India Equity Analytics for today - Buy Stocks of Infosys with a Price Target of Rs 3620

8/13/2019 India Equity Analytics for today - Buy Stocks of Infosys with a Price Target of Rs 3620

1/20

email: [email protected], website : www.narnolia.com

Narnolia Securities Ltd,

402, 4th floor 7/1, Lords Sinha Road Kolkata 700071, Ph 033-32011233 Toll Free no : 1-800-345-4000

HINDALCO : "BUY" 24th Dec 2013

Hindalco has expanded its aluminium capacity recently, low aluminium prices, sticky costs, delay in commencement of mining from captiv

blocks and higher interest and depreciation costs may hit its profitability. In the near-term, there is lack of clarity over production from the

Mahan coal block for its Mahan smelter. Without captive coal block, the Mahan smelter is expected to face cost pressures, resulting in lower

return ratios over FY2013-15.So Clearance of Mahan coal block will be most awaited trigger for Hindalco. Mean While on the Positive Side We

can expect 7% growth on the Stock with a Target Price of Rs.132.............. ( Page:4-6)

DIVISLAB :Good Growth Ahead "BUY" 19th Dec 2013

The company posted strong 2QFY4 results with net sales growing to Rs 566 Cr up by 19.7% YoY on the back of good growth coming from a

business segments. The generic API grew by 18% YoY to Rs 261 Cr for the quarter and CRAMS business segment grew by 20% YoY to Rs 271

Cr............................................. ( Page : 13-15)

IEA-Equity

Strategy

26th Dec, 2013

AXIS BANK : "Neutral" 19th Dec 2013

Axis bank is trading at 1.6 times of one year forward book which is almost upper side of bear case valuation band. We are not seeing bank

earnings better than expectation as bankshas significant exposure in riskier sector like infrastructure and power as compare to its peers. We

have taken banks valuation multiple in bear case scenario on account of non visibility of ROE improvement and expected muted earning

growth. We assume loan and deposits growth of 16% and 15% along with margin at 3.5%. Better than expected performance will lead price

erformance and valuation multi le............................... Pa e : 16-19

CMC :"On track to deliver" "BUY" 20th Dec 2013

Considering recent healthy demand environment across the IT space with favorable supply side scenario, we remain confident on the stock for

better earning visibility and stable margin picture. Still, we reiterate our positive stance on the long-term story of CMC due to its focus on high

margin SI and ITES businesses.At a CMP of Rs 1510, stock trades at 14.9X FY14E earnings. We have "BUY" view on the stock and we revise ou

target price from Rs1490 to Rs1690..............................(Page : 11-12)

Tech Mahindra :"On a stronger footing.." "BUY" 23rd Dec 2013

Post merger with Satyam, strong demand traction in Telecom (Non BT) has improved and company's attractive deal win ratios make u

optimistic view on the stock. At a CMP of Rs 1691, relatively the stock is trading at a fair valuation, 12.8x of FY14E earnings (at USD o

Rs60/59.5 for FY14E/FY15E). We maintain BUY on the stock with a price target of Rs 2330 (revised from Rs 1875)....... .......... .... ( Page : 9-10)

Persistent System : "Persistently innovating.." "REDUCED" 23rd Dec 2013

We had initiated this stock at a CMP of Rs 526(on 16th Feb 2013) and now, it achieved its target of Rs 960. Despite better predictability o

growth and attractive visibility of its expansion in new emerging verticals, we advice to book profit on the stock because of its premium

valuation. However, sentiment could take a knock in the short run, since investors may prefer paying a premium for stocks with better earnings

visibility. Our view could be change with management guidance and post earnings of coming quarter................................................... ( Page : 7

8)

Infosys : Bala exit; a pros and cons? "BUY" 26th Dec , 2013

Last week, V Balakrishnan a former CFO and member of Board director resigned from the company to turn entrepreneur of Private Equity

space. Currently, he is the head of Infosys business process outsourcing unit, the company's core banking software Finacle, its India busines

and chairman of Infosys Lodestone. This was now the 8th senior and top level departure after the taking charges by Company founder NarayanMurthy. At a CMP of Rs 3486, it trades at 19.2x FY14E and 16.7x FY15E earnings. We retain our BUYview on the stock with a target price o

target price of Rs 3620............................... ( Page : 2-3)

India Equity Analytics


2/20

Infosys

How do we see the impacts of this buzz?

1M 1yr YTD

solute 4.1 52.1 27.2

l. to Nifty -0.3 44.9 23.3

Current 4QFY13 3QFY13

omoters 16.04 16.04 16.04

40.52 40.55 39.42

17.51 18.7 18.33

hers 25.93 24.71 26.21

Financials2QFY14 1QFY14 (QoQ)-% 2QFY13 (YoY)-%

Revenue 12965 11267 15.07 9858 31.5

EBITDA 2836.9 2664 6.49 2597 9.2

PAT 2406.9 2374 1.39 2369 1.6

EBITDA Margin 21.9% 23.6% (170bps) 26.3% (440bps

PAT Margin 18.6% 21.1% (250bps) 24.0% (540bps

E Symbol INFY

ange from Previous 7%

Behind the top-level departure, only one cause reflects on the picture that is the tus

of CEO post. Current CEO Shibulal is going to complete its tenure by next yea

Among the front-runner of this post, Balakrishnan was strong contender for the po

of CEO race.

ock Performance

160944

(a) We think, there would not be any major impact on qualitative and quantitative sen

and company would not see any major gap between sales executives and clients. Yethe magnitude of the exits could create a leadership vacuum. However, very so

company will try to turn into smoothie organization structure.

evious Target Price 3390side 4%

E Code 500209

Bala exit; a pros and cons?

MP 3486

rget Price 3622

ompany update BUY Does Balakrishnan departure from Infosys would affect the companys bread a

butter?

Last week, V Balakrishnan a former CFO and member of Board director resigned fro

the company to turn entrepreneur of Private Equity space. Currently, he is the headInfosys business process outsourcing unit, the company's core banking softwa

Finacle, its India business and chairman of Infosys Lodestone. This was now the

senior and top level departure after the taking charges by Company founder Naraya

Murthy.

year forward P/E

Rs, Cro

(Source: Company/Eastwi

Please refer to the Disclaimers at the end of this Report.

(d) Post Narayana Murthy, company has committed for future transformational chang

and next generation growth plan. Recently, the company has undertaken a clear shift

direction where it has been focusing on higher-margin businesses, a strategy that riv

TCS that has successfully implemented.

