To buy Customized Research reports, please email: suhani.adilabadkar@gmail.com or call: 9701063320

Saturday, 18 November 2017

BALKRISHNA INDUSTRIES LTD - Q2 FY18

BALKRISHNA Industries Ltd, India’s largest ‘Off Highway Tire Manufacturer’ reported strong sequential growth though yearly numbers were subdued. Revenue jumped 18% YOY at Rs. 11144 Mn against Rs. 9455 Mn same period previous year with sequential growth of 10% in the current September quarter.  PAT stood at Rs.2030 Mn against Rs.2429 Mn corresponding period previous year declining 16% YOY but with sequential growth of 33%. The company reported highest ever quarterly volume growth of 16% YOY at 49331 MT in the current September quarter. EBDITA declined 6% YOY and was reported at Rs. 3874 Mn in Q2 FY18 against Rs. 4110 Mn corresponding quarter previous year. On quarterly basis, EBDITA jumped 26% as operating expenditure exhibited mild uptick of 2% in Q2 FY18. Operating expenditure YOY rose 27% from Rs. 6381 Mn in Q2 FY17 to Rs. 8096 Mn in the current September quarter. As a result Margins deteriorated YOY whereas healthy growth was reported on quarterly basis.  EBDITA Margin declined 871 bp YOY and jumped 430 bp sequentially. Net Profit too presented a similar picture, rising 309 bp QOQ and declining 748 bp on yearly basis. One basis point is 1/100th of a percentage. EBDITA & Net Profit Margin stood at 34.76% & 18.21% in the current quarter compared to 43.47% & 25.69% respectively same period previous year. Profit Before tax was reported at Rs. 3071 Mn in the current quarter vis-a vis Rs.3338 Mn in Q2 FY17. Other Income declined 20% YOY at Rs. 825 Mn in the current September quarter. The company continued its deleveraging exercise and interest costs have been further pruned by 45% on yearly basis.


 Balkrishna Industries Ltd (BKT) is India’s leading global, ‘Off Highway Tire’ player catering to 130 countries through distribution network in Americas, Europe, India and Rest Of the World. BKT with market cap of Rs. 201412 Mn has more than 85% of its earnings dependent on exports. The company has performed in the backdrop of slow global growth and high currency fluctuations. In addition to that BKT is also focused on rationalizing its debt burden by utilizing its high cash holdings.  The company has repaid long term debt of around Rs. 2170 Mn in Q2 FY18.  Current cash holdings stand at Rs. 10660 Mn. We recommend BUY for the stock for medium & long term investment with target price of Rs. 2420. 


Disclaimer                                       
                                      
The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.


The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
UFLEX LTD - Q2 FY18


Uflex Ltd, one of the largest flexible packaging materials and solutions company reported Income From Operations/Revenue with a de-growth of 2% YOY at Rs. 15938 Mn compared to Rs. 16245 Mn in the corresponding September quarter FY17. PAT maintained its positive momentum with 4% YOY growth and was reported at Rs. 943 Mn compared to Rs. 904 Mn same period previous year. EBDITA stood at Rs. 2355 Mn with mild uptick of just 1% in the current September quarter and constant sequentially. Operating expenditure was curtailed with 2% de-growth YOY at Rs. 13641 Mn compared to Rs. 13975 Mn in Q2 FY17 whereas on sequential basis operating expenditure declined at a higher rate of 8% in the current September quarter. As a result, EBDITA margins jumped 46 basis points YOY and 100 basis points sequentially even with Revenue moving in negative territory in Q2 FY18. Net Profit Margin on the other hand jumped 35 basis points YOY with sequential rise of 48 basis points. Net Profit Margin was reported at 5.92% compared to 5.56% corresponding quarter previous year. EBDITA Margin stood at 14.78% against 14.32% same period previous year. One basis point is equal to 0.01%. Other Income grew 6% YOY and was reported at Rs. 58 Mn compared to Rs. 55 Mn corresponding quarter previous year in Q2 FY17. In quarterly terms, Other Income rose 53% in the current Q2 FY18. Profit before Tax stood at Rs. 1073 Mn in Q2 FY18 against Rs. 1095 Mn same period previous year, falling 2% YOY. Sequential performance was almost constant with respect to PAT & EBDITA whereas Revenue declined 7% in the current September quarter.

Uflex Ltd is engaged in providing end-to-end flexible packaging solutions to customers viz. packaging design & colour scheme, packaging structure, packaging products such as value added anti-counterfeiting solutions to prevent look alikes & filling machines. Clientele of the company includes Perfetti, Nestle, P&G, Britannia, Fritolay, Tata, Cadbury to name a few. The company has strong global sales and distribution network with customers in about 140 countries. The company’s aseptic packaging material manufacturing plant at Sanand, Gujarat has been commissioned and has commenced operations. Though the September numbers reported subdued growth, volume numbers seem to be stable with sales volume growing 9% YOY. The company continues to reduce its interest burden and control depreciation expenditure to improve its bottom-line. We recommend BUY for the stock for medium & long term investment with target price of Rs. 520.00.


Disclaimer                                       
                                      
The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.


