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CRISIL IER Independent Equity Research
Enhancing investment decisions
NRB Bearings Ltd
Q3FY14 Results Update
CRISIL IER Independent Equity Research
Explanation of CRISIL Fundamental and Valuation (CFV) matrix
The CFV Matrix (CRISIL Fundamental and Valuation Matrix) addresses the two important analysis of an investment making process – Analysis
of Fundamentals (addressed through Fundamental Grade) and Analysis of Returns (Valuation Grade) The fundamental grade is assigned on a
five-point scale from grade 5 (indicating Excellent fundamentals) to grade 1 (Poor fundamentals) The valuation grade is assigned on a five-
point scale from grade 5 (indicating strong upside from the current market price (CMP)) to grade 1 (strong downside from the CMP).
CRISIL
Fundamental Grade Assessment
CRISIL
Valuation Grade Assessment
5/5 Excellent fundamentals 5/5 Strong upside (>25% from CMP)
4/5 Superior fundamentals 4/5 Upside (10-25% from CMP)
3/5 Good fundamentals 3/5 Align (+-10% from CMP)
2/5 Moderate fundamentals 2/5 Downside (negative 10-25% from CMP)
1/5 Poor fundamentals 1/5 Strong downside (<-25% from CMP)
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Last updated: May, 2013
Analyst Disclosure
Each member of the team involved in the preparation of the grading report, hereby affirms that there exists no conflict of interest that can bias
the grading recommendation of the company.
Disclaimer:
This Company commissioned CRISIL IER report is based on data publicly available or from sources considered reliable. CRISIL Ltd.
(CRISIL) does not represent that it is accurate or complete and hence, it should not be relied upon as such. The data / report is subject to
change without any prior notice. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report
constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The subscriber / user assume the entire risk of any use
made of this data / report. CRISIL especially states that, it has no financial liability whatsoever, to the subscribers / users of this report. This
report is for the personal information only of the authorised recipient in India only. This report should not be reproduced or redistributed or
communicated directly or indirectly in any form to any other person – especially outside India or published or copied in whole or in part, for any
purpose.
NRB Bearings Ltd
Muted revenue growth and higher tax impact profitability
Fundamental Grade 4/5 (Superior fundamentals)
Valuation Grade 4/5 (CMP has upside)
Industry Auto Components
1
February 07, 2014
Fair Value ₹46
CMP ₹38
For detailed initiating coverage report please visit: www.ier.co.in
CRISIL Independent Equity Research reports are also available on Bloomberg (CRI <go>) and Thomson Reuters.
NRB Bearings Ltd’s Q3FY14 earnings were below CRISIL Research’s expectations primarily
due to higher-than-expected tax. The company had to make ₹10 mn additional tax provision
for last year. The business performance was largely as expected. Standalone revenue growth
was marginally up 5% y-o-y to ₹1,509 mn because domestic (OEM) sales (60% of total sales)
were flat owing to slowdown in domestic automobile industry. EBITDA margin was down by
107 bps y-o-y to 17.3% as prices of key raw material, steel, increased 6.7% y-o-y. Following
flat EBITDA and higher tax, PAT declined by 41% y-o-y to ₹87 mn. We marginally lower our
FY14 PAT estimate to factor in higher-than-expected tax. We retain FY15 and FY16 PAT
estimates as we expect recovery in the domestic automobile market from FY15. We maintain
the fundamental grade of 4/5.
Slowdown in domestic automobile industry led to muted revenue growth
Overall revenue growth was marginally up y-o-y because domestic (OEM) sales (60% of
sales) were flat y-o-y at ₹892 mn. Within domestic (OEM) sales, two-wheeler industry sales
(47% of domestic OEM sales) grew 9.7% y-o-y while commercial vehicle industry sales
declined by 22% y-o-y. Exports (24% of total sales), up 11% y-o-y to ₹360 mn, helped to
marginally reduce the impact of sluggish domestic automobile market.
