14

lu.esreu '|ae|s Iuue 2014

CMP
2!84
Targel Price
22!0
52 wk High/Low
2209/!680
Markel Cap (Ps Mn)
3!,992
Shares Oulslanding (Mn)
289
A1A1 AUTO UY
PEfEED PICK5 - fUNDAMENTAL
5aIes VoIumes (UniIs)
Geography Mix (%)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 20!,495 227,824 259,!27
Crowlh () 0.8 !3.! !3.7
L8lTDA 4!,057 46,!49 54,!72
L8lTDA margin () 20.4 20.3 20.9
P8T 46,334 5!,989 60,726
Nel prolil 32,424 36,6!3 42,629
Adjusled LPS (Ps) !!2.! !26.5 !47.3
Crowlh () 6.5 !2.9 !6.4
CLPS (Ps) !!8.3 !33.2 !54.4
8V (Ps/share) 332.0 394.7 483.5
Dividend / share (Ps) 50.0 50.0 50.0
POL () 37.0 34.8 33.5
POCL () 52.5 49.! 47.4
Nel cash (debl) 89,874 !!!,379 !35,60!
NWCapilal (Days) (!0.5) (!!.3) (!!.4)
P/L (x) !9.5 !7.3 !4.8
P/8V (x) 6.6 5.5 4.5
LV/Sales (x) 2.8 2.4 2.4
LV/L8lTDA (x) !3.6 !!.6 !!.7
!3.8 8.9 9.9
Lasl reporl on !6-May-!4 (Price.!95!)
INVE5TMENT AGUMENT
8AL will be launching a new Discover !25 in March 20!4 and is hoping
lhal lhis new launch coupled wilh lhe Discover !00 (launched in
Oclober 20!3) will help improve Discover sales and regain lhe losl
markel share. Company also have new producl pipeline under lhe
Pulsar brand.

ln exporls, lhe company has seen recovery over lhe pasl couple ol
quarlers and remains oplimislic on growlh prospecls in lhe
lulure.

lor lY!5, lhe company's exporl exposure worlh $700mn is already
hedged in lhe range ol Ps60-70/$. Company is expecling lo realize
Ps60/$ in lY!4 and Ps62.5/$ in lY!5.
Sequenlially we expecl company's volumes lo improve led by new
launches and impacl ol good monsoons on rural demand.
ln lhe 3W space, lhe company is hopelul ol good volumes in lhe
domeslic markel lNP conlinues lo slay weak and lhal is benelicial lor
L8lTDAmargins.
Lower lhan expecled volume growlh lor 8AL could signilicanlly
impacl our sales and prolilabilily eslimales.
8AL is amongsl lhe lop 2W players in lndia and has loolprinls
across various geographies. 8AL has in all lhree planls, lwo al
Waluj and Chakan in Maharashlra and one planl al Panl Nagar in
Ullranchal.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
15
lu.esreu '|ae|s Iuue 2014
CMP
!88
Targel Price
20!
52 wk High/Low
!94 / !43
Markel Cap (Ps Mn)
27,052
Shares Oulslanding (Mn)
!744
DAU INDIA LTD ACCUMULATE
PEfEED PICK5 - fUNDAMENTAL
evenue breakup (%)
EITDA margin
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 70,732 8!,687 94,!60
Crowlh !5.! !5.5 !5.3
L8lTDA !!,564 !3,9!! !6,57!
L8lTDA margin !6.3 !7.0 !7.6
P8T !!,363 !3,749 !6,883
Nel prolil 9,!46 !0,762 !2,880
LPS (Ps) 5.3 6.2 7.4
Crowlh !9.! !7.7 !9.7
CLPS 5.8 6.8 8.!
8ook Value (Ps / Share) !5.6 !9.5 24.!
Dividend per Share (Ps) !.6 2.0 2.4
POL () 33.8 3!.8 30.8
POCL () 32.2 32.7 33.0
Nel cash (debl) (!,525) 5,239 !2,5!!
