IEA Report 16th January

IEA Report
16th Jan 2017

BAJAJCORP
"BUY"
16th Jan 2017
Major positive for this quarter remained international business which contributed more than 5% in this quarter. Exports business in this quarter
grew by 72% although from a very low base.The Company is focusing on exports and its plan to enter in Russia, Indonesia and Egypt in on the way.
Companys modern trade volume grew by 27% YoY and contributed 5.2% of the total sales in Q3FY17. We expect modern trade to keep growing in
strong pace. GST may be game changer for organized FMCG players. Implementation of GST will lead to market share gain as well as improvement
in realization if company keeps some of its benefits. BAJAJCORP has a strong balance sheet with approx. no debt and dividend yield of approx. 3%
which makes it very lucrative at this price. Considering these positives and low valuation we still hold positive view on this stock with a previous
target price of Rs 490. ..................................... ( Page : 2-5)
INFY
"BUY"
16th Jan 2017
In Q3, we saw continued momentum for software and services coming together to drive new value for clients. Having hit the USD 10 billion mark in
annual revenue run rate, it has performed well and is optimistic about the fourth quarter of the current fiscal .There would be some impact of the
H1-B depending on the nature of the policy that is enacted but "it is not something Mgt is overly concerned about." The company presently is
trading at 3.3 times FY17 earnings. With this we remain positive on the stock and recommend 'BUY' with the target of 1210 at P/b of 3.3 times FY17
Book Value. ............................................. ( Page : 6-8)
MCX
"BUY"
16th Jan 2017
Mcx will be key beneficiary of launch of option trading in commodity market. For a longer term perspective launch of option will have a very
positive effect on company's volume. Mcx has strong balance sheet with no debt . As market will mature, more trading participants will be allowed
to hedge and trade in commodity market which will be positive for MCX as it has dominant market share. Earlier we had BUY recommendation on
MCX at the price of Rs 991 for the target price of Rs 1400 on 2nd sept2016 and we booked profit in it on 30 Sept2016(up by 38%). Form our book
profit price, now MCX has corrected much and considering long term prospects of MCX, we are bullish on this stock. We recommend to buy this
stock with a target price of Rs 1470. ............................................. ( Page : 9-12)
TCS
"BUY"
13th Jan 2017
Strength in growing segments like Platforms, Cloud and Internet of Things is evident from the growth in Asset Leveraged Solutions (up 21%
sequentially). The companies good operating strategy helped them to deliver a good 3QFY17 result, traditionally a quarter of weak demand. Seeing
a good opportunities in Digital, the Co. continues to built new capabilities there, empower employees to enhance agility in the workplace & invest
more to develop IP-based platforms and products. The company presently is trading at 5.7 times FY17 earnings. With this we remain positive on the
stock and recommend 'BUY' with the target of 2780 at P/b of 5.8 times FY17 earnings. .................................................. ( Page : 13-15)
AUTOMOBILES
12th Jan 2017
We expect that the most of the automobile companies may see fall in the 3QFY17 earnings. In the two wheeler segment, Eicher Motors may report
~40% growth in the revenue. In the passenger vehicle segment, Maruti has been the least impacted due to demonetization and may report double
digit growth in the topline during the quarter. In the commercial vehicle segment, Ashok Leyland has seen strong recovery and may post ~12%
growth in the 3QFY17. ................................................ ( Page : 16 )
INDUSINDBK
"BUY"
11th Jan 2017
Among the mid size private bank, Indusind bank remains one of the consistent performers in growth and profitability parameter. Superior loan
book growth, diversified fee income profile and low credit cost are the key drivers of the bank. We expect the IIB to maintain 25%+ loan growth in
near to mid-term backed by revival in economic environment and declining interest rate. We expect the consumer loan demand to pick up with
improving vehicle financing and card business giving the boost. Spike in CASA ratio and focus on consumer finance segment will help to maintain
the NIM at 4%. With healthy capitalization of Tier 1 at 14.7% we expect the RoA of 1.9%+, RoE of 16%-17% and maintain BUY with our previous
target price of Rs 1400. ....................................... ( Page : 17-23 )
AUROPHARMA
"HOLD"
10th Jan 2017
Post this acquisition ARBP will jump from current 11th position in Portugal market to no. 1 player and becomes part of the top-10 generic company
in EU (from no 13 earlier). For Aurobindo the Europe push comes amid Aurobindos successful turnaround of the money-losing Western European
commercial operations of Irish drug maker Actavis Plc, which it bought for 30 million Euros in 2014. Considering fruitful synergy benefits coming
out of this deal, we maintain HOLD rating in this stock. ........................ ( Page : 24-25)
Narnolia Securities Ltd
IEA Edition No.-
931
BUY
BAJAJ CORP LTD
16th Jan. 2017
Company Update
Demonetization impacted volume growth, realization declined
CMP
385
Target Price
490
Previous Target Price
490
Upside
27%
Change from Previous
NA
Market Data
BSE Code
533229
NSE Symbol
BAJAJCORP
438/340
52wk Range H/L

Mkt Capital (Rs Cr)
5,673
Av. Volume(,000)
62
Nifty
8,400
Stock Performance
1M
3M
12M
Absolute
7.3
-4.3
-4.5
Rel.to Nifty
4.5
-0.8
-15.6
Bajaj Almond Hair Oils volume for this quarter declined by 4% YoY due to
demonetization. Previous quarters volume growth for Almond Hair Oil was
1.6%. According to management rural demand is still struggling. We expect
that rural demand will take few more quarters to recover. Overall volume for
this quarter declined by 640 bps QoQ to 6.5%. Realization of Almond Hair
Oil declined by 85 bps QoQ and overall realization declined by 87 bps QoQ
. We expect realization to remain in pressure in 4QFY17 also but after that
company may increase prices to protect its margins.
Q3FY17_Result Update
BAJAJCORPs sales declined by 5% YoY to Rs 187 cr due to 4% decline in

volume of Bajaj Almond Oil. EBITDA declined by 10% YoY to Rs 61 cr led
by higher employee cost and other expenses. Employee cost increased by
256 bps YoY to 8.4% in this quarter. Other expenses increased by 275 bps
YoY to 17.5%. The company tried to manage margins by reducing
advertising and promotion expenses in this quarter. Ad and promotion
expenses declined by 90 bps YoY to 6.9% from 7.8%. EBITDA margin
declined by 182 bps YoY to 32.8% from 34.6%. PAT margin for this quarter
improved by 577 bps YoY to 30.9%. PAT grew by 17% YoY to Rs58 cr.
Outlook
Share Holding Pattern-%

3QFY17 2QFY17 1QFY1
Promoters
66.9
66.9 7 66.9
Public
33.1
33.1
33.1
Others
0.0
0.0
0.0
100.0
100.0
100.0
Total
Company Vs NIFTY
120
BAJAJCORP
NIFTY
115
110
105
BAJAJCORP 3QFY17 result was below than our expectation due to

demonetization. Major positive for this quarter remained international
business which contributed more than 5% in this quarter. Exports business
in this quarter grew by 72% although from a very low base. Company is
focusing on exports and its plan to enter in Russia, Indonesia and Egypt in
on the way. Companys modern trade volume grew by 27% YoY and
contributed 5.2% of the total sales in Q3FY17. We expect modern trade to
keep growing in strong pace. GST may be game changer for organized
FMCG players. Implementation of GST will lead to market share gain as
well as improvement in realization if company keeps some of its benefits.
BAJAJCORP has a strong balance sheet with approx. no debt and dividend
yield of approx. 3% which makes it very lucrative at this price. Considering
these positives and low valuation we still hold positive view on this stock
with a previous target price of Rs 490.
100
95
Financials
FY15
FY16
FY17E
FY18E
85
Sales
80
EBITDA
826
239
173
12
35%
876
274
196
13
41%
786
261
227
15
45%
786
243
223
15
42%
90
Net Profit
EPS
Rajeev Anand
rajeev.anand@narnolia.com
ROE

Please refer to the Disclaimers at the end of this Report
in Rs Cr
FY19E
877
262
240
16
45%
2
BAJAJCORP
Investment Rational
Strong Balance Sheet: BAJAJCORP has strong balance sheet with no long term debt and Rs 10 cr of short term loan. Secondly it
has cash and current investment of the worth of Rs 328 cr (as per FY16) in balance sheet which can be used for acquisition of the
new businesses going forward.
High Dividend Yield: The Company is giving dividend regularly and, at the present price, its dividend yield is approx. 3% which is
positive for a long term investor. It gives cash flows to the investor at regular period and a reason to hold company for long term.
Strong brand presence: Bajaj Almond Drop hair oil has strong presence in the light hair oil market with approx. 60% of market
share. In last eight years, it has continuously gained market share which shows strength of the brand. In recent six months of
FY17, it has lost 80 bps of market share but we need to see the yearly figure to make certain conclusion.
Strong expected growth in export business: The Company is strengthening its presence in international market. Currently in
1HFY17, exports contributed approx. 5% of its total revenue. Management guided that in next two years it will reach to double
digits.
GST: GST may be the game changer for the well established FMCG players. Implementation of GST will shift market share for
unorganized players to organized players. It will improve market share of the FMCG companies. So it may be one of the growth
drivers for BAJAJCORP going forward.
Q3FY17 Result Concall Highlights

