Q3FY13 Results Preview

Q3FY13 Results Preview:
Emkay
Earnings to slump again as margins face renewed hurdles
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Emkay Global Financial Services Ltd.

Dhananjay Sinha
Co Head, Institutional Research
Economist and Strategist
+91 22 6624 2435
dhananjay.sinha@emkayglobal.com
Q3FY13 Results Preview: Earnings to slump again as margins face renewed hurdles
| Emkay Strategy | 8th January,

20132013
|1
8th January,
Earnings to slump again as margins face renewed hurdles

n Q2FY13 marked first sign of earnings revival (Emkay universe APAT growth of 13%) as margins expansion counterbalanced
the decelerating sales growth. However, hopes of earnings revival could possibly hit a road block as our Q3FY13 earnings
estimate highlights renewed margin pressures even as sales growth continues to be in slow lane. Muted earnings performance
will likely weigh on the strong market performance over the past two months
n Emkay Universe (ex financials & oil) is expected to deliver sales growth of 10.3%YoY in Q3FY13E vs 15.1%YoY in Q2FY13.
Decline in margins is expected to dent APAT growth at 2.1%YoY vs 13.5%YoY in Q2FY13. Excluding Top 5 companies, sales
growth in Q3FY13E is expected at 10.6% and APAT growth at -4.2%. Of the 135 companies in Emkay Universe (ex financials
& oil) 53 (39% of total) are expected to show sales growth <10% while 22 (16% of total) are expected to grow over 25%
n Strong sales growth is expected from Pharma, Consumers, Real Estate, Power and Auto Ancillary. Stronger Auto Ancillary
numbers are attributed to Exide (24%) and Motherson Sumi (67%, because of consol numbers not comparable on account of
SMP consolidation). Sectors expected to see deceleration are IT (14.9%), Auto (10.9%), Cement (8.2%) and Metals (-1.4%)
n Emkay Universe (ex financials & oil) is expected to see EBIDTA margin declining to 18.9% vs 19.4% in Q2FY13 and 19.2% in
Q3FY12. Hence our universe is likely to deliver EBIDTA growth of 8.7%YoY

n Outside of Financial and Oil sectors, robust PAT expansion is expected from Real Estate (122%YoY), Auto Ancillary (22%),
Media & Entertainment (18.5%) and Consumers (18.1%). Stress is likely to be seen for Telecom (-24%), Construction (20.2%YoY), Pharma (-17%), Autos (-5%), Metals & Mining (-3.3%) and Engineering & Capital goods (-2.4%)
%YoY growth
Sales
EBIDTA
APAT
Q2FY13
Q3FY13E
Q2FY13
Q3FY13E
Q2FY13
Q3FY13E
Emkay Universe
15.1%
10.3%
16.0%
8.7%
13.5%
2.1%
Emkay Large Cap
15.2%
10.5%
17.1%
8.7%
16.0%
2.6%
Emkay Mid Cap
13.7%
8.8%
8.7%
7.2%
-7.9%
-5.5%
Emkay Small Cap
20.7%
10.9%
19.0%
20.6%
7.2%
24.6%
Source: Company, Emkay Research
| Emkay Strategy | 8th January, 2013 | 2
Key sectors-Expectations
n Consumer Goods:
Expect healthy performance with revenue and APAT growth of 15%YoY 18%YoY respectively. The
lopsided revenue growth arising from price led boost in earlier quarters is likely to be balanced out with 8% volume and 7%
price-led growth. Volume growth expectations- Asian Paints (+7%), Berger (+7%), HUL (+7%), Colgate (+9%), Nestle (+3%),
GSK Consumer (+4%), Marico (+9%) and Jubilant FoodWorks (SSG 20%). Titan is expected to report 5% growth in Jewellery
against volume decline in previous quarters. EBIDTA margins are likely to be supported by decline in prices of select inputs
(Palm Oil, Brent Crude and Titanium Dioxide). Robust earnings expected for GSK Consumer (27%YoY), Godrej Consumer
(28%YoY), Jubilant FoodWorks (32%YoY), Marico (37%YoY) and Page Industries (36%YoY). Hindustan Unilever & Nestle
expected to see restricted earnings growth at 12%YoY and 10%YoY respectively. Preferred- Berger, Colgate, GSK
Consumer, Marico and Titan; Avoids- Asian Paints, Hindustan Unilever, GCPL, Jubilant FoodWorks and Page Industries
n IT Services: Expect 2.6-4.2%QoQ US$ revenue growth for Tier I companies with Wipro at lower end and Infosys at the upper
end. Mid-tier companies expected to see 1-10%QoQ US$ revenue growth with TechM at the higher end. We expect margins
to decline sequentially. A reset in INR assumption to Rs 55/$ (vs Rs 53/$ earlier) will lead a reset in FY13 EPS outlook to ~Rs
159.5 vs ~Rs 160.5 earlier. Preferred- HCL Tech, MindTree, TechM/Mah Satyam
n Automobile: We expect the automobile OEM universe to report modest results in Q3 owing a late festive season even as
overall volume growth trajectory remains lackluster. Adjusted EBIDTA margins are likely to decline 80bpsYoY but increase 30
bpsQoQ to 12.7%. Adjusted net profits are likely to decline 5%YoY but improve 12%QoQ to Rs 58 bn. Companies which we
expect to report significantQoQ improvement in margins are MSIL (+170 bps), BJAUT (+100 bps) and HMCL (+60 bps). Poor
CV volumes are likely to lead to a significantQoQ margin drop for AL (-410 bps). We remain cautious on OEM (AL, EIM,
MSIL). Maintain Buy on HMCL, EXID, AMRJ, MSS and Accumulate on MM, TTMT
Key sectors-Expectations
n Cement: Subdued volumes growth (+2.1%YoY and 7.4%QoQ) for coverage companies and 3.6%QoQ decline in average
price are likely to result in decline in revenue growth at 8%YoY vs 20%YoY in Q2FY13. EBITDA/t at Rs814/t is expected to
decline 1.9%YoY and 19.2%QoQ. Overall EBIDTA is expected to grow 1.2%YoY but decline 11%QoQ led by lower
realizations. We estimate APAT to grow by 4.1%YoY but decline 15%QoQ. Preferred- Shree Cements and Madras Cements
(strong volume growth and improving cost structure led by better energy efficiencies)
n Engineering & Capital goods: Expect muted operational performance in Q3FY13, lower revenue growth (6.2%YoY), lower
other income and higher interest costs. Expect 2% drop in net profits. Muted revenue growth on back of lower order backlogs
and muted demand. Notable exceptions are L&T (+13%), Elecon Engg (+12%) and Punj Lloyd (+12%). Expect stable EBITDA
margins at 12.4% (-20 bpsYoY) with EBITDA growth at 4.9%YoY. High financial leverage to impact earnings performance.
Expect order inflows to decline 7%QoQ. Expect positive earnings surprise for Greaves Cotton and Blue Star. PreferredL&T, Cummins India, Greaves Cotton and Blue Star.
n Agri Input and Chemicals: We expect our universe to report topline growth of 7%YoY on the back of 18%YoY for chemicals
and flat growth for fertilizers. Aggregate APAT is expected to increase by 6%YoY. Fertiliser revenues to be impacted by 31%
decline in Complex fertiliser consumption during Oct/Nov12. Aggregate fertiliser margins for our universe are expected to
decline by 170bpsYoY to 8.7%. Aggregate chemicals EBIT margin is expected to decline by 130bpsYoY to 17.3%. Rabi
season has panned out well for agrochemicals consumption & we are likely to witness volume growth during this quarter.
Preferred-Dhanuka Agritech, Coromandel Intl and Tata Chemicals
Key
sectors-Expectations
n Banking: Expect modest NII growth for our banking universe at 8%YoY (10% in Q2FY13) due to sluggish 3.3%YoY growth in
NII for PSU banks. NII growth for private banks is expected to remain healthy at 22%YoY. Operating profit growth for our
universe is expected to remain modest at 11%YoY / 5%QoQ. NPA pressure will persist with PSU space (18%YoY growth in
gross slippages to 2.5% of loans). We suspect PSU banks to resort to more of write-off/OTS towards problematic loans. We
factor in 68bps of credit cost for our PSU universe and lower 58bp for our private sector universe. Overall, our universe is
expected to report 12%YoY growth in net profit- 6%YoY for PSU space and 23%YoY for private space. Preferred HDFC
Bank, ICICI Bank & United bank and Mahindra Finance and CRISIL in NBFC space
n Pharmaceuticals: Our Pharma universe expected to report 21%YoY (1%QoQ) revenue growth. OPM expected to increase by
181bps to 24.3%YoY. PAT of Pharma universe is likely to grow by 21%YoY (-4%QoQ). Growth in APAT on account of
Dr.Reddy (78%), Wockhardt (38%), Aurobindo (24%) and Lupin (32%). Preferred- Dr Reddy, Lupin, Wockhardt, Glenmark,
Aurobindo.
n Key things to watch for: Management commentaries on (a) Demand growth & outlook (b) Implications of global slowdown
(c) volatility in commodity prices and (e) Currency volatility. Recent policy measures and their implications on corporate
sentiment, future price actions and financial conditions can reflect on management guidance
n Potential result suprises:
Positive - Allahabad Bank, Blue Star, Colgate, Dr. Reddy, Federal Bank, GIPCL, Glenmark, GPIL, Greaves Cotton, Hero Motocorp,
Lupin, Mahindra & Mahindra, Maruti Suzuki, MindTree, Nava Bharat Ventures, PGCIL & Titan Industries
Negative - ACC, Ambuja Cement, Ashok Leyland, Bhushan Steel, Cadila, Eicher Motors, Godrej Consumer, HEG, Hindustan
Unilever, IPCA, JPVL, Jubilant FoodWorks, Lakshmi Machine Works, Tata Steel, Ultratech Cement & Union Bank
Note: ex Banks & FS, FS - Others and Oil & Gas # Nos in bracket are %YoY change in PAT
Q3FY13 Preview
Parameters ---->
Net Sales
Growth
Ebitda
Growth
EBITDA
Margin
growth
EBIT
margin
growth
Adjusted
PBT
Growth
Adjusted
PAT
Growth
Interest
Cost
Growth
Tax
Growth
Emkay Universe
10.3%
8.7%
-28 bps
-1 bps
8.3%
2.1%
16.6%
30.3%
Emkay Large Cap
10.5%
8.7%
-32 bps
2 bps
9.5%
2.6%
11.9%
32.3%
8.8%
7.2%
-23 bps
-42 bps
-6.0%
-5.5%
35.5%
6.7%
Emkay Small Cap
10.9%
20.6%
144 bps
148 bps
25.7%
24.6%
16.4%
36.4%
Emkay Universe ex Top 3 Cos
11.1%
7.5%
-65 bps
-29 bps
5.9%
-1.8%
16.5%
34.7%
Emkay Universe ex Top 5 Cos
10.6%
5.0%
-100 bps
-64 bps
3.0%
-4.2%
18.1%
31.9%
Emkay Universe ex Top 3 and Bottom 3 Cos
13.0%
12.1%
-15 bps
-26 bps
7.0%
6.2%
30.7%
14.3%
Emkay Universe ex Top 5 and Bottom 5 Cos
13.0%
12.1%
-16 bps
-33 bps
7.1%
7.3%
32.8%
15.5%
Emkay Mid Cap
# Top 5 companies based on Contribution to PAT Growth are TCS, Sterlite Industires, Tata Steel, DLF and NTPC
Bottom 5 companies based on Contribution to PAT Growth are Ranbaxy, SAIL, Tata Motors, NMDC and Bharti Airtel
Q3FY13 Strong Results

Company Name
Sector
APAT (Rs mn)

Dec-12
APAT Gr
Dec-11
(%)
Large Caps
DLF
Real Estate
6694
2475
170.5
HCL Tech
IT Services
8635
5529
56.2
JSW Energy
Power
1989
274
626.2
Maruti Suzuki India
Automobiles
5016
2056
143.9
Shree Cements
Cement
Sterlite Industries
Metals & Mining
Tata Power
Union Bank of India
1979
712
178.0
14328
9199
55.7
Power
2261
1172
92.9
Banks & Financial Services
6269
1969
218.4
Mid Caps
Ballarpur Inds
Paper
394
136
190.0
CESC
Power
1749
740
136.4
Gujarat Gas
Oil & Gas
760
248
206.7
Nava Bharat Ventures
Power
Prestige Estates
Real Estate
Sterlite Tech
Others
United Phosphorus
666
378
76.3
1023
282
262.9
237
95
149.8
Agri Input & Chemicals
1744
1154
51.1
Dhanuka Agritech
129
78
65.1
Dishman Pharma
Pharmaceuticals
181
86
110.5
Godawari Power
Metals & Mining
173
106
63.3
Gujarat Industries Power
Power
506
168
201.5
Piramal Glass
Others
331
188
76.0
Small Caps
Q3FY13 Weak Results

Company Name
Sector
APAT (Rs mn)

Dec-12
APAT Gr
Dec-11
(%)
Large Caps
Allahabad Bank
3021
5604
-46.1
Bharti Airtel
Telecommunications
6923
10113
-31.5
Jaiprakash Associates
Construction
1210
3097
-60.9
JSW Steel
Metals & Mining
2643
4561
-42.1
Ranbaxy Labs
Pharmaceuticals
2899
15146
-80.9
SAIL
Metals & Mining
4218
10984
-61.6
Mid Caps
Hexaware Technologies
IT Services
585
986
-40.7
India Cements
Cement
149
563
-73.6
KSK Energy
Power
502
755
-33.5
Madras Cements
Cement
492
768
-36.0
Manappuram General Finance
1123
1614
-30.4
Orient Paper
Cement
135
478
-71.8
United Bank Of India
1470
2260
-34.9
Voltas
Engineering & Capital Goods
396
610
-35.1
HEG
Metals & Mining
393
595
-33.9
JK Paper
Paper
34
74
-54.1
Mcnally Bharat Engineering
64
125
-48.6
Small Cap
Possible Surprises Positives

Name of the
company
Allahabad Bank
Blue Star
Colgate
Dr. Reddy
Federal Bank
EPS
(Rs)
YoY Reason
gr (%)
-48.7 Assumed tax rate of 30% in Q3FY13 vs 8% in Q3FY12. Management has guided at significant thrust on recoveries
which may bring provision costs lower than we have expected
1.4
Loss to Expect positive earnings surprise led by improvement in operational performance in EMP&PAC division. We have
Profit factored segment EBIT margins at 5.5% (vs 7% in Q2FY13)
10.2
27
12.7
20 Continuation of strong volume and value growth

89 Gain in the market share in key products in US can boost the revenue growth and margins
7.6 Assumed Rs2.6bn of slippages vs Rs1.5bn in last quarter. If no large accounts turn NPAs, slippage number may
come lower than we expected
GIPCL
3.3
Glenmark
5.3
23 India business and EBITDA margins can surprise positively
GPIL
5.5
63 Better than expected iron ore mining and higher sales of pellets due to lower utilizations of sponge iron might boost
the operating performance of the company
Greaves Cotton
1.6
Hero Motocorp
30.1
Lupin
201 Excellent PLF/PAF for Surat
12.6 Expect positive earnings surprise led by pick-up in 3-W volume growth after 7-8 months of decline in volumes
-2 Benefit of operating leverage (vols up 18% QoQ), price hikes and favorable JPY/INR to help margin expansion
33 Tricor sales in US can surprise positively in the numbers
Mahindra & Mahindra
13.7
27 Better product mix with higher share of tractors (31% vs 27% in Q2) and operating leverage benefits (vols up 11%
QoQ) can lead to margin surprise
Maruti Suzuki
17.4
144 Improved operating leverage (vols up 26%YoY/31% QoQ) and announcement on hedges taken for FY14 can lead to
positive surprise
MindTree
22
45.3 We expect upside risks to Dec'12 qtr earnings driven by a possible margin surprise( Emkay es 20.4%, -170 bps
QoQ, +310 bpsYoY)
7.5
76 Commissioning guidance for 150MW in 4Q13 to trigger upsides and stock likely to be re-rated
PGCIL
2.1
22 Expect positive surprise in 4Q13 and FY14 capitalization guidance
Titan Industries
2.2
21.9 Jewelery segment to rebound with volume growth
Possible Surprises Negatives

Name of the
company
EPS
(Rs)
ACC
11.8
-8.8 Cement volumes growth for the current quarter remains subdued leading to avg cement prices declining by 3.6%
sequentially to Rs289/bag with sharp declines of ~4.5% witnessed in western, eastern and northern regions which
accounts for ~60% of ACC's Dispatches. Consensus estimates for CY13 EPS at ~Rs90 appears optimistic
creating room for disappointment even as stock valuation at PER of 15.5X CY13E remain rich
Ambuja Cement
2.03
15.1 Cement volumes growth for the current quarter remains subdued leading to avg cement prices declining by 3.6%
accounts for ~80-85% of Ambuja's Dispatches. Consensus estimates for CY13 EPS at ~Rs13 appears optimistic
creating room for disappointment even as stock valuation at PER of 16.1X CY13E remain rich
Ashok Leyland
-0.2
NA Poor volumes, low production from Pantnagar, higher discounts and working capital debt to impact earnings
Bhushan Steel
11.6
-11 The EBITDA/ tonne against our estimate fo Rs 14213 might come lower due to rise in input costs and problems of
iron ore sourcing
Cadila
Eicher Motors
11
37.7
Godrej Consumer
6.3
HEG
9.2
YoY Reason
gr (%)
33 Margins can surprise negatively on back of dollor hedges @Rs.50

19 VECV to be impacted due to weak volumes and higher discounts
21.2 Negative surprise in margins in international business
-34 Despite stable utilizations, we believe the input costs can be higher than expected thereby impacting the margins
during this quarter
Hindustan Unilever
IPCA
-14 Margins can surprise negatively due to high base last year and increase in R&D and SG&A spend
JPVL
NA Bina PLF/PAF was very low. FY13 EPS could be downgraded. But expect FY14 to remain intact
Jubilant FoodWorks
6.2
12.1 Expected rise in media intensity
31.4 Earnings cut driven by high pre-operating expenses on Dunkin Donuts
Possible Surprises Negatives

Name of the
company
EPS
(Rs)
YoY Reason
gr (%)
Lakshmi Machine Works
24.9
-29.3 Order offtake and execution has been significantly lower than managements earlier guidance of better H2FY13.
Overall business environment continues to remain challenging. Power issues in Tamil Nadu continue to prevail,
impacting the business environment. High fuel cost to dent EBITDA during Q3FY13E, leading to lower
profitability.
Tata Steel
-1.4
NA The company might show lower volume than our estimate for both domestic (1.85 mt) and European (3.3)
markets. Also, EBITDA/ tonne in Europe can be lower than our estimate of -$5/ tonne
Ultratech Cement
19
1.4 Cement volumes growth for the current quarter remains subdued leading to avg cement prices declining by 3.6%
accounts for ~65% of Ultratech's Dispatches. Consensus estimates for FY14 EPS at ~Rs118 appears optimistic
creating room for disappointment even as stock valuation at PER of 17.8X FY14E remain rich
Union Bank of India
9.5
205.8 Have assumed significantly higher recoveries/upgrades at Rs5.6bn and consequently lower provisions. Lower
recoveries/upgrades could mean higher provisions and miss on estimates
Emkay Universe Q3FY13 Result Preview

Net Sales (Rs mn)
Growth (%)
Ebitda (Rs mn)
Growth (%)
APAT (Rs mn)
Growth (%)
EPS (Rs)
Growth (%)
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
144290
148833
134649
7%
-3%
19670
19307
19397
1%
2%
9896
9466
9376
6%
5%
4.3
4.1
4.1
6%
5%
Auto Ancillaries
123352
116592
90652
36%
6%
11978
11143
8910
34%
7%
5197
4392
4262
22%
18%
2.5
2.1
2.1
22%
18%
Automobiles
873507
781509
787654
11%
12%
110955
96696
105947
5%
15%
58067
51735
61041
-5%
12%
7.4
6.6
7.7
-5%
12%
421994
403727
389732
8%
5%
332393
307478
305832
9%
8%
174957
156480
155890
12%
12%
12.9
11.5
11.9
8%
12%
Cement
139716
133568
129089
8%
5%
26435
29609
26171
1%
-11%
13247
15550
12748
4%
-15%
4.8
5.6
4.6
4%
-15%
Construction
80134
72005
71648
12%
11%
22634
22667
21101
7%
0%
6856
7256
8588
-20%
-6%
1.4
1.5
1.7
-20%
-6%
Consumers
204663
190998
178264
15%
7%
32222
29609
27460
17%
9%
22976
21272
19453
18%
8%
4.8
4.4
4.1
17%
8%
356120
325857
335386
6%
9%
44244
42230
42174
5%
5%
27167
25482
27839
-2%
7%
5.9
5.5
6.1
-2%
7%
Financial Services - Others
3539
3331
2718
30%
6%
1208
1140
941
28%
6%
846
755
674
25%
12%
10.6
9.4
8.2
29%
12%
509351
495482
443348
15%
3%
121094
120637
111191
9%
0%
92094
94364
83904
10%
-2%
12.0
12.2
10.9
10%
-2%
28003
26980
24914
12%
4%
6400
5940
6006
7%
8%
3080
3172
2599
19%
-3%
1.1
1.2
0.9
19%
-3%
799117
810961
810533
-1%
-1%
124764
124572
130843
-5%
0%
62828
62411
64995
-3%
1%
3.1
3.1
3.3
-3%
1%
3129636
3500145
3498925
-11%
-11%
91748
442745
424030
-78%
-79%
-37071
331540
244093
-1.8
16.1
11.8
20253
20521
18493
10%
-1%
3795
3592
2799
36%
6%
681
608
12%
0.8
0.7
0.0 1915%
12%
Pharmaceuticals
234279
231307
213454
10%
1%
57705
59757
61251
-6%
-3%
36843
38689
44255
-5%
8.1
8.5
9.7
-5%
Power
409351
396764
342138
20%
3%
119765
125020
87101
38%
-4%
44763
43802
38818
15%
2%
1.2
1.0
1.0
22%
15%
59636
30199
27419
117%
97%
20450
11407
11181
83%
79%
9877
3711
4447
122%
166%
3.8
1.4
1.7
122%
166%
256961
255970
235386
9%
0%
77108
77732
73030
6%
-1%
9267
9612
12123
-24%
-4%
1.3
1.4
1.7
-24%
-4%
Others
56605
57543
50556
12%
-2%
12915
12869
12476
4%
0%
5276
6346
5239
1%
-17%
5.2
6.2
5.1
1%
-17%
Emkay
7850506
8002290
7784959
1%
-2%
1237483
1544150
1477841
-16%
-20%
546847
886642
800378
-32%
-38%
3.7
5.8
5.3
-31%
-36%
Emkay*
4295337
4095087
3893584
10%
5%
812134
792788
747038
9%
2%
408115
397868
399721
2%
3%
3.6
3.3
3.4
4%
7%
Large Cap*
3700413
3503117
3347755
11%
6%
717242
697728
659714
9%
3%
373740
363408
364367
3%
3%
3.8
3.7
3.7
3%
3%
529394
525894
486740
9%
1%
83165
83983
77602
7%
-1%
30380
30791
32148
-5%
-1%
2.0
1.5
1.8
8%
30%
65530
66076
59088
11%
-1%
11727
11076
9722
21%
6%
3994
3669
3207
25%
9%
3.2
3.0
2.6
25%
9%
IT Services
Media & Entertainment
Metals & Mining
Oil & Gas
Paper
Real Estate
Telecommunications
Mid Cap*
Small Cap*
34 1915%
-17%
-17%
* Note: ex Banks & FS, FS - Others and Oil & Gas

Net Sales (Rs mn)
Company Name
Growth (%)
Q3FY13
Q2FY13
Q3FY12
Chambal Fertilisers
21266
23407
17966
Coromandel International
20213
25678
25497
YoY
Ebitda (Rs mn)
Growth (%)
YoY
QoQ
APAT (Rs mn)

Q3FY13
Q2FY13
Growth (%)
QoQ
Q3FY13
Q2FY13
Q3FY12
Q3FY12
18%
-9%
2056
1951
2039
1%
5%
932
896
862
-21%
-21%
1920
2374
2335
-18%
-19%
1044
1532
1472
YoY
EPS (Rs)
Growth (%)
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
8%
4%
2.2
2.2
2.1
8%
4%
-29%
-32%
3.7
5.5
5.2
-29%
-32%
Deepak Fertilisers
6207
6934
6015
3%
-10%
977
803
1149
-15%
22%
509
406
637
-20%
25%
5.8
4.6
7.2
-20%
25%
Dhanuka Agritech
1314
2063
1104
19%
-36%
184
306
127
45%
-40%
129
237
78
65%
-45%
2.6
4.7
1.6
65%
-45%
GNFC
10578
11658
10429
1%
-9%
1457
1453
1573
-7%
0%
744
724
862
-14%
3%
4.8
4.7
5.5
-14%
3%
GSFC
14452
14160
13000
11%
2%
2022
2028
2580
-22%
0%
1471
1505
1724
-15%
-2%
3.7
3.8
4.3
-15%
-2%
3792
4855
3251
17%
-22%
611
967
553
10%
-37%
353
591
310
14%
-40%
1.8
3.0
1.6
14%
-40%
Tata Chemicals
45109
41518
38099
18%
9%
6704
6165
5558
21%
9%
2968
2327
2277
30%
28%
11.6
9.1
8.9
30%
28%
United Phosphorus
21361
18560
19288
11%
15%
3738
3261
3484
7%
15%
1744
1248
1154
51%
40%
3.8
2.7
2.5
51%
40%
Rallis India
Auto Ancillaries
Amara Raja Batteries
Apollo Tyres
CEBBCO
7358
7187
6131
20%
2%
1103
1180
1063
4%
-7%
707
795
659
7%
-11%
8.3
9.3
7.7
7%
-11%
34689
33748
32282
7%
3%
3981
3669
3243
23%
9%
1628
1533
1278
27%
6%
3.2
3.0
2.5
27%
6%
1550
1538
1328
17%
1%
287
312
188
52%
-8%
145
163
113
29%
-11%
2.6
3.0
2.0
29%
-11%
Exide Industries
15475
15214
12502
24%
2%
2130
1882
1762
21%
13%
1411
1202
1182
19%
17%
1.7
1.4
1.4
19%
17%
Motherson Sumi
64280
58905
38408
67%
9%
4477
4100
2654
69%
9%
1306
700
1030
27%
87%
2.2
1.2
1.8
25%
87%
23337
32960
28798
-19%
-29%
1400
3341
2104
-33%
-58%
-400
1426
669
-0.2
0.5
0.3
Automobiles
Ashok Leyland
Bajaj Auto
54981
49724
49859
10%
11%
10674
9152
9841
8%
17%
8233
7407
8364
-2%
11%
28.5
25.6
28.9
-2%
11%
Eicher Motors
16042
14831
15766
2%
8%
1329
1114
1538
-14%
19%
1018
660
854
19%
54%
37.7
24.4
31.6
19%
54%
36%
61963
51875
60315
3%
19%
8985
7192
9430
-5%
25%
6007
4406
6130
-2%
36%
30.1
22.1
30.7
-2%
Mah & Mah
Hero Motocorp
114089
98130
83868
36%
16%
13070
11189
10208
28%
17%
8411
9018
6622
27%
-7%
13.7
14.6
10.8
27%
-7%
Maruti Suzuki India
108923
83054
78824
38%
31%
8492
5085
4172
104%
67%
5016
2274
2056
144%
121%
17.4
7.9
7.1
144%
121%
Tata Motors
475800
434029
452602
5%
10%
65793
58611
67431
-2%
12%
29180
26092
35780
-18%
12%
8.8
7.9
10.8
-18%
12%
TVS Motor
18372
16906
17622
4%
9%
1212
1012
1223
-1%
20%
603
452
565
7%
33%
1.3
1.0
1.2
7%
33%

Net Sales (Rs mn)
Company Name
Growth (%)
Q3FY13
Q2FY13
Q3FY12
13649
11743
9365
8937
Axis Bank
24456
Bank of Baroda
29217
Bank of India
Canara Bank
Ebitda (Rs mn)
YoY
QoQ
Q3FY13
13805
-1%
16%
9839
-5%
5%
23269
21403
14%
5%
28623
26555
10%
2%
22079
21960
20674
7%
20363
19568
19186
6%
Corporation Bank
8254
8032
8616
-4%
Dewan Housing
1574
1546
1237
27%
2%
1367
Federal Bank
5283
5059
5280
0%
4%
4567
HDFC
13559
12941
11557
17%
5%
14549
HDFC Bank
39048
37317
31160
25%
5%
30206
ICICI Bank
34318
33712
27120
27%
2%
32798
Growth (%)
Q2FY13
Q3FY12
9339
8023
6911
6381
23945
23914
1%
4%
3%
APAT (Rs mn)
Growth (%)
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
10300
-9%
16%
3021
2342
5604
7676
-10%
8%
2843
3256
3032
21783
20592
16%
10%
12726
11235
23826
26082
-8%
0%
12183
13108
17522
18541
17318
1%
-5%
7223
15758
12821
15767
0%
23%
8105
6685
6858
8257
-19%
-3%
3376
1331
1138
20%
3%
913
3496
4187
9%
31%
2173
14940
12603
15%
-3%
10618
25713
23780
27%
17%
18683
31933
26870
22%
3%
21047
EPS (Rs)
Growth (%)
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
-46%
29%
6.0
4.7
11.8
-49%
29%
-6%
-13%
5.1
5.8
5.4
-6%
-13%
11023
15%
13%
30.7
27.1
26.7
15%
13%
12993
-6%
-7%
29.5
31.8
33.1
-11%
-7%
3019
8194
-12%
139%
12.6
5.3
15.0
-16%
139%
6610
9976
-19%
23%
18.3
14.9
22.5
-19%
23%
4057
4020
-16%
-17%
22.8
27.4
27.1
-16%
-17%
859
750
22%
6%
7.8
7.3
7.2
9%
6%
2151
2019
8%
1%
12.7
12.6
11.8
8%
1%
10811
9162
16%
-2%
6.9
7.0
6.2
11%
-2%
15600
14297
31%
20%
7.9
6.6
6.1
30%
20%
19561
17280
22%
8%
18.3
17.0
15.0
22%
8%

Allahabad Bank
Andhra Bank
LIC Housing Finance
3755
3535
3258
15%
6%
3672
3394
3263
13%
8%
2681
2431
2463
9%
10%
0.0
4.8
5.2
Mah & Mah Financial Services
5602
5259
4228
33%
7%
3929
3626
2797
40%
8%
2080
1876
1547
34%
11%
20.2
18.3
15.1
34%
11%
Manappuram General Finance
-100% -100%
3218
3206
4300
-25%
0%
1665
1597
2395
-30%
4%
1123
1077
1614
-30%
4%
1.3
1.3
1.9
-30%
4%
38091
36501
35360
8%
4%
27592
25336
26756
3%
9%
10782
10663
11492
-6%
1%
31.8
31.4
36.3
-12%
1%
3253
2977
2734
19%
9%
2037
1996
1790
14%
2%
1245
1189
1023
22%
5%
0.9
0.9
0.9
6%
5%
State Bank of India
115795
109738
114659
1%
6%
82980
73536
72600
14%
13%
42925
36581
32631
32%
17%
64.0
54.5
51.4
24%
17%
Union Bank of India
19007
18502
17809
7%
3%
12716
12727
12840
-1%
0%
6269
5546
1969
218%
13%
9.5
8.4
3.1
206%
13%
Punjab National Bank

South Indian bank
6317
6058
6676
-5%
4%
4787
4773
4833
-1%
0%
1470
1446
2260
-35%
2%
4.1
4.0
6.6
-38%
2%
Yes Bank
5789
5242
4276
35%
10%
5454
4847
3988
37%
13%
3472
3061
2541
37%
13%
9.8
8.6
7.2
35%
13%
ACC
26344
24445
25027
5%
8%
3859
4350
3893
-1%
-11%
2212
2487
2425
-9%
-11%
11.8
13.2
12.9
-9%
-11%
Ambuja Cements
25122
21684
23291
8%
16%
5082
5650
4300
18%
-10%
3089
3371
2683
15%
-8%
2.0
2.2
1.8
15%
-8%
India Cements
Cement
10102
11227
9415
7%
-10%
1642
2051
1946
-16%
-20%
149
391
563
-74%
-62%
0.5
1.3
1.8
-74%
-62%
Madras Cements
8536
9995
7410
15%
-15%
1964
3139
2075
-5%
-37%
492
1329
768
-36%
-63%
2.1
5.6
3.2
-36%
-63%
Orient Paper
5815
5984
5678
2%
-3%
420
417
871
-52%
1%
135
192
478
-72%
-30%
0.7
1.0
2.5
-72%
-30%
Ultratech Cement
50136
46996
45681
10%
7%
9784
10073
9647
1%
-3%
5191
5499
5118
1%
-6%
19.0
20.1
18.7
1%
-6%
Shree Cements
13662
13238
12586
9%
3%
3684
3930
3440
7%
-6%
1979
2281
712
178%
-13%
56.8
65.5
20.4
178%
-13%

Net Sales (Rs mn)
Company Name
Growth (%)
Ebitda (Rs mn)
Growth (%)
APAT (Rs mn)
Growth (%)
EPS (Rs)
Growth (%)
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
7856
6976
6554
20%
13%
5415
4850
4462
21%
12%
3524
3717
3106
13%
-5%
1.7
1.8
1.5
13%
-5%
Construction
Adani Ports
Ashoka Buildcon
IL&FS Transportation
IRB Infrastructure
4115
3099
3529
17%
33%
931
841
692
35%
11%
231
286
195
18%
-19%
4.4
5.4
3.7
18%
-19%
14461
13704
12684
14%
6%
4145
4527
3207
29%
-8%
1002
1159
878
14%
-14%
5.2
6.0
4.5
14%
-14%
8278
8453
7455
11%
-2%
3680
3807
3417
8%
-3%
960
1210
1244
-23%
-21%
2.9
3.6
3.7
-23%
-21%
-0.3
-1.5
0.3
-61%
-5%
0.6
0.6
1.5
-61%
-5%
IVRCL
12310
9947
11955
3%
24%
980
699
878
12%
40%
-71
-396
68
33113
29825
29470
12%
11%
7483
7944
8446
-11%
-6%
1210
1280
3097
Asian Paints
29362
26364
25605
15%
11%
4697
3816
3974
18%
23%
3166
2391
2594
22%
32%
33.0
24.9
27.0
22%
32%
Berger Paints
8945
8111
7813
14%
10%
957
900
840
14%
6%
591
534
491
20%
11%
1.7
1.5
1.4
20%
11%
Colgate-Palmolive
7834
7738
6696
17%
1%
1650
1571
1353
22%
5%
1387
1451
1156
20%
-4%
10.2
10.7
8.5
20%
-4%
Glaxosmithkline Consumer
7195
8577
6248
15%
-16%
1042
1706
844
23%
-39%
749
1286
591
27%
-42%
17.8
30.6
14.1
27%
-42%
Godrej Consumer Products
17456
16003
13509
29%
9%
3272
2489
2721
20%
31%
2131
1593
1671
28%
34%
6.3
4.7
5.2
21%
34%
Hindustan Unilever
64916
63108
59376
9%
3%
10621
9767
9705
9%
9%
8589
8053
7662
12%
7%
4.0
3.7
3.5
12%
7%
Jubilant FoodWorks
3903
3421
2770
41%
14%
686
587
524
31%
17%
402
323
303
32%
24%
6.2
5.0
4.7
31%
24%
Marico
12684
11559
10578
20%
10%
1730
1477
1218
42%
17%
1151
859
841
37%
34%
1.8
1.3
1.4
30%
34%
Nestle
21502
21156
19547
10%
2%
4390
4360
3858
14%
1%
2545
2673
2308
10%
-5%
26.4
27.7
23.9
10%
-5%
Page Industries
2119
2201
1721
23%
-4%
421
440
295
43%
-4%
271
308
199
36%
-12%
24.3
27.6
17.9
36%
-12%
Titan Industries
28748
22760
24401
18%
26%
2756
2494
2129
29%
10%
1995
1801
1636
22%
11%
2.2
2.0
1.8
22%
11%
1%
-3%
-3%
Consumers
Eng. & Capital Goods

BHEL
107887
105616
106586
1%
2%
20239
18995
19960
Blue Star
5996
5786
5840
3%
4%
309
202
-88
Cummins India
9892
10869
9624
3%
-9%
1739
1999
1612
Elecon Engineering
3359
3297
3000
12%
2%
485
605
Greaves Cotton
5079
4501
4651
9%
13%
656
577
7%
13501
12744
13936
53%
124
73
-328
6%
5.5
5.2
5.7
71%
1.4
0.8
-3.6
8%
-13%
1361
1609
1410
-3%
-15%
4.9
5.8
5.1
480
1%
-20%
152
230
577
14%
14%
385
370
152
0%
-34%
1.6
2.5
342
13%
4%
1.6
1.5
6%
71%
-3%
-15%
1.6
0%
-34%
1.4
13%
4%
4381
4696
5383
-19%
-7%
516
608
687
-25%
-15%
280
306
397
-29%
-9%
24.9
27.2
35.2
-29%
-9%
157258
131952
139836
12%
19%
15306
14054
13641
12%
9%
10571
9146
10015
6%
16%
17.3
15.0
16.4
6%
16%
4927
5142
4904
0%
-4%
336
390
318
6%
-14%
64
85
125
-49%
-25%
2.1
2.8
4.0
-49%
-25%
Punj Lloyd
30289
27778
27012
12%
9%
2810
3139
2677
5%
-10%
-484
-179
233
-1.5
-0.5
0.7
Thermax
11775
11924
12693
-7%
-1%
1166
1218
1354
-14%
-4%
808
911
955
-15%
-11%
6.8
7.6
8.0
-15%
-11%
-146
-8
0.7
-13.2
-0.8
396
333
610
-35%
19%
1.2
1.0
1.8
-35%
19%
Larsen & Toubro

