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  • Print: Add rating on Larsen & Toubro: Another weak quarter – The Financial Express - Page 99
    FY2016 the company has guided for flat order inflow y o y which may be difficult to achieve our estimate negative 14 overall and 19 for core E C business given i weak 9MFY16 E C order declined 17 and ii our analysis of order prospects competitive intensity across key segments and likely inflow for L T We note that as with any E C company a couple of large orders could change the estimate dynamics The company has also retained its revenue growth guidance of 10 15 we estimate 7 6 growth for E C business while E C margin is expected to be better than that of last year we model decline of 60 bps y o y Cycle path more pain before gain L T s results over the past few quarters reflect i the nature of the business model competitive bid based where order book quality can only be judged post facto lasting advantages difficult to evaluate for E C companies ii the resilience shown by E C companies in the early part of a difficult economic environment could be a mirage given multi year project execution and getting back to sustained profitable growth could take time late cycle This is where analysing how an E C business performs over a whole cycle becomes really important Over the past one year or so L T s three segments have reported losses in one or more quarters and pain in some segments could last for some more time We revise our EPS estimates to R41 5 and R53 6 from R43 7 and R57 2 for FY2016e and FY2017e respectively largely led by lower order inflow and margins Q3FY16 earnings call takeaways w Execution in domestic infrastructure remains challenging Slow customer payments and delayed clearances led to L T holding back execution in some infrastructure projects w Legacy hydrocarbon projects getting phased out L T s loss making legacy hydrocarbon projects in the Middle East are close to completion and will gradually get phased out As the completion approaches the company may incur certain closure costs and will make corresponding compensation claims against customers If there is a timing mismatch between the two the Ebitda margins for the segment can show a volatile trajectory w Margin volatility a characteristic of project businesses and the company s exposure to various sectors The company attributed the quarterly Ebitda margin volatility to several factors w Recognition of accrued margins The company recognises project revenues only to the extent of costs incurred till 25 of the project is completed Once this threshold is crossed the company can recognise the accrued profits on the completed share of work which can be quite lumpy As a result for project business companies like L T margins can be volatile on a quarterly basis w Changes in business mix The company reported higher employee costs at 9 4 of sales during the quarter up from 8 0 in 3QFY15 The increase in employee costs was

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/add-rating-on-larsen-toubro-another-weak-quarter/208562/99/print/ (2016-02-08)
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  • L&T Finance Holdings reports 16.71% growth in Q3 consolidated net profits | The Financial Express
    Finance Holdings said in a press release that sequential increase in gross NPA was largely on account of stress in rural markets Loans and advances as on December 31 2015 grew by 23 y o y to Rs 55 694 crore as compared to Rs 45 225 crore as on December 31 2014 The growth has been led by healthy disbursement growth of 40 on a y o y basis in our key focus areas i e operational projects in renewable energy and roads retail B2C products housing microfinance and two wheelers the release said The average assets under management AAUM of the investment management business grew by 17 to Rs 25 059 crore as compared to Rs 21 336 crore for the same period last year the release stated First Published on January 22 2016 1 55 pm Tags Larsen Toubro Please Wait while comments are loading More on this story Add rating on Larsen Toubro Another weak quarter Larsen Toubro shares gain over 5 per cent post Q3 results L T bags Rs 3 115 cr order for construction of Ganga bridge Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the

    Original URL path: http://www.financialexpress.com/article/industry/companies/lt-finance-holdings-reports-16-71-growth-in-q3-consolidated-net-profits/200148/ (2016-02-08)
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  • L&T bags Rs 3,115 cr order for construction of Ganga bridge | The Financial Express
    NH 103 This is a significant win in the heavy civil infrastructure space and we hope that this is a sign for many such projects involving vital infrastructure that are in the offing to materialise L T Deputy MD S N Subrahmanyan said Shares of the company were trading at Rs 1089 00 apiece down 3 per cent from their previous close on the BSE First Published on January 20 2016 12 29 pm Tags Larsen Toubro Please Wait while comments are loading More on this story Add rating on Larsen Toubro Another weak quarter Larsen Toubro shares gain over 5 per cent post Q3 results L T Finance Holdings reports 16 71 growth in Q3 consolidated net profits Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From

    Original URL path: http://www.financialexpress.com/article/industry/companies/lt-bags-rs-3115-cr-order-for-construction-of-ganga-bridge/198587/ (2016-02-08)
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  • Print: Buy rating on HDFC: Momentum of growth in retail portfolio strong – The Financial Express - Page 99
    forward to Sep 17F with a revised TP of R1 250 which implies 3 5x Sep 17F book of R360 Current valuations at 2 9x Sep 17F book look reasonable in our view given the strong traction in retail which could lead to an earnings surprise and hence we maintain HDFCB as our top pick within retail private banks Strong momentum in retail w Retail growth improved to 30 y o y due to improvement in growth in slower growing segments like two wheelers and CVs Growth in other retail segments also remained strong but the uptick in growth was led by 25 y o y growth in both two wheelers and CV segments The management indicated that urban retail demand has been strong but some part of the uptick was also led by festive demand and cut in base rates w Retail mix is turning favourable for HDFCB and is now closer to 50 vs 47 in 3Q15 This is supporting NIMs despite cuts in base rates HDFC Bank bought R12 bn of home loans from HDFC HDFC IN Neutral during Q3FY16 The management explained that uptick in growth in mortgages is because HDFC is retaining 70 of the loans originated vs buying only priority sector loans earlier No Red flags on asset quality w GNPA ratio remained largely flat q o q at 1 and the management indicated that there was no increase in NPA non performing assets due to RBI audit HDFCB had to make additional provision of R100m towards Essar Steel which it sold to ARC asset reconstruction company in 1Q16 w The bank did not do any 5 25 refinancing or SDR during the quarter and indicated that asset quality in wholesale book held up very well and the segments contributing to incremental slippages were

