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2nd Mar, 2016

Private & Confidential
Suitability
Click to edit the title text format

Suitable for Investors looking for.

Investment horizon over three years.

Having high risk appetite.
Can withstand high volatility and price fluctuation on investments.
Higher return with assumed risk within equity asset class.
Average liquidity of investments.

Private & Confidential

Investment Philosophy
Click to edit the title text format

Allocation
Business Model
1) Market Share 2) Leadership
3) Niche Business Model
Sector opportunity
1) Sector potential to grow 2) Cyclical / Non
Consistency Cyclical 3) Favoring Policies
1) Sales / EBIDTA / PAT growth (3-5 years)
2) Stable or improving margins (3-5 years) Diversification
1) Sectorally well diversified basket of 15 stocks
Visibility 2) 40:60 Large cap and Midcap companies
1) Earnings outlook over next 3 years
2) Predictable business model
Exposure
1) Single Stock exposure < 10%
Corporate Governance 2) Single Sector exposure < 30%
1) Management back ground
2) Accounting & Corporate policies
Active Monitoring
1) Tracking news /policy /Quarter Performance
2) Rebalancing recommended list
Stock Selection

Private & Confidential

Why MidClick
Cap to edit the title text format

Bull Period The table shows outperformance of the Mid Cap

Apr-03 Dec-07 CAGR Volatility and Small Cap Index over the Sensex Index
Sensex 2960 20287 51.0% 22.0%
during the Bull Period.
BSE Mid Cap 952 9789 64.6% 25.0%
BSE Small Cap 893 13348 78.4% 31.6%
Bear Period Outperformance of the Mid Cap happens
Dec-07 Dec-11 CAGR Volatility because of better earnings growth in the bull
Sensex 20287 15455 -6.6% 31.2% phase.
BSE Mid Cap 9789 5135 -14.9% 40.5%
BSE Small Cap 13348 5550 -19.7% 45.4%
Current Bull period
The P/E for Mid cap and Small Caps also expands
Dec-11 Dec-15 CAGR Volatility as earnings growth is superior v/s Sensex
Sensex 15455 26118 14.0% 14.3% earnings growth.
BSE Mid Cap 5135 11143 21.4% 19.2%
BSE Small Cap 5550 11837 20.8% 21.8%
Going forward Mid Cap and Small Cap are
Todays are tomorrows expected to outperform the Large Cap, however
Small Cap Mid cap one should keep in mind the risk associated with
Which may it as we see the higher volatility in it. Therefore
eventually we emphasis on stringent stock selection
become strategy to create alpha over the benchmark.
Large Cap

Small Cap Mid Cap Large Cap

Private & Confidential

Why MidClick
Cap to edit the title text format

Difference between NIFTY MIDCAP 100 P/E and NIFTY 50 P/E

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The above graph represents the P/e difference between the CNXMCAP P/e &
NIFTY P/e over the last 12 years. The MidCaps had a great rally when the diff. in
P/e reached 6 from Minus 7.7. After Jan 08 crash, this difference has largely
remained in the negative territory. We have utilize this as an opportunity.
Private & Confidential
Recommended
Click toAggressive
edit the Basket
title text format
Symbol Sector Cost CMP % Gain Loss % Holding Mkt Cap Market Cap % Allocation
TATAMOTORS AUTOMOBILES 341 300 -12.2% 6.6% 91524 Large Cap 36.9%
IGARASHI AUTOMOBILES 317 380 19.9% 9.3% 1544 Mid Cap 63.1%
LT CAPITAL GOODS 1650 1076 -34.8% 5.0% 105984
PRAJIND CAPITAL GOODS 64 72 12.1% 8.7% 1408 Sector % Allocation
WABAG CAPITAL GOODS 813 449 -44.7% 4.3% 2415 AUTOMOBILES 15.9%
SBIN FINANCIALS 184 159 -13.9% 4.9% 140390 CAPITAL GOODS 18.0%
ICICIBANK FINANCIALS 338 190 -43.8% 4.7% 127999 FINANCIALS 16.7%
LICHSGFIN FINANCIALS 462 422 -8.7% 7.1% 22801 OIL & GAS 8.6%
IOC OIL & GAS 427 368 -13.8% 8.6% 94338 PHARMA 7.6%
SYNGENE PHARMA 383 396 3.2% 7.6% 7880 POWER 10.1%
APARINDS POWER 343 416 21.3% 10.1% 1731 TECHNOLOGY 6.6%
NIITTECH TECHNOLOGY 446 420 -5.9% 6.6% 2839 TEXTILES 12.3%
RSWM TEXTILES 305 271 -11.1% 5.9% 634 TRAVEL 4.2%
ARVIND TEXTILES 307 239 -22.3% 6.5% 6816
COX&KINGS TRAVEL 223 147 -33.8% 4.2% 2730
Total 480419 420559 100% Total 100.0%
CMP as on 29th Feb 2016 Monthly Returns
Inception 18th Aggressive NIFTY
NIFTY 50
Feb 2015 Basket MIDCAP 100
28/02/2015 3.1% 1.1% 0.3%
31/03/2015 -3.1% -4.6% -0.9%
30/04/2015 -3.5% -3.6% -2.4%
29/05/2015 5.3% 3.1% 3.9%
Note: Returns shown
30/06/2015 4.9% -0.8% -1.3%
are pre cost, including
31/07/2015 8.7% 2.0% 5.5%
dividends and adjusted
31/08/2015 -9.6% -6.6% -4.9%
for gain/loss on the
30/09/2015 -1.8% -0.3% -0.6%
stock replacement
30/10/2015 4.3% 1.5% 2.0%
done.
30/11/2015 2.6% -1.6% 0.1%
31/12/2015 1.7% 0.1% 1.1%
29/01/2016 -5.9% -4.8% -6.9%
29/02/2016 -18.9% -7.6% -7.3%
Since Inception -14.6% -20.7% -11.6%
Private & Confidential
Tata Motors
ClickLtd. CMP 317
to edit the title text format

