LIC plans INR SECTOR Page 2 Telecom spectrum auction unlikely this year: Top RBI asks banks

age 2 Telecom spectrum auction unlikely this year: Top RBI asks banks to make extra provisioning on Top
346 infra projects show cost overruns of INR 4.46tn
2.4tn investment Unseasonal rain slows AC sales momentum
Housing sales likely to rise 14% in January-March
next fiscal
POLITICS & POLICY Page 2
Cabinet to consider price caps on gas
Highway infra to match US by 2024: RoadsMin
Centre notifies revised MGNREGA wage rates
Page 5
Jindal Steel and Power wins at APTEL
DOT sources 20 biz Godrej Consumer to use AIF route to invest in biz
INTERNATIONAL Page 3 SEBI makes KYC mandatory for eWallets in MF Zydus recalls 55K bottles of generic drug in US
Pegatron may open second factory for Apple in CORPORATE Page 5 Titagarh Wagons bullish on demand
India RIL’s FMCG push may spur price war
Crompton and Butterfly announce merger
India allows exports of 350K tonne broken rice to SBI sells loan of Atibir Industries to CFM ARC Sarovar Hotels to add 50 hotels in five years
Gambia, Senegal Maruti’s Nexa channel to sell 600K units next year
ECONOMY Page 3 Jio installs 100K towers to roll out 5G
Macro and Market update Adani, Reliance pull out of race to buy SKS Power

27 March 2023

Public sector banks to submit plan to deal with key business risks Market Monitor
State-run banks will within two weeks US and Europe as depositors fret over along with strategies to integrate market Global Indices
submit to the government a detailed banks' health, they said. Public sector data of such securities. This mechanism Va lu e % ch a n g e PE
scenario-mapped plan of various banks (PSB) assured Finance Minister will send out alerts enabling banks to Sensex 57,527 (0.7) 18.8
business risks, people familiar with the Nirmala Sitharaman at a recent review take timely action and steps to manage Nifty 16,945 (0.8) 17.9
development told ET. They will also meeting the Indian banking system overall exposure to a corporate, inclusive S&P 500 3,971 0.6 18.1
outline a communication strategy to deal remains robust and there is no cause for of lending through pledged shares. FTSE 100 7,405 (1.3) 10.1
HangSeng 19,544 (1.9) 9.4
with any exigency, they said. This is part worry. PSBs will also share information
Nikkei 225 27,471 0.3 16.5
of increased vigilance amid turmoil in the on provisioning made for pledged shares
27 March 2023 8:20 AM

SECTOR
Source: Bloomberg

FII & DII activities

Wary IT companies may and growth visibility has also reduced. they said, as per ET. EV fleet operators
(INR bn)
So, we would expect a 30-40% drop on and individuals buying two- and three-
halve hiring from April FY24 headcount addition based on the wheelers have been the main drivers of
40
20
Net hiring of engineers by the Indian IT current outlook.” this growth, with new launches and
companies is likely to crash by close to 0
increased availability of charging points,
half year on year in the next fiscal amidst Electric vehicle sales to along with low running costs, attracting (20)
rising caution among companies, hiring cross 2.0mn in FY24 buyers. Electric two- and three-wheelers (40)
20-Mar 21-Mar 22-Mar 23-Mar 24-Mar
firms have told ET. Staffing firm accounted for maximum sales this fiscal
The next fiscal is expected to see electric FII DII
TeamLease expects a 40% drop in FY24 at 690,000 units and 372,000 units,
vehicle (EV) sales crossing the 2.0mn Source: NSE
headcount addition vis a vis FY23 respectively. E-vehicle registrations so far
mark if current trends continue, experts Rupee /Commodities/Metals (USD)
addition, based on the current outlook this month stood at 84,635 units, as per
said. A significant incentive amount is yet
from companies. “So far in FY23, there the Vahan site. In February, retail sales Va lu e Ch a n g e % ch a n g e
to be disbursed under the Faster
has been a net headcount addition of touched 105,976 units, indicating USD-INR 82.481 0.219 (0.265)
Adoption and Manufacturing of Electric Oil (NYMEX) 69.280 0.020 0.029
about 280,000 (across the IT sector) and sustained growth.
Vehicles (FAME) II program set to end at Gold 1,976.690 (1.525) (0.077)
Q4 addition is likely to remain flat,” said
the end of the next fiscal and will add to Natural Gas 2.127 (0.089) (4.016)
Sunil C, CEO of TeamLease Digital. “In
the momentum across segments in FY24, Source: Bloomberg
recent quarters, attrition has gone down

