SAMVAT 2080

SAMVAT 2080

*Closing as on 1st November, 2023

 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 1161 UPSIDE: 20%

CMP: 971.45
Face Value (Rs.) 2.00
52 Week High/Low 1047.45/814.25 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 299420.47 • The business of the bank has increased 20% YoY to Rs 1852903 crore end September 2023, driven by 23% surge in advances to Rs
EPS (Rs.) 75.90 897347 crore. Deposits rose 18% to Rs 955556 crore at end September 2023.
P/E Ratio (times) 12.80 • The CASA deposits of the bank increased 13% YoY to Rs 423866 crore at end September 2023. The current account deposits increased
P/B Ratio (times) 2.11 23% to Rs 131553 crore, while saving account deposits increased 22% to Rs 292313 crore end September 2023. The CASA ratio
Stock Exchange BSE declined to 44.4% at end September 2023 compared to 46.2% at end September 2022, while eased from 45.5% a quarter ago.

SHAREHOLDING PATTERN • The strong loan growth was supported retail loans rising 23% YoY to Rs 519736 crore at end September 2023, while MSME credit
increased 27% to Rs 95954 crore at end September 2023. The corporate credit has zoomed 33% to Rs 254092 crore end September
9
1.29 7.95 2023. The overseas credit has declined 32% to Rs 27565 crore end September 2023.
Foreign
53.72 Ins tu ons • During the quarter, Net interest income (NII) grew 19% YoY to Rs 12,315 crore as against Rs 10,360 crore posted in Q2 FY23 . Net
28.05 Non Promoter Corporate Holding
Promoters interest margin (NIM) for Q2 FY24 stood at 4.11%, up 15 basis points (bps) YoY.
Public & Others
• The bank continued to strengthen asset quality. The ratio of gross NPAs reduced to 1.73% as on 30 September 2023 as against 2.50%
as on 30 September 2022. The ratio of net NPAs declined to 0.36% as on 30 September 2023 as against 0.51% as on 30 September
P/B CHART 2022. Overall capital adequacy ratio (basel III) stood at 16.56%. Tier I was at 13.80% and Tier II at 2.77%.
1600.00
• As on 30 September 2023, the bank's provision coverage, as a proportion of gross NPAs stood at 79%, as compared to 80% as at 30
1400.00
1200.00 September 2022.
1000.00
800.00
• The bank's return on average assets (ROA) and Return on equity (ROE) stood at 1.76% and 18.30%, respectively in the quarter ended
600.00 30 September 2023.
400.00
200.00
0.00
4-Jan-19

2-Jun-23
10-Jul-19

20-Jul-20

22-Jul-21

26-Jul-22

2-Aug-23
15-Jan-20

15-Jan-21

21-Jan-22

27-Jan-23
12-Sep-19

16-Sep-20

22-Sep-21

27-Sep-22
2-Nov-18

4-Oct-23
6-Mar-19

RISK
15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23
10-May-19

20-May-20

24-May-21

27-May-22

1.10 1.75 2.40 3.05 Close Price

• Decline in asset quality
• Economic slowdown
FINANCIAL PERFORMANCE (Rs.in Cr.)
ACTUAL FORECAST
FY Mar-23 FY Mar-24 FY Mar-25
VALUATION
NII 42945.75 49799.46 56795.67
EBIT 32048.31 36536.79 43581.16 The bank is well capitalized with adequate liquidity buffers for future growth. Improving asset quality and strong position in Payments
PRE-TAX PROFIT 29395.67 32346.64 36887.09 and Digital Banking indicate future growth visibility. According to the management of the bank, with the upcoming festivities, the bank is
NET INCOME 22069.50 24214.41 27710.83 already seeing a surge in demand, which augurs well for business. At Axis Bank, its GPS (Growth, Pro itability and Sustainability) agenda
EPS 71.46 78.02 89.01 is on track and looking at steady growth for all the major business verticals of the bank. Thus, it is expected that the stock will see a price
BVPS 407.61 482.64 568.91
target of Rs.1161 in 8 to 10 months’ time frame on 2 years average P/BV of 2.04x and FY25 BVPS of Rs.568.91.
RoE 21.12% 17.57% 17.09%
Source: Company's Website, Reuters & Capitaline
2
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 280 UPSIDE: 22%

CMP: 230.30
Face Value (Rs.) 1.00
52 Week High/Low 262.75/150.55 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 3330.26
• Bajaj Consumer Care is one of the leading FMCG brands in India that brings high-quality hair care and skin care products to consumers
EPS (Rs.) 10.48
across the world. Bajaj Consumer Care has a pan-India presence with a network of over 200,000 retailers and distributors. It also has a
P/E Ratio (times) 21.98
sizable presence on online horizontal marketplaces.
P/B Ratio (times) 4.22
Dividend Yield (%) 2.14 • The company is focusing on building digital- irst brands, which has resulted in steady growth and increased visibility on e-commerce
Stock Exchange BSE platforms. Additionally, the company's international business has seen strong growth, particularly in the Middle East & Africa,
Bangladesh and the Rest of World.
SHAREHOLDING PATTERN
• Recently, it has partnered with WareIQ as part of the latter’s Seller on Record (SOR) model, which offers a comprehensive suite of
23.26 16.42
ful ilment and marketplace management services, to further expand its presence on Jiomart and other marketplaces.
Foreign
17.43
Ins tu ons • During Q1FY24, the company entered into face serums category with products directed towards blemish removal which overlaps
Non Promoter Corporate Holding