TRF
Voltas
3107
2652
4276
-27%
17%
161
149
12170
11645
11580
5%
5%
522
440
807
8% 2552%
-35%
19%

Net Sales (Rs mn)
Company Name
Growth (%)
Q3FY13
Q2FY13
Q3FY12
2863
2707
2176
676
624
542
1693
1617
1320
YoY
Ebitda (Rs mn)
QoQ
Q3FY13
32%
6%
1004
25%
8%
204
28%
5%
655
Q2FY13
Growth (%)
QoQ
APAT (Rs mn)

Q3FY13
Q2FY13
Growth (%)
Q3FY12
YoY
Q3FY12
YoY
977
729
38%
3%
698
645
498
162
211
-4%
25%
148
110
177
601
598
10%
9%
464
252
500
-7%
EPS (Rs)
Q2FY13
Growth (%)
QoQ
Q3FY13
Q3FY12
YoY
QoQ
40%
8%
10.0
9.2
6.9
44%
8%
-16%
35%
14.8
11.0
17.7
-16%
35%
85%
15.4
8.4
16.6
-7%
85%
Financial Services - Others - Others

CRISIL
ICRA
IT Services
eClerx Services
62345
60910
52454
19%
2%
12861
13287
9489
36%
-3%
8635
8631
5529
56%
0%
12.5
12.5
8.0
56%
0%
Infinite Computer
HCL Tech
3553
3479
2694
32%
2%
608
579
539
13%
5%
342
312
393
-13%
9%
7.9
7.3
8.9
-11%
9%
5115
5130
4381
17%
0%
829
1153
1056
-22%
-28%
585
840
986
-41%
-30%
1.9
2.8
3.4
-43%
-30%
Infosys
Mahindra Satyam
102004
98580
92980
10%
3%
28787
28720
31330
-8%
0%
21466
23690
23720
-10%
-9%
37.6
41.5
41.5
-10%
-9%
19514
19384
17181
14%
1%
4055
4173
2781
46%
-3%
3001
2779
3084
-3%
8%
2.6
2.4
2.6
-2%
9%
22%
Mindtree
5899
5963
5197
14%
-1%
1204
1319
897
34%
-9%
883
722
606
46%
22%
21.5
17.6
15.0
44%
Mphasis
13446
13062
13672
-2%
3%
2707
2700
2521
7%
0%
1924
2093
1847
4%
-8%
10.0
9.9
8.8
15%
1%
5041
5001
4330
16%
1%
808
848
780
4%
-5%
583
432
643
-9%
35%
10.0
7.5
10.8
-8%
33%
NIIT Tech
Persistent Systems
TCS
Tech Mahindra
3312
3269
2677
24%
1%
877
890
696
26%
-2%
560
446
406
38%
25%
14.0
11.2
10.2
38%
25%
160659
156207
132041
22%
3%
45430
44402
40922
11%
2%
34045
35097
28866
18%
-3%
17.6
18.1
14.9
18%
-3%
17702
16314
14449
23%
9%
3412
3377
2343
46%
1%
3340
2963
2759
21%
13%
16.4
13.6
11.2
47%
21%
109067
106566
99972
9%
2%
18863
18587
17239
9%
1%
16266
16106
14564
12%
1%
6.7
6.6
6.0
11%
1%
DB Corp
4370
3784
3955
10%
15%
1099
861
1017
8%
28%
610
481
553
10%
27%
10%
27%
Dish TV
5562
5333
4905
13%
4%
1420
1557
1202
18%
-9%
-336
-213
-430
59%
Wipro
Print Media
3.3
2.6
3.0
-0.3
-0.2
-0.4
HT Media
5647
5107
5266
7%
11%
831
565
777
7%
47%
529
333
482
10%
59%
2.3
1.4
2.1
10%
Jagran Prakashan
3424
3221
3240
6%
6%
900
782
851
6%
15%
694
694
600
16%
0%
2.2
2.2
1.9
16%
0%
Zee Entertainment
9001
9535
7548
19%
-6%
2150
2176
2160
0%
-1%
1581
1877
1393
13%
-16%
1.7
2.0
1.5
13%
-16%

Net Sales (Rs mn)
Net Sales (Rs mn)
Company Name
Company Name
Pharmaceuticals
Metals & Mining
Aurobindo Pharma
Bhushan Steel
Cadila Healthcare
Godawari Power
Cipla
HEG
Dishman Pharma
Hindalco
Divi's Lab
Hindustan Zinc
Dr. Reddy's Lab
JSW Steel
Glaxosmithkline Pharma
NMDC
Glenmark Pharma
SAIL
Ipca Lab
Sesa Goa
JubilantIndustries
Life Sciences
Sterlite
Growth (%)
Growth (%)
Ebitda (Rs mn)

Ebitda (Rs mn)
Growth (%)
Growth (%)
APAT (Rs mn)

APAT (Rs mn)
Growth (%)
Growth (%)
EPS (Rs)
EPS (Rs)
Growth (%)
Growth (%)
Q3FY13
Q3FY13
Q2FY13
Q2FY13
Q3FY12
Q3FY12
YoY
YoY
QoQ
QoQ
Q3FY13
Q3FY13
Q2FY13
Q2FY13
Q3FY12
Q3FY12
YoY
YoY
QoQ
QoQ
Q3FY13
Q3FY13
Q2FY13
Q2FY13
Q3FY12
Q3FY12
YoY
YoY
QoQ
QoQ
Q3FY13
Q3FY13
Q2FY13
Q2FY13
Q3FY12
Q3FY12
YoY
YoY
QoQ
QoQ
16082
28374
17053
6052
20498
4561
3075
66242
5011
30568
30262
86117
6465
21989
12353
115854
7089
2198
12522
111228
15004
25543
15459
5972
21918
4400
2971
61635
4737
28655
28809
95137
6760
26120
12556
108202
7713
2944
12250
111026
12847
24070
13832
4810
17580
4180
2655
66470
4174
27868
27692
84241
5776
28220
10313
110437
6148
26171
10885
103037
25%
18%
23%
26%
17%
9%
16%
0%
20%
10%
9%
2%
12%
-22%
20%
5%
15%
-92%
15%
8%
7%
11%
10%
1%
-6%
4%
3%
7%
6%
7%
5%
-9%
-4%
-16%
-2%
7%
-8%
-25%
2%
0%
2761
8694
3753
805
5000
809
678
5872
1975
16353
7342
14017
1949
16128
2537
11382
1466
-407
2636
25706
2503
7493
2930
746
6770
681
660
5153
1858
14431
6910
15313
2064
19349
2714
11093
1788
1943
2603
25270
1913
7240
2639
560
3915
851
608
7149
1511
14023
8690
13174
1822
22607
1029
15811
1513
9073
2084
23183
44%
20%
42%
44%
28%
-5%
11%
-18%
31%
17%
-16%
6%
7%
-29%
147%
-28%
-3%
10%
16%
28%
8%
-26%
19%
3%
14%
6%
13%
6%
-8%
-6%
-17%
-6%
3%
-18%
1137
2765
1773
106
2654
595
86
4507
1103
12800
4880
4561
1473
18588
1153
10984
1038
6915
771
9199
24%
-11%
30%
63%
34%
-34%
110%
-10%
30%
28%
-7%
-42%
9%
-23%
23%
-62%
-14%
-24%
46%
56%
9%
22%
48%
-19%
13%
22%
28%
12%
7%
6%
-4%
-1%
-1%
-14%
-2%
-16%
-23%
1%
10%
-6%
4.8
11.6
11.5
5.5
4.4
9.2
2.2
2.1
10.8
3.9
26.8
11.8
19.0
3.6
5.2
1.0
7.2
6.1
7.1
4.3
4.4
9.5
8.7
6.7
3.9
8.1
1.7
1.9
10.1
3.6
28.0
12.0
19.3
4.2
5.4
1.2
9.3
6.0
6.4
4.5
3.9
13.0
8.7
3.3
3.3
14.0
1.1
2.4
8.3
3.0
28.8
20.4
17.4
4.7
4.3
2.7
8.3
8.0
4.8
2.7
24%
-11%
33%
63%
34%
-34%
110%
-10%
30%
28%
-7%
-42%
9%
-23%
23%
-62%
-14%
-24%
46%
56%
9%
22%
33%
-19%
13%
14%
28%
12%
7%
6%
-4%
-1%
-1%
-14%
-2%
-16%
-23%
1%
10%
-6%
23007
341327
2686
18189
331031
2706
33%
-2%
2%
5%
-5%
3%
5392
25405
623
5160
23101
616
3736
17173
519
1%
2%
5%
10%
1%
1294
2015
1556
213
3133
323
141
3589
1339
15398
4750
2675
1634
16786
1452
5013
1162
5227
1025
15239
24126
325933
2762
26%
11%
44%
48%
20%
1410
2459
2297
173
3546
393
181
4034
1430
16333
4539
2643
1611
14360
1419
4218
895
5275
1125
14328
3106
-1388
550
2906
-4066
546
2351
-6027
487
32%
7%
5.2
-6.3
16.3
7%
1%
6.5
-4.2
18.3
33%
13%
6.9
-1.4
18.4
13%
1%
26170
435856
25897
46064
7860
116813
26910
568879
26639
44431
7772
113929
37923
588245
21451
30968
6966
112942
-31%
-26%
21%
49%
13%
3%
-3%
-23%
-3%
4%
1%
3%
3400
-47187
11130
36295
1497
18436
4179
53880
11751
26395
1554
14120
16293
36874
9638
23692
1215
17949
-79%
-19%
15146
31422
6683
22619
755
10914
-20%
-22%
33%
-7%
10%
8.6
69.3
8.7
12.2
11.8
7.8
36.0
43.5
6.5
11.9
8.9
8.6
-20%
6%
37%
23%
-1%
6.9
-72.8
6.8
16.2
11.0
8.5
-81%
-5%
38%
-4%
31%
3608
50348
9032
23222
995
9854
-81%
15%
53%
23%
3%
2899
-52987
7076
30900
930
10822
6%
36%
23%
-1%
-22%
33%
-7%
10%
2711
7880
14342
2592
2642
8359
13474
2772
2226
6499
12090
2755
22%
21%
19%
-6%
3%
-6%
6%
-6%
545
1159
5022
2367
529
1368
5170
2561
368
290
3760
2535
48%
299%
34%
-7%
3%
-15%
-3%
-8%
361
760
3468
1182
365
993
3749
1328
245
248
2520
1262
47%
207%
38%
-6%
-1%
-23%
-8%
-11%
4.0
5.9
31.7
2.1
4.0
7.7
34.3
2.4
2.7
1.9
23.0
2.2
47%
207%
38%
-6%
-1%
-23%
-8%
-11%
386398
19775
948008
13952
8710
3509
25502
0
186210
4312
78599
491298
14331
1060012
13440
8552
3602
25194
0
197882
9058
75486
479174
10594
1152084
9830
6631
3877
23738
0
181238
3967
63303
-19%
87%
-18%
42%
31%
-10%
7%
-21%
38%
-11%
4%
2%
-3%
1%
35725
3021
107247
2130
1504
914
13754
-66
106576
3570
5032
198%
70%
28%
39%
-17%
16%
-6%
-1%
-9%
27252
-633
24884
740
691
168
10140
69
67306
595
2954
136%
27%
201%
-10%
-100%
-18%
80.5
-0.3
10.2
5.9
4.9
1.1
16.9
0.0
7.9
0.3
3.9
20765
903350
5627
17687
851350
5707
25%
4%
5%
5914
69116
2486
5769
77050
1966
3496
72850
2383
69%
-5%
4%
1989
49609
502
1819
53760
544
274
44400
755
-8%
9%
-8%
-8%
68.7
-1.7
39.6
10.9
7.1
3.5
15.9
0.0
6.9
1.6
4.2
136%
27%
201%
-10%
-100%
-18%
-2%
626%
12%
-34%
-136.2
-0.9
-40.9
14.0
6.3
3.3
15.2
0.0
6.5
0.0
3.9
22136
887004
5989
1%
-58%
-5%
3%
-10%
26%
23271
-3730
96114
1360
992
529
9546
-62
58966
3661
3148
29%
-11%
-4%
-4%
-3%
-4%
-2%
-46129
-1863
-99372
1749
881
506
9116
0
55245
-90
2902
29%
-11%
-4%
-4%
-6%
-52%
4%
7%
-2%
6%
29138
1494
115616
3110
2066
1290
12649
-289
102718
8116
5184
47%
3%
9%
24%
-39129
4447
-71343
3620
1933
1275
11450
0
103729
3430
4923
1.2
15.3
1.3
1.1
16.6
1.5
0.2
13.6
2.0
-2%
626%
13%
-34%
-8%
9%
-8%
-8%
37464
12653
2719
3475
10755
4125
31850
12298
2896
3578
16217
4646
30290
12121
2336
3274
8820
3098
24%
4%
16%
6%
22%
33%
18%
3%
-6%
-3%
-34%
-11%
5242
2367
668
347
4627
1080
5215
2298
707
295
10553
999
6028
1904
471
303
3788
592
-13%
24%
42%
15%
22%
82%
1%
3%
-6%
18%
-56%
8%
-1942
394
666
34
2573
252
-2720
348
654
47
7430
213
777
136
378
74
2121
-176
190%
76%
-54%
21%
13%
2%
-27%
-65%
18%
-0.8
0.7
7.5
0.2
0.2
3.6
-1.1
0.6
7.3
0.3
0.6
3.1
0.3
0.3
4.2
0.5
0.2
-2.5
151%
76%
-54%
21%
15%
2%
-27%
-65%
18%
164007
161196
153333
7%
2%
40037
42241
29050
38%
-5%
26127
20513
22336
17%
27%
3.2
2.5
2.7
17%
27%
Power Grid Corporation
30867
30858
24666
25%
0%
26546
26692
21026
26%
-1%
9817
10289
8027
22%
-5%
2.1
2.2
1.7
22%
-5%
Reliance Power
12637
10512
4573
176%
20%
3927
3650
1401
180%
8%
2467
2167
2039
21%
14%
1.5
1.3
1.2
21%
14%
Tata Power
81230
76411
66459
22%
6%
17547
14507
9889
77%
21%
2261
1348
1172
93%
68%
1.0
0.6
0.5
93%
68%
Lupin
Tata Steel
Pfizer
Oil & Gas
Ranbaxy Labs
BPCL
Sun Pharma
Cairn India
Torrent pharma
GAIL
Unichem Labs
Gujarat Gas
Wockhardt
Gujarat State Petronet
Power
HPCL
Adani Power
Indian Oil
CESC
Indraprastha Gas
Oil India
Indiabulls Power
ONGC
Jaiprakash
Power Ventures
Petronet
LNG
JSW Energy
Reliance Industries
KSK Energy
Paper
Lanco
Infratech
Ballarpur
Inds
JK Paper
NHPC
Tamilnadu
Newsprint
NTPC
-6%
-6%

Net Sales (Rs mn)
Company Name
Growth (%)
Ebitda (Rs mn)
Q3FY13
Q2FY13
Q3FY12
YoY
QoQ
Q3FY13
Q2FY13
46646
20395
20340
129%
129%
15546
7464
2629
2577
1873
40%
2%
1538
1496
Growth (%)
Q3FY12
APAT (Rs mn)
YoY
QoQ
Q3FY13
8224
89%
108%
6694
1134
36%
3%
1275
Q2FY13
Growth (%)
EPS (Rs)
Q3FY12
YoY
QoQ
Q3FY13
1180
2475
170%
467%
3.9
1244
1021
25%
3%
3.9
Q2FY13
Growth (%)
Q3FY12
YoY
QoQ
0.7
1.5
169%
467%
3.8
3.1
25%
3%
Real Estate
DLF
Oberoi Realty
675
665
505
34%
2%
452
438
373
21%
3%
337
329
269
25%
2%
2.3
2.3
1.9
25%
2%
Prestige Estates
Phoenix Mills
4858
2414
1669
191%
101%
1535
725
502
206%
112%
1023
457
282
263%
124%
3.1
1.4
0.9
263%
124%
Sobha Developers
4828
4148
3032
59%
16%
1380
1285
948
46%
7%
548
501
401
37%
9%
5.6
5.1
4.1
37%
9%
Bharti Airtel
202970
202830
185078
10%
0%
62618
63507
59584
5%
-1%
6923
7211
10113
-32%
-4%
1.8
1.9
2.7
-32%
-4%
Idea Cellular
53991
53140
50308
7%
2%
14489
14225
13446
8%
2%
2344
2400
2010
17%
-2%
0.7
0.7
0.6
17%
-2%
-3%
Telecommunications
Others
Aban Offshore
8594
9541
8659
-1%
-10%
4960
5113
5007
-1%
-3%
689
712
731
-6%
-3%
15.8
16.4
16.8
-6%
Arshiya International
3647
3726
2734
33%
-2%
1029
1082
702
47%
-5%
376
354
345
9%
6%
6.4
6.0
5.9
9%
6%
Essel Propack
4756
4766
4148
15%
0%
817
873
691
18%
-6%
167
232
136
23%
-28%
1.1
1.5
0.9
23%
-28%
Grasim Industries
12986
13345
12429
4%
-3%
2483
2898
2854
-13%
-14%
2365
3827
2745
-14%
-38%
25.8
41.7
29.9
-14%
-38%
Havells India
10236
9642
8982
14%
6%
1304
1192
1279
2%
9%
818
870
789
4%
-6%
6.6
7.0
6.3
4%
-6%
Kajaria Ceramics
4209
3889
3507
20%
8%
648
599
561
16%
8%
294
265
211
39%
11%
4.0
3.6
2.9
39%
11%
Piramal Glass
4199
4214
3464
21%
0%
918
610
861
7%
50%
331
43
188
76%
668%
4.1
0.5
2.3
75%
668%
Sterlite Tech
7977
8421
6635
20%
-5%
756
503
522
45%
50%
237
42
95
150%
462%
0.6
0.1
0.2
150%
462%
Top 10 Companies
Net Sales Growth
Ebitda Grow th
Prestige Estates
Reliance Power
67.4%
Sobha Developers
103.5%
Maruti Suzuki India
86.7%
Motherson Sumi
146.7%
Glenmark Pharma
129.3%
Adani Power
180.3%
Reliance Power
176.4%
DLF
205.9%
Prestige Estates
191.1%
DLF
Tamilnadu Newsprint
59.2%
89.0%
82.3%
CESC
41.9%
Tata Power
Jubilant FoodWorks
40.9%
CESC
70.0%
Oberoi Realty
40.4%
JSW Energy
69.2%
Maruti Suzuki India
38.2%
Motherson Sumi
68.7%
Ebitda Margin Growth
PAT Growth
626.2%
JSW Energy
201.5%
Ballarpur Inds
Shree Cements
DLF
1,276 bps
262.9%
Prestige Estates
77.4%
Glenmark Pharma
1,057 bps
Tamilnadu Newsprint
706 bps
JSW Energy
695 bps
190.0%
178.0%
170.5%
Tata Power
672 bps
Blue Star
666 bps
Sterlite Tech
149.8%
NTPC
Maruti Suzuki India
143.9%
Mahindra Satyam
CESC
136.4%
441 bps
CEBBCO
434 bps
Dishman Pharma
110.5%
547 bps
459 bps
Bottom 10 Companies
Ebitda Growth
Net Sales Growth
Sesa Goa-91.6%
Ranbaxy Labs
-31.0%
Ranbaxy Labs
Voltas
-22.1%
NMDC
-28.7%
-28.0%
-19.0%
SAIL
-18.6%

-9.5%
Thermax
-7.2%
Mphasis
-33.4%
NMDC
Ashok Leyland
-35.3%
Ashok Leyland
-20.7%
-51.7%
Orient Paper
-27.3%
TRF
-79.1%
-25.0%
GSFC
-21.6%
-21.5%
-1.6%
Hindalco
-17.9%
PAT Growth
-80.9%
Sesa Goa
Ranbaxy Labs
-5,319 bps
-73.6%
Ranbaxy Labs
India Cements
Orient Paper
Jaiprakash Power Ventures
-71.8%
-2,997 bps
-1,044 bps
SAIL
-61.6%
Orient Paper
-811 bps
-60.9%
-790 bps
JK Paper
JSW Steel
Madras Cements
-54.1%
-48.6%
-42.1%
-40.7%
-36.0%
Dr. Reddy's Lab
-712 bps
DLF
-710 bps
Phoenix Mills
-698 bps
NMDC
-676 bps
eClerx Services
-664 bps
Top 5 Sectors
Net Sales Grow th
Real Estate
Ebitda Growth
117.5%
Auto Ancillaries
Real Estate
36.1%
Power
Power
14.9%
Consumers
14.8%
37.5%
Paper
35.6%
Auto Ancillaries
34.4%
19.6%
IT Services
82.9%
Consumers
17.3%
PAT Growth
Paper
Real Estate
1915.3%
122.1%
Power
380 bps
Paper
360 bps
Auto Ancillaries
22.0%
Consumers
Media &
Entertainment
18.5%
Auto Ancillaries
Consumers
18.1%
Engineering &
Capital Goods
34 bps
-12 bps
-15 bps
Bottom 5 Sectors
Net Sales Growth
Ebitda Growth
Pharmaceuticals
Metals & Mining -1.4%
Engineering & Capital

Goods
Metals & Mining
6.2%
-5.8%
Cement
7.2%
Cement
9.2%
Construction
Pharmaceuticals
Automobiles
Metals & Mining
1.4%
Automobiles
4.7%
PAT Growth
Telecommunications
1.0%
Agri Input &

Chemicals
8.2%
Telecommunications
-4.6%
-23.6%
Real Estate -649 bps
-20.2%
Pharmaceuticals
Cement
-135 bps
IT Services
-131 bps
-125 bps
-16.7%
-4.9%
-3.3%
-406 bps
Frequency Distribution (No. of Companies)

Net Sales Grow th
PAT Grow th
45
70
60
60
41
40
53
35
50
30
40
25
31
22
18
20
30
13
15
16
20
10
10
5
0
<0%
0%-10%
10%-25%
25%-50%
0%-15%
15%-30%
30%-50%
>50%
>50%
EBITDA Grow th
45
39
40
35
31
27
30
25
25
20
15
11
10
5
0
<0%
0%-15%
15%-30%
30%-50%
>50%
Frequency Distribution (Percentage)

Net Sales Growth
12%
PAT Growth
4%
14%
33%
39%
10%
25%
45%
18%
0%-10%
10%-25%
25%-50%
>50%
<0%
0%-15%
15%-30%
30%-50%
>50%
EBITDA Growth
8%
23%
19%
20%
<0%
0%-15%
30%
15%-30%
30%-50%
>50%
Sectoral Analysis of Q3FY13 Results
Agri Input and Chemicals

n On an aggregate basis, we expect our universe to report topline growth of 7%YoY driven predominantly by increase
in chemicals revenues by 18%YoY. APAT is expected to increase by 6%YoY.

n Fertiliser revenues are expected to remain flat. Complex fertiliser consumption dropped by 31%YoY during
Oct/Nov12 however Urea sales increased by 16%. Aggregate fertiliser margins for our universe are expected to
decline by 170bpsYoY to 8.7%
n On the chemicals side, we expect chemicals revenues for our universe to increase by 18%YoY however EBIT is
expected to increase only by 10%YoY due to pressure on margins. Aggregate chemicals EBIT margin is expected to
decline by 130bpsYoY to 17.3%. Deepaks chemicals margins are likely to be impacted (down by 700bpsYoY to 17.0%)
due to high ammonia & propylene costs. GSFCs margins are expected to decline (860bpsYoY) due to decline in
caprolactam-benzene spreads. GNFCs & Tata Chemicals chemicals margins are expected to improve 100bpsYoY.
n Agrochemicals
consumption remained weak during H1FY13, however Q3FY13 has witnessed improved
agrochemicals usage across different crops. Rabi season has panned out well for agrochemicals consumption & we
are likely to witness volume growth during this quarter.
n We remain optimistic on the outlook for agri-input companies. Dhanuka Agritech, Coromandel Intl, Tata Chemicals
remain our top picks. Dhanuka with strong revenue visibility & sustainable RoCE/RoE of 30%/ 26% is trading at 30%
discount to peers. Complex fertiliser consumption remains under pressure, however Coromandel is likely to witness
strong earnings growth during FY14 driven by increase in capacity, leadership position, strong focus on non-subsidy
business, improvement in volumes.

Name
Dec12E
% Chg
YoY
Sep12
Dec11
21,266
23,407
17,966
18.4%
2,056
1,951
2,039
0.8%
9.7
8.3
11.4 -168 bps
PAT (Rs mn)
932
896
862
8.2%
EPS (Rs)
2.2
2.2
2.1
8.2%
20,213
25,678
25,497
-20.7%
1,920
2,374
2,335
-17.8%
9.5
9.2
9.2
34 bps
1,044
1,532
1,472
-29.1%
3.7
5.5
5.2
-29.1%
6,207
6,934
6,015
3.2%
1,149
-14.9%
% Chg
QoQ
Comments
Chambal Fertilisers
CMP(Rs)
70
Net Sales (Rs mn)
Mkt Cap (Rs bn)
29
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
Accumulate EBITDA Margin (%)

98
40%
-9.1% We expect revenues to increase by 18%YoY to Rs 21.2 bn.

We expect manufactured fertilizer revenues to increase by
5.4% 20%YoY to Rs 9.7bn while we expect trading revenues to
increase by 25%YoY to Rs 9.9bn. We expect textiles segment
133 bps to report revenue growth of 10%. We expect company to report
EBITDA of Rs 2.1bn, flatYoY with margins of 9.7%. We expect
4.0% APAT to increase by 8%YoY to Rs 932mn and expect
company to report AEPS of Rs 2.2
4.0%
CMP(Rs)
261
Net Sales (Rs mn)
Mkt Cap (Rs bn)
74
EBITDA (Rs mn)
Reco
Target Price (Rs)
340
PAT (Rs mn)
% Upside
30%
EPS (Rs)
CMP(Rs)
130
Net Sales (Rs mn)
Mkt Cap (Rs bn)
11
EBITDA (Rs mn)
977
803
-21.3% We expect revenues to decline by 21%YoY to Rs 20.2bn. We

expect total fertiliser volumes to decline by 38%YoY to 525,000
-19.1% mt. Complex fertiliser volumes continue to remain under
pressure due to high prices & higher level of inventory in the
26 bps system. We expect company to report EBITDA of Rs. 1.9bn, 18%YoY with margins of 9.5%. We expect company to report
-31.9% PBT of Rs 1.5bn, -31%YoY. We expect company to report
APAT of Rs 1.0bn, -30%YoY with AEPS of Rs 3.7
-31.9%
Deepak Fertilisers
Reco
Buy
EBITDA Margin (%)
15.7
11.6
19.1 -335 bps
Target Price (Rs)
172
PAT (Rs mn)
509
406
637
-20.0%
% Upside
32%
EPS (Rs)
5.8
4.6
7.2
-20.0%
-10.5% We expect net revenues to increase by 3%YoY to Rs 6.2bn.

We expect chemicals revenues to increase by 20%YoY to Rs
21.7% 4.1bn while we expect fertiliser revenues to decline by
17%YoY to Rs 2.3bn. Manufactured fertilizer revenues are
417 bps expected to decline by 21%YoY to Rs 985mn while traded
fertiliser revenues are expected to decline by 14%YoY to Rs
25.3% 1.3bn. Company is likely to report EBITDA of Rs 977mn, 15%YoY with margins of 15.7%. We expect company to report
25.3%
APAT of Rs 509mn, -20%YoY with EPS of Rs 5.8

Name
Dec12E
% Chg
YoY
Sep12
Dec11
1,314
2,063
1,104
18.9%
EBITDA (Rs mn)
184
306
127
45.4%
11.5 255 bps
% Chg
QoQ
Comments
Dhanuka Agritech
Reco
Buy
EBITDA Margin (%)
14.0
14.8
Target Price (Rs)
150
PAT (Rs mn)
129
237
78
65.1%
-36.3% We expect revenues to increase by 18%YoY to Rs 1.3bn.

Expect company to report EBITDA of Rs 184mn, 45%YoY.
-39.9% EBITDA margins are likely to improve by 250bpsYoY to 14.0%.
We expect Dhanuka to report PBT of Rs 166mn, 70%YoY with
-83 bps PAT of Rs 129mn, 65%YoY. EPS for the quarter is likely to be
around Rs 2.6
-45.4%
% Upside
15%
EPS (Rs)
2.6
4.7
1.6
65.1%
-45.4%
10,578
11,658
10,429
1.4%
1,457
1,453
1,573
-7.4%
CMP(Rs)
Mkt Cap (Rs bn)
131
7
Net Sales (Rs mn)
GNFC
CMP(Rs)
83
Net Sales (Rs mn)
Mkt Cap (Rs bn)
13
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
13.8
12.5
15.1 -131 bps
Target Price (Rs)
105
PAT (Rs mn)
744
724
862
-13.6%
% Upside
27%
EPS (Rs)
4.8
4.7
5.5
-13.6%
14,452
14,160
13,000
11.2%
2,022
2,028
2,580
-21.6%
14.0
14.3
1,471
1,505
1,724
-14.6%
3.7
3.8
4.3
-14.6%
-9.3% We estimate net revenues to increase by 1.5%YoY to Rs 10.6

bn. We expect fertiliser revenues to decline by 10%YoY to Rs
0.3% 5.8bn while we expect chemical segment revenues to increase
by 18%YoY to Rs 4.6bn. We expect fertiliser segment to report
132 bps EBIT of Rs 173 mn while chemical segment is expected to
report EBIT of Rs 920mn. We expect company to report
2.8% EBITDA of Rs 1.5bn, -7%YoY with margins of 13.8%.
Company is likely to report PAT of Rs 744mn, -14%YoY with
2.8%
EPS of Rs 4.8
GSFC
CMP(Rs)
72
Net Sales (Rs mn)
Mkt Cap (Rs bn)
29
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
Hold
70
-3%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
19.8 -585 bps
2.1% We expect revenues to increase by 11%YoY to Rs 14.5 bn.

We expect fertiliser revenues to increase by 14%YoY to Rs
-0.3% 10.2bn due to higher trading while we expect chemicals
revenues to increase by 5%YoY to Rs 4.2bn. Caprolactam-33 bps benzene spreads declined further to $990/mt in Q3FY13
compared to $1130/mt in Q2FY13. We expect company to
-2.2% report EBITDA of Rs 2.0bn,-22%YoY with margins of 14.0%.
Company is likely to report APAT of Rs 1.5bn, -14%YoY with
-2.2% margins of 10.2%. EPS for the quarter is likely to be around Rs
3.7

Name
Dec12E
Sep12
Dec11
3,792
4,855
3,251
611
967
553
16.1
19.9
17.0
% Chg
YoY
% Chg
QoQ
Comments
Rallis India
CMP(Rs)
151
Net Sales (Rs mn)
Mkt Cap (Rs bn)
29
EBITDA (Rs mn)
Reco
-21.9% We estimate consol revenue growth of 17%YoY to Rs 3.8 bn.

We expect standalone revenues to increase by 16%YoY to Rs
10.5% -36.8% 3.6bn. We expect company to report standalone EBITDA of Rs
630mn, 11%YoY with margins of 17.5%. Company is likely to
-90 bps -381 bps report consol EBITDA of Rs 611mn, 11%YoY with margins of
16.1%. We expect company to report consol APAT of Rs
14.0% -40.2% 353mn, 14%YoY with EPS of Rs 1.8
16.6%
Target Price (Rs)
153
PAT (Rs mn)
353
591
310
% Upside
1%
EPS (Rs)
1.8
3.0
1.6
14.0%
CMP(Rs)
371
Net Sales (Rs mn)
45,109
41,518
38,099
18.4%
Mkt Cap (Rs bn)
95
EBITDA (Rs mn)
6,704
6,165
5,558
20.6%
14.9
14.8
14.6
27 bps
2,968
2,327
2,277
30.3%
11.6
9.1
8.9
30.3%
21,361
18,560
19,288
10.7%
3,738
3,261
3,484
7.3%
17.5
17.6
18.1
-56 bps
1,744
1,248
1,154
51.1%
3.8
2.7
2.5
51.1%
-40.2%
Tata Chemicals
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
400
PAT (Rs mn)
% Upside
8%
EPS (Rs)
CMP(Rs)
139
Net Sales (Rs mn)
Mkt Cap (Rs bn)
64
EBITDA (Rs mn)
8.7% We expect standalone revenues to increase by 15%YoY to Rs

26.9 bn, and APAT of Rs 2.0 bn, 32%YoY. We expect increase
8.7% in revenues for BMGL by 16%YoY to Rs 6.1 bn. IMACID is
likely to report revenues of Rs 1.8bn, 2%YoY while we expect
1 bps revenues for TCNA to increase by 20%YoY to Rs 6.7 bn. We
estimate consolidated revenues to increase by 18%YoY to Rs
27.6% 45.1 bn, Company is likely to report consol EBITDA of Rs
6.7bn, 20%YoY with margins of 14.9%. APAT is likely to be
27.6%
around Rs 3.0bn, 30%YoY with EPS of Rs 11.6
United Phosphorus
Reco
Target Price (Rs)
172
PAT (Rs mn)
% Upside
24%
EPS (Rs)
15.1% We expect consol revenue growth of 11%YoY to Rs 21.4 bn.

Indian revenues are expected to increase by 8%YoY to Rs
14.6% 4.1bn while North American revenues are expected to remain
flat at Rs 3.6bn. Europe is likely to report revenue growth of
-7 bps 10%YoY while RoW revenues are expected to increase by
15%YoY. Company is likely to report EBITDA of Rs 3.7bn,
39.7% 7%YoY with margins of 17.5%. We expect company to report
APAT of Rs 1.7bn, 51%YoY with EPS of Rs 3.8
39.7%
Automobiles
n We expect our OEM automobile universe to report a modest 11%YoY/ 12% QoQ growth in sales to Rs 873 bn owing a
late festive season even as overall volume growth trajectory remains lacklustre
n Adjusted EBITDA at Rs 110.9 bn is expected to grow just 5%YoY weighed down by relatively higher input costs.
Sequentially however, EBITDA is expected to increase 15% from the benefits of softer commodity prices and
operating leverage.
n Adjusted EBIDTA margins are likely to decline 80bpsYoY but increase 30 bps QoQ to 12.7%. Companies which we
expect to report significant QoQ improvement in margins are MSIL (+170 bps), BJAUT (+100 bps) and HMCL (+60
bps). Poor CV volumes are likely to lead to a significant QoQ margin drop for AL (-410 bps).
n Adjusted net profits are likely to decline 5%YoY but improve 12% QoQ to Rs 58 bn.
n To get a better sense of the domestic demand environment, if we consider only standalone business of TTMT in
calculation of aggregates, then overall auto universe net sales growth moderates to Rs 509 bn (9%YoY/8% QoQ). Adj.
EBITDA is expected to increase 13% QoQ (8%YoY) to Rs 51.2 bn. Adj. PAT is expected to increase 4%YoY (-21% QoQ)
to Rs 28.6 bn
n Key candidates for positive surprises in the results this quarter are MM & HMCL in our view, whereas CV plays AL,
EIM and TTMT (STDL) could surprise on the negative side

n We remain cautious on OEM demand recovery and believe macro-recovery plays (AL, EIM, MSIL) are already
discounting a strong recovery in FY14. We prefer bottom-up ideas and maintain Buy on HMCL, EXID, AMRJ, MSS and
Accumulate on MM, TTMT
Automobiles
Name
Dec12E
Sep12
Dec11
23,337
32,960
28,798
1,400
3,341
6.0
10.1
% Chg
YoY
% Chg
QoQ
Comments
Ashok Leyland
CMP(Rs)
27
Net Sales (Rs mn)
Mkt Cap (Rs bn)
71
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
-29.2% AL performance to remain weak due to a steep decline of

29%YoY/ 31% QoQ in M&HCV volumes. EBITDA margins to
2,104 -33.4% -58.1% decline 410 bps QoQ led by poor operating leverage and lower
production from Pantnagar. Key things to watch out for (1)
7.3 -130 bps -414 bps demand outlook for FY14 (2) working capital debt and (3)
Pantnagar volumes
669
n.a.
n.a.
-19.0%
Target Price (Rs)
28
PAT (Rs mn)
-400
1,426
% Upside
5%
EPS (Rs)
-0.2
0.5
0.3
Net Sales (Rs mn)
54,981
49,724
49,859
10.3%
EBITDA (Rs mn)
10,674
9,152
9,841
8.5%
19.4
18.4
19.7
-32 bps
8,233
7,407
8,364
-1.6%
28.5
25.6
28.9
-1.6%
16,042
14,831
15,766
1.7%
1,329
1,114
1,538
-13.6%
8.3
7.5
9.8 -147 bps
8.2% EIM to report modest growth driven by volume performance.