The company has to increase direct reach but it will not cost much.
Due to demonetization, whole sale trade is impacted and there is no sign of it coming back in near term.
Management is looking for acquisition but Target Company is still not in the view.
27% rise in modern trade volume in this quarter. Modern trade contributed 5.2% of the total sales in Q3FY17.
Contribution from rural remained 42.5% in this quarter and in pre demonetization it was 43.6%.
New product launch will happen in 1QFY18.
Announced temporary incentive to channel partners.
Canteen trade reduced by13.5% in this quarter.
The company has reserve of LLP till March2018. It can go beyond this if volume will remain like that.
LLP prices remained Rs46/kg for this quarter and presently, it is trading at Rs 54/kg.
Volume growth in light hair oil 2.1%
International business grew by 72% YoY in this quarter and contributed more than 5% in this quarter.
Plans for entering in larger market Russia, Indonesia and Egypt is under way.
About The Company

BAJAJ CORP is engaged in the business activity of trading and manufacturing of cosmetics, toiletries and other personal care
products. It is a fast moving consumer goods (FMCG) company. The Company's products include Bajaj Kailash Parbat Thanda Tel,
Bajaj Almond Drops Hair Oil, Bajaj Brahmi Amla Hair Oil, Bajaj Jasmine Hair Oil, Bajaj Nomark Oily Skin Face Wash, Bajaj Nomarks
Herbal Scrub Soap, Bajaj Nomark Oily Skin Cream, Bajaj Nomarks Neem Soap, Bajaj Nomarks Oil Control Soap and others. The
Company has approximately nine Factory, of which four units are situated in Himachal Pradesh , three units are situated in
Uttrakhand for manufacturing of various variants of hair oils and Nomarks and other unit is situated in Guwahati and one unit
Bangladesh.The company reaches consumers through 3.6mn retail outlets serviced by 7707 distributors and 11500 wholesalers.

BAJAJCORP
Almond Drops Hair Oil (ADHO) Volume Gr(%)YOY

8%
6%
ADHO Volume Gr(%)YOY
6%
4%
2%
2%
1%
2%
We expect volume to decline

by 1.6% for ADHO in FY17E.
0%
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
-2%
-4%
-4%
-4%
-6%
Net Sales and PAT (in cr.)

250
Net Sales(in cr)
PAT(in cr)
200
52
58
187
197
204
54
49
47
50
209
196
100
208
150
58
We expect Sales of Rs 786 cr

and PAT of Rs227 cr for
BAJAJCORP in FY17E. This
estimate can be negatively
affected if crude oil prices go
up sharply and rural demand
take longer to recover.
0
2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17
Prices of Light Liquid Paraffin(LLP) and Refined Oil

110
Light Liquid Paraffin(LLP) price(Rs/Kg)

93.76
90
Refined Oil price(Rs/kg)
86.21
82.02
73.15
70
59.51
58.82
83.97
75.97
54.7
46.41
50
43.91
46.37
30
10
-10
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
3QFY17

BAJAJCORP
Financials Snap Shot
Revenue
Other Income
Total Revenue
COGS
GPM
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
PBT
Tax
Tax Rate (%)
Reported PAT
Dividend Paid
No. of Shares
FY16
876
29
905
298
66.0%
257
274
31%
0
269
0
297
54
18.1%
196
204
15
INCOME STATEMENT
FY17E
FY18E
786
786
51
47
837
833
274
282
65.2%
64.1%
191
191
261
243
33%
31%
5
6
256
237
1
0
306
283
62
60
20.1%
21.3%
227
223
212
202
15
15
Share Capital
Reserves
Net Worth
Long term Debt
Short term Debt
Deferred Tax
Capital Employed
Net Fixed Assets
Capital WIP
Debtors
Cash & Bank Balances
Trade payables
Total Provisions
Net Current Assets
Total Assets
FY16
15
466
481
0
10
1
481
97
1
25
58
44
0
340
566
BALANCE SHEET
FY17E
FY18E
15
15
489
510
504
525
0
0
10
10
1
1
504
525
79
78
1
0
26
24
59
68
34
39
0
0
381
403
577
603
FY19E
877
49
926
325
63.0%
211
262
30%
6
256
0
305
65
21.3%
240
230
15
FY19E
15
520
534
0
10
1
534
78
0
19
40
43
0
412
621
EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Price / Book Value
Dividend Yield (%)
Profitability Ratios
RoE
RoCE
Turnover Ratios
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Net Debt/Equity (x)
OP/(Loss) before Tax

Depreciation
Direct Taxes Paid
Oper. Prof. bef. WC chang.
CF from Op. Activity
Capital expenditure
CF from Inv. Activity
Divd Paid (incl Tax)
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance

FY16
13.3
32.6
13.8
104%
RATIOS
FY17E
FY18E
15.4
15.1
34.2
35.6
14.4
13.7
94%
91%
FY19E
16.3
36.2
15.6
96%
29
11.8
3.6%
24
11.0
3.1%
25
10.5
3.1%
23
10.3
3.5%
41%
56%
45%
51%
42%
45%
45%
48%
1.5
11
61
18
0.0
1.4
12
65
16
0.0
1.3
11
62
18
0.0
1.4
8
55
18
0.0
FY16
297
5
-53
274
193
-17
6
-204
-194
5
4
9
CASH FLOW STATEMENT

FY17E
FY18E
306
283
5
6
-62
-60
312
289
240
237
-5
-6
-35
-26
-212
-202
-212
-202
-7
9
58
59
58
68
FY19E
305
6
-65
311
258
-6
-56
-230
-230
-28
68
40
BUY
INFOSYS LTD.
16th Jan 2017
Company Update
CMP
975
Target Price
1210
1285
Upside
32%
Market Data
BSE Code
500209
INFY
1278/900
223,987
3426
8,400
NSE Symbol
52wk Range H/L
Mkt Capital (Rs Cr)
Av. Volume(,000)
Nifty
Stock Performance
1M
3M
12M
Absolute
-0.4
7.6
-11.4
Rel.to Nifty
-3.7
3.5
-22.9

2QFY17
1QFY17 4QFY16
Promoters
12.8
12.8
12.8
Public
86.8
86.8
86.8
Others
0.49
0.49
0.49
100.0
100.0
100.0
Total
Infosys Q3 profit up 3% to Rs 3,708 cr, revises revenue guidance. INFY

lowered its full year dollar revenue guidance to 7.2-7.6% from 8.6-9% while
revenue guidance in constant currency revised to 8.4-8.8% from 8-9%. The
companys Q3FY17 revenue declined 0.2% sequentially in INR terms and
dollar revenue also slipped 1.4% to USD 2,531 million compared with
previous quarter, with volume growth of 0.2%. Its dollar revenue fell (down
0.3% QoQ) for first time in last seven quarters due to RBS deal cancellation
and seasonal weakness. The Company has crossed USD 10 billion revenue
mark in the calendar year 2016 and working hard towards achieving USD
20 billion revenue and 30% margin levels by 2020. INFY bottom line jumped
2.83% on a QoQ basis to Rs 3,708 crore from Rs 3,606 crore in the
sequential quarter ended September 30, 2016.
Q3FY17_Key Highlights
>>Financial services & insurance business during the quarter fell 0.8%
sequentially but grew 0.2% in constant currency despite RBS deal
cancellation.
>>Revenue from its manufacturing & hi-tech business declined 1.5% QoQ
as well as 0.5% in constant currency.
>>Retail, consumer packaged goods and logistics segment also reported
degrowth of 1.5% QoQ & 0.4% in constant currency, and energy, utilities,
communication & services business slipped 2.1% and 0.8% in constant
currency.
>>Other income grew by 7.9% sequentially to Rs 820 crore in 3QFY17.
>>It added 77 clients during the quarter. Also added 2 clients in USD 75
million revenue category, 9 clients in USD 10 million category and 1 client in
USD 25 million revenue category.
>>Total active clients at the end of 3QFY17 were at 1,152 that increased
from 1,136 clients in previous quarter.
>>It has reported highest ever utilization of 81.9% in Q3FY17.
>>Net headcount reduced by 66 in Q3FY17 against an increase of 2,779
employees in Q2FY17.
Outlook & Valuation
Company Vs NIFTY
In Q3, we saw continued momentum for software and services coming

together to drive new value for clients. Having hit the USD 10 billion mark in
annual revenue run rate, it has performed well and is optimistic about the
fourth quarter of the current fiscal .There would be some impact of the H1-B
depending on the nature of the policy that is enacted but "it is not something
Mgt is overly concerned about." The company presently is trading at 3.3
times FY17 earnings. With this we remain positive on the stock and
recommend 'BUY' with the target of 1210 at P/b of 3.3 times FY17 Book
Value.
Financials
2013
2014
2015
2016
Rs,Cr
2017E
Sales
40352
9429
24.8%
4.4
1.5%
50133
10656
23.9%
4.2
1.9%
53319
12372
24.4%
5.0
2.0%
62441
13678
23.7%
4.8
2.0%
66812
14362
21.5%
3.3
2.5%
Net Profit
ROE
P/B
Div Yield

INFY
Attrition Rate dropped 18.4% from 20% sequentially
The continued efforts of

Management to improve
employee engagement and
experience resulted in a
reduction in attrition.
Client Contribution to Revenues
The decline in Top Client was

due to due to RBS deal
cancellation and seasonal
weakness.
Management views on H1BVisa
Management says, it is too early to comment on it as they dont know what the policy is going to be. Depending on the nature of the
policy, it can have an impact from small impact to larger impact but longer-term they expect that the administration is going to be a
business friendly and innovation friendly administration, an entrepreneurial administration. Also added that Local hiring is a good idea,
and they are absolutely committed to that. They have been working on this and are committed to US jobs and to dramatically expanding
that and that is a good idea anyways so that the clients can get the best of both -- the local and the global business practices.
Management Takeaways
>>Mgt continue to focus sharply on the execution of strategy, as reflected in the growing embrace of AI-based automation, growth in
new software-led business, delivering innovation, both incremental & breakthrough and fostering a learning-led culture.
>>Manufacturing segment was weak due to lower billing days, which would bounce back in Q4 while retail continued to be volatile
and energy was relatively soft. Mgt expects most sectors to bounce back next year barring energy.
>>Downward steady pricing pressure is expected to remain, but optimistic on Q4FY17 and very optimistic about BFSI segment
growth.
>>Rupee depreciation gave a 30 bps advantage in margin terms for Q3FY17 and the management is keeping a close eye on
developments pertaining to the H1-B visa issue.
>>USD 20 billion is an aspirational target that Co. has but not only USD 20 billion, also 30% margin and 80,000 revenue per
employee because they want to elevate the way that they work so that it continues to be their aspiration and their endeavour.