For near term, there could be some small sort of rally on the stock because of this kn

jerk and as the December quarter is generally expected to be a bit tepid for t

technology sector. Although, the street will forget all things after a good quart

earnings or a strong commentary on the business outlook. For long term, we do n

see any major pressure because of cos poster boy exit.

kt Capital (Rs Crores)

erage Daily Volume 1240448

fty 6268

arket Data

(b) V Balakrsihnansresignation is not one night decision and not an affect of intern

hiccups. Post declaration of his resignation V Balakrishnan stated to media itwas m

long term plan and we were waiting for SEBI approval for my new Private Equity firm

Even, he sold 1,00,000 shares in the company for Rs 33 crore in the open market on 9

Nov 2013 (50,000 shares each held by his daughters), it indicates its earlier decisio

Therefore, we think Balas exit is a part of an ongoing strategy to reshuffle the t

management at Infosys.

(c) The top management conundrum has not been new to Infosys. Even, as Infosy

hyper-growth story played out over the course of three decades, powered by not just

seven cofounders but also several talented employees that came on later on. Even, mo

of company founders have churned out and company has been working for growth sto

and committing for strategy 3.0.

are Holding Pattern-%

wk Range H/L 3570/2190

"BUY"26th Dec' 13



3/20


nancials

(Source: Company/Eastwind)

onsidering the revised guidance by management and its growth priority than margin

ching up strategy, we are positive on the stock. At a CMP of Rs 3486, it trades at 19.2x

Y14E and 16.7x FY15E earnings. We retain our BUY view on the stock with a target

ice of target price of Rs 3622.

Infos s.

iew and Valuation:fosys seems to be on its way to rediscovering its past mojo with revenue momentum

cking, its past strategy of under-promising and over delivering - remember present

idance now factors flat gorwth in next 2 qtrs, and the NRN invisible hand in play.

rther announcement of strategic acquisitions, better utilization of cash balances, ramp-

p in sales investment ,better deal win, consistent client traction and revenue

omentum would help the company to bridge the gap with rivals such as TCS and HCL

ch.


s in Cr, FY10 FY11 FY12 FY13 FY14E FY15E

ales, INR 22742 27501 33734 40352 48659.6 55939.

mployee Cost 12085 14856 18340 22565 27736.0 32165.

Other expenses 2792 3677 4671 6254 7785.5 9230.0

otal Expenses 14877 18533 23011 28819 35521.5 41395.

BITDA 7865 8968 10723 11533 13138.1 14544.

epreciation 905 854 928 1099 1325.3 1523.5

Other Income 982 1211 1904 2365 2433.0 3356.4

BIT 7942 9325 11699 12799 14245.8 16377.

nterest Cost 0 0 0 0 0.0 0.0

BT 7942 9325 11699 12799 14245.8 16377.

ax 1681 2490 3367 3370 3846.4 4421.8

AT 6261 6835 8332 9429 10399.4 11955.

rowth-%

ales 4.8% 20.9% 22.7% 19.6% 20.6% 15.0%

BITDA 9.3% 14.0% 19.6% 7.6% 13.9% 10.7%

AT 4.6% 9.2% 21.9% 13.2% 10.3% 15.0%

Margin -%

BITDA 34.6% 32.6% 31.8% 28.6% 27.0% 26.0%

BIT 34.9% 33.9% 34.7% 31.7% 29.3% 29.3%

AT 27.5% 24.9% 24.7% 23.4% 21.4% 21.4%

xpenses on Sales-%

mployee Cost 53.1% 54.0% 54.4% 55.9% 57.0% 57.5%

Other expenses 12.3% 13.4% 13.8% 15.5% 16.0% 16.5%

ax rate 21.2% 26.7% 28.8% 26.3% 27.0% 27.0%

aluation

MP 2615.1 2765.1 2865.0 2400.0 3486 3486

o of Share 57.4 57.4 57.4 57.4 57.4 57.4

W 23049.0 25976.0 31332.0 37994.0 45236.1 53832.

PS 109.1 119.0 145.1 164.2 181.1 208.2

VPS 401.7 452.4 545.6 661.7 787.8 937.5

oE-% 27.2% 26.3% 26.6% 24.8% 23.0% 22.2%

ividen Payout ratio 25.1% 45.9% 24.0% 45.1% 23.8% 20.7%

/BV 6.5 6.1 5.3 3.6 4.4 3.7

/E 24.0 23.2 19.7 14.6 19.2 16.7


4/20

Hindalco Industries Ltd.

124

132

NA7%

NA

500440

25497

17848

6284

1M 1yr YTD

solute -1.3 11.3 8.7

l. to Nifty -2.7 0.5 0.0

2QFY14 1QFY14 4QFY13

omoters 37.0 37.0 32.1

24.9 24.8 24.5

14.4 14.3 15.5

hers 23.7 23.9 28.0

Financials : Q2FY14 Y-o-Y % Q-o-Q % Q2FY13 Q1FY1

Net Revenue 6585 4.6 5.1 6296 626EBITDA 540 4.8 12.8 515 47

Depriciation 196 13.7 7.3 173 18

Tax 83 -5.9 -17.4 88 10

PAT 357 -0.5 -24.7 359 47(In Cr

erage Daily Volume (Nos.)

The PM's Project Monitoring Group has sorted out issues with regards to Hindalco's 700

Cr rupees Utkal Alumina refinery among others. On a medium-term view we would st

be positive on Hindalco Industries. As the improvement happens across economie

whether it is US, Europe, to an extent in China also we think Hindalco is very we

positioned.

arket Data

E Code

HINDALCOE Symbol

wk Range H/L


137/83

side

ange from Previous

ompany Update

MP

rget Price

evious Target Price

Novelis, leader in aluminum rolling and recycling completed $400 millionexpansio

program in South Korea. The expansion of its Yeongju and Ulsan plants increases th

company's production capacity in the region by more than 50 percent to approximate

one million metric tons of aluminum sheet per year.Hindalco has expanded its smeltincapacity by 359kt via Mahan greenfield project.Aruna Sundarajan is back and set t

take charge as Industries new additional chief secretary and looks forwar

optimistically for a better industrial climate focusing on young entrepreneurship.