39.35 Promoters with NOMARKS’ core bene it. The company said that these will be marketed based on trending ingredients known for their ef icacy.
Public & Others
3.54 • The company also launched three new products during the quarter - Almond Drop Extensions: Serums & Soap, Nomarks extending
into face serums and Bajaj 100 percent pure Henna.
P/B CHART • The company reported consolidated sales of INR 265.7 crores, resulting in 8% value growth with a slightly higher volume growth, as
400.00
compared to the corresponding quarter of the previous year. The hair oils portfolio of the company grew at 9% in the quarter, and
350.00

300.00 double-digit volume growth. Consolidated gross margins for Q1 stood at 54.7%, similar to the corresponding quarter of the previous
250.00
year. The EBITDA in Q1 FY '24 stood at INR 49 crores, which is a 30% growth over the same period last year.
200.00

150.00

100.00

50.00 RISK
0.00
7-Jul-22

• High commodity prices

4-Jan-21

7-Jun-22
2-Dec-20

1-Sep-23
16-Jul-21

8-Aug-22

1-Aug-23
16-Jun-21

27-Jan-22

17-Jan-23
21-Sep-21

30-Jun-23
4-Feb-21

18-Aug-21

27-Dec-21

12-Sep-22

16-Dec-22
28-Feb-22
1-Apr-22

17-Feb-23

5-Oct-23
8-Mar-21
30-Oct-20

12-Apr-21

22-Oct-21
25-Nov-21

13-Oct-22

27-Apr-23
16-Nov-22
6-May-22

22-Mar-23
17-May-21

30-May-23

2.40 3.60 4.80 6.00 Close Price

• Economic slowdown

FINANCIAL PERFORMANCE (Rs.in Cr.)

ACTUAL FORECAST VALUATION
FY Mar-23 FY Mar-24 FY Mar-25
The company is witnessing continuous growth in its urban business and gradual improvement in rural demand. It is expected that as
REVENUE 960.87 1048.99 1175.42
rural demand picks up gradually, hair oil volume growth will improve in the quarters ahead. Management is con ident of achieving
EBITDA 141.21 195.67 229.98
double-digit earnings growth over the next two years with a good recovery in sales volumes of core and scale-up in NPDs/international
EBIT 132.70 200.39 226.89
NET INCOME 139.22 189.63 216.93 business coupled with uptick in OPM. Its June quarter earnings commentary said that the hair oil market has grown in both volume and
EPS 9.47 13.22 15.26 value terms for the irst time after eight quarters growth visibility. Thus, it is expected that the stock will see a price target of Rs.280 in 8 to
BVPS 55.10 59.40 66.30 10 months’ time frame on current P/BV of 4.22x and FY25 BVPS of Rs.66.30.
RoE 17.41% 22.95% 24.69%
Source: Company's Website, Reuters & Capitaline
3
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 655 UPSIDE: 17%

CMP: 558.60
Face Value (Rs.) 10.00
52 Week High/Low 620.15/304.05 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 11473.35
• Chalet Hotels (CHL) is an owner, developer, Asset Manager and operator of high-end hotels in key metro cities in India. CHL portfolio
EPS (Rs.) 11.18 comprises seven operating hotels, including a hotel with a co-located serviced residence, which is situated across the markets of the
P/E Ratio (times) 49.96 Mumbai Metropolitan Region, Hyderabad, Bengaluru and Pune.
P/B Ratio (times) 6.79 • It has expanded its presence across segment. Chalet also has a robust development pipeline i.e. 88 keys under expansion in Pune, 375-
Dividend Yield (%) 0.00 400 rooms in New Delhi and 140 addition rooms converted from an erstwhile of ice space in Bengaluru under the hospitality
Stock Exchange BSE segment. In addition, 1.4 mn sqft is under development in commercial segment in Mumbai and Bengaluru, and ~0.3mn sqft is being
converted from a mall to a commercial space in Bengaluru. The proposed 5-star hotel at Terminal 3 Delhi Airport is on schedule and is
SHAREHOLDING PATTERN expected to be completed in FY26.
2.47 2.6
• The company has capex plan of Rs.900 crore for the next 18 months. According to the management of the company, the business is well
21.82 funded with internal accruals and available lines of credit. On the development front, it has announced entry into the hospitality space
1.42
Foreign
with a project in DIAL New Delhi. It has already commenced construction and hopeful of starting operations of the hotel in FY2026.
Ins tu ons
Non Promoter Corporate Holding • It has Commenced Phase-1 renovation and expansion at The Dukes Retreat, Lonavala, CIGNUS White ield Bangalore® Tower II and
71.7 Promoters
CIGNUS POWAI® Tower I at Westin Complex, Powai are in its inal stages of completion and Civil work commenced for new ~130
Public & Others
guest rooms at Bengaluru Marriott Hotel White ield which is expected to complete by the end of FY25.
• It has acquired an 80-room resort in Khandala, expanding its owned asset portfolio in the leisure segment and signed de initive
P/B CHART agreements for an enterprise value of Rs.133 crore. The resort is spread over 7.5 acres, and the resort land is owned by Sonmil
800.00
Industries Pvt. Ltd., while the hotel structure and its business are owned by The Dukes Retreat Pvt. Ltd.
700.00
• Recently, the company's board has approved the amalgamation of (a) Sonmil Industries, wholly-owned subsidiary of the company
600.00
with and into the Company and (b) The Dukes Retreat (Dukes), subsidiary of the company with and into the company. Furthermore,
500.00
400.00
the irm's board has also approved the amendment of the arrangement with Mindspace Business Parks (MBPPL) for development of
300.00
the proposed hotel at Airoli in Navi Mumbai.
200.00
• The REVPAR, or revenue per available room, for the Q2FY24 was Rs 7034, up by 25%. According to the management of the company,
100.00
the irst half of FY24 continues to demonstrate persistence in RevPAR growth along with maintaining an all-round healthy growth
0.00
trajectory with strong low and cash lows.
5-Jul-21
3-Jun-20
6-Aug-19