Aftermarket segment picks up, as expected
As highlighted in our initiating coverage report, the company has been focusing on the
aftermarket segment since Q2FY14. The aftermarket segment (16% of sales) posted 22% y-
o-y growth to ₹232 mn.
Profitability impacted due to higher tax outgo
Profit after tax declined by 41% y-o-y to ₹87 mn in Q3FY14 due to higher tax outgo. The
increase in tax was on account of (i) reduction in tax exemption at the Pantnagar plant to
30% from 100% effective FY13 and (ii) ₹10 mn additional tax provision for FY13. Excluding
the additional tax provision for FY13, the effective tax rate would be ~27% in Q3FY14.
Valuations: Current market price has upside
We have marginally lowered our FY14 PAT estimate primarily to factor in higher-than-
expected tax. We maintain our discounted cash flow (DCF) based fair value of ₹46 per share.
The fair value implies P/E multiples of 8.8x and 7.1x in FY15E and FY16E EPS, respectively.
At the current market price of ₹38, the valuation grade is 4/5.
KEY FORECAST (CONSOLIDATED)
(₹ mn) FY12 FY13 FY14E FY15E FY16E
Operating income 5,600 5,912 6,161 7,017 7,942
EBITDA 1,156 1,071 1,069 1,274 1,466
Adj net income 500 449 353 508 629
Adj EPS (₹) 5.2 4.6 3.6 5.2 6.5
EPS growth (%) (13.0) (10.3) (21.4) 44.1 23.7
Dividend yield (%) 5.4 4.6 3.3 4.9 6.6
RoCE (%) 21.2 15.6 15.6 18.9 20.8
RoE (%) 22.7 20.7 16.7 21.5 23.3
PE (x) 7.2 8.0 10.2 7.1 5.7
P/BV (x) 1.5 1.8 1.6 1.4 1.2
EV/EBITDA (x) 4.9 5.9 5.6 4.5 4.0
NM: Not meaningful; CMP: Current market price
Source: Company, CRISIL Research estimates
CFV MATRIX
KEY STOCK STATISTICS
NIFTY/SENSEX 6063/20377
NSE/BSE ticker NRBBEARING/NRB
Face value (₹ per share) 2
Shares outstanding (mn) 96.9
Market cap (₹ mn)/(US$ mn) 3,488/57
Enterprise value (₹ mn)/(US$ mn) 6,180/102
52-week range (₹)/(H/L) 42/29
Beta 0.9
Free float (%) 37.2%
Avg daily volumes (30-days) 79,739
Avg daily value (30-days) (₹ mn) 3.3
SHAREHOLDING PATTERN
PERFORMANCE VIS-À-VIS MARKET
Returns
1-m 3-m 6-m 12-m
NRB Bearings -9% 11% 20% 8%
CNX 500 -2% -1% 12% 0%
ANALYTICAL CONTACT
Mohit Modi (Director) [email protected]
Elizabeth John [email protected]
Vishal Rampuria [email protected]
Client servicing desk
+91 22 3342 3561 [email protected]
1 2 3 4 5
1
2
3
4
5
Valuation Grade
Fu
nd
am
en
tal G
rad
e
Poor
Fundamentals
Excellent
Fundamentals
Str
on
g
Do
wn
sid
e
Str
on
g
Up
sid
e72.4%
62.8% 62.8% 62.5%
7.9%18.7% 19.0% 19.0%
5.0% 1.2% 1.2% 1.2%
14.8% 17.3% 17.0% 17.4%
0%
20%
40%
60%
80%
100%
Mar-13 Jun-13 Sep-13 Dec-13
Promoter FII DII Others
CRISIL IER Independent Equity Research
2
Q3FY14 Results Summary (Standalone)
(₹ mn) Q3FY14 Q2FY14 Q3FY13 q-o-q (%) y-o-y (%) 9MFY14 9MFY13 y-o-y (%)
