01
India Inc earnings on the cusp of recovery amid plentiful domestic liquidity, but valuations weigh…With the BJP winning both the state elections, focus would now shift to important economic events – Bank recap, Union Budget, GST collection trends, economic growth data points, progress under insolvency code and interest rate trajectory. Implementation of the earlier announced reform measures may be seen rather than more big bang fresh announcements. Based on the outcome from these elections and the four more state elections due in the rst half of calendar 2018, the Govt is likely to focus more on the rural and agriculture sector. Creation of jobs at an accelerated pace could be one more focus area. The urban populace may not get anything major to rejoice in the near term.
Markets will watch out for earnings upgrade for companies following normalisation of economic conditions (post GST, demonetisation, RERA related disruptions); also given the fact that global commodity cycle is on the upswing. While condence about earnings growth is rising, current valuation levels could prevent a full-on bull run from these levels.
December 26, 2017
VotE
The recent PSU Bank recap announcement is likely to provide greater avenues for lending for banks and enable banks to take bigger haircuts on stressed assets, push forward the resolution process and set the stage for a capex cycle recovery in the medium term. This along with the Bharatmala and Housing for All initiatives by the Govt has multi-fold implications and can materially revive the capex cycle along with potential acceleration in housing, railways and defence ultimately having a multiplier impact on GDP.
With national elections due in May 2019, Govt has refocused on growth going by its recent actions of fuel tax cuts, raising import duty on agri commodities, GST rate rationalisation, higher MSP hikes and bank recap plan. Though coupled with near term pain of higher scal decit, these initiatives could put India on accelerated growth trajectory FY19 onwards.
Biggest area of concerns would be worsening macros, delay in resumption of GDP growth and sustained interest rate rise in developed economies.
Liquidity in the markets continue to be good especially from the domestic investors through Mutual fund route (both lumpsum and SIP). These investors will keep investing as long as the markets do not fall sharply and then do not stay at low levels.
FIIs could re-evaluate investing in India in a big way only when ination comes under control, and economic growth starts picking momentum. Globally the risk-on sentiment is alive. And a lot of the developed markets are witnessing “rational exuberance”. However there is some uncertainty on the timing, pace and quantum of interest rate hikes to be conducted by the Central banks globally
PICKS
As far as the equity markets are concerned, the focus may slowly shift from liquidity to earnings. An issue for worry is whether the markets have fully discounted all the India positives in advance and is going overboard on valuation just based on expected unending inows from global/domestic sources.
Indian bond yields have hardened in recent months. Larger GoI spending on rural and infra, lower rabi output, state governments’ HRA implementation and higher crude prices could all have a negative impact on ination and interest rates. This could take away some attraction from equities in terms of valuation multiples.
Markets are awaiting resolution of rst large case under the Insolvency and Bankruptcy code, which is taking longer than expected. This could be a positive trigger for both the lenders and the troubled sector/s.
While the largecaps have their own headwinds in different spheres, mid and small caps will keep throwing up surprises in stock moves based on their small size/base, faster adjustment to emerging changes, nancial and operational restructuring, corporate announcements including merger, demerger, hive-offs, turnaround, asset value unlocking etc.
Retail investors would do well to stick to their asset allocation plans, review their small and midcap holdings closely and bring down their return expectations for the next few quarters.
The calendar year 2017 has been a great year for investors with the Nifty giving ~28% return. Investors would do well to moderate their expectations for index returns in calendar 2018. We feel that investors would keep getting individual stock opportunities that could yield much higher returns. Metals, Pharma, IT, Cement and infra are some sectors to watch out for in 2018.
