4%, YoY 4.5%

10 Healthcare Global Enterprises Ltd. CMP Rs. 280 M Cap Rs Cr 52 W H/L 354/251 SH Kelkar & Co Ltd. CMP Rs. 202 M Cap Rs Cr 52 W H/L 314/196 Taro - Sun Pharma Subsidiary 63 Moons Technologies Ltd. CMP Rs. 70 M Cap Rs. 324 Cr 52 W H/L 166/54 Arvind Smartspaces Ltd. CMP Rs. 171 M Cap Rs. 545 Cr 52 W H/L 238/120 Sequent Scientific Ltd. CMP Rs. 56 M Cap Rs Cr 52 W H/L 126/44 Premier Explosives Ltd. CMP Rs. 265 M Cap Rs. 282 Cr 52 W H/L 538/243 MT Educare Ltd. CMP Rs. 52 M Cap Rs. 373 Cr 52 W H/L 93/47 Amrutanjan Health Care Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 3 Share is trading at P/E of 41.1x TTM EPS Result is below expectations Revenue from Operations came at Rs Cr (1.9% QoQ, 18.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-5.1% QoQ, 3.6% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 13.5% vs expectation of 14.9%, QoQ 14.5%, YoY 15.4% Adj. PAT came at Rs Cr vs expectation of Rs. 4.2 Cr, QoQ Rs Cr, YoY Rs. 6.1 Cr Quarter EPS is Rs Share is trading at P/E of 130x FY19E EPS Result is below expectations Revenue from Operations came at Rs Cr (-16.7% QoQ, 1% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs. 235 Cr EBIDTA came at Rs. 34 Cr (25.5% QoQ, -20.5% YoY) vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 14.3% vs expectation of 14.6%, QoQ 9.5%, YoY 18.2% Adj. PAT came at Rs Cr vs expectation of Rs Cr, QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.3 Share is trading at P/E of 23.4x FY19E EPS Result is below expectations Net Sales came at $154.6mn vs expectation of $197mn, QoQ $175mn, YoY $161.3mn Gross Profit came at $100.1mn vs QoQ $118.9mn, YoY $116.5mn Operating Income came at $63.2mn vs QoQ $74.8mn, YoY $77.6mn Operating Margins came at 40.9% vs QoQ 42.7%, YoY 48.1% Net Income came at $67.3mn vs QoQ $86.3mn, YoY $54.5m Result has declined Revenue from Operations came at Rs Cr (36.2% QoQ, -68.1% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-42.5% QoQ, % YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at -36.8%, QoQ -87%, YoY 43.9% Adj. PAT came at Rs. 8.6 Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 1.9 Share is trading at P/E of 7.1x TTM EPS Result is declining For June 2018 qtr, the Co has changed the accounting standard to Ind AS 115 while the qtr ended March 2018 and June 2017, number are not restated and hence not comparable. Revenue from Operations came at Rs Cr (-73.6% QoQ, -8.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 5.8 Cr (-78.4% QoQ, -48.9% YoY) vs QoQ Rs. 27 Cr, YoY Rs Cr EBITDA Margin came at 21.2%, QoQ 25.9%, YoY 38.1% Adj. PAT came at Rs. 1.2 Cr vs QoQ Rs Cr, YoY Rs. 4.9 Cr Quarter EPS is Rs. 0.4 Share is trading at P/E of 19.6x TTM EPS Result is declining Revenue from Operations came at Rs Cr (1% QoQ, -8.3% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (-25.6% QoQ, -28.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 9.6%, QoQ 13%, YoY 12.3% Adj. PAT came at Rs. 4.5 Cr vs QoQ Rs Cr, YoY Rs. 2.2 Cr Quarter EPS is Rs. 0.2 Share is trading at P/E of 3.2x TTM EPS Result is declining Revenue from Operations came at Rs Cr (-28.6% QoQ, 4.