Net sales 1,509 1,541 1,442 (2) 5 4,370 4,350 0.4
Raw material cost 729 760 684 (4) 6 2,126 2,044 4.0
Raw material as % of sales 48.3% 49.3% 47.5% -101 bps 82 bps 48.7% 47.0% 166 bps
Other expenses 270 281 259 (4) 5 801 827 -3.1
Employees cost 250 238 235 5 6 714 717 -0.4
EBITDA 261 263 264 (1) (1) 729 762 -4.4
EBITDA margin 17.3% 17.1% 18.3% 20 bps -107 bps 16.7% 17.5% -85 bps
Depreciation 85 84 75 1 13 249 225 11.0
EBIT 176 179 190 (2) (7) 479 538 -10.9
Interest and finance charges 44 44 49 (1) (10) 129 123 5.3
Operating PBT 132 135 141 (2) (6) 350 415 -15.7
Other income 0 11 0 (98) 100 23 22 5.0
PBT 132 146 141 (9) (6) 374 438 -14.6
Tax 45 40 (6) 12 (893) 112 69 63.1
PAT 87 106 147 (17) (41) 262 369 -29.0
Adj PAT 87 106 147 (17) (41) 262 369 -29.0
Adj PAT margin 5.8% 6.8% 10.2% -107 bps -440 bps 6.0% 8.5% -249 bps
No. of equity shares (mn) 96.9 96.9 96.9 0 0 96.9 96.9 0
Adj EPS (₹) 0.90 1.09 1.51 (17) (41) 2.70 3.81 -29.0
Source: Company, CRISIL Research
Muted revenue growth y-o-y... ... and higher tax outgo impacted profitability
Source: Company, CRISIL Research Source: Company, CRISIL Research
1,509 1,417 1,492 1,442 1,445 1,319 1,541 1,509
17.3% 16.9%16.0%
17.2%
13.8%14.8%
17.1% 17.3%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
1,200
1,250
1,300
1,350
1,400
1,450
1,500
1,550
1,600
Ma
r-1
2
Jun-1
2
Sep
-12
De
c-1
2
Mar-
13
Jun-1
3
Sep
-13
Dec-1
3
(₹ mn)
Revenue EBITDA margin (RHS)
131 109 114 147 101 69 105 87
8.7%
7.7% 7.6%
10.2%
7.0%
5.3%
6.8%
5.8%
0%
2%
4%
6%
8%
10%
12%
-
20
40
60
80
100
120
140
160
Ma
r-1
2
Ju
n-1
2
Sep
-12
De
c-1
2
Ma
r-1
3
Ju
n-1
3
Sep
-13
De
c-1
3
(₹ mn)
PAT PAT margin (RHS)
NRB Bearings Ltd
3
Segment-wise revenue mix Segment-wise growth rates y-o-y
Source: Company, CRISIL Research Source: Company, CRISIL Research
Steel HR prices rose 6.7% y-o-y and 3.1% q-o-q Steel CR prices up 5.4% y-o-y and 2.8% q-o-q
Source: Metal Bulletin, CRISIL Research Source: Metal Bulletin, CRISIL Research
Share price movement Fair value movement since initiation
-Indexed to 100
Source: NSE, CRISIL Research Source: NSE, BSE, CRISIL Research
67% 63% 64% 66% 68%59% 60%
15%14% 13% 13% 13%
14% 16%
18%23% 23% 21% 19%
27% 24%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Q1FY13 Q2FY13 Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14
Domestic market Aftermarket Export market
-8%
-6%
-2% -1%
-16%
-23%
3%
22%24%
1%
21%
11%
-30%
-20%
-10%
0%
10%
20%
30%
Q4FY13 Q1FY14 Q2FY14 Q3FY14
Domestic market Aftermarket Export market
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q3
FY
07
Q3
FY
08
Q3
FY
09
Q3
FY
10
Q3
FY
11
Q3
FY
12
Q3
FY
13
Q3
FY
14
(₹/tonne)
HR price trend
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Q3
FY
07
Q3
FY
08
Q3
FY
09
Q3
FY