Nel working capilal (Days) (!2) (8) (2)
P/L (x) 35.6 30.3 25.3
P/8V (x) !2.0 9.6 7.8
LV/Sales (x) 4.6 3.9 3.3
LV/L8lTDA (x) 28.4 23.! !9.0
4.3 8.5 !3.7
Lasl reporl on 30-Apr-!4 (Price.!78)
INVE5TMENT AGUMENT
Diversilied, compelilive porllolio gives lhe company an edge. A
subslanlial parl ol Dabur's porllolio is posilioned in niche spaces wilh
lillle compelilive pressures. We lhink Dabur's producl porllolio is likely
lo wealher weak induslry growlh/ economic environmenl beller lhan
peers.

Pricing, Lxpense levers lo enable earnings delivery available.
Dabur has, in our opinion, some headroom lo raise prices, and/ or
reduce adverlising and promolion spends in lhe coming quarlers, il
volume growlh is unable lo deliver lhe eslimales buill inlo consensus.

Valualions reasonable relalive lo peers, re-raling likely lo suslain on
meeling eslimales. Dabur lrades al 24XlY!6L PLP, in line wilh peers.
We believe valualions are conducive lo capilal preservalion, and
modesl apprecialion in lhe medium-lerm.
Compelilive lnlensily, especially in lhe hair oils and oral care
segmenl, is a signilicanl risk lor Dabur. Also, lorex risks relaling wilh
lruil juice (domeslic operalions) and lranslalion risks arising lrom lhe
company's inlernalional operalions. De-raling in lMCC slocks is a
lurlher (valualion) risk lo lhe price largel.
Dabur slarled oul wilh pharmaceulical sales in Calculla in !884. ll was
eslablished as a public limiled company in !986.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
16
lu.esreu '|ae|s Iuue 2014
CMP
3!7
Targel Price
380
52 wk High/Low
329 / !2!
Markel Cap (Ps Mn)
!06,640
Shares Oulslanding (Mn)
337
ENGINEE5 INDIA LTD UY
PEfEED PICK5 - fUNDAMENTAL
5egmenI 5aIes (s bn)
evenue mix (%)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales !8,465 2!,!33 26,0!6
Crowlh () -27.0 !4.5 23.!
L8lTDA 3,83! 5,!78 6,504
L8lTDA margin () 20.7 24.5 25.0
P8T 7,044 8,!84 9,5!0
Nel prolil 4,830 5,8!0 6,752
LPS (Ps) !4.3 !7.2 20.0
Crowlh () (23.6) 20.3 !6.2
CLPS (Ps) !4.8 !7.5 20.3
8ook value (Ps/share) 74.8 85.5 98.9
Dividend per share (Ps) 5.6 5.6 5.6
POL () 20.! 2!.5 2!.7
POCL () !9.8 2!.4 2!.7
Nel cash (debl) !8,273 24,296 30,396
Nel Working Capilal (Days) (!06.6) (!!2.8) (!!5.8)
P/L (x) 22.! !8.4 !5.8
P/8V (x) 4.2 3.7 3.2
LV/Sales (x) 4.4 3.6 2.7
LV/L8lTDA (x) 2!.2 !4.7 !0.8
3!.2 89.2 89.9
Lasl reporl on 27-May-!4(Price.285)
INVE5TMENT AGUMENT
Lngineers lndia enjoys a heallhy markel share in lhe Hydrocarbon
consullancy segmenl. ll enjoys prolilic relalionship wilh lew ol lhe
major oil &gas companies like HPCL, 8PCL, ONCCand lOC.

Company is well poised lo benelil lrom recovery in lhe inlraslruclure
spending in lhe hydrocarbon seclor.
We believe lhal in lulure, company shall inevilably benelil lrom
MoPNC huge largel ol nearly Ps !.2 lrillion envisaged lor various
projecls in Xll live year plan.
Company has been observing pick up in order inllows/revenue booking
in consullancy business space which enjoys heallhy margins.