ock Performance-%


yr Forward P/B

Source - Comapany/EastWind Research

Hindalco Industries, the world's largest Aluminium rolling company, disappointed wit

the second quarter net profit declining marginally to Rs 357Cr from Rs 358.9Cr y-o-ydented by higher finance cost. Bottom line was largely supported by other income

otherwise profit would have much lower than currently reported. Other income, whic

included Rs61 Cr non-recurring income and dividend of Rs 100 Cr from subsidiaries, mor

than doubled to Rs 280Cr in three-month period ended September 2013 from Rs 132.4C

in a year ago period. Net sales increased over 2 percent year-on-year to Rs 6245Cr durin

September quarter. EBITDA climbed 3 percent Y-o-Y to Rs 481Cr while operating prof

margin improved marginally to 7.7 percent from 7.63 percent during the same period o

higher inventory. Finance cost surged 6.5 times on a yearly basis to Rs 183Cr in th

quarter gone by, given higher average borrowing. Revenue from Aluminium businesgrew 11 percent y-o-y to Rs 2,342.6Cr, driven by higher volumes, but EBIT margin of th

same business declined to 7.1 percent during 2QFY14

During the same period, total metal production increased to 1,32,000 ton (excludin

Mahan production) from 1,28,000 ton while alumina production (excluding Utkal alumin

production) rose to 3,34,000 ton from 3,28,000 ton y-o-y, but sequentially it was dow

from 3,48,000 ton due to a planned ramp down at one of refineries. In case of coppe

business, revenue slipped 2.2 percent Y-o-Y to Rs 3,974Cr in the quarter gone by, but it

EBIT margin expanded to 6 percent. Cathode production declined to 77,000 ton from

78,000 ton y-o-y.

fty

"Buy"24 Dec' 13


0.0

0.5

1.0

1.5

2.0

2.5

3.0

Mar-06

Sep-06

Mar-07

Sep-07

Mar-08

Sep-08

Mar-09

Sep-09

Mar-10

Sep-10

Mar-11

Sep-11

Mar-12

Sep-12

Mar-13

Sep-13

PRICE BV 1x 2x

3x 4x P/BV


5/20

LME Price/Ton

LME Price/Ton

FY10 FY11 FY12 FY13

6761 7965 9041 8779

11752 15902 17575 17305

1963 2004 1822 930

599 602 802 768

138254 74799 178990 225246

FY11 FY12 FY13 FY14E

72078 80821 80193 86000

431 783 1012 1360

72509 81604 81205 87360

64102 72856 72395 78572

7976 7965 7798 7428

2725 2645 2822 2700

1839 1758 2079 2500

964 786 886 825

366 211 -20 057 -50 16 0

2456 3397 3027 2763

8.5 10.6 8.6 7.3

5




PERATING MATRIX

uminium Revenue

L PERFORMANCE

uminium Results

opper Results

pital Employed

x

ut Look : Although Hindalco has expanded its aluminium capacity recently, low

uminium prices, sticky costs, delay in commencement of mining from captive blocks

d higher interest and depreciation costs may hit its profitability. In the near-term,

ere is lack of clarity over production from the Mahan coal block for its Mahan smelter.

ithout captive coal block, the Mahan smelter is expected to face cost pressures,sulting in lower return ratios over FY2013-15.So Clearance of Mahan coal block will be

ost awaited trigger for Hindalco. Mean While on the Positive Side We can expect 7%

owth on the Stock with a Target Price of Rs.132.

penditure

ITDA

epriciation

opper Revenue

et Revenue from Operation

her Income

tal Income

terest Cost


inority Interestare in Profit/(Loss) of Associates

AT

OE%


90000

95000

100000

105000

110000

115000

120000

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Primary Aluminium

340000

360000

380000

400000

420000

440000

460000

480000

Jan-13

Feb-13

Mar-13

Apr-13

May-13

Jun-13

Jul-13

Aug-13

Sep-13

Oct-13

Nov-13

Dec-13

Copper


6/20

FY10 FY11 FY12 FY13

191 191 191 191

21346 28824 31179 34597

21545 29023 31911 35330

10763 13736 37127 4985713236 13956 3731 6442

3901 4138 5289 5691

9742 12980 11052 9613

1016 1077 1377 1610

69235 84376 101402 120590

7876 12272 15429 16435

21124 20133 19871 21490

5801 13131 22798 33831

1983 2035 3774 3170

11275 14096 13246 14332

6544 8000 8017 8952

2195 2556 3296 3770

1134 1164 2159 3257

69235 84376 101402 120590

FY10 FY11 FY12 FY13

1.6 1.4 0.8 0.5

20.5 12.8 17.7 15.8

10.8 11.1 9.9 11.2

16.0 18.0 13.7 12.0

1.9 2.0 1.6 1.8

FY10 FY11 FY12 FY13

5542 6929 8534 6852-598 -703 -932 -3874

4944 6226 7602 2978

-5448 -6710 -13220 -13765

428 825 6237 10278

-76 341 619 -510

6



ade payables

ort-term provisions

tal liabilities

tangibles

sh and bank balances

ngible assets

pital work-in-progress

ng-term loans and advances

ventories

ade receivables


S PERFORMANCE

are capital

serve & Surplus

tal equity

ng-term borrowingsort-term borrowings

ng-term provisions

sh from Operation

ort-term loans and advances

tal Assets

ATIOS

B

S

ebtor to Turnover%

editors to Turnover%

ventories to Turnover%


ASH FLOWS

rading At :

anges In Working Capital

et Cash From Operation

sh From Investment

sh from Finance

et Cash Flow during year


0

20

40

60

80

10 0

12 0

14 0

16 0

0

1000

20003000

4000

5000

6000

7000

NIFTY HINDALCO


7/20

Persistent System.

-

1M 1yr YTD

bsolute 24.1 105.2 91.2

l. to Nifty 23 99.4 84.6


omoters 38.96 38.96 38.96

15.28 14.84 12.39

I 21.23 19.31 21.59

hers 24.53 26.89 27.06

Financials

2QFY14 1QFY14 (QoQ)-% 2QFY13 (YoY)-%

Revenue 432.37 357.29 21.0 326.86 32.3

EBITDA 100.8 76.8 31.3 89.06 13.2

PAT 60.8 57.1 6.5 44.71 36.0

EBITDA Margin 23.3% 21.5% 180bps 27.2% (390bp

PAT Margin 14.1% 16.0% (190bps) 13.7% 40bps

Persistent Sytems management remains confident of FY14 with deal pipeline bei

strong and remains focused on increasing the share of IP-led revenues in its portfol

They expect to see more than 15% USD revenue growth for FY14E.

year forward P/E-x

Rs, Cro


View and Valuation:The companysfocus is shifting greater proportion to IP led servic

and company has marquee clientele in cutting-edge technologies around clou

mobility, collaboration and analytics; witnessing faster growth. Considering t

companys premium valuation, we advice Book Profit on the stock. At a CMP of

1007, stock trades at 15.9x FY14E earnings. Our view could be change w

management guidance and post earnings of coming quarter.