INFY

INCOME STATEMENT
Revenue
Other Income
Total Revenue
COGS
GPM
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
PBT
Tax
Tax Rate (%)
Reported PAT
Dividend Paid
No. of Shares
FY13
40352
2365
42717
FY14
50133
2664
52797
FY15
53319
3430
56749
FY16
62441
3128
65569
1557
11533
29%
1099
10434
0
12799
3370
26%
9429
3122
57
2119
13381
27%
1317
12064
0
14728
4072
28%
10656
3144
57
2478
14871
28%
1017
13854
0
17284
4911
28%
12372
4935
115
2497
17120
27%
1266
15854
0
18982
5301
28%
13678
9062
229
FY13
286
37708
37994
0
0
56
37994
8279
1140
7083
21832
189
4151
27244
46331
FY14
286
44244
44530
405
0
0
44935
9339
961
8351
25950
173
6814
31047
56966
EPS
Book Value
DPS
Valuation(x)
P/E
Price / Book Value
Dividend Yield (%)
RoE
RoCE
Turnover Ratios
Asset Turnover (x)
Net Debt/Equity (x)
FY13
164.2
661.6
54.4
33%
Share Capital
Reserves
Net Worth
Long term Debt
Short term Debt
Deferred Tax
Capital Employed
Net Fixed Assets
Capital WIP
Debtors
Trade payables
Total Provisions
Net Current Assets
Total Assets
FY16
1144
56682
57826
0
0
0
57826
14140
960
11330
32697
386
9328
34564
75141

Depreciation
Direct Taxes Paid
O.profit befo. WC changes
Capital expenditure
Repayment of LT Borrow.
Interest Paid
Inc/(Dec) in Cash
Closing Balance

FY16
59.6
252.1
39.5
66%
4
1.1
4
1.1
10
2.5
20
4.8
25%
27%
24%
27%
24%
27%
24%
27%
0.9
64
0.9
61
0.8
66
0.8
66
2
0.0
1
0.0
1
0.0
2
0.0
BALANCE SHEET
FY15
572
50164
50736
50
0
0
50786
12122
776
9713
30367
140
8493
31739
66289
RATIOS
FY14
FY15
185.6
107.7
775.5
441.8
54.8
43.0
30%
40%
FY13
12799
1099
-3293
-951
7373
-2095
-3020
-89
-438
-3210
1241
20591
21832
CASH FLOW STATEMENT

FY14
FY15
FY16
14728
17283
18979
1317
1017
1266
-3874
-6751
-5865
-556
-1337
-1105
9825
8353
9863
-2748
-2255
-2723
-2577
1088
-686
0
0
0
0
-3144
4118
21832
25950
0
-4935
4417
25950
30367
0
-6813
2330
30367
32697
BUY
MCX
16th Jan. 2017
Company Update
CMP
1190
Target Price
1470
Upside
24%
Market Data
BSE Code
534091
NSE Symbol
MCX
1420/726
6,071
374
8,400
52wk Range H/L

Mkt Capital (Rs Cr)
Av. Volume(,000)
Nifty
Stock Performance
1M
3M
12M
Absolute
-11.3
-9.7
32.4
Rel.to Nifty
-14.1
-6.2
21.3

3QFY17
2QFY17 1QFY17
Public
99.7
99.7
99.6
Others
0.3
0.4
0.4
100.0
100.0
100.0
Company Vs NIFTY
150
Q3FY17_Result Update
MCX sales for this quarter grew by 20% YoY led by increase it transaction
fees. EBITDA declined by 4% YoY due to one off employee (Rs 3.5 cr) and
Other expenses(Rs 1.75 cr). EBITDA margin declined by 712 bps YoY to
28.1% from 35.2%. Ad and promotion cost for this quarter declined by 394
bps YoY to 1% from 5%. The company has reported other income of Rs 31
cr in this quarter as against Rs 20 cr in Q3FY16. PAT margin for this quarter
improved by 1873 bps YoY led by strong other income number.PAT grew by
94% YoY to Rs 34 cr in this quarter.
Concall Highlights:
Promoters
Total
Result reported by mcx is largely inline to our estimates. Ebitda margin

disappointed us. EBITDA margin declined due to one off Rs 3.5cr employee
expenses provisioning of previous two quarters and one off other expenses
of approx. Rs1.75 cr. Average daily turnover is remained 21023 cr in this
quarter lower by approx. 16 percent to the previous quarter. Sales for this
quarter was largely inline to our estimates. Mcx will be key beneficiary of
launch of option trading in commodity market. For a longer term perspective
launch of option will have a very positive effect on company's volume. Mcx
has strong balance sheet with no debt . As market will mature, more trading
participants will be allowed to hedge and trade in commodity market which
will be positive for MCX as it has dominant market share. Earlier we had
BUY recommendation on MCX at the price of Rs 991 for the target price of
nd
Rs 1400 on 2 sept2016 and we booked profit in it on 30 Sept2016(up by
38%). Form our book profit price, now MCX has corrected much and
considering long term prospects of MCX, we are bullish on this stock. We
recommend to buy this stock with a target price of Rs 1470.
MCX
NIFTY
140
130
120
Post demonization some impact in volume. Bullion segment volume is

impacted. Turnover in this segment took some down turn.
The company will looking for launching new products in future segment .
Filed application for creating Clearing Corporation and expected to get
approval in 4-6 weeks. After approval, MCX will launch it in 1QFY18.
The company has launched contract on caster seeds.
At present there MCX has no plan to open an exchange in GIFT CITY. But
company is keeping close eye on latest developments.
The company is expecting bullion segment volume to come back.
Optional trading: After SEBI final guidelines, it will take 4 weeks to launch
options contracts in MCX.
110
100
90
Financials
2013
2014
2015
2016
Sales
524
315
113
59
26%
341
146
18
30
13%
222
88
61
25
10%
235
77
40
8
4%
EBITDA
80
Net Profit
EPS
Rajeev Anand
rajeev.anand@narnolia.com
ROE

Rs,Cr
2017E
269
91
61
30
12%
9
MCX
Average daily turnover(in cr.)
33500
Average daily turnover(in cr)
28500
23500
18500
13500
8500
3500
-1500
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
Net Sales and PAT(in cr.)

80
Net sales(in cr.)
PAT(in cr.)
70
60
50
38
40
34
33
31
27
30
18
20
69
65
63
61
57
61
10
0
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
Employee Cost (as % of Sales)

35%
Employee Cost (as % of Sales)
29%
30%
25%
20%
18%
18%
18%
2QFY16
3QFY16
4QFY16
23%
22%
1QFY17
2QFY17
15%
10%
5%
0%
3QFY17

10
MCX
PRODUCTS OFFERED
24 commodity futures
traded
Key among them:

Precious metals
Gold
Silver
Metal
Aluminium
Copper
Lead
Nickel
Zinc
Energy
Crude Oil
Natural Gas
Agricommodities
Cardamom
Cotton
Crude Palm Oil
Mentha Oil
SETTLEMENT
MARKET PARTICIPANTS
Physical Delivery
(Gold, Silver,Cardam
om, Cotton,Mentha
Oil)
Producers
Manufacturers
MSMEs
Consumers
Individuals
Traders
Algo traders
Brokers
SUBSIDIARY
Multi Commodity
Exchange Clearing
Corporation
Ltd.(MCXCCL)*
(100%)
* - MCXCCL has not commenced operations,. Its current paid-up capital is Rs. 6 crore. Application for Clearing
Corporation made to SEBI, it will get operational in FY 2017-18
View & Valuation

Average daily turnover is remained 21023 cr in this quarter lower by approx. 16 percent to the previous quarter. Sales for this
quarter was largely inline to our estimates. For a longer term perspective launch of option will have a very positive effect on
company's volume. Mcx has strong balance sheet with no debt . As market will mature, more trading participants will be allowed to
hedge and trade in commodity market which will be positive for MCX as it has dominant market share. Earlier we had BUY
nd
recommendation on MCX at the price of Rs 991 for the target price of Rs 1400 on 2 sept2016 and we booked profit in it on 30
Sept2016(up by 38%). Form our book profit price now MCX has corrected much and considering long term prospects of MCX, we
are bullish on this stock. We recommend to buy this stock with a target price of Rs 1470.
About The Company