Elara Securities (India) Private Limited 1

Impact
SECTOR
346 infra projects show cost overruns
of INR 4.46tn
As many as 346 infrastructure projects, each entailing an
investment of INR 1.5bn or more, have been hit by cost
overruns of more than INR 4.46tn, as per an official report, as
per ET. According to Ministry of Statistics and Programme
Implementation, which monitors infrastructure projects
worth INR 1.5bn and above, out of 1,418 projects, 346
reported cost overruns and as many as 823 projects were
delayed. "Total original cost of implementation of 1,418
projects was INR 20,380bn and their anticipated completion
cost is likely to be INR 24,848bn, which reflects overall cost
overruns of INR 4,468bn (21.92% of original cost)," the
ministry's latest report for February 2023 said.
POLITICS & POLICY
Cabinet to consider price caps on gas
The Union Cabinet is likely to soon consider imposing caps
or a ceiling on price for majority of natural gas produced in
the country to keep input costs for users ranging from CNG
to fertilizer companies in check, sources said, as per ET. The
government bi-annually fixes prices of locally produced
natural gas -- which is converted into CNG for use in
automobiles, piped to household kitchens for cooking and
used to generate electricity and make fertilisers. Two
different formulas govern rates paid for gas produced from
legacy or old fields of national oil companies like Oil and
Natural Gas Corporation (ONGC) and Oil India (OIL), and
that for newer fields lying in difficult to tap areas such as
deepsea.
Elara Securities (India) Private Limited
Unseasonal rain slows AC sales
momentum
The unseasonal rainfall has put a brake on the sales of
residential air conditioners, which had started to pick up
early this year from mid-February as the temperature was
rising, as per ET. Now, in the second half of March, sales of
AC have been impacted, however, makers see it as a
"temporary phenomenon" and are hopeful of reaching their
targets from April onwards when heat waves would start.
Overall the AC industry, which had record sales of around
8.25 million units in 2022, expects to continue its double-
digit growth journey this season also led by the prediction of
harsh temperature and an elongated summer season.
Highway infra to match US by 2024:
RoadsMin
India's highways infrastructure will match that of the US by
2024 for which work in time bound 'mission mode' is on
including construction of green expressways and rail over
bridges, Union Road Transport and Highways Minister Nitin
Gadkari said. He said cabinet nod to 'Bharatmala 2' is likely
soon and once obtained it will meet the requirements of a
robust infrastructure in the country.
Centre notifies revised MGNREGA
wage rates
The Centre has notified a hike in wage rates under the rural
job guarantee program for FY23-24 with Haryana having
Housing sales likely to rise 14% in
January-March
Housing sales in India's top seven cities are estimated to rise
14% during January-March to over 113,000 units on strong
demand despite increase in prices by 6-9%, according to
Anarock, as per ET. Real estate consultant Anarock, which
tracks the primary (fresh sales) residential market, said the
"bull run" continued in the housing segment of Indian realty
sector despite rise in interest rates on home loans, leading to
highest quarterly sales in the last one decade. According to
data compiled by Anarock, housing sales are estimated at
113,770 units in January-March, up 14% from 99,550 units in
the year-ago period across seven major cities.
the highest daily wage at INR 357 per day and Madhya
Pradesh & Chhattisgarh the lowest at INR 221, as per
Business Line. The Union Ministry of Rural Development
issued a notification on the change in wage rates under the
Mahatma Gandhi National Rural Employment Guarantee
Scheme on March 24. The notification was issued under
Section 6 (1) of the Mahatma Gandhi National Rural
Employment Guarantee Act (MGNREGA), 2005, which says
the Centre may, by notification, specify the wage rate for its
beneficiaries. The wage hikes, which are in the range of INR
7-26, will come into effect from April 1.
2
Impact
POLITICS & POLICY
Telecom spectrum auction unlikely
this year: Top DOT sources
The government may not hold telecom spectrum auctions
this year as there is limited interest from telecom operators
who have enough spectrum holdings right now, senior
officials have said, as per Business Line. “We are ready for the
INTERNATIONAL
Pegatron may open second factory for
Apple in India
As iPhone maker Apple looks to increase the production of
its smartphones in India, one of its contract manufacturer,
Pegatron, may open a second factory in the country, as per
Business Line. The Taiwan-based manufacturer of phones
has already started production from a unit near Chennai
with an investment of INR 11bn. The company had signed a
Memorandum of Understanding (MoU) with the Tamil Nadu
government in February 2021 in this regard. “The second
ECONOMY
Macro and Market update
Foreign exchange reserves record highest weekly rise
since Nov 2022
The Reserve Bank of India’s foreign exchange reserves
jumped USD 12.8bn to USD 572.80bn in the week ended
March 17, registering the highest rise since the week ended
November 11, 2022. Gold reserves jumped by USD 2.187bn
to USD 44.109bn while special drawing rights (SDR) were up
by USD 98mn to USD 18.219bn.
Elara Securities (India) Private Limited
spectrum auctions but there should be buyers for that. We
will start working on the consultation papers only after
telecom players communicate their interests. There is no
demand yet from any of the telecom operators. We want
auctions to take place every year so that the government can
generate some money but without demand, how can we?”
a senior official at Department of Telecommunications (DoT)
unit is being explored to meet Apple’s plans to build a
resilient supply chain ecosystem outside of China. But no
final decision has been taken yet,” said a source close to the
development. While businessline could not ascertain the
location of the second plant, Reuters said the second unit
could also be set up near Chennai.
India allows exports of 350K tonne
broken rice to Gambia, Senegal
The Government has approved the export of 350,000 tonne
(lt) of broken rice to Gambia and Senegal as a special
Fed says rising interest cost cut payments to US Treasury
in 2022
Rising interest cost cut into the amount of money the Federal
Reserve handed back to the US Treasury last year compared
to 2021, the US Central Bank said in an audited financial
statement released. The central bank said it earned USD
58.8bn last year vs USD 107.9bn in 2021. Higher cost related
to interest rate into the bottom line and left the Fed at the
end of 2022 with what it calls a USD 16.6bn deferred asset.
said. Last year, the Centre had announced that spectrum
auctions will be held every year to offer unbidden radio
waves or additional airwaves, which could help the
government to generate revenue.
consideration as shipments of this variety were banned on
September 8, 2022, as per Business Line. According to a
communication sent by the Finance Ministry to Chief
Commissioners of Customs in Ahmedabad, Chennai, Vizag,
Nagpur, and Mumbai, the Commerce Ministry has allowed
export of 100,000 tonne of broken rice to Gambia and
250,000 tonne to Senegal.
Fed's policy rate will need to rise as bank stress eases,
Bullard says
The Federal Reserve will likely need to raise interest rates
higher than expected as US regulators' "swift" response eases
stress in the banking sector while the economy and inflation
remain stronger than expected, St Louis Fed President James
Bullard said. He said the collapse earlier this month of Silicon
Valley Bank was "quirky," a result of "unusual" conditions at a
lender focused on the tech community that are not apparent
in other banks.
3
Impact
ECONOMY
US PMI increases in March 2023
The S&P Global US Manufacturing PMI increased to 49.1 in
March of 2023 from 47.3 in February, beating forecasts of
47, preliminary estimates showed while Services PMI rose to
53.8 in March 2023 from 50.6 in January, easily beating
market expectations of 50.5.
ECB rates must rise; bank share volatility unsurprising,
ECB's Nagel says
The European Central Bank must continue to raise interest
rates to fight inflation, Bundesbank President Joachim Nagel
said, playing down another sell-off in bank shares as a
natural extension of the recent market volatility. Nagel made
clear that a pause is not in order as inflation, seen averaging
around 6% in Germany, the Eurozone's biggest economy,
will take too long to come back to the ECB's 2% target.
RBI asks banks to make extra
provisioning on Top 20 biz
To ready up for any contingency, the Reserve Bank of India
has advised banks to set aside specific provisioning towards
their exposure to top 20 conglomerates of India, as per
Business Line. Highly placed sources say that the move is
more to lean on the side of caution and should not be
construed as any ‘warning signal’ from the regulator. “PSU
banks and private banks are in a much better shape now
Elara Securities (India) Private Limited
Bank of England's Mann content to slow tightening as
inflation expectations ease
Bank of England policymaker Catherine Mann said that she
voted for a quarter-percentage-point interest rate rise this
week rather than a bigger increase because she saw signs
that inflation expectations were now falling. Mann said the
BoE had raised interest rates more slowly than she would
have liked in 2022, but there are now signs businesses and
households expected inflation to fall, reducing the urgency
for big interest rate rises.
Germany manufacturing PMI falls; services PMI increases
in March
The S&P Global Manufacturing for Germany unexpectedly
fell to 44.4 in March of 2023 from 46.3 in February and well
below forecast of 47, preliminary estimates showed while
Services PMI rose to 53.9 in March of 2023 from 50.9 in the
previous month, ahead of expectations of 51 to mark the
third consecutive expansion and the fastest since May 2022.
than before. Therefore, the regulator felt it would be good
for the system if banks start taking prudential provisioning
on business groups now,” said senior banker aware of the
matter.
SEBI makes KYC mandatory for
eWallets in MF
SEBI has urged fund companies to make sure that investors
should complete mutual fund transactions using KYC-
compliant e-wallets. This will take effect on May 1, 2023, as
China's CATL to start mass output of M3P batteries this
year
Chinese battery giant CATL plans to start this year the mass
production and delivery of batteries based on a new
materials technology, M3P, which will perform better and
cost less than nickel and cobalt-based ones, its chairman said.
CATL disclosed in August last year that it was working on
M3P technology, which can enable an electric vehicle to run
700km (430 miles) per charge when combined with CATL's
next generation of battery-pack technology.
Asian markets
Asian markets opened on a mixed note on 27 March as
investors continue to worry about banking system turmoil.
Brent is at USD 74.72/bbl, DXY at 102.748, US10y at 3.372%,
and SGX Nifty at 0.69%
Source: Garima Kapoor, Economist, Elara Securities
Research
per LiveMint. “It should be ensured that all e-wallets are fully
compliant with KYC norms as prescribed by Reserve Bank of
India," SEBI said in a circular. In 2017, SEBI authorized fund
houses to receive up to INR 50,000 per fund house every
fiscal year using e-wallet. After making KYC mandatory for
maintaining e-wallets in mutual funds from 1st of May 2023,
industry experts are believing that this step taken by the
capital markets regulator will boost security and decrease the
risk of fraud in mutual fund transactions.
4
Impact
CORPORATE
RIL’s FMCG push may spur price war
Reliance Consumer Products’ aggressive efforts to expand
distribution in a short time, a feat that typically takes years, as
it enters the household goods market is expected to trigger a
pricing war, according to industry experts, as per LiveMint.
The unit of Reliance Industries, which unveiled its packaged
consumer products brand, Independence, in December, has
also invested in and partnered with companies to gain
access to categories such as beverages, biscuits, and
chocolates. Last week, Reliance Consumer announced plans
to expand its portfolio of packaged consumer goods to
include home and personal care products. The move will
bring brands such as Glimmer beauty soaps, Get Real natural
soaps, Puric hygiene soaps, Dozo dish wash bars and liquids,
HomeGuard toilet and floor cleaners, and Enzo laundry
detergent powder, liquid, and bars to mom-and-pop stores
in smaller pack sizes, in addition to Reliance Retail’s nearly
3,000 modern trade stores where some of these brands are
already sold. Several executives Mint spoke to said the
company has aggressive plans to focus on categories such as
beverages and home care products—while pushing these
products in mom and pop stores. In addition, the company
has appointed distributors and roped in senior fast-moving
consumer goods (FMCG) company executives. One of the
executives familiar with the development said the company
is adopting an aggressive pricing strategy, offering products
at less than the competition and also at entry-level price
points. A Reliance Consumer spokesperson did not respond
to email queries sent by Mint.
LIC plans INR 2.4tn investment next
fiscal
Life Insurance Corporation of India (LIC), the country’s
largest investor, plans to invest a record INR 2.4tn across
Elara Securities (India) Private Limited
markets, including shares of locally traded companies, in the
year starting 1 April, according to two people directly familiar
with the state-run insurer’s plans, as per LiveMint. “Apart
from supporting markets, this will not only be the largest
ever investment by LIC but also may help it in maximizing
returns for policyholders and profits for shareholders but also
may work as a vital support system for Indian markets in
FY24," one of the two people said, requesting anonymity.
“Around 35% of total investment or INR 800-850bn could be
allocated in shares of listed companies in India in FY24," the
person added. LIC’s record investment plan comes at a time
when foreign investors are pulling out of most emerging
markets, including India, because of risk-off sentiment.
SBI sells loan of Atibir Industries to
CFM ARC
State Bank of India has sold INR 3.41bn of principal loan
outstanding from bankrupt Atibir Industries to CFM Asset
Reconstruction Company for INR 2.5bn through a Swiss
challenge auction held on Friday, two people close to the
development said, as per ET. The all-cash sale indicates a
recovery of 73 paise on a rupee of the principal amount
outstanding for SBI. The bank had informed interested
bidders it would auction the loan under the Swiss challenge
method based on an anchor bid. CFM ARC made the anchor
bid and there were no counter bids, two people close to the
development said.
Maruti’s Nexa channel to sell 600K
units next year
Maruti Suzuki India (MSIL)‘s Nexa channel would sell around
600,000 vehicles in the next financial year and expects to
close this year with sales of about 370,000 units, the
company said, as per Business Line. If that happens, the
company may sell more cars than what Hyundai Motor India
(April-February — 516,947 units) or Tata Motors (April-
February — 494,596 units) are selling currently in the
domestic market per annum. Nexa has achieved 2.0mn sales
milestone.
Jio installs 100K towers to roll out 5G
Billionaire Mukesh Ambani's Reliance Jio has installed close
to 100,000 telecom towers, nearly 5x its nearest competition,
to roll out India's fastest and deepest penetration 5G telecom
network to provide ultra-high speed internet, according to
latest DoT data, as per ET. The latest daily status report from
Department of Telecommunications' (DoT) National EMF
Portal shows Jio has installed 99,897 BTS (base transceiver
station) across 2 frequencies it owns (700 MHz and 3,500
MHz). In comparison, Bharti Airtel has 22,219 BTS.
Additionally, for every base station, Jio has 3 cell sites while
Airtel has 2, the March 23 report said.
Adani, Reliance pull out of race to buy
SKS Power
Adani Group and Reliance Industries have not submitted
revised bids for SKS Power Generation (Chhattisgarh),
making it a five-way contest for the 600 MW thermal power
project, people familiar with the process said, as per ET.
Nagpur-based Sarda Energy & Minerals, Delhi-based Jindal
Power, public-sector utility NTPC, Gujarat-based Torrent
Power, and Singapore-based Vantage Point Asset
Management have submitted revised bids to take over SKS
under the corporate insolvency resolution process.
Jindal Steel and Power wins at APTEL
The Appellate Tribunal for Electricity (APTEL) has allowed
Jindal Steel and Power to sell surplus power from its two
5
Impact
CORPORATE
captive plants — Raigarh and Dongamahua — to consumers
at the OP Jindal Industrial Park in Chhattisgarh, as per
Business Line. The dispute is over the tariff that Jindal Steel
and Power may charge. The tariff was agreed to be the
‘average cost of supply’ but the dispute was over whether it
ought to include the surplus power supplied. Jindal Steel
and Power can sell surplus power to industrial park
consumers.
Godrej Consumer to use AIF route to
invest in biz
Godrej Consumer Products is charting a different growth
path and will not invest in direct-to-consumer (D2C)
companies like many of its peers have been doing, as per
Business Line. The FMCG major, which has slowed down on
acquisitions since 2018, has stated it would use its funds to
invest in entrepreneurs and acquire their businesses. Our
approach is different. Rather than investing in 3-4
companies, we will invest in an alternate investment fund
that will use the money to invest in D2C brands. We will
oversee and will be in direct touch with those companies to
learn and to have partnerships, said Sameer Shah, CFO,
Godrej Consumer Products.
Zydus recalls 55K bottles of generic
drug in US
Drug firm Zydus Lifesciences is recalling over 55,000 bottles
of generic medication in the US market due to failed
Elara Securities (India) Private Limited
impurities specifications, as per ET. As per the latest
enforcement report by the US Food and Drug
Administration (USFDA), Zydus Pharmaceuticals (USA) is
recalling 21,936 (30 count) and 33,096 (100 count) bottles
of Colchicine tablets, which are used to treat gout. The
affected lot is manufactured by Ahmedabad-based Zydus
Lifesciences and marketed in the US by New Jersey-based
Zydus Pharmaceuticals (USA). USFDA said the company is
recalling the product due to "failed impurities/ degradation
specifications".
Titagarh Wagons bullish on demand
Titagarh Wagons is looking to increase its wagon
manufacturing capacity by nearly 15-20% so as to produce
between 800 and 900 wagons a month. Against a capacity
of close to 700 wagons currently, it has achieved a
production of 630 to 650 wagons a month, as per Business
Line. The company, which incurred a capex of around INR
3bn in the last three years, including the development of
product intellectual properties, expects to spend INR 6.5-
7.0bn over the next 4-5 years to ramp up capacity.
Crompton and Butterfly announce
merger
Crompton Greaves Consumer Electricals (Crompton) and
Butterfly Gandhimathi Appliances Ltd (Butterfly) have
announced a merger, as per Business Line. The merger is
expected to accelerate the business and convergence of
public shareholders of Butterfly at a parent level. The public
shareholders of Butterfly as of the record date will receive 22
equity shares of Crompton for every 5 equity shares held by
them in Butterfly, as a consideration for the merger. Further,
the company informed in a stock exchange filing that after
the merger the public shareholders of Butterfly will hold ~3%
stake in the combined entity.
Sarovar Hotels to add 50 hotels in five
years
Sarovar Hotels expects 12% YoY growth in FY24. It will add
two international hotels in 2023. The hospitality chain will
add 10 hotels a year for the next 5 years, said Ajay Bakaya,
MD, Sarovar Hotels, as per Business Line. Bakaya is confident
the company is poised for a strong coming fiscal. “My
outlook for the company is largely positive. Somewhere in
the middle, we are going to see a slight correction in the
leisure destinations as international travel is picking up.
However, the pie is increasing and people are travelling.
That is a positive sign along with the Average Room Rates
(ARR) being where they are currently,” said Bakaya.
6
Event Calendar: March - April 2023
Monday Tuesday Wednesday Thursday Friday
27 28 29 30 India Market Closed 31 India: Fiscal Deficit
US: Initial Jobless Claims