Persistent's management suggests that deal pipeline are looking strong and seegood activity and traction in the market across the board. Its focus on some of new

technologies like cloud, analytics and mobility are gaining a lot of traction because

pickup in demand environment. The emerging themes, (CAMB) Cloud, Analyti

Mobility, and Big data could also see strong demand traction ahead. Because

actively investment in these themes, management is very confident to see healt

growth and also they expressed their confidence to beat the NASSCOM guidance (1

14% revenue growth for FY14E).



Clients Metrics:During the quarter, company added 2 clients at 32 under mediu

category( >$1mn to $3mn) and 1 client at 16 from large ( > $ 3Mn) . Revenue from top

client was improved from 21.2% (1QFY14) to 22.5% . DSO at 62days, almost

quarters low.

4029


Margin ramp up:During the quarter, Its EBITDA margin improved by 180bps to 23.3

positively impacted by currency gain(270bps), while during the quarter company wa

hike to its off shore employee at a range of 8-9% was impacted margin by 310 b

adversely. However, management expects to maintain margin at a range of 24-25% f

FY14E.

"Persistently innovating.."

MP 1007

rget Price 960

ompany update Book Profit We had initiated this stock at a CMP of Rs 526(on 16th

Feb 2013) and now, it achiev

its target of Rs 960. Despite better predictability of growth and attractive visibility

its expansion in new emerging verticals, we advice to book profit on the stock becau

of its premium valuation. However, sentiment could take a knock in the short ru

since investors may prefer paying a premium for stocks with better earnings visibilityange from Previous

Recently , Persistent System reported superlative set of numbers during the 2QFY

with 21%(QoQ) sales growth in INR term and 8.6%(QoQ) growth in USD term led

38%(QOQ) growth on the intellectual property (IP) revenues. PAT growth was at 6.5(QoQ).

With the potential revenue growth, strong deal pipeline and multi-year relationsh

with marquee clientele in the Infrastructure vertical, we expect for better earni

visibility across niche IT players.

fty


6274

ock Performance

SE Symbol PERSISTENT


E Code 533179

arket Data

evious Target Price 890

pside -

"Book Profit"23rd Dec' 13



8/20


Persistent S stem.


inancials


ating and Price Target Chart Updation Detail


s, in Cr. FY10 FY11 FY12 FY13 FY14E FY15E

ales 601.16 775.84 1000.3 1294.5 1657.54 2053.93

mployee Cost 368.74 481.62 599.05 719 895.07 1119.39

ost of technical professionals 0 30.67 41.68 54 82.88 102.70

ther expenses 86.05 105.24 135.2 218 290.07 379.98otal expenses 454.79 617.53 775.93 990.78 1268.02 1602.0

BITDA 146.37 158.31 224.37 303.72 389.52 451.86

epreciation 33.52 42.39 61.1 78 93.54 84.18

ther Income 11.23 34.44 34.44 34.44 66.30 71.89

BIT 112.85 115.92 163.27 225.44 295.98 367.68

nterest Cost 0 0 0.00 0.03 0.00 0.00

rofit (+)/Loss (-) Before Taxes 124.08 150.36 197.71 259.851 362.29 439.57

rovision for Taxes 9.05 10.62 55.09 75.37 108.69 131.87

et Profit (+)/Loss (-) 115.03 139.74 142.62 184.481 253.60 307.70

rowth-% (YoY)

ales 1.2% 29.1% 28.9% 29.4% 28.0% 23.9%

BITDA 60.2% 8.2% 41.7% 35.4% 28.3% 16.0%

AT 74.1% 21.5% 2.1% 29.4% 37.5% 21.3%xpenses on Sales-%

mployee Cost 61.3% 62.1% 59.9% 55.5% 54.0% 54.5%

ther expenses 14.3% 13.6% 13.5% 16.9% 17.5% 18.5%

ax rate 7.3% 7.1% 27.9% 29.0% 30.0% 30.0%

Margin-%

BITDA 24.3% 20.4% 22.4% 23.5% 23.5% 22.0%

BIT 18.8% 14.9% 16.3% 17.4% 17.9% 17.9%

AT 19.1% 18.0% 14.3% 14.3% 15.3% 15.0%

aluation:

MP 310 366.7 409.2 541 1007 1007

o of Share 4 4 4 4 4.00 4.00

W 639.0 747.1 840.5 1018.3 1234.4 1504.7

PS 28.8 34.9 35.7 46.1 63.4 76.9VPS 159.7 186.8 210.1 254.6 308.6 376.2

oE-% 18.0% 18.7% 17.0% 18.1% 20.5% 20.4%

/BV 1.9 2.0 1.9 2.1 3.3 2.7

/E 10.8 10.5 11.5 11.7 15.9 13.1

Date Update Detail CMP View Target P

16-Feb-13 Initiation 526 BUY 580

25-Jun-13 Company Update 499 BUY 580

7-May-13 Result Update 514 BUY 580

31-Jul-13 Result Update 522 BUY 58018-Sep-13 Company Update 573 BUY 642

26-Sep-13 Company Update 623 BUY 834

9-Oct-13 Company Update 682 BUY 834

22-Oct-13 Result Update 739 BUY 890

13-Dec-13 Company Update 876 BUY 960

23-Dec-13 Company Update 1007 Book Profit


9/20

Tech Mahindra

BUY

24%

1M 1yr YTD

bsolute 9.3 99 39.2

l. to Nifty 6.8 93 32.7


omoters 36.46 47.17 47.41

32.59 26.79 27.34

I 15.13 15.83 16

hers 15.82 10.21 9.25

Financials


Revenue 4771.5 4103.2 16.3 3523.7 35.4

EBITDA 1110.85 864.5 28.5 756.9 46.8

PAT 718.2 686.3 4.6 455.9 57.5

EBITDA Margin 23.3% 21.1% 220bps 21.5% 150bp

PAT Margin 15.1% 16.7% (160bps) 12.9% 220bp

Win- Win on all geographies: During the 2QFY14, winning trio was seen acro

geographies. US (contributes 33% on sales) grew by 8%, RoW (23% on sales) by 9.4

(QoQ). While Europe (contributes 44% on sales) was marginally up by 2.4%(QoQ) in U

term. Post earning management quoted for better outlook in Europe with grea

traction in Australia and Africa in near term.