10
Q3
FY
11
Q3
FY
12
Q3
FY
13
Q3
FY
14
(₹/tonne)
CR price trend
-
50
100
150
200
250
Jan-0
6
Jul-0
6
Ja
n-0
7
Au
g-0
7
Feb-0
8
Se
p-0
8
Ma
r-09
Oc
t-0
9
Ap
r-1
0
Nov
-10
May-1
1
Dec
-11
Jun-1
2
Ja
n-1
3
Jul-1
3
Feb-1
4
NRB Bearings CNX 500
-
100
200
300
400
500
600
700
-
5
10
15
20
25
30
35
40
45
50
2-J
an
-14
6-J
an
-14
8-J
an
-14
10-J
an-1
4
14-J
an-1
4
16-J
an-1
4
20-J
an
-14
22-J
an-1
4
24-J
an-1
4
28-J
an-1
4
30-J
an-1
4
3-F
eb
-14
5-F
eb-1
4
7-F
eb-1
4
('000)(₹)
Total traded Quantity Fair value NRB Bearings
CRISIL IER Independent Equity Research
4
Earnings Estimates Revised Downwards
Particulars Unit
FY14E FY15E FY16E
Old New % change Old New % change Old New % change
Revenues (₹ mn) 6,211 6,161 -0.8 7,017 7,017 0.0 7,942 7,942 0.0
EBITDA (₹ mn) 1,084 1,069 -1.4 1,274 1,274 0.0 1,466 1,466 0.0
EBITDA margin % 17.5 17.4 -10bps 18.2 18.2 0bps 18.5 18.5 0bps
PBT (₹ mn) 524 509 -2.9 708 708 0.0 874 874 0.0
Tax (₹ mn) 142 148 4.3 191 191 0.0 236 236 0.0
PAT (₹ mn) 374 353 -5.7 508 508 0.0 629 629 0.0
PAT margin % 6.0 5.7 -29bps 7.2 7.2 0bps 7.9 7.9 0bps
EPS ₹ 3.9 3.6 -5.7 5.2 5.2 0.0 6.5 6.5 0.0
Source: CRISIL Research estimates
Reasons for changes in estimates
Line item FY14E FY15E and FY16E
Revenues Marginally lowered as sales have been slightly below our
expectations
No change
EBITDA margins Largely unchanged No change. We expect EBITDA margin to improve to 18.5% in
FY16, following an improvement in demand
PAT margins Raised to factor in higher tax outgo following additional tax
provisioning for FY13
No change. We expect profitability to improve in FY15 and
further in FY16 following a) a likely recovery in the domestic
automobile market, b) EBITDA margin improvement and c) start
of operating leverage
Quarterly result comparison
Bearing companies
Q3FY14 Q2FY14 Q1FY14
NRB Bearings Timken India NRB Bearings Timken India NRB Bearings Timken India
Revenue (₹ mn) 1,509 1,745 1,541 1,791 1,319 1,703
EBITDA margins (%) 17.3% 5.6% 17.1% 9.2% 14.8% 10.7%
PAT (₹ mn) 87 46 106 132 69 121
PAT margins (%) 5.8% 2.6% 6.8% 7.4% 5.3% 7.1%
Source: Companies, CRISIL Research
Auto component companies
Q3FY14 Q2FY14 Q1FY14
Motherson Sumi Munjal Showa Motherson Sumi Munjal Showa Motherson Sumi Munjal Showa
Revenue (₹ mn) 11,059 4,159 11,165 3,666 10,782 3,988
EBITDA margins (%) 20.6% 7.5% 17.9% 4.9% 13.7% 6.9%
PAT (₹ mn) 1237 216 1182 96 808 196
PAT margins (%) 11.2% 5.2% 10.6% 2.6% 7.5% 4.9%
Source: Companies, CRISIL Research
NRB Bearings Ltd
5
Valuation Grade: 4/5
We maintain our DCF-based fair value of ₹46 per share. The fair value implies P/E multiples
of 8.8x and 7.1x in FY15E and FY16E EPS, respectively. At the current market price of ₹38,
the valuation grade is 4/5.