We give below the picks for 2018
Jagran Prakashan
CMP : Rs. 170.45
TARGET PRICE : Rs.199-215
South Indian Bank
CMP : Rs. 31.55
TARGET PRICE : Rs.38-41
NCC Ltd
CMP : Rs. 132
TARGET PRICE : Rs.162-195
RADIO
NEWS
`
02
PICKS
HDFC Scrip Code
BSE Code
NSE Code
Bloomberg
CMP as on 22 Dec 17
Equity Capital (Rs Cr)
Face Value (Rs)
Equity Sh. Outstanding
Market Cap (Rs Cr)
Book Value (Rs)
Avg. 52 Week Volumes
52 Week High
52 Week Low
JAGPRAEQNR
532705
JAGRAN
JAGP
170.45
62.28
2
31.14
5,222
65.6
237824
208.5
161
Promoters
Institutions
Non Institutions
Total
60.85
24.53
14.63
100
Shareholding Pattern
10 newspaper titles in 5 different languages,
sweeping across 13 states with over 400+
editions
Radio industry is expected to grow at an
excellent rate
CMP
Rs. 170.45
Recommendation
Buy at CMP and add on dips
Add on Dips to band
Rs. 170-154
Target
Rs. 199-215
Fundamental Research Analyst:Nisha [email protected]
Indian M&E industry has grown at an excellent pace though well below global average level – which leaves ample room for growth.
Besides traditional advertisers such as the FMCG and automobile industries its growth is also expected to be driven by ecommerce, payment banks, telecom services, financial technology, content distribution platforms, and the social media sector. Election season is always good for print media and the upcoming 8 state elections will lead to higher advertising spend which is likely to benefit the company.
Jagran Prakashan Ltd is India's leading media and communication group. It has a pan India footprint with interests spanning across Print, OOH, Radio and Digital. The Company publishes approximately 10 newspaper titles in 5 different languages, sweeping across 13 states with over 400+ editions. Music Broadcast ltd, 70.5% subsidiary of the company, owns 39 radio stations across India.
Key highlights
Jagran Prakashan
Time Horizon
1 Year
Industry
Media
03
PICKS
Digital Advertising is the fastest growing vertical
in the Indian M&E industry
AAA E
We recommend Jagran Prakashan BUY at CMP of Rs. 170.45 (10x of FY20 EPS) and add on decline of Rs. 154 for the sequential Targets of Rs.199 (12.1x of FY20 EPS) and Rs.215 (13.1x of FY20 EPS).
Radio industry is expected to grow at an excellent rate going forward due to an increase in listenership. It is rapidly becoming a medium of choice of advertisers. Digital Advertising is the fastest growing vertical in the Indian M&E industry and going forward, we expect high growth on the back of higher internet speed, low cost of bandwidth and Government’s push for ‘Digital India’.
We recommend Jagran Prakashan BUY at CMP of Rs. 170.45 (10x of FY20 EPS) and add on decline of Rs. 154 for the sequential Targets of Rs.199 (12.1x of FY20 EPS) and Rs.215 (13.1x of FY20 EPS).
Sales
EBITDA
Net Profit
EPS (Rs)
P/E
BV
P/BV
2079
640
307
10.7
15.4
49.6
3.3
(Rs Cr) FY16
2283
681
349
10.7
15.4
65.6
2.5
Financial Summary (Consolidated)
2477
667
356
11.4
14.5
78.2
2.1
2799
795
435
14.0
11.8
89.0
1.9
(Source: Company, HDFC sec)
FY17 FY18E FY19E
3135
912
510
16.4
10.1
101.6
1.6
FY20E
Jagran Prakashan
04
PICKS
Jagran Prakashan
Total Income
Growth (%)
Operating Expenses
EBITDA
Depreciation
EBIT
Interest
PBT
Tax
RPAT
Growth (%)
EPS
Income Statement
2129
18.2
1488.8
640.4
121.9
519
54.5
464
157.2
307
34.7
10.7
2324
9.2
1643.4
680.8
128.9
552
35.0
517
167.5
349
13.8
10.7
2502
7.7
1835.4
666.6
125.0
542
18.3
523
167.5
356
1.9
11.4
2839
13.5
2043.9
795.1
130.0
665
24.8
640
204.9
435
22.4
14.0
3185
12.2
2272.5
912.4
135.0
777
26.7
751
240.2
510
17.2
16.4
