Beruflich Dokumente
Kultur Dokumente
Deficit target realistic at 3.5%, cushion from excise duty & VDIS,
BUT Telecom auction proceeds, Pay Commission partial deferrals?
Beneficiaries: Interest rate sensitives (Banking, Auto, Realty), Rural allocation and Pay Commission award (farm inputs, Consumer durables), Infra
Losers: Cigarettes, Upstream oil, Wind equipment, Merchant IPPs, Telecom, Jewellery
Nandan Chakraborty
Chirag Negandhi
Sachchidanand Shukla
SVP - Economist
sachchidanand.shukla@axiscap.in
+91 22 4325 1108
29 FEB 2016
29 FEB 2016
Fiscal discipline versus increasing spend: Given anemic conditions and broken balance sheets, higher spend unlikely to have
kickstarted growth and instead increased vulnerability to global vagaries. Arithmetic realistic, but:
Question marks: Telecom spectrum auction proceeds, Pay commission partial deferrals
Cushions: Excise duty, esp. from oil, Disclosure scheme for black money
Allocations increased: Significant amounts in Rural (MNREGS, irrigation), Roads and Rail. Significant growth in Urban infra, Power
Mass housing boosted with selective tax breaks. REITS and Infra Investment Trusts can finally take off now
Ease of doing business: Dispute resolution e.g. renegotiation of PPP contracts, less IT authority discretion, etc. No retro tax
Beneficiaries: Interest rate sensitives (Banking, Auto, Realty), Rural allocation and Pay Commission award (farm inputs,
Consumer durables), Infra (EPC cos)
Losers: Cigarettes, Upstream oil, Wind equipment, Merchant IPPs, Telecom, Jewellery
Top buys: Reliance Inds, Infosys, HDFC Bank, ICICI, L&T, Maruti, Aurobindo, Ashok Leyland, HPCL, DLF, Tata Power
2
29 FEB 2016
Com p a nies
M kt ca p
(USD m n)
CM P
(Rs)
Ta rg et
P rice (Rs)
Up sid e
(% )
Reliance Inds
45,719
967
1,390
44
Infosys Tech
36,348
1,084
1,432
32
Infosys strategy to drive differentiated growth from client mining, deal wins
and AiKiDo playing out. Multiple margin levers exist
HDFC Bank
35,873
973
1,364
40
High return ratios, consistent growth rates, superior retail franchise and no
capital requirements
ICICI Bank
16,127
190
285
50
L&T
14,679
1,079
1,528
42
Maruti Suzuki
14,303
3,243
4,505
39
Macro environment conducive for MSILs volume growth. Product cycle to aid
market share gains
Aurobindo Pharma
5,595
655
940
43
Ashok Leyland
3,640
88
117
34
HPCL
3,403
688
1,030
50
DLF
2,319
89
143
61
Tata Power
2,265
57
83
45
Ra tiona le
29 FEB 2016
(R s b n)
Gro ss T ax R ev enue
F Y16
BE
F Y16
RE
14 , 4 95
14 , 596
Corporation tax
Income tax
4,706
3,274
4,530
2,991
Excise duty
2,298
2,841
Customs duty
2,083
2,095
Service tax
2,098
2,100
Dev o l v ement to S tates
5, 296
5, 121
& Unio n T errito ries
Net tax rev enues
9, 198
9, 4 75
Non tax revenues (incl
2,217
2,586
dividend, interest, etc)
Non-debt capital receipts
803
442
(incl divestment)
No n p l an rev .
12, 060 12, 127
exp enditure
Interest
4,561
4,426
Defense
1,521
1,432
S ub sidies
Varianc e C hg Yo Y
16R E/
16R E/
16BE (% ) 15R E (% )
F Y17
BE
C hg Yo Y Ab s C hg Yo Y
F Y17BE/
F Y17BE v s.
F Y16 R E (% )
F Y16 R E
17
16, 309
12
1, 713
(4)
(9)
6
13
4,939
3,532
9
18
410
541
24
50
3,187
12
345
1
0
11
25
2,300
2,310
10
10
205
210
(3)
50
5, 768
13
64 7
10, 54 1
11
1, 066
17
31
3,229
25
643
(45)
(14)
671
52
229
1, 14 7
(3)
(6)
10
5
11
14
501
195
(0)
(3)
(74 )
(10)
1,006
51
13, 274
4,927
1,628
2, 4 38
2, 578
1,062
955
Pl an Exp enditure
4 , 653
4 , 772
5, 500
15
728
17, 775
17, 854
19, 780
11
1, 926
Fiscal deficit
F isc al % o f GDP
(5,556)
(3. 9)
(5,351)
(3. 9)
2, 504
(5,339)
(3. 5)
C o mments
Bro adl y rev enues l o o k real istic and in sync with no m. GDP
gro wth
Income tax assumptions building in 7th pay comm award
New cesses (clean, Infra) & Sizeable buffer as, even with status quo,
incremental excise from auto fuels = ~Rs 580 bn
New cesses levied taking the effective rate to ~15.1%
Net rev enue gro wth in l ine with no m. GDP gro wth
Of the telecom receipts of ~ Rs 1 trn, spectrum auction proceeds
appear aggressive
Divestment fig of Rs 360 bn + 205 bn from strategic stake sale & SUUTI
Nominal GDP growth of ~11% hinges on WPI normalization and normal monsoon. Govt revenue spending
increase of just 9% YoY may continue to require hand of god (read low oil prices)
4
29 FEB 2016
Demand fo r funds
3,000
2,589
2,900
1,800
1,944
2,138
1,000
1,000
1,200
1,416
5,460