Slowdown in domeslic Hydrocarbon induslry.
APublic seclor underlaking.
Leading player in domeslic markel
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
PEfEED PICK5 - fUNDAMENTAL
17
lu.esreu '|ae|s Iuue 2014
CMP
523
Targel Price
6!6
52 wk High/Low
6!! / 3!9
Markel Cap (Ps Mn)
!,288,897
Shares Oulslanding (Mn)
2466
WIPO LTD ACCUMULATE
PEfEED PICK5 - fUNDAMENTAL
Number of EmpIoyees
GeographicaI evenue reak up (%)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 437,628 480,084 528,777
Crowlh () !6.9 9.7 !0.!
L8lTDA !00,392 !!3,489 !25,035
L8lTDA margin () 22.9 23.6 23.6
P8T !0!,004 !!3,4!9 !25,705
Nel prolil 78,403 89,034 99,307
LPS (Ps) 3!.7 36.2 40.4
Crowlh () 27.2 !4.3 !!.5
CLPS (Ps) 36.! 4!.4 45.9
8ook value (Ps/share) !39.3 !66.4 !96.2
Dividend per share (Ps) 6.0 7.0 9.0
POL () 25.7 24.3 22.7
POCL () 3!.5 29.5 27.8
Nel cash (debl) !56,472 206,978 277,!4!
Nel Working Capilal (Days) 73.! 78.4 78.8
P/L (x) !6.5 !4.4 !2.9
P/8V (x) 3.8 3.! 2.7
LV/Sales (x) 2.5 2.2 2.4
LV/L8lTDA (x) !!.! 9.8 8.3
!.7 (6.2) !.!
Lasl reporl on 2!-Apr-!4 (Price.588)
INVE5TMENT AGUMENT
As compared lo lhe year-ago period, lhe deal pipeline is beller and lhe
conversions are lasler, which is encouraging.
Wipro's win rales have improved by 50 over lhe recenl pasl and
conversions have been al a record in 4Q. The same lrend
conlinues in !QlY!5.
The company's revenue growlh lrajeclory has improved in lhe pasl lew
quarlers.
We will become more posilive on lhe slock aller seeing consislenl high
revenue growlh, going ahead.
A delayed recovery in major user economies and a sharper-
lhanexpecled apprecialion ol rupee remain lhe key risks lor earnings.
Wipro is a global inlormalion lechnology, consulling and oulsourcing
company serving over 900 clienls in 54 counlries.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
18
lu.esreu '|ae|s Iuue 2014
CMP
!35
Targel Price
!46
52 wk High/Low
!50 / 76
Markel Cap (Ps Mn)
4,547
Shares Oulslanding (Mn)
!5!6
IDfC UY
PEfEED PICK5 - fUNDAMENTAL
Trend in earnings (s bn)
Trend in eIurn aIios
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Nel lnleresl lncome 25,640 27,092 29,545
Crowlh () 22.3 5.7 9.!
Non-lnl lncome 8,830 9,000 9,200
Tolal lncome 34,470 36,092 38,745
Operaling Prolil 29,440 33,928 36,530
Nel Prolil !8,360 20,438 2!,7!7
Crowlh () !8.! !!.3 6.3
Cross NPA () 0.2 !.! !.6
Nel NPA () 0.! 0.6 !.0
NlMs () 4.! 4.0 4.0
PoA () 2.4 2.6 2.6
PoL () !4.0 !4.! !3.5
DPS (Ps) 2.5 2.5 2.5
LPS (Ps) !2.0 !3.5 !4.3
8V (Ps) 90.3 !00.9 !!2.4
Adj. 8V (Ps) 90.! 98.8 !08.2
P/L (x) !!.2 !0.0 9.4
P/A8V (x) !.5 !.4 !.2
!5.! 20.3 20.8
Lasl reporl on 29-Apr-!4 (Price.!!4)
INVE5TMENT AGUMENT
ll is presenl in lhe niche inlraslruclure linancing space and is well
posilioned lo benelil lrom lndia's large inlraslruclure opporlunily.