Year ending March (Rs Cr) FY16 FY17 FY18E FY19E FY20E
Share Capital
Reserves
Long Term Debt
Net Deferred Taxes
Long Term Provisions & Others
Total Source of Funds
Net Block
Deferred Tax Assets (net)
Long Term Loans & Advances
Total Non Current Assets
Current Investments
Inventories
Trade Receivables
Short term Loans & Advances
Cash & Equivalents
Other Current Assets
Total Current Assets
Short-Term Borrowings
Trade Payables
Other Current Liab & Provisions
Total Current Liabilities
Total Application of Funds
Balance Sheet
65.4
1568
259.2
179.3
14.8
2120
1422
34.5
90.3
1547
349.0
66.9
448.0
54.2
50.2
38.3
1154
255.6
83.3
239.0
580.9
2119
As at March (Rs mn) FY16
65.4
2095
50.2
197.1
17.0
2661
1491
26.9
559.5
2077
29.3
93.5
515.8
43.4
349.1
53.4
1167
83.3
146.7
348.1
583.1
2661
62.3
2372
65.3
300.0
25.0
2835
1789
30.0
490.6
2310
29.3
101.8
542.9
80.2
581.1
58.7
1352
166.5
172.4
487.4
826.3
2835
62.3
2709
68.5
200.0
35.0
3085
2237
50.0
510.2
2797
35.0
107.4
613.5
120.4
523.0
81.6
1309
174.8
186.9
657.9
1019.7
3086
62.3
3102
69.9
200.0
40.0
3484
2796
60.0
561.7
3417
30.0
111.7
687.1
180.5
496.8
121.6
1321
180.1
205.0
868.5
1253.5
3484
FY17 FY18E FY19E FY20E
EBITDA Margin
APAT Margin
RoE
RoCE
Net Debt/EBITDA (x)
D/E
Interest Coverage
Dividend
Debtor days
Inventory days
Creditors days
EV/EBITDA
EV / Revenues
Dividend Yield (%)
30.8
14.8
20.8
24.5
0.2
0.3
9.5
0.0
79
14
48
7.8
2.4
0.0
29.8
15.3
18.4
20.7
-0.4
0.1
15.8
3.0
82
13
82
7.3
2.2
1.8
26.9
14.4
15.5
19.1
-0.6
0.1
29.7
2.4
80
15
85
7.5
2.0
1.4
28.4
15.6
16.7
21.6
-0.4
0.1
26.9
3.0
80
14
83
6.3
1.8
1.8
29.1
16.3
17.2
22.3
-0.3
0.1
29.2
3.6
80
13
82
5.4
1.6
2.2
Key Ratios (Consolidated)
Year ending March (Rs Cr) FY16 FY17 FY18E FY19E FY20E
05
PICKS
Jagran Prakashan
Year ending March (Rs Cr) FY16 FY17 FY18E FY19E FY20E
Reported PBT
Non-operating & EO items
Interest Expenses
Depreciation
Working Capital Change
Tax Paid
OPERATING CASH FLOW ( a )
Capex
Free Cash Flow
Investments
Non-operating income
INVESTING CASH FLOW ( b )
Debt Issuance / (Repaid)
Interest Expenses
FCFE
Share Capital Issuance
Dividend
FINANCING CASH FLOW ( c )
NET CASH FLOW (a+b+c)
Closing Cash
464
-244
55
122
-513
-157
-273
-649
-922
306
50
-293
147
-55
-829
34
-4
123
-443
50
517
175
35
129
223
-168
912
-69
843
-462
41
-489
-189
-35
619
203
-102
-123
299
349
523
-25
18
125
166
-167
640
-298
342
66
25
-207
126
-18
449
-229
-79
-200
232
581
640
-40
25
130
48
-205
599
-447
151
-40
40
-447
-87
-25
40
0
-98
-210
-58
523
751
-50
27
135
61
-240
683
-559
124
-62
50
-571
6
-27
103
0
-118
-138
-26
497
Cash Flow Statement
06
PICKS
(Source: Company, HDFC sec)
HDFC Scrip Code
BSE Code
NSE Code
Bloomberg
CMP as on 22 Dec 17
Equity Capital (Rs Cr)
Face Value (Rs)
Equity Sh. Outstanding
Market Cap (Rs Cr)
Book Value (Rs)
Avg. 52 Week Volumes
52 Week High (Rs)
52 Week Low (Rs)
SOUBANEQNR
532218
SOUTHBANK
SIB
31.55
180.58
1
180.58
5,679
26.2
17015823
33.5
16.8
Promoters
Institutions
Non Institutions
Total
0
50.17
49.83
100
Shareholding Pattern
SIB has successfully managed to keep a tight leash on bad
assets
Adopted a strategy to increase exposure in
retail & SME– high yield segments
Technology banking will provide significant
uptick in terms of costs, efficiency,
revenue and margins
Industry
Bank
CMP
Rs. 31.55
Recommendation
Buy at CMP and add on dips
Add on Dips to band
Rs. 31.55-29.5
Target
Rs. 38-41
Time Horizon
1 Year
Fundamental Research Analyst:Devarsh [email protected]
The bank is well capitalized with a CAR of 12.4% in FY17. Bank will use this capital to support growth plans and to enhance the business.