The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Monday, 13 November 2017

NILKAMAL LTD Q2 FY18

NILKAMAL Ltd posted stable yearly numbers with strong sequential growth in September quarter FY18. Profit After Tax grew 6% YOY and 24% sequentially. PAT was reported at Rs. 278 Mn in the current quarter against Rs. 263 Mn same period previous year. EBDITA stood at Rs. 583 Mn compared to Rs. 537 Mn corresponding quarter previous year growing 8% YOY and 22% on quarterly basis. Income from Sales/Revenue fell 7% YOY in the current quarter and stood at Rs. 4647 Mn compared to Rs. 5014 Mn in Q2 FY17. Other income declined heavily by 61% YOY and was reported at Rs.10 Mn in the current September quarter FY18.  Operating Expenditure stood at Rs. 4074 Mn in Q2 FY18 compared to Rs. 4502 Mn same period previous year. Operating expenditure was curtailed 10% on yearly basis and 15% sequentially leading to higher EBDITA and healthy EBDITA Margins. EBDITA margin jumped 183 basis points YOY whereas sequential expansion was even higher by 346 basis points. EBDITA Margin stood at 12.54% in the current quarter against 10.72% corresponding period previous year. Finance costs declined 5% YOY to Rs. 28 Mn in the current September quarter and taxation expenditure fell 27% YOY at Rs. 109 Mn leading to strong Net Profit Margins. Net Profit Margin jumped 74 basis points yearly and was reported at 5.99% against 5.25% same period previous year with sequential jump of 172 basis points. One basis point is 0.01%.


The company’s major revenue source is its Plastics division which contributes 89% of its total revenues and was reported with a de-growth of 5% at Rs. 4191 Mn in the current quarter whereas Lifestyle, furniture, furnishing & Accessories constituting 11% of revenues declined 20% YOY at Rs. 530 Mn in the current September quarter. The company has incurred capital expenditure of Rs. 203 Mn totaling to Rs.480 Mn in the first half year. Nilkamal Ltd is an industry pioneer in the manufacturing business of moulded furniture & material handling products with diversified product profile along with a diversified customer base including household customers, industrial customers and retail buyers. The company also has presence in retail business of lifestyle furniture furnishings and accessories under its brand ‘@home’ & Nilkamal Mattresses. The company’s performance has been impacted by GST in the early part of the second quarter but profitability has been sustained by improving operational efficiency. The company is also incurring additional capex of Rs. 500 Mn in the second half of FY18. We recommend BUY for the stock at target price of Rs. 1820 for medium & long term. 



Disclaimer                                       
                                      
The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.



The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Saturday, 11 November 2017

VOLTAS LTD - Q2 FY18     
  Consolidated        

VOLTAS LTD reported strong yearly growth for the second quarter FY18 supported by higher PAT and controlled expenditure. Revenue stood at Rs. 10367 Mn for current quarter against Rs. 9815 Mn moving 6% up YOY. EBDITA for Q2 FY18 was reported at Rs. 1369 Mn compared to Rs. 1345 Mn same period previous year growing 2% YOY. PAT jumped to Rs. 954 Mn in the current September quarter against Rs. 782 Mn corresponding period previous year growing 22% YOY. Other Income exhibited de-growth of 7% QOQ and 22% YOY in Q2 FY18. Other Income was reported at Rs. 512 Mn compared to Rs. 658 Mn in Q2 FY17. Operating expenditure was at Rs. 9510 Mn in the current quarter against Rs. 9128 Mn same period previous year growing 4% YOY. EBDITA & Net Profit Margin were reported at 13.20% & 9.20% respectively in the current September quarter. EBDITA margin declined 50 basis points whereas Net Profit Margin expanded 123 basis points YOY. One basis point is 1/100th of a percentage. Higher Net Profit Margin was attained on the back of lower finance, depreciation and taxation expenditure in the current second quarter FY18. Interest/finance costs fell 34% YOY from Rs. 33 Mn in Q2 FY17 to Rs. 22 Mn in the current quarter. Taxation was also lower by 32% YOY and was reported at Rs. 343 Mn in Q2 FY18. Voltas Ltd with market cap of Rs.188786 Mn is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists. The company offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality. Voltas has reported weak sequential numbers in a traditionally weak September quarter, but yearly growth is strong with stable revenue, controlled expenditure and higher PAT. Voltas currently has market share of 23% in the room air conditioner market for September 2017. Engineering Products & Services de-grew 11%, whereas Electro-Mechanical Projects & Services and Unitary cooling products grew 3% & 15% respectively in the current September quarter. We recommend BUY for the stock for medium & long term with target of Rs. 650.


Disclaimer                                       
                                      
The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.