Tata Motors Limited is a leading global automobile manufacturer with a

portfolio that covers a wide range of cars, sports vehicles, buses, trucks and SECTOR AUTOMOBILES
defence vehicles. Company now sell vehicles in more than 50 countries. It has
built a strong global network of subsidiaries and associate companies, NSE Symbol BSE Code Bloomberg
including Jaguar Land Rover in UK and Tata Daewoo in south korea. TATAMOTORS 500570 TTMT IN
In Q3FY16 consolidated revenues inched up 3% YoY to Rs 722bn while PAT slid CMP Market Cap (cr) Equity (cr)
12% to Rs 34.6bn. JLRs EBITDA margins rose 223bps QoQ (-422bps YoY) to 317 91524 577
14.4%, as operating leverage kicked in due to volume growth of 24% QoQ.
EPS (TTM) BV FV
The company reported a profit of 22mn in the China JV during Q3FY16. On
Standalone it reported net losses of Rs 2bn, with margins at sliding 5.7%. We 26.2 292.1 2
continue to believe a turnaround in the India business is imminent as the CV P/E P/BV Div Yield
cycle recovers. Company has entered in a phase where YoY volume growth at 12.1 1.1 0.00
JLR is accelerating as a combination of both a strong product cycle and a low
52 Week H 52 Week L Avg Vol ('000)
base, the volume growth likely to be more than 20% in 2HFY16 and FY17.
585.8 265.8 2371.3
It is expected to witness better traction from North America and Europe with
ongoing healthy volume growth supported by new launches at regular Share Holding Pattern Group
interval which will help in gaining market share across the Promoter 33.01
geographies..Furthermore, an improving local economy and new passenger Others 66.99
car launches will likely drive growth in India.
Tata Motors Ltd. Figures INR crore
FY 13 FY 14 FY 15 FY 16 E FY 17 E 110 NIFTY 50 Tata Motors Ltd.

Net Sales 188,793 232,834 262,796 267,021 309,221 100

EBIDTA 24,596 33,224 39,239 36,911 45,564 90

80
EBIDTA Margin 13.0% 14.3% 14.9% 13.8% 14.7%
70
PAT 9,871 14,104 14,060 11,347 16,465
60
PAT Margin 5.2% 6.1% 5.4% 4.2% 5.3% 50

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EPS 30.7 43.0 43.0 33.7 48.4
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

Igarashi Click
MotorstoIndia
editLtd. CMP 504
the title text format

Igarashi Motors India Ltd (IMIL) manufacture electric DC motors for

automobiles. Globally 70 million cars are built; each car will have about SECTOR AUTOMOBILES
20(conservatively) small electric motors that make the electric motors market
a 1.5 billion in numbers and with developing markets expected to build more NSE Symbol BSE Code Bloomberg
cars going forward it is expected to grow to 100 million vehicles per year IGARASHI 517380 IGM IN
globally. CMP Market Cap (cr) Equity (cr)
In Q3FY16 revenue was up by 3.4% YoY at 105.3 cr, EBIDTA up by 4.7% at 504 1544 31
24.4 cr, with EBIDTA margin improving to 23.2% as against 22.92% YoY.
EPS (TTM) BV FV
IMIL is working with global auto ancillary suppliers. Bosch, Continental,
20.3 96.4 10
Delphi, Cooper, Magneti Marelli, Pierburg, Visteon are some major
customers. Companys products are distributed widely and presently Europe P/E P/BV Div Yield
USA contributes 85% of our revenues. Company is planning to set up 24.8 5.2 0.88
distribution network between Europe, America, India and Far East Markets. 52 Week H 52 Week L Avg Vol ('000)
IMIL has getting dual benefit against competitors as currency is now in favor 773.7 350 25.1
of exporters and cheap labour cost also providing labour cost arbitrage to
company. Share Holding Pattern Group
The key growth drivers for IML are: 1) Content per car increasing, 2) Fuel Promoter 85.85
efficiency as well as emission reduction mandates for automakers worldwide Others 14.15
and 3) Revenue synergies with new Japanese parent IEW.
Igarashi Motors India Ltd. Figures INR crore NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 260
240 Igarashi Motors India
Net Sales 291 361 385 440 515 220 Ltd.
EBIDTA 54 69 77 99 118 200
180
EBIDTA Margin 18.6% 19.1% 19.9% 22.5% 22.8% 160
140
PAT 21 46 49 58 70 120
100
PAT Margin 7.3% 12.8% 12.7% 13.1% 13.7% 80