While the whole Industry is under NPA pressure, SIB has successfully managed to keep a tight leash on bad assets. Watch list at the end of Q2FY18 has been reduced to “Zero”, and we do not expect any incremental negative news on this front. Its GNPA at the end of Q2FY18 stood at an elevated level of 3.54% vs 2.45% in FY17 and NNPA at 2.57% vs 1.45% in FY17. We expect that as per management guidance, the bank will take active measures in restructuring the stressed assets.
South Indian Bank is a mid-sized bank in the private sector space, which operates network of about 851 branches and about 1,354 ATMs. The bank’s business is largely skewed towards the Southern state with half of its branches located in Kerala. The Bank's segments include Treasury, Corporate/Wholesale Banking, Retail banking and Other Banking Operations.
Key highlights
South Indian Bank
07
PICKS
We recommend SIB a BUY at CMP and add on declines to Rs. 31.55-29.5 band for sequential targets of Rs. 38 (1.3x FY20E ABV) and Rs. 41 (1.4x FY20E ABV).
Bank has adopted a strategy to increase exposure in retail & SME– high yield segments. The change in stance was due to concern over asset quality and slowdown in credit growth in large corporate segment.
Bank has set up a separate digital banking department for product development and process improvement of all technological products. Technology banking will provide significant uptick in terms of costs, efficiency, revenue and margins. At CMP of Rs.31.5, SIB is trading at an attractive valuation of 1x P/ABV of FY20. We recommend SIB a BUY at CMP and add on declines to Rs. 31.5-29.5 band for sequential targets of Rs. 38 (1.3x FY20E ABV) and Rs. 41 (1.4x FY20E ABV).
NII
Growth %
PPOP
PAT
Growth %
BV
P/BV
394.1
7.2
509.7
333.3
8.5
18.7
1.7
(Rs Cr) FY16
522.9
32.7
600.6
392.8
17.9
21.8
1.4
Financial Summary
568.3
8.7
518.9
337.3
-14.1
23.8
1.3
791.1
39.2
861.3
568.5
68.5
26.6
1.2
(Source: Company, HDFC sec)
FY17 FY18E FY19E
1021.7
29.2
1107.5
731.0
28.6
30.3
1.0
FY20E
South Indian Bank
08
PICKS
Interest income
Interest expended
Net interest income
Growth (%)
Other income
Net Operating Income
Growth (%)
Operating expenses
Operating Profit
Provisions and contingencies
PBT
Tax paid (provision)
PAT
Growth (%)
Income Statement
1309.24
915.10
394.14
7.24
517.42
911.56
5.43
1147.84
879.27
369.62
509.65
176.40
333.25
8.46
1686.92
1164.04
522.88
32.66
715.60
1238.48
35.86
1176.00
1215.00
614.37
600.63
207.80
392.83
17.88
1935.72
1367.43
568.29
8.68
772.85
1341.14
8.29
1293.60
1486.83
967.92
518.91
181.62
337.29
-14.14
2446.02
1654.92
791.10
39.21
850.13
1641.23
22.38
1448.83
1883.68
1022.35
861.33
292.85
568.48
68.54
3583.43
2561.69
1021.74
29.15
935.15
1956.89
19.23
1593.72
2287.72
1180.22
1107.50
376.55
730.95
28.58
Year ending March (Rs Cr) FY16 FY17 FY18E FY19E FY20E
Liabilities
Equity Capital
Reserves & surplus
Networth
Deposits
Borrowings
Other Current liabilities & provisions