All-rounder across all verticals: During the quarter, company reported 2.5% growth

Telecom, 4.7% growth in manufacturing, media including entertainment, BFSI a

others each in USD term. While Retail, Transport and Logistic snapped a larger grow

figure of 22% sequentially. The company is focusing on BFSI, manufacturing a

telecom.

BT on Slide: The management said revenues from British Telecom (BT) continued

slide. Those were 12% of consolidated revenues in the June quarter. It believes revenu

from BT will be under pressure.year forward P/E-x

Rs, Cro



Post merger with Satyam, strong demand traction in Telecom (Non BT) has improv

and company's attractive deal win ratios make us optimistic view on the stock. A

CMP of Rs 1691, relatively the stock is trading at a fair valuation, 12.8x of FY1

earnings (at USD of Rs60/59.5 for FY14E/FY15E). We maintain BUY on the stock wa price target of Rs 2330 (revised from Rs 1875).


ock Performance

View and Valuation:Recently, companys management explained its 6-pillar strate

i.e., selling 6 service lines of IT, infr- management, network management, secur

services, value added services and services such as analytics to telcos. Currently, non

services contribute 33% of telecom revenues for the company. Further, it is focusing

segments that are growing faster such as platforms, enterprise, mobility and NMA

(networks, mobility, analytics, cloud and security).

"On a stronger footing.."

ompany update

MP 1844

rget Price 2330

Broad-based performance with positive outlook, positive view retained;

The company remains confident on demand and expects client budgets to remain

the same levels in FY15E. It announced 2 large deals in the enterprise solutio

(previously Mahindra Satyam) and has a healthy deal pipeline.

fty

ange from Previous

pside 26%


arket Data

6274


Recently, following the footsteps of other larger giants such as TCS and Infy, Te

Mahindra revealed its earning story better than street expectations for 2QFY14. Sa

grew by 16.3% (QoQ) in INR term led by healthy growth across all segments, vertic

and geographies. In USD term, sales grew 4.7% (QoQ) better than all nearest pee

barring TCS. PAT was up by 4.7% (QoQ) adversely impacted by lower other income a

forex loss of Rs 26 Cr during the quarter. The company had forex gains of Rs 134 Cr

the June quarter.

E Code 532755

SE Symbol TECHM



42991 Green flag on Margin front:EBITDA margin expanded 222 basis points sequentially

23.3% aided by a weaker rupee. Despite sweet flavor on margin front, management

still cautious for coming quarter due to Furloughs .

"BUY"23rd Dec' 13



10/20

inancials


Tech Mahindra.


perating Metrics


ient contribution to revenue-% 1QFY13 2QFY13 3QFY13 4QFY13 1QFY14 2QFY1

ustomer Active 484.00 475.00 475.00 516.00 567.00 576.00

op 10 clients 50.0% 51.0% 50.0% 50.0% 49.0% 48.0%

op 5 clients 40.0% 41.0% 39.0% 37.0% 37.0% 36.0%op client 17.0% 14.0% 15.0% 13.0% 12.0% 12.0%

evenue mix - onsite/offshore (%)

nsite 48.0% 48.0% 48.0% 48.0% 51.0% 51.0%

ffshore 52.0% 52.0% 52.0% 52.0% 49.0% 49.0%

mployee Metrics

tilisation % 75.0% 74.0% 76.0% 77.0% 76.0% 75.0%

ttrition % 17.0% 16.0% 16.0% 16.0% 15.0% 16.0%

s, Cr FY12 FY13 FY14E FY15E FY16E

et Sales(mn)-USD 1157 2633 3124.01 3592.61 4023.7

et Sales 11702.4 14332.0 18744.06 21376.04 24343.5

mployee Cost 6591.9 8099.5 10309.24 11756.82 13388.9peration and other expenses 2210.1 2287.3 3373.93 3847.69 4381.8

ubcontracting Cost 948.6 882.0 1405.80 1603.20 1947.4

otal Expenses 9750.6 11268.8 13683.17 15604.51 17770.7

BITDA 1951.8 3063.2 5060.90 5771.53 6572.7

epreciation 319.0 389.6 509.54 581.08 661.75

ther Income 501.3 212.2 281.16 213.76 243.44

xtra Ordinery Items 36.9 -160.1 -209.39 -238.79 -121.7

BIT 1632.80 2673.60 4551.36 5190.45 5911.0

nterest Cost 107.3 92.1 98.04 91.37 86.93

BT 2063.7 2633.6 4525.09 5074.05 5945.7

ax 228.9 647.9 1176.5 1319.3 1545.9

AT 1834.8 1985.7 3348.6 3754.8 4399.9

rowth-%

ales-USD 2.7% 127.6% 18.6% 15.0% 12.0%ales 13.8% 22.5% 30.8% 14.0% 13.9%

BITDA 11.9% 56.9% 65.2% 14.0% 13.9%

AT 11.9% 8.2% 68.6% 12.1% 17.2%

Margin -%

BITDA 16.7% 21.4% 27.0% 27.0% 27.0%

BIT 14.0% 18.7% 24.3% 24.3% 24.3%

AT 15.7% 13.9% 17.9% 17.6% 18.1%

xpenses on Sales-%

mployee Cost 56.3% 56.5% 55.0% 55.0% 55.0%

ubcontracting Cost 8.1% 6.2% 7.5% 7.5% 8.0%

peration and other expenses 18.9% 16.0% 18.0% 18.0% 18.0%

ax rate 11.1% 24.6% 26.0% 26.0% 26.0%

aluation

MP 652.5 1081.7 1844 1844 1844o of Share 23.2 23.2 23.2 23.2 23.2

W 4815.8 5529.1 8741.77 12360.68 16624.6

PS 79.0 85.5 144.1 161.6 189.4

VPS 207.3 238.0 376.31 532.10 715.66

oE-% 38.1% 35.9% 38.3% 30.4% 26.5%

ividen Payout-% 3.2% 3.0% 4.1% 3.6% 3.1%

/BV 3.1 4.5 4.9 3.5 2.6

/E 8.3 12.7 12.79 11.41 9.74


11/20

CMC

1M 1yr YTD

solute 15.0 29.2 54.5

l. to Nifty 15.4 24.6 37.1


omoters 51.12 51.12 51.12

23.32 21.84 19.87

17.83 19.05 20.46

hers 7.73 7.99 8.55

Financials


Revenue 560.75 486.61 15.2 458.64 22.3

EBITDA 88.41 77.04 14.8 76.59 15.4

PAT 67.3 53.12 26.7 49.4 36.2

EBITDA Margin 15.8% 15.8% - 16.7% (90bps)

PAT Margin 12.0% 10.9% 110bps 10.8% (120bps

Considering recent healthy demand environment across the IT space with favorab

supply side scenario, we remain confident on the stock for better earning visibility a

stable margin picture. Still, we reiterate our positive stance on the long-term story

CMC due to its focus on high margin SI and ITES businesses.