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EPS 10.5 15.2 16.0 18.8 23.0
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

Larsen &Click
Toubro
to Ltd. CMP 1138
edit the title text format

Larsen and Toubro (LT) is India's largest E&C Company. Larsen has made
significant investments in defence, shipbuilding and power, over the last 4-5 SECTOR CAPITAL GOODS
years. Larsen has also expanded into new geographies like Saudi Arabia and
Qatar. Most of these businesses are highly capital intensive, which shall fetch NSE Symbol BSE Code Bloomberg
revenues in the coming years. LT 500510 LT IN
In Q3FY16 Consolidated operational performance of L&T was lower than CMP Market Cap (cr) Equity (cr)
expectation impacted by weak execution under the heavy engineering (27% 1138 105984 186
drop YoY) and metallurgical (17% decline YoY), however supported by
EPS (TTM) BV FV
overseas project execution, power segment grew 21% and infrastructure
posted 37% increase in revenue. 50.5 464.4 2
The company has a pipeline of Rs 2 lakh crore for 4QFY16. Company expects P/E P/BV Div Yield
to reach order inflow equivalent to last year full year numbers. This implies a 22.5 2.5 1.43
huge Rs 60,000 crs plus of order inflow for 4QFY16. Orders from defence 52 Week H 52 Week L Avg Vol ('000)
sector would start trickling down from FY17 and revenues for the same would 1893.8 1016.05 675.7
be booked from FY18.
LTT continues to be the best play in the Indian infrastructure space, given its Share Holding Pattern Group
strong business model, diverse skill sets, strong execution capabilities and Promoter 0
relatively healthy/large balance sheet. Others 100

Larsen & Toubro Ltd. Figures INR crore NIFTY 50

FY 13 FY 14 FY 15 FY 16 E FY 17 E 120 Larsen & Toubro Ltd.
Net Sales 74,498 85,128 92,005 101,072 113,894 110

EBIDTA 8,884 9,929 10,755 11,956 14,240 100

90
EBIDTA Margin 11.9% 11.7% 11.7% 11.8% 12.5%
80
PAT 5,252 4,875 4,934 4,408 5,442
70
PAT Margin 7.1% 5.7% 5.4% 4.4% 4.8% 60

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EPS 56.4 52.9 51.3 47.1 58.2
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

Praj Industries
Click toLtd.edit the title text format
CMP 79

Praj offers innovative technology solutions and project implementation and

management services to the bioethanol industry. It is also involved in two SECTOR CAPITAL GOODS
major growth platformsone focusing on industrial solutions for water &
waste water management and critical process equipment & systems and the NSE Symbol BSE Code Bloomberg
other on biobased products. It has presence in almost 60 countries with 600 PRAJIND 522205 PRJ IN
references in this business. CMP Market Cap (cr) Equity (cr)
Q3FY16 revenue up 32% Y-o-Y, EBIDTA was up 91% with margins improving by 79 1408 36
435 bps to 14.2%. PAT for the quarter had double to 25.51 cr
EPS (TTM) BV FV
Companys 9M FY16 order intake was at 832 cr. The order intake domestic
4.0 37.2 2
market consist of 76% while exports 24%. Segment wise contribution of order
is, emerging business 25%, ethanol 66% and brewery 9%. The P/E P/BV Div Yield
outstanding order book is quite healthy for the company at 11.12 bn . 19.5 2.1 2.05
Company to benefit from the India ethanol blending program, 4.2% blending 52 Week H 52 Week L Avg Vol ('000)
achieved against targeted 5%. Positive environment for ethanol with firming 117 57.1 420.8
up of sugar price and soft loans to improve health of sugar mills.
During the year, company entered into strategic understanding with Gevo to Share Holding Pattern Group
access additional 2nd gen technology (Isobutanol) wise potential in water Promoter 33.9
treatment of mid size plant is 25-45crs. Others 66.1

Praj Industries Ltd. Figures INR crore

NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 200
Net Sales 949 932 1,012 1,058 1,229 180 Praj Industries Ltd.