The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Friday, 10 November 2017

Thursday, 9 November 2017

PETRONET LNG LTD – Q2 FY18

Petronet LNG Ltd reported it’s highest ever quarterly PAT for the September quarter FY18. Revenue, PAT & EBDITA rose strongly by 17%, 28% & 22% respectively in the current September quarter. Net Profit or PAT for the September quarter stood at Rs.5888 Mn compared to Rs. 4596 Mn same period previous year with sequential growth of 35%. Petronet reported EBDITA at Rs. 10007 Mn with 22% yearly and 23% growth on quarterly basis in Q2 FY18, maintaining its operational efficiency. Revenue or Income from operations also grew 17% YOY at Rs.77702 Mn compared to Rs. 66144 Mn in Q2 FY17 with phenomenal sequential growth of 21%.  Operational expenditure was reported at Rs. 68715 Mn in the current quarter against Rs. 58880 Mn same period previous year, rising 17% YOY. Though interest cost was constant sequentially and declined 16% YOY at Rs.465 Mn, depreciation expenditure jumped by 21% YOY from Rs. 860 Mn to Rs. 1039 Mn in the current quarter.

Other Income jumped 1.4 times QOQ and 11% yearly at Rs. 1019 Mn in the current September quarter. Strong operational performance led to healthy EBDITA Margin improving 51 basis points YOY and stood at 12.88% against 12.37% same period previous year. Net Profit Margins stood at 7.58% compared to 6.95% in the corresponding quarter previous year. One basis point is one hundredth of one percentage point. The Company has reported its highest ever profit before tax of Rs 8504 Mn witnessing a growth of 26% over the corresponding quarter previous year reported at Rs. 6765 Mn and a growth of 28% over the previous quarter Q1 FY 2018 at Rs 6657 Mn. Higher PBT & PAT growth is due to higher volumes processed because of the increase in the Regasification capacity, post expansion of the Dahej Terminal and better efficiency achieved in the operations. During the quarter ended 30th September, 2017,  Petronet processed highest ever combined throughput at 220 TBTU. Dahej terminal processed 210 TBTU of LNG and operated at around 110% of its name plate capacity. Dahej Terminal meets 38% of the country’s gas requirement and around 80% of LNG imports of the country. Though the recent jump in energy prices is a systematic risk for the company, Petronet LNG Limited is expected to perform well with growing energy needs of the country. We recommend BUY for the stock for medium & long term with a target price of Rs 358.


Disclaimer                                       
                                      
The information and opinions contained in the research reports have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness. The research report does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Clients should consider whether any advice or recommendation in this research is suitable for their particular circumstances and, if appropriate, seek professional advice, including but not limited to tax advice. The reports do not take into account the particular investment objectives, financial situations, risk profile or needs of individual clients. The user assumes the entire risk of any use made of this information. This report is not to be relied upon in substitution for the exercise of independent judgment.

The price and value of investments referred to in this research and the income from them may fluctuate. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur.

Research data and reports published/ emailed/ text messaged via Short Messaging Services, Online Messengers, WhatsApp etc/transmitted through mobile application/s, including but not limited to FLIP™, Video Widget, telephony networks, print or electronic media and or those made available/uploaded on social networking sites (e.g. Facebook, Twitter, LinkedIn etc) is for informational purposes only. The reports are provided for assistance and are not intended to be and must not alone be taken as the basis for an investment decision. The user assumes the entire risk of any use made of this information. Though disseminated to clients simultaneously, not all clients may receive the reports at the same time. We will not treat recipients as clients by virtue of their receiving this report.

The reports include projections, forecasts and other predictive statements which represent our assumptions and expectations in the light of currently available information. These projections and forecasts are based on industry trends, circumstances and factors which involve risks, variables and uncertainties. The actual performance of the companies represented in the report may vary from those projected.

The opinions expressed in the reports are subject to change but we have no obligation to tell our clients when our opinions or recommendations change. The reports are non-inclusive and do not consider all the information that the recipients may consider material to investments.

We shall not be in any way responsible for any indirect, special or consequential damages that may arise to any person from any inadvertent error in the information contained in the reports nor do they take guarantee or assume liability for any omissions of the information contained therein. Information contained therein cannot be the basis for any claim, demand or cause of action. These data, reports and information do not constitute scientific publication and do not carry any evidentiary value whatsoever.

The user should consult their own advisors to determine the merits and risks of investment and also read the Risk Disclosure Documents for Capital Markets and Derivative Segments as prescribed by Securities and Exchange Board of India before investing in the Indian Markets. The securities discussed in this report may not be suitable for all investors. Investors must make their own investment decision based on their own investment objectives, goals and financial position and based on their own analysis. Prospective investors and others are cautioned that any forward-looking statements, if any, are not predictions and may be subject to change without notice.

This report may provide the addresses of, or contain hyperlinks to websites. Except to the extent to which the report refers to material we take no responsibility whatsoever for the contents therein. Such addresses or hyperlinks are provided solely for your convenience and information and the content of the linked site does not in any way form part of this report. Accessing such website or following such link through this report shall be at your own risk.


The author of this Research Report accepts no liability and will not in any way be responsible for the contents of this report or for any losses, costs, expenses, charges, including notional losses/lost opportunities incurred by a recipient as a result of acting or non-acting on any information/material contained in the report. This is not an offer to sell or a solicitation to buy any securities or an attempt to influence the opinion or behavior of investors or recipients or provide any investment/tax advice. The securities described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.

Name Of Research Analyst
Financial Exposure/Interest
Ownership
Suhani Adilabadkar
Nil
Nil
Relative
Owns Shares In the Company
Less than 1%