3 4 5 India: S&P Global India PMI 6 US: Initial Jobless Claims 7

Composite
India: S&P Global India PMI
Services

10 11 12 India IIP for Feb (5.2% YoY) 13 US: Initial Jobless Claims 14 India Exports for Mar (-8.8%)
India CPI for Mar (6.44% YoY) India Imports for Mar (-8.2%)

17 India WPI for Mar (3.85% YoY) 18 19 20 US: Initial Jobless Claims 21

24 25 26 27 US: Initial Jobless Claims 28

Quarterly Results: Covered Not Covered

Elara Securities (India) Private Limited

Coverage CUR_MKT_CAP PX_LAST
Universe
24-Mar-23

Upside/ Net Sales EBIDTA Adj PAT

Company Rating Mkt Cap CMP TP BVPS (INR) ROE (%)
Downside (INR bn) (INR bn) (INR bn)
(INR bn) (INR) (INR)
(%) FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E
Agri
UPL Buy 523 697 1,004 44.1 462.4 543.8 594.6 650.3 95.3 111.5 127.5 139.5 39.5 44.2 55.5 66.8 322 350 387 423 16.0 16.8 19.1 21.0
PI Industries Accumulate 445 2,934 3,600 22.7 53.0 67.5 83.5 103.5 11.4 16.1 20.4 25.6 8.4 12.6 16.0 20.3 403 469 578 683 13.7 17.6 18.2 19.5
Bayer CropScience Buy 180 4,001 6,191 54.8 47.3 53.5 59.9 67.1 8.1 9.1 10.9 12.2 5.9 6.8 8.2 9.3 562 596 671 777 23.2 25.3 27.1 33.5
Coromandel International Buy 259 881 1,548 75.7 191.1 296.4 248.6 267.0 21.5 29.9 34.4 36.8 15.3 21.3 23.6 25.3 217 307 275 257 24.0 23.8 29.4 33.7
Rallis India Accumulate 38 196 242 23.5 26.0 30.0 33.8 38.1 2.7 2.8 3.5 4.3 1.6 1.4 1.9 2.4 87 89 94 103 9.7 8.3 10.2 11.9
Dhanuka Agritech Buy 29 643 880 36.9 14.8 16.8 19.0 22.0 2.6 2.7 3.1 3.8 2.1 2.1 2.5 2.9 206 226 269 321 21.7 20.8 20.0 19.8
Insecticides India Accumulate 15 490 659 34.4 15.0 18.1 21.7 24.6 1.7 1.9 2.5 3.1 1.1 1.2 1.5 2.0 293 328 380 446 12.3 12.0 13.4 14.8
Chambal Fertilisers Buy 109 262 385 47.1 160.7 279.0 201.8 208.5 22.6 21.1 22.2 23.2 15.7 11.2 13.2 16.9 154 118 269 250 24.5 22.7 11.8 16.3
Sumitomo Chemicals Buy 211 422 533 26.3 30.6 36.4 42.1 47.1 6.0 7.1 8.6 9.7 4.2 5.2 6.3 7.1 39 44 55 68 22.0 23.7 22.7 20.9
Paradeep Phosphates Buy 41 50 75 49.6 78.6 130.2 148.1 154.6 6.7 9.0 11.4 12.2 4.0 3.6 5.4 6.1 39 37 41 47 17.9 12.0 16.1 16.0
Automobiles
Maruti Suzuki Buy 2,490 8,243 11,775 42.9 883.0 1,169.5 1,465.0 1,628.3 57.0 108.3 163.6 190.5 37.7 76.6 117.8 136.8 1,791 1,974 2,266 2,606 7.1 13.5 18.4 18.6
Bajaj Auto Accumulate 1,108 3,828 4,337 13.3 331.4 375.8 431.2 475.4 52.6 67.5 78.7 89.5 47.0 58.5 67.7 76.7 922 984 1,032 1,194 19.4 21.5 23.7 24.4
Eicher Motors Sell 796 2,910 3,000 3.1 103.0 140.0 165.5 186.0 21.7 33.7 40.7 47.1 16.8 26.3 32.1 36.5 462 542 642 754 13.9 19.2 19.9 19.1
Mahindra & Mahindra Buy 1,431 1,151 1,637 42.2 574.5 824.2 918.9 998.6 70.4 101.6 121.3 138.8 51.4 71.6 85.2 99.1 313 360 414 478 13.3 14.9 17.7 17.9
Hero Motocorp Buy 462 2,313 3,137 35.6 292.5 331.7 367.0 401.1 33.7 38.1 49.5 55.6 24.7 26.6 34.9 39.2 790 827 897 975 15.8 15.6 18.3 19.3
Tata Motors Buy 1,491 417 521 25.1 2,784.5 3,552.2 4,104.6 4,360.8 247.2 332.2 490.6 570.4 (108.1) 11.3 138.8 194.5 116 119 156 206 (22.9) 2.5 26.4 28.1
TVS Motors Buy 495 1,042 1,380 32.4 207.9 268.7 328.3 368.9 19.6 27.3 36.0 42.5 9.2 14.9 20.8 25.6 102 125 160 203 20.5 27.7 30.7 29.6
Ashok Leyland Buy 404 138 180 30.8 216.9 342.8 386.0 428.9 9.9 26.1 35.9 44.2 0.3 12.5 20.2 26.7 25 28 33 41 7.6 16.1 22.5 24.6
Samvardhana Motherson International
Buy 439 65 95 46.7 621.8 765.2 826.1 887.2 44.5 57.4 72.5 83.1 5.6 15.8 26.3 35.8 29 31 35 39 3.4 7.7 11.8 14.2
MRF Accumulate 355 83,700 94,000 12.3 190.0 227.2 254.6 278.0 20.2 22.0 31.1 37.3 6.6 7.0 14.7 19.9 34,443 36,098 39,687 44,586 4.8 4.8 9.3 11.2
Exide Industries Buy 149 175 220 25.4 123.8 144.9 159.1 169.9 14.0 16.0 18.6 21.7 7.6 9.3 10.5 12.2 125 133 142 153 8.7 8.5 9.0 9.7
Amara Raja Batteries Buy 96 563 700 24.3 87.0 106.5 118.5 128.0 10.2 14.3 16.0 17.8 5.1 7.8 8.9 10.0 274 307 346 392 11.5 15.8 16.0 15.8
Apollo Tyres Buy 194 306 405 32.3 209.5 247.1 279.5 301.6 25.7 33.9 41.3 45.3 6.4 11.1 16.8 19.8 185 198 221 248 5.6 9.1 12.7 13.3
CEAT Buy 56 1,385 1,800 29.9 93.1 112.5 125.5 136.1 7.0 9.1 13.3 15.0 0.7 1.9 4.6 5.6 779 808 903 1,023 2.1 5.9 13.2 14.4
Ramkrishna Forgings Buy 44 273 207 (24.2) 17.1 23.0 3.2 4.6 0.7 1.5 306 351 7.3 14.6
UNO Minda Buy 252 439 667 51.9 83.1 113.0 133.9 153.0 8.9 12.8 16.1 19.1 3.6 6.6 8.7 10.9 60 70 83 99 12.5 17.7 19.9 20.9
Endurance Technologies Buy 170 1,207 1,692 40.2 75.5 88.2 100.1 111.6 9.6 10.2 13.3 16.2 4.9 4.8 7.1 9.2 279 308 353 410 12.3 11.5 15.3 17.1
Bharat Forge Accumulate 356 765 1,040 36.0 104.6 126.3 149.1 171.5 20.2 18.3 25.6 32.2 9.8 6.2 12.6 17.3 141 152 173 203 17.9 9.1 16.7 19.7
Minda Corporation Buy 50 211 326 54.7 29.8 43.3 51.7 59.2 2.9 4.7 5.9 7.1 1.6 2.2 3.1 3.9 56 73 85 100 15.5 14.6 16.5 17.6
Motherson Sumi Wiring India
Reduce 211 48 55 15.4 56.4 70.3 80.3 88.7 7.3 7.8 10.2 12.2 4.1 4.9 6.6 8.0 3 3 4 5 36.8 31.8 34.3 37.0
Aviation
Indigo Buy 719 1,865 2,687 44.1 259.3 539.5 633.6 744.8 14.7 100.4 92.8 97.4 (52.3) 27.8 39.8 73.4 (157) (157) (67) 102 NM NM NM
SpiceJet Accumulate 19 32 47 47.8 65.6 90.7 112.4 150.3 (6.6) (6.0) 1.1 23.1 (13.9) (19.9) (12.4) 9.3 (71) (118) (138) (123) 34.6 31.9 15.0 (11.0)
Banking
CSB Bank Buy 41 238 285 19.7 11.5 13.0 15.1 18.8 6.1 6.3 9.5 11.8 4.6 4.1 5.4 6.8 147 171 204 243 21.3 13.9 16.1 16.9
HDFC Bank Buy 8,708 1,561 1,925 23.3 720.1 886.5 1,110.7 1,457.8 640.8 728.0 913.8 1.181.164 369.6 443.1 529.1 720.2 433 494 599 675 16.7 17.2 14.7 15.2
Federal Bank Buy 268 127 168 32.4 59.6 73.3 81.2 92.5 37.6 48.7 55.8 65.4 18.9 29.3 32.1 37.1 89 102 116 133 10.8 14.6 13.9 14.1
AU Small Finance Bank Accumulate 373 560 675 20.6 32.3 44.5 55.1 68.6 18.2 20.4 26.7 34.7 11.3 14.2 16.6 21.0 119 172 194 223 16.4 14.9 13.6 15.1
IndusInd Bank Buy 783 1,010 1,545 53.0 149.6 177.5 201.8 233.1 128.4 145.0 162.8 185.3 46.1 76.0 86.4 100.0 612 699 800 918 10.2 15.0 14.9 15.0
Axis Bank Buy 2,584 840 1,097 30.6 331.3 438.7 484.6 542.2 247.4 210.3 374.5 419.5 130.3 98.7 237.3 262.8 375 406 481 563 12.0 8.2 17.4 16.4
ICICI Bank Buy 5,951 852 1,100 29.0 474.7 602.0 662.8 735.7 392.5 489.9 545.0 604.4 233.4 312.3 332.7 369.5 241 280 319 364 15.0 17.3 16.0 15.5
Kotak Mahindra Bank Accumulate 3,361 1,692 2,010 18.8 168.2 213.9 238.8 273.3 120.5 141.9 170.4 197.3 85.7 99.5 109.5 125.3 365 413 466 527 12.6 12.9 12.5 12.7
Bandhan Bank Accumulate 327 203 270 32.9 87.1 91.8 116.7 138.8 80.1 71.0 85.5 101.1 1.3 23.5 47.7 54.2 108 121 147 177 0.7 12.8 22.1 20.8
Punjab National Bank Sell 501 46 35 (23.1) 286.9 326.5 360.1 392.1 207.6 200.8 238.0 258.7 34.6 21.3 60.7 81.0 57 55 56 57 4.0 2.4 6.6 8.4
State Bank of India Buy 4,510 505 717 41.9 1,207.1 1,444.4 1,579.9 1,744.8 678.7 809.8 956.7 1,053.8 316.8 456.6 541.3 582.3 287 332 386 444 13.0 16.5 16.9 15.7
Bank of Baroda Accumulate 826 160 182 13.9 326.2 403.0 442.6 491.7 223.9 262.9 286.1 321.6 72.7 131.9 144.6 163.2 166 188 212 240 8.9 14.4 13.9 13.9
City Union Bank Reduce 92 125 165 32.1 19.2 22.6 24.9 27.9 16.0 18.0 19.5 21.6 7.6 9.9 10.9 12.1 89 102 115 130 12.2 14.0 13.6 13.3
Karur Vysya Bank Buy 78 97 140 43.7 27.2 33.8 37.3 41.4 16.3 23.9 25.9 28.7 6.7 11.0 14.0 15.9 95 108 123 141 9.3 13.6 15.1 15.1
DCB Bank Accumulate 33 106 145 36.7 13.6 16.5 19.7 23.3 8.0 7.9 10.3 12.2 2.9 4.7 5.4 6.4 123 136 152 170 7.8 11.7 12.1 12.8
Chemicals
Deepak Nitrite Accumulate 243 1,780 2,048 15.1 68.0 79.1 91.5 102.1 16.0 12.6 15.5 18.2 10.7 8.2 10.4 12.2 245 300 369 361 37.5 22.2 22.7 24.6
Vinati Organics Buy 182 1,767 2,959 67.5 16.2 22.4 30.1 40.4 4.3 7.1 9.1 12.6 3.5 5.1 6.5 9.5 178 214 256 320 20.6 25.2 26.8 32.2
Coverage CUR_MKT_CAP PX_LAST
Universe
24-Mar-23