One-year forward P/E band One-year forward EV/EBITDA band
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
P/E – premium / discount to CNX 500 P/E movement
Source: NSE, CRISIL Research Source: NSE, CRISIL Research
CRISIL IER reports released on NRB Bearings Ltd
Date Nature of report
Fundamental
grade Fair value
Valuation
grade
CMP
(on the date of report)
02-Jan-2014 Detailed report 4/5 ₹46 5/5 ₹36
07-Feb-2014 Q3FY14 result update 4/5 ₹46 4/5 ₹38
0
10
20
30
40
50
60
70
80
90
Ap
r-0
8
Ju
l-0
8
Oc
t-0
8
Ja
n-0
9
Ma
y-0
9
Au
g-0
9
No
v-0
9
Ma
r-1
0
Ju
n-1
0
Se
p-1
0
Ja
n-1
1
Ap
r-1
1
Ju
l-1
1
No
v-1
1
Fe
b-1
2
Ma
y-1
2
Se
p-1
2
De
c-1
2
Ma
r-1
3
Ju
l-1
3
Oc
t-1
3
Ja
n-1
4
(₹)
NRB 6x 8x 9x 12x 15x
0
2,000
4,000
6,000
8,000
10,000
12,000
Ap
r-0
8
Ju
l-0
8
No
v-0
8
Ma
r-0
9
Ju
n-0
9
Oc
t-0
9
Fe
b-1
0
Ma
y-1
0
Se
p-1
0
Ja
n-1
1
Ap
r-1
1
Au
g-1
1
De
c-1
1
Ma
r-1
2
Ju
l-1
2
No
v-1
2
Fe
b-1
3
Ju
n-1
3
Oc
t-1
3
Ja
n-1
4
(₹ mn)
EV 3x 4x 5x 8x
-70%
-60%
-50%
-40%
-30%
-20%
-10%
0%
Ap
r-0
9
Ju
l-0
9
Nov-0
9
Feb-1
0
Jun-1
0
Oc
t-1
0
Jan-1
1
May
-11
Au
g-1
1
De
c-1
1
Ap
r-1
2
Jul-1
2
Nov-1
2
Ma
r-1
3
Jun-1
3
Oc
t-1
3
Jan-1
4
Premium/Discount to CNX 500
Median premium/discount to CNX 500
-5
0
5
10
15
20
25
Ap
r-0
9
Jul-0
9
Nov
-09
Feb-1
0
Ju
n-1
0
Oc
t-1
0
Jan-1
1
Ma
y-1
1
Au
g-1
1
Dec
-11
Ap
r-1
2
Jul-1
2
Nov
-12
Mar-
13
Jun-1
3
Oc
t-1
3
Jan-1
4
(Times)
1yr Fwd PE (x) Median PE
+1 std dev
-1 std dev
CRISIL IER Independent Equity Research
6
Annexure: Consolidated Financials
Source: Company, CRISIL Research estimates
Income statement Balance Sheet
(₹ mn) FY11 FY12 FY13 FY14E FY15E FY16E (₹ mn) FY12 FY13 FY14E FY15E FY16E
Operating income 4,817 5,600 5,912 6,161 7,017 7,942 Liabilities
EBITDA 1,162 1,156 1,071 1,069 1,274 1,466 Equity share capital 194 194 194 194 194
EBITDA margin 24.1% 20.6% 18.1% 17.4% 18.2% 18.5% Reserves 2,144 1,787 1,996 2,291 2,637
Depreciation 240 293 321 337 366 394 Minorities 9 17 26 34 43
EBIT 922 863 751 732 908 1,072 Net worth 2,346 1,998 2,216 2,519 2,874
Interest 76 154 206 225 205 211 Convertible debt - - -
Operating PBT 846 710 544 507 703 861 Other debt 2,575 2,723 2,445 2,415 2,515
Other income 5 24 35 2 5 13 Total debt 2,575 2,723 2,445 2,415 2,515
Exceptional inc/(exp) (40) (1) 23 - - - Deferred tax liability (net) 119 102 102 102 102
PBT 811 733 603 509 708 874 Total liabilities 5,040 4,822 4,762 5,036 5,491
Tax provision 264 224 122 148 191 236 Assets