EBIDTA 85 78 84 111 138 160

140
EBIDTA Margin 8.9% 8.4% 8.3% 10.5% 11.3%
120
PAT 72 57 78 69 91
100
PAT Margin 7.5% 6.1% 7.7% 6.5% 7.4% 80

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EPS 3.8 3.1 4.3 3.8 5.1
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

VA Tech Click
WabagtoLtd. CMP 443
edit the title text format

VA Tech Wabag Limited (WABAG) is an Indian Multinational with European

parentage offering world class services into high growth water markets with a SECTOR CAPITAL GOODS
respectable market share.
NSE Symbol BSE Code Bloomberg
The company also offers leading European technologies in emerging markets
at viable prices and with evolving global mercantilism and virtual water trade, WABAG 533269 VATW IN
global water equipment market is more than half trillion dollar opportunity CMP Market Cap (cr) Equity (cr)
already. 443 2415 11
In Q3FY16 consolidated revenue grew marginally by 1.8% YoY to Rs 6.3 bn. Its
EPS (TTM) BV FV
standalone revenues grew 26.3% YoY to Rs 3.7 bn. India business continues to
17.3 173.5 2
perform better due to increased focus on projects execution while its
overseas business grew marginally due to factors like currency volatility, P/E P/BV Div Yield
Nepal project and many other projects at engineering completion stage. 25.7 2.6 0.90
Consolidated EBIDTA margin was up at 7.3% against 6.8% YoY. 52 Week H 52 Week L Avg Vol ('000)
The outstanding order book (excluding framework orders) stood at 64.1 bnas 972.5 408.8 23.3
against Rs 52.8 bn in same quarter previous year, a growth of ~21%. Its
framework contracts stood at Rs 15.4 bn during the current quarter. Share Holding Pattern Group
We believe Wabag being a leader in its segment stands to benefit from Promoter 28.95
various water based projects like Namami Gange, Swacch Bharat & Smart Others 71.05
Cities which are currently pegged in upwards of Rs 2,000 billion.
VA Tech Wabag Ltd. Figures INR crore
NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 140
130
Net Sales 1,619 2,239 2,435 2,669 2,954 VA Tech Wabag Ltd.
120
EBIDTA 154 189 209 216 251 110
100
EBIDTA Margin 9.5% 8.4% 8.6% 8.1% 8.5% 90
80
PAT 90 114 110 111 144 70
60
PAT Margin 5.5% 5.1% 4.5% 4.2% 4.9% 50

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EPS 17.0 21.3 20.3 20.4 26.4
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

SyngeneClick
International
to edit Ltd. CMP 394
the title text format

Pharmaceutical companies have been facing stiff issues relating to patent cliff
and rising R&D costs. There is a large opportunity awaiting the global CRO SECTOR PHARMA
and CRAMS sectors where companies like Syngene, an integrated endto-end
discovery & development service provider for novel molecular entities NSE Symbol BSE Code Bloomberg
(NMEs) across the range of industrial sectors likely to benefit the most. SYNGENE 539268 SYNG IN
In Q3FY16 revenue grew by 23% y-o-y to Rs. 275 cr. EBITDA grew by 22% at CMP Market Cap (cr) Equity (cr)
Rs. 88.7 cr y-o-y, with margins maintained at 32.2%. PAT grew by 31% at Rs. 394 7880 200
58.8 cr y-o-y on account of better EBITDA growth coupled with lower finance
cost. The company cleared a USFDA audit for its clinical development facility. EPS (TTM) BV FV
8.8 50.3 10
Syngene client base has increased from 103 in FY12 to 221 in FY15 across
sectors. It enjoys multiyear, multi disciplinary partnership with some of the P/E P/BV Div Yield
most respected research focused companies like Bristol-Myers Squibb Co., 45.0 7.8 1.45
Abbott laboratories (Singapore) Pte. Ltd. and Baxter International Inc., among 52 Week H 52 Week L Avg Vol ('000)
others. 436 295 63.3
Company to benefit from (1) Large and growing addressable market 2)
Flexible Business Models 3)Customer engagement with dedicated center Share Holding Pattern Group
model and tailored service offering 4) Moving from CRO to CRAMS with Promoter 74.55
commercial manufacturing 5) World Class Infrastructure and Qualified Pool Others 25.45
of Scientists 6) Attractive Blue Chip Customer Base..
Syngene International Ltd. Figures INR crore NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 125
120 Syngene International
Net Sales 550 700 860 1,100 1,409 115 Ltd.
EBIDTA 164 214 281 348 445 110
105
EBIDTA Margin 29.8% 30.5% 32.7% 31.7% 31.6% 100
95
PAT 98 134 175 211 274 90
85
PAT Margin 17.7% 19.1% 20.4% 19.2% 19.5% 80

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EPS 5.3 7.2 8.8 10.6 13.8
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