Upside/ Net Sales EBIDTA Adj PAT

Company Rating Mkt Cap CMP TP BVPS (INR) ROE (%)
Downside (INR bn) (INR bn) (INR bn)
(INR bn) (INR) (INR)
(%) FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E
Alkyl Amines Accumulate 117 2,296 2,759 20.2 15.4 16.7 19.4 20.1 3.3 3.5 5.0 5.8 2.2 2.4 3.5 4.1 194 229 281 340 25.2 22.2 26.9 25.6
Balaji Amines Buy 66 2,025 5,911 191.9 23.2 27.2 30.6 6.3 6.7 7.4 4.2 4.7 5.3 8 6 4 39.0 32.3 27.8
Sudarshan Chemicals Buy 28 399 465 16.4 22.0 22.1 23.2 25.7 2.7 1.7 2.6 3.3 1.3 0.2 0.9 1.4 120 122 131 145 16.5 1.9 9.8 16.9
SRF Buy 706 2,381 3,085 29.5 124.3 150.2 178.9 204.3 31.0 34.4 41.2 47.2 18.9 20.8 25.3 29.4 289 350 424 509 24.5 22.0 22.1 21.2
Gujarat Fluorochemicals Buy 334 3,042 3,734 22.7 39.5 57.3 62.8 72.2 12.0 20.7 23.3 29.2 7.8 13.5 15.1 19.2 385 483 593 732 20.4 28.4 25.6 26.5
Aarti Industries Buy 180 496 1,088 119.4 72.9 91.7 112.5 132.6 13.2 16.8 21.5 26.2 7.0 10.2 12.9 15.6 163 186 214 249 14.8 16.2 17.8 18.6
Atul Buy 204 6,922 10,251 48.1 50.8 56.4 63.0 71.9 9.1 9.2 12.7 14.7 6.0 5.8 8.2 9.5 1,511 1,669 1,919 2,190 14.3 12.4 15.5 15.7
Navin Fluorine International
Accumulate 210 4,242 4,983 17.5 14.5 19.8 25.0 31.2 3.5 5.1 6.6 8.4 2.6 3.5 4.2 5.2 372 435 512 606 14.8 17.4 18.0 18.7
Consumer Discretionary
United Spirits Accumulate 556 764 920 20.5 97.1 112.1 105.4 115.4 16.1 16.3 18.0 20.6 9.8 10.5 11.8 13.6 68 75 91 109 16.4 19.3 17.8 17.1
United Breweries Reduce 380 1,437 1,500 4.4 58.4 73.6 81.7 90.5 7.0 7.7 10.6 13.6 3.7 4.5 6.5 8.6 149 160 179 204 9.3 10.6 13.7 16.0
Radico Khaitan Accumulate 159 1,193 1,150 (3.6) 28.7 32.3 37.3 42.7 4.0 4.0 5.6 6.9 2.5 2.3 3.3 4.3 149 167 193 225 13.9 11.7 14.5 15.8
Jubilant FoodWorks Buy 291 441 630 42.9 43.3 51.6 61.0 70.6 11.0 12.3 14.8 17.1 4.4 4.6 6.0 7.2 32 39 47 58 24.7 19.9 21.0 20.6
Westlife Foodworld Accumulate 106 678 850 25.4 15.8 23.3 27.0 31.1 1.9 3.9 4.7 5.6 -0.0 1.2 1.5 1.9 30 38 47 59 (0.4) 23.6 22.6 22.7
FSN E-Commerce VenturesBuy 393 138 238 72.9 37.7 50.3 66.2 83.3 1.6 2.7 6.3 9.4 0.4 0.4 2.7 4.8 28 29 35 45 4.5 2.6 17.8 25.3
Page Industries Buy 414 37,115 50,869 37.1 38.9 49.4 54.5 62.3 7.9 9.0 11.1 13.0 5.4 6.0 7.5 8.8 976 1,267 1,636 1,927 54.4 48.2 46.1 44.4
Diversified Financials
HDFC Buy 4,692 2,560 3,048 19.1 171.2 201.1 230.5 256.6 191.8 221.0 242.9 276.6 137.4 154.9 183.3 213.1 663 728 814 901 12.0 12.2 13.0 13.5
Mahindra Finance Reduce 272 221 230 4.3 57.4 64.2 77.1 90.1 37.3 41.3 50.0 58.9 9.9 17.5 19.6 26.4 127 134 147 159 6.5 10.9 11.3 14.0
Cholamandalam Investment
Buy 598 728 876 20.4 58.4 66.7 76.5 89.0 37.7 42.6 49.0 57.4 21.5 25.5 29.8 35.4 143 170 204 246 20.3 20.0 19.4 19.2
LIC Housing Finance Reduce 176 321 389 21.3 58.0 66.2 72.6 82.6 47.7 55.8 60.8 69.8 22.9 28.0 34.2 39.2 448 478 529 518 10.1 11.0 12.4 13.6
Bajaj Finance Buy 3,420 5,649 7,006 24.0 218.8 284.5 348.8 430.2 143.1 181.8 218.0 264.0 70.3 109.9 133.7 168.4 725 898 1,114 1,386 17.4 22.1 22.0 22.3
Manappuram Finance Sell 99 118 95 (19.1) 39.7 44.5 49.6 55.9 22.7 23.9 26.7 30.4 13.3 13.8 16.8 19.1 99 106 122 141 16.9 16.0 17.6 17.2
Muthoot Finance Accumulate 386 962 1,156 20.1 71.2 69.1 76.3 84.5 54.4 51.0 56.8 63.5 39.5 37.5 41.9 47.0 457 532 618 716 21.6 17.5 16.9 16.3
Shriram Finance Accumulate 462 1,233 1,391 12.8 93.2 121.8 139.5 162.6 74.1 93.8 102.8 116.6 27.1 43.3 50.7 57.8 769 839 958 1,098 9.7 16.0 16.7 16.7
SBI Cards and Payment Services
Buy 685 724 1,119 54.7 38.4 43.7 55.2 78.3 44.3 50.4 64.1 87.7 16.2 22.0 27.8 36.2 82 103 128 162 23.0 25.2 25.4 26.4
Aavas Financiers Buy 133 1,683 2,815 67.3 7.8 9.6 11.7 14.9 4.8 5.6 7.0 9.1 3.6 4.3 5.4 6.9 356 414 482 570 13.7 14.2 15.3 16.7
L&T Finance Holdings Reduce 204 82 92 11.9 61.6 63.8 74.8 87.5 29.3 35.4 44.9 55.5 10.5 16.5 23.0 29.1 81 87 97 108 3.4 8.0 10.1 11.5
CreditAccess Grameen Buy 142 908 1,155 27.2 16.5 21.1 28.1 34.1 10.8 14.3 19.0 22.4 3.6 7.8 10.9 13.5 255 318 393 486 9.1 17.2 19.2 19.4
Building Materials
Kajaria Ceramics Accumulate 165 1,038 1,167 12.4 37.0 46.0 53.6 61.4 6.1 6.5 8.9 10.8 3.8 4.0 5.8 7.2 125 145 168 195 18.9 17.6 21.8 23.3
Somany Ceramics Reduce 22 513 553 7.8 20.8 24.3 27.7 31.0 2.1 1.8 2.2 3.0 0.9 0.6 0.8 1.3 161 176 188 209 13.0 7.6 9.4 14.8
Capital Goods
Havells India Accumulate 740 1,181 1,340 13.4 138.9 165.4 190.5 217.8 17.6 16.2 21.9 27.2 11.6 10.9 15.3 19.8 96 103 118 139 20.8 17.5 22.1 24.5
Siemens Buy 1,187 3,333 3,800 14.0 161.4 190.8 219.4 250.0 17.6 23.7 28.6 33.2 12.6 18.0 21.7 25.2 326 359 398 444 11.5 14.7 16.1 16.8
ABB India^ Accumulate 709 3,347 3,615 8.0 69.3 85.7 101.8 123.2 5.6 9.6 12.0 15.0 4.4 7.7 9.5 11.8 191 233 271 320 11.6 17.1 17.8 18.8
Cummins Accumulate 450 1,622 1,635 0.8 61.4 75.6 87.2 97.1 8.9 11.9 14.3 16.2 7.5 10.3 12.3 14.0 179 202 229 258 16.0 19.6 20.7 20.7
Voltas Accumulate 272 822 945 15.0 79.3 95.9 109.6 132.2 6.8 6.4 9.3 12.4 5.1 4.9 6.9 9.9 165 165 178 200 9.7 9.0 12.2 15.9
Crompton Greaves Consumer
Buy 187 294 390 32.8 64.0 69.5 77.1 87.7 8.3 8.2 10.1 11.9 6.1 5.6 7.0 8.5 39 47 54 63 44.6 32.8 35.4 36.7
Thermax Reduce 267 2,241 2,180 (2.7) 61.3 81.8 93.3 103.6 5.5 7.5 9.7 11.3 3.1 4.4 6.0 7.1 282 310 352 402 9.3 12.1 14.7 33.1
V-Guard Industries Accumulate 107 248 280 12.9 35.0 39.4 43.9 48.3 3.4 3.0 4.4 5.1 2.2 1.8 2.8 3.4 33 36 41 47 16.8 12.5 17.3 17.9
KEC International Accumulate 120 468 530 13.3 137.4 165.1 186.9 208.2 9.0 8.2 13.8 17.4 3.3 1.6 6.5 10.0 134 135 155 188 9.8 4.6 17.4 22.7
RITES Buy 84 348 400 14.8 26.6 27.2 29.5 34.0 7.2 7.6 8.3 9.5 5.2 5.7 6.2 7.1 104 106 109 114 21.2 22.7 24.1 26.6
BEML Accumulate 53 1,274 1,520 19.3 43.4 42.5 48.1 52.7 3.1 3.1 3.9 4.4 1.3 1.6 2.3 2.7 552 577 616 662 5.9 6.9 9.3 10.0
KEI Industries Buy 150 1,662 1,990 19.7 57.3 68.4 81.7 98.9 5.9 7.1 9.1 11.6 3.8 4.8 6.1 7.8 237 287 351 434 19.2 20.5 21.1 22.0
Bharat Electronics Buy 669 92 125 36.5 153.7 182.2 206.6 228.4 33.4 40.4 46.2 51.9 24.0 30.2 34.5 38.7 17 17 17 17 20.6 24.5 28.2 31.9
Hindustan Aeronautics Buy 859 2,568 3,550 38.3 233.4 262.9 283.5 328.2 53.9 70.6 74.9 81.1 36.0 47.6 51.7 56.0 578 692 803 927 20.8 22.4 20.7 19.4
Bharat Dynamics Buy 164 895 1,150 28.5 28.2 28.7 40.3 52.2 7.3 5.8 9.1 12.1 5.3 4.8 7.3 9.7 165 181 209 248 18.7 15.1 20.5 23.2
Garden Reach ShipbuildersBuy 47 411 545 32.7 17.6 30.8 50.6 59.4 1.4 2.5 4.7 5.7 1.9 2.9 4.7 5.4 110 127 160 198 15.8 21.4 28.4 26.6
Eureka Forbes Buy 85 441 600 36.0 3.8 21.0 24.2 28.0 0.2 1.4 3.6 4.6 0.0 0.6 2.3 3.2 211 212 224 241 0.3 2.9 10.8 13.0
Cement
UltraTech Accumulate 2,138 7,406 8,325 12.4 517.1 625.3 706.5 771.0 115.1 113.7 141.1 153.6 56.7 55.5 72.9 81.2 1,639 1,828 2,014 2,236 12.0 10.5 12.5 12.6
Shree Cement Accumulate 919 25,475 26,099 2.4 139.1 163.3 188.9 207.7 36.5 30.2 46.5 53.2 23.8 13.1 23.1 25.7 4,797 5,120 5,660 6,264 14.6 7.3 11.9 12.0
Ambuja^ Accumulate 738 372 418 12.4 285.5 408.5 364.3 400.6 62.1 51.3 59.1 75.5 28.6 27.8 27.7 41.1 121 142 161 202 11.9 7.9 7.0 8.2
Coverage CUR_MKT_CAP PX_LAST
Universe
24-Mar-23