Assets
Cash and balances with RBI
Money at call and short notice
Investments
Advances
Net fixed assets
Other assets
Balance Sheet
63,522
135.03
3706.89
3,846
55,721
2,615
1,341
63,522
2,476
798
14,744
41,086
487
3,931
As at March (Rs Cr) FY16
74,366
180.28
4665.19
4,848
66,117
1,958
1,442
74,366
3,078
810
19,430
46,389
656
4,003
82,424
180.28
4872.682
5,056
72,729
2,909
1,730
82,424
2,909
5,532
16,000
52,884
695
4,403
92,921
180.28
5311.357
5,495
82,184
3,339
1,903
92,921
3,287
5,357
18,080
60,711
730
4,755
1,07,627
180.28
5912.5
6,096
95,333
4,085
2,113
1,07,627
3,813
6,513
20,973
70,425
767
5,136
FY17 FY18E FY19E FY20E
South Indian Bank
Calc. Yield on adv
Calc. Cost of Fund
NIM
RoAE
RoAA
GNPA
NNPA
Advances
Borrowings
Deposit
NII
PPOP
11.1
7.1
2.5
8.97
0.54
3.8
2.9
9.9
28.7
6.9
10.5
-0.3
10.2
6.5
2.4
9.04
0.57
2.5
1.5
12.9
-25.1
18.7
11.0
38.2
10.9
6.6
2.6
6.82
0.43
2.6
1.4
14.0
48.6
10.0
19.8
22.4
11.0
6.3
2.8
10.78
0.65
2.1
1.2
14.8
14.8
13.0
23.7
26.7
11.0
6.2
2.9
12.62
0.73
1.5
0.9
16.0
22.3
16.0
18.7
21.4
Key Ratios
Year ending March (Rs Cr) FY16 FY17 FY18E FY19E FY20E Year ending March (Rs Cr) FY16 FY17 FY18E FY19E FY20E
PAT
EPS
P/E
Adj. BVPS
P/ABV
Dividend Yield (%)
Cost-Income
Credit-Deposit
CAR (%)
PCR (%)
CASA Ratio%
8.4
2.47
12.8
18.7
1.7
1.6
56.6
73.7
11.8
40.3
22.4
17.9
2.18
14.5
21.8
1.4
1.3
49.2
70.2
12.4
55.1
23.8
-14.4
1.87
16.9
23.8
1.3
1.9
46.5
72.7
11.7
44
24.5
68.7
3.15
10.0
26.6
1.2
1.9
43.5
73.9
11.6
44
24.5
28.6
4.05
7.8
30.3
1.0
1.9
41.1
73.9
11.5
40
24.5
09
PICKS
Key Ratios
(Source: Company, HDFC sec)
HDFCSec Scrip Code
BSE Code
NSE Code
Bloomberg
CMP (as on 22 Dec, 17)
Equity Capital (Rs mn)
Face Value (Rs)
Equity Sh Outs. (mn)
Market Cap (Rs bn)
Book Value (Rs)
Avg. 52 Week Volumes
52 Week High
52 Week Low
NAGCONEQNR
500294
NCC
NJCC IN
132.45
1111.9
2
555.9
73.6
61.92
5,300,000
134.4
75.1
Promoters
Institutions
Non Institutions
Total
19.57
45.61
34.82
100.00
Shareholding Pattern % (Sep 2017)
Industry
Infrastructure
CMP
Rs. 132
Recommendation
Buy at CMP and add on dips
Add on Dips to band
Rs. 109-115
Target
Rs. 162-195
Time Horizon
1 Year
Fundamental Research Analyst:Atul [email protected]
Established in 1978, as a partnership rm and converted into a limited company in 1990, NCC is among the top three construction companies in India in terms of revenues. NCC undertakes civil construction in segments such as buildings, water, roads, irrigation, power, electrical, railways, metals, mining and has also a presence in the Middle East where it currently undertakes works in roads, buildings and water segments. In India, it has operations in 25 out of 29 states. As a developer, NCC owns and operates two road projects both of which are operational. The company also has large land bank in Hyderabad, Bangalore, Vizag and Ranchi which it is developing through its urban infra subsidiary. NCC had an outstanding order book of ~Rs 219 bn (3xTTM revenues) as of Q2FY18.