MCX is Indias first listed exchange for clearing and settlement of commodity futures transactions, thereby providing a platform for
risk management.MCX offers trading in varied commodity futures contracts across segments including bullion, industrial metals,
energy and agricultural commodities. The Exchange focuses on providing commodity value chain participants with neutral, secure
and transparent trade mechanisms, and formulates quality parameters and trade regulations, in conformity with the regulatory
framework.The Exchange has an extensive national reach, with 49,000+ Authorised Persons with its presence in around 1500
cities and towns across India as on 31 September, 2016. MCX is Indias leading commodity derivatives exchange with a market
share of 89.2 per cent in terms of the value of commodity futures contracts traded H1 2016.
11
MCX
FY14
30.0
224.7
3.5
12%
RATIOS
FY15
FY16
24.6
8.3
236.2
236.7
12.0
7.8
49%
94%
FY17E
30.1
254.8
12.0
40%
20
2.6
0.6%
32
3.4
1.5%
106
3.7
0.9%
42
4.9
1.0%
13%
8%
10%
4%
4%
4%
12%
5%
0.2
5
0
7
0
0.1
10
0
37
0
0.1
17
0
16
0
0.1
7
0
29
0
INCOME STATEMENT
Revenue
Other Income
Total Revenue
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
PBT
Tax
Tax Rate (%)
PAT
Dividend Paid
No. of Shares
FY14
341
100
440
146
42.8%
34
111
106%
210
57
27%
153
18
510%
FY15
222
110
333
88
39.4%
26
62
137%
170
45
26%
125
61
510%
Share Capital
Reserves
Net Worth
Long term Debt
Short term Debt
Deferred Tax
Capital Employed
Net Fixed Assets
Capital WIP
Debtors
Trade payables
Provisions
Net Current Assets
Total Assets
FY14
51
1095
1146
0
0
15
1363
130
0
9
342
34
44
1154
1743
FY15
51
1154
1205
0
0
10
1426
114
0
11
266
10
73
1236
1827
FY16
235
98
333
77
32.6%
25
52
4%
84
41
49%
42
40
510%
FY17E
269
138
407
91
33.9%
18
73
20%
210
57
27%
154
61
510%
EPS
Book Value
DPS
Valuation(x)
P/E
Price / Book Value
Dividend Yield (%)
RoE
RoCE
Turnover Ratios
Asset Turnover (x)
Net Debt/Equity (x)
BALANCE SHEET
FY16
51
1156
1207
0
0
5
1423
140
0
4
500
19
47
1035
1820
FY17E
51
1249
1300
0
0
5
1516
170
0
5
380
26
47
1030
1938

Depreciation
Direct Taxes Paid
(Inc)/Dec in Wkg Cap
Capital expenditure
Interest Paid
Inc/(Dec) in Cash
Closing Balance

FY14
210
34
-38
-90
38
-6
53
-1
-113
-113
-22
75
53
CASH FLOW STATEMENT

FY15
FY16
FY17E
170
150
210
26
25
18
-41
-29
-57
21
52
24
70
104
197
-8
-21
-48
-68
-57
-256
-1
0
0
-18
-61
-61
-19
-61
-61
-18
-14
-121
53
35
500
35
21
379
12
BUY
TATA CONSULTANCY SERVICES LTD.

Company Update
CMP
2343
Target Price
2780
2780
Upside
19%
Market Data
BSE Code
532540
NSE Symbol
TCS
2740/2055
461,730
932
8,407
52wk Range H/L

Mkt Capital (Rs Cr)
Av. Volume(,000)
Nifty
Stock Performance
1M
3M
2.7
9.4
2.8
3.3
4.1
11.5

1QFY17 4QFY16
Promoters
73.3
73.3
73.4
Public
26.7
26.7
26.6
Total
100.0
Company Vs NIFTY
Q3FY17_Key Highlights
>>Constant currency revenue growth for the quarter was at 2% with volume
growth of 1% on sequential basis.
12M
Rel.to Nifty
Others
Strong Digital Demand, Great execution mark robust Q3FY17. The

company reported Net Profit of Rs 6778 Cr ; increased 2.9% sequentially
driven by the strong digital business and great execution work. It touched
USD 1 billion mark in profit for the first time. Revenue during the quarter
increased 1.5% to Rs 29735 Cr and dollar revenue growth was 0.3% at Rs
4387 Cr compared with previous quarter. Digital business registered a 30.2%
growth on YoY basis. Its contribution to total revenue increased to 16.8% in
3QFY17 from 16.1% in 2QFY17. The growth was led by energy & utilities
segment (up 5.8% QoQ), hi-tech (up 2.6% QoQ), BFSI (up 2.1% QoQ),
manufacturing (up 2.1% QoQ) and retail (1.9% QoQ) in constant currency.
Other income, also supported profitability, increased by 12.77% QoQ to Rs
1192 Cr. Operating income during the quarter grew by 1.5% to Rs 7,733 crore
and margin remained stable at 26% compared with previous quarter.
>>Infrastructure services showed 9.5% sequential growth and engineering &

industrial services 3.1% in 3QFY17.
Absolute
2QFY17
13th Jan 2017
100.0
100.0
>>TCS has added 2 clients in USD 50 million revenue category and 5 clients
in USD 10 million category.
>>Total employee strength at end of Q3FY17 was 3.78 lakh on a
consolidated basis with gross addition of 18,362 and net addition of 6,978
employees.
>>The company has received 440 patents till date. As of December 2016, it
has applied for 3,161 patents, including 80 applied during the quarter.
Outlook & Valuation
Strength in growing segments like Platforms, Cloud and Internet of Things is

evident from the growth in Asset Leveraged Solutions (up 21% sequentially).
The companies good operating strategy helped them to deliver a good
3QFY17 result, traditionally a quarter of weak demand. Seeing a good
opportunities in Digital, the Co. continues to built new capabilities there,
empower employees to enhance agility in the workplace & invest more to
develop IP-based platforms and products. The company presently is trading
at 5.7 times FY17 earnings. With this we remain positive on the stock and
recommend 'BUY' with the target of 2780 at P/b of 5.8 times FY17 earnings.
Financials
2013
2014
2015
2016
Sales
62989
13917
36%
8.0
1.4%
81809
19164
39%
8.5
1.5%
94648
19852
39%
9.9
3.1%
108646
24270
37%
7.6
1.7%
Net Profit
ROE
P/B
Div Yield

Rs,Cr
2017E
121684
26478
34%
5.8
2.8%
13
TCS
Management Views on H1B Visa
On the H1-B Visa Reform Bill reintroduced in the US Congress last week, Management said there would be some visa regulatory changes and
there could be regulations in the form of increase in visa fee or in the form of number of visa that IT companies will get but the company has been
preparing well if the number of visas decline.
Management Takeaways
>>The Companies strengths in Digital, Platforms and Cloud as well as deep knowledge of the customers domain are driving ability to play a
strategic role and make a holistic impact on the business.
>>With seeing growth opportunities in Digital business that is growing at 30% on an annual basis, they continue to build new capabilities in
Digital technologies, empower employees to enhance agility in the workplace and invest more to develop IP-based platforms and products.
>>Management remain bullish for the future on the constraints i.e. Diligenta pulling growth, Digital spending is good.
>>They are looking at hiring in different country level, creating digital delivery platform.
>>Mgt is confident of Retail going up in Q4FY17.
>> Won 9 deals during the quarter, 2 in BFSI & Retail each and 1 each in other segments.
>>Rajesh Gopinathan appointed as Chief Executive Officer; N G Subramaniam appointed as Chief Operating Officer.
Attrition down further Q-o-Q to 11.3% (LTM) in IT services
Attrition rate for the

quarter fell to 11.3%
(last twelve months)
in IT services
business, which has
been lower for fifth
consecutive quarter.
Clients Contribution
Clients Contribution
US$ 1m+ Clients
US$ 5m+ Clients
US$ 10m+ Clients
US$ 20m+ Clients
US$ 50m+ Clients
US$ 100m+ Clients
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
804
819
838
829
847
859
880
391
404
413
429
439
449
454
268
274
281
298
298
295
300
172
171
173
173
179
185
186
69
65
65
73
77
78
80
30
33
34
37
37
36
34
About The Company

Tata Consultancy Services (TCS) is an IT Services, Consulting and business solutions organization that delivers real results
to global business, ensuring a level of certainity no other firm can match. TCS offers a consulting-led, integrated portfolio of
IT, BPS, infrastructure, engineering and assurance services.
14
TCS
FY13
71.1
197.5
25.7
36%
RATIOS
FY14
FY15
97.8
101.4
251.2
258.5
37.4
92.4
38%
91%
FY16
123.2
331.7
50.9
41%
22
8.0
1.6%
22
8.5
1.8%
25
9.9
3.6%
20
7.5
2.1%
36%
44%
39%
48%
39%
45%
37%
44%
1.2
100
12
25
0.0
1.2
99
7
25
0.0
1.3
94
6
34
0.0
1.2
94
5
25
0.0
INCOME STATEMENT
Revenue
Other Income
Total Revenue
COGS
GPM
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
PBT
Tax
Tax Rate (%)
Reported PAT
Dividend Paid
No. of Shares
FY13
62989
1178
64168
0
0.0%
20910
18040
29%
1080
16960
48
18090
4014
22%
13917
5038
196
FY14
81809
1637
83446
0
0.0%
26797
25153
31%
1349
23804
39
25402
6070
24%
19164
7333
196
Share Capital
Reserves
Net Worth
Long term Debt
Short term Debt
Deferred Tax
Capital Employed
Net Fixed Assets
Capital WIP
Debtors
Trade payables
Total Provisions
Net Current Assets
Total Assets
FY13
296
38350
38646
131
80
235
38777
8142
1895
14096
6769
4270
4582
19814
52168
FY14
48999
48999
49195
127
127
309
49322
10444
3168
18230
14442
5536
6772
27354
67138
FY15
94648
3230
97878
0
0.0%
31466
24482
26%
1799
22683
104
25809
6239
24%
19852
18104
196
FY16
108646
3084
111730
0
0.0%
22621
30677
28%
1888
28789
33
31840
7502
24%
24270
10028
197
EPS
Book Value
DPS
Valuation(x)
P/E
Price / Book Value
Dividend Yield (%)
RoE
RoCE
Turnover Ratios
Asset Turnover (x)
Net Debt/Equity (x)
BALANCE SHEET
FY15
196
50439
50635
114
186
343
50749
12311
2766
20438
18556
8831
7953
28680
73661
FY16
197
65164
65361
83
113
441
65443
12397
1671
24070
6785
7540
9242
41205
89384