28-Jul-20

8-Aug-22

2-Dec-22

20-Jul-23
10-Jun-19

12-Jan-21
21-Sep-20

14-Jun-22

27-Jan-23

14-Sep-23
7-Feb-19

10-Dec-19
4-Feb-20

31-Aug-21

23-Dec-21
5-Apr-19

9-Oct-19

1-Apr-20

17-Feb-22

6-Oct-22
9-Mar-21
14-Nov-20

27-Oct-21

19-Apr-22

24-Mar-23
10-May-21

25-May-23

• During Q2FY2024, the company's hospitality segment reported highest ever revenue of Rs 284.4 crore, up by 27% from Q2FY23.
1.80 3.90 6.00 8.10 Close Price Average daily room rate (ADR) stood at Rs 9610, up by 21% over Q2FY23. Occupancy was at 73% in Q2 FY24 as against 71% in Q2
FY23.
FINANCIAL PERFORMANCE (Rs.in Cr.)
RISK
ACTUAL FORECAST
FY Mar-23 FY Mar-24 FY Mar-25 • Intense competition
REVENUE 1128.47 1507.58 1845.35 • Economic slowdown
EBITDA 441.52 650.47 840.28
EBIT 340.23 511.57 679.30
VALUATION
NET INCOME 143.57 286.03 403.57 The company has been witnessing improvement in its average room rate and occupancy level. According to the management, it has
EPS 7.00 13.80 19.34 delivered a strong performance on the back of strong domestic business travel, a rebound of the MICE segment and very strong Average
Room Rates. Its cost optimization has led to improvement in EBITDA margin, which augers well for the company in terms of more cash
BVPS 75.33 90.17 109.13
generation to fund part of its capex through internal accruals. Thus, it is expected that the stock will see a price target of Rs.655 in 8 to 10
RoE 9.95% 17.01% 19.21% months’ time frame on an expected P/BVx of 6.00x and FY25BVPS of Rs.109.13E.
Source: Company's Website, Reuters & Capitaline
4
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 1175 UPSIDE: 33%

CMP: 885.00
Face Value (Rs.) 10.00
52 Week High/Low 1016.75/532.05 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 5767.64
• H.G. Infra Engineering Limited (HGIEL) has a strong presence in Rajasthan, Haryana, Delhi, Uttar Pradesh, Himachal Pradesh,
EPS (Rs.) 67.84
Maharashtra, Jharkhand, Telangana, Odisha, Andhra Pradesh and Karnataka. The company is primarily involved in road construction
P/E Ratio (times) 13.05
activities and has emerged as a signi icant Engineering Procurement Construction (EPC) player. The company is increasingly focusing
P/B Ratio (times) 3.24
on Hybrid Annuity Model (HAM) projects and serves a diverse clientele, including government and private sectors.
Dividend Yield (%) 0.14
• In quarter ended June 2023, its order book stood at Rs. 11,674 crores, the EPC segment comprising of 53% and HAM segment
Stock Exchange BSE
constitution the remaining 47%.
SHAREHOLDING PATTERN • The company expects revenue growth of 20-25% in FY2024. It expects to bring momentum in the order in low with the new project in
2.72
the tune of Rs. 7,000 crores to Rs. 8,000 crores this year. It is working mainly on the operational ef iciency and executional capabilities
9.2 13.05 0.5
to improve EBITDA and PAT margin. Digital transformation remains its priority from automation in the plant and machinery,
Foreign
Ins tu ons
operations, and other vehicles, which would add a lot of value in the inancial indicators.
Non Promoter Corporate Holding
Promoters
• On the projects development front, the management informed that the EPC project, the Ganga Expressway project, has achieved
74.53
Public & Others approximately 23.5% completion. The project is running well as per the contract timeline. In Delhi UER project, it has made signi icant
progress of around 65.8% and is expected to be completed by December 2023. The Neelmangala-Tumkur project is progressing well
and has reached an execution status of 10.6%. The progress of various HAM projects is also looking good and moving ahead as per the
P/B CHART
planned schedule.
1600.00
1400.00 • It has successfully ventured into the railway and metro sector. It has completed 13% of DMRC's metro project. Execution of this
1200.00
project is going well on track and would be completed as per the contract timeline. The company informed that the railway project of
1000.00
800.00 RVNL at Bilaspur Himachal Pradesh is progressing well. At the Kanpur railway station project, the mobilization is going on a very fast
600.00 track.
400.00
200.00
0.00
RISK
4-Jan-19