5,733
6,454
(750)
(1,431)
(564)
(88)
(85)
(79)
0.4
0.0
2017
2,404
Insurance
Net differenc e
0.8
2,000
Bank SLR
F isc al
imp ac t
% of
c hg F Y17 GDP
2,443
2,834
391
16
0.26%
1,240
2,960
172
139
0.11%
990
990
0.00%
Others
2,430
3,640
121
50
0.08%
Pension
1,426
1,763
337
24
0.22%
8, 529
12, 187
1, 021
24
0. 68%
Al l o wanc es
HRA
Travelling
T o tal
1.6
1.2
2016
S o urc e o f funds
4,000
2015
7,018
2014
7,164
2013
6,210
(%)
(Rs bn)
2009
5,000
2008
2,800
2007
2,600
2006
1,600
2005
2004
4,218
2003
4,564
2002
4,469
2001
2012
F Y16 BE
2011
F Y15 R E
2010
Partic ul ars
29 FEB 2016
Revised vs
(Rs b n)
FY15
FY16 B E
FY16 RE
B u d g eted
FY17 B E
FY16
FY17
Defence
820
946
814
(14)
863
(1)
Railways
643
984
975
(1)
1,210
52
24
61
84
93
11
100
52
Roads (MORTH)
274
429
443
550
61
24
142
143
183
28
190
29
111
100
100
150
(10)
50
43
132
75
(43)
172
75
129
Renewable Energy
20
25
40
57
45
104
13
10
67
55
59
449
34
45
45
30
33
(33)
2,154
2,894
2,778
(4)
3,365
29
21
34
29
21
Increased budget allocation driven by roads, railway, urban infra and electrification projects
6
29 FEB 2016
Sector
Impact
Autos
Infra cess (wef 1st March 16) of 1-4% on PVs to increase cost of
ownership
Neutral: M&M
Negative: Maruti
29 FEB 2016
Sector
Impact
Cement
Demand boost from ~50% increase in road and rural housing spending
29 FEB 2016
Sector
Capital goods
Push on metro rail projects and urban infra : 5 new metro projects to be
awarded in FY17. Allocation for urban infra projects up by 129%
Defense capex the only disappointment: FY16 capex 14% below budget
allocation, and a paltry 6% increase in FY17 allocation
Wind equipment: Reduction in accelerated depreciation to 40% from
80% from FY18
FMCG
Impact
Positive for L&T, ABB,
Siemens, etc. and EPC
companies
Negative for Inox Wind,
BEL: We cut our TP for
Inox Wind to Rs 296
(vs. Rs 370 earlier) and
BEL to Rs 1,178 (vs. Rs
1,326 earlier)
Negative for ITC. FY17
volume to decline by 5%
resulting in 4%/5% cut in
EPS/TP (PE of 23x vs. 24x)
Positive for all Consumer
companies
29 FEB 2016
Sector
Logistics
Metals
Impact
10
29 FEB 2016
Sector
Change in cess rate for E&P companies from Rs 4,500/te (USD 9.4/bl)
to 20% ad-valorem (USD 9/bl at crude price of USD 45/bl)
Pharma
Impact
Negative: for upstream cos
due to weak crude
environment. Street was
expecting ~10% ad-valorem
duty. Upstream EPS estimates
cut by 15-20% and TP by
~10%
Positive for OMCs as customs
duty hike would have
impacted GRMs
Marginally negative for
companies with tax rates
higher than MAT
11
29 FEB 2016
Sector
Hurdle for REITs cleared: No DDT on dividend payment from SPV to REIT
Realty
Retail
Impact
Positive: for annuity assets
owners (DLF, Phoenix,
Prestige, Oberoi).
Affordable housing sops
beneficial for developers
with strong execution track
record (Godrej, Prestige,
Sobha)
12
29 FEB 2016
Page
Agriculture
Auto
15-16
Capital Goods
17-18
Commodities
19-20
Financials
21-23
FMCG
Infrastructure
27
Pharmaceuticals
28
Power
29
Real Estate
Retail
32
Telecom
33
14
24
25-26
30-31
34-40
13
29 FEB 2016
Agriculture
Current status
Budget proposals
Impact
Irrigation
Budget allocation
Higher farm
Second successive
income
Rural
infrastructure
Fertilizer
subsidy
of Rs 53 bn
year of poor
rainfall led to cash
flow issues for
farmers
Allocation to rural
road at Rs 183 bn
in FY16RE (Rs 90
bn during
FY13/14)
Rs 724 bn in
FY16RE
Thrust on irrigation and improving farm income augurs well for agri-input industry
14
29 FEB 2016
Auto
Item
Current status
Budget proposals
Impact
Road construction
Increased allocation to
Allocation to MNREGA at
improve farm
productivity,
income levels
Pro-rural budget is positive for Autos, albeit expected. Infra cess was an unexpected dampener
15
29 FEB 2016
Auto
Item
Current status
Budget proposals
Impact
Weighted average
MHCVs procurement
deduction on R&D
expenditure reduced
Rs 20.3 bn
125%/175%/200%
deduction
reduced to 100%/150%/150%
and to 100% from FY20
16
29 FEB 2016
Capital Goods
Item
Current status
Budget proposals
Impact
Rs 906 bn in FY16
Railway capex
Rs 975 bn in FY16
Metro capex
Rs 93 bn in FY16
Increased by 8% to Rs 100 bn
Defense outlay
Rs 814 bn in FY16
Rs 75 bn in FY16
+ Rural + NHAI)
Infrastructure
bn
Increased outlay for roads and railways positive for L&T, ABB, Siemens and EPC companies
17
29 FEB 2016
Capital Goods
Revised vs
(Rs b n)
FY15
FY16 B .E.