NCC is among the top three construction
companies in India in terms of revenues
Pickup in government tendering has led to NCC securing fresh
orders worth Rs 149 bn in 7MFY18
The government has announced significant
infrastructure projects. These project could
result in higher order inflows in coming years
Key highlights
NCC Ltd.
Pickup in government tendering has led to NCC securing fresh orders worth Rs 149 bn in 7MFY18, most of which are short duration projects of 12-14 months. Additionally, the
10
PICKS
We are positive on NCC due to the above but our estimates are conservative. It has strong Q2FY18-end balance sheet with net D/E at 0.55x, concentrated focus on Infra EPC segment and well-diversified presence across different sub-segments. We value NCC’s standalone business at 11x/13x FY20E EV/EBIDTA and investments at book value.
company's 51:49 JV with BGR Mining won over Rs 250 bn mine development and operation order for Talai-Palli coal block from NTPC for 25 years from FY20. Order-book to sales after stagnating in 2.1x-2.3x over FY16-FY17 has risen to 3.0x currently.
The government has announced significant plans for roads under Bharatmala road project, given incentives to affordable housing schemes and budgetary support of $23 bn is expected over next 5 years for improvement in rural water supply & sanitation. Metro projects are coming up in large cities and Government is investing in upgrading rail infrastructure and develop Eastern & Western Direct Freight corridors & High Speed Railway. All these projects could result in higher order inflows for NCC in the coming years.
NCC Urban is monetising certain land parcels (has 311 acres across southern cities/Ranchi under development/yet to begin) and repaid part of the debt taken from the parent during the current year. This is likely to bring down the consolidated debt of the company and reduce finance expenses further.
With the crude prices stabilizing and inching up, capex cycle is expected to revive in the Gulf countries in the medium term.
NCC Ltd.
NCC Standalone
Investment in subsidiaries
Total
Construction business
Particulars Segments
11x/13x FY20 EV/EBIDTA
Book Value
SOTP Valuation
79838/98367
10287
64,407
144/177
19
162/195
Methodology Value (Rs mn) Value per share
11
PICKS
Net Revenues
EBITDA
APAT
Diluted EPS (Rs)
P/E (x)
EV / EBITDA (x)
RoE (%)
83,252
7,376
2,402
4.3
30.7
12.2
7.4
(Rs mn) FY16
78,921
6,852
2,255
4.1
32.7
12.9
6.7
Financial Summary
75,634
6,920
2,987
5.4
24.6
13.1
8.5
89,938
8,104
2,477
4.5
29.7
11.5
6.7
FY17 FY18E FY19E
1,02,256
9,265
2,728
4.9
27.0
10.3
7.0
FY20E
NCC Ltd.
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Net Revenues
Growth (%)
EBITDA
EBITDA Margin (%)
Depreciation
Other Income (Including EO Items)
Interest
PBT
Tax (Incl Deferred)
Reported PAT
EO Items
Adj. PAT
APAT Growth (%)
Adjusted EPS (Rs)
Income Statement
78,921
(5.2)
6,852
8.7
1,121
1,401
3,957
3,175
417
2,758
503
2,255
(6.1)
4.1
75,634
(4.2)
6,920
9.15
1,174
1,051
3,680
3,116
843
2,273
(714)
2,987
32.5
5.4
89,938
18.9
8,104
9.0
1,258
897
4,206
3,538
1,061
2,477
-
2,477
(17.1)
4.5
1,02,256
13.7
9,265
9.1
1,341
628
4,654
3,897
1,169
2,728
-
2,728
10.1
4.9
Year ending March (Rs mn) FY17 FY18E FY19E FY20E
STANDALONE FINANCIALS:
SOURCES OF FUNDS
Equity Capital
Reserves
Total Shareholders Funds
Total Debt
Net Deferred Taxes, Other LT Liab, etc.