EBIDTA margins to be lower 150 bpsYoY as pressure on CV
19.3% sales continues though we expect a slight improvement QoQ.
Key things to watch out for (1) CV demand outlook (2)
77 bps discounting levels in trucks
1,018
660
854
19.1%
54.2%
37.7
24.4
31.6
19.1%
54.2%
n.a.
n.a.
Bajaj Auto
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Target Price (Rs)
% Upside
2,210
639
Reduce
2,100
-5%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
10.6% BJAUT to benefit from 5%YoY/7.5% QoQ growth in volumes

and a better product mix. Margins to improve 100 bps QoQ due
16.6% to higher share of 3W, pricing action and favorable currency.
Key things to watch out for (1) exports/dom. demand outlook
101 bps (2) new launch plan (3) currency hedges and (4) raw material
contracts
11.2%
11.2%
Eicher Motors
CMP(Rs)
Mkt Cap (Rs bn)
Reco
2,841
77
Reduce
Net Sales (Rs mn)

EBITDA (Rs mn)
EBITDA Margin (%)
Target Price (Rs)
2,400
PAT (Rs mn)
% Upside
-16%
EPS (Rs)
Automobiles
Name
Dec12E
% Chg
YoY
% Chg
QoQ
Sep12
Dec11
Comments
61,963
51,875
60,315
2.7%
8,985
7,192
9,430
-4.7%
14.5
13.9
6,007
4,406
6,130
-2.0%
36.3%
30.1
22.1
30.7
-2.0%
36.3%
114,089
98,130
83,868
36.0%
13,070
11,189
10,208
28.0%
11.5
11.4
12.2
-72 bps
8,411
9,018
6,622
27.0%
13.7
14.6
10.8
27.0%
16.3% Expect strong results driven by 14%YoY/11% QoQ increase in

volumes. Adjusted EBITDA margins to improve by 10 bps QoQ
16.8% due to better product mix (higher share of tractors). Expect
production at 100% subsidiary MVML at 50,000 units and
10 bps EBITDA of Rs 1.8 bn. Results not comparableYoY due to
impact of MADPL merger from Q4. Key things to watch out for
-6.7% (1) tractor demand outlook (2) new launch plan and (3) raw
material contracts
-6.7%
108,923
83,054
78,824
8,492
5,085
4,172
7.8
6.1
5.3
5,016
2,274
2,056
17.4
7.9
7.1
Hero MotoCorp
CMP(Rs)
1,907
Net Sales (Rs mn)
Mkt Cap (Rs bn)
381
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
2,350
PAT (Rs mn)
% Upside
23%
EPS (Rs)
CMP(Rs)
953
Net Sales (Rs mn)
Mkt Cap (Rs bn)
585
EBITDA (Rs mn)
15.6 -113 bps
19.4% Expect HMCL earnings to benefit from 18% QoQ (-1%YoY)

growth in vols and favorable JPY/INR currency. Margins to
24.9% expand 60 bps QoQ due to favorable forex and pricing action.
Key things to watch out for (1) demand outlook (2) new launch
64 bps plan and (3) export ramp up
M&M
Reco
Target Price (Rs)
1,100
PAT (Rs mn)
% Upside
15%
EPS (Rs)
1,588
Net Sales (Rs mn)
Maruti Suzuki
CMP(Rs)
Mkt Cap (Rs bn)
459
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
1,700
PAT (Rs mn)
% Upside
7%
EPS (Rs)
31.1% Post a period of production hit due to various issues, expect

normalized earnings driven by volume growth of 26%YoY/31%
103.5%
67.0% QoQ (on a low base). Adj. EBITDA margins to expand 170 bps
QoQ (250 bpsYoY) led by operating leverage and normalized
250 bps 167 bps mix. Key things to watch out for (1) Currency hedges (2) petrol
demand outlook and (3) new launch plan
143.9% 120.5%
38.2%
143.9%
120.5%
Automobiles
Name
Dec12E
% Chg
YoY
% Chg
QoQ
Sep12
Dec11
Comments
475,800
434,029
452,602
5.1%
65,793
58,611
67,431
-2.4%
13.8
13.5
29,180
26,092
35,780
-18%
8.8
7.9
10.8
-18%
18,372
16,906
17,622
4.3%
1,212
1,012
1,223
-0.9%
EBITDA Margin (%)
6.6
6.0
6.9
-34 bps
PAT (Rs mn)
603
452
565
6.7%
8.7% TVSL performance to recover led by vol. growth of 6.7% QoQ

(-2%YoY) and better product mix. EBITDA margins to improve
19.7% 60 bps QoQ to 6.6% due to higher share of 3-W and operating
leverage benefits. Key things to watch out for (1) investment in
61 bps subsidiaries (2) performance of Phoenix and (3) new launch
plan
33.4%
EPS (Rs)
1.3
1.0
1.2
6.7%
33.4%
Tata Motors
CMP(Rs)
317
Net Sales (Rs mn)
Mkt Cap (Rs bn)
931
EBITDA (Rs mn)
Reco
Target Price (Rs)
350
PAT (Rs mn)
% Upside
10%
EPS (Rs)
14.9 -107 bps
9.6% Standalone business performance to remain lackluster while

JLR to support growth. Expect JLR EBITDA margins to
12.3% improve 20 bps sequentially at 15% led by operating leverage
benefits. Standalone business margins to decline sharply by
32 bps 130 bpsYoY/100 bps QoQ due to poor volumes. Key things to
watch for (1) JLR RR ramp up and new launch pipeline (2)
12% MHCV/LCV demand outlook/ discounts and (3) impact of
currency swings
12%
TVS Motor
CMP(Rs)
47
Net Sales (Rs mn)
Mkt Cap (Rs bn)
22
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
Hold
44
-6%
Auto Ancillaries
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Amara Raja
CMP(Rs)
261
Net Sales (Rs mn)
7,358
7,187
6,131
20.0%
Mkt Cap (Rs bn)
45
EBITDA (Rs mn)
1,103
1,180
1,063
3.7%
Reco
Buy
EBITDA Margin (%)
15.0
16.4
17.3 -235 bps
Target Price (Rs)
320
PAT (Rs mn)
707
795
659
7.3%
% Upside
23%
EPS (Rs)
8.3
9.3
7.7
7.3%
34,689
33,748
32,282
7.5%
3,981
3,669
3,243
22.8%
11.5
10.9
1,628
1,533
1,278
27.4%
3.2
3.0
2.5
27.4%
1,550
1,538
1,328
16.7%
2.0
28.9%
2.4% We expect AMRJ to continue with the healthy revenue growth

momentum as in the previous quarters. However, margins are
-6.5% likely to decline 140 bps QoQ due to ~10%QoQ increase in
global lead prices while pricing action came in only towards the
-143 bps end of the quarter. Key things to watch out for are
-11.0% OEM/replacement mix, capacity ramp-up plans and
replacement demand outlook.
-11.0%
Apollo Tyres
CMP(Rs)
89
Net Sales (Rs mn)
Mkt Cap (Rs bn)
45
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
95
PAT (Rs mn)
% Upside
7%
EPS (Rs)
CMP(Rs)
93
Net Sales (Rs mn)
Mkt Cap (Rs bn)
EBITDA (Rs mn)
287
312
10.0 143 bps
2.8% While we expect tonnage growth in domestic business to

remain subdued, however, profitability should benefit from
8.5% moderation in rubber prices and winter tyre sale in Europe.
Expect tonnage growth of 3%YoY (flat QoQ) in consolidated
60 bps business and conso. margins to improve 60 bps QoQ to
11.5%. Key things to watch out for are tonnage growth,
6.2% OEM/replacement
mix,
subsidiary
performance
and
capacity/QIP plans
6.2%
CEBBCO
Reco
Buy
EBITDA Margin (%)
18.5
20.3
Target Price (Rs)
130
PAT (Rs mn)
145
163
% Upside
39%
EPS (Rs)
2.6
3.0
0.8% Healthy earning momentum to continue driven by continued

preference seen for FBVs from the OEMs. We expect EBITDA
188
52.5%
-8.0% margins to decline 180 bps QoQ due to mix shifting in favour
of OEMs as against replacement in the previous quarter. Key
14.2 434 bps -177 bps things to watch out for are replacement FBV demand outlook,
railway tendering process and capacity expansion plans
113
28.9% -11.0%
-11.0%
Auto Ancillaries
Name
Dec12E
% Chg
YoY
% Chg
QoQ
Sep12
Dec11
Comments
15,475
15,214
12,502
23.8%
2,130
1,882
1,762
20.9%
13.8
12.4
14.1
-33 bps
1,411
1,202
1,182
19.4%
1.7
1.4
1.4
19.4%
17.3%
64,280
58,905
38,408
67.4%
4,477
4,100
2,654
68.7%
7.0
7.0
6.9
10 bps
1,306
700
1,030
26.8%
9.1% MSS performance to benefit from better PV sales QoQ for

domestic business and higher utilization in SMP/SMR.
9.2% Reported results to be impacted by forex translation losses due
to adverse forex. We expect Adjusted EBITDA margins to
- remain flat QoQ. Expect SMP margins to remain at ~4%. Key
things to look out for are revenue growth in the domestic
86.5% market and margins for the subsidiaries.
2.2
1.2
1.8
25.3%
86.5%
Exide Industries
CMP(Rs)
146
Net Sales (Rs mn)
Mkt Cap (Rs bn)
124
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
190
PAT (Rs mn)
% Upside
30%
EPS (Rs)
CMP(Rs)
200
Net Sales (Rs mn)
Mkt Cap (Rs bn)
117
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
215
PAT (Rs mn)
% Upside
8%
EPS (Rs)
1.7% We expect EXID to continue its >20%YoY revenue growth

driven by strong replacement demand and slight gain in market
13.2% share. Margins to expand 140 bps QoQ driven by price hike of
~5% taken in Oct. and a better mix. Key things to watch out for
139 bps OEM/replacement mix, market share in 2W/4W, demand
17.3% outlook.
Motherson Sumi
Banking and Financial Services

n NII growth for our banking universe is expected to come in modest at 8%YoY (10%YoY in Q2FY13) primarily on back of
sluggish 3.3%YoY growth in NII for our PSU space. Margin pressures (on account of full impact of base rate reduction
implemented in Q2 and relatively higher share of bulk deposits), 161bpsYoY contraction in LDR and 13.5%YoY growth in
loan portfolio vs 16%YoY on a systemic level will weigh on NII performance for our the PSU space. NII growth for private
banks is expected to remain healthy at 22%YoY aided by 16bpsYoY improvement in NIM to 3.23%.
n Dismal show on fee income front (+4%YoY for our coverage universe) would be off-set by higher trading gains +33%YoY
(ex-SBI) thereby resulting in 13.5%YoY growth in non-int income. SBI had trading losses to the tune of Rs10.9bn in
Q3FY12. Also, with stable opex, operating profit growth is expected to remain modest at 11%YoY / 5% qoq.
n NPA pressure will persist with PSU space expected to report 18%YoY growth in gross slippages to 2.5% of loans. The
larger challenge however remains towards recovery / up-gradations from the same. We suspect PSU banks to resort to
more of write-off / OTS towards problematic loans. We are factoring 68bps of credit cost for our PSU universe. With well
controlled net slippages, we are factoring 58bps of credit cost for our private sector universe.
n Favorable yield movement (unlike Q3FY12 which saw huge MTM provisioning) will be off-set by increased levels of NPA /
standard asset provisioning due to a) migration of few lumpy accounts into lower buckets b) improving incremental PCR
and c) 75bps of additional provisioning on standard restructuring assets. Resultant, we expect our universe to report
12%YoY growth in net profit on back of 6%YoY growth in net profit for PSU space and 23%YoY growth in private space.
Key things to watch: Restructuring, net slippages and provisions there-off
n Our top picks for the quarterly results HDFC Bank, ICICI Bank and United bank in banking space. Mahindra Finance and
CRISIL are our top picks in NBFC space

Name
Dec12E
% Chg
YoY
Sep12
Dec11
13,649
11,743
13,805
-1.1%
9,339
8,023
10,300
-9.3%
3.0
2.7
0.0
302 bps
3,021
2,342
5,604
-46.1%
6.0
4.7
11.8
-48.7%
% Chg
QoQ
Comments
Allahabad Bank
CMP(Rs)
184
NII (Rs mn)
Mkt Cap (Rs bn)
92
Op. Profit (Rs mn)
Reco
Hold
NIM (%)
Target Price (Rs)
145
PAT (Rs mn)
% Upside
-21%
EPS (Rs)
16.2% NII growth is expected to decline by -1%YoY on back of

45bpsYoY contraction in NIMs and 14.8%YoY growth in loan
16.4% portfolio. NIMs at 2.9% (adjusted for int. reversals of Rs1.7bn
on loans in the previous quarter) are expected to remain flat
34 bps qoq. Slippages are expected to remain higher at Rs10bn
(equivalent to average for past 4-quarters) and with higher
29.0% provisioning requirements and muted non-int income, net profit
is expected to decline 46%YoY. Key things to watch out:
29.0%
Slippages, margin outlook and restructuring
Andhra Bank
CMP(Rs)
129
NII (Rs mn)
9,365
8,937
9,839
-4.8%
Mkt Cap (Rs bn)
72
Op. Profit (Rs mn)
6,911
6,381
7,676
-10.0%
2.9
2.8
3.4
-56 bps
2,843
3,256
3,032
-6.2%
5.1
5.8
5.4
-6.2%
Reco
Hold
NIM (%)
Target Price (Rs)
105
PAT (Rs mn)
% Upside
-19%
EPS (Rs)
1,373
NII (Rs mn)
24,456
23,269
21,403
14.3%
Op. Profit (Rs mn)
23,945
21,783
20,592
16.3%
3.2
3.1
3.3
-11 bps
12,726
11,235
11,023
15.5%
30.7
27.1
26.7
14.9%
4.8% Andhra Bank to report -5% / -6%YoY decline in NII / net profit
on back of 56bpsYoY contraction in NIM to 2.9%, 200bps+YoY
8.3% decline in LDR to 78% and higher provisioning requirement
(credit cost factored at 65bps vs 57bps in Q2). Adjusting for
8 bps one-off item in Q2, Q3FY13 NIMs at 2.9% would decline
10bps qoq. Slippages run-rate may ease to Rs5bn and would
-12.7% be off-set by recovery / up-gradation. Key things to watch
Share of bulk deposits, recoveries and restructured portfolio.
-12.7%
Axis Bank
CMP(Rs)
Mkt Cap (Rs bn)
Reco
586
Reduce
NIM (%)
Target Price (Rs)
1,050
PAT (Rs mn)
% Upside
-24%
EPS (Rs)
5.1% Expect 14%YoY growth in NII driven by 22%YoY growth in

loan portfolio. On a qoq basis, NII growth at 5% will be driven
9.9% by 100bps improvement in LDR and NIM at 3.2%. Trading
gains at Rs2bn (on a favorable base) and 9% qoq growth in fee
4 bps income will be used to off-set against provisioning on NPA +
restructured portfolio, thereby resulting in net profit growth of
13.3% 15%YoY / 13% qoq. Key things to watch: Trend in fee income
and stressed asset addition.
13.3%

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Bank of Baroda
CMP(Rs)
878
NII (Rs mn)
29,217
28,623
26,555
10.0%
Mkt Cap (Rs bn)
344
Op. Profit (Rs mn)
23,914
23,826
26,082
-8.3%
Reco
Hold
NIM (%)
2.4
2.5
2.7
-25 bps
Target Price (Rs)
800
PAT (Rs mn)
12,183
13,108
12,993
-6.2%
% Upside
-9%
EPS (Rs)
29.5
31.8
33.1
-10.7%
CMP(Rs)
364
NII (Rs mn)
22,079
21,960
20,674
6.8%
Mkt Cap (Rs bn)
209
Op. Profit (Rs mn)
17,522
18,541
17,318
1.2%
2.2
2.2
2.3
-11 bps
7,223
3,019
8,194
-11.8%
12.6
5.3
15.0
-16.0%
2.1% BOB to witness 10%YoY / 2% qoq growth in NII on back of

16%YoY growth in domestic loans. Overall margins at 2.4%
0.4% are expected to decline 5bps qoq driven by domestic NIMs.
Slippages run-rate at Rs12bn may ease vs Rs13.5bn (avg) for
-5 bps past 3-quarters. Higher trading / forex gains in Q3FY12 are
unlikely to repeat in Q3FY13. The same however will be off-set
-7.1% by no investment depreciation in Q3FY13. Resultant, net profit
at Rs12.2bn may decline by 5%YoY. Key things to watch out:
-7.1%
Slippages and restructured portfolio.
Bank of India
Reco
Target Price (Rs)
% Upside
Reduce
240
-34%
NIM (%)
PAT (Rs mn)
EPS (Rs)
0.5% Bank of India to report modest 6.8%YoY growth in NII on back

of 14.3%YoY growth in loan portfolio and 160bpsYoY
-5.5% improvement in overall LDR to 77%. Margins at 2.2% will
remain flat qoq. We are factoring in slippages of Rs13bn vs
-1 bps Rs13.5bn (avg) for past 4-quarters. Higher NPA + restructuring
will be offset against possible investment gains. Net profit at
139.3% Rs7.2bn would be flat you. Key things to watch NIM,
slippages and movement in restructured.
139.3%
Canara Bank
CMP(Rs)
520
NII (Rs mn)
20,363
19,568
19,186
6.1%
Mkt Cap (Rs bn)
230
Op. Profit (Rs mn)
15,758
12,821
15,767
-0.1%
2.1
2.0
2.1
-3 bps
8,105
6,610
9,976
-18.8%
18.3
14.9
22.5
-18.8%
Reco
Target Price (Rs)
% Upside
Reduce
380
-27%
NIM (%)
PAT (Rs mn)
EPS (Rs)
4.1% Expect mere 6.1%YoY growth in NII led by flat margins at 2.1%
and modest 2%YoY loan growth. Higher trading gains
22.9% (Rs1.5bn from CARE Ratings offer for sale) will be used to offset increased cost thereby resulting in flat operating profitYoY.
6 bps Factoring in slippages at Rs12bn. Unlike previous period which
had higher investment depreciation, Q3FY13 will see increased
22.6% provisioning towards NPA + restructuring, Key things to watch:
PCR, slippages and investment reversals.
22.6%

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Corporation Bank
CMP(Rs)
486
NII (Rs mn)
8,254
8,032
8,616
-4.2%
Mkt Cap (Rs bn)
72
Op. Profit (Rs mn)
6,685
6,858
8,257
-19.0%
2.0
2.0
2.3
-37 bps
3,376
4,057
4,020
-16.0%
22.8
27.4
27.1
-16.0%
Reco
Hold
NIM (%)
Target Price (Rs)
440
PAT (Rs mn)
% Upside
-9%
EPS (Rs)
CMP(Rs)
522
NII (Rs mn)
5,283
5,059
5,280
0.1%
Mkt Cap (Rs bn)
89
Op. Profit (Rs mn)
4,567
3,496
4,187
9.1%
3.4
3.3
3.7
-30 bps
2,173
2,151
2,019
7.6%
12.7
12.6
11.8
7.6%
2.8% NII to decline by 4%YoY led by 37bpsYoY decline in NIM to

2.0% and muted 9.4%YoY growth in loans. Additionally with
-2.5% lower non-int income and stable costs, operating profit at
Rs6.7bn would decline by 19%YoY. While the slippages run0 bps rate may ease to Rs3bn, larger question remains on ability
towards recovery. Net profit to decline 16%YoY / 17% qoq. Key
-16.8% things to watch: Share of bulk deposit, slippages and recovery /
up-gradations
-16.8%
Federal Bank
4.4% Expect NII to remain flatYoY at Rs5.3bn due to high base.
However expect advance growth to pick up with NIMs largely
30.6% flat at 3.3%. Provision could be higher on account of NAFED
exposure. However with higher other income (gains from
7 bps CARE Ratings offer for sale) net profit to grow by 10%yoy to
Rs2.2bn. Key thing to watch out will be 1) slippages in the
1.0% large corporate book and recoveries
Reco
Hold
NIM (%)
Target Price (Rs)
500
PAT (Rs mn)
% Upside
-4%
EPS (Rs)
668
NII (Rs mn)
39,048
37,317
31,160
25.3%
30,206
25,713
23,780
27.0%
4.1
4.0
3.8
25 bps
4.6% HDFC bank to report 25.3%YoY / 4.6% qoq growth in NII

driven by 22.8%YoY / 3% qoq growth in advances and flat
17.5% NIMs qoq. Asset quality woes remain limited and adequately
provided for with PCR at 80%+. Key things to watch: CASA
3 bps movement and loan mix.
18,683
15,600
14,297
30.7%
19.8%
7.9
6.6
6.1
29.5%
19.8%
1.0%
HDFC Bank Ltd.

CMP(Rs)
Mkt Cap (Rs bn)
1,582
Op. Profit (Rs mn)
Reco
Hold
NIM (%)
Target Price (Rs)
620
PAT (Rs mn)
% Upside
-7%
EPS (Rs)

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
ICICI Bank Ltd.

CMP(Rs)
1,182
NII (Rs mn)
34,318
33,712
27,120
26.5%
Mkt Cap (Rs bn)
1,359
Op. Profit (Rs mn)
32,798
31,933
26,870
22.1%
Reco
Hold
NIM (%)
2.7
2.8
2.4
30 bps
Target Price (Rs)
1,100
PAT (Rs mn)
21,047
19,561
17,280
21.8%
18.3
17.0
15.0
21.7%
% Upside
-7%
EPS (Rs)
CMP(Rs)
903
NII (Rs mn)
38,091
36,501
35,360
7.7%
Mkt Cap (Rs bn)
306
Op. Profit (Rs mn)
27,592
25,336
26,756
3.1%
3.2
3.1
3.4
-25 bps
10,782
10,663
11,492
-6.2%
31.8
31.4
36.3
-12.4%
1.8% ICICI Bank to witness 27%YoY growth in NII led by 17.0%

growth in advances and flat NIMs qoq at 2.7%. Domestic loan
2.7% growth is expected to remain higher at 21%. Muted growth in
fee income (+4%) will be offset against, higher trading gains
-4 bps resulting in 22%YoY growth in operating profit. We after
factoring slippages at Rs11bn for Q3FY13 vs Rs12.2bn in
7.6% Q2FY13. Key things to watch out: RoE improvement and
international loan portfolio.
7.6%
Reco
Target Price (Rs)
% Upside
Reduce
610
-32%
NIM (%)
PAT (Rs mn)
EPS (Rs)
4.4% NII growth to witness modest at 8%YoY / 4% qoq on back of

17%YoY / 4% qoq growth in loan portfolio and flat NIM qoq at
8.9% 3.2%. Full impact of base rate reduction (implemented in Q2)
will be off-set by reduction in share of wholesale deposits).
5 bps NPA pressure to persist with credit cost in excess of 110bps.
With lower non-int income and higher provisioning
1.1% requirement, net profit at Rs10.7bn will decline 6%YoY. Key
thins to watch out recovery and up gradation, bulk deposit
1.1%
and restructuring pipeline.
South Indian Bank

CMP(Rs)
30
NII (Rs mn)
3,253
2,977
2,734
19.0%
Mkt Cap (Rs bn)
40
Op. Profit (Rs mn)
2,037
1,996
1,790
13.8%
2.9
2.8
3.0
-2 bps
1,245
1,189
1,023
21.7%
0.9
0.9
0.9
5.6%
Reco
Target Price (Rs)
% Upside
Hold
25
-17%
NIM (%)
PAT (Rs mn)
EPS (Rs)
9.3% Expect NII growth of 19%YoY driven by 19% loan growth and
10bps expansion in NIMs to 2.9%. As provision continue to
2.1% remain higher on account of further provisions for NAFED
account, PAT to grow by 21.7% to Rs1.24bn Key thing to
13 bps watch out 1) Growth in gold loan portfolio and outlook on the
same 2) slippages
4.7%
4.7%

Name
Dec12E
% Chg
YoY
Sep12
Dec11
115,795
109,738
114,659
1.0%
82,980
73,536
72,600
14.3%
3.2
3.1
3.6
-45 bps
42,925
36,581
32,631
31.5%
64.0
54.5
51.4
24.5%
% Chg
QoQ
Comments
State Bank of India

CMP(Rs)
2,468
NII (Rs mn)
Mkt Cap (Rs bn)
1,656
Op. Profit (Rs mn)
Reco
Reduce
NIM (%)
Target Price (Rs)
1,750
PAT (Rs mn)
% Upside
-29%
EPS (Rs)
5.5% While SBIs reported net profit is expected to grow by

31.5%YoY, adjusted for trading losses in Q3FY12, net profit is
12.8% expected to decline 8%YoY. Core operating matrix remains
weak and is reflected from 2%YoY decline in core operating
8 bps profit. Additionally, investment gains for Q3FY12 are unlike to
repeat in the current quarter. We have are factored 15%YoY
17.3% growth in loan portfolio, NIM at 3.2%, slippages at Rs75bn and
credit cost at 52bps. Key things to watch: Slippages, margin
17.3%
performance and recoveries.
Union Bank of India

CMP(Rs)
275
NII (Rs mn)
19,007
18,502
17,809
6.7%
Mkt Cap (Rs bn)
151
Op. Profit (Rs mn)
12,716
12,727
12,840
-1.0%
2.8
2.8
3.0
-20 bps
6,269
5,546
1,969
218.4%
9.5
8.4
3.1
205.8%
Reco
Target Price (Rs)
% Upside
Reduce
190
-31%
NIM (%)
PAT (Rs mn)
EPS (Rs)
2.7% UNBK NII to grow by a modest 7%yoy on back of 14%YoY

growth in loan portfolio and flat NIM at 2.8%. With muted non-0.1% interest income, primarily lower trading gains, operating profit
is expected to decline 1%YoY. One-off provisioning as seen in
4 bps Q3FY12 (Others (Rs3.8bn) and investment depreciation
(Rs730mn)), are unlikely in Q3FY13, resulting in 2xYoY rise in
13.0% net profit. Key thing to watch out: net slippages and
restructuring
13.0%
United Bank of India

CMP(Rs)
84
NII (Rs mn)
6,317
6,058
6,676
-5.4%
Mkt Cap (Rs bn)
30
Op. Profit (Rs mn)
4,787
4,773
4,833
-1.0%
2.4
2.3
3.0
-59 bps
1,470
1,446
2,260
-34.9%
4.1
4.0
6.6
-37.9%
Reco
Target Price (Rs)
% Upside
Buy
75
-10%
NIM (%)
PAT (Rs mn)
EPS (Rs)
4.3% Expect 5%YoY decline in NII due to modest 8%YoY growth in

loan portfolio and near 50bpsYoY compression in margins to
0.3% 2.4%. Even after factoring for slippages at Rs3.5bn vs Rs4.5bn
in Q2FY13, mgmts intension of providing 70%+ on
5 bps incremental NPAs provide us comfort. With improved recovery
/ upgradations, net slippages are expected to come in at
1.7% Rs2bn vs Rs3.7bn in Q2FY13 resulting in credit cost at 87bps
(annualized) bps vs 152bps in Q2FY12. We expect profit to
1.7%
growth by 1.7% qoq.

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
YES Bank
CMP(Rs)
498
NII (Rs mn)
5,789
5,242
4,276
35.4%
Mkt Cap (Rs bn)
178
Op. Profit (Rs mn)
5,454
4,847
3,988
36.7%
Reco
Hold
NIM (%)
2.7
2.6
2.6
16 bps
Target Price (Rs)
440
PAT (Rs mn)
3,472
3,061
2,541
36.7%
9.8
8.6
7.2
34.7%
% Upside
-12%
EPS (Rs)
10.4% Expect 35%YoY / 10% qoq growth in NII driven by 23%YoY

growth in loan portfolio and 16bpsYoY improvement in NIM to
12.5% 2.7%. Recent reduction in corporate yields will ease borrowing
cost and with improving retail liability franchise, margins should
11 bps remain comfortable at current levels. Asset quality concerns
remain minimal. Key things to watch out: Media account
13.4% exposure, migration to retail + SME franchise and margin
performance.
13.4%

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Dewan Housing Finance

CMP(Rs)
221
NII (Rs mn)
1,574
1,546
1,237
27.3%
Mkt Cap (Rs bn)
26
Op. Profit (Rs mn)
1,367
1,331
1,138
20.1%
2.4
2.5
2.5
-17 bps
Reco
Accumulate NIM (%)
Target Price (Rs)
243
PAT (Rs mn)
913
859
750
21.8%
% Upside
10%
EPS (Rs)
7.8
7.3
7.2
8.9%
823
NII (Rs mn)
13,559
12,941
11,557
17.3%
Op. Profit (Rs mn)
14,549
14,940
12,603
15.4%
3.0
2.9
3.0
-6 bps
10,618
10,811
9,162
15.9%
6.9
7.0
6.2
11.0%
1.9% Expect 27%YoY growth in NII led by 24% / 33% growth in

disbursements / loan portfolio. Recent reduction in base rate,
2.7% easing corporate yields and borrowings under ECB route will
help ease borrowings costs. Asset quality pressures remain
-16 bps lower.
6.3% Key things to
performance
6.3%
watch
out:
Securitization
and
margin
HDFC Ltd
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Target Price (Rs)
% Upside
1,269
Reduce
700
-15%
NIM (%)
PAT (Rs mn)
EPS (Rs)
4.8% HDFC to witness 17%YoY growth in NII aided by 19.5%YoY

growth in loan portfolio and 6qoq improvement in NIM to 3%.
-2.6% With lower non-int income, primarily being dividend income, net
profit is expected to grow by mere 16%YoY. However, adjusted
6 bps for the same, net profit would grow by 18%YoY.
Key things to watch: Growth in developer portfolio and clarity
-1.8%
over securitization agreement with HDFC Bank.
-1.8%
LIC Housing Finance

CMP(Rs)
292
NII (Rs mn)
3,755
3,535
3,258
15.3%
Mkt Cap (Rs bn)
147
Op. Profit (Rs mn)
3,672
3,394
3,263
12.5%
2.1
2.1
2.3
-15 bps
2,681
2,431
2,463
8.8%
0.0
4.8
Reco
Accumulate NIM (%)
Target Price (Rs)
280
PAT (Rs mn)
% Upside
-4%
EPS (Rs)
5.2 -100.0%
6.2% LICHF to witness 15%YoY growth in NII aided by 24% growth

in loan portfolio and 10bps qoq improvement in spreads.
8.2% Teaser loan re-pricing to the tune of Rs25-30bn in Q3. Recent
easing in term loan rates / corporate yields should also aid
2 bps margin improvement in Q4FY13 / H1FY14. While growth in
operating profit will remain reasonable at 12.5%YoY,
10.3% provisioning requirement will drag profit growth lower. Key
things: developers loan portfolio and margin performance.
-100.0%

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Mahindra Finance
CMP(Rs)
1,203
5,602
5,259
4,228
32.5%
3,929
3,626
2,797
40.5%
9.0
9.2
9.1
-8 bps
2,080
1,876
1,547
34.4%
10.9%
20.2
18.3
15.1
34.2%
10.9%
Mkt Cap (Rs bn)
137
Op. Profit (Rs mn)
Reco
Hold
NIM (%)
Target Price (Rs)
935
PAT (Rs mn)
% Upside
-22%
6.5% MMFSL likely to report 32% growth in NII led by 32.3% growth
in AUMs, while NIM to contract by 20bpsYoY to 9%%. Net
8.3% profit to grow by 35%yoy to Rs2.1bn. Key things to watch 1)
Growth in CV and car loans 2) NIMs
-22 bps
NII (Rs mn)
EPS (Rs)
Manappuram Finance
CMP(Rs)
44
NII (Rs mn)
3,218
3,206
4,300
-25.2%
Mkt Cap (Rs bn)
37
Op. Profit (Rs mn)
1,665
1,597
2,395
-30.5%
9.6
9.8
1,123
1,077
1,614
-30.4%
1.3
1.3
1.9
-30.4%
Reco
Target Price (Rs)
% Upside
Reduce
30
-31%
NIM (%)
PAT (Rs mn)
EPS (Rs)
13.0 -338 bps
0.4% MAFGIL NII to remain flat qoq as NIMs to contract further by

25bps even as AUM to grow by 7%qoq. As the company shift
4.3% to lower interest rate products in line with lower LTV, margin
will remain under pressure. However with lower opex net profit
-25 bps to grow by 4.3%qoq to Rs1.12bn. Key things to watch out. 1)
proportion of the book at higher yields 2) impact on margins as
4.3% the company shifts to lower interest rate pdts
4.3%

Name
Dec12E
% Chg
YoY
Sep12
Dec11
2,176
31.6%
% Chg
QoQ
Comments
CRISIL
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Target Price (Rs)
% Upside
1,048
74
Net Sales (Rs mn)
2,863
2,707
EBITDA (Rs mn)
1,004
977
35.1
36.1
5.8% CRISILs operating revenues to grow by 31.6%YoY largely led

by consolidation of Coalition (acquisition) numbers and
729
37.7%
2.8% moderate growth in rating business OPMs to expand by
155bpsYoY to 35.1%. Key things to look for commentary on
33.5 155 bps -103 bps bond issuances and traction in research business.
PAT (Rs mn)
698
645
498
40.1%
8.2%
EPS (Rs)
10.0
9.2
6.9
44.5%
8.2%
Net Sales (Rs mn)
676
624
542
24.7%
EBITDA (Rs mn)
204
162
211
-3.7%

1,050
0%
ICRA
CMP(Rs)
Mkt Cap (Rs bn)
1,447
14
Reco
Hold
EBITDA Margin (%)
30.1
26.0
39.0 -885 bps
Target Price (Rs)
1,300
PAT (Rs mn)
148
110
177
-16.1%
% Upside
-10%
EPS (Rs)
14.8
11.0
17.7
-16.4%
8.3% We expect ICRA to report a 24.7% growth in operating

revenues primarily driven by consolidation of BPA Tech even
25.4% as rating revenue expected to grow at just 3%yoy. Operating
margins to decline by 840bpsYoY to 30.1% led by high opex
411 bps structure of BPA Tech. However net profit to decline by
16.4%yoy to Rs148mn due to unfavourable base. Key thing to
35.3% watch out Activity in bond market and BPA tech performance.
35.3%
Cement
n Cement volumes growth for the current quarter remains subdued as reflected by 2.1%YoY growth (7.4% qoq) for
companies under our coverage. Cement price movement in 3Q13 was unusual with price declines witnessed in Nov
as well as December led by poor overall demand pick up and poor availability of construction materials (sand &
bricks) in Northern and central region impacting construction activities. This has lead to 3QFY13 avg cement prices
declining by 3.6% sequentially to Rs289/bag with sharp declines of ~4.5% witnessed in western and northern regions
n Companies under our coverage are expected to post realization growth of 5.8%YoY (-2.5% qoq to Rs4472/t) leading to
revenue growth of 8.1%YoY. Cost/t is expected to increase 2.3% qoq. Though the complete impact of 5-7% increase
in fuel costs and levy of service tax on rail freight is likely to be witnessed this quarter, we expect the same to be
partially get negated by 15%YoY decline in international coal prices
n EBITDA/t at Rs814/t is expected to decline 1.9%YoY and 19.2% qoq. Overall EBIDTA is expected to grow 1.2%YoY but
decline 11% qoq led by lower realizations Consequently, we estimate APAT (for cement cos under our coverage) to
grow by 4.1%YoY but decline 15% qoq
n Prefer ACC as current high valuations for companies in the sector have left little room for further outperformance for
stocks like UTCEM and Ambuja. Remain positive on Grasim (led by structural change in VSF business) amongst large
caps while in mid caps we prefer Shree Cements and Madras Cements (strong volume growth and improving cost
structure led by better energy efficiencies)
Cement
Name
Dec12E
% Chg
YoY
Sep12
Dec11
26,344
24,445
25,027
3,859
4,350
3,893
14.6
17.8
15.6
2,212
2,487
2,425
11.8
13.2
12.9
-8.8%
25,122
21,684
23,291
7.9%
5,082
5,650
4,300
18.2%
20.2
26.1
3,089
3,371
2,683
15.1%
2.0
2.2
1.8
15.1%
10,102
11,227
9,415
7.3%
1,642
2,051
1,946
-15.6%
% Chg
QoQ
Comments
ACC
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Target Price (Rs)
% Upside
1,417
266
Net Sales (Rs mn)

EBITDA (Rs mn)

1,510
PAT (Rs mn)
7%
EPS (Rs)
CMP(Rs)
204
Net Sales (Rs mn)
Mkt Cap (Rs bn)
314
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
210
PAT (Rs mn)
% Upside
3%
EPS (Rs)
CMP(Rs)
90
Net Sales (Rs mn)
Mkt Cap (Rs bn)
28
EBITDA (Rs mn)
7.8% Volume growth is expected to remain flattish at 0.5%YoY while

a unusual cement price trend in Nov and Dec is expected to
-0.9% -11.3% result in a 2.8% qoq dip in cement realisation. Overall we
expect 5.3%YoY growth in revenues. Variable costs for ACC
-91 bps -315 bps are expected to remain under control with no increase qoq.
Resultant EBITDA/t at Rs645.
-8.8% -11.1%
5.3%
-11.1%
ACL
18.5 177 bps
15.9% We expect volumes to grow at 0.6%YoY at 5.73mnt while

realizations are also expected to decline by 3.2% qoq thereby
-10.1% resulting in revenue growth of 7.9%YoY for Q4CY12. On the
cost front we expect the same trends in freight costs as ACC
-583 bps (due to full impact of diesel hike) and the fall in international
coal prices resulting in lower P&F costs (-6.4% qoq) negating
-8.4% the impact. Resultant EBITDA/t at Rs887/t is expected to
decline by 25% qoq.
-8.4%
India Cement
Reco
Hold
EBITDA Margin (%)
16.3
18.3
20.7 -441 bps
Target Price (Rs)
103
PAT (Rs mn)
149
391
563
-73.6%
% Upside
14%
EPS (Rs)
0.5
1.3
1.8
-73.6%
-10.0% Net revenues are expected to grow by 7.3%YoY to Rs10.1bn.