Depreciation
Direct Taxes Paid
O.profit befo. WC changes
Capital expenditure
Repayment of LT Borrow.
Interest Paid
Inc/(Dec) in Cash
Closing Balance

FY13
18090
1080
-4822
18203
11615
-28739
-2638
-6086
-48
-5703
-5729
-200
1993
1841
CASH FLOW STATEMENT

FY14
FY15
FY16
25402
26298
31676
1349
1309
1948
-7044
-7482
-7569
25246
26103
31508
14751
19369
19115
-82613
-67296
0
-3126
-2949
-2047
-9667
-1701
-5209
-38
-105
-20
-5480
-17020
-9479
-5673
-17168
-9616
-589
500
4291
1841
1468
1862
1468
1862
6292
15
12-Jan-17
Automobile Industry Impact of demonetisation For Sales Number
Indian Automotive industry has been hampered by the ban of

higher denomination currency notes. The major direct impact
can be seen in the 2 Wheeler and Commercial vehicle
segments. For 2 wheeler space large chunk of transaction
takes place in hard cash and ~53% sales happen in rural
areas, which makes situation even worse for the industry.
Commercial vehicle segment has witnessed a steep decline in
Novemeber monthly sales and the fleet owners have faced
working capital issue due to this cash crunch issue in the
economy. Passenger Vehicle and Tractor segment have also
faced slow down. But volumes in the December month have
shown the sign of recovery because of higher finance
penetration in the rural as well as in urban areas. We expect
that the automobile sector will recover largely in next couple of
months going ahead.
Estimates of 3QFY17 Revenue & Margins (in Rs. crore)
LCV segment witnessed a decline of 3% YoY. We expect that

the CV space is recovering very quickly to cater further demand
from BS-IV and strengthening infrastructure activity. Strong
volumes may lead to margins moving ahead.
FORCEMOT- Domestic Automotive volumes declined by 16%
YoY and Exports Automotive volumes declined by 43% YoY in
3QFY17. We expect margins can be contracted due to rising
commodity prices and de-growth in volumes.
TATAMOTORS- Tata Motors in the passenger vehicle space
reported a robust volume growth of 28% YoY and 2% YoY
growth in the commercial vehicle segment. JLR reported 8%
growth YoY (90% growth in Jaguar and 9% decline in Land
Rover YoY) in 3QFY17 on account of low priced model
launches in both the brands during the quarter. We assume
that the higher sales in the JLR and strong recovery in the PV
and CV business may help the company to post margins up by
400 bps during the quarter.
HEROMOTOCO- Hero Motocorp witnessed sharp decline in
the volumes by 13% YoY in 3QFY17. We expect that the
company will witness contraction in margins because of lower
volumes coupled with rising commodity prices.
BAJAJ-AUTO- Domestic two wheeler volumes de-grew by 3%
while commercial vehicle volumes remain flat YoY. Export
remained a bitter spot and witnessed a decline of 20% YoY in
3QFY17. Decline in the domestic 2 wheeler volumes, weak
exports, unfavorable commodity prices and higher advertising
cost will lead to reduction in the margins for the company.
TVSMOTOR- TVS Motors reported 4% volume growth YoY in 2
wheelers segment due to 27% growth in Mopeds. 3 wheelers
volumes were declined by 39% YoY in 3QFY17. We expect
poor product mix and rising raw material prices and rise in other
expenses due to new launches will likely lead to 80 bps QoQ
fall in margins.
MARUTI- Maruti has reported 4% volume growth in 3QFY17

despite the current currency crunch situation in the country.
Mini segment witnessed decline of 6% YoY but utility vehicle
segment reported a robust growth of 88% YoY during the
quarter. Due to higher sales of the premium segment vehicles
we anticipate that the margins of the company may improve
going forward.
EICHERMOT- Eicher posted 38% YoY volume growth in the

3QFY17 on account of higher sales of classic 350 models. We
expect that the margins will further improve due to high
volumes which results in to operating leverage for the company.
Conclusion :
We expect that the most of the automobile companies may see

fall in the 3QFY17 earnings. In the two wheeler segment,
Eicher Motors may report ~40% growth in the revenue. In the
passenger vehicle segment, Maruti has been the least
impacted due to demonetization and may report double digit
growth in the topline during the quarter. In the commercial
ASHOKLEY- Ashok Leyland posted 6% YoY volume growth in
vehicle segment, Ashok Leyland has seen strong recovery and
the 3QFY17. M&HCV segment grew by 9% YoY and
may post ~12% growth in the 3QFY17.
16
M&M- M&M have reported 2% volume growth in 3QFY17.
Farm Equipment segment volumes grew vigorously by 22%
YoY and Automotive volumes de-grew by 8% YoY. Strong
growth in Farm Equipment Segment will boost companys
overall margins going forward.
BUY
Indusind Bank
11-Jan-17
Profitability remains Intact, Defying the Expectation
Result Update
CMP
1161
Target Price
1400
1400
Upside
21%
0%
Market Data
BSE Code
532187
NSE Symbol
INDUSINDBK
1255/799
69444
52wk Range H/L

Mkt Capital (Rs Cr)
Av. Volume (,000)
89
8288
Nifty
Stock Performance
1Month
1Year
YTD
Absolute
8.5
25.4
6.9
Rel.to Nifty
7.2
15.9
5.6

3QFY17
2QFY17 1QFY17
Promoters
16.7
16.7
16.7
Public
Others
Total
83.3
83.3
83.3
100.0
100.0
100.0
Company Vs NIFTY
130
INDUSINDBK
NIFTY
125
120
115
110
Indusind Bank posted the strong set of 3Q FY17 results. NII grew by 35%
YoY (better than the industry expectation) backed by healthy loan growth as
well as improvement in NIM. Other Income grew by 21%. C/I ratio was well
within control to 47.5% with only 20 bps increase YoY. Operating Profit
remained healthy with 29% YoY growth. PAT grew by 29% YoY to Rs 751 Cr.
NIM improved by 9 bps YoY to 4%, it remained flat QoQ. Sequentially assets
quality saw marginal deterioration with GNPA at 94bps against 90bps. NNPA
increased by 2bps to 0.39%.
Advances increased by 25% YoY backed by growth in both consumer as well
as corporate portfolio. Deposits Increased by 38% YoY, whereas CASA
Increased by 46% YoY. CASA ratio increased by 50 bps QoQ to 37%.
Advances growth remained healthy, CASA Spiked

Advances grew by a healthy pace of 25% YoY despite the busy quarter (on
liability side) backed by both Consumer Finance and Corporate Bank
division. Both the segment registered the 25% growth YoY. Overall vehicle
finance grew by 20% YoY and Non Vehicle consumer portfolio grew by 38%
YoY. Under Vehicle Finance, CV grew by 10%, SCV picked up to 18% and
car loan grew by 22%. Equipment financing grew by 28% YoY, Credit card
business grew by 51% YoY, LAP growth remained intact at 35% YoY.
Management highlighted that the IIB has gained the market share in overall
vehicle financing except in 2 wheeler segment which remained flat QoQ. In
respect of 2 wheeler business, management sees demonetization as
opportunity for the IIB. Going forward management intends to shift the
portfolio towards CFD as it generates higher yields in comparison to CBD.
Deposits grew by 38% YoY mainly due to demonetization effect. However
growth was only 6% QoQ due to one off IPO deposits in 2Q FY17 got
redeem in 3Q FY17. CASA grew by 46% YoY which led the CASA ratio to
37%(against our expectation of 38%+). SA increased by 56% and CA
increased by 35% YoY. Management highlighted that the increase in CASA
can be attributed equally to both- customer acquisition as well as
demonetization. However it will be interesting to watch that how much of the
deposits remain in the IIB as it will be further driver for the cost of fund.
Operating Profit Remain Healthy.
105
100
95
90
85
Jan-17
Dec-16
Nov-16
Oct-16
Sep-16
Aug-16
Jul-16
Jun-16
Apr-16
May-16
Feb-16
Mar-16
Jan-16
80
DEEPAK KUMAR
Deepak.kumar@narnolia.com
Operating profit of the Indusind bank has shown a healthy growth of 29%
YoY backed by strong NII and other income growth of 35% and 21%
respectively. Other income growth was supported by 22% YoY growth in fee
income. Fee from investment banking grew by 41% YoY but remain flat
sequentially. Loan processing fees grew by 5% YoY. Distribution fee income
grew by 44% YoY. C/I ratio increased marginally to 47.5% from 47.3% a year
back due to 29% growth in operating expenses. Bank opened 40 new
branches this quarter which led the total branches to 1075 and has the target
of 1200 in FY17.
17
INDUSINDBK
Demonetization led huge decline in Cost of Fund.
NIM has improved by 9bps YoY to 4% but remain flat QoQ. Improvement in NIM was backed by decline in cost of
fund. Cost of fund declined by 53bps YoY to 5.27%. Cost of deposits fall by 80 bps YoY to 6.35% as on 3Q FY17.
This 80 bps fall in cost of deposits was the highest in last 18 quarters. Decline in cost of deposits was the result of
spike in CASA ratio due to demonetization. Overall Yield of IIB declined by 44bps to 9.27%. Yield on advances
declined by 34 bps YoY to 11.73%. Yield on consumer finance division declined by 53 YoY bps whereas corporate
portfolio saw as decline of 22 bps YoY in its Yield. However sequentially yield on CFD decline marginally by 4 bps.
Most of the CFD book is on fixed rate. In the declining interest rate scenario, Yields will further taper but with the
strategy of management to shift to portfolio mix towards high yield CFD and decline in cost of fund will maintain the
NIMs at current level.
Assets Qaulity remains largely stable

