10 April 2023

Market snapshot Today’s top research idea

Equities - India Close Chg .% CYTD.% MAX Healthcare | Initiating Coverage: MAXimizing
Sensex 59,833 0.2 -1.7
Nifty-50 17,599 0.2 -2.8
execution
Nifty-M 100 30,354 0.6 -3.7
Equities-Global Close Chg .% CYTD.%
 MAXHEALT is a leading healthcare service provider, with major concentration
S&P 500 4,105 0.4 6.9
in North India. The MAXHEALT network comprises 17 hospitals (with 3,270
Nasdaq 12,088 0.8 15.5 operating beds) owned/managed by the company.
FTSE 100 7,742 1.0 3.9  We expect MAXHEALT to deliver 16%/17% revenue/EBITDA CAGR over FY23-
DAX 15,598 0.5 12.0 25 to INR77b/INR21.5b and an ROIC of 20% in FY25 (v/s 14% in FY22), due to:
Hang Seng 6,894 0.3 2.8 a) reducing share of institutional patients, b) higher international patients flow
Nikkei 225 27,473 -1.2 5.3 driven by strong brand recall, and c) ongoing cost management measures. We
Commodities Close Chg .% CYTD.% value MAXHEALT on an SOTP basis (Hospitals/MaxLab at 23x/15x 12M
Brent (US$/Bbl) 86 0.3 0.9 forward EV/EBITDA and Max@Home at 2x EV/Sales) to arrive at our TP of
Gold ($/OZ) 2,008 -0.6 10.1 INR530.
Cu (US$/MT) 8,807 0.3 5.3  We initiate coverage on the stock with a BUY rating.
Almn (US$/MT) 2,292 0.1 -2.4
Currency Close Chg .% CYTD.%
Research covered
USD/INR 81.9 -0.1 -1.0
Cos/Sector Key Highlights
USD/EUR 1.1 0.2 2.0
MAX Healthcare MAXimizing execution
USD/JPY 131.8 0.4 0.5
YIELD (%) Close 1MChg CYTD chg Godrej Properties Profitability improvement on the cards; upgrade to Buy
10 Yrs G-Sec 7.2 -0.06 -0.1 India Strategy The Eagle Eye: Major global markets turned positive in Mar’23
10 Yrs AAA Corp 7.7 -0.05 0.0 Oil & Gas Union Cabinet approves Kirit Parikh Committee’s recommendations
Flows (USD b) 6-Apr MTD CYTD
Titan Company Double-digit growth in standalone businesses
FIIs 0.06 0.23 -2.3
Tata Motors JLR 4QFY23 wholesales at 94.6k units (v/s est. 84.5k units)
DIIs -0.12 -0.28 10.0
Increased spends on brands lead to a miss on EBITDA margin v/s our
Volumes (INRb) 6-Apr MTD* YTD* Dabur
expectation
Cash 538 515 527 Macrotech Developers | Phoenix Mills | Angel One | Indian Health
Other Notes
F&O 3,95,056 2,50,598 2,17,170 Insurance | Mid-Cap (Expert Speak) | EcoScope (MPC)
Note: Flows, MTD includes provisional numbers.
*Average

Chart of the Day: MAX Healthcare (MAXimizing execution)

Expect 16% overall revenue CAGR over FY23-25

Network Revenue (INRb)

36 40 36 52 58 68 78

FY19 FY20 FY21 FY22 FY23E FY24E FY25E

Source: Company, MOFSL

Research Team (Gautam.Duggad@MotilalOswal.com)

Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
 In the news today

Kindly click on textbox for the detailed news link

1 2
FY'23 loan growth at 11 year Adani power begins electricity supply from Godda Plant to
high despite steep hike in Bangladesh
lending rates Adani Power Ltd (APL), a part of the diversified Adani Group, has
While bank loans rose 14.6 commissioned the first 800 MW ultra-super-critical thermal power
percent in FY'23, deposits rose just generation unit at Godda in Jharkhand. The plant has started with
9.6 percent. Credit growth in the supplying 748 MW of power to Bangladesh, a company statement said.
last fiscal is the highest since
FY'2011-12 during which credit
rose 17 percent. Significantly,
lending rates rose the steepest in
FY'23.

3 4
Surprise output cut decision Britannia shares to turn ex-
by Opec plus countries dividend this week, to pay
heating up crude oil markets 7200% dividend for FY23
Britannia's dividend in FY23 is
5
This move was unexpected as the
producer’s allies earlier hinted higher by a huge 33% than what IGL cuts piped gas, CNG prices
that they did not intend to make was paid in the previous fiscal. by up to 9.5%
changes in their production Typically, the ex-dividend date is Mahanagar Gas (MGL) revised the
policies. Although the latest the day when the price of the prices downward by Rs 5 per scm
announcement made some sharp equity shares of a company gets in PNG and by Rs 8 per kg in CNG
upticks in global oil prices, its adjusted for the dividend payout. in and around Mumbai on Friday.
impact may be limited as the
global economy is going through a
challenging phase

6 7
Amul vs Nandini: Milk war hots Our hotel count in India will
up in Karnataka be same as China soon
Nandini is also keeping price Accor, Europe’s biggest hotel
points low at Rs 39 a litre for its group which entered India
packet milk, in a bid to protect almost two decades ago in 2004,
its market, dairy industry sources has 56 operating hotels in the
said, even as Amul will retail its country. It includes brands such
milk at higher price points in the as Fairmont, Raffles, Mercure,
capital of Karnataka. Grand Mercure, Ibis, Ibis Styles,
Sofitel, Pullman, and Novotel
across economy, mid-scale,
premium, luxury, and…