State Bank Of India
Click CMP 181
to edit the title text format
The banking sector has been under pressure due to change in base rate
methodology and margin impact, asset quality trends, efficacy of 5/25 SECTOR FINANCIALS
refinancing and continued sluggishness in credit growth etc.
SBINs 3QFY16 PAT was INR11.2b led by weak core PPoP growth (-6% YoY) and NSE Symbol BSE Code Bloomberg
high credit costs (2.2% v/s 1.2% 2Q) 56% related to RBI asset quality review SBIN 500112 SBIN IN
(AQR). Led by AQR, NNPA increased ~75bp QoQ Gross slippages were CMP Market Cap (cr) Equity (cr)
INR207b (6.7% of loans, annualized) v/s INR58.8b (1.9%) in 2QFY16. 181 140390 776
Management expects similar level of stress to persist in 4Q. Fresh
EPS (TTM) BV FV
restructured loans were INR13b (0.4%) and 5:25 refinancing during 3Q was
20.2 234.3 1
INR5.1b (v/s INR39.6b in 2Q). SBIN invoked SDR on 17 accounts amounting to
~INR165b. Reported NIM were down 26bp QoQ (2.77%) partly led by higher P/E P/BV Div Yield
slippages (~10bp impact) and base rate cut (35bp cut in Oct-15). Overall NII 9.0 0.8 1.94
de-grew by 1% YoY (-4.5% QoQ). Fee growth continues to remain moderate 52 Week H 52 Week L Avg Vol ('000)
(+7% YoY). 315 148.25 3966.1
We belive most of the negative have been already factored in the price after a
Share Holding Pattern Group
recent correction . Gradual recovery in credit growth and in asset quality to
Promoter 61.37
drive the modest improvement in Core sector growth. Perception of default
Others 38.63
risk would persist untill asset quality consistently improves for the sector.
State Bank Of India (Standalone) Figures INR crore
FY 13 FY 14 FY 15 FY 16 E FY 17 E NIFTY 50
NET INT Income 44,293 49,282 55,015 55,796 60,670 120
110 State Bank Of India
TOTAL Income 60,366 67,835 77,591 82,277 90,710
100
Operating EXP 29,284 35,726 38,678 12,627 13,992 90
PAT 14,105 10,891 13,102 13,118 15,803 80
70
NIM % 3.3% 3.2% 3.2% 2.70% 2.60%
60
EPS 21.0 15.7 17.6 16.9 20.4 50

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Jul-15
BV 177 188 206 223 243
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

ICICI Bank CMP 220
Click to edit the title text format
ICICI Bank reported a 33% QoQ rise in gross NPLs for 3Q FY16, largely due to
the RBIs asset quality review undertaken during the quarter (around two- SECTOR FINANCIALS
thirds of the fresh NPLs were on account of the review). As part of the review,
the bank had to treat a large steel account as an NPL, which led to the rise in NSE Symbol BSE Code Bloomberg
NPLs. The stock has de-rated significantly on the back of this .We believe that ICICIBANK 532174 ICICIBC IN
the bank should be able to absorb the provisioning on the legacy project loan
exposure within ~100bp credit costs over the next 8-10 quarters. CMP Market Cap (cr) Equity (cr)
220 127999 1163
ICICI has de-risked the front book significantly; the quality of the retail book
has been resilient as the bank has focused on secured retail loans in the last EPS (TTM) BV FV
three to four years and has significantly cut down on risky retail loans. 20.6 154.1 2
Focus on transactional services within corporate banking and on better P/E P/BV Div Yield
leverage of its retail customer base to drive fee-income growth. Even with 10.7 1.4 2.27
increasing credit costs, we foresee ROEs rising continuously through to FY18.
52 Week H 52 Week L Avg Vol ('000)
We believe the banks strong capital base is a significant advantage over
competitors (especially PSUs), as they may have to forsake growth to 362 180.75 3961.3
preserve capital. Also substantial branch expansion over the past 4 to 5 years Share Holding Pattern Group
and strong capital position has positioned it to grow better than the average Promoter 0
industry growth, as and when business environment turns conducive. Others 100
ICICI Bank Ltd. (Standalone) Figures INR crore
FY 13 FY 14 FY 15 FY 16 E FY 17 E
110 NIFTY 50 ICICI Bank Ltd.
NET INT Income 13,866 16,476 19,040 21,275 23,859
100
TOTAL Income 22,212 26,903 31,216 36,847 37,567
90
Operating EXP 9,013 10,309 11,496 12,913 14,729
80
PAT 8,326 9,811 11,175 12,494 13,425
70
NIM % 3.0% 3.2% 3.3% 3.30% 3.30% 60
EPS 14.4 16.9 19.0 21.5 23.1 50

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Sep-15
Jul-15
BV 115 126 138 154 170
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

LIC Housing Finance
Click Ltd.
to edit CMP 452
the title text format

LIC Housing Finance (LICHF) is a proxy player of India Housing Sector Growth
with a consistent performer on all fronts and operates on a distribution SECTOR FINANCIALS
network business model.
NSE Symbol BSE Code Bloomberg
Apart from wide marketing network comprising Direct Selling Agents (DSAs),
Home Loan Agents (HLAs) and Customer Relationship Associates (CRAs), a LICHSGFIN 500253 LICHF IN
wholly owned subsidiary LICHF Financial Services (LICHFLFS) also distributes CMP Market Cap (cr) Equity (cr)
the companys product. 452 22801 101
In Q3FY16 LICHF reported 22% YoY growth in net earnings. NII growth stood
EPS (TTM) BV FV
at 36% YoY adversely impacted by rising trend in prepayments. Incremental
31.5 179.0 2
spread however improved further to 2.1% vs portfolio spread of 1.57%. Asset
quality reported stable trends with Net NPLs increasing by modest 3% QoQ P/E P/BV Div Yield
thus leading to 164bp QoQ decline in coverage ratio to 45%. 14.3 2.5 1.11
Going forward, the key to margin improvement is (a) higher incremental 52 Week H 52 Week L Avg Vol ('000)
spreads (b) Replacement of high cost bank borrowing with lower cost NCDs 523.95 388.65 335.8
and (c) increase in the share of LAP and corporate loan portfolio.
Increase in demand in rural expected backed by housing for all scheme of Share Holding Pattern Group
government. Its end user segment demand to pick up further. Promoter 40.31
Others 59.69
LIC Housing Finance Ltd. Figures INR crore
FY 13 FY 14 FY 15 FY 16 E FY 17 E NIFTY 50