FY16 R.E.
B u d g eted
FY17 B .E.
FY16
FY17
Defence
820
946
814
(14)
863
(1)
Railways
643
984
975
(1)
1,210
52
24
61
84
93
11
100
52
Roads (MORTH)
274
429
443
550
61
24
142
143
183
28
190
29
111
100
100
150
(10)
50
43
132
75
(43)
172
75
129
Renewable Energy
20
25
40
57
45
104
13
10
67
55
59
449
34
45
45
30
33
(33)
2,154
2,894
2,778
(4)
3,365
29
21
34
29
21
Tota l ca p ita l exp end itu re inclu d ing centra l P SU ca p ex throu g h interna l a nd extra b u d g etory su p p ort
Roads (Urban + Rural)
450
999
906
704
1,068
599
635
Others
973
2,727
Tota l Ca p ex
(9)
1,333
101
47
1,068
1,310
52
23
697
10
783
16
12
1,178
989
(16)
1,185
20
3,880
3,660
(6)
4,611
34
26
Increased budget allocation driven by roads, railway, urban infra and electrification projects
18
29 FEB 2016
Commodities
Sector
Cement
Item
Current status
Budget proposals
Impact
Infra spending
Additional push on
Clean environment
Rs 200/t
Rs 400/t
12.5%
cess on coal
(Ready Mixed
Concrete)
manufactured at
construction site
Cement demand boost from ~50% increase in road and rural housing spending
19
29 FEB 2016
Commodities
Sector
Item
Current status
Budget proposals
Impact
Clean environment
Rs 200/t
Rs 400/t
Import duty on
5%
7.5%
Export duty on
cess on coal
aluminium
Metals
Budget was somewhat a non-event as only marginal tariff changes for metals
20
29 FEB 2016
Financials
Sector
Item
Current status
Budget proposals
Impact
PSU bank
Rs 700 bn
reforms:
- Capital
infusion
- Consolidation
- Privatization
committed
over 4 years
At least 51%
holding in PSBs
recapitalization in FY17
Roadmap for consolidation
of weaker PSBs
Reduction of stake in IDBI
Bank below 50%
Asset quality
Insolvency and
Comprehensive code on
Asset
resolution
Bankruptcy code
Banks
Reconstruction
Companies (ARC)
ARCs
No 100%
automatic
investments in
Security Receipts
allowed for FPIs
29 FEB 2016
Financials
Sector
Item
Current status
Budget proposals
Impact
Exemption of tax on
NA
Deduction of 5% of income in
Positive
Exemption to boost
return ratios
Affordable housing
Interest benefit of
Positive
HFCs focused on
affordable housing
& small-ticket size
(LICHF, DHFL, Repco,
Gruh)
NPA provisions
NBFCs
Rs 200,000 for
self-occupied house
Rs 50,000 on loans up to
Rs 3.5 mn for first time home
buyers (house value
< Rs 5 mn)
22
29 FEB 2016
Financials
Sector
Item
Current status
Budget proposals
Impact
No listed public
Positive
Will help in disinvestment
targets and free up resources
for redeployment
Investment up to 49%
Allowed under
Positive
Stake sale/capital raising by
insurers becomes less
cumbersome
Single premium
Service tax
Neutral
Efficient pricing for single
premium policies as benefits
passed on and relatively small
share of business
general insurance
companies
Insurance
in Insurance
companies
annuity insurance
policies
general insurer
FIPB approval
@ 3.5% of the
premiums paid
cos. to be listed
automatic route
29 FEB 2016
FMCG
Item
Current status
Budget proposals
Impact
Excise duty on
Length-based
Investments in Rural
Various schemes
cigarettes
specific duty
structure of
excise for
cigarettes
are under
implementation
Except cigarettes (ITC), Budget proposals positive for most consumer companies
24
29 FEB 2016
Infrastructure
Item
Current status