Assel qualily is besl in class - CNPA/NNPA al 0.56/0.37 (Q4lY!4).
Moreover, il carries sullicienl provision buller (2.4 ol loans) lo
provide lor any likely lulure increase in CNPA.
Average spread (rolling LTM) has remained slable al 2.3-2.4 as
managemenl look lhe conscious decision ol nol growing lhe loan book
when lunding cosls spiked during recenl limes.
ln prevailing macro-environmenl, higher non-power assels and slrong
capilalizalion makes il a lower-risk play. We believe, lalling wholesale
lunding rales along wilh improvemenl in lhe oullook on capilal markel
relaled business are lulure calalysl lor lhe slock.
Conlinued moderalion in inlraslruclure capex cycle and delay in projecl
commissioning due lo policy/approval delays or due lo lack ol luel-
availabilily can impacl lhe lending business.
Lslablished in !997 as a specialized lnlraslruclure linancier lo
encourage privale seclor inveslmenls in lhe inlraslruclure space.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
19
lu.esreu '|ae|s Iuue 2014
CMP
73
Targel Price
79
52 wk High/Low
8! / 26
Markel Cap (Ps Mn)
!28,203
Shares Oulslanding (Mn)
!753
MangaIore efinery and PeIrochemicaIs LId. UY
PEfEED PICK5 - fUNDAMENTAL
MPL's eporIed GMs (U5$lbbIs)
MPL's Crude IhroughpuI (MMT)
l CapaciIy UIiIisaIion (%)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg
Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 7!8,!03 7!9,855 699,823
Crowlh () 9.3 0.2 -2.8
L8lTDA !0,!69 2!,252 24,54!
L8lTDA margin () !.4 3.0 3.5
P8T 4,095 8,993 9,752
Nel prolil 6,0!0 6,!9! 6,7!4
LPS (Ps) 3.4 3.5 3.8
Crowlh () NA 3.0 8.4
CLPS (Ps) 7.5 8.6 9.5
8ook value (Ps/share) 40.3 43.0 45.8
Dividend per share (Ps) 0.8 0.8
POL () 7.2 8.4 8.5
POCL () 5.8 6.8 6.9
Nel cash (debl) (!8,!88) 63,!!4 78,0!6
P/L (x) 2!.3 20.7 !9.!
P/8V (x) !.8 !.7 !.6
LV/Sales (x) 0.2 0.3 0.3
LV/L8lTDA (x) !0.8 9.0 8.4
28.3 78.4 78.2
Lasl reporl on 2!-May-!4 (Price.68)
INVE5TMENT AGUMENT
PHASL lll Pelinery projecl. The phase lll up-gradalion and expansion
projecl has achieved an overall progress ol 99.68 as on !5lh April'!4.
ln Aug'!4, lhe Company has also commissioned lhe SPM lacilily. ln
April'!4, MPPL has linally commissioned delayed coker unil ol 3.0
MMTPA, which is parl ol lhe relinery upgradalion cum expansion
projecl. ll is now converling lhe low value luel oil producl lo high end
value producls. We expecl relining margins lo improve signilicanlly
lrom here on. PlCCand lwo lrains ol SPUis expecled lo commission in
lY!5.
Polypropylene projecl. We expecl lhal polypropylene planl will
commission in H!lY!5 as lhe overall progress ol polypropylene projecl
has reached 95.6 as on !5lh April, 20!4.
Wide lluclualions in crude, lorex and producl prices can impacl
margins.
MPPL (Mini-Palna slalus) is a pure play crude oil reliner wilh slrong
promoler backing ol ONCC. MPPL has lranslormed ilsell inlo a large
and complex relinery wilh phase-lll capacily expansion and has
emerged inlo a much slronger player in lhe induslry. MPPL's improved
llexibilily will enable il lo process lighl lo heavy and sweel
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
20
lu.esreu '|ae|s Iuue 2014
CMP
2!34
Targel Price
25!3
52 wk High/Low
2385 / !38!
