IndiaEarningsGuide 1-8-13 PL

India Earnings Guide |
Sector
Automobiles
Automobiles
Automobiles
Automobiles
Automobiles
Automobiles
Auto Ancillary
Auto Ancillary
Auto Ancillary
Auto Ancillary
Auto Ancillary
Auto Ancillary
Agri Products & Chemicals
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Banks
Bloomberg Company
Code
AL IN
BJAUT IN
HMCL IN
MM IN
MSIL IN
TTMT IN
AMRJ IN
APTY IN
BHFC IN
CEAT IN
EXID IN
MSS IN
CHMB IN
CRIN IN
DFPC IN
DAGRI IN
GSFC IN
RALI IN
TTCH IN
UNTP IN
AXSB IN
BOB IN
BOI IN
FB IN
HDFCB IN
ICICIBC IN
IIB IN
VYSB IN
JKBK IN
KMB IN
PNB IN
SIB IN
SBIN IN
UNBK IN
YES IN
Ashok Leyland
Bajaj Auto
Hero Motocorp
Mahindra & Mahindra
Maruti Suzuki
Tata Motors
Amara Raja Batteries
Apollo Tyres
Bharat Forge
CEAT
Exide Industries
Motherson Sumi Systems
Chambal Fertilizers & Chemicals
Coromandel International
Deepak Fertilisers & Petrochemicals Corporation
Dhanuka Agritech
Gujarat State Fertilisers & Chemicals
Rallis India
Tata Chemicals
United Phosphorus
Axis Bank
Bank of Baroda
Bank of India
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
Jammu & Kashmir Bank
Kotak Mahindra Bank
Punjab National Bank
South Indian Bank
State Bank of India
Union Bank of India
YES Bank
Rating
Reduce
Reduce
Reduce
Accumulate
BUY
BUY
Reduce
Under Review
Accumulate
Accumulate
Accumulate
Accumulate
BUY
Accumulate
Accumulate
BUY
Accumulate
Accumulate
Accumulate
BUY
BUY
Accumulate
Accumulate
BUY
Accumulate
BUY
BUY
Accumulate
BUY
Reduce
BUY
BUY
Accumulate
BUY
BUY
Page 1
Price SharesO/s
(Rs)
(m)
14
1,935
1,819
911
1,326
291
240
67
204
127
123
206
35
169
85
135
55
138
258
127
1,035
562
185
350
610
909
387
512
1,122
652
570
23
1,708
133
324
2,661
289
200
655
302
3,335
171
507
246
34
850
587
416
283
88
50
399
194
255
443
481
423
597
171
2,379
1,158
523
185
48
767
353
134
684
597
359
FY12
128,420
198,041
235,790
318,472
355,871
1,659,382
23,711
121,531
62,791
44,721
51,111
149,076
75,382
97,900
23,428
5,292
53,018
12,781
137,998
76,936
80,177
103,170
83,134
19,534
128,846
107,342
17,042
12,084
18,384
34,341
134,144
10,217
578,778
69,089
16,156
Revenues(Rsm)
FY13E
FY14E
124,812
202,880
237,681
404,412
435,879
1,888,176
29,811
127,945
57,022
48,815
60,767
256,170
82,020
89,249
26,101
5,869
61,967
14,582
148,061
91,866
96,663
113,153
90,240
19,747
158,111
138,664
22,329
15,386
23,160
41,689
148,565
12,808
611,602
75,428
22,188
128,203
221,179
256,878
437,195
458,266
2,193,688
34,380
140,371
63,529
52,390
69,684
294,514
75,020
100,523
28,063
6,979
58,031
16,396
153,446
103,357
116,321
128,958
103,504
22,102
191,277
162,393
29,637
19,202
25,551
50,244
156,920
14,280
631,164
85,919
27,466
FY15E
153,320
248,475
288,212
493,407
537,521
2,521,868
39,020
153,142
73,881
56,621
79,664
335,323
80,155
110,009
30,141
8,100
61,509
18,447
163,305
115,324
138,998
147,537
116,838
25,976
227,185
183,742
36,088
22,439
28,959
61,208
175,202
16,720
739,517
98,430
33,037
08 01 2013

Company
FY12
Ashok Leyland
Bajaj Auto
Hero Motocorp
Mahindra & Mahindra
Maruti Suzuki
Tata Motors
Apollo Tyres
Bharat Forge
CEAT
Exide Industries
Dhanuka Agritech
Rallis India
Tata Chemicals
United Phosphorus
Axis Bank
Bank of Baroda
Bank of India
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
Kotak Mahindra Bank
South Indian Bank
State Bank of India
Union Bank of India
YES Bank
5,945
31,375
23,783
27,706
16,352
128,668
2,152
4,392
4,205
106
4,613
3,915
2,996
6,229
2,350
571
7,664
1,156
9,144
6,735
42,422
50,070
26,775
7,768
51,671
64,653
8,026
4,563
8,032
17,211
48,846
4,017
152,734
17,871
9,784
PAT(Rsm)
FY13E
FY14E
1,442
29,116
21,101
32,622
23,921
105,517
2,943
5,956
2,319
1,202
5,228
6,074
2,266
3,469
1,519
644
5,187
1,157
7,735
8,469
51,794
44,807
27,493
8,382
64,749
83,255
10,612
6,131
10,551
19,995
47,477
5,023
177,008
21,579
13,012
395
34,750
21,801
35,766
27,637
119,220
3,200
6,537
3,652
1,434
6,651
8,388
3,114
3,904
1,921
758
5,526
1,443
8,404
9,451
59,250
48,736
29,595
8,061
80,740
92,736
13,733
7,648
10,101
24,043
46,453
4,758
152,792
24,598
14,456
FY15E
FY12
3,341
39,324
28,232
41,752
34,875
139,562
3,675
7,351
4,988
1,893
7,852
10,823
3,599
5,161
2,257
874
6,250
1,787
9,457
10,742
70,944
55,586
35,682
9,569
98,391
105,214
16,502
9,562
11,336
29,363
53,688
5,798
194,859
28,030
16,928
12,862
39,951
36,047
37,645
25,130
236,791
3,578
11,660
10,039
2,556
6,880
10,745
8,216
9,971
4,240
794
11,291
2,086
22,974
14,054
74,309
85,806
66,939
15,065
93,906
103,865
13,730
7,679
13,703
26,345
106,143
6,515
401,574
52,538
15,417
Page 2
EBITDA(Rsm)
FY13E
FY14E
8,765
39,260
32,846
47,093
42,297
265,890
4,712
14,566
7,902
4,244
7,896
19,441
6,842
6,591
3,221
865
7,813
2,131
21,180
16,539
93,031
89,992
74,585
14,596
114,276
131,992
18,395
9,927
18,108
31,651
109,074
8,486
403,000
55,827
21,422
8,036
45,990
37,368
51,965
50,857
323,030
5,514
15,529
9,813
4,744
10,801
26,332
8,009
7,865
3,876
1,054
8,474
2,488
23,109
19,121
110,743
101,339
82,767
15,680
141,754
152,977
24,781
13,231
18,404
39,796
111,546
9,219
366,806
60,863
24,929
FY15E
FY12
11,630
52,425
42,864
60,745
62,425
378,707
6,363
17,059
11,945
5,350
12,694
32,698
8,683
9,489
4,379
1,239
9,498
2,912
25,003
21,681
128,422
116,449
88,712
18,516
172,487
173,703
28,735
16,375
20,202
47,340
123,134
10,644
440,932
69,006
28,984
2.2
108.4
119.1
42.3
56.6
40.5
12.6
8.7
17.1
3.1
5.4
6.7
7.2
22.0
26.6
11.4
19.2
5.9
35.9
14.6
102.7
121.4
46.6
45.4
22.0
56.0
17.2
30.4
165.6
23.2
144.0
3.5
227.6
32.5
27.7
EPS(Rs)
FY13E
FY14E
FY15E
0.5
100.6
105.7
49.8
79.2
31.6
17.2
11.8
9.4
35.1
6.2
10.3
5.4
12.3
17.2
12.9
13.0
6.0
30.4
19.1
110.7
106.0
46.1
49.0
27.2
71.9
20.3
39.6
217.6
26.8
134.3
3.8
258.8
36.2
36.3
1.3
135.9
141.4
63.8
115.4
41.8
21.5
14.5
20.3
55.3
9.2
18.4
8.6
18.2
25.6
17.5
15.7
9.2
37.1
24.3
147.6
131.6
59.8
55.9
41.4
90.8
31.6
51.7
233.8
38.3
151.9
4.3
284.9
47.0
47.2
0.1
120.1
109.2
54.6
91.5
35.7
18.7
12.9
14.8
41.9
7.8
14.3
7.5
13.8
21.8
15.2
13.9
7.4
33.0
21.4
123.3
115.3
49.6
47.1
33.9
80.1
26.3
41.4
208.3
31.4
131.4
3.6
223.4
41.2
40.3
08 01 2013