Cement revenue at Rs9.9bn are expected to improve by
-19.9% 6.7%YoY but decline 9.6% qoq led by lower realizations
(+1.6%YoY and -2.3% qoq). Volumes are expected to decline
-201 bps 7.5% qoq. On the cost front softening prices of international
coal is expected to partially negate the impact of increase in
-61.9% freight expenses. Consequently EBITDA/t is expected to
decline by 22%YoY and 18% qoq to Rs673/t.
-61.9%
Cement
Name
Dec12E
% Chg
YoY
Sep12
Dec11
7,410
15.2%
% Chg
QoQ
Comments
Madras Cement
CMP(Rs)
241
Net Sales (Rs mn)
8,536
9,995
Mkt Cap (Rs bn)
57
EBITDA (Rs mn)
1,964
3,139
23.0
31.4
Reco
-14.6% MCLs revenues are expected to grow by 15.2%YoY to

Rs8.54bn with cement revenue growth of 15.3%YoY. Net
2,075
-5.3% -37.4% realizations are expected to improve by just 8%YoY (Rs4523/t)
but decline sequentially by 2.3% led by price volatility
28.0 -498 bps -840 bps witnessed in the sate of Andhra Pradesh. EBITDA/t is expected
to decline 13%yoy to Rs1009/t.
768 -36.0% -63.0%
Target Price (Rs)
245
PAT (Rs mn)
492
1,329
% Upside
2%
EPS (Rs)
2.1
5.6
3.2
-36.0%
CMP(Rs)
80
Net Sales (Rs mn)
5,815
5,984
5,678
2.4%
Mkt Cap (Rs bn)
16
EBITDA (Rs mn)
420
417
871
-51.7%
7.2
7.0
15.3 -811 bps
PAT (Rs mn)
135
192
478
-71.8%
15%
EPS (Rs)
0.7
1.0
2.5
-71.8%
4,555
Net Sales (Rs mn)
13,662
13,238
12,586
3,684
3,930
3,440
27.0
29.7
27.3
1,979
2,281
712
3.2% Shrees revenues are estimated to grow by 8.6%YoY to

Rs13.6bn. Cement revenues at Rs11.4bn are expected to grow
7.1%
-6.3% by 5%YoY led by subdued volume growth of 5%YoY and
flatYoY growth in cement realizations (-2.7% qoq) Revenues
-37 bps -272 bps from Power segment are expected to decline 25%yoy at
Rs2.27bn. Cement EBITDA/t at Rs1049/t is expected to
178.0% -13.2% decline 9%YoY and 11% qoq .
56.8
65.5
20.4
178.0%
-63.0%
Orient Paper
Reco
Target Price (Rs)
% Upside

92
-2.8% OPILs net revenues are estimated to grow 2.4%YoY to

Rs6.03bn. Cement volumes are expected to decline by 2%YoY
0.9% and 3.5% qoq while realizations are expected to decline
3.6%yoy and 5% qoq to Rs3423/t. Resultant revenues from
27 bps cement are expected to decline 5.5%YoY. Revenues from
paper segment are expected to grow 2% to Rs0.96bn while
-29.6% electrical segment is expected to register growth of 18% in
revenues at Rs1.58bn.
-29.6%
Shree Cement
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Target Price (Rs)
% Upside
159
EBITDA (Rs mn)

4,420
-3%
PAT (Rs mn)

EPS (Rs)
8.6%
-13.2%
Cement
Name
Dec12E
% Chg
YoY
Sep12
Dec11
50,136
46,996
45,681
9.8%
9,784
10,073
9,647
1.4%
19.5
21.4
5,191
5,499
5,118
1.4%
19.0
20.1
18.7
1.4%
% Chg
QoQ
Comments
Ultratech
CMP(Rs)
2,041
Net Sales (Rs mn)
Mkt Cap (Rs bn)
559
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
1,950
PAT (Rs mn)
% Upside
-4%
EPS (Rs)
21.1 -160 bps
6.7% Revenues are expected to grow 10%YoY to Rs50.13 bn led by

subdued volume growth of 1%YoY and a sequential dip of
-2.9% 2.5% in blended realizations. Freight Costs are expected to
increase by 5% qoq while P&F costs decline of 4.6% is
-192 bps expected to negate its impact. The increase in cost/t for
Ultratech is expected to be lowest compared to ACC and
-5.6% Ambuja (-0.1% qoq). However led by lower realizations
resultant EBITDA/t at Rs953/t is expected to decline 11.2%
-5.6%
qoq (flatYoY).
Construction & Infrastructure

n Revenue for Construction & Infra companies within Emkay universe is expected to grow 12%YoY to Rs80 bn. Adani
Ports (Standalone) & Ashoka Buildcon (ABL), are expected to deliver healthy growth 20% & 17%YoY respectively
while IRB & IL&FS are expected to deliver 11% & 14% growth. Execution issues will continue to hamper IVRCL with
its revenue growth pegged at 3%YoY.
n Aggregate EBITDA for coverage universe is expected to grow 7% at Rs 22.6bn with EBITDA margins expected to
decline 120 bps to 28%. However Ex JPA the EBIDTA is expected to grow by a healthy 20%YoY. JPA EBIDTA is
expected to decline 11% led by lower cement & construction profits. Adani port is expected to witness healthy
expansion of 85 bps in margins owing to improved mix. IRB Infra is expected to see its margins dip by 138 bps to
44.45% on account of higher proportion of construction revenues, while Ashoka is expected to see its margins
improve 304 bps to 20% on account of higher BoT revenues.
n Interest expense for the infrastructure universe is expected to increase 12%YoY, however we see interest pressure at
low teens is the lowest in last 8 quarters. While JP Associate (standalone interest cost +4%YoY) & Adani ports
(standalone interest cost +8%) are expected to see only single digit increase in interest cost, IVRCL & Ashoka are
expected to see steep jump with their interest charge increasing by 56% & 43% respectively.
n With depreciation cost increasing by 20%YoY, aggregate APAT for coverage universe is expected to decline 20%YoY
to Rs6.8 bn. However the dip in profitability is led by JPA (61%YoY) & IVRCL (Net loss of Rs71 mn as compared to
profit of Rs68 mn). Excluding these two APAT for the quarter is expected to jump 3%YoY, with Ashoka (+18%YoY)
and Adani ports (13%YoY) registering healthy growth in profits.

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Adani Ports & SEZ

12.6% Adani ports (ADSEZ) is expected to report revenues of
Rs7.85bn registering a +20%YoY growth led by 26%YoY
11.7% increase in cargo volume and 5% correction in net average
realization. Net profit at Rs3.5 bn is expected to witness a
-59.2 13%YoY growth.
CMP(Rs)
140
Net Sales (Rs mn)
7,856
6,976
6,554
19.9%
Mkt Cap (Rs bn)
281
EBITDA (Rs mn)
5,415
4,850
4,462
21.4%
Reco
Buy
EBITDA Margin (%)
68.9
69.5
68.1
85.0
Target Price (Rs)
150
PAT (Rs mn)
3,524
3,717
3,106
13.4%
-5.2%
% Upside
7%
EPS (Rs)
1.75
1.8
1.5
13.4%
-5.2%
Ashoka Buildcon
CMP(Rs)
218
Net Sales (Rs mn)
4,115
3,099
3,529
16.6%
32.8%
Mkt Cap (Rs bn)
11
EBITDA (Rs mn)
931
841
692
34.7%
10.8%
Reco
Buy
EBITDA Margin (%)
22.6
27.1
19.6 304 bps -449 bps
Target Price (Rs)
340
PAT (Rs mn)
231
286
195
18.1%
-19.3%
% Upside
56%
EPS (Rs)
4.4
5.4
3.7
18.1%
-19.3%
CMP(Rs)
215
Net Sales (Rs mn)
14,461
13,704
12,684
14.0%
Mkt Cap (Rs bn)
42
EBITDA (Rs mn)
4,145
4,527
28.7
33.0
1,002
1,159
5.2
6.0
4.5
14.2%
Ashoka Buildcon (ABL) is expected to report revenues of

Rs4.1bn registering a +17%YoY growth led by 18%YoY
increase in Construction rev. and 12%yoy growth in BOT
revenues. In Q4FY12, ABL commenced toll collection for Durg
& Jaora Nayegaon project & commenced toll collection at
Dhankuni Kharagpur in Q1FY13, the initial collection is ahead
of management estimates. We expect EBIDTA for the quarter
at Rs0.93bn growing 35%yoy with EBITDA margins of 22.6%.
Net profit at Rs0.23 bn for the quarter is expected to witness a
18% growth.
Reco
Target Price (Rs)
221
PAT (Rs mn)
% Upside
3%
EPS (Rs)
IL&FS Transportation is expected to report revenues of

5.5% Rs14.5bn registering a +14%YoY growth. Construction its
revenues are likely to witness 11%YoY growth at Rs 10bn.
3,207
29.2%
-8.4% Toll/Annuity income will witness ~45%YoY growth to Rs2.15bn.
EBITDA expected at Rs3.96bn registering a 30%yoy growth.
25.3 338 bps -437 bps Margins are expected to expand 338 bps to 28.7%, driven by
changing mix. Net profit for the quarter is expected at Rs 1 bn
878
14.2% -13.6% a growth of 14%YoY .
-13.6%

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
IRB Infrastructure
CMP(Rs)
134
Net Sales (Rs mn)
8,278
8,453
7,455
11.0%
Mkt Cap (Rs bn)
44
EBITDA (Rs mn)
3,680
3,807
3,417
7.7%
Reco
Buy
EBITDA Margin (%)
44.5
45.0
45.8 -138 bps
Target Price (Rs)
230
PAT (Rs mn)
960
1,210
1,244
-22.8%
% Upside
72%
EPS (Rs)
2.9
3.6
3.7
-22.8%
12,310
9,947
11,955
3.0%
IRB is expected to report revenues of Rs8.3bn (+11%YoY) led

-2.1% by 13%YoY growth in Construction rev & 10%YoY growth in
BOT revenues led by 8.9% hike in Surat Dahisar from Sept -1.
-3.4% With larger share of high margin BOT segment expanding,
EBIDTA for the quarter is expected at Rs3.7bn growing
-59 bps 7.7%yoy. Consolidated EBITDA margins of 44.5% registering
an contraction of 138bpsYoY. Net profit at Rs0.96bn is
-20.7% expected to witness a 22.7%YoY decline, mainly led by 52%
growth in depreciation & 10% increase in interest expense.
-20.7%
IVRCL
CMP(Rs)
46
Net Sales (Rs mn)
Mkt Cap (Rs bn)
14
EBITDA (Rs mn)
980
699
878
11.6%
EBITDA Margin (%)
8.0
7.0
7.3
62 bps
PAT (Rs mn)
-71
-396
68
NA
EPS (Rs)
-0.3
-1.5
0.3
NA
33,113
29,825
29,470
12.4%
7,483
7,944
22.6
26.6
1,210
1,280
0.6
0.6
1.5
-60.9%
Reco
Target Price (Rs)
% Upside
Hold
39
-16%
IVRCLs is expected to report revenues of Rs12.3bn registering

23.8% a 3% growthYoY. EBITDA for the quarter at Rs 0.98bn is
expected to register 11.6% growthYoY with EBITDA margins at
40.2% 8%, +62 bpsYoY. Adj. Net profit for the quarter at -Rs 71 mn.
Execution issues continue to persist, however positive
94 bps developments like possible monetization of some BOTs or
Real estate will be the key triggers for the stock.
NA
NA
CMP(Rs)
99
Net Sales (Rs mn)
Mkt Cap (Rs bn)
213
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)

% Upside
93
-6%
PAT (Rs mn)

EPS (Rs)
Jaiprakash Associates (JPA) is expected to report revenue of

11.0% Rs33.1bn, +12.4%YoY and +11% qoq. Cement revenues are
expected to grow 12.6%YoY (Volume + 6% & realization
8,446 -11.4%
-5.8% growth 6%), 18% growth in real estate revenue to Rs 3.6bn &
5%YoY growth in construction revenue at Rs 13.04bn. EBITDA
28.7 -606 bps -404 bps to decline 11%yoy to Rs7.5bn with a 606bpsYoY decline in
marginsYoY to 22.6%. Adjusted net profit to decline 60.9%YoY
3,097 -60.9%
-5.5% to Rs 1.21bn.
-5.5%
Consumers
n Our Consumers universe is expected to report healthy performance: revenue growth of 15%YoY to Rs 204 bn and
Apat growth of 18%YoY to Rs 21bn. Dont expect improvement in growth momentum, especially after the moderation
reported in past quarters. We expect the price-led and volume-led growth to balance-out against lop-sided in past
quarters. The volume-led (8%) and price-led (7%) growth balances out.
n No change in construct of underlying volume growth. Dont expect improvement in growth momentum, especially
after the moderation reported in past quarters (impacted by CSD Channel, Discretionary Spending). Emkay
expectation for volume growth - Asian Paints (+7%), Berger (+7%), HUL (+7%), Colgate (+9%), Nestle (+3%), GSK
Consumer (+4%), Marico (+9%) and Jubilant FoodWorks (SSG 20%). Whereas, Titan is expected to report +5% in
Jewellery against volume decline in previous quarters.
n Input costs have fallen on selective basis (1) Palm Oil down 16% qoq and 9%YoY (2) Brent Crude down 6% qoq and
(3) Titanium Dioxide down 13% qoq and 8%YoY. However, Ebidta gains would not fructify for Asian Paints (offset by
higher A&P spends, owing to corporate branding) and GCPL (impacted by consolidation effect). Even, HUL has seen
significant reduction in input costs in S&D segment, supporting case for qoq expansion in Ebidta margins.
n Robust earnings performance expected for GSK Consumer (27%YoY), Godrej Consumer (28%YoY), Jubilant
FoodWorks (32%YoY), Marico (37%YoY) and Page Industries (36%YoY). Base effects to catch-up with Hindustan
Unilever restricting earnings growth to 12%YoY. Even, Nestle would report muted earnings growth at 10%YoY.
n Current valuations are at a significant premium to 10-yr avg and 5-yr avg valuation. We do not expect consumer
space to re-rate any further. Our preference for companies is clearly driven by earnings visibility, confidence on
earnings and reasonable valuations. Concurrently, preferred buys are Berger, Colgate, GSK Consumer, Marico and
Titan. Whereas, top avoids are Asian Paints, Hindustan Unilever, GCPL, Jubilant FoodWorks and Page Industries.
Consumers
Name
Dec12E
% Chg
YoY
Sep12
Dec11
29,362
26,364
25,605
4,697
3,816
3,974
16.0
14.5
15.5
3,166
2,391
2,594
33.0
24.9
27.0
22.0%
8,945
8,111
7,813
14.5%
957
900
840
14.0%
10.7
11.1
10.8
-5 bps
% Chg
QoQ
Comments
Asian Paints
CMP(Rs)
4,382
Net Sales (Rs mn)
Mkt Cap (Rs bn)
420
EBITDA (Rs mn)
Reco
Sell
EBITDA Margin (%)
Target Price (Rs)
3,340
PAT (Rs mn)
% Upside
-24%
EPS (Rs)
11.4% Volume growth expectations at 7%YoY and Price growth

expectations at 8%YoY. Any gains on input costs would be
18.2%
23.1% used for spends on Corporate spending. We expect robust
earnings performance in Q3FY13 (1) Revenue +14.7%YoY to
48 bps 152 bps Rs29.4 bn (2) Ebidta +18.2%YoY to Rs4.7 bn and (3) Apat
+22.0%YoY to Rs3.2 bn. Ebidta margins expands 48 bps to
22.0%
32.4% 16.0%.
14.7%
32.4%
Berger Paints
CMP(Rs)
154
Net Sales (Rs mn)
Mkt Cap (Rs bn)
53
EBITDA (Rs mn)
Reco
10.3% Continue to gain from strong growth in Southern and Eastern

region. Volume growth expectations at 7%YoY and Price
6.4% growth expectations at 8%YoY. This translates into revenue
growth of 14.5%YoY to Rs8.9 bn. Ebidta margins to maintain at
-39 bps 10.7%. Consequently, APAT to grow at 20.4%YoY to Rs591
mn.
10.7%
Target Price (Rs)
152
PAT (Rs mn)
591
534
491
20.4%
% Upside
-1%
EPS (Rs)
1.7
1.5
1.4
20.4%
10.7%
Net Sales (Rs mn)
7,834
7,738
6,696
17.0%
1,650
1,571
1,353
21.9%
21.1
20.3
20.2
85 bps
1,387
1,451
1,156
20.0%
1.2% Expected to maintain its growth momentum. Colgate expected

to report (1) revenue growth of 17.0%YoY to Rs7.8 bn (2)
5.0% Ebidta growth at 21.9%YoY to Rs1.6 bn and (3) Apat growth at
20.0%YoY to Rs1.4 bn. The inherent volume growth
75 bps assumption is 9.0%YoY. Even, price led growth continues to
remain strong.
-4.4%
10.2
10.7
8.5
20.0%
Colgate-Palmolive
CMP(Rs)
1,535
Mkt Cap (Rs bn)
209
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)

% Upside
1,400
-9%
PAT (Rs mn)

EPS (Rs)
-4.4%
Consumers
Name
Dec12E
% Chg
YoY
Sep12
Dec11
17,456
16,003
13,509
29.2%
3,272
2,489
2,721
20.3%
18.7
15.6
2,131
1,593
1,671
27.5%
6.3
4.7
5.2
21.2%
% Chg
QoQ
Comments

CMP(Rs)
717
Net Sales (Rs mn)
Mkt Cap (Rs bn)
244
EBITDA (Rs mn)
Reco
Sell
EBITDA Margin (%)
Target Price (Rs)
580
PAT (Rs mn)
% Upside
20.1 -139 bps
-19%
EPS (Rs)
3,844
Net Sales (Rs mn)
7,195
8,577
6,248
EBITDA (Rs mn)
1,042
1,706
844
14.5
19.9
13.5
9.1% Drivers to strong performance (1) consolidation of acquired

business (2) strong growth in domestic business, post re31.4% launch of Cinthol and (3) gain from fall in palm oil prices.
International business gain from translation benefit. Expect (1)
319 bps 29.2%YoY growth in revenue to Rs15.0 bn (2) Ebidta margin at
18.7% (3) ebidta growth of 20.1%YoY to Rs2.6 bn and (4)
33.8% APAT growth of 27.5%YoY to Rs2.1 bn.
33.8%
GSK Consumer
Target Price (Rs)
3,400
PAT (Rs mn)
749
1,286
591
-16.1% Negative impact of CSD channel continues on brand Horlicks.

Consequently, volume growth expectations are muted at
23.5% -38.9% 4.0%YoY. But, 5% price hike in Q3CY12 has resulted in 8-9%
price led growth in the quarter. We have forecasted (1)
98 bps -541 bps Revenue growth of 15.2%YoY to Rs7.2 bn (2) EBIDTA growth
23.5%YoY to Rs1.0 bn and (3) APAT growth of 26.7%YoY to
26.7% -41.7% Rs749 mn.
% Upside
-12%
EPS (Rs)
17.8
30.6
14.1
26.7%
Net Sales (Rs mn)
64,916
63,108
59,376
9.3%
10,621
9,767
9,705
9.4%
16.4
15.5
16.3
2 bps
8,589
8,053
7,662
12.1%
4.0
3.7
3.5
12.1%
CMP(Rs)
Mkt Cap (Rs bn)
Reco
162
15.2%
-41.7%
HUL
CMP(Rs)
525
Mkt Cap (Rs bn)
1,136
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
490
PAT (Rs mn)
% Upside
-7%
EPS (Rs)
2.9% Growth momentum decelerates further in Q3FY13 led by (1)

de-merger of export business (2) high base in S&D segment
8.7% and (3) slower premiumization in PP segment. But, reduction in
input costs triggers 88bps qoq expansions in ebidta margins.
88 bps We have forecasted 12.1%YoY growth in APAT to Rs8.6 bn.
We have assumed volume growth of 7%YoY, continuation of
6.7% Q2FY13.
6.7%
Consumers
Name
Dec12E
% Chg
YoY
Sep12
Dec11
3,903
3,421
2,770
40.9%
30.9%
% Chg
QoQ
Comments
Jubilant FoodWorks
Target Price (Rs)
1,000
PAT (Rs mn)
402
323
303
32.3%
14.1% No improvement in SSG expected on qoq basis. We have

forecasted SSG at 20% in Q3FY13, equivalent to Q2FY13. Our
16.9% forecasts are (1) Revenue growth of 40.9%YoY to Rs3.9 bn,
(2) EBIDTA growth of 30.9%YoY to Rs686 mn and (3) APAT
42 bps growth of 32.3%YoY to Rs402 mn. SSG to remain under
pressure. We expect EBITDA margin to contract by 134
24.1% bpsYoY.
% Upside
-24%
EPS (Rs)
6.2
5.0
4.7
31.4%
24.1%
12,684
11,559
10,578
19.9%
1,730
1,477
1,218
42.1%
13.6
12.8
11.5 213 bps
1,151
859
841
36.8%
9.7% Growth momentum continues with each of its major categories

registering robust growth. Also, Personal care brands acquired
17.2% from Reckitt Benckiser will do revenue contribution of Rs
400mn, triggering revenue growth of 19.9%YoY. EBITDA
87 bps margins to expand 213 bpsYoY to 13.6%. APAT growth at
36.8%YoY to Rs1.1 bn.
34.0%
1.8
1.3
1.4
30.5%
34.0%
21,502
21,156
19,547
10.0%
4,390
4,360
3,858
13.8%
20.4
20.6
19.7
68 bps
2,545
2,673
2,308
10.2%
26.4
27.7
23.9
10.2%
CMP(Rs)
1,318
Net Sales (Rs mn)
Mkt Cap (Rs bn)
86
EBITDA (Rs mn)
686
587
524
Reco
Sell
EBITDA Margin (%)
17.6
17.2
18.9 -134 bps
Marico
CMP(Rs)
227
Net Sales (Rs mn)
Mkt Cap (Rs bn)
147
EBITDA (Rs mn)
Reco
Target Price (Rs)
208
PAT (Rs mn)
% Upside
-9%
EPS (Rs)
Nestle
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Target Price (Rs)
% Upside
4,874
470
Net Sales (Rs mn)

EBITDA (Rs mn)

5,000
3%
PAT (Rs mn)

EPS (Rs)
1.6% Low growth continues expecting 3%YoY volume growth and

10%YoY revenue growth. Challenges persist in Milk,
0.7% Confectionary and Beverages portfolio. But, lower input costs
triggers 68 bpsYoY expansion in EBIDTA margins to 20.4%.
-19 bps We forecast EBIDTA growth at 13.8%YoY to Rs4.4 bn and
APAT growth of 10.2%YoY to Rs2.5 bn.
-4.8%
-4.8%
Consumers
Name
Dec12E
% Chg
YoY
Sep12
Dec11
2,119
2,201
1,721
23.1%
42.7%
% Chg
QoQ
Comments
Page Industries
CMP(Rs)
3,415
Net Sales (Rs mn)
Mkt Cap (Rs bn)
38
EBITDA (Rs mn)
421
440
295
Reco
Sell
EBITDA Margin (%)
19.9
20.0
17.2 272 bps
Target Price (Rs)
2,849
PAT (Rs mn)
271
308
199
36.1%
% Upside
-17%
EPS (Rs)
24.3
27.6
17.9
36.1%
28,748
22,760
24,401
17.8%
2,756
2,494
2,129
29.4%
9.6
11.0
8.7
86 bps
1,995
1,801
1,636
21.9%
2.2
2.0
1.8
21.9%
-3.7% Sportswear and womens wear would continue to drive

revenues to Rs 2.1bn, growth of 23%YoY, while mens
-4.4% segment may grow slower as compared to its other 2
segments. Expect EBIDTA to grow at 43%YoY led by benefit
-13 bps from lower raw material prices. EBIDTA margins to grow
270bps to 19.9% despite rise in advertising cost. Despite
-11.9% higher interest cost on account of debt for working capital,
APAT to grow at 36%YoY at Rs 271mn.
-11.9%
Titan Industries
CMP(Rs)
282
Net Sales (Rs mn)
Mkt Cap (Rs bn)
250
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
285
PAT (Rs mn)
% Upside
1%
EPS (Rs)
26.3% Improving volumes due to festive demand, growth from store

expansion and SSG to drive 18%YoY revenue growth to Rs
10.5% 23.5bn in jewellery segment, while watches segment to grow
10%YoY to Rs 4.2bn purely led by price increases.
-137 bps Subsequently, revenues to grow 18%YoY to Rs 28.7bn. Expect
EBIDTA to grow at 29%YoY to Rs 2.8bn, while EBIDTA
10.7% margins to expand 90bps to 9.6% on account of higher share
of studded jewellery. APAT to grow 22%YoY to Rs 2.0 bn.
10.7%
Engineering & Capital Goods (ECG)

Expect muted operational performance in Q3FY13E on back of lower revenue growth. Lower other income and higher
interest costs to result in 2% drop in net profits
n Muted revenue growth at 6.2%YoY to Rs356.1 bn witnessed across companies on back of lower order backlogs and
muted demand. Notable exceptions are L&T (+13%), Elecon Engg (+12%) and Punj Lloyd (+12%)
n Expect stable EBITDA margins at 12.4% (-20 bpsYoY) with EBITDA growth at 4.9%YoY to Rs44.2 bn
n High financial leverage (driven by steady deterioration of working capital) to continue to negatively impact ECG
sector earnings performance. Expect net profit to decline by 2.4%YoY to Rs27.2 bn after factoring lower other income
(-13%YoY) and higher interest charges (+30%YoY). Outperformers include L&T (+5%YoY), Greaves Cotton (+13%) and
Blue Star (L/P). Voltas, Thermax, LMW and McNally Bharat to witness +15%YoY decline in net profit
n Expect order inflows to decline 7% qoq to Rs272 bnYoY to Rs302.9 bn (YTD 66% of FY13E target order inflows)
Key actionables for the quarter

n Greaves Cotton Expect positive earnings surprise led by pick-up in 3-W volume growth after 7-8 months of
decline in volumes
n Blue Star - Expect positive earnings surprise led by improvement in operational performance in EMP&PAC division.
We have factored segment EBIT margins at 5.5% (Vs 7.0% in Q2FY13)

Emkays stock selection is purely driven by visibility, cash flows and ROIC of the business models. Our preferred BUYS
are L&T, Cummins India, Greaves Cotton and Blue Star. Though these companies appear to be richly valued (on relative
basis); they should be viewed in conjunction to strength of the business model

Name
Dec12E
BHEL
240
Net Sales (Rs mn)
Mkt Cap (Rs bn)
587
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
220
PAT (Rs mn)
% Upside
-8%
EPS (Rs)
Larsen & Toubro
Mkt Cap (Rs bn)

Reco
Dec11
107,887
105,616
106,586
1.2%
20,239
18,995
19,960
1.4%
18.8
18.0
18.7
3 bps
13,501
12,744
13,936
-3.1%
5.5
5.2
5.7
-3.1%
157,258
131,952
139,836
12.5%
15,306
14,054
13,641
12.2%
9.7
10.7
9.8
-2 bps
10,571
9,146
10,015
5.6%
17.3
15.0
16.4
5.8%
% Chg
QoQ
Comments
Standalone
CMP(Rs)
CMP(Rs)
% Chg
YoY
Sep12
2.2% Expect decline in earnings to continue in Q3FY13E amidst a

declining order backlog and paucity of incremental orders. (1)
6.6% Muted revenue growth at 1%YoY led by Power (-1% to Rs86.7
bn). Industry growth at 6%YoY to Rs25.2 bn (2) Stable margins
77 bps at 18% (3) APAT expected to decline by 3%YoY to Rs13.5 bn
led by lower other income. Implied earnings decline at
5.9% 20%YoY in Q4FY13E lends minimal downside risk. Key
things to watch out will be outlook on order inflows and
5.9% profitable execution of order backlog
Standalone
1,588
977
Net Sales (Rs mn)

EBITDA (Rs mn)
Target Price (Rs)
1,759
PAT (Rs mn)
% Upside
11%
EPS (Rs)
CMP(Rs)
535
Net Sales (Rs mn)
9,892
10,869
9,624
2.8%
Mkt Cap (Rs bn)
148
EBITDA (Rs mn)
1,739
1,999
1,612
7.9%
17.6
18.4
16.7
83 bps
1,361
1,609
1,410
-3.5%
4.9
5.8
5.1
-3.5%
19.2% Expect deceleration in earnings to continue led by lower

revenue growth and other income (1) Revenue growth at
8.9% 12%YoY - led by 14% growth in E&C to Rs141.3 bn. Expect
E&E to grow 3%YoY and M&IP to remain flat (2) Stable
-92 bps margins at 9.7% (3) Lower APAT growth at 6%YoY to Rs10.6
bn due to decline in other income. Strong order inflows at
15.6% Rs150 bn (factoring order cancellations of Rs28 bn.
Management ability to retain guidance on order inflow,
15.6%
revenues and EBITDA margins will be critically evaluated.
Cummins India
Reco
Target Price (Rs)
500
PAT (Rs mn)
% Upside
-7%
EPS (Rs)
-9.0% Expect Cummins to witness muted revenue growth at 3%YoY

to Rs9.9 bn led by decline in exports (-2%), industrial (-8%)
-13.0% and automotive (-40%) markets. Domestic power gensets
expected to grow at 8%.. Expect EBITDA margsin to improve
-81 bps 80 bpsYoY to 17.6% (though down 80 bps qoq). Hence
EBITDA growth at 8%YoY to Rs1.7 bn. But APAT expected to
-15.5% decline by 3%YoY to Rs1.4 bn led by lower other income.
Management comment on sustainable operating margins &
-15.5%
demand outlook (export, domestic)) will be keenly awaited

Name
Dec12E
Thermax
% Chg
YoY
Sep12
Dec11
11,775
11,924
12,693
-7.2%
1,166
1,218
1,354
-13.9%
632
Net Sales (Rs mn)
Mkt Cap (Rs bn)
75
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
9.9
10.2
10.7
-77 bps
Target Price (Rs)
505
PAT (Rs mn)
808
911
955
-15.3%
EPS (Rs)
6.8
7.6
8.0
-15.3%
12,170
11,645
11,580
5.1%
522
440
807
-35.3%
4.3
3.8
7.0 -268 bps
-20%
Voltas
-1.3% Expect continued weak performance owing to muted order

inflows in H2FY12 and low opening order book cover. 1%YoY
-4.3% decline in revenues led by Energy (-11%YoY to Rs8.8 bn).
Environment to grow by 8%YoY to Rs3.3 bn. Expect EBITDA
-31 bps margins to fall by 80 bpsYoY due to negative impact of
operating leverage and rising costs. Led by decline in revenues
-11.2% and EBITDA margins, APAT to fall by 15%YoY to Rs808 mn.
Pick-up in order inflows remain crucial to retain earnings
-11.2% estimates.
Consolidated
CMP(Rs)
105
Net Sales (Rs mn)
Mkt Cap (Rs bn)
35
EBITDA (Rs mn)
Reco
Comments
Standalone
CMP(Rs)
% Upside
% Chg
QoQ
Target Price (Rs)
121
PAT (Rs mn)
396
333
610
-35.1%
% Upside
15%
EPS (Rs)
1.2
1.0
1.8
-35.1%
CMP(Rs)
177
Net Sales (Rs mn)
5,996
5,786
5,840
Mkt Cap (Rs bn)
16
EBITDA (Rs mn)
309
202
-88
4.5% After a dismal Q2FY13, expect sequential improvement in

Q3FY13E performance, though net profit to decline by 35%
18.7% onYoY basis. Expect revenues to increase by 5%YoY & 5%
qoq EMP up 2%YoY, EPS up 8%YoY and UCP up 17%YoY.
51 bps Expect EBITDA margins at 4.3% (-270 bpsYoY, +50 bps qoq)
low EBITDA margins due to execution of low margin Sidra
19.1% medical project. Consequently, expect APAT to fall by
35%YoY, though up 19% qoq. Sidra project status update,
19.1% outlook for order inflows, performance of Rohini Electricals will
be key monitorables
Blue Star
Reco
Buy
EBITDA Margin (%)
5.1
3.5
-1.5
Target Price (Rs)
215
PAT (Rs mn)
124
73
-328
% Upside
22%
EPS (Rs)
1.4
0.8
-3.6
3.6% Expect improved performance during Q3FY13E led by EBITDA

margin improvement (1) Revenue growth at 3%YoY
53.2% EMP&PAC (+5% to Rs3.8 bn on declining order backlog),
Cooling products (-1% to Rs1.6 bn weak industry demand),
666 bps 167 bps PEIS (0% to Rs0.5 bn) (2) EBITDA margins at 5.1% - benefits
of operating leverage and change in revenue mix (3) APAT at
n.a.
70.6% Rs124 mn. Traction in order book and BLSRs ability to sustain
EBITDA margins, reduce debt and improve profitability will be
n.a.
70.6%
monitored
2.7%

Name
Dec12E
% Chg
YoY
Sep12
Dec11
4,381
4,696
5,383
-18.6%
EBITDA (Rs mn)
516
608
687
-25.0%
% Chg
QoQ
Comments

CMP(Rs)
Mkt Cap (Rs bn)
2,260
25
Net Sales (Rs mn)
Reco
Hold
EBITDA Margin (%)
11.8
12.9
12.8 -100 bps
Target Price (Rs)
1,923
PAT (Rs mn)
280
306
397
-29.3%
% Upside
-15%
EPS (Rs)
24.9
27.2
35.2
-29.3%
30,289
27,778
27,012
12.1%
2,810
3,139
2,677
5.0%
9.3
11.3
9.9
-63 bps
PAT (Rs mn)
-484
-179
233
n.a.
EPS (Rs)
-1.5
-0.5
0.7
n.a.
5,079
4,501
4,651
9.2%
Punj Lloyd
Consolidated
CMP(Rs)
62
Net Sales (Rs mn)
Mkt Cap (Rs bn)
21
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
-6.7% Tough macro economic conditions have led to lower order

execution. LMW is expected to witness revenue decline during
-15.2% Q3FY13. We expect revenue decline of 19% yoy to Rs4.4bn.
EBITDA margin for LMW is expected to decline 100bps on yoy
-117 bps basis. Operational performance would be marred by revenue
decline and high fuel cost. PAT is expected to decline by 29%
-8.5% yoy to Rs280mn. Order book at the end of Q2FY13 stood at Rs
37bn. On the backdrop of slow economic growth, we expect
-8.5% order inflows during Q3FY13E would remain subdued.

74
19%
9.0% Expect continued improvement in operational performance but

negated by high interest costs (1) Revenue growth at 12%YoY
-10.5% to Rs30.3 bn led by strong order book (2) EBITDA margins at
9.3% (-60 bpsYoY) believe to have moved up in the +9%
-202 bps band (3) But low other income (-99%YoY) and high interest
charges (+52%YoY) offset operational performance.
n.a. Consequently expect net loss at Rs484 mn. Sustained
momentum in orders, managements ability to rein in debt key
n.a.
to earnings and rating upgrades.
Greaves Cotton
CMP(Rs)
82
Net Sales (Rs mn)
Mkt Cap (Rs bn)
20
EBITDA (Rs mn)
656
577
577
13.7%
EBITDA Margin (%)
12.9
12.8
12.4
51 bps
PAT (Rs mn)
385
370
342
12.6%
EPS (Rs)
1.6
1.5
1.4
12.6%
Reco
Target Price (Rs)
% Upside
Buy
90
10%
12.8% After declining for 4 quarters, expect fall in net profits to halt on
favourable base and improved operational performance (1)
13.8% 9%YoY growth in revenues driven by pick-up in 3-W auto
sales volumes. Infrastructure expected to grow at 11% on low
11 bps base to Rs0.4 bn (2) 50 bpsYoY improvement in EBTDA
margins ( (Infra div. EBIT loss at Rs30 mn) (3) APAT growth at
4.0% 13%YoY to Rs385 mn. We await outlook for Infrastructure
division, ramp-up with Tatas & M&M and sustainable EBITDA
4.0%
margins.