NET INT Income 1,535 1,916 2,237 3,001 3,612 120

115 LIC Housing Finance
TOTAL Income 1,651 2,160 2,489 3,230 3,886 110 Ltd.

Operating EXP 282 313 379 459 539 105

100
PAT 1,023 1,317 1,386 1,715 2,144 95
90
NIM % 2.2% 2.3% 2.3% 2.3% 2.3%
85
EPS 20.3 26.1 27.5 34.0 42.5 80

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
BV 130 150 155 182 216
Source: Anand Rathi Research, Bloomberg, Ace equity
Private & Confidential
Indian Oil Corporation
Click Ltd title text format
to edit the CMP 389

IOC has the most diversified business model, while its annuity pipeline
business contributes ~20% to EBITDA, ~8% comes from the growing SECTOR OIL & GAS
petchem and ~50% from the buzzing marketing business. With diesel
accounting for ~50% of volumes, IOC is well placed to gain from marketing NSE Symbol BSE Code Bloomberg
margin expansion. IOC 530965 IOCL IN
IOC bottom line would get a boost of 20-30% after its 15 million tonne per CMP Market Cap (cr) Equity (cr)
annum (mtpa) greenfield project in Odisha is fully commissioned by FY18. 389 94338 2428
This (Paradip) refinery would contribute nearly 20-30% to the companys
EPS (TTM) BV FV
profit and would offer one of the best refiining margins, hgher by $6-7 a
barrel over the average refining margin $10-12. The refinery puts IOC in 63.6 315.6 10
advantage as it is is equipped to produce low emission BS IV compliant P/E P/BV Div Yield
motor fuel , as country goes for stricter regulation on pollution front. It can 6.1 1.2 1.70
also produce BS VI compliant automobile fuel with the addition of few
52 Week H 52 Week L Avg Vol ('000)
equipment putting on advantageous situation with government setting
465.9 323.4 396.2
deadline for switching over BS VI norms by 2020.
With the fall in Crude prices, the GRMs are likley to improve. There could be Share Holding Pattern Group
inventory loss due to fall in crude , however once the crude stabilizes and Promoter 58.57
starts to reverse we could see the improvement in profitability of the Others 41.43
company.
Indian Oil Corporation Ltd. Figures INR crore NIFTY 50
FY 13 FY 14 FY 15 FY 16 E FY 17 E 150
140 Indian Oil Corporation
Net Sales 462,084 488,793 450,079 382,834 419,371 Ltd.
130
EBIDTA 13,773 17,039 9,183 23,214 25,560 120
EBIDTA Margin 3.0% 3.5% 2.0% 6.1% 6.1% 110
PAT 3,627 6,967 4,872 11,062 12,353 100
90
PAT Margin 0.8% 1.4% 1.1% 2.9% 2.9% 80

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
EPS 18.3 29.2 20.2 45.4 50.7
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

Apar Industries
Click toLtd. CMP 450
edit the title text format

Transformer Oil: We believe new government is serious as far as power sector

and going ahead atleast three-four years we can witness tremendous growth SECTOR POWER
from transformer oil segments because of replacement and new additional
demand. Conductor segment: The Company pioneered in aluminum alloy rod NSE Symbol BSE Code Bloomberg
and conductors in India that are used in overhead power transmission and APARINDS 532259 APR IN
distribution and at present commands a market share of 23% in India. CMP Market Cap (cr) Equity (cr)
In Q3FY16 revenue declined by 9% at Rs. 1186cr. The conductor segment & 450 1731 38
oil segment posted 17% & 13% revenue decline on y-o-y basis affected by
EPS (TTM) BV FV
lower commodity prices. However, cable segment posted strong revenue
growth of 47% y-o-y basis. Consolidated EBITDA grew 45% y-o-y to Rs82 cr, 33.5 190.6 10
driven by improved profitability in speciality oils and cables segment. EBITDA P/E P/BV Div Yield
margin increased by 260bps y-o-y to 7%. Adjusting for a one-time gain of Rs 13.4 2.4 0.78
43 cr on sale of treasury shares, consolidated PAT stood at Rs 24.9 cr
52 Week H 52 Week L Avg Vol ('000)
Key Triggers: 1) Increased activity in domestic conductor tendering seen, will 541.95 321 16.9
improve H2FY16-17. 2) The governments initiatives like the UDAY scheme to
turnaround and revive the power discoms and an improvement in power T&D Share Holding Pattern Group
sector 3) Substantial increase in capacity addition of Solar & Wind Power Promoter 58.21
expected which will boost demand for Elastomeric- E beam cables. Others 41.79