Assets Quality of IIB saw marginal increase in its GNPA to 0.94% against 0.90% as on 2Q FY17. NNPA increased by
2 bps to 0.39%. Slippages were Rs 281 Cr, increased by 8% QoQ. However slippages in CFD improved to Rs 170 Cr
against Rs 188 Cr on 2Q FY17. GNPA in vehicle segment improved except in Car segment. LAP also saw 10bps
increase in GNPA. Management highlighted that delinquencies and slippages in the consumer bank have actually
improved over the quarter because repayments came in faster before December 30.Bank also saw delinquent clients
as well as written-off clients end with paying up. Restructured assets declined to 41 bps against 44 bps on 2Q FY17.
The decline was due to slip of 2 small accounts into NPA. PCR remained flat at 59%. Credit cost was 15 bps for the
quarter and it was 45 bps for 9 months. Management expects the credit cost to restrict to 60bps in FY17.
(Rs in Crore)
Quarterly Performance
Financials
Interest Inc.
Interest Exp.
NII
Other Income
Total Income
Ope Exp.
PPP
Provisions
PBT
Tax
Net Profit
3QFY15
2437
1576
861
611
1472
698
774
98
676
229
447
4QFY15
2579
1654
925
658
1584
733
851
107
743
248
495
1QFY16
2724
1743
981
724
1705
782
923
123
799
274
525
2QFY16
2798
1703
1094
784
1878
871
1007
158
848
288
560
3QFY16
2928
1754
1173
839
2012
951
1061
177
884
303
581
4QFY16
3132
1863
1268
913
2181
1030
1151
214
938
317
620
1QFY17
3292
1935
1356
973
2329
1096
1234
230
1003
342
661
Financials
NII Growth % (YoY)
Other Inc./Net Inc. %
C/I Ratio %
Empl. Cost/ Tot. Exp. %
Other Exp/Tot. Exp.%
PPP Growth % (YoY)
Provision/PPP %
Tax %
PAT Growth %
RoE %
RoA %
3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17 YoY(+/-) QoQ(+/-)
18.0
18.4
22.5
31.3
36.2
37.1
38.3
33.4
34.5
41.5
41.6
42.5
41.7
41.7
41.9
41.8
39.9
39.2
(2.51)
(0.74)
47.4
46.3
45.9
46.4
47.3
47.2
47.0
47.3
47.5
0.19
0.19
36.6
36.2
34.8
34.5
34.3
32.7
32.6
32.7
32.0
(2.35)
(0.72)
63.4
63.8
65.2
65.5
65.7
67.3
67.4
67.3
68.0
2.35
0.72
(22.3)
(10.9)
11.7
116.0
80.7
98.9
86.9
35.3
22.5
12.7
12.6
13.4
15.7
16.7
18.6
18.7
16.7
15.9
(0.78)
(0.78)
33.8
33.3
34.3
34.0
34.3
33.8
34.1
34.0
34.5
0.26
0.48
28.9
25.1
24.7
30.2
29.9
25.3
26.0
25.8
29.2
18.3
19.8
20.4
16.7
14.1
14.6
15.1
15.4
15.7
1.67
0.34
1.9
1.9
1.9
1.9
1.9
1.9
1.9
1.9
1.9
(0.04)
(0.05)
2QFY17
3469
2009
1460
970
2431
1149
1282
214
1068
364
704
3QFY17
3699
2121
1578
1017
2595
1232
1363
217
1146
396
751
YoY %
26%
21%
35%
21%
29%
29%
28%
22%
30%
31%
29%
QoQ%
7%
6%
8%
5%
7%
7%
6%
1%
7%
9%
7%
18
INDUSINDBK
Margins Performance
Yield % on Advances
Yield % on Corporate Bank
Yield % on Consumer Finance
Overall Yield % on Total Assets
Cost of Deposits %
Overall Cost Of Funds %
NIM %
NII Growth % (YoY)
13.0
12.8
12.7
12.4
12.1
12.0
12.1
11.9
11.7
(0.34)
(0.13)
10.9
10.6
10.4
10.1
10.0
10.1
10.2
9.9
9.8
(0.22)
(0.16)
15.8
15.8
15.7
15.4
15.1
14.9
14.6
14.6
14.5
(0.53)
(0.04)
10.3
10.1
10.1
9.8
9.7
9.7
9.6
9.5
9.3
(0.44)
(0.24)
7.8
6.6
3.7
7.7
6.5
3.7
PAT Growth %
7.6
6.4
3.7
7.4
5.9
3.9
7.2
5.8
3.9
7.1
5.7
3.9
C/I Ratio %
50.00
48.00
40.00
47.50
47.00
30.00
10.00
-
6.6
5.5
4.0
Overall Yield % on Total Assets
6.4
5.3
4.0
(0.80)
(0.53)
0.09
Overall Cost Of Funds %
(0.25)
(0.24)
-
NIM %
12.00
10.00
8.00
46.50
20.00
6.9
5.7
4.0
6.00
46.00
4.00
45.50
2.00
45.00
3QFY15 4QFY15 1QFY16 2QFY16 3QFY16 4QFY16 1QFY17 2QFY17 3QFY17
(Rs in Crore)
Other Income Break Up

Trade and Remittances
Foreign Exchange Income
Distribution Fees
General Banking Fees
Loan Processing fees
Investment Banking
Total Fee-Based Income
Securities/MM/FX
Trading/Others
Total Other Income
3QFY15
62
169
98
42
91
59
522
88
611
4QFY15
80
110
127
45
111
96
569
90
658
1QFY16
56
159
107
49
104
123
599
125
724
2QFY16
84
170
119
41
145
114
673
110
784
3QFY16
85
170
126
46
185
113
726
113
839
Other Income/Total Net Income %
1QFY17
109
151
137
56
215
114
782
191
973
2QFY17
103
156
156
49
201
161
826
145
970
3QFY17
106
179
181
64
195
160
885
132
1017
YoY %
25%
5%
44%
38%
5%
41%
22%
17%
21%
QoQ%
4%
15%
16%
29%
-3%
-1%
7%
-9%
5%
Fee Income/ Advances %
43.00
0.90
42.00
0.88
41.00
0.86
40.00
0.84
39.00
0.82
38.00
0.80
37.00
4QFY16
97
140
138
48
228
122
774
139
913
0.78
19
INDUSINDBK
Outlook & Valuation:
Among the mid size private bank, Indusind bank remains one of the consistent performers in growth and profitability
parameter. Superior loan book growth, diversified fee income profile and low credit cost are the key drivers of the bank.
We expect the IIB to maintain 25%+ loan growth in near to mid-term backed by revival in economic environment and
declining interest rate. We expect the consumer loan demand to pick up with improving vehicle financing and card
business giving the boost. Spike in CASA ratio and focus on consumer finance segment will help to maintain the NIM at
4%. With healthy capitalization of Tier 1 at 14.7% we expect the RoA of 1.9%+, RoE of 16%-17% and maintain BUY
with our previous target price of Rs 1400.
Concall Highlights:
>> Biggest challenge of Q3 was Balance sheet management.
>> Mortgage loan will become more attractive due to rate cut.
>> Bond book will do well as the rate goes down. But the issue lies in the reinvestment risk in the book of banks.
>> Credit cost is well within the guidance. May come up slightly better than the guidance of 60 Bps of full year.
>> Security Receipts is Rs 223 Cr.
>> 2 small accounts slipped from restructured book.
>> RWA to total assets declined to 79% from 83% previous quarter. Quality of book has improved.
>> Assets quality in vehicle book has improved except for Car.
>> CASA increased can be attributed 50% to demonetization effect and 50% for the customer accquisition.
>> Gained market share in vehicle finance in all segment except in 2 wheeler segment.
>> LAP was slow in the month of Nov, but the business came back in Dec.
>> MFI book is flat QoQ with Rs 3000 Cr. MFI loan book target is Rs 10000 Cr in 3 years.
(Rs in Crore)
Assets Quality
GNPA (Rs)
GNPA %
NNPA (Rs)
NNPA %
Slippages (Rs)
Restructured Assets %
Total Stress Assets (Rs)
(GNPA+Std.
Specific
PCR Rest.)
%
673
563
570
602
681
777
861
899
971
43%
8%
1.05
0.81
0.79
0.77
0.82
0.87
0.91
0.90
0.94
0.12
0.04
202
210
225
241
273
322
356
369
401
47%
9%
0.32
0.31
0.31
0.31
0.33
0.36
0.38
0.37
0.39
0.06
0.02
161
449
133
189
252
274
253
261
281
12%
8%
0.55
0.53
0.63
0.63
0.58
0.53
0.49
0.44
0.41 -0.17
-0.03
353
368
455
493
482
473
464
440
424 -12%
-4%
70.1
62.6
60.6
60.0
59.9
58.6
58.7
59.0
58.7 -1.16
-0.25
GNPA Composition Consumer Finance %