10 April 2023 2
 Sector: Healthcare | 6 April 2023

Max Healthcare
BSE SENSEX S&P CNX
59,833 17,599 CMP: INR430 TP: INR530 (+23%) Buy
 MAXimizing execution
Growth levers in place; Initiate coverage with a BUY rating
 Max Healthcare Institute (MAXHEALT) is a leading healthcare service provider,
with major concentration in North India. The MAXHEALT network comprises 17
hospitals (with 3,270 operating beds) owned/managed by the company.
Stock Info
 MAXHEALT has a proven track record of improving the profitability of its hospitals
Bloomberg MAXHEALT IN
and is leading its peers across operational parameters. In fact, it has a substantial
Equity Shares (m) 970.7
M.Cap.(INRb)/(USDb) 418.1 / 5.1 land bank in existing locations, which enhances growth prospects over the next
52-Week Range (INR) 483 / 306 three to five years.
1, 6, 12 Rel. Per (%) 1/-1/26  After reporting 13%/57% revenue/EBITDA CAGR over FY19-22 to INR52b/ INR16b,
12M Avg Val (INR M) 1157 we expect MAXHEALT to deliver 16%/17% revenue/EBITDA CAGR over FY23-25 to
Free float (%) 76.2 INR77b/INR21.5b and an ROIC of 20% in FY25 (v/s 14% in FY22), due to: a)
reducing share of institutional patients, b) higher international patients flow
Financials Snapshot (INR b) driven by strong brand recall, and c) ongoing cost management measures. The
Y/E MARCH FY23E FY24E FY25E roadmap of more than doubling its operating beds over the next five years
Sales 57.9 67.9 77.5
remains on track largely due to strong internal accruals. The inorganic initiative
EBITDA 15.9 18.7 21.5
Adj. PAT 10.9 13.4 15.7
would also be another potential driver of earnings growth, given its strong
EBIT Margin (%) 22.9 23.5 23.9 turnaround capability.
Cons. Adj. EPS (INR) 11.3 13.9 16.1  We value MAXHEALT on an SOTP basis (Hospitals/MaxLab at 23x/15x 12M forward
EPS Gr. (%) 23.9 23.2 16.4 EV/EBITDA and Max@Home at 2x EV/Sales) to arrive at our TP of INR530.
BV/Sh. (INR) 82.7 96.5 112.7  The demand factors for the hospital/diagnostic industry in India remain favorable
Ratios aided by rising income, healthcare needs and higher health insurance penetration.
Net D:E (0.1) (0.2) (0.2) MAXHEALT is well placed to benefit from the opportunities given it is strategically
RoE (%) 14.8 15.5 15.4
located in metro cities and possesses strong execution capabilities. We initiate
RoCE (%) 17.4 15.2 15.3
Payout (%) 0.0 0.0 0.0
coverage on the stock with a BUY rating.
Valuations Ticking all the boxes on operational parameters of hospitals
P/E (x) 38.2 31.0 26.6
 MAXHEALT has delivered a strong 48% CAGR in operating EBITDA per bed to
EV/EBITDA (x) 25.8 21.5 18.1
EV/Sales (x) 7.1 5.9 5.0 INR5.7m over FY20-22. Even during 9MFY23, it has reported 21% YoY growth
Div. Yield (%) 0.0 0.0 0.0 in operating EBITDA per bed to INR6.4m. This was led by: a) case mix/payor
FCF Yield (%) 2.6 1.9 2.3 mix optimization, driving 8% CAGR over FY20-22 as well as 16% YoY growth
EV/Sales (x) 7.1 5.9 5.0
over 9MFY23 in Average Revenue per Operating Bed (ARPOB), b) elevated
Shareholding pattern (%) occupancy levels and c) operational cost measures.
As On Dec-22 Mar-22  Management has chalked out plans to improve the key operating metrics of
Promoter 23.8 50.6 hospital business further. It intends to reduce the institutional payor mix to
DII 20.5 17.6
15% of beds over the next 1-2 years from 28% (17% of revenue; 9MFY23),
FII 50.1 14.6
Others
which would not only increase the ARPOB but also improve profitability.
5.6 17.2
FII Includes depository receipts  MAXHEALT is uniquely positioned with its concentration in metros, its clinical
excellence, and international affiliations to further improve the revenue share
from international patients. These patients are the highest ARPOB payors and
thus their increased share would drive profitability for MAXHEALT further. We
expect 32% sales CAGR to INR11b over FY23-25 from this segment.
 The company is running at 76% occupancy at end-9MFY23. It plans to more
than double its bed capacity to 7,442 by FY28. Interestingly, the expansion
will largely be brownfield in nature and would be funded from internal
accruals, thereby adding enough visibility for bed additions.

10 April 2023 3
Stock Performance (1-year)  MAXHEALT is favorably placed in the Delhi-NCR region, which has the highest
Max Healthcare ARPOB among the metro cities in India. Additionally, it has enough land bank on
Nifty - Rebased
500 the existing locations to further expand with controlled operating cost.
 We expect 16% sales CAGR to INR74b over FY23-25 in the hospitals segment.
400
Proven turnaround capability
300  Post-takeover, Radiant Life Care (promoted/founded by Abhay Soi and backed
200
by KKR) had implemented various measures to improve the performances of
BLK Hospital (BLK) and Nanavati Hospital.
Apr-22

Apr-23
Oct-22
Jul-22

Jan-23

 In case of BLK, Radiant delivered 10x revenue and catapulted EBITDA to INR1.3b
from a loss of INR150m over FY11-20. For Nanavati too, Radiant exhibited 2.4x
revenue and achieved an EBITDA turnaround to INR260m from a loss of
INR230m over FY15-20.
 These render enough confidence on the ability of the management to turnaround
the operations of the hospitals and make them profitable.
MaxLab/Max@Home – in a scale-up mode
 MAXHEALT’s pathology business (MaxLab) generated ~INR1b/INR840m in
revenue in FY22/9MFY23. MaxLab has presence in both B2B and B2C segments
with a network of 850+ active partners spread across 30+ cities; it uses high-end
24x7 labs of network hospitals.
 With geographical expansion and better traction in existing centers, we expect
20% sales CAGR in this segment to INR1.6b over FY23-25.
 Max@Home is a platform that provides health and wellness services at home.
MAXHEALT garnered INR1b revenue each in FY22/9MFY23 since the start of
operations in FY17. Considering comprehensive service offerings, we expect 16%
sales CAGR to INR1.8b over FY23-25.
Better profitability and bed additions to drive growth; Initiate with a BUY
 The optimization of payor mix/cost is expected to drive 16%/17%/20% Sales/
EBITDA/PAT CAGR to INR77.4b/INR21.5b/INR15.7b over FY23-25.
 Given its proven skillset to improve return ratios of the hospital business, strong
brand franchise in patients fraternity, metro-focused approach and enough land
bank (to aid bed additions), we assign a 20% premium to its hospitals business
and ascribe 23x EV/EBITDA v/s industry average of 19x on a 12M forward basis.
 The diagnostics industry has huge tailwinds due to: a) rising needs for diagnostic
tests, and b) increased awareness to perform preventive healthcare tests.
However, MaxLab has a relatively smaller base than other large diagnostic chains
such as DLPL and Metropolis. Therefore, for the MaxLab business, we assign a 15x
EV/EBITDA multiple v/s peer average of 23x on a 12M forward basis.
 Max@Home business is in a growing stage in the Indian Healthcare industry.
Thus, we assign a 2x EV/Sales multiple on a 12M forward basis considering the
high level of technology adoption in metro cities, which will drive the business.
 Consequently, we arrive at our TP of INR530 based on SOTP valuation. We
initiate coverage on the stock with a BUY rating.

10 April 2023 4
 Key downside risks
 Delayed medical tourism activity: Any untoward global development may lead
to slower-than-expected inflow of international patients’ footfall.
 Fall out in agreements with PHCs: Any fall out in agreement with PHCs (~31% of
its revenue base) may lead to non-realization of outstanding receivables/ loans.
 Lower pace of bed additions: Any delay in increasing the bed capacity may
result in lower revenue for the company.
 Inferior services hurting the brand recall value: Any unfortunate incident might
harm the brand recall of MAXHEALT.
 Impact of regulatory challenges: The regulations with respect to pricing cap on
services/patient charges might impact the business adversely.