Name
Dec12E
Dec11
4,927
5,142
4,904
0.5%
EBITDA (Rs mn)
336
390
318
5.5%
McNally Bharat Engineering
Standalone
CMP(Rs)
Net Sales (Rs mn)
Mkt Cap (Rs bn)
100
3
% Chg
YoY
Sep12
Reco
Hold
EBITDA Margin (%)
6.8
7.6
6.5
33 bps
Target Price (Rs)
110
PAT (Rs mn)
64
85
125
-48.6%
% Upside
10%
EPS (Rs)
2.1
2.8
4.0
-48.6%
3,359
3,297
3,000
12.0%
1.1%
% Chg
QoQ
Comments
-4.2% Expect performance to be impacted by muted revenue growth,

low other income and high interest expense. (1) Flat revenue
-13.8% growth at 1%YoY to Rs4.9 bn on high base in Q3FY12 (2)
EBITDA margins to improve 30 bpsYoY to 6.8% - probability
-76 bps for upsides exist considering +7% margins in past 3 quarters.
(3) EBITDA growth at 5%YoY to Rs336 mn. (4) Led by decline
-24.8% in other income and high interest expenses, expect APAT to
fall sharply by 49%YoY to Rs64 mn. Outlook on order inflows,
-24.8% EBITDA Margins & FY13E to be tracked.
Elecon Engineering
CMP(Rs)
49
Net Sales (Rs mn)
Mkt Cap (Rs bn)
EBITDA (Rs mn)
485
605
480
EBITDA Margin (%)
14.4
18.3
16.0 -155 bps
PAT (Rs mn)
152
230
152
0.1%
EPS (Rs)
1.6
2.5
1.6
0.1%
3,107
2,652
4,276
EBITDA (Rs mn)
161
149
5.2
0.2
3.5
-146
-8
0.7
-13.2
-0.8
Reco
Target Price (Rs)
% Upside
Hold
56
15%
TRF
CMP(Rs)
Mkt Cap (Rs bn)
Consolidated
241
3
Net Sales (Rs mn)
Reco
Sell
EBITDA Margin (%)
Target Price (Rs)
180
PAT (Rs mn)
% Upside
1.9% Expect decline in EBITDA margins to offset 12%YoY revenue

growth (1) 12%YoY growth in revenues led by MHE division
-19.8% (+18%YoY to Rs1.9 bn). TE division to witness healthy growth
at 3%YoY to Rs1.5 bn. (2) 160 bpsYoY drop in EBITDA
-391 bps margins to 14.4% (3) EBITDA growth muted at 1%YoY to
Rs3.4 bn (4) led by drop in EBITDA margins, expect flat APAT
-33.7% at Rs152 mn. Management view on (1) Fresh order inflows (2)
outlook for Benzler Radicon business.
-33.7%
-25%
EPS (Rs)
17.2% TRF (standalone) revenues to decline by 39%YoY to Rs1.7 bn

on declining order backlog and high base. EBITDA margins at
7.6% 2552.0% 4.9% (-30 bpsYoY). 38%YoY rise in interest cost to Rs92 mn.
Hence net loss at Rs18 mn Vs profit of Rs48 mn in Q3FY12
168 bps 494 bps and loss of Rs209 mn in Q2FY13. Auto business performance
impacted by slow down in demand in domestic trailer market
(1) 4%YoY decline in revenue to Rs1.4 bn (1) EBITDA margin
at 5.6% (3) APAT at Rs25 mn (Vs Rs64 mn in Q2FY13).
Outlook for order inflows, demand and margins keenly awaited.
-27.3%
IT Services
n We expect a 2.6-4.2% QoQ US$ rev growth for our Tier I coverage universe (including ~30-40 bps benefit from cross currency
movements) with Wipro at the lower end (however within it's guided range of 1.2-3.2% QoQ growth) and Infosys at the upper
end ( however note that it's helped by incorporation of Lodestone acquisition for 2 months, we build in ~2% QoQ growth on an
organic basis).TCS is expected to lead the Tier I peers both on sequential andYoY revenue growth trajectory with HCL Tech
coming in close aided by ramp ups on recently concluded large deals. Amongst mid tier companies, we build in a 1-10% QoQ
US$ revenue growth with TechM at the higher end (however helped completely by full quarter impact of the HGS acquisition
and partial benefit from Comviva consolidation).
n We expect margins to decline sequentially for almost all the companies in our coverage universe except for eClerx (where we
expect ~150 bps improvement in EBITDA margins on a QoQ basis) impacted adversely by December seasonality, promotion or
partial wage hike impact for certain players. For Hexaware, margins will decline sharply by ~700 bps to 14.8% impacted
adversely by loss of business at one of the key clients (as indicated by the company in early Dec'12).
n We continue to expect a scale down in Infosys's organic rev growth guidance and expect Infosys's revised US$ revenue
guidance at ~5%YoY US$ revenue growth (including Lodestone for 5 months in FY13, thereby meaning a 3.5-3.6%YoY US$
revenue growth on an organic basis for FY13). A reset in INR assumption to Rs 55/$ (V/s Rs 53/$ earlier) will lead a reset in
FY13 EPS outlook to ~Rs 159.5 V/s ~Rs 160.5 earlier. Investors should focus on (1) commentary for demand from fin services
(CTSH and TCS have talked about a better CY13/FY14 recently) and trends in decision making and (2) pricing and vol growth
outlook ahead. Wipro's March'13 quarter rev guidance would be under intense focus and we expect a 1.5-3.5% QoQ US$ rev
growth from Wipro being sentimentally positive for the sector as a whole.
n Remain selectively positive with HCL Tech (ACCUMULATE, TP Rs 650) the preferred pick in the Tier I space as we continue to
back upside risks to earnings est for HCL Tech. Amongst Tier II names, we prefer (1) MindTree ( BUY, TP Rs 750) as we
continue to back modest earnings upgrades led by operational levers (though sector wide weakness continues to increase
challenges on the front) and (2) TechM/Mah Satyam (ACCUMULATE, TP Rs 1050/125)
IT Services
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Infosys Ltd
CMP(Rs)
2,375
Net Sales (Rs mn)
Mkt Cap (Rs bn)
1,364
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside

2,575
8%
PAT (Rs mn)

EPS (Rs)
102,004
98,580
92,980
9.7%
3.5%
28,787
28,720
31,330
-8.1%
0.2%
28.2
29.1
33.7 -547 bps
-91 bps
21,466
23,690
23,720
-9.5%
-9.4%
37.6
41.5
41.5
-9.5%
-9.4%
160,659
156,207
132,041
21.7%
45,430
44,402
40,922
11.0%
28.3
28.4
34,045
35,097
28,866
17.9%
17.6
18.1
14.9
18.0%
109,067
106,566
99,972
9.1%
18,863
18,587
17,239
9.4%
17.3
17.4
17.2
5 bps
16,266
16,106
14,564
11.7%
6.7
6.6
6.0
11.4%
Comments
We expect Infosys to report a 4.2%% QoQ US$ rev growth
(~2% organic revenue growth) aided by 2 months consolidation
impact of Lodestone acquisition. Margins are expected to
decline by ~90 bps sequentially to 28.2% impacted adversely
by wage hikes , Lodestone acquisition and elongated
shutdowns at certain clients. Profits est at Rs 21.5 bn (-9.4%
QoQ) on a/c of forex losses (we est Rs 720 mn losses V/s
gains of ~Rs 1570 mn in Sep12 qtr). Key things to watch out
for (1)outlook on client budgets and pickup in discretionary
spending, (2) volume growth given instances of aggressive
pricing from Infosys recently
TCS
CMP(Rs)
1,295
Net Sales (Rs mn)
Mkt Cap (Rs bn)
2,534
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
1,200
PAT (Rs mn)
% Upside
-7%
EPS (Rs)
CMP(Rs)
405
Net Sales (Rs mn)
Mkt Cap (Rs bn)
997
EBITDA (Rs mn)
31.0 -271 bps
2.9% We estimate TCS to report a 3.3% US$ QoQ revenue growth

to US$ 2,948mn. Margins estimated to be nearly flat QoQ at
2.3% 28.3%. Profits estimated at Rs 34bn(-3% QoQ, note that we
build in forex losses of ~Rs 300 mn V/s gains of ~Rs 920 mn in
-15 bps Sep12 qtr). Key things to watch out for (1) outlook on client
spending and project ramp ups in top clients, and (2)
-3.0% comments on demand and pricing trends in financial services
vertical and(3) margins trajectory
-3.0%
Wipro
Reco
Target Price (Rs)
% Upside
Reduce
360
-11%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
2.3% Wipro estimated to report a 2.6% QoQ revenue growth, to US$

1,581 mn within guided range of US$1,560-1,590 mn. IT Svcs
1.5% EBIT margins expected to decline by ~20 bps QoQ to 20.5%.
Profits estimated at Rs 16.3 bn (+1% QoQ). Key things to
-15 bps watch out for (1) guidance for Mar13 qtr( we est a 1.5-3.5%
QoQ growth outlook), (2) outlook on demand from key verticals
1.0% and top clients
1.2%
IT Services
Name
Dec12E
% Chg
YoY
Sep12
Dec11
52,454
18.9%
% Chg
QoQ
Comments
HCL Tech
2.4% HCL Tech expected to report a 2.8% QoQ growth in revenues
to US$ 1,144 mn with margins declining by ~120 bps QoQ on
9,489
35.5%
-3.2% account of partial impact from wage hikes and higher S&M
expenses in the current qtr. Profits est at Rs 8.6 bn (flat QoQ)
18.1 254 bps -119 bps on account of lower margins. Key things to watch out for (1)
ramp ups on recently won deals, (2) outlook on
5,529
56.2%
0.0% revenues/margins
CMP(Rs)
627
Net Sales (Rs mn)
62,345
60,910
Mkt Cap (Rs bn)
435
EBITDA (Rs mn)
12,861
13,287
20.6
21.8
8,635
8,631
12.5
12.5
8.0
56.2%
17,702
16,314
14,449
22.5%
3,412
3,377
2,343
45.6%
19.3
20.7
3,340
2,963
2,759
21.1%
16.4
13.6
11.2
46.6%
1,693
1,617
1,320
28.3%
9.5%
Reco
Target Price (Rs)
650
PAT (Rs mn)
% Upside
4%
EPS (Rs)
CMP(Rs)
927
Net Sales (Rs mn)
Mkt Cap (Rs bn)
118
EBITDA (Rs mn)
-0.1%
Tech Mahindra
Reco
16.2 306 bps
Target Price (Rs)
1,050
PAT (Rs mn)
% Upside
13%
EPS (Rs)
CMP(Rs)
699
Net Sales (Rs mn)
Mkt Cap (Rs bn)
21
EBITDA (Rs mn)
655
601
598
8.5% Tech M expected to report a 10% QoQ growth in US$

revenues to US$ 329 mn aided by full quarter impact of HGS
1.0% acquisition and partial benefit of Comviva acquisition. Margins
expected to decline by ~140 bps QoQ to 19.3% impacted by
-143 bps lower margin profile of HGS acquisition. Key things to watch
out for(1) outlook for business within top clients BT and AT&T,
12.7% (2) spending outlook in the telecom vertical and (3) margin
trajectory ahead
21.1%
eClerx Services
Reco
Hold
EBITDA Margin (%)
38.6
37.2
45.3 (664)bps
Target Price (Rs)
720
PAT (Rs mn)
464
252
500
-7.1%
% Upside
3%
EPS (Rs)
15.4
8.4
16.6
-6.7%
4.7% eClerx expected to report a 4% QoQ US$ revenue growth to

US$ 31.3 mn. Margins expected to improve by ~140 bps QoQ
8.8% to 38.6% aided by growth leverage and absence of one off
costs unlike Sep12 qtr. Profits expected at Rs 464 mn(+84%
146 bps QoQ) helped by lower forex losses. Key things to watch out for
(1) outlook on demand from top 5 clients as well as pickup in
84.5% volumes in the core business, (2) Agilysts performance and (3)
pricing outlook
84.5%
IT Services
Name
Dec12E
% Chg
YoY
Sep12
Dec11
5,115
5,130
4,381
16.7%
% Chg
QoQ
Comments
CMP(Rs)
90
Net Sales (Rs mn)
Mkt Cap (Rs bn)
27
EBITDA (Rs mn)
829
1,153
-0.3% Hexaware is estimated to report revenues at US$ 92.2 mn (0.6% QoQ) with margins est. at 14.8%, down by ~690 bps on
1,056 -21.5% -28.1% a/c of loss of business at a top 5 client. Profits est at Rs 585
mn (-30% QoQ) impacted adversely by decline in op profits(24.1 -790 bps -627 bps 33% QoQ). Key things to watch out for (1) new deal wins, (2)
update on scope change of a large project at a top 5 client and
986 -40.7% -30.4% (3) dividend payout
Reco
Hold
EBITDA Margin (%)
16.2
22.5
Target Price (Rs)
100
PAT (Rs mn)
585
840
% Upside
11%
EPS (Rs)
1.9
2.8
3.4
-42.7%
CMP(Rs)
531
Net Sales (Rs mn)
3,312
3,269
2,677
23.7%
Mkt Cap (Rs bn)
21
EBITDA (Rs mn)
877
890
696
25.9%
-30.4%
Persistent Systems
Reco
Hold
EBITDA Margin (%)
26.5
27.2
26.0
47 bps
Target Price (Rs)
425
PAT (Rs mn)
560
446
406
37.8%
EPS (Rs)
14.0
11.2
10.2
37.8%
19,514
19,384
17,181
13.6%
4,055
4,173
2,781
45.8%
20.8
21.5
3,001
2,779
3,084
-2.7%
2.6
2.4
2.6
-1.6%
% Upside
-20%
1.3% Persistent expected to report a 1.2% QoQ US$ revenue growth

to US$ 60.8 mn with margins expected to decline by ~70 bps
-1.5% QoQ to 26.5% . Profits est at Rs 560 mn(+25% QoQ) helped
by forex gains ( V/s losses in Sep12 qtr). Key things to watch
-76 bps out for (1) revenue/margin outlook, and (2) progress on IP
based deals that company has been negotiating
25.5%
25.5%
Mahindra Satyam
CMP(Rs)
106
Net Sales (Rs mn)
Mkt Cap (Rs bn)
125
EBITDA (Rs mn)
Reco
Target Price (Rs)
125
PAT (Rs mn)
% Upside
18%
EPS (Rs)
16.2 459 bps
0.7% We expect Mah Satyam to report a 1.1% QoQ growth in US$

revenues at US$ 358 mn. EBITDA margins expected to decline
-2.8% by 70 bps QoQ to 20.8%. Profits ( ex exceptional items)
estimated at Rs 3 bn (+8% QoQ).Key things to watch out for
-75 bps (1) revenue growth, (2) outlook on margin trajectory ahead
and (3) hiring trends
8.0%
8.8%
IT Services
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
MindTree
CMP(Rs)
694
Net Sales (Rs mn)
5,899
5,963
5,197
13.5%
Mkt Cap (Rs bn)
29
EBITDA (Rs mn)
1,204
1,319
897
34.2%
Reco
Buy
EBITDA Margin (%)
20.4
22.1
17.3 314 bps
Target Price (Rs)
750
PAT (Rs mn)
883
722
606
45.7%
% Upside
8%
EPS (Rs)
21.5
17.6
15.0
43.8%
CMP(Rs)
257
Net Sales (Rs mn)
5,041
5,001
4,330
16.4%
Mkt Cap (Rs bn)
15
EBITDA (Rs mn)
808
848
780
3.6%
16.0
17.0
18.0 -199 bps
-1.1% We expect a 2.2% QoQ US$ revenue growth led largely by IT

Services segment while PES segment rexpected to report a
-8.8% decline on a/c of December seasonality. Margins are expected
to decline ~170 bps QoQ at 20.4% on a/c of higher US$/INR
-172 bps realised rate. Profits est at Rs883 mn(+22% QoQ) helped by
forex gains ( V/s losses in Sep12 qtr) . Key things to watch out
22.3% for (1) outlook on business within IT Services and PES
segment, (2) revenue growth and margin outlook and (3) hiring
22.3%
trends
NIIT Tech
Reco
Target Price (Rs)
325
PAT (Rs mn)
583
432
643
-9.3%
% Upside
27%
EPS (Rs)
10.0
7.5
10.8
-7.8%
CMP(Rs)
390
Net Sales (Rs mn)
13,446
13,062
13,672
-1.6%
Mkt Cap (Rs bn)
82
EBITDA (Rs mn)
2,707
2,700
2,521
7.4%
20.1
20.7
1,924
2,093
1,847
4.2%
10.0
9.9
8.8
14.6%
0.8% We expect NIIT Tech to report a 4.1% QoQ US$ growth with
INR revenues estimated at Rs 5.1 bn (+0.8% QoQ). Margins
-4.7% expected to decline by ~100 bps QoQ to 16% on a/c of higher
onsite work and higher Hardware revenues Profits est at Rs
-93 bps 583 mn (+35% QoQ) helped by translation gains(V/s losses in
Sep12 qtr). Key things to watch out for (1) comments on
35.0% demand from top clients , (2) offshore shift from Morrison deal
and (3) order wins during the current qtr
32.9%
Mphasis Ltd*
Reco
Reduce
EBITDA Margin (%)
Target Price (Rs)
375
PAT (Rs mn)
% Upside
-4%
EPS (Rs)
18.4 169 bps
2.9% We expect a 2.9% QoQ INR revenue growth with margins

expected to decline by ~60 bps QoQ to 20.1% on a/c of
0.2% shutdowns at HP in the current qtr. Profits est at Rs 1.9 bn(-8%
QoQ) on a/c of lower other income as EBITDA remains flat
-54 bps QoQ.Key things to watch out for (1) outlook on business from
HP and direct business, (2) ramp up on business in HP ( Non
-8.1% ES) segment
1.1%
* For Mphasis, Dec12 refers to Jan13 qtr end and so forth
Media and Entertainment

n Festive season during Q3FY13 is expected to provide some cheers to ad growth. Ad revenue growth of 7.1%YoY for print
media companies would be primarily volume led as pricing continues to remain muted. Ad growth for broadcasters would be
backed by low base of last year and increased ad spends by FMCG companies.
n Print media companies under coverage are expected to report ad revenue growth of 7.1%YoY and 16% qoq to Rs9.8bn.
Regional ad growth is expected at 9.1%YoY and 12.0% qoq to Rs6.7bn, while English ad revenue (HT Media) to remain
weak at 3%YoY growth. In the broadcasting space, Zee is expected to register ad growth 18%, driven by low base of last
year (-10%YoY growth in Q3FY12).
n Subscription revenue is expected to grow by 10%YoY to Rs1.9bn for print media companies, led by higher circulation
and cover price increase in preceding quarters. Subscription revenue for Zee is expected to grow 22%YoY, driven by
strong growth in domestic subscription (both DTH and analogue), while international subscription would remain stable
on constant currency basis.
n Improvement in subscriber addition led by festive season and digitization to drive 3.5% qoq growth in subscription
revenue for Dish TV.

n EBITDA for print universe is expected to grow 7.0%YoY with stable margins at 21.1% v/s 21.3% in Q3FY12. Raw material has
started to stabilize on the back of 1) stable newsprint prices, 2) cost rationalizing by reduction in pagination and wastages and
3) circulation expansion has happened in the last 3-4 quarters for the print media companies. EBITDA for Zee is expected to be
flatYoY, due to 24%YoY increase in programming cost. Zee has increased investment in content and recently launched couple
of new channels. EBITDA for Dish TV is expected to decline 8.8% qoq as content cost increase would be on the back of MediaPro deal.
n Consolidated APAT for print universe is expected to grow 12.2%YoY to Rs1.8bn, driven by revenue growth coupled with stable
operational performance and higher other income. Zees PAT is expected to grow 13%, due to lower tax rate of 32% as
compared to 38% in Q3FY12.
n Recommend BUY on Zee Entertainment, ACCUMULATE on Dish TV and HOLD on Jagran, DB Corp and HT Media.

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
DB Corp.
CMP(Rs)
231
Net Sales (Rs mn)
4,370
3,784
3,955
10.5%
Mkt Cap (Rs bn)
42
EBITDA (Rs mn)
1,099
861
1,017
8.0%
Reco
Hold
EBITDA Margin (%)
25.2
22.7
25.7
-57 bps
Target Price (Rs)
219
PAT (Rs mn)
610
481
553
10.3%
% Upside
-5%
EPS (Rs)
3.3
2.6
3.0
10.3%
CMP(Rs)
104
Net Sales (Rs mn)
5,647
5,107
5,266
7.2%
Mkt Cap (Rs bn)
24
EBITDA (Rs mn)
831
565
777
6.9%
15.5% DB Corp is expected to report 10.5% revenue growth onYoY

basis. Print ad revenue growth is expected at 10% driven on
27.7% the back of festive season. Circulation revenue would grow by
11%YoY. EBITDA margin is expected at 25.2%, due to
241 bps 11.3%YoY increase in operating costs. Cost rationalization and
strong revenue growth to drive EBITDA growth of 8%YoY. PAT
27.0% is expected to improve by 10.3%YoY, strong operational
performance and higher other income.
27.0%
HT Media
Reco
Hold
EBITDA Margin (%)
14.7
11.1
14.7
-4 bps
Target Price (Rs)
107
PAT (Rs mn)
529
333
482
9.9%
% Upside
3%
EPS (Rs)
2.3
1.4
2.1
9.9%
CMP(Rs)
115
Net Sales (Rs mn)
3,424
3,221
3,240
5.7%
Mkt Cap (Rs bn)
36
EBITDA (Rs mn)
900
782
851
5.8%
10.6% HT Media is worst affected due to slowdown in macro

economy. HT Medias English segment is expected to report
47.0% ad revenue growth of 3%YoY, after 3 consecutive quarters of
decline. Hindi ad revenue is expected to register growth of
364 bps 11%YoY. We estimate 5%YoY growth in print ad revenues.
EBITDA is expected to rise by 7%YoY. EBITDA margin is
58.9% expected at 14.7%, flatYoY. PAT is estimated at Rs529mn a
growth of 10%YoY, led by stable operational performance and
58.9%
high other income.
Jagran Prakashan
Reco
Hold
EBITDA Margin (%)
26.3
24.3
26.3
3 bps
Target Price (Rs)
108
PAT (Rs mn)
694
694
600
15.7%
% Upside
-6%
EPS (Rs)
2.2
2.2
1.9
15.7%
6.3% We estimate standalone ad revenue growth of 7%YoY to Rs

2.4bn. Ad growth for Jagran would be lower than other regional
15.2% players due to high base during same period last year.
Circulation revenue is expected at Rs 667mn, growth of
203 bps 7%YoY. Stable EBITDA during the quarter would be driven by
cost rationalization measures. We estimate EBITDA margin of
0.0% 26.3%, flatYoY. PAT is expected at Rs694mn, growth of
16%YoY.
0.0%

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Dish TV
CMP(Rs)
79
Net Sales (Rs mn)
5,562
5,333
4,905
Mkt Cap (Rs bn)
84
EBITDA (Rs mn)
1,420
1,557
1,202
25.5
29.2
24.5
Reco
4.3% We expect revenue growth of 13.4%YoY, driven on the back of

15%YoY growth in subscription revenue. We expect gross
18.2%
-8.8% adds of 0.8mn v/s 0.5mn addition in the last quarter.
Seasonally strong quarter and digitization of phase I would
103 bps -366 bps lead to strong subscriber addition. ARPU is expected to remain
flat qoq at Rs159.2. Churn is expected to remain stable at 1%
monthly. EBITDA margin is expected at 25.5% with EBITDA
decline of 8.8% qoq due to signing of content deal with Media
Pro. We expect adjusted net loss of Rs335mn v/s 213mn in
Q2FY13.
13.4%
Target Price (Rs)
79
PAT (Rs mn)
-336
-213
-430
% Upside
1%
EPS (Rs)
-0.3
-0.2
-0.4
CMP(Rs)
223
Net Sales (Rs mn)
9,001
9,535
7,548
19.2%
Mkt Cap (Rs bn)
214
EBITDA (Rs mn)
2,150
2,176
2,160
-0.4%
Reco
Buy
EBITDA Margin (%)
23.9
22.8
Target Price (Rs)
275
PAT (Rs mn)
1,581
1,877
1,393
13.5%
% Upside
23%
EPS (Rs)
1.7
2.0
1.5
13.5%
Zee Entertainment
28.6 -472 bps
-5.6% We expect revenue growth of 19%YoY, driven on the back of

18%YoY growth in ad revenue and 22%YoY growth in
-1.2% subscription revenue. Low base last fiscal to drive ad growth in
Q3FY13. Domestic subscription revenue would continue to
107 bps remain robust with 28%YoY growth. EBITDA margin at 23.9%
is expected to decline 472bpsYoY but improve 107bps qoq.
-15.8% Increased investment in content to weigh on EBITDA. ExSports EBITDA margin is expected at 24.7%. PAT at Rs1.6bn
-15.8%
is expected to improve 13%, due to lower tax rate.
Metals and Mining

n We expect Q3FY13 operating performances of the metals and mining companies to be stable. Ferrous metals continue to be
under pressure due to lower demand and issues with raw material sourcing leading to inventory build up. Non-ferrous metals
saw some improvement on account of LME recovery during the quarter. Regulatory scenario continued to be strict with the
Supreme Court banning mining in Goa and also restrictions put by the Orissa government on mining activities.
n Revenue for our Metals and Mining universe is expected to remain flat onYoY as well as QoQ. The major revenue decline is
expected due to ban of mining operations in Goa drastically impacting Sesa Goas performance. In ferrous space, we expect
the revenues to remain muted due to fall in realizations by Rs 1000-1500 per tonne during the quarter. Non-ferrous space
performance is expected to remain stable due to LME price gains.
n EBITDA for the universe is likely to remain flat QoQ and decline 5%YoY. LME prices recovered marginally during the quarter,
resulting in an expected better performance of Hindustan Zinc and Sterlite Industries. In ferrous space, barring JSW and
NMDC, improvement in sales volumes on a QoQ basis should help EBITDA to show positive growth.
n The overall APAT of our coverage universe on QoQ is likely to gain 1% due to better EBITDA performance. On a QoQ basis,
Bhushan (22%), HEG (22%) and Hindalco (12%) are expected to perform better while ferrous players are likely to be laggards.
On aYoY basis, non-ferrous companies (except Hindalco) are expected to witness positive bottomline growth led by Sterlite
(56%) and HZL (28%).
n With mining ban imposed in Goa and stiff restrictions in Orissa, regulatory issues during the quarter continued to weigh heavy
on ferrous metal players. Non-ferrous space on the other hand recovered modestly during the quarter. We continue to remain
concerned on the steel companies due to weak domestic demand and higher inventory while prefer pure mining companies viz
NMDC and Hindustan Zinc.
Metals and Mining

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Tata Steel
CMP(Rs)
441
Net Sales (Rs mn)
Mkt Cap (Rs bn)
428
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
Reduce
349
-21%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
325,933
341,327
331,031
-2%
-5%
25,405
23,101
17,173
48%
10%
7.8
6.8
-1,388
-4,066
-6,027
n.a
n.a
-1.4
-4.2
-6.3
n.a
n.a
5.2 +261 bps +103 bps
Comments
We expect Tata Steels domestic sales volume to be 1.85 mt
for Q3FY13. The EBITDA/tonne for the standalone business is
likely to remain flat at US$263/ tonne, as lower coking coal
costs would be offset by lower realizations. We expect the
standalone PAT to be at Rs 13 bn. Seasonality should restrict
any improvement in the European operations. We expect a
volume of 3.3 mt for Tata Steel Europe during the quarter and
an EBITDA/tonne of -US$5. Ramp up progress of 2.9 mtpa
expanded capacity at Jamshedpur and developments in
European operations would be important things to watch out
for
JSW Steel
CMP(Rs)
855
Net Sales (Rs mn)
86,117
95,137
84,241
2%
Mkt Cap (Rs bn)
191
EBITDA (Rs mn)
14,017
15,313
13,174
6%
16.3
16.1
2,643
2,675
4,561
-42%
11.8
12.0
20.4
-42%
115,854
108,202
110,437
5%
11,382
11,093
15,811
-28%
9.8
10.3
4,218
5,013
10,984
-62%
1.0
1.2
2.7
-62%
Reco
Target Price (Rs)
% Upside

743
-13%
PAT (Rs mn)

EPS (Rs)
15.6 +64 bps
-9% We expect a sales volume of 2 mt for Q3FY13, down ~8% on

QoQ due to lower production on the back of shutdown in one
-8% of the blast furnaces. The company has been operating at
~75% utilization levels recently, as problems related to
+18 bps sourcing of iron ore continue in Karnataka. The EBITDA/
tonne for the quarter is expected to be flat at US$130 for the
-1% standalone business. We would like to have further update on
iron ore sourcing by the company, JSW Ispats performance,
-1% US coking coal mines, plate and pipe mill and also the merger
progress with JSW Ispat
SAIL
CMP(Rs)
100
Net Sales (Rs mn)
Mkt Cap (Rs bn)
411
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)

% Upside
82
-18%
PAT (Rs mn)

EPS (Rs)
14.3 -449 bps
7% During the quarter, while the realizations are expected to drop

by ~4%, we expect sales volumes to remain higher at 2.85 mt.
3% Due to fall in realizations and overall rise in other input costs,
the positive impact of lower coking coal prices is likely to be
-43 bps offset. We expect the EBITDA/ tonne for Q3FY13 to be US$74.
The company currently is carrying an inventory of 1.3 mt and
-16% the focus remains to liquidate the same. The key thing to watch
out for would be update on its expansion projects
-16%
Metals and Mining

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
NMDC
CMP(Rs)
163
Net Sales (Rs mn)
21,989
26,120
28,220
-22%
Mkt Cap (Rs bn)
648
EBITDA (Rs mn)
16,128
19,349
22,607
-29%
Reco
Hold
EBITDA Margin (%)
73.3
74.1
Target Price (Rs)
196
PAT (Rs mn)
14,360
16,786
18,588
-23%
% Upside
20%
EPS (Rs)
3.6
4.2
4.7
-23%
CMP(Rs)
203
Net Sales (Rs mn)
2,198
2,944
26,171
-92%
Mkt Cap (Rs bn)
176
EBITDA (Rs mn)
-407
1,943
9,073
n.a
Reco
Hold
EBITDA Margin (%)
-18.5
66.0
Target Price (Rs)
153
PAT (Rs mn)
5,275
5,227
6,915
-24%
6.1
6.0
8.0
-24%
111,228
111,026
103,037
8%
25,706
25,270
23,183
11%
23.1
22.8
14,328
15,239
9,199
56%
4.3
4.5
2.7
56%
80.1 -676 bps
-16% The company has reported a sales volume of 5.3 mt for

Q3FY13, which was lower than the estimates. Due to price cuts
-17% taken during October and November months, we expect the
average blended realizations to drop on QoQ basis to US$77/
-73 bps tonne. We continue to keep close watch on the developments
regarding expansion projects in Bailadila and Kumaraswamy.
-14% Any update on these projects and on future pricing policy of
iron ore in the domestic market would be interesting to look at
-14%
Sesa Goa
% Upside
-25%
EPS (Rs)
34.7 -5319 bps
-25% Due to ban of mining in Goa and Karnataka with no iron ore
transportation of ore allowed in Goa we dont expect any iron
n.a ore sales volume in Q3FY13. The revenue is likely to be driven
by only pig iron and met coke. This would result into a loss at
-8451 bps the EBITDA level. Dividend and attributable profit from Cairn
India is likely to drive the consolidated PAT. We keep close
1% watch on the developments regarding Karnataka and Goa
mining. In 2nd week of January the Supreme Court hearing on
1% Goa mining is due and it can provide some clarity on restarting
of mining in Goa. Update on Liberia would also be important
Sterlite Industries
CMP(Rs)
120
Net Sales (Rs mn)
Mkt Cap (Rs bn)
404
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)

% Upside
92
-23%
PAT (Rs mn)

EPS (Rs)
22.5 +61 bps
0% In Q3FY13, the average LME prices for all the base metals
gained on a QoQ basis by ~3-4%.. Copper, aluminium, Zinc
2% and lead prices gained 3%, 4%, 3% and 11% over last quarter
to
average
at
US$7909/tonne,
US$1997/tonne,
+35 bps US$1947/tonne and US$2199/tonne respectively. While INR
continued to be weak during the quarter, the Impact of same
-6% was not significant. Overall we expect satisfactory performance
by Sterlite Industry. Update on VALs alumina refinery and
-6% merger process with Sesa Goa would be interesting to watch
out for
Metals and Mining

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Hindustan Zinc
CMP(Rs)
141
Net Sales (Rs mn)
30,568
28,655
27,868
10%
Mkt Cap (Rs bn)
597
EBITDA (Rs mn)
16,353
14,431
14,023
17%
Reco
Buy
EBITDA Margin (%)
53.5
50.4
Target Price (Rs)
146
PAT (Rs mn)
16,333
15,398
12,800
28%
% Upside
3%
EPS (Rs)
3.9
3.6
3.0
28%
66,242
61,635
66,470
0%
5,872
5,153
8.9
8.4
4,034
3,589
2.1
1.9
2.4
-10%
6,052
5,972
4,810
26%
EBITDA (Rs mn)
805
746
3.3
63%
Hindalco
50.3 +318 bps
7% We expect the ongoing mine development projects to start

contributing to the overall performance. On the realizations
13% front, while lead LME average remained very strong (up 11%)
during the quarter at US$2199/tonne, LME zinc for the quarter
+313 bps too gained 3% QoQ to US$1947/tonne. Silver prices also
gained 8% during the quarter to ~US$33/ oz. We expect better
6% margins for the current quarter. Update on the projects and
guidance on the CoP would be important to look at
6%
(Standalone)
CMP(Rs)
134
Net Sales (Rs mn)
Mkt Cap (Rs bn)
257
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
134
PAT (Rs mn)
% Upside
0%
EPS (Rs)
120
Net Sales (Rs mn)
7% During the quarter, we expect primary aluminium volumes to

remain flat as compared to Q2FY13 while, copper volume likely
7,149
-18%
14% to improve slightly. LME aluminium and copper gained 4% and
3% on QoQ basis to US$1997/ tonne and US$7909/ tonne
10.8 -189 bps +50 bps respectively. Weak INR also would be helpful for the company.
Update on Hirakud power plant and upcoming Greenfield
4,507
-10%
12% projects would helpful
12%
GPIL
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Buy
EBITDA Margin (%)
13.3
12.5
Target Price (Rs)
151
PAT (Rs mn)
173
213
% Upside
26%
EPS (Rs)
5.5
6.7
1% We believe the capacity utilization of sponge iron would remain

higher at ~65% during the quarter. While pellet production is
560
44%
8% likely to be 1.57 lakh tonnes, the realizations are expected to
drop on a QoQ basis. Iron ore mining is likely to be at 1.65 lakh
11.6 +166 bps +81 bps tonnes. Key things to watch out for would be mining output and
contribution from pellet business.
106
63%
-19%
-19%
Metals and Mining

Name
Dec12E
% Chg
YoY
Sep12
Dec11
28,374
25,543
24,070
18%
8,694
7,493
7,240
20%
30.6
29.3
2,462
2,015
2,765
-11%
11.6
9.5
13.0
-11%
4,561
4,400
4,180
9%
EBITDA (Rs mn)
809
681
-34%
% Chg
QoQ
Comments
Bhushan Steel
CMP(Rs)
493
Net Sales (Rs mn)
Mkt Cap (Rs bn)
105
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
Reduce
408
-17%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
30.1 +56 bps
11% We expect Bhushan Steel to report better steel volumes but

with lower realizations in Q3FY13. The sales volume is
16% expected to grow 17%YoY to 6.1 lakh tonnes on account of
capacity additions. The EBITDA/ tonne is expected to grow on
+130 bps QoQ basis to Rs 14213/ tonne for the quarter, primarily due to
better capacity utilization. Key things to watch out for will be the
22% progress in Orissa phase III expansion and any guidance on
iron ore availability in Orissa
22%
HEG
Reco
Hold
EBITDA Margin (%)
17.7
15.5
Target Price (Rs)
235
PAT (Rs mn)
393
323
4% We expect capacity utilization for Q3FY13 to be 82%.

Realizations are likely to remain stable. We expect the EBITDA
851
-5%
19% margin to drop 262 bps onYoY basis, as the company
continued to use high-cost needle coke at new contract price.
20.4 -262 bps +226 bps Guidance on utilization of the expanded capacity and
realization trend going forward would be important things to
595
-34%
22% watch out for.
% Upside
0%
EPS (Rs)
9.2
8.1
14.0
CMP(Rs)
Mkt Cap (Rs bn)
235
9
Net Sales (Rs mn)
14%
Oil & Gas

n For Q3FY13, under-recoveries on sale of HSD, SKO and LPG are expected to remain flat QoQ at Rs. 390bn. As
refineries resumed production post maintenance at the global level, refining margins were weak. We expect OMCs
GRM to be in the range of $2- 4/bbl. We have assumed ~38% sharing by upstream companies for the quarter and
factor no government support to the OMCs.
n We expect ONGC and OIL net realization at $47.3/bbl ($46.8/bbl QoQ) and $55.1/bbl ($52.5/bbl QoQ) respectively.
n For RIL, an appreciating rupee on QoQ basis would have marginal negative impact on overall profitability for the
quarter. We factor in lower GRMs on QoQ at US$9/bbl (US$9.5/bbl QoQ). The decline in RILs GRMs on a QoQ basis is
expected to be slower than that witnessed in the benchmark Singapore refining margins which averaged US$7/bbl as
against US$9.3/bbl QoQ. This is on account of sharp decline in fuel oil spreads to US$(18)/bbl (US$12/bbl QoQ) which
forms higher proportion of Singapore GRM product slate and better LPG/Naphtha spreads which form higher
proportion of RILs product slate. Also increase in spread between light-heavy crude oil by US$1.5/bbl to US$4/bbl
has helped RIL GRMs for the quarter. Sequentially petchem margins have declined marginally during the quarter. We
factor in lower gas production from KG basin at 24mmscmd in Q3FY13 from 28.5mmscmd in Q2FY13. Our net profit
estimate for Q3FY13 stands at Rs49.6bn a decline of 7.7%QoQ and growth of 11.7%YoY.
n Natural Gas universe likely to report revenue and profit growth of 2.6% and 1.4% QoQ, respectively, primarily driven
by higher realization across all the segments. We expect transmission and distribution volume to be lower on
sequential basis on the back of further decline in domestic gas production.
Oil & Gas

Name
Dec12E
% Chg
YoY
Sep12
Dec11
887,004
903,350
851,350
4.2%
69,116
77,050
72,850
-5.1%
7.8
8.5
8.6
-76 bps
49,609
53,760
44,400
11.7%
15.3
16.6
13.6
13.0%
-17.7%
% Chg
QoQ
Comments
Reliance Industries
CMP(Rs)
857
Net Sales (Rs mn)
Mkt Cap (Rs bn)
2,805
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
827
PAT (Rs mn)
% Upside
-3%
EPS (Rs)
CMP(Rs)
281
Net Sales (Rs mn)
948,008 1,060,012 1,152,084
Mkt Cap (Rs bn)
683
EBITDA (Rs mn)
-71,343
115,616
107,247
-7.5
10.9
9.3
-99,372
96,114
24,884
n.a.
-40.9
39.6
10.2
n.a.
-1.8% We expect RILs revenue at Rs 887bn, growth of 4.2%YoY.