Minority interest 12 10 9 9 9 9 Net f ixed assets 2,303 2,174 2,386 2,346 2,501
PAT (Reported) 535 499 472 353 508 629 Capital WIP 456 349 74 24 24
Less: Exceptionals (40) (1) 23 - - - Total fixed assets 2,758 2,522 2,460 2,369 2,525
Adjusted PAT 575 500 449 353 508 629 Investments 2 2 2 2 2
Current assets
Ratios Inventory 1,378 1,475 1,553 1,730 1,915
FY11 FY12 FY13 FY14E FY15E FY16E Sundry debtors 1,256 1,515 1,435 1,538 1,741
Growth Loans and advances 344 414 432 492 572
Operating income (%) 34.7 16.3 5.6 4.2 13.9 13.2 Cash & bank balance 556 31 86 265 281
EBITDA (%) 91.0 (0.5) (7.3) (0.2) 19.1 15.1 Marketable securities 1 1 1 1 1
Adj PAT (%) 164.3 (13.0) (10.3) (21.4) 44.1 23.7 Total current assets 3,534 3,436 3,506 4,026 4,509
Adj EPS (%) 32.1 (13.0) (10.3) (21.4) 44.1 23.7 Total current liabilities 1,266 1,150 1,218 1,374 1,558
Net current assets 2,268 2,286 2,288 2,652 2,951
Profitability Intangibles/Misc. expenditure 12 13 13 13 13
EBITDA margin (%) 24.1 20.6 18.1 17.4 18.2 18.5 Total assets 5,040 4,822 4,762 5,036 5,491
Adj PAT Margin (%) 11.9 8.9 7.6 5.7 7.2 7.9
RoE (%) 30.1 22.7 20.7 16.7 21.5 23.3 Cash flow
RoCE (%) 31.2 21.2 15.6 15.6 18.9 20.8 (₹ mn) FY12 FY13 FY14E FY15E FY16E
RoIC (%) 23.2 18.4 15.4 12.7 15.7 17.6 Pre-tax profit 734 580 509 708 874
Total tax paid (221) (140) (148) (191) (236)
Valuations Depreciation 293 321 337 366 394
Price-earnings (x) 6.2 7.2 8.0 10.2 7.1 5.7 Working capital changes (482) (542) 52 (185) (283)
Price-book (x) 1.7 1.5 1.8 1.6 1.4 1.2 Net cash from operations 325 219 751 698 748
EV/EBITDA (x) 4.0 4.9 5.9 5.6 4.5 4.0 Cash from investments
EV/Sales (x) 1.0 1.0 1.1 1.0 0.8 0.7 Capital expenditure (1,061) (86) (275) (275) (550)
Dividend payout ratio (%) 36.2 38.8 34.9 33.7 34.9 37.4 Investments and others (2) (0) - - -
Dividend yield (%) 5.4 5.4 4.6 3.3 4.9 6.6 Net cash from investments (1,062) (86) (275) (275) (550)
Cash from financing
B/S ratios Equity raised/(repaid) 60 - - - -
Inventory days 125 129 127 127 125 123 Debt raised/(repaid) 1,436 148 (278) (30) 100
Creditors days 93 74 64 65 65 65 Dividend (incl. tax) (224) (192) (143) (214) (283)
Debtor days 72 77 87 85 80 80 Others (incl extraordinaries) (69) (614) - 0 0
Working capital days 87 104 130 130 124 123 Net cash from financing 1,202 (658) (421) (244) (183)
Gross asset turnover (x) 1.2 1.2 1.2 1.2 1.2 1.3 Change in cash position 465 (525) 55 179 15
Net asset turnover (x) 2.8 2.7 2.6 2.7 3.0 3.3 Closing cash 556 31 86 265 281