For 2QFY14E earnings, CMC witnessed better Sales and PAT growth with 15% sal

growth driven by the strong growth from the System Integration (29%) coupled with t

good growth from the System Integration (24%) and ITES business (16%) sequentia

PAT grew by 27%(QoQ) because lower effective tax rate (from 34%, 1QFY14) to 20%

earning before tax) .

517326

CMC

13.4%

arket Data


E Code


side 12%

year forward P/E

Rs, Cro



Deal pipeline: The deal pipeline is in line with the last year. It indicated that pursu

good number of deals in the Developed and as well emerging markets. Consideri

current sound demand environment across geographies (like US and Europe) a

verticals Company is more optimistic for clients acquisition and deal executions ahead

Now, CMC is focusing on new emerging segments like IMS (Infrastructu

Management Services), Cloud, Big data, Mobility and Analytics. Considering

impressive client as well as market response, company is expecting to quantify inrevenue. Its new and emerging projects like Mining Management System, GPS Syste

and Port & Cargo Management System would play a major role for generati

revenue.

View and Valuation:CMC expects the growth momentum to improve in the quarte

ahead and the revenue growth to be higher than the NASSCOM guidance in FY14. T

Company remains a strong with excellent earning visibility led by joint effort of mark

strategy by TCS (contributes 59% of sales) in its product and solutions. For a long-ter

prospect, we remain positive on the stock, taking its earning visibility and healt

earnings among the mid-cap IT space (over 25% CAGR in earnings over FY2013-15E).

a CMP of Rs 1510, stock trades at 14.9X FY14E earnings. We have "BUY" view on t

stock and we revise our target price from Rs1490 to Rs1690.

Steady Margin:During the quarter, EBITDA margin was almost unchanged at 15.8% dto wage hikes (70 bps), but also has positive impact from currency gain (170 bps) whi

were reinvested into the business. However, Management is still confident to mainta

the margin in a range of 15-16%.

6167

4575

E Symbol

ange from Previous




ock Performance

fty

"On track to deliver"

MP 1510

rget Price 1690

We believe, CMC will continue with its efforts to enhance revenue contribution of hig

margin System Integration and ITES segments. Further, its high focus on educati

space will also add margin in near term.

ompany update Buy

"BUY"20th Dec' 13



12/20



nancials;

CMC

ey facts from recent Concall

CMC continues to target growth ahead of the overall IT industry; the company expects

grow faster than that in the current financial year

Expects operating Profit margin between 15 percent and 16 percent for FY14E,

The Capex expected to be Rs 190 crore (planned is around Rs 230 crore) for FY'14.Thepex will be financed by internal accruals.

Companys hiring Plan; a net addition of 400-500 this year

Notably, it targets revenues of Rs 250-300 crore from Education and Training business

next two 3-4 years timeline.


s, Cr FY10 FY11 FY12 FY13 FY14E FY15E

et Sales 870.73 1084.40 1469.34 1927.87 2239.31 2600.4

urchases of stock-in-trade 99.35 99.28 145.40 188.56 201.54 234.04

mployee Cost 276.16 345.13 440.22 521.65 593.42 702.11

ubcontracting and outsourcing cost 173.56 262.35 446.11 679.73 794.96 923.15ther expenses 159.94 170.17 213.63 222.88 235.13 273.04

otal Expenses 709.01 876.93 1245.36 1612.82 1825.04 2132.3

BITDA 161.72 207.47 223.98 315.05 414.27 468.07

epreciation 9.85 10.46 21.37 23.20 41.95 60.69

ther Income 18.75 11.80 17.46 13.17 22.39 26.00

BIT 151.87 197.01 202.61 291.85 372.33 407.38

nterest Cost 3.17 0.22 0.02 0.18 0.2 0.25

BT 167.45 208.59 220.05 304.84 394.52 433.14

ax 24.23 32.42 68.59 76.76 86.79 99.62

AT 143.22 176.17 151.46 228.08 307.73 333.52

rowth-%

ales -7.4% 24.5% 35.5% 31.2% 16.2% 16.1%

BITDA 27.7% 28.3% 8.0% 40.7% 31.5% 13.0%

AT 23.3% 23.0% -14.0% 50.6% 34.9% 8.4%

Margin -%

BITDA 18.6% 19.1% 15.2% 16.3% 18.5% 18.0%

BIT 17.4% 18.2% 13.8% 15.1% 16.6% 15.7%

AT 16.4% 16.2% 10.3% 11.8% 13.7% 12.8%

xpenses on Sales-%

mployee Cost 31.7% 31.8% 30.0% 27.1% 26.5% 27.0%

ubcontracting Cost 19.9% 24.2% 30.4% 35.3% 35.5% 35.5%

ax rate 14.5% 15.5% 31.2% 25.2% 22.0% 23.0%

aluation

MP 1340.0 2079.6 994.8 1410.0 1510 1510

o of Share 1.50 1.50 3.00 3.03 3.03 3.03W 510.68 654.02 772.19 946.26 1192.11 1454.9

PS 95.48 117.45 50.49 75.27 101.56 110.07

VPS 340.45 436.01 257.40 312.30 393.44 480.17

oE-% 28.0% 26.9% 19.6% 24.1% 25.8% 22.9%

ividen Payout ratio 18.6% 19.9% 23.2% 19.4% 20.1% 21.2%

/BV 3.94 4.77 3.86 4.51 3.84 2.78

/E 14.03 17.71 19.70 18.73 14.87 13.72


13/20

BUY

1M 1yr YTD

bsolute 2.8 4.4 1.4

el. to Nifty 0.1 -1.3 -14.6


omoters 52.1 52.2 52.2

15.8 14.9 14.0

I 12.5 12.5 13.3

hers 19.5 20.5 20.5

Financials Rs, Cro


Revenue 567 517 9.7 474 19.6

EBITDA 249 197 26.4 165 50.9

PAT 205 174 17.8 117 75.2

EBITDA Margin 43.9% 38.1% 580bps 34.8% 910bps

PAT Margin 36.2% 33.7% 250bps 24.7% 1150bp

14%pside

DIVISLABGood Growth Ahead

arget Price 1350

evious Target Price -

esult UpdateMP 1186

About The Company :

Divis Laboratories Limited is an India-based manufacturer of Active Pharmaceuti

Ingredients (APIs) and Intermediates. Divi is engaged in manufacture of generic AP

custom synthesis of active ingredients for innovator companies and other specia

chemicals like peptides and nutraceuticals.