Commercial Vehicle
Utility
Construction Equipment
Small CV
TW
Cars
LAP/HL/PL
Tractor
Cards
Total
1.44
1.27
1.18
1.10
1.05
1.00
1.08
1.07
1.02 -0.03
-0.05
0.97
1.08
1.06
1.03
1.00
1.21
1.27
1.17
1.07
0.07
-0.10
1.64
1.44
1.46
1.57
1.45
1.26
1.39
1.40
1.24 -0.21
-0.16
0.90
0.92
1.04
0.84
0.81
0.98
1.05
0.97
0.83
0.02
-0.14
2.36
2.53
2.65
2.83
2.95
3.02
3.15
3.62
3.60
0.65
-0.02
0.48
0.56
0.58
0.41
0.39
0.50
0.49
0.49
0.75
0.36
0.26
0.32
0.33
0.48
0.41
0.57
0.65
0.68
0.71
0.81
0.24
0.10
0.24
0.49
0.28
N/A
-0.21
1.53
1.24
1.32
1.35
1.48
1.45
1.73
1.68
1.62
0.14
-0.06
1.22
1.15
1.14
1.09
1.08
1.08
1.14
1.17
1.16
0.08
-0.01
20
INDUSINDBK
GNPA %
NNPA %
Restructured Assets %
Specific PCR %
1.20
72.00
70.00
68.00
66.00
64.00
62.00
60.00
58.00
56.00
54.00
52.00
1.00
0.80
0.60
0.40
0.20
-
(Rs in Crore)
Advances
Net Advances (Rs in Cr)
Adv. Growth YoY %
>> Growth QoQ %
Sectoral Breakup %
Corporate Banking%
Consumer Finance%
3QFY15
63,847
21.69
6.53
4QFY15
68,788
24.84
7.74
1QFY16
72,243
23.15
5.02
2QFY16
78,294
30.64
8.38
3QFY16
82,167
28.69
4.95
4QFY16
88,419
28.54
7.61
1QFY17
93,678
29.67
5.95
2QFY17
98,949
26.38
5.63
3QFY17
102,770
25.07
3.86
3QFY15
57.7
42.3
4QFY15
58.7
41.3
1QFY16
58.5
41.5
2QFY16
59.2
40.8
3QFY16
58.3
41.7
4QFY16
58.7
41.3
1QFY17
58.8
41.2
2QFY17
59.0
41.0
3QFY17
58.3
41.7
Net Advances (Rs in Cr)
Adv. Growth YoY %
Corporate Banking %
1,20,000
35.00
1,00,000
30.00
80,000
25.00
40,000
20,000
-
60.00
50.00
20.00
40.00
15.00
30.00
10.00
20.00
5.00
10.00
60,000
Consumer Finance %

21
INDUSINDBK
Consumer Finance Book Break Up
1QFY16
Comm. Vehicle Loans
11,405
>>Tractor
Utility Vehicle Loans
2,043
Small CV
1,860
Two Wheeler Loans
2,829
Car Loans
3,293
Equipment Financing
2,827
Credit Card
786
Loan Against Property
4,032
Others-BL,PL,GL,etc
932
(Rs in Crore)
2QFY16
12,360
2,037
1,938
2,857
3,539
2,861
885
4,331
1,147
3QFY16
13,204
2,041
2,019
3,034
3,754
3,036
1,008
4,759
1,393
4QFY16
14,101
2,058
2,045
3,045
3,917
3,244
1,204
5,248
1,687
1QFY17
13,847
1,229
2,097
2,133
3,076
4,076
3,435
1,258
5,585
1,855
4QFY15
74,134
22.5
6.9
25,300
28.5
7.0
34.1
16.7
17.5
92.8
1QFY16
77,693
21.6
4.8
26,945
26.5
6.5
34.7
16.6
18.0
93.0
2QFY16
80,841
22.5
4.1
28,085
25.6
4.2
34.7
16.1
18.6
96.8
3QFY16
86,423
24.6
6.9
30,232
27.9
7.6
35.0
16.3
18.7
95.1
2QFY17
14,208
1,460
2,157
2,274
3,134
4,324
3,597
1,408
5,872
2,124
YoY(+/-)
10%
N/A
10%
18%
10%
22%
28%
51%
35%
58%
QoQ(+/-)
3%
21%
4%
5%
6%
6%
8%
8%
9%
3%
1QFY17
101,768
31.0
9.4
35,043
30.1
7.1
34.4
15.7
18.8
92.1
2QFY17
112,313
38.9
10.4
41,034
46.1
17.1
36.5
18.2
18.3
88.1
3QFY17
119,218
37.9
6.1
44,162
46.1
7.6
37.0
15.9
21.1
86.2
(Rs in Crore)
DEPOSITS
Deposits (Rs in Cr)
>> Growth YoY %
>> Growth QoQ %
CASA (Rs)
>>CASA Growth YoY %
>> Growth QoQ %
CASA %
CA %
SA %
Credit Deposit Ratio
3QFY15
69,376
23.3
5.1
23,634
30.6
5.7
34.1
16.5
17.6
92.0
Deposit Growth YoY %
50.00
45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
-
3QFY17
14,569
1,764
2,237
2,381
3,323
4,570
3,875
1,519
6,429
2,198
>>CASA Growth YoY %
4QFY16
93,000
25.4
7.6
32,724
29.3
8.2
35.2
16.6
18.5
95.1
CA %
SA %
CASA %
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
-

22
INDUSINDBK
INCOME STATEMENT
Int./disc. on advances / bills

Income on Investments
Int. on bal.with RBI
Others
Total Interest Income
Total Interest expended
Net Interest Income
Other Income
Total Income
Total Operating Expenses
Pre Provisioning Profit
Provisions and Contingencies
Profit Before Tax
Tax
PAT
(Rs in Crore)
FY14
6,627
1,477
149
1
8,254
5,363
2,891
1,891
4,781
2,185
2,596
468
2,128
720
1,408
BALANCE SHEET
FY15
7,717
1,680
277
17
9,692
6,272
3,420
2,404
5,824
2,726
3,098
389
2,709
915
1,794
FY16
9,245
1,781
409
147
11,581
7,064
4,517
3,297
7,814
3,672
4,141
672
3,469
1,183
2,286
FY17E
11,643
2,201
341
137
14,323
8,470
5,853
4,184
10,036
4,809
5,228
803
4,425
1,497
2,928
(Rs in Crore)
Capital
Reserves & Surplus
Deposits
Borrowings
Other Liabilities & Provisions
Total Capital & Liabilities
FY14
526
8517
60502
14762
2719
87026
FY15
FY16
FY17E
529
595
595
10115 17101 19625
74134 93000 116341
20618 22156 25179
3719
7205
8758
109116 140057 170498
Cash & Balances with RBI

Bal. with Bank&Money at Call
Investments
Advances
Fixed Assets
Other Assets
Total Assets
4414
2356
21563
55102
1016
2575
87026
4035
4521
7161
6744
5591
6112
22878 31214 35368
68788 88419 110524
1158
1255
1386
5513
9057
9947
109116 140057 170498
RATIOS
Business Ratios
Credit-Deposit(%)
CASA %
Efficiency Ratios
Emp. Cost as a % of Total Inco. (%)
Other Exp./Total Inco. (%)
Cost Income Ratio (%)
Spread Analysis As Calculated
Yield on Advances (%)
Yield on Investments (%)
Yield on Earning Assets (%)
Cost of Deposits (%)
Cost of Fund (%)
Interest Spread (%)
NIM (%)
Profitability Ratio
RoE %
RoA %
Int. Expended / Int. Earned (%)
Provisions/PPP (%)
Other Income/Net Income (%)
Tax Rate (%)
Asset Quality Ratio
GNPA (%)
GNPA(Rs)
NNPA (%)
NNPA (Rs)
PCR (%)
Os. Std. Restr. Assets (%)
Capital Adequacy Ratio
Capital Adequacy Ratio (%)
Tier I Capital (%)
Tier II Capital (%)
Narnolia Securities
Ltd
23
FY14
91.1
32.5
FY15
92.8
34.1
FY16
95.1
35.2
FY17E
95.0
35.5
16.9
28.8
45.7
16.8
30.0
46.8
15.8
31.2
47.0
15.9
32.0
47.9
13.6
7.9
11.5
8.2
8.1
3.5
4.0
13.2
8.0
11.2
7.9
7.8
3.5
4.0
12.3
7.3
10.7
7.3
7.0
3.8
4.2
12.2
7.1
10.6
6.9
6.7
4.0
4.3
17.5
1.8
65.0
18.0
39.5
33.8
19.0
1.8
64.7
12.6
41.3
33.8
16.6
1.8
61.0
16.2
42.2
34.1
16.2
1.9
59.1
15.4
41.7
33.8
1.12
621
0.33
184
70
0.33
0.81
563
0.31
210
63
0.53
0.87
777
0.36
322
59
0.53
0.96
59.0
0.40
13.8
12.7
1.1
12.1
11.2
0.9
15.5
14.9
0.6
15.3
14.6
0.7
0.41
HOLD
AUROBINDO PHARMA LTD
10-Jan-17
Company Update
CMP
694
Target Price
890
890
Upside
28%
0%
Market Data
BSE Code
524804
NSE Symbol
AUROPHARMA
895/582
40645
138.1
8236.1
52wk Range H/L

Mkt Capital (Rs Cr)
Av. Volume(,000)
Nifty
Stock Performance
1M
3M
12M
Absolute
-3.3
-19.9
-9.2
Rel.to Nifty
-3.5
-26.3
-12.4
Promoters
Public
DII
Total
Post this acquisition ARBP will jump from current 11th position in Portugal
market to no. 1 player and becomes part of the top-10 generic company in
EU (from no 13 earlier). For Aurobindo the Europe push comes amid
Aurobindos successful turnaround of the money-losing Western European
commercial operations of Irish drug maker Actavis Plc, which it bought for
30 million Euros in 2014. Considering fruitful synergy benefits coming out of
this deal, we maintain HOLD rating in this stock.
1QFY17 4QFY16
53.79
46.21
53.79
46.21
53.9
This deal will be funded through Term loan taken in Euro.
46.1
100
100
100
Generics business will give the synergy benefits immediately.