EBIDTA at Rs 69.1bn, decline of 5.1%YoY and PAT at Rs
-10.3% 49.6bn, growth of 11.7%YoY. We expect EBIDTA margin at
7.8%, down 74bps on QoQ. We expect Gross Refining Margin
-74 bps (GRM) at $9per bbl for Q3FY13 We have factored in gas
production of 24mmscmd as against 28.5mmscmd in Q2FY13.
-7.7%
-7.7%
IOCL
Reco
-1,683
bps
Target Price (Rs)
320
PAT (Rs mn)
% Upside
14%
EPS (Rs)
CMP(Rs)
386
Net Sales (Rs mn)
435,856
568,879
588,245
Mkt Cap (Rs bn)
279
EBITDA (Rs mn)
-47,187
53,880
36,874
-10.8
9.5
6.3
-52,987
50,348
31,422
n.a.
-72.8
69.3
43.5
n.a.
-10.6% We expect IOCs revenue at Rs 948bn, EBIDTA loss of

Rs.71.3bn and net loss of Rs.99.3bn. The total under recovery
for Q3 FY13 is expected at Rs390bn. We expect no
-1,843 government support for OMCs and the same has been
bps considered in our estimates. We also consider upstream
support of 38%. We expect Gross Refining Margin (GRM) at
n.a. $3.2 per bbl for Q3FY13.
n.a.
BPCL
Reco
Target Price (Rs)
397
PAT (Rs mn)
% Upside
3%
EPS (Rs)
-25.9%
-1,709
bps
-23.4% We expect BPCLs revenue at Rs435.8bn, EBIDTA loss of

-2,030 government support for OMCs and the same has been
n.a. $4 per bbl for Q3FY13.
n.a.
Oil & Gas

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
HPCL
CMP(Rs)
329
Net Sales (Rs mn)
386,398
491,298
479,174
-19.4%
Mkt Cap (Rs bn)
111
EBITDA (Rs mn)
-39,129
29,138
35,725
Reco
Buy
EBITDA Margin (%)
-10.1
5.9
7.5
Target Price (Rs)
360
PAT (Rs mn)
-46,129
23,271
27,252
% Upside
9%
EPS (Rs)
-136.2
68.7
80.5
CMP(Rs)
366
Net Sales (Rs mn)
116,813
113,929
112,942
3.4%
Mkt Cap (Rs bn)
465
EBITDA (Rs mn)
18,436
14,120
17,949
2.7%
Reco
Buy
EBITDA Margin (%)
15.8
12.4
15.9
-11 bps
Target Price (Rs)
406
PAT (Rs mn)
10,822
9,854
10,914
-0.8%
% Upside
11%
EPS (Rs)
8.5
7.8
8.6
-0.8%
-1,758
bps
-21.4% We expect HPCLs revenue at Rs386.3bn, EBIDTA loss of

government support for OMCs and the same has been
-1,606
$2 per bbl for Q3FY13.
GAIL
2.5% We expect transmission and trading volume at 105.5mmscmd
and 81mmscmd for the current quarter. Subsidy burden is the
30.6% key concern for GAILs profitability. Based on the expected
under recovery for Q3FY13, we expect subsidy burden for
339 bps GAIL is at ~Rs.7bn. We expect GAILs revenue at Rs.116.8bn,
growth of 3.4%YoY. EBIDTA at Rs.18.4bn, growth of
9.8% 2.7%YoY and PAT at Rs.10.8bn, flatYoY.
9.8%

CMP(Rs)
80
Net Sales (Rs mn)
2,592
2,772
2,755
Mkt Cap (Rs bn)
45
EBITDA (Rs mn)
2,367
2,561
2,535
91.3
92.4
92.0
1,182
1,328
1,262
2.1
2.4
2.2
Reco
Target Price (Rs)
86
PAT (Rs mn)
% Upside
8%
EPS (Rs)
-6.5% We expect GSPLs revenue at Rs.2.6bn, decline of 5.9%YoY.

EBIDTA at Rs.2.3bn, decline of 6.6%YoY and PAT at
-6.6%
-7.6% Rs.1.2bn, decline of 6.3%YoY. Lower profitability sequentially
is expected mainly on account of lower transmission tariff
-69 bps -106 bps assumption i.e. Rs.0.97/scm. We expect transmission volume
at 27.5mmscmd for Q3 FY13.
-6.3% -11.0%
-5.9%
-6.3%
-11.0%
Oil & Gas

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Indraprastha Gas
1.9% We expect IGLs revenue at Rs.8.7bn, growth of 31.4%YoY.
EBIDTA at Rs.1.9bn, growth of 28.5%YoY and PAT at
28.5%
-6.5% Rs.0.8bn, growth of 27.5%YoY, Growth onYoY basis is mainly
driven by higher volumes and realization. We expect
-50 bps -197 bps distribution volume at 3.68mmscmd and EBIDTA/scm at
Rs.5.7/scm v/s Rs.6.1/4.8scm in QoQ/YoY.
27.5% -11.2%
CMP(Rs)
255
Net Sales (Rs mn)
8,710
8,552
6,631
Mkt Cap (Rs bn)
36
EBITDA (Rs mn)
1,933
2,066
1,504
Reco
Ur
EBITDA Margin (%)
22.2
24.2
22.7
Target Price (Rs)
PAT (Rs mn)
881
992
691
EPS (Rs)
6.3
7.1
4.9
6,499
21.3%
% Upside
-100%
31.4%
27.5%
-11.2%
Gujarat Gas
Reco
Hold
EBITDA Margin (%)
14.7
16.4
Target Price (Rs)
292
PAT (Rs mn)
760
993
-5.7% We expect GGCLs revenue at Rs.7.8bn, decline of 5.7%

QoQ. EBIDTA at Rs.1.1bn, decline of 15.2% QoQ and PAT at
290 299.3% -15.2% Rs.0.76bn, decline of 23.5% QoQ. Due to increase in LNG
prices and no price hike during the quarter, we would see
4.5 1,024 bps -165 bps margin decline on sequential basis. We expect distribution
volume at 3mmscmd and EBIDTA/scm at Rs.4.2/scm v/s
248 206.7% -23.5% Rs.4.6/09/scm in QoQ/YoY.
% Upside
-4%
EPS (Rs)
5.9
7.7
1.9
206.7%
CMP(Rs)
166
Net Sales (Rs mn)
78,599
75,486
63,303
24.2%
Mkt Cap (Rs bn)
125
EBITDA (Rs mn)
4,923
5,184
5,032
-2.2%
Reco
Buy
EBITDA Margin (%)
6.3
6.9
Target Price (Rs)
194
PAT (Rs mn)
2,902
3,148
2,954
-1.7%
-7.8%
% Upside
17%
EPS (Rs)
3.9
4.2
3.9
-1.7%
-7.8%
CMP(Rs)
305
Net Sales (Rs mn)
7,880
8,359
Mkt Cap (Rs bn)
39
EBITDA (Rs mn)
1,159
1,368
-23.5%
Petronet LNG
7.9 -169 bps
4.1% We expect Petronet LNGs revenue at Rs.78.6bn, growth of

24.2%YoY. EBIDTA at Rs.4.9bn, decline of 2.2%YoY and
-5.0% PAT at Rs.2.9bn, marginal decline of 1.7%YoY. We expect
total volume offtake at 135.9tbtu and Marketing margin at
-60 bps Rs.41/mmbtu for the current quarter.
Oil & Gas

Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
ONGC
CMP(Rs)
Mkt Cap (Rs bn)
Reco
288
2,464
Net Sales (Rs mn)
186,210
197,882
181,238
EBITDA (Rs mn)
103,729
102,718
106,576
55.7
51.9
58.8
55,245
58,966
67,306
6.5
6.9
7.9
-5.9% Net sales are expected to increase by 2.7% onYoY basis to

Rs186.2bn. EBIDTA is expected to decline by 2.7% onYoY
-2.7%
1.0% basis and remain flat on QoQ at Rs103.7bn. PAT is expected
to decline by 17.9%YoY and 6.3% QoQ to Rs55.2.bn QoQ.Net
-310 bps 380 bps realization on sale of crude oil after sharing subsidy burden is
expected at US$47.3/bbl compared to US$44.7/bbl in Q3FY12
-17.9%
-6.3% and US$46.8/bbl in 2QFY13. For the quarter, we expect the
company to share Rs121.1bn as subsidy.
-17.9%
-6.3%
2.7%
Target Price (Rs)
313
PAT (Rs mn)
% Upside
9%
EPS (Rs)
CMP(Rs)
485
Net Sales (Rs mn)
25,502
25,194
23,738
7.4%
Mkt Cap (Rs bn)
291
EBITDA (Rs mn)
11,450
12,649
13,754
-16.8%
44.9
50.2
57.9
-1,304
bps
9,116
9,546
10,140
-10.1%
15.2
15.9
16.9
-10.1%
30,968
48.7%
11.9
36.2%
OIL
Reco
Target Price (Rs)
573
PAT (Rs mn)
% Upside
18%
EPS (Rs)
CMP(Rs)
343
Net Sales (Rs mn)
46,064
44,431
Mkt Cap (Rs bn)
654
EBITDA (Rs mn)
36,295
26,395
Reco
Buy
EBITDA Margin (%)
78.8
59.4
Target Price (Rs)
385
PAT (Rs mn)
30,900
23,222
% Upside
12%
EPS (Rs)
16.2
12.2
1.2% OIL India is expected to suffer on account of lowerYoY

realizations on sale of crude oil. We expect net realizations at
-9.5% US$55.1/bbl.Revenues for the quarter are expected to
increase by 7.4%YoY to Rs 25.5bn. EBIDTA for the quarter is
-531 bps expected to decline by 16.8%YoY to Rs11.4bn.PAT is
expected to decline by 10.1%YoY to Rs 9.1 bn. For the
-4.5% quarter, we expect the company to share Rs. 20.2bn as
subsidy.
-4.5%
Cairn India
3.7% The company will benefit from higher production of crude oil
from MBA field onYoY basis and weaker rupee. We model an
23,692
53.2%
37.5% average of 175,000bpd of production during the quarter as
against 171,000bpd in 2QFY13. We expect sales of Rs46bn,
76.5 229 bps 1,939 bps up 48.7%YoY, EBIDTA at Rs36.2bn up 53.2%YoY and PAT at
Rs30.9bn up 36.6%YoY.
22,619
36.6%
33.1%
33.1%
Paper
n On an aggregate basis, we expect our paper universe to report revenues growth of 10%YoY. However, EBITDA is
likely to increase by 36%YoY due to improvement in margins.

n EBITDA margin is expected to improve by 360bpsYoY to 18.7% with EBITDA/mt likely to increase by 27%yoy to Rs
10200/mt. Improvement in bottomline is driven primarily by TNPL which is expected to report profits of Rs 252mn
compared to losses of Rs 176mn last year. BILTs margins are also expected to improve by 300bpsYoY
n Rayon Grade Pulp (RGP) realizations are expected to decline by 9%YoY to Rs 51,000/mt. We expect pulp margins to
decline by 700bpsYoY to 16.0%.

n We maintain Buy on TNPL & Accumulate on BILT. TNPL is gradually gaining mkt share through increased sales
volumes. Inventories are likely to drop in subsequent quarters & margins would improve driven by higher pricing
power
n Post the expansion of both the pulp lines, BILT will become fully integrated in pulp. We expect margins to improve
gradually with increased availability of in-house pulp.

n JK Paper has been facing severe cost pressure on account of sharp increase in coal cost followed by recent increase
in wood cost. Further, commissioning of new plant is likely to put pressure on profitability during stabilization phase
and benefit may come only in FY15. We maintain Sell with target of Rs 30
Paper
Name
Dec12E
% Chg
YoY
Sep12
Dec11
12,653
12,298
12,121
4.4%
2,367
2,298
1,904
24.4%
18.7
18.7
15.7 300 bps
PAT (Rs mn)
394
348
136
190.0%
EPS (Rs)
0.6
0.6
0.3
151.2%
3,475
3,578
3,274
6.1%
% Chg
QoQ
Comments
BILT (Conso)
CMP(Rs)
23
Net Sales (Rs mn)
Mkt Cap (Rs bn)
15
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside

27
16%
2.9% We expect consol net sales to increase by 4%YoY to Rs

12.7bn. We expect paper segment revenues to increase by
3.0% 6%YoY to Rs 9.9bn. We have modeled for paper volumes of
215,000mt, 3%YoY. RGP realizations are expected to decline
2 bps by 9%YoY to Rs 51,000/mt. We expect consol EBITDA to
increase by 24%YoY to Rs 2.4bn and APAT is likely to
13.3% increase by 190%YoY to Rs 394mn. EPS for the quarter is
likely to be around Rs 0.6
15.3%
JK Paper
CMP(Rs)
40
Net Sales (Rs mn)
Mkt Cap (Rs bn)
EBITDA (Rs mn)
347
295
303
14.7%
10.0
8.2
9.3
74 bps
Reco
Sell
EBITDA Margin (%)
Target Price (Rs)
30
PAT (Rs mn)
34
47
74
-54.1%
EPS (Rs)
0.2
0.3
0.5
-54.1%
Net Sales (Rs mn)
4,125
4,646
3,098
33.1%
EBITDA (Rs mn)
1,080
999
592
82.3%
% Upside
-25%
-2.9% We estimate net sales to increase by 6%YoY to Rs 3.5bn. We

expect sales volumes to increase by 2%YoY to 70,500mt. We
17.9% expect company to report EBITDA of Rs 347mn, 15%YoY with
EBITDA margins of 10.0%. Company is likely to report PBT of
176 bps Rs 45mn, -17%YoY and APAT of Rs 34mn, -54%YoY. EPS
for the quarter is likely to be around Rs 0.2
-26.9%
-26.9%
TNPL
CMP(Rs)
Mkt Cap (Rs bn)
112
8
Reco
Buy
EBITDA Margin (%)
26.2
21.5
19.1 706 bps
Target Price (Rs)
148
PAT (Rs mn)
252
213
-176
n.a.
% Upside
32%
EPS (Rs)
3.6
3.1
-2.5
n.a.
-11.2% We expect net sales to increase by 33%YoY to Rs 4.1bn. We

expect paper sales volumes to increase by 23%YoY to
8.1% 85,000mt while paper realizations are expected to increase by
4%YoY. We expect company to report EBITDA of Rs 1.1bn,
468 bps 82%YoY with margins of 26.2%. Company is likely to report
PAT of Rs 252mn with EPS of Rs 3.6
18.4%
18.4%
Pharmaceutical
n Pharma universe is expected to report a core revenue growth of 21%YoY (1% QoQ)
n
Dr. Reddys (+33%), Sun Pharma (+21%), Lupin (+33%), Aurobindo (+25%), Cadila (+23%), Glenmark (+23%) and
Wockhardt (+19%) will be the out-performers
One-off such as Actos will contribute USD38mn this quarter for Ranbaxy
n OPM for the Emkay Pharma Universe (excluding one-off Actos) is expected to expand by 181bpsYoY & contract
134bps QoQ to 24.3% in Q3FY13 compared to 22.5% in Q3FY12 and 25.6% in Q2FY13.
n
For the companies EBITDA margins expansion will be happen for Wockhardt (+392bpsYoY & -335bps QoQ),
Dr. Reddys (+346bpsYoY & 28bps QoQ), Lupin (+181bpsYoY & -8bps QoQ), Cadila (+293bpsYoY & 306bps QoQ)
and Aurobindo (+227bpsYoY & +49bps QoQ)
n PAT of Pharma universe, is expected to grow by 21%YoY (-4% QoQ)

n
Growth in APAT will be on account of 78% growth in Dr. Reddy (strong contribution from Tacrolimus, Aorva
and Fonda), 38% growth in Wockhardt (18% gr. In US led by ramp-up in niche launches), 24% growth in
Aurobindo (35% growth in US led by 3 Injectable launches from Moraiya facility) & 32% growth in Lupin (15%
gr. In India & 34% $gr. In US)
n Our Preferred Bet Large Caps: Dr. Reddy, Lupin and Wockhardt
Mid Caps: Glenmark Pharma & Aurobindo

n Positive surprises in results: Lupin, Dr. Reddy and Glenmark
n Negative surprises in results: Ranbaxy, Cadila and IPCA
Pharmaceutical
Name
Dec12E
% Chg
YoY
Sep12
Dec11
16,082
15,004
12,847
25.2%
2,761
2,503
1,913
44.3%
17.2
16.7
1,410
1,294
1,137
24.0%
4.8
4.4
3.9
24.0%
17,053
15,459
13,832
23.3%
3,753
2,930
2,639
42.2%
22.0
19.0
2,297
1,556
1,773
29.5%
11.3
8.7
8.7
33.2%
20,498
21,918
17,580
16.6%
5,000
6,770
24.4
30.9
3,546
3,133
4.4
3.9
3.3
33.6%
% Chg
QoQ
Comments
Aurobindo
CMP(Rs)
202
Net Sales (Rs mn)
Mkt Cap (Rs bn)
59
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
230
PAT (Rs mn)
% Upside
14%
EPS (Rs)
CMP(Rs)
899
Net Sales (Rs mn)
Mkt Cap (Rs bn)
184
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
14.9 227 bps
7.2% Performance will be led by 28% $ growth in US business to

$84mn, on back of launch of 5 products Modafiniland
10.3% Escitalopram, Finasteride, Pramipexole dihydrochloride,
Minocycline hydrochloride
& ramp-up in Singular(11%) ,
49 bps Plavix ( 6%) and Zyprexa (5%)
8.9% EBITDA margins expansion by 227 bpsYoY will be led by
strong US business which in turn will improve gross margins
8.9%
Cadila
Target Price (Rs)
1,000
PAT (Rs mn)
% Upside
11%
EPS (Rs)
CMP(Rs)
424
Net Sales (Rs mn)
Mkt Cap (Rs bn)
341
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
350
PAT (Rs mn)
19.1 293 bps
10.3% Revenues will be driven by 26% growth in India and 35%

growth in US. In US the growth will be led by launch of 1
28.1% injectable and 3 oral solid in Q313 and ramp up of 3
injectables launched last quarter. Gross margins will remain
306 bps stable at 65.6% and EBITDA margins would improve by
300bps on back of operating leverage
29.5%
Company has only USD 19 million @~Rs.50 of hedges
29.5% remained, which will expire this quarter. Last quarter there was
a loss of Rs. 76 crores on hedges.
Cipla
% Upside
-18%
EPS (Rs)
-6.5% 17% growth in revenue will be on back of 12% growth in

domestic and 22% growth in Export formulations, led by
3,915
27.7% -26.1% Dymesta launch. However Lexapro prices have gone down in
this quarter as exclusivity finishes off last quarter.
22.3 213 bps -649 bps
Gross margins are assumed at 60% compared to 63% last
2,654
33.6%
13.2% quarter and 58% last year same quarter.
13.2%
Pharmaceutical
Name
Dec12E
% Chg
YoY
% Chg
QoQ
Sep12
Dec11
3075
2971
2655
15.8%
678
660
608
11.5%
22.0
22.2
22.9
-86
-19
PAT (Rs mn)
181
141
86
110.5%
28%
-11%
EPS (Rs)
2.2
1.7
1.1
110.5%
28%
1,095
Net Sales (Rs mn)
5,011
4,737
4,174
20.0%
1,975
1,858
1,511
30.7%
39.4
39.2
1,430
1,339
1,103
29.6%
10.8
10.1
8.3
29.6%
30,262
28,809
27,692
9.3%
7,342
6,910
8,690
-15.5%
24.3
24.0
4,539
4,750
4,880
-7.0%
-4.5%
26.8
28.0
28.8
-7.0%
-4.5%
Comments
Dishman
CMP(Rs)
120
Net Sales (Rs mn)
Mkt Cap (Rs bn)
10
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside

107
3.5% Revenue growth will be led by 27% growth in MM business and

9% growth in CRAMs business. In MM business growth will be
2.6% primarily from Vitamin D business.
Operating margins will be stableYoY and QoQ.
Divis
CMP(Rs)
Mkt Cap (Rs bn)
145
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
1,250
PAT (Rs mn)
% Upside
14%
EPS (Rs)
1,888
Net Sales (Rs mn)
36.2 322 bps
5.8% Revenue growth will be led by ramp up in new capacity at

Vizag and favorable currency
6.3% Gross margins are estimated at 66% and EBITDA margins at
39%. Earnings will grow by 30%
20 bps
Going forward, Q4 will remain flatYoY. We expect consensus
6.9% earning estimates to come down by 5-10% for FY13 & FY14.
6.9%
Dr. Reddy
CMP(Rs)
Mkt Cap (Rs bn)
320
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
Target Price (Rs)
1,730
PAT (Rs mn)
31.4 -712 bps
5.0% Base business (w/o Zyprexa last year ) will grow by 31% on
back of US business which will clock $202 million in revenue
6.3% led by Tecrolimmus, Toprol, Singular, Lanso and Fonda
28 bps
Gross margins will be at 56.7% and EBITDA margins at 24%.

Adjusted for one offs, PAT will grow by 89% to Rs. 4.5 bn
% Upside
-8%
EPS (Rs)
Pharmaceutical
Name
Dec12E
% Chg
YoY
Sep12
Dec11
12,353
12,556
10,313
19.8%
2,537
2,714
20.5
21.6
1,419
1,452
1,153
23.0%
5.3
5.4
4.3
23.0%
Net Sales (Rs mn)
6,465
6,760
5,776
11.9%
EBITDA (Rs mn)
1,949
2,064
1,822
7.0%
30.1
30.5
1,611
1,634
1,473
9.4%
19.0
19.3
17.4
9.4%
% Chg
QoQ
Comments
Glenmark Pharma
CMP(Rs)
522
Net Sales (Rs mn)
Mkt Cap (Rs bn)
141
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
500
PAT (Rs mn)
% Upside
-4%
EPS (Rs)
-1.6% Revenues growth will be led by 29% growth in India & 19% $
growth in US business to USD75mn on back of launch of
1,029 146.7%
-6.5% Singulair & ramp-up in OC portfolio. Company has lost the
exclusivity on Cutivate and one more company has launched
10.0 1,057 bps -107 bps Melorene.
-2.3% Gross margins are assumed at 65% flat QoQ and 1.5%
higherYoY.
-2.3%
GlaxoSmithkline
CMP(Rs)
Mkt Cap (Rs bn)
Reco
2,182
185
Reduce
EBITDA Margin (%)
Target Price (Rs)
1,963
PAT (Rs mn)
% Upside
-10%
EPS (Rs)
31.5 -140 bps
-4.4% Revenue growth will be driven by growth in Vaccines and

derma segment. Top 10 brands which contribute 42% will drive
-5.6% the growth and profitability
-39 bps
Gross margins will contract by 140bpsYoY to 57.4% on back

of cost pressures & INR depreciation
-1.4% Govt.s price control policy will have a negative impact on GSK
as most of the brands are in premium category. Future growth
-1.4% depends on new vaccine launches
IPCA
CMP(Rs)
510
Net Sales (Rs mn)
7,089
7,713
6,148
15.3%
Mkt Cap (Rs bn)
64
EBITDA (Rs mn)
1,386
1,788
1,513
-8%
-8.1% Revenue growth will be led by 15% growth in India & 14%
growth in Exports, which in turn will be led by 46% in
-22% Institutional business (Rs.13.5bn).
Reco
Buy
EBITDA Margin (%)
19.5
23.2
24.6 -506 bps -364 bps
Target Price (Rs)
525
PAT (Rs mn)
895
1,162
1,038
-14%
-23%
% Upside
3%
EPS (Rs)
7.2
9.3
8.3
-14%
-23%
Gross margins assumed at 59% QoQ const. and 2%

declineYoY. EBITDA margins will decline by 3% to 20%
Pharmaceutical
Name
Dec12E
% Chg
YoY
% Chg
QoQ
Sep12
Dec11
Comments
12,522
12,250
10,885
15.0%
2,636
2,603
2,084
26.5%
21.0
21.2
1,125
1,025
771
45.9%
9.7%
7.1
6.4
4.8
45.9%
9.7%
24,126
23,007
18,189
32.6%
5,392
5,160
3,736
44.4%
4.9% Revenue growth will be led by 34% $ growth in US business on

back of 35% market share in Geodone, 22% MS in Combivir
4.5% and launch of Tricor, Seasonale and two more products.
22.4
22.4
3,106
2,906
2,351
32.1%
6.9%
6.9
6.5
5.2
33.3%
6.9%
26,170
26,910
37,923
-31.0%
3,400
4,179
16,293
-79.1%
13.0
15.5
2,899
3,608
15,146
-80.9%
6.9
8.6
36.0
-80.9%
Jubilant Life
CMP(Rs)
233
Net Sales (Rs mn)
Mkt Cap (Rs bn)
37
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
340
PAT (Rs mn)
% Upside
46%
EPS (Rs)
CMP(Rs)
599
Net Sales (Rs mn)
Mkt Cap (Rs bn)
268
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
630
PAT (Rs mn)
% Upside
5%
EPS (Rs)
CMP(Rs)
512
Net Sales (Rs mn)
Mkt Cap (Rs bn)
216
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
590
PAT (Rs mn)
% Upside
15%
EPS (Rs)
19.1 190 bps
2.2% Revenue growth will be led by Pharmaceuticals business which

will grow by 16% and Ingredients which will grew by 14%.
1.3% EBITDA margins are assumed at21% constant QoQ
-20 bps
Lupin
20.5 181 bps
-8 bps
Gross margins are assumed at 63% and EBITDA margins are

assumed at 22%
Ranbaxy
-2.8% Base revenue will grow by 10% to USD 475 million excluding
Lipitor effect last year and Actos this year. Base US revenue
-18.6% assumed USD 114 million and Actos USD 38 million
43.0 -2,997 bps -254 bps
Gross margins assumed 60% and EBITDA margins assumed

at 13%, whereas base EBITDA margins at 8%
-19.6% Assumed Rs. 1.44bn PAT from Actos and rest Rs. 1.4 bn from
base business
-19.6%
Pharmaceutical
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Sun Pharma
-2.8% Revenue growth will be led by 18% growth in US, 16% growth
in domestic and 31% growth in ROW. Taro revenue assumed
-5.3% at USD 155mn and a growth 5%.
CMP(Rs)
744
Net Sales (Rs mn)
25,897
26,639
21,451
20.7%
Mkt Cap (Rs bn)
769
EBITDA (Rs mn)
11,130
11,751
9,638
15.5%
Reco
Buy
EBITDA Margin (%)
43.0
44.1
Target Price (Rs)
800
PAT (Rs mn)
7,076
9,032
6,683
5.9%
-21.7%
% Upside
8%
EPS (Rs)
6.8
8.7
6.5
5.9%
-21.7%
CMP(Rs)
728
Net Sales (Rs mn)
7,860
7,772
6,966
12.8%
Mkt Cap (Rs bn)
62
EBITDA (Rs mn)
1,497
1,554
1,215
23.3%
44.9 -195 bps -114 bps
Gross margins assumed at 82% flat QoQ and EBITDA margins

at 43% down 1% QoQ
Torrent
1.1% Revenues will be driven by 15% growth in India,14% growth in
Brazil and 48% growth in US led by launch of Olanzapine,
-3.6% Quetiapine and Clopidogrel earlier in the year
Gross margins are assumed at 71% and EBITDA margins
at19% flat QoQ
Reco
Buy
EBITDA Margin (%)
19.0
20.0
17.4
161 bps
-94 bps
Target Price (Rs)
785
PAT (Rs mn)
930
995
755
23.2%
-6.5%
% Upside
8%
EPS (Rs)
11.0
11.8
8.9
23.2%
-6.5%
CMP(Rs)
191
Net Sales (Rs mn)
2,711
2,642
2,226
21.8%
Mkt Cap (Rs bn)
23
EBITDA (Rs mn)
545
529
368
47.9%
2.6% Revenue growth will be led by 21% growth in domestic market

and same growth in Exports market.
2.9% Gross margins assumed at 63% and EBITDA margins
assumed at 20% flat QoQ
6 bps
Unichem
Reco
Hold
EBITDA Margin (%)
20.1
20.0
16.5
355 bps
Target Price (Rs)
192
PAT (Rs mn)
361
365
245
47.4%
-1.3%
% Upside
0%
EPS (Rs)
4.0
4.0
2.7
47.4%
-1.3%
Pharmaceutical
Name
Dec12E
% Chg
YoY
Sep12
Dec11
2,762
2,686
2,706
2.0%
EBITDA (Rs mn)
623
616
519
20.1%
% Chg
QoQ
Comments
Pfizer
CMP(Rs)
Mkt Cap (Rs bn)
1,165
35
Net Sales (Rs mn)
2.8% Revenue growth flat on back of subdued growth in companys

top brands Corex, Becosules, Gelusil & Dolonex
1.1% EBITDA margins assumed at 22.6% on back of hive off of low
Reco
Hold
EBITDA Margin (%)
22.6
22.9
19.2
339 bps
-37 bps
Target Price (Rs)
1,116
PAT (Rs mn)
550
546
487
13.1%
0.8%
EPS (Rs)
18.4
18.3
16.3
13.1%
0.8%
14,342
13,474
12,090
18.6%
5,022
5,170
3,760
33.6%
35.0
38.4
31.1
3,468
3,749
2,520
37.6%
-7.5%
31.7
34.3
23.0
37.6%
-7.5%
% Upside
-4%
margins Animal Nutrition business
Wockhardt
CMP(Rs)
1,673
Net Sales (Rs mn)
Mkt Cap (Rs bn)
183
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
2,160
PAT (Rs mn)
% Upside
29%
EPS (Rs)
6.4% Revenue growth will be led by 18% growth in US in dollor

terms to USD 121 mn. India is expected to grow by 7%.
-2.9% Gross margins are assumed at 68% and EBITDA margins at
392 bps -335 bps
35%
Power
n Quarterly Picks (1) GIPCL (Buy; expect 15-20% earnings upgrade in consensus FY13/14E earnings post 3Q13, Expect 20-
25% upside in built up to and post results), (2) PGCIL (Accumulate, 3Q13 slightly weak numbers already in price. Expect
strong guidance for 4Q13 in the analyst meet and expect the stock to bounce back to Rs120+ levels), (3) Nava Bharat
Ventures (Hold, likely to upgrade. PAT at Rs670mn to give confidence on sustainability of this run rate. Further, commissioning
of 64MW and 150MW in 4Q13 to drive earnings growth (30%+) in FY14E, expect the stock to give 20% returns in next 3-4
months) and (4) NTPC (Stock has corrected significantly but results to be good with 17% APAT growth driven by
commissioning. We expect Rs10/sh bounce back in the stock post OFS)
n Strong results but no upside - We also see strong results for (1) CESC (Buy, results to be good, PAT growth 28% qoq,
given 1% tariff hike recognition in 3Q13 even for 1H13. But it is a known factor and there is unlikely to be any upgrades in
earnings. However, we continue to like the stock from longer term perspective), (2) JSWE (Sell, results to be good given
merchant tariffs remaining high. But valuations do not warrant upside) and (3) NHPC Interest on water cess (~Rs1.3bn)
might be recognized this qtr which will lead to better numbers. But stock has already run-up big time and do not expect much
upside unless clarity on Subansiri lower and Parbati II execution.
n Weak results (1) JPVL (Binas low PLF/PAF and lower generation in hydro plants to impact numbers. To report net loss of
Rs90mn, likely earnings downgrade for FY13. However, FY14 earnings may remain unchanged, Stock to remain under
pressure on fund raising overhang), (2) Adani Power (losses to continue but will be lower QoQ. However, 7th Jan SLC meet
decision on permanent linkage to Tiroda and CERC decision on Mundra UMPP tariff increase to drive near term stock price. In
longer term, we remain negative on the stock) and (3) Lanco (losses to continue but will be lower QoQ. Stock performance to
be driven by near term cash flow management).
Power
n Other Events Based Picks Indiabulls Power (Buy, largest beneficiary of coal price pooling and commissioning lined up in
4Q13) and KSKE (Buy, coal price pooling, 7th Jan SLC meet decision on permanent linkage to Tiroda to set precedent for
Mahanadi, Gare Pelma Stage II forest clearance and commissioning in 1Q14)
n Merchant tariff Trends - Merchant prices on IEX continues to be in the range of Rs3-3.5/unit in rest of the country except
southern region. Southern region prices continue to be at Rs5.5/unit + levels.

n Overall view on the sector focus to shift to earnings - We believe the major reforms (Coal FSA and SEB restructuring)
are behind us and going forward there will be case specific resolutions (Competitive bidding guidelines, tariff escalation, coal
price pooling, case specific clearances, SLC meet on 7th Jan for permanent linkage to Tiroda etc). We believe now the focus
will shift to case specific earnings, valuations and risk profile. Overall, we reiterate our view that select private utilities will be
multibaggers (KSKE, CESC, Indiabulls Power and Reliance Power) and will outperform regulated utilities (Rs10-15/sh upside
in NTPC/PGCIL) by a big margin.
Power
Name
Dec12E
Sep12
Dec11
Adani Power
CMP(Rs)
65
Net Sales (Rs mn)
Mkt Cap (Rs bn)
156
EBITDA (Rs mn)
Reco
Sell
EBITDA Margin (%)
Target Price (Rs)
30
PAT (Rs mn)
% Upside
-53%
EPS (Rs)
19,775
14,331
10,594
4,447
1,494
3,021
22.5
10.4
28.5
-1,863
-3,730
-633
-0.9
-1.7
-0.3
% Chg
YoY
% Chg
QoQ
PLFs improved in 3Q13 (62% vs. 54% in 2Q), more so in

Mundra I&II (87%-93%). Tiroda unit 1 is shutdown since 9th
86.7%
38.0% Nov due to some technical problems. We have assumed
Bunyu coal at 1mn MT (0.80mn MT in 2Q13) and CIL at
47.2% 197.6% 0.40mn MT (0.10mn MT in 2Q13). Expect Net loss at Rs1.9bn
(not building in any deferred tax). Difficult to estimate earnings
-603 bps 1,206 bps in Adani until clarity on Bunyu and CIL coal supplies. However,
@ 63, stock is overvalued and likely to maintain Sell. Key
n.a.
n.a. things to watch- (1) coal supply from Bunyu, (2) linkage coal
supply for Mundra-IV/Tiroda, (3) permanent linkage for Tiroda II
n.a.
n.a. (7th Jan meeting) and 4) result of CERC Mundra UMPP
petition.
JSW Energy
CMP(Rs)
68
Net Sales (Rs mn)
Mkt Cap (Rs bn)
112
EBITDA (Rs mn)
Reco
Sell
EBITDA Margin (%)
Target Price (Rs)
45
PAT (Rs mn)
% Upside
-34%
EPS (Rs)
22,136
20,765
17,687
25.2%
6.6%
5,914
5,769
3,496
69.2%
2.5%
26.7
27.8
1,989
1,819
274
626.2%
9.3%
1.2
1.1
0.2
626.2%
9.3%
19.8 695 bps -107 bps
Lanco Infra
CMP(Rs)
15
Net Sales (Rs mn)
Mkt Cap (Rs bn)
35
EBITDA (Rs mn)
Reco
Target Price (Rs)
% Upside
Hold
14
-4%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
Comments
37,464
31,850
30,290
23.7%
5,242
5,215
6,028
-13.0%
14.0
16.4
-1,942
-2,720
777
n.a.
-0.8
-1.1
0.3
n.a.
19.9 -591 bps
JSWE will continue to report good numbers with merchant

tariffs in southern region remaining at high levels. Net
generation to decline by 3% qoq to 5.14BU primarily due to
better PLFs at Barmer. Expect PAT of Rs2.0b, higher than
2Q13 mainly due to no under-recovery at Barmer. Key things to
watch - (1) Buyers credit outstanding and (2) clearance for
expansion of lignite mines and 3) final tariff order. We currently
have a Sell rating on the stock and are likely to maintain Sell.
Gross generation to grow by 29% qoq largely due to higher