Sales/operating assets (x) 2.6 2.4 2.2 2.5 2.9 3.2
Current ratio (x) 2.1 2.8 3.0 2.9 2.9 2.9
Debt-equity (x) 0.6 1.1 1.4 1.1 1.0 0.9
Net debt/equity (x) 0.5 0.9 1.3 1.1 0.9 0.8
Interest coverage (₹ mn) Q3FY13 Q4FY13 Q1FY14 Q2FY14 Q3FY14
EBIT/Interest (x) 12.2 5.6 3.6 3.3 4.4 5.1 Net Sales 1,442 1,445 1,319 1,541 1,509
EBITDA/Interest (x) 15.4 7.5 5.2 4.8 6.2 7.0 Change (q-o-q) -3% 0% -9% 17% -2%
EBITDA 249 200 195 263 261
Per share Change (q-o-q) 4% -19% -2% 35% -1%
FY11 FY12 FY13 FY14E FY15E FY16E EBITDA margin 17.2% 13.8% 14.8% 17.1% 17.3%
Adj EPS (₹) 5.9 5.2 4.6 3.6 5.2 6.5 PAT 147 101 69 105 87
CEPS (₹) 8.4 8.2 7.9 7.1 9.0 10.6 Adj PAT 147 101 69 105 87
Book value (₹) 21.3 24.2 20.6 22.9 26.0 29.6 Change (q-o-q) 29% -31% -32% 51% -17%
Dividend (₹) 2.0 2.0 1.7 1.2 1.8 2.4 Adj PAT margin 10.2% 7.0% 5.3% 6.8% 5.8%
Actual o/s shares (mn) 96.9 96.9 96.9 96.9 96.9 96.9 Adj EPS 1.5 1.0 0.7 1.1 0.9
Quarterly financials (Standalone)
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CRISIL IER Independent Equity Research
CRISIL Research Team
President
Mukesh Agarwal CRISIL Research +91 22 3342 3035 [email protected]
Analytical Contacts
Sandeep Sabharwal Senior Director, Capital Markets +91 22 4097 8052 [email protected]
Prasad Koparkar Senior Director, Industry & Customised Research +91 22 3342 3137 [email protected]
Binaifer Jehani Director, Customised Research +91 22 3342 4091 [email protected]
Manoj Mohta Director, Customised Research +91 22 3342 3554 [email protected]
Sudhir Nair Director, Customised Research +91 22 3342 3526 [email protected]
Mohit Modi Director, Equity Research +91 22 4254 2860 [email protected]
Jiju Vidyadharan Director, Funds & Fixed Income Research +91 22 3342 8091 [email protected]
Ajay D'Souza Director, Industry Research +91 22 3342 3567 [email protected]
Ajay Srinivasan Director, Industry Research +91 22 3342 3530 [email protected]
Rahul Prithiani Director, Industry Research +91 22 3342 3574 [email protected]
Business Development
Hani Jalan Director, Capital Markets +91 22 3342 3077 [email protected]
Prosenjit Ghosh Director, Industry & Customised Research +91 22 3342 8008 [email protected]
Business Development – Equity Research
Vishal Shah – Regional Manager
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Shweta Adukia – Regional Manager
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Priyanka Murarka – Regional Manager
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