Budget proposals
Impact
Increased
FY16 RE
allocation for
road & rail
allocation at
Rs 1,881 bn
10 years of tax
Revitalization
PPP fraught
of PPP
exemption
(MAT
applicable)
with
uncertainty
introduced in FY17
Guidelines for re-negotiating PPP
New credit rating system for
infra projects
25
29 FEB 2016
Infrastructure
Item
Current status
Budget proposals
Impact
80 IA
10 years of tax
No deductions if activity
exemption
(MAT
applicable)
Higher budgetary allocation the key positive; sunset clause on tax breaks not a major concern
26
29 FEB 2016
Item
Current status
Budget proposals
Impact
Government is considering
crude and
petroleum products
fuels
Deep/ Ultra-Deep
gas fields
Upstream prospects impacted due to higher cess; no customs duty is a huge positive for OMCs
27
29 FEB 2016
Pharmaceuticals
Item
Current status
Budget proposal
Impact
200%
Opening of additional
Profit-linked deductions
No deduction shall be
available to units commencing
manufacture/ production of
articles/things and services
provided on or after
1 April, 2020
expenditure on scientific
research
stores
28
29 FEB 2016
Power
Item
Current status
Budget proposals
Impact
Clean environment
Rs 200/ton
Rs 400/ton
cess
~ Rs 55 bn spent on such
~Rs 85 bn to be spent
No change
expenditure
Sec 80-IA
schemes in FY16
29 FEB 2016
Real Estate
Item
Current status
Budget proposals
Impact
Impetus to affordable
1% interest subvention on
for REITs
housing
30
29 FEB 2016
Real Estate
Item
Current status
Budget proposals
Impact
benefits on SEZs
Excise duty
exemption on Ready
Mix Concrete
12.5%
developers of SEZs if
construction commences on or
after 1st Apr17
No excise duty
developers
REITs to benefit annuity asset owners (DLF, Prestige, Phoenix, Oberoi, etc)
Affordable housing sops to incentivize developers with strong execution (Godrej, Prestige, etc)
31
29 FEB 2016
Retail
Item
Current status
Budget proposals
Impact
Jewellery
Excise duty on
Attracts
Excise abatement
25% of retail
branded
readymade
garments
companies
for footwear
12.5%
excise rate
sales price
Marginally positive for footwear companies and negative for jewellery & readymade garment manufacturers
32
29 FEB 2016
Telecom
Item
Current status
Budget proposals
Impact
Spectrum auctions
Budgeted receipts at ~
An accounting clarification
Clarification on
amortization policy
for spectrum fee
transfer of right to
use spectrum
equipment namely
VoIP phones, media
gateways etc and
LTE Products
allowed as deduction
under Section 35ABA
Services tax on
Specified telecom
Such transactions
10%
29 FEB 2016
P E (x)
FY 1 5 FY 1 6 E FY 1 7 E
29
19
14
35
28
21
107
23
13
20
18
15
11
10
10
24
23
18
83
45
29
20
18
16
20
16
14
19
16
12
25
19
15
34
23
17
36
19
13
6
7
5
32
27
15
15
16
13
12
33
24
19
9
10
3
6
4
29
19
14
21
19
16
7
6
5
24
20
16
13
12
11
6
5
5
25
22
18
20
42
32
12
9
7
15
13
11
10
10
9
3
3
3
4
10
4
29
23
19
3
3
3
6
9
6
17
15
13
15
13
12
7
6
5
4
5
3
14
11
9
P B (x)
FY 1 5 FY 1 6 E FY 1 7 E
6 .1
4 .8
3 .9
8.6
6.9
5.3
4.9
4.1
3.3
6.0
5.3
4.9
2.4
2.0
1.6
5.0
4.3
3.6
20.4
13.6
9.5
2.7
2.4
2.2
7.6
6.3
5.7
3.0
2.6
2.3
4.1
3.6
3.1
9.0
7.2
5.5
6.4
5.0
3.8
1.8
1.4
1.1
7.7
6.3
4.7
2 .7
2 .4
2 .1
2.0
6.3
4.3
3.5
0.8
1.2
1.1
0.4
0.5
0.4
2.1
2.0
1.8
4.0
3.1
2.8
1.0
0.9
0.8
4.0
3.5
3.0