17.6% generation in Udupi and Anpara. Net sales expected to grow
by 18% qoq driven by higher revenues in Udupi/Anpara and
0.5% higher execution in Construction/EPC segment. Expect net
loss at Rs1.9b, better qoq mainly due to Udupi performance
-238 bps and lower losses at Anpara. To watch (i) Realizations at
Griffin, (2) gas supply, (3) progress on Udupi/Amarkantak tariff
n.a. issues, 4) equity dilution at SPV/Holdco. We have Hold Rating.
n.a.
Power
Name
Dec12E
% Chg
YoY
Sep12
Dec11
12,637
10,512
4,573
176.4%
3,927
3,650
1,401
180.3%
31.1
34.7
30.6
43 bps
2,467
2,167
2,039
21.0%
1.5
1.3
1.2
21.0%
% Chg
QoQ
Comments
Reliance Power
CMP(Rs)
97
Net Sales (Rs mn)
Mkt Cap (Rs bn)
271
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
140
PAT (Rs mn)
% Upside
45%
EPS (Rs)
20.2% Rosas PLF has been very good at 90% and we have assumed
PAF of 93%. However, Butibori is not yet declared
7.6% commissioned and therefore no profit/loss from Butibori. We
have assumed Reliance infra supplies similar to last qtr. Expect
-365 bps PAT of Rs2.47b, up 14% qoq mainly driven by better PLF and
PAF. To watch (1) Fuel supply at Rosa & clarity on fuel supply
13.9% at Butibori, (2) mining cost at Sasan, (3) Update on Tilaiya mine
land acquisition and 4) Sasan COD. We have Buy rating on the
13.9% stock.
Jaiprakash Power
CMP(Rs)
39
Net Sales (Rs mn)
4,312
9,058
3,967
8.7%
-52.4%
Mkt Cap (Rs bn)
102
EBITDA (Rs mn)
3,430
8,116
3,570
-3.9%
-57.7%
Reco
Hold
EBITDA Margin (%)
79.6
89.6
90.0
-1,044
bps
-1,004
bps
PAT (Rs mn)
-90
3,661
595
n.a.
n.a.
EPS (Rs)
0.0
1.6
0.3
n.a.
n.a.
Target Price (Rs)

% Upside
45
16%
JPVL to report net loss (Rs90mn) mainly driven by lower PLF

and availability at Bina (PLF stood at 30%, assumed PAF at
50%). However, PLF has improved to 85%+ towards end of
December, so 4Q13 unlikely to have losses from Bina unless
2nd unit after COD runs at low PAF. Further, Hydro plants
generation was down 28%YoY (also due to restrictions
imposed). Karcham/VishnuPrayag generation was zero on 25th
Dec the last reported date. Overall, there is a risk to FY13
numbers (current FY13E EPS Rs2.7/sh - without any equity
dilution and H1FY13 Rs2.4/sh). To watch (1) Merchant
realizations at Karcham, (2) funding arrangement to redeem
bonds due in 4Q13 and (3) status of coal supply for Bina. Likely
to retain Hold on the stock.
KSK Energy
CMP(Rs)
62
Net Sales (Rs mn)
5,989
5,627
5,707
Mkt Cap (Rs bn)
23
EBITDA (Rs mn)
2,486
1,966
2,383
EBITDA Margin (%)
41.5
34.9
41.8
PAT (Rs mn)
502
544
755
EPS (Rs)
1.3
1.5
2.0
Reco
Target Price (Rs)
% Upside
Buy
76
22%
6.4% Expect numbers to improve QoQ mainly driven by better PLF at

VS lignite (80% vs. 52%) and Wardha (72% vs. 67%). We have
4.3%
26.4% assumed fuel cost of Rs2.65/unit at Wardha, any number
higher than this will lead to negative surprise. Expect PAT of
-25 bps 657 bps Rs502mn Key things to watch - (1) coal supply and landed cost
at Wardha, (2) coal and gas supply for smaller plants and (3)
-33.5%
-7.7% status on Gare Pelma III and Mahanadi plant. We have a buy
rating on the stock.
-33.5%
-7.7%
4.9%
Power
Name
Dec12E
% Chg
YoY
Sep12
Dec11
2,719
2,896
2,336
16.4%
41.9%
% Chg
QoQ
Comments
Nava Bharat
CMP(Rs)
182
Net Sales (Rs mn)
Mkt Cap (Rs bn)
16
EBITDA (Rs mn)
668
707
471
Reco
Hold
EBITDA Margin (%)
24.6
24.4
20.2 441 bps
Target Price (Rs)
204
PAT (Rs mn)
666
654
378
76.3%
% Upside
12%
EPS (Rs)
7.5
7.3
4.2
76.3%
158
Net Sales (Rs mn)
164,007
161,196
153,333
7.0%
40,037
42,241
29,050
37.8%
24.4
26.2
26,127
20,513
22,336
17.0%
3.2
2.5
2.7
17.0%
-6.1% Revenue expected at Rs2.72bn, up by ~16%YoY. Ferro alloys

business to register stable profits on the back of Tata Steel
-5.5% agreement. Expect similar profits even in power business as
tariffs and volumes are similar to 2Q13. Net profit expected at
15 bps Rs0.67bn. Key things to watch (1) merchant realizations, (2)
status of its Orissa 64MW and AP 150MW power plant, (3)
1.9% volumes under TISCO contract. We are likely to upgrade the
stock on the back of 150MW commissioning. Currently have a
1.9%
hold rating on the stock.
NTPC
CMP(Rs)
Mkt Cap (Rs bn)
Reco
1,299
Reduce
EBITDA (Rs mn)

EBITDA Margin (%)
18.9 547 bps
Target Price (Rs)
158
PAT (Rs mn)
% Upside
0%
EPS (Rs)
CMP(Rs)
76
Net Sales (Rs mn)
3,509
3,602
3,877
-9.5%
Mkt Cap (Rs bn)
11
EBITDA (Rs mn)
1,275
1,290
914
39.5%
EBITDA Margin (%)
36.3
35.8
23.6 1,276 bps
PAT (Rs mn)
506
529
168
201.5%
EPS (Rs)
3.3
3.5
1.1
201.5%
Est. PAT of Rs26.1b, growth of 17%YoY, is driven by 1)

1.7% regulated equity increase of 13%YoY and no deferred tax
assumed in 3Q13 vs. Rs1b in 3Q12. Generation to increase by
-5.2% 6%YoY to ~59.8BU mainly driven by capacity addition of
2.8GW post 3Q12. Assumed grossing up of RoE at regular tax
-179 bps rate. To watch - (1) coal supply and PAF of its plants, (2) adj. previous yr sales and other extra ordinaries not pass through,
27.4%
(3) UI income and 4) coal mine allocations through auction and
5) any other trigger created before OFS. We currently have
27.4% reduce rating on the stock but likely to upgrade to hold post
3Q13 as stock has corrected.
GIPCL
Reco
Target Price (Rs)
% Upside
Buy
87
15%
-2.6% GIPCL is one of our top picks for 3Q13 results. PLF for Surat
500MW has been excellent at 90% in 3Q13. Expect Net profit
-1.1% of Rs506mn in 3Q13 will be 3rd straight qtr of this run rate.
Post 3Q13, expect 15-20% upgrades in FY13/14 consensus
54 bps EPS (Rs10.2 and Rs11.8 for FY13 & FY14E). Our earnings
stand at Rs12.6 for FY13 and Rs13.4 for FY14. Based on
-4.3% FY14 numbers, stock has 5.8% dividend yield. We believe
stock will run-up by 20-25% in built-up to and post 3Q13
-4.3%
results. To watch PAF and core ROE. Current Reco - Buy.
Power
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
CESC
CMP(Rs)
312
Net Sales (Rs mn)
Mkt Cap (Rs bn)
39
EBITDA (Rs mn)
Reco
Ur
EBITDA Margin (%)
Target Price (Rs)
PAT (Rs mn)
% Upside
-100%
EPS (Rs)
13,952
13,440
9,830
41.9%
3.8%
3,620
3,110
2,130
70.0%
16.4%
25.9
23.1
21.7 428 bps
281 bps
1,749
1,360
740
136.4%
28.6%
14.0
10.9
5.9
136.4%
28.6%
PGCIL
CMP(Rs)
114
Net Sales (Rs mn)
30,867
30,858
24,666
25.1%
0.0%
Mkt Cap (Rs bn)
530
EBITDA (Rs mn)
26,546
26,692
21,026
26.3%
-0.5%
86.0
86.5
85.2
76 bps
-50 bps
9,817
10,289
8,027
22.3%
-4.6%
2.1
2.2
1.7
22.3%
-4.6%
Reco
Target Price (Rs)
121
PAT (Rs mn)
% Upside
6%
EPS (Rs)
NHPC
CMP(Rs)
25
Net Sales (Rs mn)
Mkt Cap (Rs bn)
306
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
26
PAT (Rs mn)
% Upside
4%
EPS (Rs)
10,755
16,217
8,820
21.9%
-33.7%
4,627
10,553
3,788
22.1%
-56.2%
43.0
65.1
42.9
10 bps
-2210
bps
2,326
7,430
2,121
9.7%
-68.7%
0.2
0.6
0.2
9.7%
-68.7%
Comments
Nos to be good on the back of 1% tariff hike recently. CESC to
recognize past two qtrs proportionate tariff impact in this qtr
resulting in an increase of Rs360mn in PAT. Expect full year
standalone EPS of Rs46.9 (likely to be cut by 2% as tariff hike
was slightly lower). We had put CESC on review post last qtr
with a positive view and are likely to upgrade to BUY post
3Q13. Do not see much action based on Qtrly results unless
there is any significant change in Spencers numbers. Key
things to watch- (1) Execution status of under-construction
plants and (2) profitability in Spencers.
3Q13 PAT Rs9.8b, gr. of 22%YoY but decline of 5% qoq. QoQ
decline is attributed to 1) lower other income and lower short
term open access income. We have built a capitalization of
Rs30bn in 3Q13, implying a capitalization of Rs85bn in 4Q13,
which has downside of Rs10-15bn. However, considering
PGCIL will still deliver 16% EPS growth in FY13 and gr. in
FY14 to be even stronger, expect the stock to bounce back to
Rs120 levels post 3Q13 results. Key things to watch 1) incr. in
12th plan capex and any change in mgmt outlook on equity
dilution and 2) capitalization in 4Q13 and FY14.
Nos could be significantly better if interest on water cess
(~Rs1.3b) is recognized in 3Q13 (regulations were notified on
31st Dec but we have not included this in our nos.). PAT of
Rs2.3bn, up 10%YoY, despite Chutak exp recognized but not
revenues, is driven by Chamera Commissioning. Have built
Chutak expenses of Rs250mn but no revenues. Driven by poor
river flow and reservoir levels, despite COD of 231MW
Chamera-III, gross generation to decline by ~12%YoY to
2.54BU in 3Q13. Key things to watch- (1) RoE grossing up (2)
status of dispute with J&K Govt. and (3) status of under
construction plants mainly Subansiri and Parbati II. DO not
expect further upside in the stock and likely to downgrade the
stock from Buy to hold post 3Q13 results.
Power
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Tata Power
CMP(Rs)
109
Net Sales (Rs mn)
81,230
76,411
66,459
22.2%
Mkt Cap (Rs bn)
258
EBITDA (Rs mn)
17,547
14,507
9,889
77.4%
Reco
Hold
EBITDA Margin (%)
21.6
19.0
2,261
1,348
1,172
92.9%
EPS (Rs)
1.0
0.6
0.5
92.9%
Target Price (Rs)

% Upside
95
-12%
PAT (Rs mn)
14.9 672 bps
Net sales to grow by 22%YoY and 6% qoq to Rs81bn led by

6.3% higher generation at Mundra and Maithon. Assumed
Rs2009mn of dividend to be received from subsidiary during
21.0% the quarter at standalone level. Standalone net profit expected
at Rs3.4bn. Consolidated net profit on adjusted basis expected
262 bps to grow by 93%YoY driven by better standalone profits and
Key things to watch- (1) Production and realization Bumi, (2)
67.8% Coal blending at Mundra UMPP and (3) decision on Mundra
UMPP tariff petition before CERC. We have a hold rating on
67.8%
the stock.
Indiabulls Power
CMP(Rs)
15
Net Sales (Rs mn)
n.a
n.a
n.a
n.a
Mkt Cap (Rs bn)
41
EBITDA (Rs mn)
n.a
n.a
n.a
n.a
EBITDA Margin (%)
n.a
n.a
n.a
n.a
PAT (Rs mn)
n.a
n.a
n.a
n.a
EPS (Rs)
n.a
n.a
n.a
n.a
Reco
Target Price (Rs)
% Upside
Buy
21
37%
n.a Boiler light up test conducted for first unit of Amravati Phase-I
and first unit expected to be commissioned by Feb12. Nashik
n.a first unit commissioning expected in March12. Recently MERC
has given its approval to Nashik PPA. Key trigger for the stock
n.a in near term is coal price pooling as Indiabulls is the largest
beneficiary. We expect coal price pooling decision in Jan itself.
n.a Thereafter, commissioning will be the trigger. Indiabulls Power
remains our top pick.
n.a
Real Estate
n The Real Estate Q3FY13 results (Emkay Universe) are expected to be a mix bag. DLFs results would be boosted by
booking of NTC Mill land sale although ex-deal, cashflows would not have any significant change QoQ. Oberoi Realty
(OBRE) results will be flat QoQ with flat sale bookings nos. expected. Phoenix Mills (PML) financials too are expected
to be flat QoQ. Prestige Estates (PEPL) & Sobha Developers (SDL) financials to improve QoQ (ex. land monetisation)
with couple of projects crossing construction threshold, but surplus cash from the qtr would remain subdued leading
to no meaningful change in debt
n Sales bookings across the companies are expected to be subdued. DLFs sales booking will be boosted by its only
launch in the quarter of DLF Sky Court in Gurgaon. PEPL soft launched 3 projects with 3.3msf of SBA in Bangalore
which will help it maintain strong sales trajectory. PML had a large residential launch in Bangalore with sales booking
of 0.7msf. SDL sold 0.9msf in the quarter for Rs 5.3bn, nearing its target of Rs 20bn sales booking in FY13. OBRE had
no launches in Q3FY13 and would maintain sales booking QoQ
Sales Booking (msf)
Q3FY13E
Q2FY13
Q3FY12
DLF
1.4
1.6
3.3
Oberoi Realty
0.13
0.13
0.13
Prestige Estates
1.7
1.6
1.0
Sobha Developers
0.94
0.95
0.82
n We dont see any significant change in the o/s debt of the companies except DLF which will report lower debt owning
to cash from land sale. SDL and PEPL to have similar debt o/s QoQ while PML consolidated debt would increase due
to higher drawing for Shangri La project.
n We expect to increase TP across the companies on lower discount rate due to expected 100 bps cut expected in FY14
Real Estate
Name
Dec12E
% Chg
YoY
Sep12
Dec11
20,340
129.3
% Chg
QoQ
Comments
DLF
128.7 DLFs Q3FY13 results will have accounting of NTC Mill land
sale for Rs 27.3bn. Company has launched 1 project in the qtr
8,224
156.7
140.5 which may result into subdued sales booking of 1.4msf valued
at Rs 8bn. Net debt QoQ would be down by ~Rs 15bn as
40.4 -710bps -327bps stated on Q2FY13 presentation. New launch status and
cashflows timeline of Aman Resorts sale would be the key
2,583
159.1
383.3 things to be watched on the Q3FY13 results presentation.
CMP(Rs)
235
Net Sales (Rs mn)
46,646
20,395
Mkt Cap (Rs bn)
399
EBITDA (Rs mn)
15,546
7,464
33.3
36.6
6,694
1,385
3.9
0.8
1.5
n.a.
Reco
Target Price (Rs)
250
PAT (Rs mn)
% Upside
6%
EPS (Rs)
Phoenix Mills
(Standalone)
CMP(Rs)
258
Net Sales (Rs mn)
675
665
505
33.6
Mkt Cap (Rs bn)
37
EBITDA (Rs mn)
452
438
373
21.0
66.9
65.8
73.9 -698bps
PAT (Rs mn)
336
329
268
25.2
EPS (Rs)
2.3
2.3
1.9
n.a.
Reco
Target Price (Rs)
% Upside
n.a.

221
-14%
1.5 Phoenix Mills to continue with steady numbers on the

standalone basis. On consolidated basis, the operations will
3.2 improve on back of strong reported housing sales in Bangalore
(W) and soft launch of Shangri La hotel in Q3FY13. We would
109bps be upgrading our target price on back of higher than expected
residential sales and realisations in the Bangalore (W) project.
2.1
n.a.
Oberoi Realty
CMP
298
Net Sales (Rs mn)
2,629
2,577
1,873
40.4
Mkt Cap (Rs bn)
98
EBITDA (Rs mn)
1,538
1,496
1,134
33.6
58.5
58.1
1,275
1,244
1,021
24.9
3.9
3.8
3.1
n.a.
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
315
PAT (Rs mn)
% Upside
6%
EPS (Rs)
60.5 -205bps
2.0 Oberoi Realty is expected to report subdued results for

Q3FY13. With no new launches, we expect the sales booking
3.2 to be similar to Q2FY12 at 0.13msf.Profitabiity margins are
also expected to be similar QoQ considering the similar mix of
43bps revenue contribution across the offerings. As usual, clarity on
land purchase, Mulund (W) projects environmental clearance
2.5 and Worli project launch is expected in the results coinf. call.
We may marginally increase our TP on FY14 rollover.
n.a.
Real Estate
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Sobha Developers
CMP(Rs)
388
Net Sales (Rs mn)
4,828
4,148
3,032
59.2
Mkt Cap (Rs bn)
38
EBITDA (Rs mn)
1,380
1,285
948
45.5
Reco
Hold
EBITDA Margin (%)
28.6
31.0
31.3 -269bps
Target Price (Rs)
380
PAT (Rs mn)
548
501
401
36.6
% Upside
-2%
EPS (Rs)
5.6
5.1
4.1
n.a.
CMP(Rs)
180
Net Sales (Rs mn)
4,858
2,414
1,669
191.1
Mkt Cap (Rs bn)
59
EBITDA (Rs mn)
1,535
725
493
205.9
31.6
30.0
38.5
153bps
1,023
457
263
262.9
3.1
1.4
0.8
n.a.
16.4 Sobha Developers is expected to report strong nos.YoY and

QoQ as we expect a large project to cross construction
7.4 threshold level during the quarter. Margins are going to dip as
there is no revenue from high margin land monetisation is
-241bps expected in the quarter. SDL sold 0.9msf for Rs 5.3bn maintain
its traction and nearing its target sales booking of Rs 20bn in
9.3 FY13. With most of the sales booking coming from old projects,
as no new launches in Q3FY13, the cash inflows from sales
n.a.
would be higher.
Prestige Estates
Reco
Target Price (Rs)
165
PAT (Rs mn)
% Upside
-8%
EPS (Rs)
101.2 PEPL to report strong financials amid 4 large projects reaching

threshold level of completion fully or partially. Sales booking is
111.8 expected to be subdued at ~ 1.5msf / Rs 7.4bn with 3 soft
launches in the qtr. EBITDA margins would improve marginally
157bps due to revenue booking from high margin projects like
Kingfisher towers. Gross consolidated debt should remain at
124.0 similar levels QoQ
n.a.
Telecom
n Despite seasonally strong quarter, companies are expected to report muted volume (1%) and ARPM growth (0.5-1%).
Traffic growth for the sector to be muted led by continuous decline in subscribers (DoT has implemented stricter KYC
norms and operators are also removing inactive subscribers) and operators have been reducing discounting
minutes.
n
Domestic wireless revenue is expected to grow 2.3% sequentially for our coverage universe. Bharti and Idea is
expected to report growth of 2.6% and 2% qoq, respectively. ARPM growth of 1% for the Bharti and Idea to be
backed by data revenue growth as voice ARPM would remain flat qoq.
Traffic growth for Bharti and Idea is expected to be muted at 1% qoq, due to reduction in discounted minutes in
the system and decline in subscriber base. We estimate traffic growth of 1% qoq for Bharti and 0.5% for Idea.
Net subscriber addition during Q3FY13E is expected to further decline due to 1) implementation of stricter KYC
norms implemented by DoT and 2) removal of inactive subscribers from the system.
n Consolidated EBITDA of coverage universe is estimated to grow 2.5% qoq with EBITDA margin at 30%, flat qoq.
Lower subscriber acquisition cost to get offset by higher marketing spends during the quarter. APAT is expected to
grow 42% qoq for Bharti but decline 2.4% for Idea.
n Regulatory overhang has reduced to some extent with the failure of recently conducted 2G auction but many other
issues like spectrum re-farming and abolishment of roaming are yet to be finalized by the regulator. We believe stock
prices would remain volatile with the news flow on pending legal issues.
n We maintain our cautious view on the sector with HOLD rating on Bharti and REDUCE on Idea.
Telecom
Name
Dec12E
% Chg
YoY
Sep12
Dec11
202,970
196,969
185,078
9.67%
62,618
61,007
59,584
5.09%
% Chg
QoQ
Comments
Bharti Airtel*
CMP(Rs)
327
Net Sales (Rs mn)
Mkt Cap (Rs bn)
1,241
EBITDA (Rs mn)
Reco
Hold
EBITDA Margin (%)
30.85
30.97
Target Price (Rs)
280
PAT (Rs mn)
6,923
4,825
10,113
46%
1.8
1.3
2.7
46%
% Upside
-14%
EPS (Rs)
32.19 -134 bps
Bharti is expected to report 3% qoq revenue growth. Indian

3.0% mobile revenue is expected to report 2.6% qoq decline. ARPU
is expected at Rs184. We estimate consolidated Adj. EBITDA
2.6% to grow 2.6% qoq with EBITDA margins of 30.8%. We expect
Africa revenue at Rs61.1bn (+1% qoq) and EBITDA margin of
-12 bps 27.1%. In USD terms, revenue is expected to grow 3% QoQ.
The watch out factor for Bharti would be overall guidance for
43.5% African operations, 3G off take and prevailing pricing trend in
the domestic market.
43.5%
Idea Cellular
CMP(Rs)
110
Net Sales (Rs mn)
53,991
53,140
50,308
7.3%
Mkt Cap (Rs bn)
363
EBITDA (Rs mn)
14,489
14,225
13,446
7.8%
26.8
26.8
26.7
11 bps
2,344
2,400
2,010
16.6%
0.7
0.7
0.6
16.6%
Reco
Target Price (Rs)
% Upside
Reduce
87
-21%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
1.6% Idea Cellular is expected to register revenue growth of 1.6%

QoQ. ARPU and MoU is expected to be at Rs 155 and 366,
1.9% respectively. Voice ARPM continues to remain flat qoq as
discounted minutes have been reduced in last couple of
7 bps months. However, data revenue to support overall ARPM.
EBITDA margin at 26.8% is expected to remain stable
-2.4% sequentially. Higher marketing spend would offset impact lower
subscriber acquisition cost. PAT is expected at Rs2.3bn as
-2.4%
compared to Rs2.4bn in the last quarter.
*Bhartis numbers for Q2FY13 are adjusted for one-offs pertaining to favorable interconnect judgment
Others
Name
Dec12E
Sep12
Dec11
% Chg
YoY
% Chg
QoQ
Comments
Aban Offshore
CMP(Rs)
398
Net Sales (Rs mn)
8,594
9,541
8,659
Mkt Cap (Rs bn)
17
EBITDA (Rs mn)
4,960
5,113
5,007
57.7
53.6
57.8
Reco
-9.9% We expect Aban Offshores Q3FY13 consolidated revenue to

decline 0.7%YoY to Rs8.6bn. EBIDTA for the quarter at Rs4.96
-0.9%
-3.0% bn, is expected to decline 0.9%. However EBITDA margins are
expected to remain flattishYoY at 57.7%. Net profit at Rs0.7 bn
10 bps 410 bps for the quarter is expected to register decline 5.7%YoY.
-0.7%
Target Price (Rs)
500
PAT (Rs mn)
690
712
731
-5.7%
-3.2%
% Upside
26%
EPS (Rs)
15.8
16.4
16.8
-5.7%
-3.2%
125
Net Sales (Rs mn)
3647
3726
2734
33.4
EBITDA (Rs mn)
1029
1082
702
46.7
CMP(Rs)
Mkt Cap (Rs bn)
Reco
Buy
EBITDA Margin (%)
28.2
29.0
25.7
255bps
Target Price (Rs)
172
PAT (Rs mn)
376
254
345
9.0
% Upside
38%
EPS (Rs)
6.4
6.0
4.8
n.a.
4,756
4,766
4,148
14.7%
-2.1 Arshiya Intl. is expected to report good quarterYoY owning to

revenue contribution from Khurja FTWZ which was absent in
-4.9 Q3FY12. On QoQ the financials would be subdued with
marginal improvement in profitability due to higher Other
-82bps Income. Rail business would get marginally affected due to
increase in haulage charges in Dec12. Delay in Khurja DP and
6.0 rail siding is the major disappointment for the quarter which
needs to be checked.
n.a.
Essel Propack
CMP(Rs)
42
Net Sales (Rs mn)
Mkt Cap (Rs bn)
EBITDA (Rs mn)
817
873
691
18.4%
EBITDA Margin (%)
17.2
18.3
16.6
54 bps
PAT (Rs mn)
167
232
136
23.1%
EPS (Rs)
1.1
1.5
0.9
23.1%
Reco
Target Price (Rs)
% Upside
Buy
62
48%
-0.2% Higher volumes in AMESA (12%YoY) and Europe (2%YoY)

coupled with rising share of non-oral care in revenues to drive
-6.4% growth. Expect EAP region to continue growing at a slow pace
owing to lower volume off-take. We expect EPL to post
-113 bps revenue growth of 14.7%YoY to Rs 4.8bn. Better product mix
on account of non-oral care and reduce loses in Poland would
-27.8% drive margin expansion of 50bpsYoY to 17.2%. Subsequently,
expect APAT to grow at 23%YoY to Rs 167mn.
-27.8%
Others
Name
Dec12E
% Chg
YoY
Sep12
Dec11
12,986
13,345
12,429
4.5%
2,483
2,898
2,854
-13.0%
19.1
21.7
23.0
-380
2,365
3,827
2,745
-13.9%
25.8
41.7
29.9
-13.9%
10,295
9,581
8,962
14.9%
1,304
1,192
1279.2
1.9%
% Chg
QoQ
Comments
Grasim
CMP(Rs)
3,180
Net Sales (Rs mn)
Mkt Cap (Rs bn)
292
EBITDA (Rs mn)
Reco
Buy
EBITDA Margin (%)
Target Price (Rs)
4,000
PAT (Rs mn)
% Upside
26%
EPS (Rs)
CMP
646
Net Sales (Rs mn)
Mkt Cap (Rs bn)
81
EBITDA (Rs mn)
-2.7% Grasims standalone net revenue for the quarter is expected to

grow by 4.5%yoy to Rs12.98bn with VSF segment reporting
-14.3% growth of 1.6%YoY at Rs11bn whereas the chemical business
segment revenues growing 13.2%YoY. VSF realizations are
-260 expected to decline by 3% qoq led by price cuts. Overall
EBIDTA at Rs2.48bn is expected to decline 13%yoy.
-38.2% Consequently, pre-exceptional net profit at Rs2.36bn is
expected to decline 13.9%YoY.
-38.2%
Havells India
Reco
Buy
EBITDA Margin (%)
12.7
12.4
14.2
-150
Target Price (Rs)
740
PAT (Rs mn)
818
869.7
788.8
3.6%
% Upside
15%
EPS (Rs)
6.6
7.0
6.3
3.6%
CMP(Rs)
232
Net Sales (Rs mn)
4,209
3,889
3,507
20.0%
Mkt Cap (Rs bn)
17
EBITDA (Rs mn)
648
599
561
15.6%
7.4% New products in ECD & switchgear and added capacities in

lighting & luminaries along with festive season would drive 15%
9.4% revenue growth to Rs 10.3bn. Expect EBIDTA to grow at
2%YoY to Rs 1.3bn, while EBIDTA margins would fall by
40 150bpsYoY to 12.7% owing to high base effect of
corresponding last quarter. We expect APAT to grow at 4%YoY
-6.0% to Rs 818mn. In Sylvania, Europe operations would stagnate,
while LATAM may grow 8-10% led by price increase and cross
-6.0% selling new products. Guided 6% EBIDTA margins may be
difficult to sustain.
Kajaria Ceramics
Reco
Buy
EBITDA Margin (%)
15.4
15.4
16.0
-58 bps
Target Price (Rs)
260
PAT (Rs mn)
294
265
211
39.4%
8.2% We estimate revenues to increase by 20%YoY to Rs 4.2bn.

Company is likely to report EBITDA of Rs 648mn, 16%YoY
8.3% with EBITDA margins of 15.4%. We expect company to report
PBT of Rs 425mn, 40%YoY. We expect company to report
1 bps PAT of Rs 294mn, 39%YoY with margins of 7.0%. EPS is likely
to be around Rs 4.0
10.6%
% Upside
12%
EPS (Rs)
4.0
3.6
2.9
39.4%
10.6%
Others
Name
Dec12E
% Chg
YoY
Sep12
Dec11
4,199
4,214
3,464
21.2%
6.7%
% Chg
QoQ
Comments
Piramal Glass
CMP(Rs)
88
Net Sales (Rs mn)
Mkt Cap (Rs bn)
EBITDA (Rs mn)
918
610
861
24.9 -299 bps
Reco
Buy
EBITDA Margin (%)
21.9
14.5
Target Price (Rs)
145
PAT (Rs mn)
331
43
188
76.0%
% Upside
65%
EPS (Rs)
4.1
0.5
2.3
74.9%
-0.4% Continued growth in premium C&P segment along with

improving stabilization in new facility to drive 21%YoY revenue
50.4% growth to Rs 4.2bn. However, higher fixed cost and suboptimal product mix of new facility would impact EBIDTA
738 bps margins. Expect EBIDTA to grow 7%YoY to Rs 918mn. We
expect EBIDTA margins to decline 300bpsYoY to 21.9%.
667.6% However, higher other income would result in APAT growth of
76%YoY to Rs 331mn.
667.6%
Sterlite Tech
CMP(Rs)
37
Net Sales (Rs mn)
7,598
8,421
6,635
14.5%
Mkt Cap (Rs bn)
14
EBITDA (Rs mn)
690.2
503.0
522.3
32.1%
9.1
6.0
188.5
42.0
94.7
99.0%
0.5
0.1
0.2
99.0%
Reco
Target Price (Rs)
% Upside
Hold
34
-7%
EBITDA Margin (%)

PAT (Rs mn)
EPS (Rs)
7.9 121 bps
-9.8% Revenue is expected to grow 14.5% yoy, led by 18% yoy

revenue growth in power. Muted revenue growth is expected
37.2% in telecom segment due to lower dispatches during the
quarter. Fibre optic volumes are expected at 2.9mn fkm, down
52 bps 1.4% yoy. EBITDA margin at 9.1% is expected to improve by
121bps yoy, led by 214bps margin expansion in Telecom
347.7% segment. Power segment margins are unlikely to show major
improvement in current quarter. PAT is expected to improve
347.7% by 100% yoy due low base last year. Update on UMTP
projects, consolidated debt and outlook on EBITDA/Tone for
power segment would be key things to out for.
Valuations
Company Name
Chambal Fertilisers
Deepak Fertilisers
Dhanuka Agritech
GNFC
GSFC
Rallis India
Tata Chemicals
United Phosphorus
Automobiles
Ashok Leyland
Bajaj Auto
Eicher Motors
Hero Motocorp
Mah & Mah
Maruti Suzuki India
Tata Motors
TVS Motor
Auto Ancillaries
Amara Raja Batteries
Apollo Tyres
CEBBCO
Exide Industries
Motherson Sumi
Cement
ACC
Ambuja Cements
India Cements
Madras Cements
Orient Paper
Shree Cements
Ultratech Cement
Price
(Rs)
70
261
130
131
83
72
151
371
139
27
2,210
2,841
1,907
953
1,588
317
47
Mkt Cap
(Rs bn)
351
29
74
11
7
13
29
29
95
64
Reco
Target
Price
(Rs)
Sales (Rs mn)

FY13e
FY14e
519,154
550,680
57,390
59,659
93,792
102,422
25,334
23,254
5,936
6,867
37,928
41,105
54,432
55,326
14,660
16,279
148,026
156,795
81,657
88,973
EBITDA (Rs mn)

FY13e
FY14e
76,611
88,450
7,379
8,025
9,145
12,050
4,002
4,598
870
1,058
5,739
8,568
7,883
8,934
2,486
2,800
24,284
25,527
14,823
16,889
PAT (Rs mn)

EPS (Rs)
PE (x)
PB (x)
ROCE (%)
ROE (%)
FY13e
FY14e FY13e FY14e FY13e FY14e FY13e FY14e FY13e FY14e FY13e FY14e
38,861
46,548
16.9
20.2
9.0
7.5
1.4
1.2
14.9
16.5
16.1
17.0
3,724
4,189
8.9
10.1
7.8
7.0
1.4
1.2
11.1
12.3
19.4
18.9
5,803
7,961
20.7
28.4
12.6
9.2
2.7
2.3
18.1
23.6
22.8
27.1
2,016
2,533
22.9
28.7
5.7
4.5
0.8
0.7
16.5
18.8
15.6
17.4
623
754
12.4
15.1
10.5
8.7
2.5
2.0
28.7
29.9
26.1
25.9
2,643
3,771
17.0
24.3
4.9
3.4
0.5
0.4
10.5
14.6
10.1
13.2
5,460
5,879
13.7
14.8
5.3
4.9
0.7
0.6
17.3
16.8
14.5
13.8
1,428
1,632
7.3
8.4
20.5
18.0
4.7
4.1
28.9
29.8
24.2
24.3
9,746
10,809
38.2
42.4
9.7
8.8
1.3
1.2
13.9
14.2
14.4
14.4
7,418
9,022
16.1
19.5
8.7
7.1
1.4
1.2
15.6
17.2
16.6
17.6
Accumulate
Accumulate
Buy
Buy
Buy
Hold
Accumulate
Buy
Accumulate
98
340
172
150
105
70
153
400
172
3,165
71
Hold
639 Reduce
77 Reduce
381
Buy
585 Accumulate
459
Hold
931 Accumulate
22
Hold
28
2,100
2,400
2,350
1,100
1,700
350
44
3,403,228
128,045
202,333
63,213
228,923
396,471
431,959
1,881,917
70,367
4,010,103
147,750
237,703
78,033
255,469
461,367
521,319
2,229,967
78,495
429,221
11,550
37,368
5,647
33,278
46,381
32,191
258,580
4,227
526,209
13,260
48,728
7,932
37,070
54,007
49,431
310,893
4,888
225,946
3,993
30,377
3,544
21,880
32,186
18,261
113,721
1,985
278,949
5,268
37,710
4,474
22,952
37,943
29,589
138,548
2,465
28.7
1.5
105.0
131.2
109.6
52.3
63.2
34.2
4.2
35.4
2.0
130.3
165.7
114.9
61.6
102.4
41.7
5.2
14.0
17.8
21.1
21.6
17.4
18.2
25.1
9.3
11.2
11.3
13.5
17.0
17.1
16.6
15.5
15.5
7.6
9.1
3.3
2.4
8.5
4.3
7.2
4.1
2.7
2.4
1.7
2.7
2.3
6.6
3.5
6.0
3.4
2.4
1.9
1.5
26.0
12.8
61.6
25.1
47.3
26.2
14.4
25.2
15.6
28.2
13.5
61.5
26.5
49.9
27.0
20.9
26.6
17.7
26.8
13.6
44.7
21.5
45.5
24.3
11.4
30.1
16.1
26.8
17.4
43.8
22.4
39.3
24.1
16.4
28.1
17.9
320
95
130
190
215
496,448
29,449
141,444
7,475
63,536
254,543
572,128
35,287
157,466
9,287
76,064
294,023
49,604
4,701
16,398
1,349
9,218
17,937
61,192
5,650
18,078
1,575
12,143
23,746
23,319
2,998
6,974
748
6,194
6,405
30,152
3,667
8,108
897
8,476
9,004
10.8
17.6
13.8
13.6
7.3
10.9
13.9
21.5
16.1
16.3
10.0
15.3
14.4
14.9
6.4
6.9
20.1
18.3
11.2
12.2
5.5
5.7
14.7
13.0
3.2
4.2
1.3
1.6
3.5
5.2
2.6
3.2
1.1
1.3
3.0
4.2
22.2
41.9
20.7
29.8
26.1
18.2
25.2
40.6
20.5
30.0
29.9
24.0
23.9
31.6
22.1
26.1
18.8
31.0
25.5
30.0
21.0
25.6
22.0
35.4
1,510
210
103
245
92
4,420
1,950
598,250
109,306
100,526
46,365
39,134
28,157
58,981
215,782
684,323
126,293
115,002
50,852
44,359
32,180
66,438
249,199
138,776
22,096
26,240
9,179
10,830
3,932
16,790
49,709
159,741
27,087
30,313
10,272
11,904
4,415
18,430
57,322
75,830
13,638
16,791
2,377
3,992
2,109
8,185
28,737
86,245
17,125
19,375
3,059
4,615
2,374
8,195
31,503
27.3
72.6
10.9
7.7
16.8
10.3
235.0
104.9
31.0
91.1
12.6
10.0
19.4
11.6
235.2
114.9
18.5
19.6
18.8
11.8
14.4
8.0
19.6
19.3
16.2
15.6
16.3
9.2
12.5
7.1
19.6
17.6
3.2
3.4
3.5
0.7
2.4
1.3
4.6
3.6
2.8
3.0
3.1
0.7
2.1
1.1
3.8
3.1
20.9
24.0
27.2
9.4
14.7
19.0
25.3
21.4
21.4
27.4
28.3
10.3
15.7
18.6
21.4
21.0
18.8
18.1
19.7
6.5
18.0
17.5
26.4
20.3
18.6
20.4
20.4
7.9
18.0
16.9
21.3
18.8
261
89
93
146
200
336
45
45
5
124
117
1,424
205
91
242
82
4,606
2,023
1,401
267
316
28
58
17
160
555
Buy
Hold
Buy
Buy
Buy
Accumulate
Hold
Hold
Accumulate
Accumulate
Accumulate
Hold
Valuations
Company Name
Construction
Adani Ports
Ashoka Buildcon
GMR Infrastructure
IRB Infrastructure
IVRCL
Price
(Rs)
139
216
20
219
133
47
102
Mkt Cap
(Rs bn)
Reco
688
278
Buy
11
Buy
79
Hold
43 Accumulate
44
Buy
14
Hold
219
Hold
Target
Price
(Rs)
150
340
21
221
230
39
93
Sales (Rs mn)