Company
FY12
Ashok Leyland
Bajaj Auto
Hero Motocorp
Mahindra & Mahindra
Maruti Suzuki
Tata Motors
Apollo Tyres
Bharat Forge
CEAT
Exide Industries
Dhanuka Agritech
Rallis India
Tata Chemicals
United Phosphorus
Axis Bank
Bank of Baroda
Bank of India
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
Kotak Mahindra Bank
South Indian Bank
State Bank of India
Union Bank of India
YES Bank
14.6
57.3
65.6
24.6
11.3
49.2
29.3
16.7
20.1
1.6
15.9
22.5
18.3
28.6
20.5
29.7
24.2
21.9
15.4
17.1
20.3
21.7
15.0
14.4
18.7
11.2
19.3
14.3
21.2
14.4
21.1
21.6
16.1
14.9
23.1
RoE(%)
FY13E
FY14E
3.3
41.8
45.4
24.3
14.2
28.2
31.3
19.1
10.0
17.1
16.1
29.2
12.8
15.1
12.0
27.0
13.9
19.7
12.1
19.2
18.5
15.7
12.9
13.9
19.6
13.1
17.8
14.6
23.6
14.5
16.5
20.5
15.3
15.0
24.8
0.9
39.9
39.1
22.4
13.8
25.6
26.8
17.7
14.1
17.7
18.1
32.0
15.9
17.1
13.9
26.0
13.2
21.7
12.6
18.8
16.7
14.9
12.4
12.1
20.3
13.3
17.2
13.3
19.3
14.6
14.1
15.6
11.7
14.8
22.6
FY15E
FY12
7.7
37.2
41.9
22.3
15.2
24.9
24.7
17.2
16.4
19.8
18.5
31.9
16.4
20.6
14.7
24.6
13.4
23.2
13.0
18.2
17.4
15.1
13.6
13.0
20.8
13.8
17.9
13.0
18.8
15.1
14.6
16.8
13.6
15.1
22.2
11.1
55.4
48.4
19.9
10.9
21.8
26.4
11.9
12.5
7.8
16.0
8.7
7.6
15.9
14.3
24.0
21.1
18.5
10.6
13.5
1.6
1.2
0.7
1.4
1.7
1.5
1.6
1.1
1.5
2.3
1.2
1.1
0.9
0.7
1.5
Page 3
RoCE(%)
FY13E
FY14E
5.0
41.3
39.8
20.0
13.7
14.4
28.7
13.6
6.8
12.7
16.2
10.7
4.8
9.3
9.3
23.2
11.3
17.8
8.7
12.8
1.7
0.9
0.7
1.3
1.8
1.6
1.6
1.2
1.6
2.1
1.0
1.1
0.9
0.8
1.5
3.6
39.6
38.2
19.4
13.4
13.9
25.0
13.2
10.0
13.5
18.2
14.2
5.9
10.8
10.1
23.2
10.4
20.7
8.6
12.8
1.6
0.9
0.6
1.1
1.9
1.6
1.7
1.3
1.3
2.1
0.9
0.9
0.7
0.7
1.4
FY15E
FY12
6.8
37.0
42.0
19.8
14.7
14.5
23.3
14.0
12.0
14.9
18.6
16.0
7.1
13.0
10.7
22.4
11.4
22.2
9.2
13.1
1.7
0.9
0.7
1.1
1.9
1.6
1.7
1.4
1.3
2.2
1.0
0.9
0.7
0.7
1.4
6.1
17.8
15.3
21.5
23.4
7.2
19.0
7.7
11.9
41.1
22.7
30.8
4.9
7.6
3.2
11.9
2.8
23.2
7.2
8.7
10.1
4.6
4.0
7.7
27.7
16.2
22.6
16.8
6.8
28.1
4.0
6.4
7.5
4.1
11.7
PER(x)
FY13E
FY14E
25.0
19.2
17.2
18.3
16.7
9.2
13.9
5.7
21.6
3.6
20.0
19.9
6.4
13.7
4.9
10.5
4.2
23.2
8.5
6.7
9.3
5.3
4.0
7.1
22.4
12.6
19.1
12.9
5.2
24.4
4.2
6.0
6.6
3.7
8.9
91.2
16.1
16.7
16.7
14.5
8.1
12.8
5.2
13.7
3.0
15.7
14.4
4.7
12.2
3.9
8.9
3.9
18.6
7.8
6.0
8.4
4.9
3.7
7.4
18.0
11.4
14.8
12.4
5.4
20.8
4.3
6.3
7.6
3.2
8.0
FY15E
10.8
14.2
12.9
14.3
11.5
6.9
11.1
4.6
10.1
2.3
13.3
11.2
4.1
9.2
3.3
7.8
3.5
15.0
7.0
5.2
7.0
4.3
3.1
6.3
14.7
10.0
12.3
9.9
4.8
17.0
3.8
5.2
6.0
2.8
6.9
08 01 2013