Upside/ Net Sales EBIDTA Adj PAT

Company Rating Mkt Cap CMP TP BVPS (INR) ROE (%)
Downside (INR bn) (INR bn) (INR bn)
(INR bn) (INR) (INR)
(%) FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E
ACC^ Buy 319 1,701 2,501 47.0 158.1 216.4 198.0 215.7 30.0 19.9 25.2 33.1 18.9 10.7 13.3 19.3 715 754 780 851 14.1 6.0 9.1 12.1
JK Cement Buy 217 2,812 3,355 19.3 75.3 90.7 102.9 115.5 15.1 13.3 18.8 22.1 7.4 5.8 9.1 11.2 552 612 714 844 18.5 13.1 17.8 18.7
Prism Johnson Buy 54 108 132 22.4 61.3 72.8 84.0 86.5 5.2 3.7 6.1 7.8 0.9 (0.3) 1.5 2.7 25 26 26 29 6.7 (2.6) 11.4 18.1
Star Cement Accumulate 46 115 128 11.4 22.2 27.1 30.3 32.8 3.5 4.7 5.3 6.0 2.5 2.4 2.6 2.5 52 57 63 69 11.6 10.7 10.3 9.0
Birla Corporation Buy 72 935 1,178 26.0 72.9 84.7 99.1 104.9 11.1 7.7 14.6 15.5 4.2 0.1 5.0 5.6 749 780 802 858 7.3 0.1 8.1 8.5
Heidelberg Cement Accumulate 36 160 200 24.7 22.4 22.7 25.2 27.6 4.3 2.7 4.5 5.4 2.5 1.3 2.8 3.5 67 67 67 70 16.5 8.5 18.2 22.1
JK Lakshmi Buy 85 722 902 25.0 50.4 60.0 62.7 64.6 8.0 7.4 8.8 10.0 4.5 3.7 4.7 5.6 192 221 252 290 19.8 14.1 15.7 16.3
India Cements Sell 54 175 165 (5.9) 45.5 52.9 60.3 64.6 4.8 0.2 7.0 8.5 0.8 (4.3) 2.4 3.5 188 186 182 190 1.3 (7.6) 4.2 5.9
Orient Cement Accumulate 23 112 143 27.2 27.2 29.4 31.9 33.7 5.9 3.5 4.7 5.7 2.6 1.1 1.7 2.2 69 76 81 87 18.6 7.1 10.4 12.5
Ramco Cements Accumulate 176 745 817 9.7 59.0 72.8 83.6 90.4 12.8 11.0 15.4 17.6 5.9 3.2 5.9 7.6 257 280 294 317 9.7 4.8 8.5 10.2
Nuvoco Vistas CorporationAccumulate 120 335 427 27.6 90.6 105.2 120.1 128.5 15.0 12.6 18.7 21.4 0.3 (1.1) 3.0 5.0 226 245 248 259 0.4 (1.3) 3.4 5.4
Dalmia Bharat Accumulate 343 1,831 2,177 18.9 110.6 131.2 147.2 159.9 24.3 24.5 32.5 37.4 8.1 7.6 12.1 14.5 780 884 930 995 5.6 4.6 7.0 7.9
Consumer Electronics
Amber Enterprises Accumulate 61 1,812 2,400 32.4 42.1 54.2 64.7 76.0 2.8 3.7 4.7 6.0 1.1 1.4 2.0 3.0 53 57 63 72 6.7 7.8 10.3 13.5
Dixon Technologies Accumulate 172 2,881 3,890 35.0 107.0 124.6 177.8 213.7 3.8 4.9 7.3 9.4 1.9 2.4 4.5 6.1 170 207 279 378 22.0 22.1 31.9 31.6
Dairy
Heritage Foods Buy 14 148 197 33.1 26.8 32.2 35.3 1.9 1.5 3.2 1.1 0.8 2.0 142 165 198 16.9 11.5 25.2
FMCG
Hindustan Uniliver Accumulate 5,829 2,481 3,060 23.3 511.9 598.0 648.2 719.9 125.0 138.6 164.5 184.1 88.5 96.7 116.4 131.4 207 205 202 199 18.4 19.9 24.3 27.8
Nestle^ Accumulate 1,827 18,953 22,940 21.0 146.6 167.9 187.1 210.7 34.9 36.3 42.8 49.4 23.5 23.9 29.2 34.0 202 255 300 353 118.8 108.5 109.0 108.0
Britannia Industries Accumulate 1,012 4,200 5,100 21.4 141.4 163.8 180.2 198.8 22.0 27.6 32.3 36.6 15.3 19.2 22.9 26.2 106 166 227 297 43.6 50.6 56.9 46.7
GCPL Accumulate 973 951 1,050 10.4 122.8 133.3 147.5 164.9 24.0 24.2 29.8 35.1 17.9 17.0 21.5 24.4 109 117 128 141 17.1 14.5 17.1 17.7
Marico Accumulate 617 477 560 17.4 95.1 97.3 107.1 118.7 16.8 18.1 20.3 23.0 12.3 13.4 15.3 17.6 26 29 32 35 38.5 38.3 41.2 42.7
Colgate Palmolive Sell 408 1,501 1,500 (0.1) 51.0 52.3 54.5 57.7 15.7 15.0 15.9 16.9 10.8 10.2 10.9 11.6 64 57 52 50 74.4 62.5 73.9 84.2
Emami Accumulate 160 363 466 28.5 31.9 34.0 37.5 41.2 9.5 8.1 9.2 10.3 10.8 6.6 7.2 8.1 47 53 60 68 56.3 32.4 31.2 30.9
Dabur India Reduce 950 536 578 7.8 108.9 115.7 130.4 143.8 22.5 23.4 27.0 29.7 18.2 18.7 21.6 23.9 47 54 61 70 24.4 21.9 22.6 22.0
Jyothy Lab Accumulate 68 186 222 19.6 22.0 25.1 27.5 30.0 2.5 3.0 4.0 4.7 1.6 2.1 2.8 3.4 39 43 47 53 11.1 13.5 16.7 18.3
Bajaj Consumer Care Reduce 22 156 150 (3.7) 8.8 9.8 10.5 1.7 1.5 1.7 1.7 1.5 1.7 55 54 55 21.7 18.4 21.1
ITC Accumulate 4,704 379 438 15.7 563.4 671.5 755.2 819.7 189.3 231.7 268.7 296.9 150.6 182.4 210.5 232.6 49 51 54 59 25.0 29.2 32.1 33.0
Tata Consumer Products Accumulate 652 702 785 11.8 124.3 136.4 149.5 164.0 17.2 18.0 20.9 24.1 9.9 10.7 13.1 15.4 164 170 177 186 6.7 7.0 8.2 9.2
Mrs Bectors Food Specialities
Buy 31 533 640 20.0 9.9 13.7 15.9 18.3 1.2 1.7 2.1 2.6 0.6 0.8 1.1 1.4 79 94 112 136 12.7 16.6 17.7 19.5
Varun Beverages Buy 878 1,352 1,550 14.6 88.2 131.8 152.3 177.4 16.5 27.9 32.2 37.6 6.9 15.0 18.7 22.5 65 81 102 127 18.3 32.7 32.3 30.9
Footwear
Relaxo Footwears Accumulate 203 814 892 9.6 26.5 27.2 29.3 34.1 4.2 3.1 4.4 5.4 2.3 1.4 2.3 3.0 71 75 78 82 14.0 7.6 12.0 14.8
Healthcare
Apollo Hospitals Accumulate 616 4,283 5,150 20.2 146.6 164.8 201.5 232.3 21.9 21.1 29.8 36.3 8.1 7.8 13.5 17.7 410 450 525 629 14.2 12.8 19.4 21.5
Aster DM Healthcare Buy 119 237 280 18.0 102.5 120.3 129.1 143.0 14.8 15.5 17.4 19.3 6.0 4.4 5.8 7.2 79 87 98 111 16.4 10.7 12.5 13.8
Fortis Healthcare Buy 192 255 380 49.1 57.2 64.9 76.0 86.8 10.7 11.4 13.7 16.0 4.5 5.8 7.7 9.5 82 88 97 110 3.9 7.5 9.9 11.8
Narayana Hrudayalaya Buy 153 749 960 28.2 37.0 43.7 48.8 53.3 6.5 9.2 10.4 12.0 3.5 5.7 6.3 7.4 73 100 129 164 26.2 32.3 26.9 24.6
HealthCare Global Enterprises
Accumulate 37 264 340 28.8 14.0 16.6 18.1 19.7 2.4 2.9 3.4 3.8 (0.5) 0.2 0.8 1.1 63 65 71 80 (5.1) 3.2 9.6 11.6
Shalby Buy 13 121 185 53.1 7.0 8.1 9.0 10.2 1.2 1.4 1.7 2.0 0.5 0.7 1.0 1.2 81 88 97 107 6.8 7.6 10.0 11.1
IT Services
Tata Consultancy Services Buy 11,418 3,121 4,060 30.1 1,917.5 2,268.5 2,591.9 2,796.3 530.6 599.6 710.0 765.9 383.3 425.8 502.0 548.4 241 304 375 453 43.7 42.5 40.4 36.2
Infosys Accumulate 5,728 1,381 1,610 16.6 1,216.4 1,483.1 1,664.3 1,813.2 314.8 356.8 402.2 462.2 221.2 246.1 280.4 324.5 181 182 211 242 29.2 32.3 32.1 32.3
HCL Technologies Reduce 2,854 1,052 1,020 (3.0) 856.5 1,027.5 1,178.2 1,265.9 201.9 231.8 266.6 286.4 135.6 150.3 170.2 184.9 229 234 240 246 21.9 23.7 26.2 27.7
Wipro Reduce 1,985 362 410 13.3 795.3 917.1 1,017.8 1,084.7 138.2 142.9 164.2 175.2 119.4 116.3 130.1 138.0 119 121 125 130 18.1 17.5 19.0 19.4
Tech Mahindra Buy 1,073 1,102 1,320 19.8 446.5 539.2 618.6 684.4 80.2 84.5 106.0 119.0 56.3 51.5 62.3 73.6 308 338 378 426 21.8 18.2 19.8 20.8
LTIMindtree Reduce 1,361 4,601 4,220 (8.3) 261.1 335.8 390.8 442.4 52.5 61.9 75.4 86.4 39.5 45.9 54.0 63.1 483 563 658 768 27.6 29.6 29.9 29.9
Mphasis Sell 327 1,737 1,910 9.9 119.6 141.2 160.9 180.0 21.2 25.1 30.0 33.8 14.3 16.8 19.7 22.6 372 398 433 474 21.2 23.4 25.3 26.7
Persistent Systems Buy 331 4,325 5,200 20.2 57.1 83.7 100.3 114.1 9.6 15.4 19.0 22.0 6.9 9.5 12.5 14.9 441 543 661 801 20.5 23.6 25.4 25.0
Coforge Buy 226 3,701 5,280 42.7 64.3 80.3 95.1 106.1 11.4 14.2 17.6 19.5 7.4 9.1 11.8 12.8 113 138 182 200 25.1 26.5 29.7 27.8
eClerx Buy 65 1,321 1,840 39.3 21.6 26.6 31.4 35.7 6.7 7.4 9.2 10.6 4.2 4.8 6.0 6.9 316 382 430 485 27.4 25.5 27.9 28.5
Industrials
Praj Industries Accumulate 60 325 515 58.6 23.3 29.6 38.7 46.1 1.9 2.6 3.5 4.4 1.5 2.0 2.7 3.4 50 59 71 88 17.5 20.4 22.7 23.2
Coverage CUR_MKT_CAP PX_LAST
Universe
24-Mar-23