2-Jun-23
10-Jul-19

20-Jul-20

22-Jul-21

26-Jul-22

2-Aug-23
15-Jan-20

15-Jan-21

21-Jan-22

27-Jan-23
12-Sep-19

16-Sep-20

22-Sep-21

27-Sep-22
2-Nov-18

4-Oct-23
6-Mar-19

15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23
10-May-19

20-May-20

24-May-21

27-May-22

• Economic slowdown
1.40 2.60 3.80 5.00 Close Price

• Higher commodity prices

FINANCIAL PERFORMANCE (Rs.in Cr.)
ACTUAL FORECAST
FY Mar-23 FY Mar-24 FY Mar-25 VALUATION
REVENUE 4418.54 5389.81 6108.27 The strong order book indicates steady business growth going forward. The government thrust on the infrastructure sector, with lion's
EBITDA 710.30 848.46 949.63 share towards the road, highways and railway sector along with new initiatives being taken to support the project completion on time
EBIT 613.96 726.47 816.54 augers well for the company as it is focusing on digital transformation in its plant and machinery, operations to bring operational
NET INCOME 421.38 520.07 569.18 ef iciency. Moreover, GOI is expected to accelerate the transition of India from a consumption-driven economy to consumption cum
EPS 64.66 76.75 85.58 infrastructure-driven economy. This transition would result in the building of a larger number of infrastructure drivers like roads, ports,
BVPS 272.90 363.98 451.76 airports, bridges, waterways and mobility which would further accelerate business growth of the company. Thus, it is expected that the
RoE 26.82% 25.73% 21.36% stock will see a price target of Rs.1175 in 8 to 10 months time frame on an expected P/BV of 2.60x and FY25 (E) BVPS of Rs. 451.76.
Source: Company's Website, Reuters & Capitaline
5
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 3498 UPSIDE: 21%

CMP: 2894.35
Face Value (Rs.) 2.00
52 Week High/Low 3114.00/1970.15 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 406865.25
• Larsen & Toubro is a USD 23 billion Indian multinational engaged in EPC Projects, Hi-Tech Manufacturing and Services. It operates in
EPS (Rs.) 59.87
P/E Ratio (times) 48.34 over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to

P/B Ratio (times) 5.69 attain and sustain leadership in its major lines of business for eight decades

Dividend Yield (%) 0.83 • The Company received orders worth Rs. 89,153 crore at the group level during the quarter ended September 30, 2023, registering a
Stock Exchange BSE robust growth of 72% on y-o-y basis. During the quarter, orders were received across diverse segments like onshore verticals of the

SHAREHOLDING PATTERN Hydrocarbon business, Urban Transit systems, Transmission & Distribution as well as Residential & Commercial Space. International
orders at Rs. 59,687 crore during the quarter comprised 67% of the total order in low. The consolidated order book is at Rs. 450,734
34.33
27.8
crore as on September 30, 2023, with international orders having a share of 35%. According to the company, there is a robust prospect
Foreign
Ins tu ons for order pipeline of approx. Rs. 8.8 trillion in the near term.
Non Promoter Corporate Holding
Promoters • Economic activity in India continues to witness resilience on the back of strong domestic demand in contrast to global trends.
36.83
0 Public & Others
1.04
According to the management, Capacity utilization in the manufacturing sector is trending up, which augurs well for the company.
Despite global challenges, the Company remains optimistic around fresh project awards in Oil & Gas, industrialization and energy

P/B CHART transition projects in the GCC region.

3500.00
• In Q2FY2024, it reported consolidated Revenues of Rs. 51,024 crore recording a y-o-y growth of 19%, primarily aided by improved
3000.00
execution of the large order book and accelerated progress in the Projects and Manufacturing portfolio. International revenues during
2500.00

2000.00 the quarter at Rs. 21,898 crore constituted 43% of the total revenue. It reported consolidated PAT of Rs. 3,223 crore, registering a
1500.00 signi icant growth of 45% compared to the corresponding quarter of the previous year.
1000.00

500.00

0.00

RISK
4-Jan-19

2-Jun-23
10-Jul-19

20-Jul-20

22-Jul-21

26-Jul-22

2-Aug-23
15-Jan-20

15-Jan-21

21-Jan-22

27-Jan-23
12-Sep-19

16-Sep-20

22-Sep-21

27-Sep-22
2-Nov-18

4-Oct-23
6-Mar-19

15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23
10-May-19

20-May-20

24-May-21

27-May-22

1.80 2.90 4.00 5.10 Close Price • Increase in commodity prices

FINANCIAL PERFORMANCE (Rs.in Cr.) • Economic slowdown

ACTUAL FORECAST
FY Mar-22 FY Mar-23 FY Mar-24
REVENUE 1,56,521.23 1,83,340.70 2,14,797.79 VALUATION
EBITDA 24,169.84 26,779.72 24,751.63
The Company continues to report robust execution momentum led by growing order book in Q2FY2024. It has strong order book with
EBIT 21,221.89 23,277.47 21,639.22
highest ever quarterly order in low in Q2FY2024 aided by ultra-mega Hydrocarbon orders in GCC. Moreover, the robust prospects order
NET INCOME 8,669.33 10,470.72 13,786.47
EPS 61.65 74.45 97.56 pipeline of approx. Rs. 8.8 trillion in the near term indicates sustains growth visibility. Thus, it is expected that the stock will see a price
BVPS 586.51 635.75 685.83 target of Rs. 3498 in 8 to 10 months’ time frame on target P/BV of 5.1x and FY24 BVPS of Rs. 685.83.
RoE 10.83% 12.04% 14.99%
Source: Company's Website, Reuters & Capitaline
6
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 12469 UPSIDE: 22%