Company
FY12
Ashok Leyland
Bajaj Auto
Hero Motocorp
Mahindra & Mahindra
Maruti Suzuki
Tata Motors
Apollo Tyres
Bharat Forge
CEAT
Exide Industries
Dhanuka Agritech
Rallis India
Tata Chemicals
United Phosphorus
Axis Bank
Bank of Baroda
Bank of India
Federal Bank
HDFC Bank
ICICI Bank
IndusInd Bank
ING Vysya Bank
Kotak Mahindra Bank
South Indian Bank
State Bank of India
Union Bank of India
YES Bank
5.2
13.6
10.1
16.4
15.4
5.3
11.0
5.2
6.8
6.5
15.1
15.1
5.4
6.7
3.3
8.9
1.7
13.5
4.7
5.8
EV/EBITDA(x)
FY13E
FY14E
8.9
14.1
11.0
13.0
9.6
4.8
8.0
4.0
8.6
3.8
13.2
8.4
8.9
10.9
5.2
8.1
4.5
12.7
5.5
4.8
10.3
12.0
9.3
11.6
7.8
4.0
7.4
3.5
6.4
3.3
9.5
6.1
6.1
8.8
4.2
6.7
3.0
10.8
4.8
4.2
FY15E
7.0
10.4
8.1
9.7
6.2
3.4
6.2
2.9
4.9
2.7
7.8
4.7
5.3
7.0
3.6
5.7
2.4
9.2
4.3
3.5
Page 4
P/B(x)
FY14E
P/S(x)
FY14E
0.8
7.1
7.3
4.1
2.2
2.3
3.9
1.0
2.1
0.6
3.1
5.3
0.8
2.2
0.6
2.6
0.6
4.3
1.0
1.2
1.5
0.8
0.5
0.9
4.0
1.6
2.7
1.8
1.1
3.3
0.6
1.1
0.9
0.5
2.0
0.2
2.3
1.3
1.2
0.7
0.4
1.0
0.2
0.7
0.1
1.3
0.4
0.2
0.4
0.2
0.8
0.4
1.5
0.4
0.5
3.6
1.6
0.9
2.3
6.4
5.7
5.6
4.2
1.9
8.2
1.2
0.2
1.6
0.8
3.5
08 01 2013

Sector
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Capital Goods
Cement
Cement
Cement
Cement
Construction
Construction
Construction
Construction
Construction
Construction
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Consumer Staples
Bloomberg Company
Code
ABB IN
BHE IN
BHEL IN
CRG IN
KKC IN
KPP IN
KECI IN
KSB IN
PWGR IN
SIEM IN
TMX IN
VOLT IN
ACC IN
ACEM IN
SRCM IN
UTCEM IN
ENGR IN
GMRI IN
JPA IN
LT IN
NJCC IN
PUNJ IN
APNT IN
BRIT IN
CLGT IN
FRL In
SKB IN
HUVR IN
ITC IN
JUBI IN
MRCO IN
PIDI IN
TTAN IN
ABB
Bharat Electronics
BHEL
Crompton Greaves
Cummins India
Kalpataru Power Transmission
KEC International
KSB Pumps
Power Grid Corporation
Siemens
Thermax
Voltas
ACC
Ambuja Cement
Shree Cement
Ultratech Cement
Engineers India
GMR Infrastructure
Jaiprakash Associates
Larsen & Toubro
NCC
Punj Lloyd
Asian Paints
Britannia Industries
Colgate Palmolive
Future Retail
GlaxoSmithKline Consumer Healthcare
Hindustan Unilever
ITC
Jubilant FoodWorks
Marico
Pidilite Industries
Titan Industries
Rating
SELL
BUY
Reduce
Accumulate
Accumulate
Accumulate
Accumulate
Buy
BUY
Reduce
Accumulate
Accumulate
Reduce
Sell
BUY
Reduce
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Reduce
BUY
Reduce
BUY
Reduce
Reduce
BUY
Reduce
Accumulate
Accumulate
Accumulate
Page 5
Price SharesO/s
(Rs)
(m)
500
1,103
158
84
428
61
28
208
101
512
582
78
1,174
168
4,355
1,837
137
13
36
847
23
26
508
699
1,376
82
4,672
613
342
1,126
210
268
263
212
80
2,448
642
277
154
257
35
5,084
341
119
331
188
1,382
35
274
337
3,892
2,219
925
257
332
959
119
136
232
42
2,163
7,972
65
645
513
888
FY12
74,518
56,500
479,789
112,486
41,172
30,327
58,147
7,495
100,353
129,199
60,912
51,857
100,021
85,043
58,981
181,603
36,988
83,201
127,429
531,705
52,485
103,129
96,322
49,742
26,932
41,015
27,800
221,164
251,475
10,175
39,797
28,164
88,384
Revenues(Rsm)
FY13E
FY14E
76,105
61,038
484,123
120,944
45,894
33,354
69,795
7,224
127,579
116,282
54,917
55,310
111,306
96,749
56,494
200,181
25,059
98,719
132,087
608,738
56,594
114,082
109,707
56,155
31,738
4,346
32,024
258,102
299,013
14,076
45,962
33,317
101,127
88,086
66,605
477,230
132,782
50,877
39,224
80,971
7,646
156,931
122,096
56,202
53,489
114,133
101,899
64,863
216,033
24,057
131,618
145,856
689,490
62,595
133,533
126,511
65,006
36,325
95,230
36,826
284,976
351,125
19,122
50,687
39,762
118,762
FY15E
103,882
73,265
460,527
147,973
57,719
45,108
89,750
8,399
180,559
135,970
62,658
59,452
123,796
112,074
75,428
245,341
25,981
154,525
156,751
794,394
68,854
152,227
148,510
75,849
42,442
107,065
42,805
329,563
402,568
25,713
58,920
47,364
142,584
08 01 2013