3.5
3.1
2.6
1.0
0.9
0.8
4.5
3.0
2.6
2.7
3.9
3.5
1.2
1.0
0.9
2.8
2.4
2.0
1.5
1.4
1.3
0.7
0.6
0.5
0.5
0.6
0.5
4.5
4.2
3.5
0.7
0.6
0.6
0.8
0.8
0.8
2.4
2.3
2.2
2.1
1.9
1.9
0.7
0.7
0.7
0.5
0.5
0.5
2.5
2.1
1.8
E V /E B I TDA (x)
FY 1 5 FY 1 6 E FY 1 7 E
15
10
8
20
16
12
27
13
8
13
11
10
7
6
5
13
12
10
47
20
16
12
10
9
14
10
9
12
10
9
13
9
7
12
9
7
21
12
9
3
4
3
21
17
10
-
RoE (% )
FY 1 5 FY 1 6 E FY 1 7 E
25
26
28
27
27
29
5
20
28
31
32
33
23
22
19
23
21
22
27
36
39
14
14
14
42
45
42
17
18
20
18
21
22
28
34
36
19
30
32
30
23
23
26
26
35
16
15
15
18
20
22
20
9
(5)
7
11
5
8
8
10
13
18
17
16
15
15
16
19
18
19
20
20
20
15
15
15
19
17
15
14
11
11
11
12
13
18
19
19
14
13
14
22
20
18
8
4
7
16
18
20
25
23
17
11
8
9
16
15
15
14
14
14
9
10
11
10
8
11
21
20
20
Di v Y i e l d (% )
FY 1 5 FY 1 6 E FY 1 7 E
1 .2
1 .7
2 .3
0.4
0.5
0.6
0.5
0.6
1.1
2.3
3.2
4.1
0.4
0.5
0.6
0.6
0.9
1.1
0.2
0.2
0.3
1.7
1.8
2.0
2.4
3.2
4.4
1.2
1.3
1.5
0.8
1.6
2.0
0.9
1.3
1.3
0.7
0.8
1.0
1.6
2.3
3.3
0.7
0.8
0.8
1 .6
1 .6
1 .9
1.2
0.3
0.4
0.5
2.4
1.5
7.2
3.2
6.3
0.6
1.0
1.3
0.5
0.7
0.9
1.8
2.3
2.6
0.8
1.0
1.2
1.4
1.5
1.6
2.6
2.9
3.2
0.5
0.6
0.7
0.2
0.1
0.1
2.3
2.3
2.5
1.2
1.3
1.4
1.6
3.9
4.2
5.9
8.7
9.7
5.6
3.1
4.2
0.3
0.3
0.4
6.9
8.0
9.6
2.2
2.2
2.8
1.1
1.4
1.7
1.5
1.7
1.9
3.5
4.1
4.7
5.6
4.7
5.6
1.3
1.5
1.7
Continued
35
29 FEB 2016
TP U p si de
(Rs)
(% )
1,175
175
425
820
3,475
66
101
519
315
153
70
425
8,118
2,607
(1)
(7)
29
32
5
3
52
9
17
80
13
18
(19)
(6)
1,213
840
355
1,178
121
203
1,005
296
1,528
280
945
1,050
605
257
19
4
(1)
14
33
19
24
36
42
34
(4)
40
35
15
FDEP S (Rs)
P E (x)
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
60
46
20
45
39
51
26
30
24
8
6
8
23
30
23
24
17
40
14
20
8
1
21
44
550
30
14
191
253
324
16
12
9
1
1
6
101
124
11
0
7
12 1,319
10
6
18
1
37
27
395
13
15
(2)
18
18
15
(63)
(39)
10
8
(1)
0
5
136
14
10
20
26
36
18
14
128
92
351
79
110
29
76
91
128
36
30
22
49
30
24
11
14
24
94
72
43
46
38
42
18
21
19
6
7
12
59
53
30
49
52
65
21
20
16
7
(2)
6
13
15
4
8
12
42
23
14
25
28
32
31
28
24
13
18
25
16
12
9
35
47
59
31
23
18
7
8
11
14
12
9
7
18
22
147
56
44
19
28
35
39
27
21
21
21
30
22
22
15
10
10
13
22
22
17
P B (x)
FY 1 5 FY 1 6 E FY 1 7 E
3 .6
3 .4
2 .9
2.7
2.8
2.8
2.9
2.9
2.0
1.0
0.9
0.9
1.6
1.5
1.3
1.3
1.3
1.2
1.4
1.4
1.3
0.6
0.6
0.5
2.0
2.1
1.9
2.5
2.6
2.3
11.0
3.1
3.0
2.3
3.3
2.8
2.4
7.0
6.7
5.5
4.0
3.6
3.1
4 .2
3 .8
3 .4
7.7
7.2
6.5
3.6
3.2
2.9
7.0
6.4
5.4
3.1
2.8
2.5
0.7
0.7
0.7
2.9
2.8
2.4
7.8
7.0
6.2
3.5
2.7
2.1
2.5
2.1
1.8
2.4
2.4
2.2
8.0
6.9
6.4
4.2
3.8
3.4
2.7
2.5
2.2
3.5
3.1
2.7
RoE (% )
Di v Y i e l d (% )
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
9
11
15
1 .0
1 .1
1 .3
11
9
12
2.9
3.4
3.9
13
10
12
2.7
3.1
4.0
7
5
11
1.9
2.3
2.7
0
5
10
0.5
0.5
0.5
8
10
12
0.7
0.8
0.9
2
1
12
0.8
0
6
10
7
1
15
0.9
1.3
1.6
14
(2)
16
0.8
1.0
1.3
(251)
332
(39)
(6)
2
20
0.7
9
17
19
0.4
0.6
0.6
9
6
21
0.2
0.2
0.3
12
12
15
0.3
0.4
0.4
11
12
14
1 .3
1 .3
1 .5
8
10
16
0.4
0.4
1.0
23
16
16
1.0
1.0
1.2
12
13
19
0.5
0.5
0.5
16
15
17
1.1
1.7
2.3
6
(2)
5
2.2
2.2
3.3
7
13
18
0.7
0.9
0.9
26
25
26
1.9
1.9
2.3
33
25
26
8
10
11
1.6
1.3
1.4
10
10
13
0.3
0.4
0.5
6
13
15
0.7
1.2
1.2
11
15
17
0.7
1.0
1.2
13
12
16
0.7
0.7
1.1
17
15
17
1.0
1.0
1.0
Continued
36
29 FEB 2016
CM P V oI (Rs)*
(Rs)
FY 1 6 E