Valuation comparison with Indian peers

Market Net profit (INRb) EV/EBITDA (x) ROE (%)
CMP EV
Company Name Country Cap
(INR) (INR b) FY23E FY24E FY25E FY23E FY24E FY25E FY23E FY24E FY25E
(INR b)
APHS IN 4,202 604 634 8 12 17 30 23 17 12 17 20
MAXHEALT IN 433 420 420 11 13 16 26 21 18 15 15 15
FORH IN 253 191 199 5 7 8 17 15 13 8 9 10
NARH IN 759 155 159 6 6 7 17 15 14 30 25 23
ASTERDM IN 240.8 120 175 4 7 9 11 9 8 10 14 15
KIMS IN 1,441 115 120 3 4 4 20 16 15 20 20 18
RAINBOW IN 751.15 76 79 2 2 3 21 18 15 25 22 21
HCG IN 271.1 38 45 0 1 1 15 12 11 4 10 13
MEDANTA IN 475.95 128 131 3 4 4 22 18 16 15 15 16
APHS and MAXHEALT data are MOSL estimates; Rest is from BBG
Data as at the end of 6 Apr 2023 Source: MOFSL, Bloomberg

Valuation comparison with global peers

CMP Market EV Net profit (USD Mn) EV/EBITDA (x) ROE (%)
Company Name Country
(USD) Cap (USD b) (USD b) FY23E FY24E FY25E FY23E FY24E FY25E FY23E FY24E FY25E
Bangkok Chain THB 0.6 1 2 55 61 67 15 14 13 14 15 16
Bangkok Dusit THB 0.9 14 14 379 416 451 21 20 18 14 15 15
Bumrungrad Hospitals THB 6.6 5 5 155 166 179 24 22 21 26 25 23
IHH Healthcare MYR RM 1.3 12 14 389 431 489 14 13 12 6 7 7
Raffles Medical SGD 1.1 2 2 93 96 97 12 12 12 12 12 11
Dallah Healthcare SR 8.4 1 1 20 24 29 28 26 23 16 17 18
Mouwasat Medical SR 12.9 1 1 38 45 53 25 22 19 22 22 21
Tenet Healthcare USD 60.8 6 25 551 646 770 7 7 6 36 42 44
Korian EUR 7.4 1 9 37 67 79 8 8 7 1 2 2
Data as at the end of 6 Apr 2023 Source: MOFSL, Bloomberg

10 April 2023 5
 6 April 2023
Company Update | Sector: Real estate

Godrej Properties
BSE SENSEX S&P CNX
59,833 17,599
CMP: INR1,125 TP: INR1,575 (+40%) Upgrade to Buy
Profitability improvement on the cards; upgrade to Buy
Strong sales and healthy project addition momentum to continue
Bloomberg GPL IN  Godrej Properties (GPL) reported a four-fold jump in sales bookings to ~INR80b
Equity Shares (m) 278 during FY17-22, driven by over 100msf of project additions. GPL’s market share
M.Cap.(INRb)/(USDb) 312.8 / 3.8 expanded to 8% in CY22 from 2% in CY16 and it was one of the biggest
52-Week Range (INR) 1705 / 1006 beneficiaries of industry consolidation.
1, 6, 12 Rel. Per (%) -3/-10/-32  With a strong visibility on consolidation, GPL raised ~INR68b over FY19-21 but
12M Avg Val (INR M) 814 a large part of it remained undeployed until FY22. While the company
reported a strong scale-up in project pipeline and sales bookings, subdued
Financials & Valuations (INR b)
profitability and declining OCF trend failed to justify its premium valuation.
Y/E Mar FY23E FY24E FY25E
 In Jan’22, we initiated coverage on GPL with a Neutral rating, citing: (1) its
Sales 14.0 31.1 34.6
expensive valuation, which incorporated strong business development and (2)
EBITDA 0.3 7.4 8.2
no near-term catalysts for improvement in profitability, which has remained a
EBITDA (%) 2.3 23.8 23.7
key concern. The stock has corrected ~40% since then and with record project
Net profit 8.0 13.1 14.1
EPS (INR) 28.8 47.2 43.9
additions (GDV of ~INR300b) in FY23, the valuations have become attractive.
EPS Growth (%) 212.1 274.5 52.2  During our recent meeting with GPL's management, Mr. Pirojsha highlighted
BV/Share (INR) 341.0 388.2 439.0 that strong business development momentum is expected to continue in FY24
Ratios and the company remains on track to deliver improved profitability.
Net D/E 0.3 0.4 0.3  We estimate that the company could deliver 38msf of projects over the next
RoE (%) 9 13 12 two years, and the improved profitability will be one of the key re-rating
RoCE (%) 4 5 4 triggers. We upgrade the stock to BUY with revised a TP of INR1,575 implying
Payout (%) 0.0 0.0 0.0 40% potential upside.
Valuations
P/E (x) 39 24 26 FY17-22: Strong scale-up in pre-sales and pipeline but subdued
P/BV (x) 3 3 3 profitability and cash flows
EV/EBITDA (x) NM 48 43  GPL pioneered the asset-light business development strategy over FY17-
Div Yield (%) 0 0 0 20, adding ~90msf of projects through joint venture (JV)/joint
Shareholding pattern (%) development agreements (JDA) that led to a four-fold jump in pre-sales
As On Dec-22 Sep-22 Dec-21 to ~INR80b through FY22.
Promoter 58.5 58.5 58.4  Though GPL’s net worth surged to INR87b in FY22 from INR12b in FY18, a
DII 4.6 4.5 4.1 large part of the increase was led by INR68b of capital raise over FY19-21
FII 27.4 27.5 29.9 as profitability remained subdued.
Others 9.6 9.5 7.6  Further, OCF declined to INR9b in FY21 from INR19b in FY18 and the
FII Includes depository receipts declining pipeline in the high-margin MMR market failed to provide
Stock’s performance (one-year) comfort on improvement in profitability that remained a key concern.
Godrej Propert.
FY23 – Best year for business development; momentum to continue
Nifty - Rebased
1,950  After two subdued years (FY21-22), business development momentum
1,700 for GPL picked up in FY23 with the company adding 27msf of projects
with a revenue potential of ~INR300b.
1,450
 The total cost of acquisition is expected to be INR35-40b, of which, the
1,200
company has already spent INR25b in 9MFY23. The investment was
950 partially funded through INR8.5b of operating cash surplus in the first 9M
Feb-23
Jun-22

Dec-22
Oct-22
Apr-22

Apr-23
Aug-22

and the balance through INR45b of cash and investments as of Mar’22.

10 April 2023 6
  With ~INR30b of un-deployed QIP money and a strong pipeline, the company
expects similar business development traction in FY24 as well. We expect the
company to generate INR63b of operating cash surplus over FY24-25, curtailing
the increase in net debt to around INR40b.

Interest rate no more a dampener; expect industry volumes to grow at 5-10%

 Despite over 200bp rise in mortgage rates, residential absorption has sustained at
a quarterly run-rate of ~80,000 units for top-8 cities over the last five quarters.
 With a surprise pause in rate hike by the RBI in its Apr’23 policy meeting, our
economist believes that the probability of any further rate hikes is minimal and
we might witness a rate cut from late-CY23. Thus, interest rate hikes are unlikely
to be a dampener from here on.
 According to Knight Frank affordability index, the affordability ratio remains
materially lower than the threshold of 50% across the top-8 cities except
Mumbai. Thus, decline in interest rate, sustained affordability and gradual price
hikes will lead to at least 5-10% growth in industry volumes in CY23 and beyond.