Upside/ Net Sales EBIDTA Adj PAT

Company Rating Mkt Cap CMP TP BVPS (INR) ROE (%)
Downside (INR bn) (INR bn) (INR bn)
(INR bn) (INR) (INR)
(%) FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E
Internet
Info Edge Buy 449 3,476 5,050 45.3 15.3 18.4 21.4 24.8 4.5 7.1 8.2 9.7 5.0 6.4 7.1 8.2 1,086 1,123 1,165 1,213 3.6 4.4 4.8 5.3
IndiaMART InterMESH Buy 152 4,977 5,700 14.5 7.5 9.3 11.6 14.5 3.1 2.6 3.3 4.3 3.1 2.6 3.0 3.8 616 690 776 885 16.4 12.2 12.6 14.0
Justdial Buy 49 586 825 40.8 6.5 8.4 9.9 11.0 (0.0) 0.8 1.7 2.4 0.7 1.4 2.9 3.3 399 415 449 488 2.0 3.9 7.3 7.8
Affle India Buy 127 950 1,490 56.8 10.8 14.7 19.8 26.0 2.1 3.0 4.2 5.6 2.2 2.5 3.3 4.5 88 107 132 166 28.0 18.9 21.0 22.7
Infrastructure
Larsen & Toubro Accumulate 3,044 2,166 1,981 (8.5) 1,565.2 1,823.0 2,053.4 182.2 221.6 255.5 85.7 126.4 148.1 587 650 725 10.8 14.5 15.3
PNC Infratech Buy 71 278 460 65.5 63.1 68.0 77.5 84.3 7.9 9.2 10.6 11.5 4.6 5.8 6.7 7.3 130 152 178 205 14.8 15.9 15.8 14.8
NCC Buy 64 102 135 32.5 99.3 126.5 131.2 142.9 10.0 13.0 13.7 14.9 3.4 5.7 6.0 6.8 95 103 111 120 7.1 9.0 8.9 9.3
KNR Constructions Accumulate 71 253 271 7.0 32.7 35.2 38.2 40.8 6.8 6.9 6.9 7.3 3.6 3.0 3.7 4.0 80 95 108 122 17.5 17.8 13.0 12.4
Ashoka Buildcon Buy 21 74 188 154.1 45.9 54.9 56.9 5.0 6.3 6.7 4.6 4.3 4.3 96 111 127 16.2 14.7 12.9
Sadbhav Engineering Buy 2 10 78 653.6 30.9 28.8 3.7 3.5 1.2 1.2 134 134 5.9 5.6
PSP Projects Accumulate 24 667 795 19.2 17.5 20.4 25.0 27.0 2.6 2.5 3.1 3.3 1.6 1.5 1.8 1.9 190 226 271 319 26.6 19.8 20.2 18.0
HG Infra Engineering Buy 51 779 940 20.6 36.2 44.2 48.7 52.7 5.8 7.0 7.8 8.5 3.4 4.2 4.7 5.1 209 274 346 407 28.3 26.6 23.4 20.8
Rail Vikas Nigam Buy 135 65 43 (33.6) 193.8 220.7 253.8 11.8 12.7 14.7 10.9 10.6 11.2 27 31 34 20.5 17.7 16.6
Logistics
Adani Ports & SEZ Buy 1,378 638 947 48.4 159.3 193.3 216.8 97.5 126.5 140.7 56.2 87.5 91.9 188 220 260 20.0 21.1 18.8
Container Corporation of India
Accumulate 355 583 735 26.0 75.9 80.5 89.2 98.8 17.3 19.2 21.3 24.2 10.6 11.9 13.1 14.9 177 189 203 218 10.1 10.7 11.0 11.6
Mahindra Logistics Accumulate 26 358 530 47.9 41.4 51.4 57.7 64.9 1.8 2.6 3.0 3.6 0.2 0.5 0.7 1.1 83 87 94 107 3.0 7.6 10.7 15.0
VRL Logistics Buy 57 640 810 26.6 23.8 28.3 30.5 34.2 4.0 4.3 4.7 5.3 1.6 1.8 2.2 2.4 74 106 121 148 25.6 46.3 21.8 20.1
Blue Dart Express Buy 145 6,090 8,733 43.4 44.1 50.8 58.4 66.6 7.0 6.4 7.3 8.5 4.1 3.7 4.3 5.1 402 498 613 749 50.5 34.2 32.8 31.9
GATI Buy 13 103 275 166.6 14.9 15.4 18.7 0.3 1.2 1.9 (0.0) 0.4 0.7 46 50 58 (0.6) 6.1 10.5
Media & Entertainment
Zee Entertainment Buy 203 212 390 84.2 81.9 81.6 87.9 117.9 17.2 12.4 16.9 16.3 10.9 7.5 11.3 10.8 108 110 116 122 9.4 7.2 10.5 9.5
Sun TV Network Buy 165 419 675 61.2 35.0 36.7 41.5 43.8 22.6 23.9 26.1 28.0 16.4 15.9 18.2 20.1 207 232 256 282 21.6 18.4 18.9 18.9
PVR Buy 148 1,506 2,600 72.6 13.3 35.2 46.1 52.7 1.1 9.1 14.1 16.4 (4.9) 1.5 5.5 7.6 225 247 335 458 (30.5) 10.3 31.1 31.7
Entertainment Network India
Buy 6 116 250 115.9 3.2 4.5 5.2 6.2 0.5 0.8 1.2 1.5 (0.4) (0.0) 0.2 0.4 160 159 163 171 (4.8) (0.2) 2.6 4.5
Music Broadcast Reduce 4 11 16 50.9 1.7 2.0 2.2 2.6 0.1 0.3 0.5 0.7 (0.1) 0.1 0.3 0.4 17 18 19 20 (0.9) 1.8 4.4 6.3
TV Today Network Buy 11 186 420 126.3 9.3 9.3 10.2 11.5 2.4 1.6 2.1 2.5 1.8 1.1 1.5 1.9 194 180 273 304 16.9 9.9 11.5 10.8
Metals
NMDC Accumulate 318 108 125 15.4 259.6 175.1 188.6 201.7 126.3 61.2 62.5 61.9 94.5 47.6 47.1 45.4 81 74 99 124 39.7 22.1 16.3 12.5
JSW Steel Accumulate 1,590 658 793 20.6 1,438.3 1,664.8 1,999.4 2,402.3 390.1 180.6 280.7 383.3 206.9 43.4 98.6 161.6 278 279 313 375 36.7 6.4 13.8 19.4
Tata Steel Accumulate 1,248 102 132 29.3 2,423.3 2,413.2 2,476.5 2,704.0 634.9 301.5 370.1 437.2 402.5 139.6 150.1 197.7 77 96 105 118 42.7 11.9 11.8 13.8
Jindal Steel and Power Accumulate 545 534 706 32.2 510.9 529.4 579.5 652.0 159.1 97.5 119.7 150.7 88.2 49.3 59.2 81.5 349 375 433 513 26.2 13.3 14.4 16.9
Steel Authority of India Accumulate 340 82 100 21.4 1,028.1 1,054.9 1,118.8 1,186.9 213.2 89.2 117.5 130.7 122.6 23.6 38.9 40.5 116 127 131 138 25.7 4.5 7.2 7.1
Hindalco Industries Accumulate 873 388 509 31.1 1,951 2,000 2,116 2,220 283 208 257 274 138 94 122 127 326 370 410 456 19.1 11.4 13.4 12.5
Oil & Gas
Reliance Industries Buy 14,907 2,203 3,379 53.4 7,000.0 9,347.0 9,584.0 10,041.0 1,105.0 1,469.0 1,579.0 1,784.0 676.0 809.0 906.0 1,077.0 1,314 1,418 1,541 1,691 6.6 7.0 7.3 8.0
ONGC Accumulate 1,879 149 179 19.8 5,138.7 7,052.5 7,189.4 7,168.1 857.7 1,011.2 1,287.7 1,262.0 469.6 521.7 723.1 707.4 206 257 313 369 19.5 17.9 20.2 16.5
Indian Oil Corporation Accumulate 1,107 78 91 16.1 5,893.4 8,001.8 7,736.0 7,758.4 473.0 280.8 398.2 406.5 253.9 97.2 182.0 184.5 97 117 126 134 20.2 6.6 10.9 10.3
Bharat Petroleum Accumulate 749 345 364 5.4 3,467.9 4,401.3 4,269.4 4,288.2 191.4 27.0 116.2 128.5 90.1 (52.2) 26.1 33.5 264 243 246 257 17.1 (10.5) 5.4 6.8
GAIL Buy 681 104 124 19.8 984.3 1,615.9 1,714.0 1,799.2 138.3 106.8 110.5 121.9 103.6 76.9 82.7 90.2 83 89 95 103 20.3 13.4 13.5 13.7
Hindustan Petroleum Accumulate 339 239 271 13.5 3,496.8 4,481.1 4,619.8 4,642.8 101.8 (103.3) 111.6 123.8 63.8 (113.8) 51.5 57.0 273 192 215 241 17.1 (34.5) 17.8 17.6
Petronet LNG Accumulate 336 224 250 11.7 431.7 624.0 573.6 599.5 52.5 45.5 51.0 55.4 33.5 28.5 32.6 35.7 90 97 106 115 26.7 20.3 21.4 21.3
Indraprastha Gas Accumulate 303 432 448 3.7 77.1 141.8 154.1 163.8 18.8 20.7 21.4 22.7 13.1 14.4 14.5 15.7 99 111 122 136 19.0 18.5 16.9 16.5
Oil India Accumulate 272 251 270 7.7 300.1 445.2 443.1 450.0 105.0 156.4 146.6 147.9 67.4 95.6 94.0 94.0 282 316 342 369 24.8 29.5 26.3 24.4
Gujarat State Petronet Buy 153 271 342 26.3 20.2 18.3 16.2 17.1 14.0 13.9 12.5 12.9 9.8 9.8 8.0 7.3 150 165 177 188 12.2 11.0 8.3 7.1
Gujarat Gas Accumulate 332 482 564 16.9 164.6 186.1 210.9 224.2 20.8 20.2 23.4 25.2 12.9 12.2 14.5 15.8 81 98 119 141 23.0 18.0 17.8 16.3
MRPL Accumulate 92 53 65 23.6 697.3 1,081.3 981.2 987.8 50.3 55.2 39.9 35.4 29.9 30.4 17.8 14.0 41 58 69 77 52.2 34.8 16.0 11.0
Mahanagar Gas Accumulate 95 960 990 3.1 35.6 62.6 73.6 76.7 9.2 11.0 11.3 11.8 6.0 7.1 7.4 7.6 364 415 467 521 16.6 17.4 16.0 14.7
Chennai Petroleum Reduce 36 243 244 0.5 373.5 780.3 669.1 634.7 10.0 52.5 18.3 16.2 0.8 33.9 8.2 7.4 162 183 209 3.1 21.1 24.5
Paints
Asian Paints Sell 2,684 2,799 2,700 (3.5) 291.0 341.9 375.0 425.6 48.0 61.1 71.4 82.9 31.5 41.1 48.1 55.8 144 162 183 209 26.3 29.0 30.6 31.4
Berger Paints Accumulate 557 574 654 14.0 87.6 109.1 121.4 136.0 13.3 16.7 20.3 22.8 8.3 10.7 13.3 15.0 40 47 54 63 25.3 27.0 28.8 28.0
Coverage CUR_MKT_CAP PX_LAST
Universe
24-Mar-23