Company
FY12
ABB
Bharat Electronics
BHEL
Crompton Greaves
Cummins India
KEC International
KSB Pumps
Siemens
Thermax
Voltas
ACC
Ambuja Cement
Shree Cement
Ultratech Cement
Engineers India
GMR Infrastructure
Larsen & Toubro
NCC
Punj Lloyd
Asian Paints
Colgate Palmolive
Future Retail
Hindustan Unilever
ITC
Jubilant FoodWorks
Marico
Pidilite Industries
Titan Industries
1,847
8,299
70,592
3,616
5,398
1,649
1,863
430
32,549
5,211
4,035
1,620
10,209
11,780
6,308
23,066
6,365
(7,336)
10,263
44,196
360
(752)
9,887
2,020
4,465
603
3,552
25,725
61,624
1,098
3,171
3,472
6,048
PAT(Rsm)
FY13E
FY14E
1,409
8,882
66,126
2,686
6,846
1,421
654
580
42,343
3,682
3,201
1,327
13,305
15,053
10,170
26,554
6,181
(5,697)
5,013
45,499
503
(1,141)
11,139
2,339
4,968
95
4,367
33,144
74,184
1,351
3,959
4,548
7,252
2,960
9,309
61,094
4,212
7,012
1,986
1,674
689
47,892
4,802
3,319
2,287
11,502
15,000
9,528
28,701
5,518
(2,627)
4,250
47,551
747
633
12,476
2,950
5,335
626
5,281
34,504
87,997
1,654
5,117
5,511
8,233
FY15E
FY12
4,169
10,146
56,976
6,555
8,181
2,326
2,372
804
52,844
7,324
4,232
2,928
14,604
17,330
11,466
32,433
5,241
1,117
5,806
55,384
1,071
1,248
15,302
3,846
6,051
1,527
6,161
40,445
107,618
2,234
6,289
6,811
10,205
3,371
5,007
99,072
8,036
6,972
3,292
4,713
712
83,824
8,913
5,919
3,365
16,861
19,271
16,239
39,988
7,032
16,645
33,294
62,826
3,974
6,532
15,088
2,944
5,786
4,190
5,195
32,913
88,486
1,905
4,844
4,950
8,330
Page 6
EBITDA(Rsm)
FY13E
FY14E
3,416
6,361
94,009
3,832
8,349
3,265
3,814
911
109,999
6,977
4,902
1,497
19,690
24,495
15,498
45,206
6,138
23,952
31,755
64,200
4,055
8,410
17,319
3,716
6,668
349
5,883
40,038
106,275
2,444
6,258
6,136
10,106
4,845
7,441
87,760
8,039
8,903
4,079
5,305
1,064
136,832
8,913
5,390
2,841
17,678
23,501
17,690
47,550
5,647
32,137
34,266
73,520
4,881
9,844
20,314
4,770
7,305
7,386
7,072
45,417
127,975
3,156
7,846
7,498
12,242
FY15E
FY12
6,752
8,481
80,595
11,166
10,389
4,691
6,662
1,232
161,012
12,917
6,604
3,673
21,821
26,826
20,398
55,350
5,821
35,892
36,280
88,497
5,357
11,392
23,752
5,976
8,460
8,558
8,388
54,461
151,204
4,177
9,262
9,034
15,509
8.7
103.7
28.8
5.6
19.5
10.7
7.2
12.3
7.0
15.3
33.9
4.9
54.3
7.7
181.1
84.2
18.9
(1.9)
4.8
47.8
1.4
(2.3)
10.3
16.9
32.8
2.8
84.5
11.9
7.9
16.9
5.2
6.8
6.8
EPS(Rs)
FY13E
FY14E
FY15E
6.6
111.0
27.0
4.2
24.7
9.3
2.5
16.7
9.1
10.8
26.9
4.0
70.8
10.9
291.9
96.9
18.3
(1.5)
2.3
49.2
2.0
(3.4)
11.6
19.6
36.5
(0.2)
103.8
15.3
9.4
20.8
6.1
8.9
8.2
19.7
126.8
23.3
10.2
29.5
15.2
9.2
23.1
10.4
21.5
35.5
8.9
77.7
12.5
329.1
118.3
15.6
0.3
2.6
59.9
4.2
3.8
16.0
32.2
44.5
6.6
146.5
18.7
13.4
34.3
9.8
13.3
11.5
14.0
116.4
25.0
6.6
25.3
12.9
6.5
19.8
9.4
14.1
27.9
6.9
61.2
10.9
273.5
104.7
16.4
(0.7)
1.9
51.4
2.9
1.9
13.0
24.7
39.2
2.7
125.6
16.0
11.0
25.4
7.9
10.8
9.3
08 01 2013
FY12
RoE(%)
FY13E
FY14E
FY15E
FY12
RoCE(%)
FY13E
FY14E
FY15E
FY12
PER(x)
FY13E
FY14E
7.6
15.6
31.0
10.5
27.7
9.9
18.1
11.4
13.0
13.4
27.4
11.4
15.4
15.3
26.7
19.6
38.7
(9.6)
9.5
18.8
1.5
(2.4)
40.1
41.6
109.0
2.2
33.8
83.4
35.5
44.7
30.8
27.6
48.9
5.7
14.9
23.7
7.3
30.5
7.9
5.7
14.2
15.1
8.9
18.3
8.5
18.5
17.8
31.6
18.8
30.3
(6.8)
3.9
16.7
2.1
(3.8)
36.3
40.2
107.4
(0.1)
34.9
107.1
36.1
36.8
25.3
29.2
42.6
13.4
13.2
15.0
15.1
28.9
10.9
15.8
15.8
13.6
14.3
18.1
15.3
17.3
16.6
21.5
16.8
19.5
1.6
4.2
16.3
4.1
3.9
35.1
43.7
103.8
4.4
34.8
102.9
38.6
32.1
24.0
29.3
35.9
8.5
15.7
31.0
9.5
27.6
11.0
13.0
10.8
6.4
13.8
22.7
11.3
15.2
15.5
17.1
15.4
38.7
(0.2)
6.7
15.2
6.0
4.5
36.4
24.4
109.2
3.8
33.8
63.9
35.6
42.7
19.0
23.7
49.6
6.4
14.9
23.2
6.2
30.5
9.6
8.0
13.7
7.0
9.1
14.3
8.7
18.7
18.2
22.0
14.8
30.2
1.9
5.2
14.2
6.7
4.0
33.8
29.0
107.4
5.0
34.7
79.6
36.3
35.5
18.6
26.7
44.3
13.1
13.2
15.1
11.3
28.7
11.2
12.3
15.6
6.7
14.4
15.1
14.5
17.8
17.0
18.1
14.8
19.5
3.3
5.1
14.4
6.7
5.3
33.0
38.9
103.8
6.1
34.6
78.0
38.7
31.5
20.8
28.3
30.0
57.3
10.6
5.5
14.9
22.0
5.7
3.8
16.8
14.4
33.4
17.2
15.9
21.6
21.8
24.1
21.8
7.3
(6.8)
7.5
17.7
16.4
(11.4)
49.2
41.4
41.9
29.4
55.3
51.5
43.4
66.7
40.6
39.2
38.7
75.2
9.9
5.9
20.1
17.3
6.6
11.0
12.5
11.1
47.3
21.6
19.4
16.6
15.4
14.9
19.0
7.5
(8.8)
16.0
17.2
11.7
(7.5)
43.7
35.7
37.7
(534.5)
45.0
40.0
36.4
54.2
34.1
30.2
32.2
Company
ABB
Bharat Electronics
BHEL
Crompton Greaves
Cummins India
KEC International
KSB Pumps
Siemens
Thermax
Voltas
ACC
Ambuja Cement
Shree Cement
Ultratech Cement
Engineers India
GMR Infrastructure
Larsen & Toubro
NCC
Punj Lloyd
Asian Paints
Colgate Palmolive
Future Retail
Hindustan Unilever
ITC
Jubilant FoodWorks
Marico
Pidilite Industries
Titan Industries
11.1
13.7
18.5
10.8
27.8
10.2
13.0
15.2
14.3
10.5
16.4
13.2
14.9
16.1
22.5
17.3
23.1
(3.3)
3.1
15.6
3.0
2.1
33.8
41.4
103.2
1.9
35.4
111.9
36.5
32.2
23.6
28.7
36.9
Page 7
10.8
13.8
18.2
8.1
27.6
11.1
11.0
15.0
6.9
10.6
13.4
12.6
15.3
16.4
17.8
14.1
23.1
2.4
5.1
13.6
6.7
5.0
32.1
35.0
103.2
5.3
35.2
80.9
36.7
31.4
19.2
27.8
33.3
35.8
9.5
6.3
12.8
16.9
4.7
4.3
10.5
10.7
36.3
20.9
11.3
19.2
15.4
15.9
17.5
8.4
(19.0)
18.9
16.5
7.9
13.6
39.0
28.3
35.1
30.2
37.2
38.4
31.0
44.3
26.4
25.0
28.4
FY15E
25.4
8.7
6.8
8.2
14.5
4.1
3.0
9.0
9.7
23.9
16.4
8.8
15.1
13.4
13.2
15.5
8.8
44.8
13.8
14.1
5.5
6.9
31.8
21.7
30.9
12.4
31.9
32.8
25.5
32.8
21.5
20.2
22.9
08 01 2013