Sales bookings to accelerate; expect 25% pre-sales CAGR over FY23-25

 In our recent interaction, management indicated that with sustenance of
demand despite interest rate hikes, the focus is now on shorter turnaround
cycle of projects from acquisition to launch.
 The company is targeting ~20% pre-sales CAGR over FY23-26 to INR200b;
however, if launches happen as planned, management is confident of achieving
the target a year in advance, i.e., FY25.
 With ~130msf of project pipeline, we expect the annual launch run-rate to
double to 20msf+ over the next two years, leading to 25% CAGR in pre-sales
over FY23-25 to over INR184b.

Profitability to improve with ~40msf of completions over FY23-25E

 Completions remained subdued at 5-6 msf over the last three years, but is
expected to double to over >10msf annually over FY23-26, driving up
profitability (key investor concern) from here on.
 In our recent note, we tried to dissect GPL’s JV project economics and inferred
that a) recognition of overheads in ongoing projects without the corresponding
revenue is dragging profitability at a consolidated level, b) a large part of GPL’s
profit is realized through interest arbitrage for a tax-efficient structure and c)
GPL is reporting improved EBITDA margins for JV projects added post FY18.
 Thus, increased scale of delivery and higher proportion of completions from
projects added post FY18 are expected to drive up profitability. Further, with
increased proportion of high margin plotted and MMR projects healthy
profitability is expected to sustain for a longer period
 Management is confident of delivering a PAT margin of 10-15% on projects to be
delivered over the next two years and increase to above 15% with the delivery
of recent outright/plotted development projects post FY26. We expect the
company to deliver 33% CAGR in PAT over FY23-25.

10 April 2023 7
 Valuation and view: Delivery and profitability to improve; Upgrade to BUY
 We raise our FY24E/FY25E pre-sales by 23/44% as we incorporate recent project
additions. With another expected strong year of project additions in FY24, we
believe the company is on track to achieve its pre-sales target of INR200b by
FY26.
 We revise our FY25 revenue/PAT estimates by 23%/10% as we update the
project completion timelines for recently added projects.
 While the company continues to provide strong visibility on pre-sales growth
with pick up in business development activity, stock performance continues to
remain muted, which reflects a concern on profitability. However, with expected
improvement in delivery and profitability from 4QFY23, we believe the re-rating
triggers are imminent.
 We upgrade GPL to BUY with a SOTP-based target price of INR1,575, indicating
a 40% potential upside.
 Key downside risks to our target price include: (a) slowdown in residential
absorption, (b) inability to deliver profitability as anticipated, and (c) delay in
launching new projects impacting sales growth adversely.

Exhibit 1: Our SoTP-based approach denotes 40% upside for GPL based on CMP
Particulars Rationale Value (INR b) Per share % contribution
DCF of four-year cash flow at a WACC of 10.5% and
Own and JV/JDA projects 463 1,664 106%
a terminal value assuming 3% long term growth
PV of future cash flows discounted at a WACC of
DM Projects 3 10 1%
10.5%
PV of future cash flows discounted at a WACC of
Commercial projects 14 51 3%
10.5%
Gross Asset value 480 1,726 110%
Net debt FY24E (42) (152) -10%
Net Asset value 438 1,575 100%
No. of shares (m) 278
NAV per share 1,575
CMP 1,125
Upside 40%
Source: MOFSL

10 April 2023 8
 10 April 2023

India Strategy
The Eagle Eye: Major global markets turned positive in
Mar’23
The key highlights of our Apr'23 edition of 'The Eagle Eye' are as follows:
 a) Major global markets turned positive in Mar'23; b) MSCI India, along with
MSCI world indices, recovered in Mar'23 after correcting sharply in Feb'23; c)
Bond yields surged across economies in FY23; d) Global commodities gained,
while Auto and Technology were the key laggards in Mar'23; e) FIIs flows
turned positive; DIIs inflows remained strong in Mar'23; f) Average daily cash
volumes declined 2% MoM in Mar'23 to INR526b
 Over the course of the last month, our in-house research team has published
several interesting and insightful reports. A few of the notable ones are
included in this edition of 'The Eagle Eye'; a) Vedant Fashions| Initiating
Coverage: Connecting to the roots with style!; b) Phoenix Mills| Initiating
Coverage: Riding the consumption wave; c) 4QFY23 Preview: Earnings strong
but lopsided; BFSI and a few global cyclicals to take the lead; d) India Strategy
(Auto): Automobiles - Back from the brink; e) Consensus analysis of top 100
companies |The Hundred - an intricate assessment ; f) Bank v/s IT: Their roles
in alpha creation
 We believe this Apr'23 edition will renew your mind and will help you keep
abreast of the latest happenings in the financial world.

World equity indices (MoM) in USD terms (%)

10 April 2023 9
 Performance of the MSCI India index v/s MSCI US, MSCI World, MSCI Emerging Market and MSCI China Indices, rebased to 100

Sectoral performance MoM (%): Global commodities gained, while Auto and Technology were the key laggards in Mar’23

10 April 2023 10
 Top ideas

10 April 2023 11
 Sector Update | 7 April 2023

Oil & Gas

Our earlier reports Union Cabinet approves Kirit Parikh Committee’s recommendations
Negative for CGDs, positive for upstream companies

 On 6th Apr’23, the Union Cabinet approved the Kirit Parikh Committee’s
recommendations for the pricing of natural gas. Going forward, natural gas produced
from legacy fields will be priced at 10% of the Indian crude basket’s price, subject to
dynamic floor and ceiling prices.
 The initial floor price has been set at USD4/mmBtu and the initial ceiling price has
been set at USD6.5/mmBtu. The ceiling and floor prices are set to go up by
0.25/mmBtu per year after two years (news link). In its earlier proposal, the
Committee had suggested a fixed floor price of USD4/mmBtu, while the initial ceiling
price was proposed to be USD6.5/mmBtu with an annual hike of USD0.5/mmBtu.
 The new pricing mechanism will be negative for CGDs as it raises the gas cost to
USD6.5/mmBtu as long as the Indian crude basket is above USD65/mmBtu. In the
older APM pricing regime, we would have expected a sharp correction as US HH has
already come down to ~USD2/mmBtu. The new mechanism is positive for ONGC/OINL
as the floor price is higher than their cost of production, vis-à-vis selling gas at much
lower realization than the production cost for a long time in the older regime.

Negative for CGDs

 The government had constituted the Kirit Parikh Committee to look into the gas
pricing mechanism, as APM prices had risen to USD8.6/mmBtu in the Oct’22-
Mar’23 period, making CNG costlier than dirtier alternative fuels in few cities.
 While the recommendations will help CGDs reduce their input costs in the near
term, we do not expect margin accretion for CGDs as the benefit is expected to
be passed on to consumers.
 Moreover, the implementation of the floor price will increase the gas cost for
CGDs in the long run, as under the previous gas pricing regime, APM gas prices
were higher than USD4/mmBtu in only three out 16 periods due to high
weightage of cheap Henry Hub gas.

Positive for upstream companies

 The floor price of USD4/mmBtu provides much needed respite to ONGC and
OINL as they had to sell gas below the cost of production for quite a long time.
 Additionally, the provision for a 20% premium over the APM price for gas
produced from new wells or interventions in existing wells will further
incentivize ONGC and OINL to make additional investments to increase
production from ageing legacy fields.
 Owing to the changes in the pricing mechanism, we change our gas price
assumption to USD6.5/mmBtu for FY24-25 from USD7.1/5.7/mmBtu for FY24/25
previously. Subsequently, we revise our consolidated EBITDA for ONGC by -
3%/4% and standalone EBITDA for OINL by -4%/6% for FY24/25 respectively.