CMP: 10223.60
Face Value (Rs.) 5.00
52 Week High/Low 10846.10/8076.65 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 308834.50
• Maruti Suzuki India Limited is the market leader in the domestic passenger car industry. The company has manufacturing facilities in
EPS (Rs.) 369.98
Gurgaon and Manesar. Along with Suzuki Motors Gujarat Pvt Ltd, total installed capacity is around ~2.25 million units per annum. It
P/E Ratio (times) 27.63
currently has 18 models with over 150 variants across segments. These include, mini segment: Alto K10, and S-Presso; compact
P/B Ratio (times) 4.80
segment: Wagon R, Swift, Celerio, Ignis, Dzire, and Baleno; super compact segment: Tour S; mid-sized sedan segment: Ciaz; vans
Dividend Yield (%) 0.88
segment: Eeco; UV segment: Ertiga, Brezza & XL6, Jimny, Fronx, Grand Vitara, Invicto ; and LCV segment: Super Carry.
Stock Exchange BSE
• On the capex front, it plans to add 2 million additional capacity in the next 7 years (i.e FY 2030-31). Work has already started at
SHAREHOLDING PATTERN Kharkhoda in Haryana where the irst line of 250,000 units is expected to go into production in early 2025 and 1 million capacity to
reach in 2028. A second site for 1 million units is under selection and work will start in 2024. There will thus be 5 production sites
(Gurgaon, Manesar, Kharkhoda, Gujarat & new location.). Of this volume of 4 million, over 3 million units are planned to be sold in
domestic market including sale to other OEM and 750,000-800,000 units are expected to be exported.

• According to the management, the domestic market is expected to grow at ~6% CAGR and is expected be around 6 million units by FY
2030-31. The Company is expected to grow faster than the Industry.

• The company is planning to increase the number of models from 17 to 27-28. Of these, 6 are expected to be EVs.
P/B CHART • In Q2FY2024, it reported highest ever quarterly sales volume of 550,000+ units, up 6.7% YoY. Passenger vehicle wholesales grew by
14000.00
~8%, higher than the industry growth of ~5%. Achieved leadership in SUV segment, supported by strong product lineup. Achieved
12000.00

10000.00
market share of 23.3 % in SUV segment.
8000.00
• In Q2FY2024, by exporting ~69,000 units, the Company continued to be the largest exporter of Passenger Vehicles from India. It
6000.00
expanded its export portfolio with export of Jimny-5 Door to Latin America, Middle East and Africa.
4000.00

2000.00 • In Q2FY2024, net sales grew by 24.5% to Rs. 3,55,351 crore. Operating EBIT margin improved to 11.2% as against 7.2% same period
0.00 last year on the back of improved realization, softening of commodity prices and cost reduction effort. Net pro it was up by 80.3% to
4-Jan-19

2-Jun-23
10-Jul-19

20-Jul-20

22-Jul-21

26-Jul-22

2-Aug-23
15-Jan-20

15-Jan-21

21-Jan-22

27-Jan-23
12-Sep-19

16-Sep-20

22-Sep-21

27-Sep-22
2-Nov-18

4-Oct-23
6-Mar-19

15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23
10-May-19

20-May-20

24-May-21

27-May-22

Rs. 37,165 crore.

3.00 3.80 4.60 5.40 Close Price

RISK
FINANCIAL PERFORMANCE (Rs.in Cr.) • Increase in commodity prices
ACTUAL FORECAST
• Shortage of electronic components
FY Mar-23 FY Mar-24 FY Mar-25
REVENUE 1,17,522.90 1,42,372.27 1,58,947.64
VALUATION
EBITDA 11,007.70 16,487.94 18,999.19
EBIT 8,184.40 13,571.15 15,692.23 The company has delivered strong sales volume and margin improvement in Q2FY2024. In the SUV segment it achieved leadership in SUV
NET INCOME 8,049.20 12,568.14 14,092.56 segment, supported by strong product lineup. It already enjoys leadership position in the domestic Passenger vehicle segment and is also
EPS 266.46 406.39 456.54 the largest exporter of Passenger Vehicles from India. Its plans to double the capacity over the next 7 years, which indicate sustain growth
BVPS 1,999.40 2,307.11 2,710.57 visibility. Thus, it is expected that the stock will see a price target of Rs. 12469 in 8 to 10 months’ time frame on target P/BV of 4.6x and
RoE 14.06% 19.04% 18.38% FY25 EPS of Rs.2710.57.
Source: Company's Website, Reuters & Capitaline
7
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 275 UPSIDE: 18%

CMP: 232.70
Face Value (Rs.) 10.00
52 Week High/Low 251.50/161.20 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 225641.42
• NTPC has presence in the entire value chain of the power generation business. From fossil fuels, it has forayed into generating
EPS (Rs.) 19.72
electricity via hydro, nuclear and renewable energy sources. To strengthen its core business, the corporation has diversi ied into the
P/E Ratio (times) 11.80
ields of consultancy, power trading, training of power professionals, rural electri ication, ash utilisation and coal mining as well.
P/B Ratio (times) 1.47
Dividend Yield (%) 3.12 • The total installed capacity of the NTPC group stood at 73,824 MW in Q2FY23-24 as against 70,254 MW in the same quarter of the
Stock Exchange BSE previous iscal year. On a standalone basis, NTPC reported a total installed capacity of 57,838 MW up from 57,639 MW in Q2FY22-23.