Company
ABB
Bharat Electronics
BHEL
Crompton Greaves
Cummins India
KEC International
KSB Pumps
Siemens
Thermax
Voltas
ACC
Ambuja Cement
Shree Cement
Ultratech Cement
Engineers India
GMR Infrastructure
Larsen & Toubro
NCC
Punj Lloyd
Asian Paints
Colgate Palmolive
Future Retail
Hindustan Unilever
ITC
Jubilant FoodWorks
Marico
Pidilite Industries
Titan Industries
FY12
EV/EBITDA(x)
FY13E
FY14E
30.7
4.1
3.2
7.4
16.7
4.0
3.5
9.9
12.1
18.5
10.6
7.5
11.7
10.6
8.5
12.7
4.2
21.4
8.9
13.7
7.7
8.4
31.9
28.7
31.7
9.5
37.8
39.0
30.0
38.0
29.4
27.6
26.9
31.7
5.5
3.4
17.4
13.8
4.3
5.3
7.0
10.4
22.8
13.4
16.6
9.7
7.9
8.9
11.1
4.5
16.4
9.4
13.4
6.8
9.0
27.7
22.6
27.3
157.4
33.4
32.1
24.8
29.5
22.4
21.9
21.9
21.0
4.4
3.1
8.0
13.0
3.9
3.8
5.8
8.9
17.3
11.5
8.7
11.0
8.0
7.4
10.7
4.0
12.8
9.5
11.7
5.5
7.9
23.4
17.2
24.9
7.1
27.7
28.1
20.3
22.8
17.8
17.6
19.4
FY15E
P/B(x)
FY14E
P/S(x)
FY14E
14.8
2.9
2.6
5.5
11.0
3.3
3.1
4.7
8.2
11.6
8.6
6.0
9.0
6.8
5.8
8.9
3.6
10.7
8.6
9.8
4.7
6.2
19.7
13.4
21.3
6.3
23.3
23.1
16.9
16.8
14.9
14.3
15.2
4.2
1.4
1.3
1.5
5.0
0.5
0.6
1.7
1.6
4.0
3.7
1.5
3.0
2.6
4.1
3.3
2.1
0.5
0.6
2.7
0.2
0.3
14.4
13.0
38.2
0.6
14.4
49.5
12.1
16.9
6.8
7.9
11.9
1.0
1.2
0.8
0.4
2.1
0.2
0.1
0.9
2.8
1.3
1.1
0.4
1.8
2.1
2.0
2.1
1.8
0.3
0.5
1.0
0.1
0.1
3.3
1.1
4.4
0.2
4.6
4.0
6.8
2.8
2.3
2.9
1.6
Page 8
08 01 2013

Sector
Financial Services
Financial Services
Financial Services
Financial Services
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Technology
Metals
Metals
Metals
Metals
Metals
Metals
Metals
Offshore, Ports & Shipbuilding
Bloomberg Company
Code
IDFC IN
MMFS IN
LICHF IN
SHTF IN
CMC IN
ECLX IN
GEO IN
HCLT IN
HEXW IN
INFO IN
KPIT IN
MPHL IN
MTCL IN
NITEC IN
POL IN
PSYS IN
TCS IN
TECHM IN
WPRO IN
COAL IN
HZ IN
JSP IN
JSTL IN
SAIL IN
STLT IN
TATA IN
ABAN IN
ADSEZ IN
GDPL IN
GPPV IN
Infrastructure Development Finance Corporation

Mahindra & Mahindra Financial Services
LIC Housing Finance
Shriram Transport Finance
CMC
eClerx Services
Geometric
HCL Technologies
Hexaware Technologies
Infosys
KPIT Cummins Infosystems
Mphasis
MindTree
NIIT Technologies
Polaris Financial Technology
Persistent Systems
Tata Consultancy Services
Tech Mahindra
Wipro
Coal India
Hindustan Zinc
Jindal Steel & Power
JSW Steel
Steel Authority of India
Sterlite industries
Tata Steel
Aban Offshore
Adani Port & SEZ
Gateway Distriparks
Gujarat Pipavav Port
Rating
BUY
BUY
BUY
Accumulate
Accumulate
Reduce
Reduce
Accumulate
Reduce
BUY
Accumulate
Accumulate
Accumulate
BUY
Accumulate
Accumulate
Accumulate
Accumulate
BUY
Accumulate
BUY
Accumulate
Reduce
Reduce
Reduce
Reduce
Accumulate
BUY
Accumulate
BUY
Page 9
Price SharesO/s
(Rs)
(m)
110
234
166
632
1,202
727
69
938
116
2,970
126
401
960
240
100
520
1,816
1,246
438
282
102
200
566
42
75
216
255
125
101
48
1,515
563
505
227
30
29
63
698
297
572
193
210
42
60
99
40
1,957
128
2,463
6,316
4,225
935
223
4,131
3,361
971
44
2,070
109
483
FY12
20,730
15,549
13,916
9,890
10,844
4,729
8,079
160,342
14,505
337,340
15,000
50,678
19,152
15,764
20,527
10,003
488,938
54,897
318,747
624,154
112,551
180,910
341,237
456,540
409,668
1,328,997
31,629
26,973
8,235
3,968
Revenues(Rsm)
FY13E
FY14E
25,420
20,234
15,345
14,837
14,693
6,605
10,204
210,312
19,482
403,520
22,386
54,906
23,618
20,213
23,083
12,945
629,895
68,731
374,256
683,027
125,257
195,540
380,949
439,611
449,219
1,347,115
36,727
35,766
9,541
4,160
28,195
25,941
19,653
21,314
19,279
8,120
11,191
257,336
22,196
478,279
27,027
55,939
28,765
23,069
24,030
15,701
780,378
78,353
422,060
733,090
131,332
227,432
395,892
455,942
410,373
1,452,638
37,478
45,867
11,022
4,644
FY15E
31,846
31,941
24,203
26,265
21,885
8,464
12,203
314,104
24,841
535,754
30,607
61,937
31,970
26,097
25,905
18,148
882,029
85,405
467,170
796,031
136,404
286,738
426,960
529,765
508,397
1,498,191
39,961
55,910
12,918
5,443
08 01 2013