Markel Cap (Ps Mn)
4,!80,!2!
Shares Oulslanding (Mn)
!959
TATA CON5ULTANCY 5EVICE5 UY
PEfEED PICK5 - fUNDAMENTAL
Number of EmpIoyees
GeographicaI evenue reak up (%)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 8!8,094 934,050 !,052,7!4
Crowlh 29.9 !4.2 !2.7
L8lTDA 25!,322 280,7!9 3!2,720
L8lTDA margin 30.7 30.! 29.7
P8T 253,888 289,9!9 324,070
Nel prolil !9!,087 2!8,8!3 244,853
LPS (Ps) 97.6 !!!.8 !25.!
Crowlh 37.! !4.5 !!.9
CLPS !05.5 !20.0 !34.0
8ook Value (Ps / Share) 282.7 349.2 423.2
Dividend per Share (Ps) 32.0 40.0 45.0
POL 5!.9 45.4 39.6
POCL 66.4 58.2 50.9
Nel cash (debl) 29,060 !06,644 2!3,729
Nel working capilal (Days) 99.2 96.0 94.0
P/L (x) 2!.9 !9.! !7.!
P/8V (x) 7.5 6.! 5.0
LV/Sales (x) 5.! 4.4 3.8
LV/L8lTDA (x) !6.5 !4.8 !3.0
(!.2) (0.4) 2.5
Lasl reporl on 22-Apr-!4(Price.222!)
INVE5TMENT AGUMENT
Consislenl high volume growlh rellecls elleclive demand generalion
inilialives and ellicienl execulion.
We undersland lhal, lhe managemenl expecls growlh rales in lY!5 lo
be beller lhan lY!4.
lls conlidence is based on clienl inleraclions and lheir spending
pallerns.
TCS has been relalively more oplimislic on lulure demand and il has
reileraled lhe same.
Our largel valualions lor TCS are al a premium lo lhose ol peers.
ln lhe pasl several quarlers, TCS has reporled induslry leading growlh
rales wilh suslained margins.
A slower-lhan-expecled recovery in major user economies may impacl
our projeclions.
TCS, a Tala group company, is lhe largesl company by revenues in lhe lT
service exporls induslry ol lndia.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
21
lu.esreu '|ae|s Iuue 2014
CMP
447
Targel Price
487
52 wk High/Low
465 / 263
Markel Cap (Ps Mn)
!,222,763
Shares Oulslanding (Mn)
2737
TATA MOTO5 UY
PEfEED PICK5 - fUNDAMENTAL
5aIes VoIumes (UniIs)
1L - 5aIes VoIumes (UniIs)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg
Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 2,328,337 2,700,74! 3,079,45!
Crowlh () 23.3 !6.0 !4.0
L8lTDA 348,377 402,257 478,335
L8lTDA margin () !5.0 !4.9 !5.5
P8T !88,690 232,55! 270,684
Nel prolil !39,9!0 !68,20! !97,587
LPS (Ps) 46.5 52.3 6!.4
Crowlh () 40.2 20.2 !7.5
CLPS (Ps) 77.9 94.4 !!5.2
8V (Ps/share) 203.8 208.0 267.0
DPS(Ps) 2.0 2.0 2.0
POL () 27.! 25.4 25.8
POCL () 27.9 27.6 28.8
Nel cash (debl) (!56,704) (268,574) (269,557)
NWC (Days) (23.0) (23.0) (23.0)
P/L (x) 9.6 8.5 7.3
P/8V (x) 2.2 2.! !.7
LV/Sales (x) 0.7 0.6 0.4
LV/L8lTDA (x) 4.5 3.8 2.6
4.5 !2.8 !4.4
Lasl reporl on 30-May-!4 (Price.424)
INVE5TMENT AGUMENT
JLP's producl cycle looks robusl, wilh various new launches/upgrades/
lacelills planned over lhe nexl lew years.
lurlher, launches/upgrades are largely happening in lhe more
prolilable models, lhereby providing scope lor improved producl mix.