Investment Rationale :

ne Year Price vs Nifty


15631

verage Daily Volume 5.43

The operating EBITDA for the quarter came at Rs 250 Cr and OPM at 43.9 %. Compan

2QFY14 EBITDA margins were higher than 34.8% reported in Q2FY13 on account

higher gross margins, lower power cost and forex loss in Q2FY13.The RM cost as % of n

sales stands at 50% for the 2QFY14 while employee cost as % of net sales was 10 %.

Company is one of the few CRAMS (Contract Research and Manufacturing Service

players with a superior business mix comprising high-margin custom synthesis of AP

(Active Pharma Ingredients) and intermediates for innovator companies. The compa

collaborates with innovators throughout the product development cycle. P

commercialization, company is usually the key supplier of APIs and intermediates for the

products to the innovators. In 2012-13, the company added six products to its custo

synthesis portfolio.The CRAMS business which contributes nearly 45%- 50% of the total revenues have fro

Rs 560 Cr in 2009 to Rs 1000 Cr translating CAGR of 15 %.The Generic API busine

which contributes another 45-50 % to the total revenues is also well track after witnesome pressure in FY10.As on FY13 this segment contributed Rs 1029 Cr to the to

revenues and this segment to more revenues to the company in the light of upcom

patent cliff of US and new launches .


DIVISLAB

arket DataSE Code 532488

hange from Previous -

SE Symbol


ock Performance-%

hare Holding Pattern-%

kt Capital (Rs, Cr)

fty 6217

The company have one more business segment Nutraceuticals relatively smaller a

newer as compared to other business segment can act as growth driver going forward. T

management of the company is quite optimistic for this business segment and has guid

that this business at 40-50% CAGR (albeit on a low base) over the next 2-3 years.

2QFY14 Results Update.

The company posted strong 2QFY4 results with net sales growing to Rs 566 Cr up

19.7% YoY on the back of good growth coming from all business segments. The geneAPI grew by 18% YoY to Rs 261 Cr for the quarter and CRAMS business segment grew

20% YoY to Rs 271 Cr. The company derives almost 45-50% of revenues each fro

CRAMS and generic API business while rest comes from Nutraceuticals.

"BUY"19th Dec' 13



14/20


DIVISLAB

ontinued

e net profits for the 2QFY14 came at Rs 205 Cr and NPM came at 36.2%.The net profits

so include forex gain of Rs 31 Cr. The company reports its forex gain under other

come headings and forex loss under its other expenditure head. The tax rate for the

arter stands at 22%.

aphical Depiction

evenue Break Up: 2QFY14


ompany has capitalized Fixed assets to the tune of Rs120 Cr for H1 FY14. The company

l commercialize DSN SEZ by the end of the year and the FDA inspection post that. The

w DSN SEZ contribution will start in Q1 FY15E and full benefits will fructify only from Q2

Y15E.The existing DSN blocks contributed Rs125 Cr revenues in Q2 FY14 as against

s70.8 Cr in Q1 FY14.

anagement Guidance

e management of the company after strong 2QFY14results expects that revenue to

ow by 15-20 % (15% guided earlier), with FY15E growth expected above 20%. The

anagement further indicated that this high level of OPM is not sustainable but reiterated

at 38% levels OPM is quite reachable . On Power shortage ,which declined the OPM in

QFY14 has been solved and will aid margin expansion going forward. The capex

idance stands at INR500-600m (apart from INR2b addition from CWIP) and tax rateidance remains between 23-24%.

ew & Valuation

he company is not only the most profitable company in the CRAMS space, but also

atures among the most profitable companies in the Indian healthcare sector with EBIDTA

argin of 35-40% backed by its strong chemistry skills and custom synthesis presence.The

ock is currently trading at CMP of Rs 1186, strong 2QFY14 results ,optimistic

anagement guidance and better business model in comparison to its peers makes us

nfident for the stock. We are positive for the stock and recommend BUY with

rget price of Rs 1350.



15/20

Net sales growing to Rs 566 Cr up by 19.YoY on the back of good growth coming fr

all business segments.

2QFY14 EBITDA margins were higher th

34.8% reported in Q2FY13 on account

higher gross margins, lower power cost a

forex loss in Q2FY13.

PM %


PM %

The 2QFY14 PAT also include forex gain of

31 Cr. The company reports its forex g

under other income headings and forex l

under its other expenditure head.



DIVISLAB

les and PAT Trend (Rs)




16/20

AXIS BANK

1286

13251247

3

6.3

1M 1yr YTD

bsolute 12.9 -5.2 -5.2

el.to Nifty 12.6 -10.9 -10.9


omoters 33.9 33.9 33.5

I 40.7 4094.0 39.6I 8.8 8.5 10.0

hers 16.6 16.6 17.0

Financials Rs, Cr

2011 2012 2013 2014E 2015E

NII 6566 8026 9666 12620 14710

Total Income 11238 13513 16217 19715 21804

PPP 6377 7413 9303 11238 12429

Net Profit 3340 4224 5179 6343 6977

EPS 81.4 102.2 110.7 135.2 149.1

ompany Update NEUTRAL

MP

arget Price

Ax is bank is tradi ng at 1.6 tim es of one year forw ard boo k whic h we believ

that it is high er sid e of our bear cas e valu ation ban d. We hav e neith er see

valuat ion band expansion nor did earnings lead price performanc e. Axi s ban

has sig nif ican t expos ure in infrastru cture and po wer (12.64% in 2QFY14) a

com pare to its peer group. Ass et qual ity pressure may persists in com in

quar ters which rest r ic t banksvaluat ion m ult iple in th e range of 1.4 to 1

tim es of bo ok in our view. We adv ice our inves tor s to bo ok part profit at th

curren t level. Our valuat ion mult iples are based upon bankspresent grow

pa rameter s , be tt er than expec ted pe rf o rmance and v i s ib i li ty o f RO

improv ement wi l l expand valuat ion and mult ip les.