Upside/ Net Sales EBIDTA Adj PAT

Company Rating Mkt Cap CMP TP BVPS (INR) ROE (%)
Downside (INR bn) (INR bn) (INR bn)
(INR bn) (INR) (INR)
(%) FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E FY22 FY23E FY24E FY25E
Kansai Nerolac Reduce 207 384 490 27.5 59.5 75.2 84.5 95.2 6.5 9.1 11.0 12.6 3.9 5.7 7.1 8.2 77 85 93 102 9.4 13.1 14.9 15.7
Pharmaceuticals
Sun pharma Accumulate 2,334 973 1,100 13.1 391.5 434.5 469.3 508.0 107.4 115.7 131.3 147.3 83.1 87.2 99.0 111.9 200 227 255 289 16.3 15.8 15.9 15.9
Dr. Reddy's Accumulate 743 4,464 4,910 10.0 214.4 235.6 257.5 286.5 46.1 48.7 55.9 63.4 31.1 31.3 36.1 41.1 1,148 1,302 1,484 1,698 17.0 15.4 15.6 15.6
Cipla Buy 708 877 1,310 49.3 217.6 225.1 259.3 291.5 45.5 51.5 64.5 75.1 27.4 31.5 40.7 47.9 258 292 336 388 12.7 13.4 15.0 15.3
Lupin Sell 291 640 575 (10.2) 164.1 161.8 172.9 184.2 21.0 16.4 23.7 27.3 9.0 4.4 10.0 12.5 267 271 287 308 6.9 3.6 7.9 9.2
Aurobindo Pharma Accumulate 293 500 520 3.9 234.6 249.2 266.2 285.1 43.9 36.6 41.2 47.3 27.5 19.2 22.9 27.1 420 451 488 531 11.8 7.6 8.4 9.1
Torrent Pharma Reduce 514 1,518 1,630 7.4 85.1 95.5 107.1 117.5 24.3 28.2 32.2 35.7 12.6 12.5 15.1 18.0 176 199 226 259 18.9 19.8 21.1 21.9
Zydus Lifescience Buy 487 481 550 14.4 151.1 165.3 185.6 200.3 31.8 31.9 41.6 46.2 23.3 22.9 27.7 31.2 168 183 203 227 14.2 11.1 14.0 14.2
Sanofi India* Buy 130 5,660 7,000 23.7 29.6 27.7 28.6 31.3 7.6 7.0 7.2 8.0 5.8 5.2 5.6 6.2 968 555 678 815 26.0 41.2 35.6 32.9
Glenmark Reduce 120 426 430 1.0 123.0 131.9 139.6 151.2 20.0 20.5 21.4 23.8 11.2 9.6 11.3 13.2 322 355 391 434 13.9 10.0 10.8 11.3
IPCA lab Accumulate 198 780 945 21.2 58.3 61.6 71.5 82.5 13.1 9.7 14.2 17.9 9.1 5.5 8.7 11.4 216 232 257 289 17.3 9.2 13.6 16.1
Strides Pharma Science Buy 25 275 405 47.4 30.7 38.2 44.6 (0.1) 4.0 6.3 (1.1) 0.7 2.8 263 260 281 (8.0) 1.3 9.6
Divi's Laboratories Reduce 745 2,807 2,765 (1.5) 89.6 76.8 88.0 101.7 38.8 23.7 28.5 33.7 29.3 17.3 20.8 24.6 443 472 508 558 27.9 14.3 16.0 17.5
Gland Pharma Buy 211 1,282 1,750 36.5 44.0 38.0 57.4 63.0 15.1 11.6 16.8 19.1 12.1 9.6 11.5 13.2 436 494 564 644 18.6 12.6 13.2 13.3
Abbott India Buy 449 21,120 25,250 19.6 49.2 55.9 63.4 72.1 10.9 13.0 15.1 17.2 8.0 9.7 11.3 12.7 1,327 1,621 1,972 2,392 29.5 30.8 29.6 27.5
Laurus Labs Accumulate 161 299 400 33.6 49.4 61.0 70.2 78.7 14.2 16.9 19.7 22.4 8.3 9.1 10.9 12.3 62 77 94 114 27.8 24.1 23.4 21.8
Ajanta Pharma Buy 152 1,184 1,530 29.2 33.4 38.8 43.2 48.4 9.3 8.5 10.6 12.6 7.1 6.8 8.4 10.0 255 300 354 417 22.8 19.0 20.1 20.2
Suven Pharmaceuticals Accumulate 120 471 515 9.3 13.2 13.1 15.6 18.1 5.8 5.4 6.6 7.8 4.1 4.0 4.8 5.7 60 72 86 103 33.5 24.1 23.9 23.6
JB Chemicals & Pharmaceuticals
Accumulate 152 1,967 2,120 7.8 24.2 32.1 37.7 42.9 5.4 7.2 9.3 10.9 3.9 4.4 6.1 7.3 277 317 373 439 19.5 19.3 22.9 23.4
Pipes
APL Apollo Tubes Buy 335 1,209 1,421 17.5 126.3 160.8 216.3 264.5 9.5 10.1 14.7 20.0 6.2 6.5 10.0 14.2 89 109 143 191 29.9 23.9 28.7 30.6
Ratnamani Metals & TubesAccumulate 145 2,071 2,257 9.0 31.2 40.2 46.6 53.7 4.9 6.5 8.1 9.3 3.2 4.4 5.6 6.6 321 376 441 520 15.2 18.1 19.7 19.5
Real Estate
Godrej Properties Buy 290 1,045 1,508 44.3 18.2 19.9 28.1 43.0 1.3 7.0 6.4 16.9 5.4 6.7 5.8 13.2 312 321 357 426 4.0 7.1 10.1 16.2
Oberoi Realty Buy 307 844 1,032 22.3 30.8 39.1 46.8 55.7 16.0 19.3 21.1 27.2 11.5 13.9 15.3 19.8 277 312 350 401 11.4 12.3 12.0 13.6
Prestige Estates Projects Buy 166 414 525 26.9 63.9 68.9 77.3 87.6 15.3 16.3 19.0 26.2 4.2 4.7 6.1 10.1 227 234 245 265 3.8 4.0 2.9 17.6
Sobha Buy 41 432 823 90.5 27.5 31.6 36.1 40.9 5.2 6.1 6.7 7.1 1.5 2.1 2.4 2.8 263 277 294 315 6.1 8.1 8.7 9.7
Brigade Enterprises Accumulate 105 455 577 26.8 30.0 34.6 38.2 45.7 7.7 7.7 8.7 9.7 (0.1) 0.9 1.2 1.9 127 129 132 138 4.8 3.7 4.8 6.6
Mahindra Lifespace Developers
Buy 51 332 523 57.4 3.9 6.1 9.0 12.0 (0.9) 0.7 1.5 2.4 (0.3) 0.5 1.0 1.6 116 128 148 177 3.8 9.9 14.3 18.1
Sugar
Balrampur Chini Mills Buy 74 369 465 26.2 48.5 44.0 59.5 66.1 7.0 6.5 9.8 10.5 4.7 3.6 5.7 6.2 136 138 162 191 16.8 13.0 17.9 17.1
Dwarikesh Sugar Buy 16 84 136 62.4 19.7 20.5 19.4 20.2 2.9 2.8 3.5 3.7 1.6 1.3 1.8 2.0 36 29 39 49 23.1 24.4 25.0 21.9
Textile
Arvind Buy 22 83 149 80.5 80.3 84.2 87.1 94.9 8.1 8.1 9.1 10.4 2.5 3.4 4.3 5.2 113 126 139 155 8.9 11.0 12.4 13.6
KPR Mills Buy 196 575 804 39.9 48.2 58.7 62.6 69.8 12.2 12.9 13.1 15.7 8.4 8.6 9.0 10.9 93 108 124 143 30.4 24.9 22.6 24.0
Vardhman Textiles Buy 80 278 399 43.7 96.2 102.4 103.2 110.0 22.7 13.4 17.0 19.5 15.1 7.5 10.6 12.3 272 294 320 354 21.8 9.8 12.5 13.1
Utilities
NTPC Buy 1,675 173 209 21.0 1,196.6 1,279.2 1,353.6 1,467.7 377.5 415.4 460.8 494.1 148.0 158.9 175.8 182.6 138 155 173 173 11.9 11.7 11.5 10.7
NHPC Buy 398 40 55 38.9 83.5 101.5 127.4 161.9 46.8 55.9 70.4 92.5 35.4 34.6 40.6 48.1 33 35 37 40 10.9 10.1 11.2 12.5
Power Grid Corporation Accumulate 1,551 222 240 7.9 399.3 441.3 457.5 467.2 373.3 420.4 435.8 447.3 133.3 155.0 162.0 168.3 109 126 143 162 18.3 18.9 17.2 15.8
Tata Power Buy 616 193 272 41.1 428.2 456.3 501.6 564.3 75.1 74.9 75.7 83.0 10.7 5.6 6.2 10.5 70 78 87 97 9.6 10.1 10.0 10.5
Torrent Power Reduce 242 503 521 3.6 142.6 147.3 144.3 157.7 35.9 35.1 34.2 36.3 13.6 13.7 13.0 13.5 207 232 257 284 13.6 13.0 11.0 10.4
JSW Energy Sell 389 237 193 (18.5) 86.1 97.9 100.9 100.3 40.1 34.2 36.6 35.0 17.3 13.2 15.0 13.3 106 112 120 126 10.8 7.3 7.8 6.5
CESC Buy 89 67 110 64.7 72.9 82.1 87.7 91.7 13.0 21.1 22.0 23.0 1.0 9.2 9.8 10.5 75 76 77 78 8.2 9.1 9.6 10.1
Coal India Accumulate 1,285 208 299 43.4 1,097.1 1,329.9 1,331.6 1,452.5 246.9 335.6 308.9 350.3 173.8 233.5 211.9 237.4 71 84 97 112 40.3 44.9 35.3 34.4
Indian Energy Exchange Buy 127 143 200 39.9 4.3 4.6 5.5 6.4 3.6 3.8 4.7 5.6 3.0 3.2 4.3 5.0 8 9 11 15 43.2 39.9 42.0 38.0
SJVN Buy 120 31 54 76.8 24.2 25.5 34.9 74.2 17.3 19.0 24.4 52.2 9.9 11.2 12.5 23.4 34 35 36 40 7.5 8.2 8.8 14.8
Note: CMP as on 24 March 2023; Numbers updated as on 24 March 2023; 4.00 pm; # Consolidated financials; ^ YE Dec; $ YE June; UR: Under Review; NR: Not Rated; Source: Company, Elara Securities Estimates
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Elara Securities (India) Private Limited was incorporated in July 2007 as a subsidiary of Elara Capital (India) Private Limited.