FY13e
FY14e
447,345
547,197
40,268
52,313
19,033
23,076
90,936
146,288
70,093
69,324
36,603
44,150
52,385
59,352
138,027
152,695
EBITDA (Rs mn)

FY13e
FY14e
134,742 176,651
27,205
34,781
4,168
4,693
26,948
51,871
18,754
21,647
15,935
18,520
4,342
5,216
37,389
39,922
PAT (Rs mn)

EPS (Rs)
PE (x)
PB (x)
ROCE (%)
ROE (%)
FY13e
25,540
34,067
2.9
3.8
26.9
20.2
2.0
1.8
7.3
8.3
7.1
9.1
9,151
14,136
4.5
7.0
30.6
19.8
5.1
4.2
7.9
9.2
17.7
23.2
1,168
1,316
22.2
25.0
9.8
8.7
1.0
0.9
3.7
3.0
10.7
10.8
-2,180
375
-0.6
0.1 -36.2 210.6
0.8
0.9
3.8
6.5
-2.3
0.4
4,903
4,471
25.2
23.0
8.7
9.5
1.4
1.2
12.4
11.9
17.0
13.7
4,556
4,462
13.7
13.4
9.7
9.9
1.4
1.2
11.6
10.3
15.0
13.1
70
487
0.2
1.6 204.3
29.5
0.6
0.6
9.0
9.1
0.3
2.1
7,872
8,821
3.7
4.1
27.4
24.5
1.9
1.7
8.8
9.6
6.6
7.3
Consumers
Asian Paints
Berger Paints
Colgate-Palmolive
Glaxosmithkline Consumer
Hindustan Unilever
Jubilant FoodWorks
Marico
Nestle
Page Industries
Titan Industries
4,395
157
1,541
3,845
721
529
1,327
228
4,900
3,400
286
3,234
422
54
210
162
245
1,145
86
147
472
38
254
Sell
Accumulate
Buy
Accumulate
Sell
Hold
Sell
Accumulate
Accumulate
Sell
Buy
3,340
152
1,400
3,400
580
490
1,000
208
5,000
2,849
285
784,563
113,837
33,914
30,947
30,588
65,034
255,546
14,457
47,965
82,998
8,481
100,796
916,856
130,574
38,361
35,841
34,930
78,292
289,108
20,223
55,888
100,072
10,638
122,930
123,057
18,152
3,480
6,413
5,993
11,102
39,482
2,594
6,560
17,564
1,700
10,018
146,650
21,066
4,040
7,589
6,882
13,687
46,462
3,646
7,666
21,250
2,130
12,232
87,985
11,990
2,087
5,486
4,420
7,195
32,258
1,494
4,228
10,435
1,144
7,250
103,214
13,753
2,409
6,400
5,078
9,140
36,104
2,101
5,087
12,694
1,418
9,032
18.2
125.0
6.0
40.3
105.1
21.1
14.9
23.0
6.6
108.2
102.6
8.2
21.4
143.4
7.0
47.1
120.7
26.9
16.7
32.3
7.9
131.7
127.1
10.2
36.8
35.2
26.0
38.2
36.6
34.1
35.5
57.8
34.7
45.3
33.2
35.0
31.3
30.7
22.5
32.7
31.8
26.8
31.7
41.1
28.9
37.2
26.8
28.1
15.4
11.8
5.8
37.6
11.7
7.2
22.8
20.0
7.3
29.4
18.3
13.2
12.5
9.3
4.9
29.9
9.7
6.1
18.4
14.4
6.1
27.4
14.7
10.1
55.1
47.4
26.6
151.3
53.9
22.4
105.5
59.7
27.2
63.1
64.7
62.3
54.2
43.4
26.9
140.5
51.1
25.2
90.8
60.1
26.0
79.6
60.9
58.9
47.8
37.9
24.2
110.5
35.0
23.2
75.6
40.9
26.9
72.5
61.4
43.1
44.1
33.8
23.6
101.8
33.3
24.6
64.2
40.7
23.0
76.2
61.0
40.8
Eng. & Capital Goods

BHEL
Blue Star
Cummins India
Elecon Engineering
Greaves Cotton
Larsen & Toubro
Punj Lloyd
Thermax
TRF
Voltas
243
180
534
49
81
1,615
2,270
100
62
623
243
107
1,937
595
16
148
5
20
993
26
3
21
74
3
35
Hold
Buy
Accumulate
Hold
Buy
Accumulate
Hold
Hold
Accumulate
Hold
Sell
Accumulate
220
215
500
56
90
1,759
1,923
110
74
505
180
121
1,595,232
466,404
27,933
43,307
12,982
19,124
728,008
22,855
27,632
121,247
56,455
12,441
56,843
1,681,047
410,811
31,252
50,764
14,174
21,489
828,921
25,836
30,748
129,710
60,618
14,266
62,458
222,255
90,698
1,668
8,021
1,906
2,468
92,644
2,871
2,015
11,494
4,890
599
2,979
222,181 131,628
69,942 62,211
2,505
964
9,436
6,261
2,077
612
2,861
1,462
106,503 52,349
3,395
1,542
2,258
552
12,318
129
5,493
3,282
892
-26
4,499
2,290
126,701
47,388
1,431
7,370
695
1,709
57,972
1,869
591
562
3,770
204
3,140
28.6
25.4
10.7
22.6
6.6
6.0
85.5
136.9
17.8
0.4
27.5
-2.4
6.9
27.5
14.7
19.4
9.6
15.9
16.8
26.6
23.6
7.5
7.4
7.0
13.5
94.7
18.9
165.9
16.6
19.0
5.6
1.7 159.0
31.6
22.6
18.5 -102.0
9.5
15.4
15.3
12.5
11.3
20.1
6.5
11.6
17.1
13.7
5.3
36.5
19.7
13.1
11.2
2.6
2.0
3.0
6.9
0.9
2.8
2.9
2.6
0.8
0.7
4.0
1.7
2.1
2.3
1.8
2.6
6.4
0.8
2.4
2.6
2.2
0.7
0.7
3.5
1.6
1.9
16.5
32.2
17.8
41.6
15.2
28.9
11.1
23.4
15.7
9.7
23.6
7.6
20.3
14.4
20.7
28.1
44.7
15.4
29.9
11.1
25.4
15.4
9.8
23.9
11.0
24.8
18.7
22.5
19.0
29.8
13.1
21.8
16.7
16.4
14.2
0.4
18.8
-1.7
14.7
15.8
14.9
24.7
33.0
13.6
22.3
16.1
17.4
13.4
1.9
18.9
12.6
17.7
Valuations
Price
(Rs)
Company Name
Fin. Services - Others
CRISIL
ICRA
1,044
1,430
IT Services
eClerx Services
HCL Tech
Infinite Computer
Infosys
Mahindra Satyam
Mindtree
Mphasis
NIIT Tech
Persistent Systems
TCS
Tech Mahindra
Wipro
702
636
89
131
2,350
108
694
393
257
535
1,295
941
408

DB Corp
Dish TV
HT Media
Jagran Prakashan
Zee Entertainment
237
79
103
111
228
Mkt Cap
(Rs bn)
Reco
88
73 Accumulate
14
Hold
5,778
21
441
26
6
1,349
127
29
83
15
21
2,535
120
1,004
Target
Price
(Rs)
1,050
1,300
Sales (Rs mn)

FY13e
FY14e
12,685
16,000
10,072
12,901
2,613
3,099
EBITDA (Rs mn)

FY13e
FY14e
3,994
5,077
3,247
4,168
748
909
PAT (Rs mn)

EPS (Rs)
PE (x)
PB (x)
ROCE (%)
ROE (%)
FY13e
2,858
3,472
35.7
43.4
30.7
25.2
11.5
9.2
59.8
59.5
41.2
40.4
2,252
2,788
32.1
39.8
32.5
26.2
16.1
12.0
85.5
78.1
57.4
52.4
606
684
60.6
68.4
23.6
20.9
4.6
4.2
27.8
30.5
20.1
20.9
Hold
Accumulate
Hold
Buy
Accumulate
Accumulate
Buy
Reduce
Accumulate
Hold
Hold
Accumulate
Reduce
720
650
100
140
2,575
125
750
375
325
425
1,200
1,050
360
2,017,296
6,656
248,649
21,301
13,924
404,442
77,563
23,447
53,575
19,800
12,856
630,443
68,638
436,002
2,173,787
7,537
271,179
23,724
15,181
433,841
83,630
25,363
59,761
21,839
13,800
679,113
76,455
462,364
488,592
2,562
50,071
4,188
2,370
118,765
16,495
4,794
10,511
3,320
3,377
181,321
14,081
76,736
516,763
2,803
51,543
4,755
2,600
127,836
16,253
4,555
11,454
3,794
3,185
193,987
14,346
79,652
376,096
1,683
33,232
3,196
1,376
92,176
12,450
3,214
7,922
2,176
1,921
136,481
14,548
65,721
399,936
2,086
34,410
3,686
1,555
99,367
12,955
3,239
8,038
2,382
1,868
146,698
14,557
69,095
48.7
56.0
47.3
10.6
32.0
161.3
10.6
78.4
37.6
36.3
48.0
69.7
111.1
26.8
405
43
Hold
84 Accumulate
24
Hold
35
Hold
219
Buy
219
79
107
108
275
110,389
15,915
22,286
20,689
15,499
36,000
124,845
17,476
25,932
22,349
17,437
41,651
24,729
3,639
6,210
2,929
3,182
8,770
30,756
4,327
7,874
3,235
3,842
11,477
11,261
2,081
-831
1,731
1,672
6,608
16,100
2,602
491
2,089
2,261
8,658
4.1
11.4
-0.8
7.4
5.3
6.9
51.8
69.4
49.0
12.3
36.1
173.9
11.0
79.0
38.1
39.7
46.7
75.0
111.1
28.2
15.4
12.5
13.4
8.4
4.1
14.6
10.2
8.8
10.4
7.1
11.1
18.6
8.5
15.2
14.4
10.1
13.0
7.3
3.6
13.5
9.8
8.8
10.3
6.5
11.5
17.3
8.5
14.5
5.9
36.0
14.2
20.9
0.5 -101.0
8.9
13.9
7.1
21.0
9.1
32.9
25.2
16.7
171.0
11.6
15.5
25.1
4.0
4.9
3.4
2.0
0.9
3.7
2.2
2.3
1.9
1.4
2.1
6.4
2.3
3.0
3.4
3.9
2.9
1.7
0.8
3.1
1.8
1.9
1.7
1.2
1.8
5.4
1.8
2.7
35.3
55.1
31.5
32.0
29.4
37.4
27.0
36.5
23.7
29.8
31.9
51.3
20.4
24.1
32.3
54.7
27.9
32.7
28.7
35.3
23.1
30.3
22.2
27.8
24.3
45.8
17.7
22.3
28.4
43.4
27.9
24.9
24.7
26.5
23.9
29.3
19.1
22.0
23.4
38.2
31.0
21.4
25.8
42.7
24.1
25.5
23.6
25.2
20.0
23.5
17.5
20.6
17.2
33.9
24.2
19.7
5.7
4.9
4.4
3.9
-84.2 -165.7
1.5
1.3
4.1
3.6
5.7
5.0
0.4
26.7
4.5
14.0
18.9
26.6
0.5
30.4
15.2
14.9
24.5
30.3
0.4
21.9
86.2
11.3
20.7
18.3
0.5
24.8
-65.3
12.2
24.6
21.2
Valuations
Company Name
Metals & Mining
Bhushan Steel
Godawari Power
HEG
Hindalco
Hindustan Zinc
JSW Steel
NMDC
SAIL
Sesa Goa
Sterlite Industries
Tata Steel
Price
(Rs)
478
119
236
133
141
827
165
96
201
120
433
Oil & Gas

BPCL
Cairn India
GAIL
Gujarat Gas
HPCL
Indian Oil
Indraprastha Gas
Petronet LNG
Oil India
ONGC
Reliance Industries
383
343
370
306
81
323
286
258
167
484
287
866
Paper
Ballarpur Inds
JK Paper
Tamilnadu Newsprint
23
41
111
Mkt Cap
(Rs bn)
Reco
3,197
102 Reduce
4
Buy
9
Hold
255
Buy
597
Buy
185 Accumulate
652
Hold
396
Hold
175
Hold
402
Hold
421 Reduce
8,031
277
655
469
39
46
109
694
36
125
291
2,455
2,836
Accumulate
Buy
Buy
Hold
Accumulate
Buy
Accumulate
Ur
Buy
Accumulate
Accumulate
Hold
29
15 Accumulate
6
Sell
8
Buy
Target
Price
(Rs)
408
151
235
134
146
743
196
82
153
92
349
397
385
406
292
86
360
320
194
573
313
827
27
30
148
Sales (Rs mn)

FY13e
FY14e
3,875,164 4,304,645
113,178
143,217
24,450
25,032
17,587
20,069
816,925
904,832
116,162
130,923
393,935
413,433
114,095
126,872
468,666
560,145
25,381
75,856
431,600
466,473
1,353,184 1,437,795
EBITDA (Rs mn)

FY13e
FY14e
633,794 766,414
34,918
42,229
3,833
4,375
3,362
4,030
76,847
92,769
61,691
71,148
67,599
74,347
86,168
95,641
62,803
78,385
7,734
28,583
98,279 114,093
130,560 160,814
13,954,508 13,378,576 1,450,393 1,501,824

2,237,311 2,103,540
50,879
56,974
169,231
149,272 130,250 104,310
451,957
489,736
60,447
68,074
35,030
37,046
4,656
4,847
11,150
11,236
10,147
10,191
1,860,707 1,775,542
48,538
51,171
3,950,373 3,764,673 208,498 207,749
32,180
36,379
7,334
8,246
299,614
364,355
19,643
22,226
113,976
116,264
43,220
43,053
1,566,499 1,603,119 557,111 594,157
3,226,480 2,927,416 309,671 330,827
82,067
50,896
13,844
17,327
85,977
50,720
18,157
17,100
16,931
11,143
1,471
4,316
19,571
12,130
2,509
4,931
PAT (Rs mn)

EPS (Rs)
PE (x)
PB (x)
ROCE (%)
ROE (%)
FY13e
325,273 386,546
16.3
19.3
9.8
8.3
1.1
1.0
11.9
12.7
12.2
13.1
10,021
13,228
44.2
58.4
10.8
8.2
1.3
1.1
8.9
9.8
12.7
14.6
1,324
1,475
41.7
46.4
2.8
2.6
0.5
0.4
14.4
12.9
17.6
16.5
1,861
2,082
46.6
52.1
5.1
4.5
1.0
0.9
12.7
13.9
21.0
20.8
27,230
34,316
14.2
17.9
9.4
7.4
0.7
0.7
6.7
7.4
8.2
9.6
62,017
67,461
14.7
16.0
9.6
8.9
1.9
1.6
24.1
23.0
21.2
19.7
18,294
20,871
82.0
93.5
10.1
8.8
1.0
0.9
11.7
11.6
10.6
11.1
72,373
78,244
18.3
19.7
9.0
8.3
2.2
1.9
39.9
36.5
27.0
24.7
32,606
37,233
7.9
9.0
12.1
10.6
0.9
0.9
8.5
8.9
8.0
8.6
24,258
34,197
27.9
39.3
7.2
5.1
1.0
0.9
3.5
12.1
15.2
18.7
55,887
57,823
16.5
17.1
7.2
7.0
0.8
0.7
14.2
14.0
11.5
10.8
19,401
39,617
20.0
40.8
21.7
10.6
0.9
0.9
8.3
9.8
4.2
8.4
786,880
16,952
109,674
37,076
3,009
4,911
14,146
82,048
3,350
10,743
37,247
262,829
204,894
791,145
21,291
89,191
41,710
3,129
4,848
15,075
82,350
3,648
10,644
37,572
268,854
212,832
38.1
23.4
57.5
29.2
23.5
8.7
41.7
33.8
23.9
14.3
62.0
30.7
63.2
38.3
29.4
46.8
32.9
24.4
8.6
44.5
33.9
26.1
14.2
62.5
31.4
65.0
10.2
16.3
6.0
12.6
13.0
9.3
7.7
8.5
10.8
11.6
7.8
9.3
13.7
10.2
13.0
7.3
11.2
12.5
9.4
7.3
8.4
9.9
11.7
7.7
9.1
13.3
1.6
1.6
1.2
1.9
3.1
1.6
0.8
1.1
2.5
2.8
1.4
1.6
1.9
1.4
1.4
1.1
1.8
2.6
1.4
0.7
1.0
2.1
2.4
1.3
1.5
1.7
16.0
9.2
23.2
18.1
30.3
19.2
7.3
8.7
31.2
22.5
27.5
23.4
12.5
15.3
10.0
16.4
18.5
26.9
17.5
7.5
8.4
27.8
20.3
25.0
22.9
12.0
16.5
9.9
21.7
16.0
26.1
18.4
10.3
13.6
25.3
27.1
19.7
18.2
14.8
14.9
11.5
15.3
16.4
22.4
15.7
10.2
12.5
23.4
22.1
17.7
16.8
13.7
3,031
1,738
342
951
3,896
2,630
-15
1,282
3.5
2.7
2.5
13.7
4.5
4.0
-0.1
18.5
9.4
7.3
8.8
5.8
16.3 -358.7
8.1
6.0
0.6
0.5
0.6
0.7
0.6
0.5
0.7
0.7
7.0
7.2
3.5
9.2
7.9
8.1
4.6
10.5
6.4
6.0
4.0
9.5
7.8
8.6
-0.2
12.0
Valuations
Company Name
Pharmaceuticals
Aurobindo Pharma
Cadila Healthcare
Cipla
Dishman Pharma
Divi's Lab
Dr. Reddy's Lab
Glaxosmithkline Pharma
Glenmark Pharma
Ipca Lab
Jubilant Life Sciences
Lupin
Pfizer
Ranbaxy Labs
Sun Pharma
Torrent Pharma
Unichem Labs
Wockhardt
Power
Adani Power
CESC
Indiabulls Power
Jaiprakash Power Ventures
JSW Energy
KSK Energy
Lanco Infratech
NHPC
NTPC
Power Grid Corporation
Reliance Power
Tata Power
Price
(Rs)
202
902
419
118
1,105
1,901
2,164
529
510
234
605
1,170
516
743
733
192
1,684
Mkt Cap
(Rs bn)
Reco
3,049
59
Buy
185
Buy
337
Hold
10 Accumulate
147
Buy
323
Hold
183 Reduce
143
Buy
64
Buy
37
Buy
271
Buy
35
Hold
218
Buy
769
Buy
62
Buy
23
Hold
184
Buy
65
316
73
16
39
69
61
15
180
25
159
114
97
110
3,214
154
Sell
40
Ur
11
Buy
41
Buy
101
Hold
113
Sell
23
Buy
35
Hold
16
Hold
309
Buy
1,309 Reduce
529 Accumulate
271
Buy
261
Hold
Target
Price
(Rs)
230
1,000
350
107
1,250
1,730
1,963
500
525
340
630
1,116
590
800
785
192
2,160
30
87
21
45
45
76
14
204
26
158
121
140
95
Sales (Rs mn)

FY13e
FY14e
935,929 1,056,074
54,745
63,102
62,569
72,426
78,791
91,787
12,501
13,818
21,566
27,016
121,255
143,501
27,088
30,878
47,458
54,957
27,794
31,943
49,703
57,676
87,617
100,998
10,528
12,045
131,344
126,480
104,083
116,169
32,013
36,100
10,618
12,189
56,256
64,989
1,566,397
73,727
50,492
14,679
5,518
25,535
90,064
23,134
134,926
13,396
54,788
606,251
128,298
50,464
295,126
2,004,109
150,991
53,510
15,143
51,204
41,939
100,879
39,255
200,448
16,169
64,909
702,000
156,849
65,138
345,674
EBITDA (Rs mn)

FY13e
FY14e
239,794 258,511
9,359
10,759
13,384
16,099
19,422
22,464
2,875
3,184
8,356
10,468
28,170
32,591
9,309
10,726
9,302
10,991
6,117
7,029
10,134
11,968
19,028
21,982
2,014
2,334
34,926
22,388
42,725
46,802
6,230
7,055
1,758
2,164
16,685
19,506
PAT (Rs mn)

EPS (Rs)
PE (x)
PB (x)
ROCE (%)
ROE (%)
FY13e
158,496 171,920
34.9
37.9
19.2
17.7
4.7
3.8
26.3
24.8
27.1
23.6
4,582
5,508
15.7
18.9
12.8
10.7
2.1
1.8
14.5
17.3
17.8
18.1
8,294
10,142
40.5
49.5
22.3
18.2
5.9
4.6
22.8
24.6
29.0
28.4
12,288
14,104
15.3
17.6
27.4
23.9
3.9
3.4
19.6
19.7
14.6
14.8
904
1,082
11.2
13.4
10.6
8.8
0.9
0.9
10.8
11.6
10.1
10.3
6,135
7,555
46.2
56.9
23.9
19.4
5.5
4.4
32.3
32.2
25.6
25.3
17,567
20,533
103.6 121.1
18.4
15.7
5.0
3.9
27.3
27.9
30.7
28.0
7,050
8,068
83.2
95.3
26.0
22.7
8.3
7.1
52.6
52.5
33.8
33.8
5,445
6,749
20.1
24.9
26.3
21.2
4.9
4.0
18.0
19.4
20.3
20.7
4,071
4,672
32.7
37.5
15.6
13.6
3.9
3.1
26.9
26.3
28.4
25.6
4,189
5,350
26.3
33.6
8.9
7.0
1.4
1.2
11.9
13.9
17.5
18.8
11,588
14,056
26.0
31.5
23.3
19.2
5.4
4.3
29.7
29.6
25.9
25.1
1,953
2,220
65.5
74.4
17.9
15.7
2.4
2.2
22.4
22.7
14.4
14.6
25,742
15,210
61.1
36.1
8.4
14.3
4.1
3.2
39.4
20.2
64.0
24.9
32,559
37,612
31.4
36.3
23.6
20.5
5.2
4.2
30.3
27.5
24.6
22.9
3,826
4,496
45.2
52.5
16.2
14.0
4.5
4.2
30.3
30.7
33.2
31.2
1,141
1,435
12.6
15.9
15.2
12.1
2.3
2.0
18.4
20.1
16.2
17.9
11,161
13,127
102.0 120.0
16.5
14.0
7.1
4.7
32.5
34.8
52.7
40.4
494,040
14,512
12,484
4,995
2,442
21,716
24,909
9,318
30,007
3,266
35,128
149,290
106,650
20,714
58,607
194,227
-10,064
5,889
1,904
359
6,066
7,738
1,796
-3,932
2,710
23,001
97,546
41,003
10,173
10,038
681,400
55,852
13,231
4,984
26,348
31,437
30,129
16,908
58,664
4,074
43,614
166,375
127,450
29,613
72,723
255,555
8,225
5,784
2,024
8,385
8,549
10,349
2,136
3,330
3,009
25,952
106,901
49,900
10,759
10,254
4.6
-4.2
46.9
12.6
0.2
2.4
4.7
4.8
-1.6
30.3
1.9
11.8
8.9
3.6
4.2
6.0
3.4
46.0
13.4
3.8
3.0
6.3
5.5
1.4
33.7
2.1
12.7
10.8
3.8
4.3
16.5
-15.3
6.7
5.8
97.5
16.1
14.6
12.7
-8.9
5.9
13.4
13.5
12.9
26.7
26.0
12.6
18.8
6.9
5.4
4.2
12.8
10.9
11.0
10.5
5.4
11.9
12.5
10.6
25.2
25.4
1.5
2.8
0.7
0.7
0.8
1.8
1.7
0.6
0.6
0.6
1.0
1.6
1.9
1.5
2.1
1.4
2.4
0.7
0.7
0.7
1.4
1.5
0.5
0.6
0.6
1.0
1.5
1.7
1.4
2.0
7.8
1.3
9.3
14.0
1.3
7.3
10.3
4.5
4.9
10.2
5.7
8.9
9.2
4.8
9.1
9.2
6.4
8.7
14.1
11.3
8.4
12.2
6.8
9.0
9.2
6.1
8.8
9.8
4.6
10.3
9.5
-16.5
11.5
12.7
0.8
13.0
12.7
4.9
-7.1
11.1
7.9
12.6
15.1
5.6
8.2
11.6
13.7
10.3
12.4
17.2
13.0
14.8
5.3
6.0
11.0
9.0
12.8
16.6
5.6
7.9
Valuations
Company Name
Real Estate
DLF
Oberoi Realty
Phoenix Mills
Prestige Estates
Sobha Developers
Telecommunications
Bharti Airtel
Idea Cellular
Reliance Communications
Tulip Telecom
Others
Aban Offshore
Essel Propack
Grasim Industries
Havells India
Kajaria Ceramics
Piramal Glass
Sterlite Tech
Price
(Rs)
236
304
257
185
391
330
110
82
35
406
125
42
3,179
652
236
88
34
Mkt Cap
(Rs bn)
Reco
637
401 Accumulate
100
Buy
37 Accumulate
61 Accumulate
38
Hold
1,791
1,252
364
170
5
Hold
Reduce
Reduce
Reduce
443
18 Accumulate
8
Buy
7
Buy
292
Buy
81
Buy
17
Buy
7
Buy
13
Hold
Target
Price
(Rs)
250
315
221
165
380
Sales (Rs mn)

FY13e
FY14e
170,558
171,446
110,781
94,579
14,433
18,777
7,387
9,370
18,574
25,313
19,383
23,408
EBITDA (Rs mn)

FY13e
FY14e
73,702
77,388
50,075
43,955
8,488
13,716
3,868
5,557
5,315
7,339
5,956
6,820
PAT (Rs mn)

EPS (Rs)
PE (x)
PB (x)
ROCE (%)
ROE (%)
FY13e
28,977
34,710
11.2
13.4
22.0
18.4
1.7
1.5
10.0
10.5
8.0
8.8
15,048
15,919
8.9
9.4
26.7
25.2
1.5
1.4
8.6
7.7
5.8
5.7
7,051
10,350
21.5
31.5
14.1
9.6
2.3
1.8
22.9
30.0
17.3
21.1
1,907
1,888
13.2
13.0
19.5
19.7
2.0
1.8
8.6
11.2
10.7
9.7
2,407
3,537
7.3
10.8
25.2
17.2
2.6
2.3
10.9
13.8
10.7
14.2
2,564
3,016
26.2
30.8
15.0
12.7
1.7
1.6
15.8
16.5
12.2
13.0
280
87
49
92
1,267,986
805,418
217,456
215,449
29,662
1,357,788
863,839
238,002
222,859
33,088
380,231
248,352
58,319
65,998
7,563
418,288
275,201
66,755
67,731
8,601
50,868
32,151
9,796
6,987
1,934
73,953
47,945
15,065
8,752
2,191
5.5
8.5
3.0
3.4
13.3
7.9
12.6
4.6
4.2
15.1
35.2
38.9
37.1
24.3
2.6
24.2
26.1
24.1
19.4
2.3
1.6
2.2
2.6
0.5
0.3
1.5
2.0
2.3
0.4
0.3
7.0
8.2
9.4
4.0
11.6
8.0
9.5
11.8
4.1
11.9
4.7
5.8
7.2
1.9
12.1
6.5
8.1
10.2
2.3
12.1
500
172
62
4,000
740
260
145
34
477,988
36,316
14,910
18,558
268,269
73,461
15,437
17,270
33,766
546,116
37,553
18,966
20,732
311,919
81,794
17,401
19,793
37,958
105,163
20,681
4,326
3,195
61,247
6,928
2,432
3,520
2,833
122,003
21,622
6,157
3,604
71,553
7,954
2,798
4,215
4,099
39,630
2,910
1,470
680
27,835
3,890
1,095
987
763
47,043
4,985
1,855
906
30,274
4,677
1,373
1,489
1,484
38.6
66.9
23.8
4.3
303.5
31.2
14.9
12.2
1.9
45.4
114.5
25.6
5.8
330.1
37.5
18.7
18.4
3.8
11.2
6.1
5.3
9.7
10.5
20.9
15.9
7.2
17.3
9.4
3.5
4.9
7.3
9.6
17.4
12.7
4.8
8.9
1.6
0.6
0.7
0.7
1.5
6.5
4.7
1.7
1.1
1.4
0.5
0.7
0.7
1.3
5.0
3.6
1.3
1.0
14.8
9.4
10.7
12.4
16.9
31.2
30.6
16.2
10.3
15.5
10.0
13.0
13.9
16.9
32.3
33.3
19.5
13.2
15.3
10.8
15.1
7.5
15.2
35.2
33.7
26.1
6.5
15.8
16.3
15.1
9.3
14.5
32.7
32.4
31.0
11.7
Valuations
Reco
Target
Price
(Rs)
Price Mkt Cap

Company Name
(Rs)
Banks & Fin. Services
(Rs bn)
(Rs mn)
FY13e
1,680,005
Pre Provision Profit

(Rs mn)
FY14e
FY13e
PAT (Rs mn)
FY14e
FY13e
2,007,134 1,331,078 1,612,956 670,495
EPS (Rs)
PE (x)
PB (x)
ROA (%)
ROE (%)
844,069
49.7
61.9
12.9
10.3
1.9
1.7
1.7
1.8
16.3
17.8
Allahabad Bank
186
93
Hold
145
52,847
63,206
36,883
43,807
15,640
21,926
31.3
43.8
6.0
4.2
1.1
0.9
0.8
1.0
14.1
17.4
Andhra Bank
128
72
Hold
105
37,848
48,366
27,579
35,494
13,268
15,752
23.7
28.1
5.4
4.6
1.0
0.9
1.0
1.0
16.5
16.9
Axis Bank
8,679
Net Interest Income
1,384
591
Reduce
1,050
96,477
117,711
90,476
111,380
49,007
61,261
114.3
141.7
12.1
9.8
2.2
1.9
1.5
1.6
19.2
19.9
Bank of Baroda
888
348
Hold
800
118,889
145,211
97,456
120,882
54,277
67,439
131.6
163.5
6.7
5.4
1.2
1.1
1.1
1.2
18.3
19.4
Bank of India
369
212
Reduce
240
93,083
112,210
74,838
91,848
26,788
34,224
46.6
59.6
7.9
6.2
1.3
1.1
0.6
0.7
12.2
14.2
Canara Bank
529
234
Reduce
380
79,581
90,941
56,193
65,636
27,268
29,864
61.6
67.4
8.6
7.9
1.3
1.2
0.7
0.7
11.5
11.5
Corporation Bank
490
73
Hold
440
33,558
38,052
27,770
31,706
14,175
15,039
95.7
101.5
5.1
4.8
0.9
0.8
0.8
0.8
16.1
15.3
Dewan Housing
222
26 Accumulate
243
6,321
7,892
4,729
5,821
3,391
4,224
29.0
36.1
7.7
6.1
1.4
1.1
1.4
1.4
15.6
17.0
Federal Bank
532
91
Hold
500
21,408
25,980
16,288
20,223
8,830
10,724
51.6
62.7
10.3
8.5
1.6
1.3
1.4
1.4
14.6
15.9
HDFC
830
1,280
Reduce
700
58,068
67,859
63,999
74,838
47,558
55,380
30.9
36.0
26.9
23.1
4.5
4.4
2.6
2.6
20.1
19.1
HDFC Bank
675
1,598
Hold
620
149,017
184,114
111,488
143,645
67,372
88,235
28.5
37.1
23.7
18.2
4.6
3.8
1.8
2.0
20.5
22.4
1,181
1,358
Hold
1,100
135,719
159,466
129,321
152,816
79,820
95,504
69.2
82.8
17.1
14.3
2.1
1.9
1.6
1.7
12.6
13.8
ICICI Bank
LIC Housing Finance
150 Accumulate
280
15,042
20,830
14,758
20,351
10,438
15,826
20.7
31.3
14.4
9.5
2.4
2.0
1.4
1.8
17.2
22.5
1,204
137
Hold
935
22,470
28,815
15,510
19,573
8,842
10,425
78.5
92.5
15.3
13.0
3.1
2.6
4.0
3.6
23.6
21.0
Manappuram Finance
43
36
Reduce
30
14,117
14,117
7,516
7,237
4,880
4,477
5.8
5.3
7.5
8.1
1.3
1.2
3.7
2.8
18.9
15.0
911
309
Reduce
610
150,524
176,001
113,854
136,640
49,782
61,580
146.8
181.6
6.2
5.0
1.4
1.2
1.0
1.1
16.7
17.9
South Indian Bank
29
39
Hold
25
12,831
15,950
8,255
10,496
4,794
6,328
3.6
4.7
8.2
6.2
1.4
1.2
1.1
1.1
18.6
19.5
State Bank of India
2,492
1,672
Reduce
1,750
453,310
534,228
334,893
395,344
140,321
186,824
209.1
278.4
11.9
9.0
2.2
1.8
1.0
1.1
15.6
17.9
Union Bank of India
280
154
Reduce
190
77,459
91,934
55,674
68,928
22,375
29,879
40.6
54.3
6.9
5.2
1.4
1.1
0.8
0.9
14.4
17.0
85
31
Buy
75
30,160
34,867
23,230
27,449
8,847
10,841
23.1
25.4
3.7
3.3
0.8
0.7
0.8
0.9
17.1
17.7
493
176
Hold
440
21,276
29,383
20,369
28,839
12,821
18,317
35.7
42.3
13.8
11.7
3.1
2.2
1.6
1.8
24.5
23.7
Mah & Mah Fin. Services
Yes Bank
297
Thank You
Emkay Global Financial Services Ltd.

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Earnings to slump again as margins face renewed hurdles

Your success is our success

Emkay Global Financial Services Ltd.

| Emkay Strategy | 8th January,

Earnings to slump again as margins face renewed hurdles

Q3FY12. Hence our universe is likely to deliver EBIDTA growth of 8.7%YoY

Emkay Large Cap

Emkay Mid Cap

Emkay Small Cap

Source: Company, Emkay Research

| Emkay Strategy | 8th January, 2013 | 2

| Emkay Strategy | 8th January, 2013 | 3

| Emkay Strategy | 8th January, 2013 | 4

| Emkay Strategy | 8th January, 2013 | 5

Emkay Large Cap

Emkay Small Cap

Emkay Universe ex Top 3 Cos

Emkay Universe ex Top 5 Cos

Emkay Universe ex Top 3 and Bottom 3 Cos

Emkay Universe ex Top 5 and Bottom 5 Cos

Emkay Mid Cap

| Emkay Strategy | 8th January, 2013 | 6

Q3FY13 Strong Results

APAT (Rs mn)

Maruti Suzuki India

Metals & Mining

Banks & Financial Services

Oil & Gas

Nava Bharat Ventures

Agri Input & Chemicals

Agri Input & Chemicals

Metals & Mining

Gujarat Industries Power

| Emkay Strategy | 8th January, 2013 | 7

Q3FY13 Weak Results

APAT (Rs mn)

Banks & Financial Services

Metals & Mining

Metals & Mining

Manappuram General Finance

Banks & Financial Services

United Bank Of India

Banks & Financial Services

Engineering & Capital Goods

Metals & Mining

Mcnally Bharat Engineering

Engineering & Capital Goods

| Emkay Strategy | 8th January, 2013 | 8

Possible Surprises Positives

20 Continuation of strong volume and value growth

23 India business and EBITDA margins can surprise positively

201 Excellent PLF/PAF for Surat

Mahindra & Mahindra

Nava Bharat Ventures

22 Expect positive surprise in 4Q13 and FY14 capitalization guidance

21.9 Jewelery segment to rebound with volume growth

| Emkay Strategy | 8th January, 2013 | 9

Possible Surprises Negatives

33 Margins can surprise negatively on back of dollor hedges @Rs.50

12.1 Expected rise in media intensity

31.4 Earnings cut driven by high pre-operating expenses on Dunkin Donuts

| Emkay Strategy | 8th January, 2013 | 10

Possible Surprises Negatives