The estimated goodwill of Generics is ~ Rs. 8 Cr
ARBP will have the largest generic product portfolio consisting of 271
products.
In overall generics market there is no price drop at this point of time, there
prices are stable.
Company Vs NIFTY
115
Outlook
Current concall Highlights on Acquisition

2QFY17
Aurobindo Pharma has announced the signing of a binding agreement

through its wholly owned subsidiary (Agile Pharma B.V.) to acquire Generis
Farmaceutica S.A (involves in manufacturing and sale of pharmaceutical
products in Portugal).The total consideration for the acquisition is ~ Rs.968
Cr. This acquisition cost will be funded through Term loan in Euro. This
acquisition includes manufacturing facility in Amadora (Portugal) which has
the capacity to manufacture 1.2 bn tablets/capsules/sachets annually. With
this ARBP will have its first formulations plant in EU. Existing capacity
utilization is at ~50%. Portugal has pharma market size of 3.4 bn with
generic penetration in volume at ~30% significantly below EU average of
~53% and US average of ~80%. Management expects synergy benefits
coming out from FY18E.
AUROPHARMA
NIFTY
110
The generics market in Portugal market is ~ $600mn.
105
51 products are pending in pipeline.
100
ARBP is going to launch 39 products going ahead.
95
Financials
2012
2013
2014
2015
Rs,Cr
2016
Sales
EBITDA
Net Profit
EPS
ROCE
4627
561
-124
-4
11%
5855
861
294
10
16%
8100
2132
1173
40
36%
12121
2564
1576
54
34%
13896
3206
1982
34
36%
90
85
80
Jan-17
Dec-16
Oct-16
Nov-16
Sep-16
Jul-16
Aug-16
Jun-16
Apr-16
May-16
Feb-16
Mar-16
Jan-16
75
Aditya Gupta
aditya.gupta@narnolia.com

24
Revenue
Other Income
Total Revenue
COGS
GM
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
PBT
Tax
Tax Rate (%)
Reported PAT
Dividend Paid
No. of Shares

INCOME STATEMENT
FY13
FY14
FY15
FY16
5855
8100
12121
13896
EPS
29
23
97
68
Book Value
5884
8123
12217
13964
DPS
2,991
3,606
5,506
6,158
49%
55%
55%
56%
P/E
1,340
1,530
2,749
2,982
Valuation(x)
861
2132
2564
3206
Price / Book Value
15%
26%
21%
23%
Dividend Yield (%)
249
313
333
393
RoE
612
1,819
2,231
2,813
267
310
160
159
RoCE
374
1,533
2,168
2,722
Asset Turnover (x)
83
363
597
744
Turnover Ratios
22%
24%
28%
27%
294
1173
1576
1982
67
60
179
359
29
29
29
58
Net Debt/Equity (x)
Share Capital
Reserves and surplus
Shareholders' funds
Long term Debt
Total Borrowings
Non Current liabilities
Long term provisions
Short term Provisions
Current liabilities
Total liabilities
Net Fixed Assets
Non Current
Investments
Other
non Current assets
Current assets
Total Assets
FY13
29
2,577
2,606
1,148
3,384
77
9
80
1,195
7,273
2,857
22
19
4,137
7,273
BALANCE SHEET
FY14
FY15
29
29
3,721
5,127
3,750
5,156
1,279
1,361
3,634
3,864
215
235
9
24
127
218
1,865
3,634
9,490 12,914
3,031
4,061
20
0
18
30
5,631
8,299
9,490 12,914
FY16
29
6,958
6,987
1,368
3,883
242
31
240
3,543
14,681
4,115
0
30
10,035
14,681
FY13
10
89
2
0
14.46
2
2%
11%
RATIOS
FY14
FY15
40
54
129
12
2
76
0
2
12.71
22.64
15
4
7
0%
1%
31%
31%
16%
1
36%
1
34%
1
34%
1
100
120
60
0.44
119
107
61
0.34
107
109
62
0.26
107
109
63
0.20
CASH FLOW STATEMENT

FY13
FY14
FY15
374
1,533
2,168
Depreciation
249
313
333
Direct Taxes Paid
119
344
597
Operating profit before
819
2,047
2,644
working
capital
CF
from Op.
Activity
275
646
1,797
Capital expenditure on
(273)
(390) (1,362)
fixed
assets
including
CF
from
Inv. Activity
(246)
(819) (1,426)
Proceeds from long180
147
82
term borrowings
Repayment
of Long Term Borrowings
(523)
(51)
Interest Paid
(112)
(94)
(144)
(67)
(60)
(179)
108
118
(94)
Inc/(Dec) in Cash
137
(55)
277
66
203
179
Closing Balance
203
148
455

FY16
69
11
84
0
17.81
12
5
0%
29%
FY16
2,670
427
667
3,290
871
(481)
(481)
7
(193)
(171)
(345)
46
469
515
25

201 | 2nd Floor | Marble Arch Building | 236B-AJC Bose Road |
Kolkata-700 020 , Ph : 033-40501500
email: narnolia@narnolia.com, website
: www.narnolia.com
Risk Disclosure & Disclaimer: This report/message is for the personal information of
the authorized recipient and does not construe to be any investment, legal or taxation
advice to you. Narnolia Securities Ltd. (Hereinafter referred as NSL) is not soliciting any
action based upon it. This report/message is not for public distribution and has been
furnished to you solely for your information and should not be reproduced or
redistributed to any other person in any from. The report/message is based upon publicly
available information, findings of our research wing East wind & information that we
consider reliable, but we do not represent that it is accurate or complete and we do not
provide any express or implied warranty of any kind, and also these are subject to change
without notice. The recipients of this report should rely on their own investigations,
should use their own judgment for taking any investment decisions keeping in mind that
past performance is not necessarily a guide to future performance & that the the value of
any investment or income are subject to market and other risks. Further it will be safe to
assume that NSL and /or its Group or associate Companies, their Directors, affiliates
and/or employees may have interests/ positions, financial or otherwise, individually or
otherwise in the recommended/mentioned securities/mutual funds/ model funds and
other investment products which may be added or disposed including & other
mentioned in this report/message.

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IEA Report

16th Jan 2017

16th Jan 2017

16th Jan 2017

16th Jan 2017

13th Jan 2017

12th Jan 2017

11th Jan 2017

10th Jan 2017

IEA Edition No.-

BAJAJ CORP LTD

16th Jan. 2017

Demonetization impacted volume growth, realization declined

Previous Target Price

Change from Previous

52wk Range H/L

BAJAJCORPs sales declined by 5% YoY to Rs 187 cr due to 4% decline in

Share Holding Pattern-%

BAJAJCORP 3QFY17 result was below than our expectation due to

Narnolia Securities Ltd

Q3FY17 Result Concall Highlights

About The Company

Narnolia Securities Ltd

Almond Drops Hair Oil (ADHO) Volume Gr(%)YOY

ADHO Volume Gr(%)YOY

We expect volume to decline

Net Sales and PAT (in cr.)

We expect Sales of Rs 786 cr

Prices of Light Liquid Paraffin(LLP) and Refined Oil

Light Liquid Paraffin(LLP) price(Rs/Kg)

Refined Oil price(Rs/kg)

Narnolia Securities Ltd

Financials Snap Shot

OP/(Loss) before Tax

Narnolia Securities Ltd

CASH FLOW STATEMENT

16th Jan 2017

Previous Target Price

Change from Previous

Share Holding Pattern-%

Infosys Q3 profit up 3% to Rs 3,708 cr, revises revenue guidance. INFY

Outlook & Valuation

In Q3, we saw continued momentum for software and services coming

Narnolia Securities Ltd

Attrition Rate dropped 18.4% from 20% sequentially

The continued efforts of

Client Contribution to Revenues

The decline in Top Client was

Management views on H1BVisa

Narnolia Securities Ltd

Financials Snap Shot

OP/(Loss) before Tax

Narnolia Securities Ltd

CASH FLOW STATEMENT

16th Jan. 2017

Previous Target Price

Change from Previous

52wk Range H/L

Share Holding Pattern-%

Result reported by mcx is largely inline to our estimates. Ebitda margin

Post demonization some impact in volume. Bullion segment volume is

Narnolia Securities Ltd

Net Sales and PAT(in cr.)

Net sales(in cr.)