TOTAL SOURCES OF FUNDS
APPLICATION OF FUNDS
Net Block & CWIP
Investments, LT Loans & Advances
Total Non-current Assets
Inventories
Debtors
Other Current Assets
Cash & Equivalents
Creditors
Other Current Liabilities & Provns
Net Current Assets
TOTAL APPLICATION OF FUNDS
Balance Sheet
As at March (Rs mn)
1,112
33,311
34,423
15,767
(600)
49,590
6,416
12,952
19,368
15,258
23,501
28,713
1,095
28,681
9,871
30,015
49,590
1,112
34,608
35,720
19,267
(600)
54,387
6,503
12,952
19,454
15,675
21,758
31,497
1,920
26,938
8,979
34,933
54,387
1,112
36,822
37,934
21,567
(600)
58,901
6,445
12,952
19,396
18,737
24,640
35,729
1,764
30,801
10,565
39,505
58,901
1,112
39,288
40,400
23,867
(600)
63,667
6,303
12,952
19,255
21,215
26,614
37,821
1,792
32,218
10,812
44,412
63,667
FY17 FY18E FY19E FY20E
(Source: Company, HDFC sec)
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Year ending March (Rs mn) FY17 FY18E FY19E FY20E
Reported PBT
Non-operating & EO Items
Interest Expenses
Depreciation
Working Capital Change
Tax Paid
OPERATING CASH FLOW ( a )
Capex
Investments
INVESTING CASH FLOW ( b )
Debt Issuance/(Repaid)
Interest Expenses
Share Capital Issuance
Dividend
FINANCING CASH FLOW ( c )
NET CASH FLOW (a+b+c)
2,672
(599)
3,957
1,121
(4,746)
(436)
1,968
(1,286)
5,838
4,552
(3,068)
(4,083)
-
(402)
(7,552)
(1,032)
2,402
(1,051)
3,680
1,174
(3,885)
(843)
1,478
(1,261)
1,051
(210)
3,500
(3,680)
-
(262)
(442)
826
3,538
(897)
4,206
1,258
(4,728)
(1,061)
2,315
(1,200)
897
(303)
2,300
(4,206)
-
(262)
(2,168)
(156)
3,897
(628)
4,654
1,341
(4,879)
(1,169)
3,216
(1,200)
628
(572)
2,300
(4,654)
-
(262)
(2,616)
28
Cash Flow Statement
PROFITABILITY (%)
EBITDA Margin
APAT Margin
RoE
EFFICIENCY
Asset Turnover (x)
Net D/E (x)
PER SHARE DATA (Rs)
EPS
CEPS
Dividend
VALUATION
P/E (x)
EV/EBITDA (x)
Dividend Yield (%)
8.7
2.9
6.7
5.8
0.4
4.1
7.0
0.6
32.7
12.9
0.5
9.1
3.9
8.5
5.0
0.5
5.4
6.2
0.6
24.6
13.1
0.5
9.0
2.8
6.7
5.6
0.5
4.5
6.7
0.6
29.7
11.5
0.5
9.1
2.7
7.0
5.9
0.5
4.9
7.3
0.6
27.0
10.3
0.5
Key Ratios
Year ending March FY17 FY18E FY19E FY20E
NCC Ltd.
(Source: Company, HDFC sec)
JAGRAN PRAKASHAN
THE SOUTH INDIAN BANK
NCC LTD
Company Team
PCG
PCG
RETAIL RESEARCH
Disclosure
Holding
NO
YES
No
Analyst
NISHA SANKHALA
DEVARSH VAKIL
ATUL KARWA
HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Ofce Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066
Website: www.hdfcsec.com
Compliance Ofcer: Binkle R. Oza Email: [email protected] Phone: (022) 3045 3600
Disclosure:
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