• In H1 FY24, it has incurred a group CAPEX of Rs.13,203.60 crore as compared to Rs.16,664.19 crore in the corresponding previous
SHAREHOLDING PATTERN
period. The Capital outlay of NTPC standalone has been estimated at Rs.22,454 crore for FY24.
2.56

16.77 • During Q2FY24, NTPC reported a gross power generation of 90.302 billion units (BU), marking a 5.63 percent increase from the
Foreign
85.487 BUs generated in the same period the previous year. The company's coal production from its captive mines reached 5.59
Ins tu ons
51.1
29.04
Non Promoter Corporate Holding million metric tonnes (MMT) during the quarter, indicating a substantial spike of 29.4 percent compared to the 4.32 MMT produced in
Promoters
Public & Others the corresponding quarter of the previous year.

0.54
• Renewable capacity as end of Sep 2023 was 3314 MW and further about 7258 MW of RE power projects are under construction.
Additionally it has secured tenders/bilateral for 10GW of renewable capacity.
P/B CHART
300.00
• The company is also actively considering awarding of thermal capacity of about 11200 MW (50% from standalone and 50% from
250.00
JVs/subsidiaries) by next iscal. This is in addition to 10 GW of thermal capacity that is already under construction for the group.
200.00 • In Q2FY24, NTPC announced a remarkable 16.6% surge in consolidated net pro it, which reached Rs.3,885 crore, compared to
150.00 Rs.3,331 crore during the same period in the previous year.
100.00

50.00

0.00 RISK
4-Jan-19

10-Jul-19
12-Sep-19

15-Jan-20

20-Jul-20
16-Sep-20

15-Jan-21

22-Jul-21
22-Sep-21

21-Jan-22

26-Jul-22
27-Sep-22

27-Jan-23

2-Jun-23
2-Aug-23
2-Nov-18

6-Mar-19

15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23

4-Oct-23
10-May-19

20-May-20

24-May-21

27-May-22

• Non-availability of Gas
0.65 0.95 1.25 1.55 Close Price
• Coal Shortage
FINANCIAL PERFORMANCE (Rs.in Cr.)
ACTUAL FORECAST
FY Mar-23 FY Mar-24 FY Mar-25
VALUATION
REVENUE 176206.93 178972.45 193653.71 The Company has also forayed into a variety of business areas including fuel cells, e-mobility, green hydrogen solutions and waste-to-
EBITDA 47728.91 50250.42 57022.54 energy. The company is well planned to bene it the rising power demand in the company with huge installed capacity already in place and
EBIT 32936.64 34120.34 38078.87 plans to add additional capacity mostly in green energy space indicate future growth visibility of the company. Thus, it is expected that the
NET INCOME 16912.55 19355.06 22432.14 stock will see a price target of Rs.275 in 8 to 10 months time frame on a target P/Bv of 1.55x and FY25 BVPS of Rs.177.44.
EPS 17.44 20.23 23.40
BVPS 154.32 163.14 177.44
RoE 11.87% 12.98% 13.66%
Source: Company's Website, Reuters & Capitaline
8
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 2205 UPSIDE: 16%

CMP: 1894.20
Face Value (Rs.) 2.00
52 Week High/Low 2059.00/1186.45 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 33837.08
• Phoenix Mills is a leading retail-led mixed-use asset developer and operator in India. The group has an operational retail portfolio of
EPS (Rs.) 45.64
about 1.1 crore sq. ft. of retail space spread across 12 operational retail destinations in 8 major cities of India.
P/E Ratio (times) 41.50
P/B Ratio (times) 4.04 • According to the business update for Q2FY24, the total consumption stood at Rs 2,637 crore, a 20 percent YoY growth, while retail
Dividend Yield (%) 0.26 collections stood at Rs 638 crore in Q2 FY24, with a growth of 23 percent over last year. Total consumption in H1 FY24 stood at ~Rs.
Stock Exchange BSE 5,211 crs, demonstrating a YoY growth of 19% over H1 FY23. Retail collections stood at ~Rs. 1,252 crs in H1 FY24, with a growth of
20% over H1 FY23.
SHAREHOLDING PATTERN
• Recently, the company announced the launch of a new mall in the city of Bengaluru. Phoenix Mall of Asia, which will be built on 12 lakh
3.54
square feet of land, will feature more than 440 brands and a 250,000 square foot entertainment zone. The mall will be the second mall
30.17
Foreign developed by Phoenix Mills in Bengaluru and will be developed in partnership with CPPIB.
47.29 Ins tu ons
Non Promoter Corporate Holding • It also has opened the gates to its second mall in Pune, "Phoenix Mall of the Millennium". This sprawling retail destination spread
18.51 Promoters
Public & Others across 16 acres and encompassing over 12 lakh square feet (sq. ft.) of gross leasable area, is located in the key consumption centre of
West Pune in Maharashtra. The mall has been developed by joint venture with Canada Pension Plan Investment Board ("CPP
0.49
Investments").
P/B CHART • It is also planning to open a second mall in Surat. According to the management, it has acquired land for the Surat project and is getting
1000.00
900.00
other required approvals for it. The project will have retail space of around 1 million sq ft and is expected to come up in the next two-
800.00
three years.
700.00
600.00
500.00
• According to the management, the company is continually evaluating the growing consumption strengths in India's key cities and
400.00
micro-markets and exploring newer opportunities. It has been exploring alternative ways to establish fresh channels of growth and
300.00
200.00 value creation, extracting long-term value from land, uncovering urban demand and creating a superlative experience.
100.00
0.00
5-Jul-21
7-Jun-18