Apar Industries Ltd. Figures INR crore

NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 170
160
Net Sales 4,651 4,632 5,122 5,469 6,063 Apar Industries Ltd.
150
EBIDTA 318 307 264 281 402 140
130
EBIDTA Margin 6.8% 6.6% 5.1% 5.1% 6.6% 120
110
PAT 110 90 49 88 169 100
90
PAT Margin 2.4% 1.9% 1.0% 1.6% 2.8% 80

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
EPS 28.5 23.3 12.9 22.8 49.9
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

NIIT Technologies Ltd. the title text format
Click to edit CMP 464

NIIT Technologies is a global IT solutions organization with over 9000

professionals addressing the requirements of clients across the Americas, SECTOR TECHNOLOGY
Europe, Middle East, Asia and Australia. The Company has built a robust
portfolio of marquee customers in key verticals such as Travel and NSE Symbol BSE Code Bloomberg
Transportation, Banking and Financial Services, Insurance, Manufacturing, NIITTECH 532541 NITEC IN
Media and the Government. CMP Market Cap (cr) Equity (cr)
In Q3FY16 it posted 1.2% qoq decline in US$ revenue [likely constant currency 464 2839 61
(CC) decline of 0.4-0.5%]. EBIT margin (ex-forex) was up 59bp qoq. 3Q order
EPS (TTM) BV FV
intake of US$123m (much higher than the US$80m in 2Q) was the highest in
the past six quarters, led by a large deal win worth US$34m from UK-based 26.6 191.6 10
Ofcom. It also won five digital deals (digital contributed 15% of total revenue P/E P/BV Div Yield
in 3Q). It is still chasing many deals worth >US$20m each and the renewal of 17.4 2.4 2.05
deals signed earlier. Hence, we expect intake to be healthy in 4Q.
52 Week H 52 Week L Avg Vol ('000)
Post the induction of Mr. Sudhir Chaturvedi, NIIT Tech has restructured its 631 325.55 73.1
business and will focus on a four-point agenda to drive future growth. The
four key points are: 1) scaling & growing US business 2) carved out IMS as a Share Holding Pattern Group
separate unit for large deal wins 3) continued focus on maintaining leadership Promoter 30.83
position in Travel and Transportation vertical and 4) greater emphasis on Others 69.17
digital services.
NIIT Technologies Ltd. Figures INR crore
NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 180
Net Sales 2,021 2,305 2,372 5,469 6,063 160 NIIT Technologies Ltd.

EBIDTA 333 354 336 281 402 140

EBIDTA Margin 16.5% 15.4% 14.2% 5.1% 6.6% 120
PAT 218 238 122 88 169 100
PAT Margin 10.8% 10.3% 5.1% 1.6% 2.8% 80

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
EPS 35.4 38.0 18.7 22.8 49.9
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

Arvind Ltd. CMP 264
Click to edit the title text format

Arvind offers a good mix of export and domestic consumption growth. Its
textiles business will benefit from a recovery in the developed markets and SECTOR TEXTILES
improving competitiveness, while its brands and expanding retail network will
benefit from secular growth in Indias organized apparel market. NSE Symbol BSE Code Bloomberg
In Q3FY16 Arvind has reported a modest growth in revenue at 4%, EBIDTA ARVIND 500101 ARVND IN
was lower by 3% led by fall in margin by 86bps to 13.02%. PAT was lower by CMP Market Cap (cr) Equity (cr)
6%. Textile growth was flat due to lower denim volumes, However, Brand and 264 6816 258
Retail has registered a growth of 12%
EPS (TTM) BV FV
The management has guided for 4QFY16 blended revenue growth of 9-10%,
led by 28-29% growth in brands and retail business and 2-3% growth in 11.6 99.8 10
textiles business. They expect textiles to grow by 7-8% and brands and retail P/E P/BV Div Yield
to grow by 18-20% in FY17. Brands in 4-5 years should garner 16-17% margins 22.7 2.6 0.97
with specialty retail garnering 10-12%. 52 Week H 52 Week L Avg Vol ('000)
Brands and retail on secular growth Arvinds leading position in menswear 365.7 216.3 264.1
and its track record of growing licensed brands like Arrow and Tommy Hilfiger
etc. will enable it to exploit opportunities in the branded apparel space. Share Holding Pattern Group
With focus on more value-accretive brands and retail business by change in Promoter 43.78
revenue mix, capex intensity in the business will reduce going forward. This Others 56.22
will further aide in improvement in margins .
Arvind Ltd. Figures INR crore
NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 125
120
Net Sales 5,388 6,948 7,815 8,936 10,300 Arvind Ltd.
115
EBIDTA 687 934 1,004 1,214 1,411 110
105
EBIDTA Margin 12.8% 13.4% 12.9% 13.6% 13.7% 100
95
PAT 248 353 338 458 558 90
85
PAT Margin 4.6% 5.1% 4.3% 5.1% 5.4% 80