Company
FY12
LIC Housing Finance
CMC
eClerx Services
Geometric
HCL Technologies
Infosys
Mphasis
MindTree
NIIT Technologies
Persistent Systems
Tech Mahindra
Wipro
Coal India
Hindustan Zinc
JSW Steel
Sterlite industries
Tata Steel
Aban Offshore
Adani Port & SEZ
Gateway Distriparks
15,521
6,201
9,142
12,575
1,794
1,598
592
17,099
2,669
83,160
1,454
7,927
2,156
1,972
2,204
1,418
107,476
10,952
52,568
147,263
54,610
40,585
10,950
37,268
56,058
20,279
3,215
11,018
1,320
572
PAT(Rsm)
FY13E
FY14E
18,368
8,541
10,231
13,606
1,518
1,716
687
25,260
3,276
94,210
1,990
7,922
3,395
2,133
1,941
1,876
139,414
12,877
61,684
179,742
68,448
34,842
12,126
23,999
61,610
3,323
1,939
16,232
1,267
740
20,819
9,748
13,019
14,105
2,302
2,335
777
40,984
3,750
105,040
2,817
8,091
3,960
2,315
2,232
2,264
167,516
14,887
71,643
181,030
64,580
28,561
17,221
21,592
52,754
19,004
2,248
19,309
1,565
1,079
FY15E
FY12
23,087
11,638
16,066
16,636
2,837
2,333
833
48,426
4,244
114,332
3,140
9,083
4,358
2,622
2,503
2,537
187,089
16,312
81,408
196,991
68,098
28,845
20,637
25,667
61,838
22,549
2,987
23,868
1,839
1,293
24,355
10,823
13,870
26,431
2,107
1,897
1,116
27,488
2,647
107,160
2,181
9,252
2,930
2,683
3,177
2,324
144,203
9,194
66,713
156,678
59,193
67,692
58,575
53,574
99,564
124,168
18,404
17,908
2,504
1,829
Page 10
EBITDA(Rsm)
FY13E
FY14E
29,176
15,340
14,524
28,613
2,243
2,568
1,951
40,251
4,074
115,580
3,356
11,843
4,864
3,296
4,242
3,352
180,872
14,243
78,181
187,061
63,075
63,157
63,892
40,397
102,285
123,212
19,859
23,835
2,441
1,819
31,887
19,427
18,511
31,659
3,168
3,211
2,010
58,356
5,002
129,493
4,434
11,600
5,582
3,595
4,386
3,899
217,795
14,887
89,476
186,172
65,190
64,787
69,170
50,764
110,046
145,100
20,065
31,999
2,981
2,229
FY15E
FY12
35,517
24,210
22,824
36,990
3,646
3,168
2,041
69,482
5,166
141,873
4,748
11,417
6,045
3,894
4,656
4,454
241,241
15,800
103,002
203,768
66,431
84,445
75,190
67,458
125,945
150,548
20,708
38,228
3,488
2,939
10.3
12.1
18.1
55.6
118.4
55.0
9.4
24.8
9.1
145.4
8.2
37.7
53.2
33.1
22.2
35.4
54.9
85.9
21.4
23.3
12.9
43.4
49.1
9.0
16.7
20.9
73.9
5.5
12.2
1.3
EPS(Rs)
FY13E
FY14E
FY15E
12.1
15.2
20.3
60.0
50.1
59.1
10.9
36.4
11.0
164.7
10.3
37.7
81.8
35.4
19.5
46.9
71.2
101.0
25.0
28.5
16.2
37.3
54.3
5.8
18.3
3.4
44.5
8.1
11.7
1.5
15.2
20.7
31.8
73.3
93.6
80.3
13.2
69.4
14.3
199.9
16.3
43.2
105.0
43.5
25.2
63.4
95.6
127.9
33.1
31.2
16.1
30.9
92.6
6.2
18.4
23.2
68.6
11.5
17.0
2.7
13.7
17.3
25.8
62.2
76.0
80.4
12.3
58.7
12.6
183.6
14.6
38.5
95.4
38.4
22.4
56.6
85.6
116.7
29.1
28.7
15.3
30.6
77.2
5.2
15.7
19.6
51.7
9.3
14.4
2.2
08 01 2013

Company
FY12
LIC Housing Finance
CMC
eClerx Services
Geometric
HCL Technologies
Infosys
Mphasis
MindTree
NIIT Technologies
Persistent Systems
Tech Mahindra
Wipro
Coal India
Hindustan Zinc
JSW Steel
Sterlite industries
Tata Steel
Aban Offshore
Adani Port & SEZ
Gateway Distriparks
13.7
22.8
18.6
23.1
30.8
54.9
29.3
22.1
26.9
27.4
22.1
22.0
24.9
23.6
19.6
17.8
37.1
29.6
20.0
39.9
22.1
25.2
6.7
9.7
12.8
5.2
14.7
24.4
18.2
7.5
RoE(%)
FY13E
FY14E
14.1
23.1
16.8
20.6
21.3
44.5
30.6
26.4
29.5
25.7
22.8
19.1
29.9
21.2
15.2
20.2
37.9
29.2
21.7
40.9
23.1
17.7
7.1
5.9
12.7
0.9
8.0
28.9
16.5
7.4
14.4
20.3
18.6
18.1
26.8
47.4
26.1
32.8
28.5
24.2
24.3
17.5
26.4
19.8
15.6
20.4
36.2
28.7
23.2
36.4
18.6
12.6
9.5
5.2
9.9
5.6
9.4
25.4
18.9
8.6
FY15E
FY12
14.4
20.8
19.7
18.2
26.7
37.9
20.7
29.9
27.4
22.5
22.2
18.0
23.1
19.6
15.5
19.5
32.5
26.8
22.4
36.0
17.3
11.4
10.5
6.0
10.7
6.4
11.3
24.6
19.9
9.6
2.8
4.3
1.6
4.7
28.0
51.7
27.2
15.8
26.8
27.2
19.5
21.5
24.7
23.1
19.5
17.7
35.5
25.6
18.2
36.2
22.1
13.3
5.1
7.4
12.1
4.6
6.3
8.4
12.1
7.6
Page 11
RoCE(%)
FY13E
FY14E
2.8
4.2
1.5
4.0
18.7
44.8
28.5
20.0
29.4
25.6
20.8
18.8
29.7
21.0
14.5
19.4
35.9
24.1
20.5
37.3
23.2
9.6
5.7
4.9
11.7
2.6
6.2
9.8
11.4
8.0
2.8
3.7
1.5
3.3
24.5
47.4
26.3
26.9
28.4
24.2
21.5
17.5
26.3
18.5
15.4
19.3
36.1
24.2
22.9
33.4
18.7
7.2
6.6
4.4
9.4
4.2
6.3
11.8
11.7
8.6
FY15E
FY12
2.7
3.5
1.6
3.2
23.6
37.9
21.7
26.5
27.2
22.5
20.1
17.9
23.0
18.8
15.3
18.6
31.3
23.2
22.1
33.2
17.3
7.5
7.3
4.9
10.0
4.4
6.7
12.6
12.6
8.5
10.7
19.3
9.2
11.4
10.2
13.2
7.4
37.8
12.8
20.4
15.4
10.6
18.0
7.3
4.5
14.7
33.1
14.5
20.5
12.1
7.9
4.6
11.5
4.6
4.5
10.3
3.5
22.8
8.3
35.5
PER(x)
FY13E
FY14E
9.0
15.4
8.2
10.5
24.0
12.3
6.4
25.7
10.5
18.0
12.2
10.6
11.7
6.8
5.1
11.1
25.5
12.3
17.5
9.9
6.3
5.4
10.4
7.2
4.1
63.1
5.7
15.5
8.7
31.3
8.0
13.5
6.4
10.2
15.8
9.0
5.6
16.0
9.2
16.2
8.6
10.4
10.1
6.2
4.4
9.2
21.2
10.7
15.1
9.8
6.7
6.5
7.3
8.0
4.8
11.0
4.9
13.4
7.0
21.4
FY15E
7.2
11.3
5.2
8.6
12.8
9.1
5.3
13.5
8.1
14.9
7.7
9.3
9.1
5.5
4.0
8.2
19.0
9.7
13.3
9.0
6.3
6.5
6.1
6.7
4.1
9.3
3.7
10.9
6.0
17.9
08 01 2013