Elara Securities (India) Private Limited

Disclaimer
Elara Securities (India) Private Limited is a SEBI registered Stock Broker in the Capital Market and Futures & Options Segments of National Stock Exchange of India Limited [NSE], in the Capital Market Segment of BSE
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Elara Securities (India) Private Limited’s business, amongst other things, is to undertake all associated activities relating to its broking business.
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Elara Securities (India) Private Limited

Team - Institutional Equities
Harendra Kumar Managing Director harendra.kumar@elaracapital.com +91 22 6164 8571
Sales India Europe
Ashok Agarwal India ashok.agarwal@elaracapital.com +91 22 6164 8558 Elara Securities (India) Pvt. Ltd. Elara Capital Plc
Hitesh Danak India hitesh.danak@elaracapital.com +91 22 6164 8543
One International Center, Tower 3, 6th Floor, The Grove,
Karan Rathod India karan.rathod@elaracapital.com +91 22 6164 8570
Lekha Nahar India lekha.nahar@elaracapital.com +91 22 6164 8512 21st Floor, 248A Marylebone Road,
Prashin Lalvani India prashin.lalvani@elaracapital.com +91 22 6164 8544 Senapati Bapat Marg, London, NW1 6JZ
Shraddha Shrikhande India shraddha.shrikhande@elaracapital.com +91 22 6164 8567
Elphinstone Road (West) United Kingdom
Sudhanshu Rajpal India sudhanshu.rajpal@elaracapital.com +91 22 6164 8508
Joshua Saldanha Asia joshua.saldanha@elaracapital.com +91 22 6164 8541 Mumbai – 400 013, India Tel : +44 20 7486 9733
Anita Nazareth Corporate Access, Conference & Events anita.nazareth@elaracapital.com +91 22 6164 8520 Tel : +91 22 6164 8500
Tina D’souza Corporate Access tina.dsouza@elaracapital.com +91 22 6164 8595
Quantitative, Alternatives, Sales Trading & Dealing
Sunil Jain Quantitative & Alternates sunil.jain@elaracapital.com +91 22 6164 8531 USA Asia / Pacific
Biren Mehta Head - Sales Trading biren.mehta@elaracapital.com +91 22 6164 8500 Elara Securities Inc. Elara Capital (Asia) Pte.Ltd.
Kalpesh Parekh India kalpesh.parekh@ElaraCapital.com +91 22 6164 8555
Manoj Murarka India manoj.murarka@elaracapital.com +91 22 6164 8551
230 Park Avenue, Suite 2415, One Marina Boulevard,
Anil Pawar India anil.pawar@elaracapital.com +91 22 6164 8552 New York, NY 10169, USA Level 20, Singapore 018989
Nilesh Chheda India nilesh.chheda@elaracapital.com +91 22 6164 8554 Tel: +1 212 430 5870 Tel : +65 6692 0174
Nupur Barve India nupur.barve@elaracapital.com +91 22 6164 8532 Fax: +1 212 208 2501
Research
Abdulkader Puranwala Analyst Healthcare, Pharmaceuticals abdulkader.puranwala@elaracapital.com +91 22 6164 8528
Amit Purohit Analyst Dairy, FMCG, Paints amit.purohit@elaracapital.com +91 22 6164 8594
Ankita Shah Analyst Infrastructure, Ports & Logistics, Industrials ankita.shah@elaracapital.com +91 22 6164 8516
Bhawana Chhabra, CFA Analyst Strategy bhawana.chhabra@elaracapital.com +91 22 6164 8598
Biju Samuel Analyst Quantitative & Alternate Strategy biju.samuel@elaracapital.com +91 22 6164 8505
Gagan Dixit Analyst Aviation, Chemicals, Oil & Gas gagan.dixit@elaracapital.com +91 22 6164 8504 Access our reports on Bloomberg: Type RESP ESEC <GO>
Garima Kapoor Economist garima.kapoor@elaracapital.com +91 22 6164 8527
Harshit Kapadia Analyst Capital Goods, Consumer Electronics harshit.kapadia@elaracapital.com +91 22 6164 8542 Also available on Thomson & Reuters
Jay Kale, CFA Analyst Auto & Auto Ancillaries jay.kale@elaracapital.com +91 22 6164 8507
Karan Taurani Analyst Media & Entertainment, Alcobev, QSR, Internet karan.taurani@elaracapital.com +91 22 6164 8513
Prakhar Agarwal Analyst Banking & Financials prakhar.agarwal@elaracapital.com +91 22 6164 8502
Prashant Biyani Analyst Agrochemicals, Fertilisers, Sugar prashant.biyani@elaracapital.com +91 22 6164 8581 Elara Securities (India) Private Limited
Prerna Jhunjhunwala Analyst Textiles, Retail prerna.jhunjhunwala@elaracapital.com +91 22 6164 8519
Ravi Sodah Analyst Cement, Building Materials, Metals & Mining ravi.sodah@elaracapital.com +91 22 6164 8517 CIN: U74992MH2007PTC172297 | SEBI Research Analyst
Ruchi Mukhija Analyst IT Services ruchi.mukhija@elaracapital.com +91 22 6164 8583
Rupesh Sankhe Analyst Utilities, Renewables, Capital Goods, Real Estate rupesh.sankhe@elaracapital.com +91 22 6164 8518 Registration No.: INH000000933
Shweta Daptardar Analyst Diversified Financials, Non Lending Financials shweta.daptardar@elaracapital.com +91 22 6164 8559
Saurabh Mitra Sr. Associate Cement, Building Materials, Metals & Mining saurabh.mitra@elaracapital.com +91 22 6164 8546 Member of BSE Limited and National Stock Exchange of India
Aditya Jaiswal Associate Strategy aditya.jaiswal@elaracapital.com +91 22 4204 8683
Amogh Deshpande Associate Aviation, Chemicals, Oil & Gas amogh.deshpande@elaracapital.com +91 22 4204 8664 Limited | SEBI REGN. NO.: INZ 000 238236
Anuja Dighe Associate Banking & Financials anuja.dighe@elaracapital.com +91 22 6164 8526
Ash Shah
Bhavi Shah
Associate
Associate
Infrastructure, Ports & Logistics
Cement, Building Materials, Metals & Mining
ash.shah@elaracapital.com
bhavi.shah@elaracapital.com
+91 22 6164 8500
+91 22 6164 8521
Member of Central Depository Services (India) Limited | SEBI
Gaurang Sakare Associate Healthcare, Pharmaceuticals gaurang.sakare@elaracapital.com +91 22 4204 8618 REGN. NO.: IN-DP-370-2018
Heet Van Associate Healthcare, Pharmaceuticals heet.van@elaracapital.com +91 22 6164 8545
Himanshu Dhyawala Associate Diversified Financials, Non Lending Financials himanshu.dhyawala@elaracapital.com +91 22 4204 8661
Jayalaxmi Gupta Associate Media & Entertainment, Alcobev, QSR jayalaxmi.gupta@elaracapital.com +91 22 4204 8681 Website: www.elaracapital.com
Kartik Solanki Associate Banking & Financials kartik.solanki@elaracapital.com +91 22 4204 8604
Ketul Dalal Associate Auto & Auto Ancillaries ketul.dalal@elaracapital.com +91 22 4204 8693 Investor Grievance Email ID: investor.grievances@elaracapital.com
Keval Shah Associate Strategy keval.shah@elaracapital.com +91 22 4204 8669
Maitri Patel Associate Textiles, Retail maitri.patel@elaracapital.com +91 22 4204 8662
Mudit Kabra Associate Capital Goods, Consumer Electronics mudit.kabra@elaracapital.com +91 22 4204 8611
Nishant Chowhan, CFA Associate Auto & Auto Ancillaries nishant.chowhan@elaracapital.com +91 22 4204 8667
Nishit Vora Associate Diversified Financials, Non Lending Financials nishit.vora@elaracapital.com +91 22 4204 8634
Prachi Kele Associate Economics prachi.kele@elaracapital.com +91 22 4204 8694
Reena Shah Associate Aviation, Chemicals, Oil & Gas reena.shah@elaracapital.com +91 22 6164 8591
Rohit Harlikar Associate Dairy, FMCG, Paints rohit.harlikar@elaracapital.com +91 22 6164 8562
Rounak Ray Associate Media & Entertainment, Alcobev, QSR, Internet rounak.ray@elaracapital.com +91 22 4204 8684
Seema Nayak Associate IT Services seema.nayak@elaracapital.com +91 22 4204 8687
Sonali Patwa Associate Utilities, Renewables, Capital Goods sonali.patwa@elaracapital.com +91 22 6164 8537
Subhankar Sanyal Associate Economics subhankar.sanyal@elaracapital.com +91 22 4204 8688
Tanvi Tambat Associate Real Estate tanvi.tambat@elaracapital.com +91 22 6164 8537
Vaibhav Chechani Associate IT Services vaibhav.chechani@elaracapital.com +91 22 4204 8682
Vidhi Puj Associate Dairy, FMCG, Paints vidhi.puj@elaracapital.com +91 22 4204 8692
Vishal Panjwani Associate Textiles, Retail vishal.panjwani@elaracapital.com +91 22 4204 8663
Vinayak Patil Database vinayak.patil@elaracapital.com +91 22 6164 8510
Priyanka Sheth Editor priyanka.sheth@elaracapital.com +91 22 6164 8568
Prakriti Singh Editor prakriti.singh@elaracapital.com +91 22 6164 8500
Gurunath Parab Production gurunath.parab@elaracapital.com +91 22 6164 8515
Jinesh Bhansali Production jinesh.bhansali@elaracapital.com +91 22 6164 8537

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