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
EPS 9.6 13.7 13.2 17.9 21.8
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

RSWM Ltd. CMP 274
Click to edit the title text format

RSWM specializes in manufacturing of quality yarn with focus on making

value - added blended variants. Among India's largest polyester yarn SECTOR TEXTILES
manufactures, making it a preferred partner of downstream users. Ability to
customize blends, shades & batch size. NSE Symbol BSE Code Bloomberg
It has 11 states - of - the- art manufacturing facilities in Rajasthan & TN. It RSWM 500350 RJS IN
markets its product within India (67%) & globally (33%) in 78 countries. One CMP Market Cap (cr) Equity (cr)
of its leading brand `Mayur Suitings' enjoys high brand equity in its target 274 634 23
segment in the country. Has strong clientele base includes names like
EPS (TTM) BV FV
Raymonds, Welspun India, Siyarams', Raid & Taylor, etc.
42.9 218.9 10
In Q3 FY16, total income grew marginally by 2% at Rs. 756 cr y-o-y basis on
account of uptick seen in yarn division. at Rs. 665 cr, Fabric division remained P/E P/BV Div Yield
Flat at 115 cr. EBITDA grew by 4% at Rs. 90 cr, however PAT grew by 23.5% at 6.4 1.3 3.65
Rs. 21 cr on y-o-y basis. EBITDAM and PATM expanded by 30 and 50 basis 52 Week H 52 Week L Avg Vol ('000)
points at 12% and 2.8% respectively. Margins improved mainly due to decline 411.05 206 21.7
in cost of materials by 5.6%.
In last 3 years company added 67032 spindles, 960 rotors & 50 looms. Share Holding Pattern Group
Invested Rs. 443 crs in last 3years and now they will consolidate operation Promoter 51.44
over 18-24m & repay Rs. 375cr debt to strength B/S. Strong balance sheet Others 48.56
makes it possible to mobilize adequate funds at reasonable cost.
RSWM Ltd. Figures INR crore
NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 200
Net Sales 2,656 3,131 3,003 3,214 3,535 180 RSWM Ltd.

EBIDTA 332 386 346 391 453 160

140
EBIDTA Margin 12.5% 12.3% 11.5% 12.2% 12.8%
120
PAT 73 102 85 120 146
100
PAT Margin 2.8% 3.3% 2.8% 3.7% 4.1% 80

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
EPS 31.0 43.5 36.7 51.8 63.0
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

Cox & Kings (India)
Click Ltd.the title text format
to edit CMP 161

A Diversified, Multinational Travel Conglomerate: Cox & Kings Ltd (C&K) is a

premium brand established in 23 countries including India, U. K., USA, UAE, SECTOR TRAVEL
Australia and Japan among others. The company's business can be broadly
categorized as Leisure India, Leisure International, Education and Meininger. NSE Symbol BSE Code Bloomberg
In Q3FY16 Consolidated (Excluding Camping Div.) Net Sales grew by 10% to Rs COX&KINGS 533144 COXK IN
511.9 cr. EBITDA (excl. forex gain /loss) decreased by 27% yoy to Rs 115.9 cr CMP Market Cap (cr) Equity (cr)
PAT stood at Rs.106.7 cr aided by exceptional item gain. Leisure International 161 2730 85
impact by Paris attacks, severe weather conditions in the U.K. and higher
EPS (TTM) BV FV
brand spend at Superbreak and Laterooms. Education segment revenues on
constant currency basis fell by 5% yoy. Meininger business saw 5% euro terms 25.0 180.3 5
growth yoy on account of higher bed occupancy. P/E P/BV Div Yield
Consumer services, travel and education will be the most sought-after 6.4 0.9 0.62
avenues of personal investment considering the New age consumer. 52 Week H 52 Week L Avg Vol ('000)
C&K is looking to add around 721 beds in current year which will be ready for 341 140.1 145.9
operation in FY17 and 781 beds in FY17 to be ready for operation in FY18 in
Education segment. Share Holding Pattern Group
We expect future business growth to be driven mainly by Education and Promoter 48.73
Meininger. Increasing shift towards B2C in the leisure segment would drive Others 51.27
growth.
Cox & Kings (India) Ltd. Figures INR crore NIFTY MIDCAP 100
FY 13 FY 14 FY 15 FY 16 E FY 17 E 120
110 Cox & Kings (India)
Net Sales 1,809 2,308 2,569 2,621 2,883 Ltd.
100
EBIDTA 718 890 1,011 997 1,132 90
EBIDTA Margin 39.7% 38.6% 39.3% 38.1% 39.3% 80
PAT 152 449 90 399 504 70
60
PAT Margin 8.4% 19.5% 3.5% 15.2% 17.5% 50

Nov-15
Oct-15

Dec-15
Jan-16
May-15
Apr-15
Feb-15

Feb-16
Mar-15

Aug-15
Jun-15

Sep-15
Jul-15
EPS 18.2 28.1 5.4 23.9 30.2
Source: Anand Rathi Research, Bloomberg, Ace equity

Private & Confidential

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Private & Confidential

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Contd.

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