10 April 2023 12
 Valuation and view
 CGDs: The new pricing mechanism raises the minimum APM cost to
USD4/mmBtu. Under the previous regime, if there were no geopolitical risks,
CGDs would have witnessed lower prices. We reiterate our Sell rating on IGL as
the threat posed by EVs to the long-term growth potential of the company
poses a huge risk to its valuation. We reiterate our Buy call on MAHGL, given its
attractive valuations. GUJGA remains our preferred pick among CGDs due to its
higher industrial exposure.
 Upstream companies: The floor is a much needed reprieve for ONGC and OINL
as they had to sell gas below the cost when domestic APM gas prices were low.
A USD1/mmBtu change in the gas price changes ONGC’s consolidated EBITDA by
~INR49b (4% FY24E EBITDA). Similarly, a USD1/mmBtu change in the gas price
changes OINL’s standalone EBITDA by ~INR5b (7% FY24E standalone EBITDA).
We reiterate our Buy rating on both companies, valuing ONGC/OINL at
INR215/INR315 per share.
ONGC Consolidated Estimate Change
Revised Previous Change (%)
Particulars
FY23E FY24E FY25E FY23E FY24E FY25E FY23E FY24E FY25E
Revenue (INR b) 6,974.7 6,924.9 6,998.2 6,974.7 6,960.7 6,952.4 0% -1% 1%
EBITDA (INR b) 961.4 1,149.4 1,182.9 961.4 1,180.9 1,142.6 0% -3% 4%
PAT (INR b) 521.7 616.2 627.1 521.7 643.6 596.8 0% -4% 5%
EPS (INR) 40.6 48.0 48.9 40.6 50.2 46.5 0% -4% 5%
Source: Company, MOFSL

OINL Standalone Estimate Change

Revised Previous Change (%)
Particulars
FY23E FY24E FY25E FY23E FY24E FY25E FY23E FY24E FY25E
Revenue (INR m) 2,17,144 2,18,858 2,23,477 2,17,144 2,22,136 2,19,141 0% -1% 2%
EBITDA (INR m) 1,03,378 72,056 74,213 1,03,378 75,137 70,137 0% -4% 6%
PAT (INR m) 68,238 43,997 47,774 68,238 46,323 44,747 0% -5% 7%
EPS (INR) 60.4 38.9 42.3 60.4 41.0 39.6 0% -5% 7%
Source: Company, MOFSL

10 April 2023 13
 6 April 2023
Update | Sector: Retail

Titan Company
BSE SENSEX S&P CNX
59,833 17,599 CMP: INR2,549 Buy
Double-digit growth in standalone businesses
TTAN released its pre-quarterly update for 4QFY23. Here are the key highlights:

Stock Info  TTAN is expected to record double-digit growth across its key businesses.
Bloomberg TTAN IN  Its standalone revenue is expected to grow by 25% YoY (on a lower base), aided by
Equity Shares (m) 888
higher growth in Watches & Wearables and emerging businesses.
M.Cap.(INRb)/(USDb) 2262.7 / 27.6
52-Week Range (INR) 2790 / 1827  It added 126 stores during the quarter.
1, 6, 12 Rel. Per (%) 7/-3/1  It is making healthy progress in the retail store expansion front, with the total retail
12M Avg Val (INR M) 3106 footprint (including CaratLane) of 2,710 stores at the end of 4QFY23.
Free float (%) 47.1

Financials Snapshot (INR b)

Jewelry division
Y/E Mar 2023E 2025E 2025E  It grew 23% YoY (excluding bullion sales) on a lower base. The segment
Sales 389.4 464.4 553.7 posted a 3-year/4-year revenue CAGR of 29.2%/19.7%.
Sales Gr. (%) 35.2 19.3 19.2  Growth was led by buyer growth (both new and repeat) and an increase in
EBITDA 48.5 59.1 72.1
EBITDA Margin. %
the ticket size.
12.5 12.7 13.0
Adj. PAT 32.8 39.8 49.7  The normalization of buyer growth was witnessed in purchases at entry/lower
Adj. EPS (INR) 36.9 44.7 55.8 price bands.
EPS Gr. (%) 40.7 21.1 24.9  Jan-Feb’23 witnessed strong momentum on the back of wedding demand;
BV/Sh.(INR) 131.4 163.6 200.0
however, the recent spike in gold prices led to a softening in demand in
Ratios
RoE (%) 31.3 30.4 30.8 Mar’23.
RoCE (%) 29.0 28.9 29.3  Mia by Tanishq saw the fastest store expansion during the quarter, adding 18
Payout (%) 20.0 28.0 35.0 new stores.
Valuation
P/E (x)
 Tanishq added one new store in Dubai, taking the total international presence
69.1 57.0 45.7
P/BV (x) 19.4 15.6 12.7 to seven stores.
EV/EBITDA (x) 46.5 38.0 30.8
Div. Yield (%) 0.3 0.5 0.8 Watches & Wearables division
Shareholding pattern (%)  It grew 41% YoY on the back of strong traction in the analog watches
As On Dec-22 Sep-22 Dec-21 segment. Wearables sales almost tripled YoY.
Promoter 52.9 52.9 52.9  Uniform Consumer Price (UCP) revenue hit a milestone of INR500m+ in FY23.
DII 11.3 11.9 10.5
 Titan brand and Helios stores are expected to deliver double-digit growth,
FII 17.5 17.0 18.6
Others 18.3 18.2 18.1 higher than the segment growth.
FII Includes depository receipts  Fastrack brand is likely to witness the fastest growth in the portfolio of brands
for the second successive quarter.
Stock’s performance (one-year)
 Store additions: 52 new stores (21 of Titan World, 16 of Helios and 15 of
Titan Company Fastrack).
Nifty - Rebased
2,850
2,600 Eyecare division
 It is expected to report revenue growth of 22% YoY.
2,350
 The trade channel grew faster and improved its contribution to the overall
2,100 pie.
1,850  TTAN added 38 new stores of Titan Eye+ during the quarter.
Jul-22

Oct-22

Jan-23
Apr-22

Apr-23

10 April 2023 14
 Emerging businesses (Fragrances and Fashion Accessories or F&FA and
Indian Dress Wear)
 F&FA grew ~31% YoY, driven by ~35% growth in Fragrances and ~24% growth in
Fashion Accessories.
 In offline channels, trade and LFS grew by more than 50%.
 Taneria opened its first store in Siliguri, Coimbatore, Ahmedabad, Nagpur and
Agartala. The total store count now stands at 41 stores across 22 cities.

Key subsidiaries:
Titan Engineering & Automation (TEAL) (a wholly-owned subsidiary)
 Business decreased ~6% YoY, with the Automation Solutions Division down
~19% YoY and Manufacturing Services (previously known as Aerospace and
Defence Division) clocking ~31% growth.
 CaratLane (72.3% owned)
 It grew ~56% YoY, driven by gifting campaigns around the Valentine’s Day.
 Studded growth was higher than the overall growth, led by a better mix.
 TTAN added 47 new stores during the quarter.