evious Target Price

arket Data

pside

SE Code 532215

hange from Previous

xis Bank Vs Nifty

hare Holding Pattern-%

2066127

fty 6217

39764

1549/763

SE Symbol AXISBANK

2wk Range H/L

Healthy NII growth o n the back of m argin improvem ent and loan growth

kt Capital (Rs Cr)


ock Performance

verage Daily Volume

Sequentially stable asset quality help to make lower provision

On asset quality front, Axis bank reported 10 bps deterioration in GNPA

sequential basis to 1.4%. In absolute term GNPA increased by 10% QoQ a

provision increased by 12% QoQ. This led net NPA increased by 6% sequentially.

percentage term NPA stood at 0.4%, flat on QoQ basis. Provision coverage ra

(without technical write off) was improved by 100 bps to 69.3% and PCR at technic

write off was 89%. During quarter bank made loan loss provision of Rs.687 cr vers

Rs.712 cr in 1QFY14 and Rs.509 cr in 2QFY13. On sequential basis risky seclike power and infrastructure exposure remain flat at 12.64% from 12.67%

1QFY14.

Declined in cost income ratio led robust growth in operating profit

Operating expenses increased by 12.1% YoY to Rs.1953 cr in which employee co

and other operating cost increased by 11.4% and 12.5% respectively. Cost incom

ratio declined by 440 bps to 41.5% from 44.9% in 2QFY13. Employee cost and oth

operating cost as a percentage of total assets remain flat at 0.2% and 0.4

respectively. With the support of healthy NII, fee income and improvement of coincome, operating profit grew by 29% YoY and -3.3% in QoQ to Rs.2750

Sequential declined of operating profit was due to gain of treasury income

1QFY14 which was absent in 2QFY14.

During 2QFY14, Axis bank reported NII growth of 26.2% YoY largely due to 50 b

YoY improvement of margin and 577 bps YoY increased of credit deposits ratio a

17% increased in loan growth. Axis banksinterest earnings assets increased

20% YoY whereas interest bearing liabilities increased by 13% YoY. Total reven

of the bank grew by 21.3% YoY to Rs.4703 cr. Non- interest income register

growth of 14% YoY to Rs.1766 cr.

"NEUTRAL "19th Dec, 2013



17/20


18/20

AXIS BANK

Source: Eastwind/Company



uarterly Result 2QFY14 1QFY14 2QFY13 % YoY Gr % QoQ Gr

erest/discount on advances / bills 5394 5189 4736 13.9 4.0

come on investments 2143 2015 1897 13.0 6.3

erest on balances with Reserve Bank of India 35 34 22 58.9 2.6

hers 37 39 32 14.9 -5.5

tal Interest Income 7609 7278 6687 13.8 4.6

e Income 1432 1317 1343 6.6 8.7

ading Income 5 440 207 -97.6 -98.9

scellaneous Income 329 24 0 - 1270.2

hers Income 1766 1781 1551 13.9 -0.9

tal Income 9375 9059 8238 13.8 3.5

erest Expended 4672 4413 4360 7.2 5.9

2937 2865 2327 26.2 2.5

her Income 1766 1781 1551 13.9 -0.9

tal Income 4703 4647 3877 21.3 1.2

mployee 644 643 578 11.4 0.1

her Expenses 1309 1160 1164 12.5 12.9

erating Expenses 1953 1803 1742 12.1 8.3

P( Rs Cr) 2750 2844 2136 28.8 -3.3

ovisions 687 712 509 35.0 -3.5

T 2062 2131 1626 26.8 -3.2

x 700 722 545 28.4 -3.1

t Profit 1362 1409 1081 26.0 -3.3

lance Sheet Date ( Rs Bn)

t Worth 362 349 252 43.6 3.7

posits 2554 2384 2356 8.4 7.1

an 2013 1982 1721 16.9 1.6

set qualtiy( Rs Cr)

NPA 2734 2490 2191 24.8 9.8

A 838 790 654 28.1 6.1

GNPA 1.4 1.3 1.3

NPA 0.4 0.4 0.4


19/20

NANCIALS & ASSUPTION

AXIS BANK

Source: Eastwind/Company



ncome Statement 2011 2012 2013 2014E 2015E

terest Income 15155 21995 27183 33243 38426

terest Expense 8589 13969 17516 20622 23716II 6566 8026 9666 12620 14710

hange (%) 31.2 22.2 20.4 30.6 16.6

on Interest Income 4671 5487 6551 7095 7095

otal Income 11238 13513 16217 19715 21804

hange (%) 25.3 20.2 20.0 21.6 10.6

perating Expenses 4860 6100 6914 8478 9376

re Provision Profits 6377 7413 9303 11238 12429

hange (%) 22.4 16.2 25.5 20.8 10.6

rovisions 3033 3189 4124 2176 2461

BT 3345 4224 5179 9062 9967AT 3340 4224 5179 6343 6977

hange (%) 34.8 26.5 22.6 22.5 10.0

alance Sheet

eposits( Rs Cr) 189166 219988 252614 290506 334081

hange (%) 34 16 15 15 15

f which CASA Dep 77758 91412 112100 124917 143655

hange (%) 18 18 23 11 15

orrowings( Rs Cr) 26268 34072 43951 51266 58956

vestments( Rs Cr) 71788 92921 113738 129873 149354

oans( Rs Cr) 142408 169760 196966 228481 265037

hange (%) 36 19 16 16 16

aluation

ook Value 460 549 708 828 957

MP 1404 1146 1304 1288 1288

/BV 3.1 2.1 1.8 1.6 1.3


20/20

20

k Disclosure & Disclaimer: This report/message is for the personal information of the authorized recipient and does not construe to be any investment, legal or taxation advice t

rnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any action based upon it. This report/message is not for public distribution and has been furnished to you solely fo

ormation and should not be reproduced or redistributed to any other person in any from. The report/message is based upon publicly available information, findings of our research

st wind& information that we consider reliable, but we do not represent that it is accurate or complete and we do not provide any express or implied warranty of any kind, an

se are subject to change without notice. The recipients of this report should rely on their own investigations, should use their own judgment for taking any investment decisions ke

mind that past performance is not necessarily a guide to future performance & that the the value of any investment or income are subject to market and other risks. Further it will b

assume that NSL and /or its Group or associate Companies, their Directors, affiliates and/or employees may have interests/ positions, financial or otherwise, individually or otherw

recommended/mentioned securities/mutual funds/ model funds and other investment products which may be added or disposed including & other mentioned in this report/messa

Documents

India Equity Analytics for today - Buy Stocks of Infosys with a Price Target of Rs 3620