TP U p si de
(Rs)
(% )
849
225
2,759
822
238
984
5,579
1,189
830
296
237
257
5,012
104
806
2,651
644
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
800
205
3,275
825
260
850
6,070
1,360
800
360
190
300
5,500
142
700
3,250
780
(6)
(9)
19
0
9
(14)
9
14
(4)
22
(20)
17
10
37
(13)
23
21
59
196
177
147
0
0
0
7
70
266
226
110
19
36
28
(25)
1,320
30
812
234
705
1,084
163
537
1,422
420
3,222
608
102
2,182
415
520
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,375
50
950
252
739
1,432
305
870
1,411
442
3,400
700
186
2,475
526
585
4
67
17
8
5
32
87
62
(1)
5
6
15
83
13
27
13
FDEP S (Rs)
FY 1 5 FY 1 6 E FY 1 7 E
15
19
22
4
5
6
45
71
86
21
22
25
6
7
8
21
23
26
139
170
194
26
34
41
18
19
22
12
12
14
4
6
6
7
9
10
127
101
141
6
7
8
10
12
14
(47)
29
50
28
28
31
18
14
20
11
13
13
5
7
9
7
4
5
55
82
92
3
4
5
51
53
63
11
13
16
14
12
16
54
59
72
(8)
(3)
2
20
16
19
64
75
94
32
34
44
141
153
200
36
37
47
10
11
12
111
122
138
30
33
38
35
37
42
P E (x)
P B (x)
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
40
40
3 3 2 2 .4
2 0 .1
1 8 .2
57
46
39
17.1
14.3
12.0
58
48
40
12.0
10.5
9.1
61
39
32
26.7
18.3
13.4
40
37
33
29.0
25.0
22.4
39
33
29
12.5
10.3
8.8
46
43
38
18.1
18.3
19.6
40
33
29
11.1
9.5
8.2
45
35
29
9.4
7.8
6.6
46
44
38
48.2
48.6
47.4
25
24
22
7.7
6.8
6.2
53
42
39
16.7
13.3
11.1
38
30
25
6.0
5.5
5.0
39
50
36
17.0
17.2
14.7
17
15
13
1.1
1.0
1.0
82
70
56
11.5
10.1
8.8
92
53
58.4
36.4
22.8
23
23
21
6.2
5.1
4.3
17
18
15
3 .3
2 .8
2 .4
3
4
3
0.3
0.5
0.4
18
15
15
3.8
3.1
2.6
34
27
20
2.1
1.6
1.5
20
38
28
4.0
3.6
3.2
19
17
15
5 .7
4 .7
4 .0
24
16
14
7.7
6.2
5.1
9
8
6
1.0
0.9
0.8
16
15
13
4.6
4.0
3.5
22
18
15
5.5
5.0
4.8
51
57
43
5.1
4.8
4.4
20
18
15
4.9
4.4
3.9
81
2.6
2.8
2.7
27
34
29
5.6
5.0
4.3
22
19
15
5.9
4.8
3.9
13
12
9
1.6
1.5
1.4
23
21
16
7.9
5.8
4.3
17
17
13
3.5
3.1
2.7
10
9
8
1.7
1.5
1.3
20
18
16
7.4
6.0
4.9
14
13
11
3.0
2.6
2.2
15
14
13
3.2
2.8
2.5
RoE (% )
FY 1 5 FY 1 6 E FY 1 7 E
48
51
54
32
34
33
22
23
24
53
56
48
82
72
72
36
35
33
45
43
50
30
31
31
22
24
24
110
110
126
34
31
30
36
35
31
16
20
21
47
34
45
6
7
8
15
15
17
(37)
49
53
30
24
23
21
18
17
8
8
15
24
22
19
6
7
7
21
10
12
31
30
29
35
42
39
11
11
14
32
28
29
26
29
33
14
9
11
26
25
27
(6)
3
23
15
16
29
28
29
13
13
16
20
32
31
22
20
22
18
17
17
38
37
34
25
22
22
23
21
21
Di v Y i e l d (% )
FY 1 5 FY 1 6 E FY 1 7 E
1 .3
1 .5
1 .8
0.7
0.8
1.0
0.6
0.7
0.9
0.6
0.7
0.9
1.5
1.8
2.2
0.8
1.3
1.5
0.7
0.7
0.9
1.3
1.5
1.8
0.5
0.6
0.8
1.8
1.9
2.2
2.1
2.4
2.9
0.5
0.7
0.9
0.8
1.5
1.7
1.3
1.0
1.5
2.2
2.4
2.4
0.1
0.2
0.3
0.1
0.2
0.9
1.1
1.2
0 .8
1 .0
1 .1
2.8
2.8
4.8
0.7
0.8
0.7
0.9
1.3
1.3
3 .4
2 .4
2 .8
1.9
2.7
3.0
2.0
2.9
3.5
4.0
3.7
4.5
0.4
0.4
0.4
2.1
2.7
3.3
0.4
0.5
0.5
1.2
1.2
1.4
3.8
4.0
5.3
20.6
1.6
2.0
2.5
1.9
2.1
2.4
4.2
2.3
2.6
1.6
1.7
2.0
2.3
2.7
3.1
Continued
37
29 FEB 2016
M cap
(U SD m n )
CM P V oI (Rs)*
(Rs)
FY 1 6 E
TP U p si de
(Rs)
(% )
3,299
374
315
1,159
236
151
0
0
0
1,160
295
255
824
1,054
364
712
350
153
5,227
307
68
30
149
35
388
373
0
0
0
0
0
0
0
380
95
46
178
45
730
400
2,070
9,884
1,234
4,709
3,067
2,111
3,533
69
160
33
81
71
35
249
23
0
0
0
0
0
0
90
155
38
93
95
42
225
134
8,128
3,235
5,641
1,040
332
3,403
13,020
1,038
2,717
24,248
2,568
45,719
157
770
118
305
126
458
688
367
508
310