Valuation and view

Earnings growth visibility for TTAN remains strong. It has compounded earnings by
~20% for an elongated period. In the Jewelry industry, which is organizing at a rapid
space, TTAN is clearly at the vanguard in terms of growth among organized players.
Its runway for growth is long, with a market share of ~6-8%. Unlike other high-
growth categories, the competitive intensity from organized and unorganized peers
in Jewelry is considerably weaker. The structural investment case for TTAN is intact.
We have a Buy rating with a TP of INR3,070.

10 April 2023 15
 6 April 2023
Update | Sector: Automobiles

Tata Motors
BSE SENSEX S&P CNX
59,833 17,599
CMP: INR438 TP: INR525 (+20%) Buy
JLR 4QFY23 wholesales at 94.6k units (v/s est. 84.5k units)
Stock Info 4Q FCF guidance increased to over GBP800m
Bloomberg TTMT IN
Equity Shares (m) 3598
M.Cap.(INRb)/(USDb) 1564 / 19.1 Wholesale volumes grew 24% YoY and 19% QoQ
52-Week Range (INR) 495 / 366  Wholesale volumes (ex-China JV) grew 24% YoY/19% QoQ to 94.6k units (v/s
1, 6, 12 Rel. Per (%) 0/4/-3 est. 84.5k units). FY23 wholesales grew 9% YoY to 321.3k units.
12M Avg Val (INR M) 6678  Land Rover (LR) volumes improved 34% YoY/22% QoQ to 84.9k units, while
Free float (%) 53.6
Jaguar volumes declined 27% YoY/3% QoQ to 9.7k units. These numbers
Financials Snapshot (INR b) exclude China JV.
Y/E March 2023E 2024E 2025E  Range Rover (RR) and RR Sport production volumes continued to increase,
Net Sales 3,432 4,216 4,443 with wholesale volume of 32,950 units in 4QFY23 (v/s 28k in 3Q). Defender
EBITDA 326.8 493.6 538.7
wholesale volumes increased to 27,513 units (v/s 23,816 in 3Q) as JLR
Adj. PAT -13.6 99.2 122.5
Adj. EPS (INR) -3.6 25.9 32.0 continued to operate a third shift at the Nitra plant.
EPS Gr. (%) -87.4 -829.2 23.4
BV/Sh. (INR) 117.5 143.4 175.4 Retail volumes grew 30% YoY/21% QoQ
Ratios  4Q retails grew 30% YoY (+21% QoQ) to 102.9k units, and declined 6% in FY23
Net D/E (x) 1.2 0.8 0.5 to 354.7k units. Retails were higher in all the markets, with strong growth in
RoE (%) -3.0 19.9 20.1
EU (+46% YoY), UK (+42% YoY), RoW (+30%), China (+29%) and US (+12%).
RoCE (%) 0.8 9.5 9.7
Payout (%) 0.0 0.0 0.0
 The order book declined by 15k units QoQ to 200k units, as wholesales
Valuations improved by 15k QoQ. RR/RR Sport/Defender contributed 76% to the order
P/E (x) -123.1 16.9 13.7 book (74% as of Dec’22-end).
P/BV (x) 3.7 3.1 2.5
EV/EBITDA (x) 7.0 4.0 3.4 Other financial data
Div. Yield (%) 0.0 0.0 0.0
 FCF is indicated to be over GBP800m positive in 4Q and GBP500m positive in
FCF Yield (%) 8.0 18.3 8.5
FY23. In its 3QFY23 earnings call, the management had guided for 4Q FCF to
Shareholding pattern (%) be slightly lower than 3Q FCF of GBP490m. This would imply net debt of
As On Dec-22 Sep-22 Dec-21 ~GBP3b by Mar’23 (v/s GBP3.85b as of Dec’22).
Promoter 46.4 46.4 46.4  Based on JLR’s beat on 4Q wholesale volumes, our 4QFY23 revenue/
DII 15.4 14.9 13.8
EBITDA/PAT estimates for JLR now stand at GBP7.2b/GBP1.1b/ GBP265m (v/s
FII 18.2 14.1 14.6
Others 20.1 24.6 25.2 GBP6.6b/GBP0.85b/ GBP179m earlier). Our 4QFY23 estimates for
FII Includes depository receipts consolidated revenue/EBITDA/PAT now stand at INR1,031b
/INR136.6b/INR34.4b (v/s INR975.5b/INR113.25b/INR27.1b earlier).
Stock’s performance (one-year)
Tata Motors
Nifty - Rebased Valuation and view
510  All three businesses of TTMT are in a recovery mode. While the India CV
470 business will see a cyclical recovery, the India PV business is seeing a
structural recovery. JLR is also witnessing a cyclical recovery, supported by a
430
favorable product mix. However, supply-side issues will delay the recovery
390 process. While there will be no near-term catalysts from the JLR business, the
350 recovery in the India business (~50% of SoTP) will continue. The stock trades
Feb-23
Jun-22

Dec-22
Oct-22
Apr-22

Aug-22

Apr-23

at 16.9x/13.7x FY24E/FY25E consol. EPS, and 4x/3.4x FY24E/FY25E consol.

EV/EBITDA. We have a Buy rating with a TP of INR525 (Mar’25 SOTP).

10 April 2023 16
 TATA MOTORS : JLR (Excl. JV) [Wholesales]
Company Sales 4QFY23 4QFY22 YoY (%) chg 3QFY23 QoQ (%) chg FY23 FY22 (%) chg
JLR 94,649 76,526 23.7 79,591 18.9 3,21,362 2,94,182 9.2
Jaguar 9,748 13,317 -26.8 10,030 -2.8 42,720 49,510 -13.7
Land rover 84,901 63,209 34.3 69,561 22.1 2,78,642 2,44,672 13.9

TATA MOTORS : JLR [Retails, incl JV]

YoY QoQ
Company Sales 4QFY23 4QFY22 YoY (%) chg 3QFY23 QoQ (%) chg FY23 FY22 (%) chg
JLR 1,02,889 79,008 30.2 84,827 21.3 3,54,662 3,76,381 -5.8
Jaguar 15,434 14,574 5.9 14,540 6.1 62,521 77,381 -19.2
Land rover 87,455 64,434 35.7 70,287 24.4 2,92,141 2,99,000 -2.3

Region-wise Retail Sales

Region 4QFY23 4QFY22 YoY % 3QFY23 QoQ % FY23 FY22 YoY %
North America 22,253 19,798 12.4 23,642 -5.9 77,526 91,286 -15.1
UK 20,625 14,547 41.8 12,373 66.7 64,011 63,419 0.9
Europe 19,349 13,278 45.7 15,029 28.7 71,706 72,156 -0.6
China 25,253 19,522 29.4 21,727 16.2 90,998 95,780 -5.0
RoW 15,409 11,864 29.9 12,056 27.8 50,421 53,740 -6.2
JLR 1,02,889 79,008 30.2 84,827 21.3 3,54,662 3,76,381 -5.8