Company
FY12
LIC Housing Finance
CMC
eClerx Services
Geometric
HCL Technologies
Infosys
Mphasis
MindTree
NIIT Technologies
Persistent Systems
Tech Mahindra
Wipro
Coal India
Hindustan Zinc
JSW Steel
Sterlite industries
Tata Steel
Aban Offshore
Adani Port & SEZ
Gateway Distriparks
17.2
10.2
3.8
24.4
11.4
13.9
11.0
8.9
13.4
4.6
2.5
8.4
24.2
18.1
15.3
7.7
6.4
5.3
6.0
5.1
2.0
5.7
7.9
23.7
5.3
15.6
EV/EBITDA(x)
FY13E
FY14E
16.2
7.3
2.1
16.6
8.0
12.8
7.2
6.8
8.0
3.8
1.7
6.2
19.3
11.4
12.7
5.9
5.7
6.8
6.0
8.9
1.2
6.4
7.2
15.2
6.2
14.2
11.2
5.5
2.1
11.2
6.3
11.1
5.5
7.0
6.5
3.5
1.4
5.2
15.8
10.6
10.8
5.7
4.9
7.5
5.4
8.3
0.7
5.8
6.8
11.7
5.2
11.7
FY15E
P/B(x)
FY14E
P/S(x)
FY14E
9.8
5.2
1.8
9.1
5.7
9.7
4.7
6.6
5.5
3.0
1.0
4.4
14.0
9.6
8.8
4.8
4.2
5.8
4.7
7.3
0.5
6.0
6.2
8.7
4.2
9.2
1.2
3.0
1.3
2.0
4.7
4.9
1.7
4.6
2.4
4.3
2.3
1.9
3.0
1.3
0.7
2.0
8.7
3.3
3.8
3.7
1.3
0.9
0.7
0.4
0.5
0.6
0.5
3.9
1.4
1.9
5.2
4.1
3.5
5.5
1.7
2.5
0.4
2.1
1.4
3.2
0.8
1.4
1.2
0.6
0.4
1.1
4.0
1.9
2.3
2.2
3.1
0.7
0.3
0.3
0.5
0.1
0.3
4.6
0.8
4.2
Page 12
08 01 2013

Sector
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Pharmaceuticals
Power
Power
Power
Power
Power
Power
Power
Power
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Others
Others
Others
Bloomberg Company
Code
ARBP IN
CDH IN
CIPLA IN
DRRD IN
GNP IN
JOL IN
LPC IN
RBXY IN
SUNP IN
LANCI IN
NHPC IN
NTPC IN
PTCIN IN
RELI IN
RPWR IN
SJVN IN
TPWR IN
ARCP IN
DLFU IN
HDIL IN
OBER IN
PENL IN
PEPL IN
SOBHA IN
UT IN
RW IN
MHRL IN
MTEL IN
Aurobindo Pharma
Cadila Healthcare
Cipla
Dr.Reddy's Laboratories
Glenmark Pharmaceuticals
Jubilant Life Sciences
Lupin
Ranbaxy Laboratories
Sun Pharmaceutical Industries
Lanco Infratech
NHPC
NTPC
PTC India
Reliance Infrastructure
Reliance Power
SJVN
Tata Power
Anant Raj Industries
DLF
Housing Development & Infrastructure
Oberoi Realty
Peninsula Land
Prestige Estates Projects
Sobha Developers
Unitech
Raymond
Mahindra Holidays & Resorts India
MT Educare
Rating
Buy
Reduce
Accumulate
Accumulate
Reduce
Accumulate
Accumulate
BUY
Sell
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Accumulate
Reduce
Accumulate
Accumulate
Accumulate
Accumulate
Reduce
Accumulate
BUY
BUY
Page 13
Price SharesO/s
(Rs)
(m)
169
736
400
2,281
577
90
871
287
565
5
17
131
45
342
73
19
88
49
150
33
199
33
128
289
16
185
250
90
291
205
803
170
271
159
448
423
1,036
2,392
12,301
8,246
296
263
2,805
4,137
2,373
295
1,775
419
328
279
350
98
2,616
61
88
40
FY12
46,274
50,900
70,207
98,145
40,206
42,540
69,597
101,612
80,195
101,194
56,547
611,963
76,503
236,407
20,192
19,098
260,014
3,115
96,294
20,064
8,247
5,323
10,523
14,079
24,219
36,424
5,781
1,306
Revenues(Rsm)
FY13E
FY14E
57,831
61,554
82,793
116,266
50,123
51,610
94,616
124,597
112,999
137,388
52,052
662,980
88,562
222,276
49,266
16,821
330,254
5,586
77,728
10,252
10,476
7,412
19,476
18,645
24,405
40,692
6,944
1,573
69,256
69,048
91,296
127,070
57,286
61,880
98,552
135,760
138,514
165,162
59,116
747,123
101,615
224,199
52,096
19,300
392,370
6,123
101,761
14,322
11,557
6,549
26,862
26,369
26,830
45,073
8,471
2,145
FY15E
79,147
76,059
102,039
139,970
67,653
69,762
131,351
153,311
150,875
185,004
65,480
826,058
125,200
253,215
74,641
23,821
425,175
7,699
107,609
17,288
16,778
7,310
34,823
27,528
29,231
50,757
10,745
2,617
08 01 2013

Company
FY12
Aurobindo Pharma
Cadila Healthcare
Cipla
Lupin
Lanco Infratech
NHPC
NTPC
PTC India
Reliance Power
SJVN
Tata Power
DLF
Oberoi Realty
Peninsula Land
Sobha Developers
Unitech
Raymond
MT Educare
(1,235)
6,526
11,442
13,009
4,604
146
8,677
(28,997)
25,872
(1,120)
21,381
82,608
753
14,460
8,668
10,814
11,007
1,191
12,263
8,174
4,633
1,515
826
2,060
2,374
1,558
1,023
132
PAT(Rsm)
FY13E
FY14E
2,939
6,553
15,449
16,771
6,147
1,528
13,142
9,228
30,081
(11,187)
19,402
91,858
1,144
17,199
10,114
10,523
8,548
1,051
7,623
5,156
5,049
1,953
2,860
2,172
3,130
577
908
180
6,388
7,707
15,136
18,427
6,833
4,055
13,714
23,110
11,669
(6,998)
22,843
106,650
1,252
15,268
10,513
11,167
10,710
2,037
8,487
2,805
5,215
1,667
3,892
3,803
3,116
963
1,291
245
FY15E
FY12
8,128
8,677
16,575
20,370
8,524
4,781
19,123
30,887
41,490
1,137
23,471
113,416
1,488
17,691
10,881
12,148
12,512
2,547
11,024
4,307
7,308
2,133
5,569
4,125
2,669
1,615
1,675
319
6,138
9,192
17,958
24,986
8,461
8,242
13,214
24,261
34,298
17,899
36,806
131,938
1,454
21,515
6,239
16,613
53,253
1,699
39,043
9,562
4,835
1,779
2,966
4,666
3,281
4,536
954
231
Page 14
EBITDA(Rsm)
FY13E
FY14E
8,169
9,230
21,979
25,558
10,100
10,373
20,903
19,379
49,673
25,820
32,270
177,381
1,694
28,117
17,129
14,508
66,323
1,605
26,262
6,723
6,121
1,966
5,791
5,483
3,270
3,714
1,228
293
11,150
12,014
22,940
28,464
11,744
11,774
20,893
30,242
56,165
31,822
37,983
185,561
1,865
28,998
19,705
16,717
78,845
3,123
37,143
5,623
6,685
2,217
7,877
7,719
5,060
4,620
1,821
418
FY15E
FY12
13,534
13,539
25,264
31,353
14,342
13,413
28,897
39,882
59,386
35,518
44,373
196,846
2,286
36,302
34,124
21,130
85,436
3,927
39,923
7,605
9,803
2,561
10,416
8,305
4,432
5,776
2,471
542
(4.2)
31.9
14.3
76.7
17.0
0.9
19.4
(68.7)
25.0
(0.5)
1.7
10.0
2.6
55.0
3.1
2.6
4.6
4.0
7.2
19.5
14.1
5.4
2.5
21.0
0.9
25.4
12.2
3.8
EPS(Rs)
FY13E
FY14E
10.1
32.0
19.2
98.7
22.7
9.6
29.4
21.8
29.0
(4.7)
1.6
11.1
3.9
65.4
3.6
2.5
3.6
3.6
4.5
12.3
15.4
7.0
8.2
22.1
1.2
9.4
10.8
4.6
21.9
37.6
18.9
108.5
25.2
25.5
30.6
54.6
11.3
(2.9)
1.9
12.9
4.2
58.1
3.7
2.7
4.5
6.9
4.8
6.7
15.9
6.0
11.1
38.8
1.2
15.7
14.7
6.2
FY15E
27.9
42.4
20.6
119.9
31.5
30.0
42.7
73.0
40.1
0.5
1.9
13.8
5.0
67.3
3.9
2.9
5.3
8.6
6.2
10.3
22.3
7.6
15.9
42.1
1.0
26.3
19.0
8.1
08 01 2013