194
234
967
0
0
0
0
0
0
0
0
0
0
0
0
0
225
1,010
140
400
170
600
1,030
480
580
345
195
250
1,390
FDEP S (Rs)
P E (x)
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
21
25
21
0
54
45
53
22
26
22
25
17
12
13
14
20
18
69
8
7
12
19
22
13
303
29
22
24
17
17
21
18
18
14
40
0
3
5 2,290
23
14
53
(3)
(2)
(0)
19
10
10
13
15
15
12
27
(2)
1
2
29
21
88
19
26
34
21
15
12
7
10
10
13
36
37
28
9
8
8
31
13
5
8
4
9
6
(3)
19
16
15
8
10
10
16
5
3
2
7
12
14
14
16
9
8
5
9
10
34
20
5
7
4
14
11
20
5
(7)
(1)
8
(10)
11
(15)
(2)
23
14
11
11
44
92
3
16
2
52
10
31
66
86
87
12
9
9
18
44
13
13
3
9
9
31
23
19
24
13
16
13
34
8
8
10
17
15
13
31
16
20
22
29
23
21
50
81
114
122
9
6
6
31
13
49
58
27
7
6
14
31
32
34
16
16
15
11
42
38
31
7
8
10
0
21
21
13
9
9
15
7
10
12
13
23
19
18
44
73
82
97
13
12
10
P B (x)
FY 1 5 FY 1 6 E FY 1 7 E
2 .9
2 .6
2 .4
3.0
2.7
2.5
2.8
2.6
2.4
2.2
1.6
1.4
7 .5
6 .2
6 .8
4.4
3.9
3.5
14.1
2.1
2.3
2.2
4.2
3.6
3.1
13.1
6.2
3.1
2.2
1.9
1.7
10.1
8.5
7.1
1 .1
1 .0
0 .9
0.6
0.6
0.6
1.6
1.4
1.3
0.7
0.6
0.6
1.0
1.0
1.0
0.6
0.5
0.4
0.3
0.3
0.4
1.3
1.1
0.9
1 .4
1 .3
1 .1
0.2
0.2
0.2
2.5
2.1
1.8
0.4
0.4
0.4
1.3
1.3
1.2
2.0
1.8
1.6
12.1
9.5
7.6
1.5
1.2
1.0
1.3
1.1
1.0
3.4
2.9
2.5
0.9
0.8
0.8
0.9
0.9
0.8
3.1
2.7
2.4
1.4
1.3
1.2
RoE (% )
Di v Y i e l d (% )
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
15
11
12
1 .2
1 .0
1 .2
14
11
12
1.2
0.9
1.1
21
14
14
3.0
3.0
3.0
15
10
12
20
(1 )
49
0 .8
0 .8
0 .9
26
23
25
2.5
2.5
3.1
(1)
(192)
205
(26)
(15)
(2)
29
26
28
2.3
2.7
3.0
(74)
30
21
11
14
16
31
29
30
0.5
0.5
0.5
16
7
8
5 .0
4 .7
4 .1
12
5
7
1.3
1.3
1.3
20
15
13
2.7
3.7
3.7
10
5
4
6.4
4.4
4.4
21
11
10
10.5
11.7
7.4
17
4
5
6.7
6.7
8.1
4
(6)
(1)
5.7
5
(7)
(1)
4.0
1.6
1.6
12
13
12
2 .4
1 .8
1 .8
12
0
2
1.8
1.8
1.9
23
25
22
2.2
2.2
2.2
14
4
4
7.1
2.1
2.0
11
8
10
2.0
3.3
3.3
12
12
13
0.9
0.8
0.8
46
41
1.2
1.7
1.9
18
22
19
3.6
1.2
1.2
5
16
16
1.8
1.8
1.8
23
20
18
1.2
1.2
1.2
12
10
8
6.5
6.1
5.0
10
10
6
4.9
2.5
2.4
14
15
15
0.9
1.1
1.1
11
12
12
0.9
1.0
1.0
Continued
38
29 FEB 2016
CM P V oI (Rs)*
(Rs)
FY 1 6 E
TP U p si de
(Rs)
(% )
618
1,263
655
469
315
515
951
3,031
3,156
736
565
1,752
855
390
0
0
0
0
0
0
0
0
0
0
0
0
14
0
560
1,550
940
650
340
640
1,240
2,920
2,450
800
680
1,880
790
360
(9)
23
43
39
8
24
30
(4)
(22)
9
20
7
(8)
(8)
28
36
20
120
130
57
0
0
0
0
0
7
25
39
20
157
162
83
(9)
7
(1)
31
25
45
89
268
231
17
241
149
45
239
192
0
0
0
0
0
0
0
0
0
143
335
314
25
326
218
58
335
254
61
25
36
50
35
46
28
40
32
FDEP S (Rs)
P E (x)
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
35
33
22
15
42
27
41
15
23
39
67
77
33
19
16
28
35
47
24
19
14
20
21
26
23
22
18
11
15
15
28
21
20
17
22
29
31
23
18
33
41
50
29
23
19
137
156
146
22
19
21
50
44
72
63
71
44
30
28
57
25
26
13
20
13
34
28
43
17
54
47
75
33
37
23
20
20
34
43
42
25
9
11
14
45
35
27
14
11
10
(8)
(2)
3
8
(5)
(11)
(1)
2
2
2
9
8
8
10
10
11
12
12
11
10
12
14
13
11
9
1
4
6
54
12
8
23
21
16
3
4
5
27
23
19
10
14
14
28
19
19
10
13
17
24
18
14
(1)
0
2
139
11
9
8
13
27
30
18
9
10
12
17
15
13
6
3
5
8
13
9
24
15
24
10
16
10
11
22
33
18
9
6
P B (x)
FY 1 5 FY 1 6 E FY 1 7 E
7 .5
6 .5
5 .4
13.2
7.4
5.9
5.0
4.0
3.3
7.4
5.8
4.2
2.9
2.5
2.2
7.6
7.4
7.4
3.8
3.3
2.8
7.1
6.1
5.2
4.6
3.9
3.4
14.6
16.9
16.9
6.7
4.5
3.4
3.2
3.0
2.6
8.8
7.4
5.8
7.8