Sum-of-the-parts valuation
Valuation
INR B Parameter Multiple (x) FY23E FY24E FY25E
SOTP Value
Tata Motors - Standalone SOTP 1,107 1,466 1,544
CVs EV/EBITDA 11 586 790 744
ICE PVs EV/EBITDA 8 248 355 427
EV PVs DCF 273 322 373
JLR (Adj for R&D capitalization) EV/EBITDA 2 478 703 748
JLR - Chery JV EBITDA Share EV/EBITDA 2 23 26 28
Tata Motors Finance P/BV 1.0 42 44 48
Total EV 1,650 2,240 2,367
Less: Net Debt (Ex TMFL) 519 435 358
Total Equity Value 1,131 1,805 2,009
Fair Value (INR/Sh) - Ord Sh Fully Diluted 295 471 525
Upside (%) -32.5 7.7 19.9
Source: Company, MOFSL

10 April 2023 17
 6 April 2023
Update | Sector: Consumer

Dabur
BSE SENSEX S&P CNX
59,833 17,599 CMP: INR548
Bloomberg DABUR IN Increased spends on brands lead to a miss on EBITDA
Equity Shares (m) 1762
M.Cap.(INRb)/(USDb) 931.7 / 11.4 margin v/s our expectation
52-Week Range (INR) 610 / 482 DABUR released its pre-quarterly update for 4QFY23. Here are the key highlights:
1, 6, 12 Rel. Per (%) -1/-5/-2
12M Avg Val (INR M) 1102 Consumption
Free float (%) 33.8  Demand environment improved slightly on sequential basis; however, it is still
short of full recovery.
Financials Snapshot (INR b)
 Urban markets are back to the growth trajectory; rural markets remain muted.
Y/E Mar 2023E 2024E 2025E
Sales 116.4 131.1 152.2  Moderating inflation, improving consumer confidence and increase in
Sales Gr. (%) 6.9 12.6 16.1 government spending are expected to improve consumption.
EBITDA 23.0 26.4 32.0
Margins (%) 19.8 20.1 21.0 India business
Adj. PAT 18.3 20.8 25.1  Management expects revenue to grow in mid-single digits.
Adj. EPS (INR) 10.3 11.8 14.2
 It expects the Food and Beverages category to witness double-digit growth.
EPS Gr. (%) 0.1 14.0 20.7
BV/Sh.(INR) 52.0 56.8 62.5  The Home Care and Personal Care category is likely to deliver low single-digit
Ratios revenue growth due to slowdown in personal care category.
RoE (%) 20.8 21.6 23.8
 The Healthcare segment is expected to be in the growth trajectory despite the
RoCE (%) 19.0 19.9 22.0
Payout (%) 60.0 61.7 60.0 high base led by Omicron.
Valuations  It gained market share in most of its segments.
P/E (x) 50.9 44.7 37.0
P/BV (x) 10.1 9.3 8.4 International business
EV/EBITDA (x) 37.7 33.0 26.7  On a constant currency basis, the international business is expected to grow in
Div. Yield (%) 1.2 1.4 1.6 high-single digits.
 The currency devaluation in Turkey and Egypt continued, thus impacting
Shareholding pattern (%)
As On Dec-22 Sep-22 Dec-21 translated growth adversely.
Promoter 66.2 67.2 67.4  It is restructuring its distribution network in key areas.
DII 7.6 6.7 3.6
Consolidated
FII 20.5 20.2 21.1
Others  Management expects consolidated revenue to grow in mid-single digits.
5.7 5.8 7.9
 Badshah Masala was consolidated during the quarter (effective 2nd Jan’23).
FII Includes depository receipts
 Gross margin of the domestic business is likely to improve; however, on a
Stock’s performance (one-year) consolidated basis, it will be hit by the currency translation impact.
Dabur India  Operating margin is expected to contract by 200-250bp YoY due to higher
Nifty - Rebased spends on brands.
650
Valuation and view
600
 The medium-term and structural narratives on revenue growth are highly
550
attractive, due to the initiatives taken by the new CEO in recent years on power
500 brands, distribution, launches, and better analytics. Consequently, FY23 is likely
450 to be the fourth year, out of five, to exhibit double-digit sales growth. As the
Jun-22
Aug-22
Oct-22
Apr-22

Dec-22

Apr-23
Feb-23

impact of investing in these initiatives abates, DABUR’s margin is likely to

expand in FY24.
 DABUR’s sales visibility is better than its peers over the near term. The visibility
on the company’s earnings is better too along with higher pricing power than
its peers. We reiterate our BUY rating with a TP of INR640 (premised on 45x
Mar’25E EPS).

10 April 2023 18
 9 April 2023
Update | Sector: Real Estate

Macrotech Developers
BSE SENSEX S&P CNX
59,610 17,808
CMP: INR915 Buy
Stock Info
Sales exceed FY guidance; debt movement on expected
Bloomberg LODHA IN lines
Equity Shares (m) 482
LODHA released its quarterly update for 4QFY23. Following are the key
M.Cap.(INRb)/(USDb) 441.4 / 5.4
takeaways:
52-Week Range (INR) 1224 / 711
1, 6, 12 Rel. Per (%) -6/-9/-20
12M Avg Val (INR M) 502
 LODHA maintained its sales run-rate with bookings of INR30b (in line with
Free float (%) 25.0 our estimate of INR31b), down 12% YoY and flat QoQ.
 On YoY basis, the decline in pre-sales was largely due to an office sale
Financials & Valuations (INR b) transaction last year and lower land/industrial sales. Residential bookings
Y/E Mar FY23E FY24E FY25E were down 4% YoY.
Sales 87.9 107.8 112.4
EBITDA 18.9 28.9 30.3  Company has exceeded its full year sales guidance of INR115b with bookings
EBITDA (%) 21.5 26.8 26.9 of INR120b, up 34% YoY.
PAT 12.7 20.8 21.0  Collections were up 3% YoY/9% QoQ to INR29b. Net debt declined by
EPS (INR) 26.3 43.2 43.7
EPS Gr. (%) 46.9 73.3 66.1 INR9.7b to INR71b, in line with its revised target of INR70b.
BV/Sh. (INR) 256.0 290.6 325.5  During the quarter, the company added 1 new JDA project with
Ratios
development potential of 1.5msf and GDV of INR20b. In FY23, Macrotech
Net D/E 0.3 0.4 0.0
RoE (%) 10.4 15.8 14.2 signed 12 new projects with GDV INR198b, exceeding its full year guidance
RoCE (%) 5.1 10.7 11.1 for new project additions worth INR150b.
Payout (%) 0.0 20.0 20.0
Valuations
P/E (x) 35.4 21.5 21.3 Valuation and view: We would revisit our estimates post its 4QFY23 earnings.
P/BV (x) 3.6 3.2 2.9 We have a Buy rating on the stock.
EV/EBITDA (x) 26.2 17.6 15.5
Div Yield (%) 0.0 0.9 0.9

Bookings were in line with our estimates

(INR b) 4QFY23 3QFY23 4QFY22 YoY QoQ FY23 FY22 YoY 4QFY23E Variance (%)
Pre-sales 30 30 35 -12% 0% 121 90 34%
From DM projects - 0.2 - 6 -
Adj. Pre-sales 30 30 35 -12% 0% 115 90 27% 31 -3%
Collections 29 27 28 3% 9% 107 86 23% 22 30%
Net debt 71 80 93 71 93
Source: Company, MOFSL