Company
FY12
Aurobindo Pharma
Cadila Healthcare
Cipla
Lupin
Lanco Infratech
NHPC
NTPC
PTC India
Reliance Power
SJVN
Tata Power
DLF
Oberoi Realty
Peninsula Land
Sobha Developers
Unitech
Raymond
MT Educare
(5.2)
27.5
16.0
28.8
20.7
0.6
23.8
(68.3)
23.9
(2.4)
8.4
11.7
3.4
6.1
5.0
14.4
8.2
3.2
4.9
8.3
13.2
10.4
3.9
10.7
2.0
12.1
19.2
25.1
RoE(%)
FY13E
FY14E
11.9
23.3
18.5
27.3
23.8
6.3
28.5
26.5
22.1
(26.7)
7.2
12.0
5.0
6.8
5.6
13.0
6.5
2.7
3.0
5.0
12.8
12.3
11.7
10.5
2.7
4.2
15.4
22.7
22.8
23.3
15.7
24.4
19.8
16.0
23.9
44.1
7.8
(20.9)
8.0
12.5
5.3
5.7
5.5
12.8
8.3
5.1
3.2
2.7
12.0
9.8
13.5
16.5
2.7
6.8
18.2
22.8
FY15E
FY12
24.2
22.2
15.0
23.4
18.8
17.1
26.9
38.9
24.7
3.7
7.8
12.2
6.1
6.2
5.4
12.8
9.5
6.0
3.9
4.0
15.3
11.7
17.2
15.7
2.3
10.6
19.3
26.0
(1.4)
18.7
15.7
18.6
12.3
2.9
18.0
(32.5)
24.8
2.7
5.5
8.0
3.8
4.8
3.6
11.2
5.0
2.8
5.2
6.2
13.1
11.0
4.0
9.1
1.7
8.9
17.8
23.4
Page 15
RoCE(%)
FY13E
FY14E
8.1
14.6
17.8
17.1
13.4
5.5
22.9
14.1
22.6
1.4
4.8
8.1
4.6
5.2
3.3
10.0
5.6
2.3
4.4
4.0
12.8
11.8
8.1
9.9
2.0
5.8
14.5
22.4
11.7
14.1
14.4
16.8
12.2
10.0
20.7
28.1
9.6
2.3
5.5
8.6
5.2
4.6
2.8
9.7
5.6
4.0
4.1
2.6
12.0
10.8
9.4
13.3
2.7
7.0
17.1
22.7
FY15E
FY12
13.2
14.2
13.9
17.0
12.8
11.2
24.2
28.1
23.3
3.8
5.5
8.1
6.0
4.7
3.4
10.1
5.5
4.7
4.5
3.4
15.3
12.5
11.8
13.1
2.4
8.5
18.3
26.1
(39.9)
23.1
28.1
29.7
33.9
98.1
44.8
(4.2)
22.6
(11.1)
9.6
13.0
17.5
6.2
23.6
7.3
19.0
12.2
20.7
1.7
14.1
6.1
51.0
13.7
18.1
7.3
20.5
23.9
PER(x)
FY13E
FY14E
16.8
23.0
20.8
23.1
25.4
9.4
29.7
13.1
19.5
(1.1)
10.5
11.7
11.6
5.2
20.2
7.5
24.4
13.8
33.4
2.7
13.0
4.8
15.7
13.0
13.7
19.7
23.1
19.7
7.7
19.6
21.2
21.0
22.9
3.5
28.4
5.2
50.2
(1.8)
8.9
10.1
10.6
5.9
19.5
7.1
19.5
7.1
31.3
5.0
12.5
5.6
11.5
7.4
13.8
11.8
17.0
14.5
FY15E
6.1
17.4
19.4
19.0
18.3
3.0
20.4
3.9
14.1
10.9
8.7
9.5
8.9
5.1
18.8
6.5
16.7
5.7
24.1
3.2
9.0
4.4
8.1
6.9
16.1
7.0
13.1
11.1
08 01 2013

Company
FY12
Aurobindo Pharma
Cadila Healthcare
Cipla
Lupin
Lanco Infratech
NHPC
NTPC
PTC India
Reliance Power
SJVN
Tata Power
DLF
Oberoi Realty
Peninsula Land
Sobha Developers
Unitech
Raymond
MT Educare
9.5
18.1
17.9
16.2
21.0
6.4
30.4
5.6
16.1
17.2
8.9
10.6
10.2
14.6
60.3
4.5
9.4
13.5
12.8
5.5
10.9
7.4
20.7
8.5
25.0
6.3
23.0
14.2
EV/EBITDA(x)
FY13E
FY14E
9.9
18.7
15.0
15.8
17.9
4.3
18.9
4.9
11.0
13.8
10.5
8.2
5.7
11.6
26.5
5.7
8.3
15.4
18.9
7.8
8.9
7.8
11.1
7.4
25.6
7.8
17.6
10.8
7.3
14.6
14.1
14.0
14.5
4.0
18.6
2.4
9.8
12.4
8.8
8.7
5.6
12.4
27.2
4.6
7.8
9.0
13.0
10.2
8.5
6.6
8.2
5.2
18.0
6.3
11.0
7.5
FY15E
P/B(x)
FY14E
P/S(x)
FY14E
5.8
12.8
12.6
12.3
11.8
3.3
13.5
1.2
8.8
9.4
7.9
8.4
4.2
10.2
18.3
3.8
7.3
6.8
12.1
7.6
6.0
5.8
6.1
4.7
20.9
4.8
7.8
5.2
1.9
5.0
3.6
5.3
5.7
0.6
7.5
3.0
3.9
0.3
0.7
1.3
0.6
0.3
1.1
0.9
1.6
0.4
1.0
0.1
1.6
0.6
1.6
1.3
0.4
0.8
3.4
3.5
0.6
2.0
3.1
2.8
2.3
0.2
3.0
0.8
3.9
0.1
3.1
1.3
0.1
0.4
2.7
3.3
0.5
1.9
2.5
0.8
3.9
1.3
1.3
1.0
1.5
0.2
2.0
1.4
Page 16
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