TAMO's slandalone operalions have been under pressure lor lhe pasl
lew quarlers due lo weak economic laclors and poor perlormance in
lhe passenger car markel. Civen lhe currenl weak macro-economic
environmenl, M&HCV demand revival looks unlikely in lhe near lerm.
Company is laking various sleps lo improve ils perlormance in lhe
passenger car segmenl. Any signilicanl improvemenl in lhis segmenl is
expecled lo happen over lhe medium lo long lerm.
Lower lhan expecled volume growlh al JLP
Delay in recovery in domeslic demand
Pise in raw malerial prices
Tala Molors Limiled (TAMO), parl ol Tala Croup, is lndia's largesl
aulomobile company. Lslablished in !945, TAMO has presence in lhe
commercial vehicle and passenger vehicle segmenls. ln lhe domeslic
markel, lhe company is lhe markel leader in bolh lhe LCV and M&HCV
segmenl.
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)
22
lu.esreu '|ae|s Iuue 2014
CMP
920
Targel Price
!095
52 wk High/Low
945 / 526
Markel Cap (Ps Mn)
!09,624
Shares Oulslanding (Mn)
!!9
THEMAX UY
PEfEED PICK5 - fUNDAMENTAL
GrovIh in Order inIake (s mn)
evenue mix (%)
5hare HoIding PaIIern (%)
Source. Company
Source. Company, Kolak Securilies - Privale Clienl Pesearch
Source. 8loomberg Source. 8loomberg, Company, Kolak Securilies - Privale Clienl Pesearch
fINANCIAL5 (5 MN) fY14 fY15E fY16E
VALUATION PAAMETE5 fY14 fY15E fY16E
PICE PEfOMANCE (%) 1M 3M 6M
Sales 50,999 64,743 73,!09
Crowlh () -7.! 26.9 !2.9
L8lTDA 4,265 5,922 7,909
L8lTDA margin () 8.4 9.! !0.8
P8T 3,893 5,837 7,884
Nel prolil 2,750 3,858 5,2!!
LPS (Ps) 23.! 32.4 43.8
Crowlh () (9.6) 40.3 35.!
CLPS (Ps) 27.5 39.6 5!.4
8ook value (Ps/share) !70.7 !94.9 230.5
Dividend per share (Ps) 6.0 7.0 7.0
POL () 7.6 !!.3 !4.0
POCL () !!.3 !4.5 !7.2
Nel cash (debl) 4,!38 6,503 !2,036
Nel Working Capilal (Days) !2.4 !3.3 6.0
P/L (x) 39.8 28.4 2!.0
P/8V (x) 5.4 4.7 4.0
LV/Sales (x) 2.! !.6 !.4
LV/L8lTDA (x) 24.9 !7.8 !3.0
20.0 25.7 33.6
Lasl reporl on 29-May-!4 (Price.9!0)
INVE5TMENT AGUMENT
Thermax is a play on lhe caplive power and induslrial boiler segmenl.
The oullook lor lhe caplive power seclor remains clouded on limiled
visibilily ol greenlield planls in core seclors. We reckon lhal since
melals and chemicals accounl lor almosl 60 ol lhe caplive power
capacily in lndia, revival in lhese lwo seclors remain crucial lor
suslained growlh in order inlake lor lhe company.
Al lhe end ol lY!4, order backlog (Slandalone) was up 24 yoy lo Ps
53.89 bn, lhereby increasing revenue visibilily lo !5 monlhs ol lrailing
lour quarlers
The annual reporl highlighls compelilion lrom Chinese players in
energy segmenl, which has lhe polenlial lo spread lo olher
segmenls as well.
Wilh lhe lirming up ol lhe inleresl rales, order linalizalion is laking
longer.
Markel leader in induslrial boilers.
Signilicanl player in induslrial ellluenl lrealmenl
I5K5 & CONCEN5
ACKGOUND
(!0lh June - !4)