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 3 Cr (-49.3% QoQ, -43.3% YoY) vs QoQ Rs. 5.8 Cr, YoY Rs. 5.2 Cr EBITDA Margin came at 5%, QoQ 7%, YoY 9.1% Adj. PAT came at Rs. 0.9 Cr vs QoQ Rs. 2.5 Cr, YoY Rs. 2.4 Cr Quarter EPS is Rs. 0.8 Share is trading at P/E of 20.5x FY19E EPS Result declining Revenue from Operations came at Rs Cr (72.7% QoQ, -10.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 7.4 Cr (-109% QoQ, -31.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 10.5%, QoQ %, YoY 13.7% Adj. PAT came at Rs. 0.9 Cr vs QoQ Rs Cr, YoY Rs. 2.3 Cr Quarter EPS is Rs. 0.1 Share is trading at P/E of -2.8x TTM EPS Result is declining

11 Ltd. CMP Rs. 255 M Cap Rs. 745 Cr 52 W H/L 347/233 Orient Bell Ltd. CMP Rs. 254 M Cap Rs. 362 Cr 52 W H/L 375/209 Bliss GVS Pharma Ltd. CMP Rs. 180 M Cap Rs Cr 52 W H/L 230/151 United Bank of India -S CMP Rs. 12 M Cap Rs Cr 52 W H/L 23/11 Bajaj Hindusthan Sugar Ltd. CMP Rs. 7 M Cap Rs. 748 Cr 52 W H/L 19/6 Revenue from Operations came at Rs Cr (-52.1% QoQ, 11.7% YoY) vs QoQ Rs Cr, YoY Rs. 32 Cr EBIDTA came at Rs Cr (-124.4% QoQ, 24.5% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at -7.3%, QoQ 14.4%, YoY -6.6% Adj. PAT came at Rs Cr vs QoQ Rs. 5 Cr, YoY Rs Cr Quarter EPS is Rs Result is declining Revenue from Operations came at Rs Cr (-40% QoQ, -8.2% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs. 6.5 Cr (-57.1% QoQ, -31.4% YoY) vs QoQ Rs Cr, YoY Rs. 9.5 Cr EBITDA Margin came at 5.4%, QoQ 7.6%, YoY 7.3% Adj. PAT came at Rs. 0.7 Cr vs QoQ Rs. 8.3 Cr, YoY Rs. 3.8 Cr Quarter EPS is Rs. 0.5 Share is trading at P/E of 21.7x TTM EPS Result is declining Revenue from Operations came at Rs Cr (22.8% QoQ, -8.8% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (8.3% QoQ, -36.6% YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at 19.8%, QoQ 22.4%, YoY 28.5% Adj. PAT came at Rs. 39 Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs. 3.8 Share is trading at P/E of 14.9x TTM EPS Result continued to remain weak Net Interest Income came at Rs Cr vs YoY Rs Cr, QoQ Rs Cr Non Interest Income came at Rs Cr vs YoY Rs Cr, QoQ Rs Cr PBP came at Rs Cr vs YoY Rs Cr, QoQ Rs Cr Provisions came at Rs Cr vs YoY Rs Cr, QoQ Rs Cr Adj. PAT came at Rs Cr vs YoY Rs Cr, QoQ Rs Cr Gross NPA came at Rs Cr vs QoQ Rs Cr at 22.73% vs QoQ 24.1% Net NPA came at Rs Cr vs QoQ Rs Cr at 15.17% vs QoQ 16.49% Quarter EPS is Rs Slippages came at Rs. 547 Cr vs QoQ Rs Cr with slippage ratio of 3.28% vs QoQ 27.56% Result continued to remain weak Revenue from Operations came at Rs Cr (-7% QoQ, -11.8% YoY) vs QoQ Rs Cr, YoY Rs Cr EBIDTA came at Rs Cr (13.9% QoQ, % YoY) vs QoQ Rs Cr, YoY Rs Cr EBITDA Margin came at -5.1%, QoQ -4.2%, YoY 7.9% Adj. PAT came at Rs Cr vs QoQ Rs Cr, YoY Rs Cr Quarter EPS is Rs Results to be announced 10-Aug June'17 Mar'18 Exp NBIE Aditya Birla Capital Ltd Alkem Laboratories Ltd Allcargo Logistics Ltd Andhra Bank 40.4 (2,535.8) - - Anjani Portland Cement Ltd Apollo Hospitals Enterprise Ltd Arfin India Ltd Arihant Superstructures Ltd Associated Alcohols & Breweries Ltd Balaji Telefilms Ltd. (23.4) (33.9) - - Bharat Bijlee Ltd. (3.9) Bosch Ltd CG Power & Industrial Solutions Ltd. (85.4) (582.5) - - Cheviot Company Ltd Cosmo Films Ltd Deep Industries Ltd Dhanuka Agritech Ltd