7-Jan-21
2-Aug-18

4-Dec-18

1-Sep-21
26-Jul-19

20-Jul-20
30-Jan-19

23-Jan-20
12-Dec-17

26-Sep-19

14-Sep-20

22-Jun-22
8-Feb-18

28-Dec-21

19-Aug-22
4-Oct-18

23-Feb-22
5-Mar-21
16-Oct-17

11-Apr-18

27-Nov-19

10-Nov-20

29-Oct-21

26-Apr-22
29-Mar-19

20-Mar-20

7-May-21
30-May-19

22-May-20

RISK
1.80 2.45 3.10 3.75 Close Price

• Regulatory, taxation and environmental risks

FINANCIAL PERFORMANCE (Rs.in Cr.)
• Economic slowdown
ACTUAL FORECAST
FY Mar-23 FY Mar-24 FY Mar-25
REVENUE 2638.35 3483.63 4279.15
VALUATION
EBITDA 1518.92 2096.12 2636.22
EBIT 1291.10 1873.01 2392.58 Phoenix Mills is a retail mall developer which owns and operates hotels like St Regis and Courtyard in Mumbai. The company has reported
NET INCOME 1334.96 969.11 1269.64 strong business growth and it expects the momentum to continue in FY2024 on the back of upcoming new malls on account of increase in
EPS 74.71 55.23 73.55 trading area and consumption growth in its newly launched malls. Thus, it is expected that the stock will see a price target of Rs.2205 in 8
BVPS 469.17 518.72 760.47 to 10 months’ time frame on target P/BV of 2.90x and FY25 BVPS of Rs.760.47.
RoE 9.75% 11.26% 13.35%
Source: Company's Website, Reuters & Capitaline
9
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 909 UPSIDE: 26%

CMP: 722.25
Face Value (Rs.) 10.00
52 Week High/Low 785.65/412.40 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 6850.24
• SOBHA Limited has cumulatively delivered over 129.45 million square feet of developable area across 27 Indian cities in 14 states,
EPS (Rs.) 10.79
Real estate in 12 cities and Contractual in 26 cities. Bangalore, SOBHA’s home market, contributes 54% of total sale value with other
P/E Ratio (times) 66.94
markets such as NCR, Kerala, GIFT City etc contributing consistently.
P/B Ratio (times) 2.93
Dividend Yield (%) 0.42 • As on June 2023, it has total inventory visibility of 20.26 million square feet. These include 0.11 Mn Sft. of completed projects; the
Stock Exchange BSE ongoing projects accounts for 5.06 mn sft. and 15.09 Mn Sft of forthcoming projects. The company is also planning to develop 4
commercial projects admeasuring 1.08 Mn Sft.
SHAREHOLDING PATTERN
• According to quarterly business update, the company recorded its highest ever sales quarter with an area of 1.69 mn sft and sales
19.82 11.82
value of Rs. 1,724 crore in Q2 FY24, up 48.1% YoY. The average price realization was also higher by 17.4% YoY at Rs. 10,223 per sft.
14.95
Foreign
Ins tu ons
• Bangalore has achieved its highest ever sale value of Rs. 932 crore, with over 1 mn sft in area in Q2 FY24. Kerala region has achieved
1.14
Non Promoter Corporate Holding higher sale value in the irst half of this year than in the entire FY 2023, assisted by release of new inventory in existing projects. GIFT
Promoters
52.28
Public & Others
City projects witnessed remarkable growth, recording their best quarter. Gurgaon continued with its steady performance capitalizing
on our established presence.

• Continuous focus on increasing sales and ef icient cash low management has led to robust operational and inancial performance in
P/Bv CHART Q1 FY24. Total Collections in Q1 FY24 improved by 21.3% compared to Q1-FY23 to Rs. 1,355 crore supported by a healthy growth of
1400.00
29.2% in real estate collections. Real estate revenues for the quarter grew by 66.1% YoY to Rs. 741 crore. PAT was at Rs. 12 crore,
1200.00

1000.00
growth of 156.4% compared to Q1 FY23.
800.00
• It reduced its net debt by Rs. 702 mn in Q1 FY24, with Net Debt to Equity ratio falling to 0.63.
600.00

400.00

200.00

0.00
RISK
4-Jan-19

2-Jun-23
10-Jul-19

20-Jul-20

22-Jul-21

26-Jul-22

2-Aug-23
15-Jan-20

15-Jan-21

21-Jan-22

27-Jan-23
12-Sep-19

16-Sep-20

22-Sep-21

27-Sep-22
2-Nov-18

4-Oct-23
6-Mar-19

15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23
10-May-19

20-May-20

24-May-21

27-May-22

• Increase in commodity prices

0.60 1.70 2.80 3.90 Close Price • Economic slowdown

FINANCIAL PERFORMANCE (Rs.in Cr.)