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/buy-rating-on-hdfc-momentum-of-growth-in-retail-portfolio-strong/208560/99/print/ (2016-02-08)
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  • HDFC: To raise up to Rs 35,000 cr | The Financial Express
    Tags HDFC Please Wait while comments are loading More on this story Buy rating on HDFC Momentum of growth in retail portfolio strong HDFC Q3 standalone net rises 6 7 to Rs 1 520 crore HDFC Ltd Q3 net profit rises 11 pct to Rs 2 419 crore Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections at Rs 1 25 cr Valentine s Day booster shot missing New Mahindra cars at the Delhi Auto Expo 2016 From Real Madrid to Chelsea Know the top 10 richest clubs Earthquake in Taiwan Magnitude 6 4 quake kills 14 over 100 missing scores injured in Tainan Real Madrid s Cristiano Ronaldo 31 soccer star and entrepreneur All you need to know in 8 slides How Zika virus infection can spread From mosquito bites to urine transmission top 5 points to note International Fleet Review 2016 President Pranab Mukherjee reviews naval fleet

    Original URL path: http://www.financialexpress.com/article/industry/banking-finance/hdfc-to-raise-up-to-rs-35000-cr/203168/ (2016-02-08)
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  • HDFC Q3 standalone net rises 6.7% to Rs 1,520 crore | The Financial Express
    to 3 85 at the end of the quarter under review Spread on loans over cost of borrowing stood at 2 31 unchanged from last year The private sector lender s provisions for contingencies stood at Rs 68 crore an increase of Rs 15 crore from its provisions in the same period a year ago Of that 72 basis points 54 basis points is with respect to individual loans and non individual loans carry a gross non performing loan number of 1 12 Mistry said He added that of the total provisions as much as Rs 54 crore was for standard loans and only Rs 14 crore was for non performing loans First Published on January 28 2016 12 20 am Tags HDFC Please Wait while comments are loading More on this story Buy rating on HDFC Momentum of growth in retail portfolio strong HDFC To raise up to Rs 35 000 cr HDFC Ltd Q3 net profit rises 11 pct to Rs 2 419 crore Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box

    Original URL path: http://www.financialexpress.com/article/industry/banking-finance/hdfc-q3-standalone-net-rises-6-7-to-rs-1520-crore/203161/ (2016-02-08)
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  • HDFC Ltd Q3 net profit rises 11 pct to Rs 2,419 crore | The Financial Express
    said in the regulatory filing As of December 2015 the loan book of the lender stood at Rs 2 48 097 crore as against Rs 2 19 939 crore in the previous year HDFC said the loans sold during the preceding 12 months amounting to Rs 12 975 crore were not included The corporation mainly finances loans for purchase or construction of residential houses commercial real estate and certain other purposes Shares of HDFC closed 0 55 per cent lower at Rs 1 167 70 on BSE First Published on January 27 2016 6 37 pm Tags HDFC Please Wait while comments are loading More on this story Buy rating on HDFC Momentum of growth in retail portfolio strong HDFC To raise up to Rs 35 000 cr HDFC Q3 standalone net rises 6 7 to Rs 1 520 crore Calculators Tax Calculator House Loan Calculator Financial Planner Inflation Planner Pension Calculator Employee PF Calculator Equity Screener Auto Loan Retirement Plan Savings Investment Guidance Videos BMW 7 series Merc S600 showcased at Auto Expo 2016 Auto Expo 2016 Maruti Suzuki Ignis Baleno RS unveiled Auto Expo 2016 Toyota Innova Crysta MPV makes its India debut Auto Expo 2016 New Hyundai Tucson SUV revealed Galleries IPL 9 auction Market Capitalisation Employment index Vegetable oil import BSE Sensex more PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 New Mahindra cars at the Delhi Auto Expo 2016 In the news PM Narendra Modi inaugurates Paradeep oil refinery Top 10 takeaways Sunny Deol starrer Ghayal Once Again box office collections soar to Rs 14 85 cr by day 2 India s biotech moment A made in India Zika virus vaccine Sanam Teri Kasam collections

    Original URL path: http://www.financialexpress.com/article/industry/banking-finance/hdfc-ltd-q3-net-rises-11-to-rs-2419-crore/202980/ (2016-02-08)
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  • Print: Buy rating on Maruti Suzuki: Q3 results; Bad miss – The Financial Express - Page 99
    the next few quarters led by normalisation of factory inventory non recurrence of excessive plant maintenance expenses and potential reduction in discount and advertising expenses Maintain Buy with unchanged TP target price of R4 900 which is based on 20X Sep 2017 EPS Maruti follows full cost accounting method to value finished goods inventory Maruti Suzuki follows full cost accounting to value the inventory of finished goods In fact this accounting policy is being followed by other auto companies as well as companies across several sectors in India In this policy the cost of finished goods includes raw material cost variable manufacturing expenses as well as other fixed manufacturing overheads As a result in a particular quarter when vehicle production is greater than wholesale volumes sold by the company then there will be a positive impact on gross margins as closing inventory will include a part of fixed overheads which will reduce overall costs in that quarter Higher closing inventory will increase inventory items in the balance sheet and reduce overall expenses in the income statement Changes in factory inventory impacted gross margins by 10 40 bps in last 7 8 quarters As per our calculations fixed manufacturing overheads accounted

    Original URL path: http://www.financialexpress.com/article/markets/indian-markets/buy-rating-on-maruti-suzuki-q3-results-bad-miss/208557/99/print/ (2016-02-08)
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