6.7
5.4
9.2
7.5
6.0
1 .3
1 .3
1 .2
1.4
1.5
1.3
0.5
0.5
0.5
0.7
0.7
0.7
1.2
1.2
1.1
1.8
1.6
1.4
1.2
1.2
1.1
1 .3
1 .2
1 .1
0.5
0.5
0.5
2.9
2.6
2.3
1.6
1.5
1.3
0.3
0.3
0.3
2.1
1.7
1.6
1.5
1.4
1.3
0.5
0.5
0.5
1.0
0.9
0.9
0.8
0.8
0.7
RoE (% )
Di v Y i e l d (% )
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
24
22
26
0 .7
0 .7
0 .7
36
64
28
0.6
0.7
0.9
16
24
22
0.3
0.4
0.5
36
35
35
0.7
0.7
0.7
13
12
13
1.1
1.1
1.1
30
36
36
3.8
3.8
4.2
13
15
17
0.4
0.4
0.4
27
28
29
2.1
2.1
2.1
23
22
18
0.6
0.7
0.7
22
22
39
1.6
2.0
2.0
27
21
30
0.3
0.4
0.4
12
7
17
0.2
0.1
0.3
30
22
28
0.4
0.4
0.4
21
17
24
0.2
0.2
0.2
23
23
25
1.5
0.2
0.4
8
10
12
1 .9
3 .7
4 .1
(37)
(14)
17
(6)
(16)
(1)
9
9
8
3.0
5.1
5.1
10
10
10
2.1
4.6
4.9
14
15
17
1.5
2.7
3.4
2
9
12
2.3
2.4
3.3
6
7
8
1 .0
1 .0
1 .4
2
2
3
1.4
1.5
2.1
10
14
14
7
9
10
0.3
0.4
0.6
(1)
0
3
0.1
1.8
8
6
9
0.7
0.7
1.1
10
9
10
0.9
1.2
1.3
6
4
5
4.3
3.0
4.5
10
6
9
1.6
1.0
1.6
6
9
12
0.1
0.1
0.1
Continued
39
29 FEB 2016
M cap
(U SD m n )
CM P V oI (Rs)*
(Rs)
FY 1 6 E
TP U p si de
(Rs)
(% )
1,351
858
957
1,611
413
4,101
488
711
457
996
9,892
339
316
215
0
UR
0
550
0 1,000
0 11,100
0
500
0
360
0
300
18,488
9,879
5,491
1,879
317
357
104
52
0
0
0
0
338
452
123
97
2,982
901
596
723
364
433
555
1,129
1,432
2,482
1,006
470
1,241
719
986
2,389
350
1,105
1,468
239
341
170
147
169
306
167
292
272
867
363
669
4,229
360
382
798
597
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1,415
344
377
200
336
UR
326
200
441
290
917
520
674
3,600
575
500
1,060
680
FDEP S (Rs)
FY 1 5 FY 1 6 E FY 1 7 E
110
20
13
12
16
0
19
18
21
12
176
209
259
48
(4)
3
8
14
9
9
11
40
(2)
(0)
1
7
15
11
14
27
11
12
15
18
9
9
7
88
3
3
4
(4)
23
27
35
44
15
14
19
11
6
11
15
18
14
11
17
128
24
17
24
10
6
7
17
22
20
(3)
(1)
2
51
6
8
10
7
7
8
10
6
23
29
35
43
9
14
18
1
25
23
34
(15)
77
103
144
60
5
6
12
31
27
28
35
33
24
33
43
14
17
20
27
P E (x)
P B (x)
FY 1 5 FY 1 6 E FY 1 7 E FY 1 5 FY 1 6 E FY 1 7 E
37
42
4 4 1 2 .2
1 0 .1
8 .4
6
0.7
35
37
28
5.7
4.9
4.4
53
55
48
9.7
8.5
7.4
56
47
38
28.5
21.6
16.6
110
44
5.3
5.2
4.7
34
36
28
9.1
7.9
6.8
217
6.3
6.3
6.2
23
25
21
2 .4
2 .4
2 .3
21
28
22
2.0
2.0
1.8
34
29
24
4.0
4.1
4.2
12
12
15
1.6
1.4
1.3
18
19
12
0.4
0.4
0.4
63
55
42
6.4
5.9
5.3
16
17
12
2.3
2.1
1.8
53
32
23
6.5
5.6
4.7
12
16
10
2.2
1.5
1.3
6
9
6
1.0
0.9
0.8
18
2.2
46
18
14
4.8
4.4
3.9
87
1.6
1.7
1.6
47
36
30
3.0
2.9
2.7
37
34
26
7.2
6.5
5.9
38
30
25
9.3
7.6
6.2
39
26
20
4.4
4.0
3.5
26
29
20
7.0
6.5
5.5
55
41
29
7.6
6.5
5.3
78
62
30
5.1
4.9
4.4
14
13
11
2.8
2.4
2.1
34
24
19
6.3
5.2
4.3
36
30
22
8.4
6.6
5.1
RoE (% )
FY 1 5 FY 1 6 E FY 1 7 E
29
25
26
12
18
14
17
20
16
16
58
52
49
(6)
5
11
29
23
26
(5)
(1)
3
11
10
11
10
7
8
11
14
17
16
13
9
2
2
3
11
11
13
15
12
16
16
19
23
18
11
14
18
11
13
13
10
26
29
(3)
(1)
2
7
8
9
21
20
24
29
28
28
11
16
19
29
23
30
15
17
20
7
8
15
21
19
21
20
24
25
26
24
26
Di v Y i e l d (% )
FY 1 5 FY 1 6 E FY 1 7 E
0 .6
0 .7
0 .9
1.0
0.6
0.8
0.9
0.7
0.8
1.0
0.7
0.9
1.3
1 .6
1 .7
1 .9
1.2
1.3
1.3
3.1
3.5
4.2
0.6
0.6
0.6
0.4
0.4
1.1
1.3
1.7
0.4
0.6
0.9
2.6
1.8
2.5
0.7
0.7
0.7
1.8
0.7
2.9
3.6
0.9
0.9
0.9
1.1
1.3
1.9
0.5
0.8
1.0
1.1
1.3
2.0
1.3
1.6
1.8
0.5
0.9
1.2
0.6
0.6
0.8
1.3
1.8
2.1
0.6
0.8
1.1
-
40
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42