ACTUAL FORECAST
VALUATION
FY Mar-23 FY Mar-24 FY Mar-25
REVENUE 3,310.10 4,203.33 4,662.42 The company has strong brand recognition through world class quality delivery which continues to drive demand for its homes across all
EBITDA 369.40 566.40 810.17 its operating locations in 12 cities of the country. It has healthy inventory visibility of both launched and forthcoming projects at various
EBIT 301.60 516.57 750.93 stages of development, which will aid future growth plans. Its focus on cash low generation and disciplined capital allocation will also
NET INCOME 104.20 253.90 429.29 augment its inancial and operational strength in the coming years. Thus, it is expected that the stock will see a price target of Rs. 909 in 8
EPS 10.99 26.90 47.32 to 10 months’ time frame on target P/Bv of 2.8x and FY25 BVPS of Rs. 324.78.
BVPS 263.03 284.89 324.78
RoE 4.16% 8.68% 15.07%
Source: Company's Website, Reuters & Capitaline
10
 SAMVAT 2080

VALUE PARAMETERS TARGET PRICE: 122 UPSIDE: 18%

CMP: 103.20
Face Value (Rs.) 10.00
52 Week High/Low 113.40/51.30 INVESTMENT RATIONALE
M.Cap (Rs. in Cr.) 76496.47 • The business of the bank has increased 9% YoY to Rs 1984842 crore end September 2023, driven by 10% rise in advances to Rs
EPS (Rs.) 16.08 847214 crore. Deposits rose 9% to Rs 1137628 crore at end September 2023.
P/E Ratio (times) 6.42 • The strong loan growth was driven by retail loans rising 15% YoY to Rs 168256 crore at end September 2023, while credit to
P/B Ratio (times) 0.91 agriculture increased 15% to Rs 165506 crore and MSME 11% to Rs 133822 crore at end September 2023. The corporate credit rose
Stock Exchange BSE 5% to Rs 379630 crore end September 2023. The overseas credit has jumped 21% to Rs 25777 crore end September 2023.

• The CASA deposits of the bank rose 4% YoY to Rs 388229 crore at end September 2023. The current account deposits increased 12%
SHAREHOLDING PATTERN
to Rs 65106 crore, while saving account deposits increased 6% to Rs 323123 crore end September 2023
3.04
6.85 12.7 0.43 • Net interest income (NII) in Q2 FY24 was at Rs 9,126 crore, up 9.89% from Rs 8,305 crore posted in Q2 FY23. Net interest margin
Foreign
(NIM) improved to 3.18% in Q2 FY24 as compared to 3.15% registered in the same period a year ago.
Ins tu ons
Non Promoter Corporate Holding
• The bank has maintained stable asset quality in Q2FY2024. The ratio of gross NPAs declined to 6.38% as on 30 September 2023 as
Promoters
76.99
Public & Others compared to 8.45% as on 30 September 2022. The ratio of net NPAs reduced to 1.30% as on 30 September 2023 from 2.64% as on 30
September 2022.

• Provision coverage ratio (PCR) improved to 92.03% as on 30 September 2023 as against 86.61% as on 30 September 2022.
P/B CHART
250.00 • CRAR increased to 16.69% as on 30 September 2023 from 14.50% as on 30 September 2022. CET1 ratio rose to 13.05% as on 30
200.00 September 2023 as against 10.67% as on 30 September 2022.

150.00 • The bank's return on assets (ROA) & return on equity (ROE) improved to 1.07% and 17.97% respectively during Q2 FY24.
100.00

50.00
RISK
0.00
4-Jan-19

2-Jun-23
10-Jul-19

20-Jul-20

22-Jul-21

26-Jul-22

2-Aug-23
15-Jan-20

15-Jan-21

21-Jan-22

27-Jan-23
12-Sep-19

16-Sep-20

22-Sep-21

27-Sep-22
2-Nov-18

4-Oct-23
6-Mar-19

15-Nov-19

14-Nov-20

24-Nov-21

29-Nov-22
16-Mar-20

18-Mar-21

25-Mar-22

29-Mar-23
10-May-19

20-May-20

24-May-21

27-May-22

• Economic slowdown

0.25 0.50 0.75 1.00 Close Price

• Deterioration in asset quality

FINANCIAL PERFORMANCE (Rs.in Cr.)

ACTUAL FORECAST VALUATION
FY Mar-23 FY Mar-24 FY Mar-25
The bank has delivered signi icant growth in business and improvement in assets quality. Going forward, the robust economic activities
NII 32765.34 36522.49 39536.33
and pick-up in the credit growth is expected to drive the future growth of the bank. The bank is focusing on digital transformation, which is
EBIT 25467.16 28203.18 29721.55
expected to complete in next two to three year, this would further drive the business growth and help reduce operating cost. Thus, it is
PRE-TAX PROFIT 12137.72 20623.01 22145.32
expected that the stock will see a price target of Rs.122 in 8 to 10 months time frame on current P/BV of 0.91x and FY25 (E) BVPS of Rs.
NET INCOME 8433.27 13468.09 15372.31
133.66.
EPS 12.34 18.49 20.69
BVPS 114.61 117.99 133.66
RoE 11.33% 16.32% 16.08%
Source: Company's Website, Reuters & Capitaline
11
 SAMVAT 2080

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