Presales declined 12% YoY to INR30b Collections remained steady at INR29b

Sale Value (INRb) Collections (INRb)
35 31
28 30 30
25 26 29
28 26 27
19 20 21 21 24
17 19
15
11 10 11
5 4
1QFY21

2QFY21

3QFY21

4QFY21

1QFY22

2QFY22

3QFY22

4QFY22

1QFY23

2QFY23

3QFY23

4QFY23
2QFY23
1QFY21

2QFY21

3QFY21

4QFY21

1QFY22

2QFY22

3QFY22

4QFY22

1QFY23

3QFY23

4QFY23

Source: Company, MOFSL Source: Company, MOFSL

10 April 2023 19
 9 April 2023
Update | Sector: Real Estate

Phoenix Mills
BSE SENSEX S&P CNX
59,833 17,599
CMP: INR1,282 Buy
Stock Info
Healthy LFL growth in consumption; strong month for
Bloomberg PHNX IN residential segment
Equity Shares (m) 179
PHNX released its monthly update for Mar’23. Following are the key
M.Cap.(INRb)/(USDb) 229 / 2.8
takeaways:
52-Week Range (INR) 1620 / 955
1, 6, 12 Rel. Per (%) -6/-11/23
12M Avg Val (INR M) 363 Rental Business
Free float (%) 52.7  Consumption stood at INR7.2b in Mar’23, at 132% v/s Mar’19. For 4QFY23,
it stood at INR21.9b, down 16% QoQ due to seasonality.
Financials & Valuations (INR b)  Excl. Phoenix Palassio, Phoenix Citadel and Palladium Ahmedabad, Mar’23
Y/E Mar FY23E FY24E FY25E consumption was 106% of Mar’22 and 111% of Mar’19
Sales 25.9 32.5 39.1
 Consumption in FY23 was INR 92.4b, at 133% of FY20. Excl. Phoenix Palassio,
EBITDA 15.6 18.7 24.9
PAT 60.1 57.6 63.6
Phoenix Citadel and Palladium Ahmedabad, FY23 consumption was at 119%
EBITDA (%) 8.5 8.8 13.4 of FY20.
EPS (INR) 47.4 49.4 74.8  Trading occupancy in Citadel, Indore, was at 70% just in four months of
EPS Gr. (%) 257 4 51 operations, while Palladium, Ahmedabad, reported trading occupancy of
BV/Sh. (INR) 441 487 559 ~43% in 1st month.
Ratios
 The performance in the office segment too remained encouraging as the
Net D/E 0.4 0.3 0.1
RoE (%) 11.7 company leased 30,000sqft of new space in Mar'23 and 0.13msf in 4Q.
10.6 14.3
RoCE (%) 11.2 10.6 13.9
Payout (%) 3.2 5.5 4.0 Hospitality
Valuations  While occupancy at both the assets declined sequentially, reflecting the
P/E (x) 28.3 27.1 17.9 impact of seasonality, ARRs remained strong.
P/BV (x) 3.0 2.8 2.4
 The St. Regis, Mumbai – Occupancy at 81% v/s 89% in Feb’23, ARR at
EV/EBITDA (x) 17.2 14.0 9.9
Div Yield (%) INR19,882 v/s INR20,400 in Feb’23 and RevPAR at INR16,174 v/s INR18,180
0.2 0.2 0.2
in Feb'23
 Courtyard by Marriott, Agra - Occupancy at 77% v/s 94% in Feb'23, ARR at
INR 5,265 v/s INR5,868 in Feb’23 and RevPAR at INR4,059 v/s INR5,534 in
Feb'23

Residential Segment
 PHNX had a strong month for residential sales. Gross bookings stood at
INR1.3b v/s last five month average of INR0.3b. The company achieved
collections of INR0.7b.

Valuation and view: We would revisit our estimates post its 4QFY23 earnings.
We have a Buy rating on the stock.

10 April 2023 20
 Monthly consumption trend Trading occupancy picking up well in new malls
Consumption (INR b) Trading Occupancy in Mar'23

93% 95% New malls

91% 90% 91% 91%

9.8
Thousands

9.3
70%

8.2
7.9
7.5

7.4

7.2

7.2
7.2

6.9

6.6
6.5
43%

Indore
Chennai
Pune

Lucknow
Mumbai

Mumbai (PMC)

Ahmedabad
Bangalore
Apr'22

Jul'22

Oct'22
Jun'22

Dec'22

Feb'23
Jan'23
Sep'22

Nov'22
May'22

Aug'22

Mar'23
Source: Company, MOFSL Source: Company, MOFSL

Occupancy at key hotel assets has consistently remained

above 80% Strong month for residential bookings
St. Regis Occupany
Residential Sales (INRm)

1,700
1,257
91%

89%
87%

86%

85%

84%

83%
82%
81%

81%
79%

300 340 410 410

240
76%

Jul'22

Oct'22
Jun'22
Apr'22

Dec'22

Jan'23
Sep'22

Feb'23
Nov'22
May'22

Aug'22

Mar'23

Oct'22

Dec'22

Jan'23
Sep'22

Feb'23
Nov'22

Mar'23
Source: Company, MOFSL Source: Company, MOFSL

10 April 2023 21
 6 April 2023
Update | Sector: Capital Market

Angel One
BSE SENSEX S&P CNX
59,689 17,557 CMP: INR1,185
Bloomberg ANGELONE IN
Equity Shares (m) 83
Highest ever per day orders; gross client additions the
M.Cap.(INRb)/(USDb) 97.5 / 1.2 highest since May’22
52-Week Range (INR) 2022 / 1000
1, 6, 12 Rel. Per (%) 4/-25/-27 Angel One (ANGELONE) released its key business numbers for Mar’23. Here are
12M Avg Val (INR m) 1026 the key takeaways:
Free float (%) 56.3  ANGELONE’s gross client acquisitions were flat MoM at 0.45m for Mar’23
(the highest ever since May’22 for two consecutive months).
 Total client base stood at 13.8m as of Mar’23 (+3.4% MoM and 49.6% YoY).
 Average funding book declined 3.8% MoM and 20.1% YoY at ~INR12.5b.
 No. of orders stood at 93.2m in Mar’23 (+11.7% MoM; the highest since
Sep’22) led by one extra expiry day during the month. Resultantly, the no. of
orders per day was higher by 6.3% MoM at 4.4m (the highest ever).
 Overall, ADTO jumped 18.5% MoM driven by 18.5% MoM rise in F&O ADTO
and 24.0% MoM rise in commodity ADTO. Cash ADTO declined 11.0% MoM.
 On MoM basis, the company saw its market share improve across all
segments, except Cash.

Key metrics
Mar’22 Apr’22 Jul’22 Oct’22 Jan’23 Feb’23 Mar’23 % YoY % MoM
No. of Days 21 19 21 18 21 20 21
Client Base (m) 9.2 9.6 10.8 11.9 12.9 13.3 13.8 49.6 3.4
Gross Client Add (m) 0.48 0.44 0.34 0.34 0.39 0.45 0.45 -6.2 0.0
Avg MTF Book (INR b) 15.6 17.2 14.3 15.8 13.9 13.0 12.5 -20.1 -3.8
Orders (m) 73.6 66.1 66.6 69.4 86.0 83.5 93.2 26.8 11.7
Per Day Orders (m) 3.5 3.5 3.2 3.9 4.1 4.2 4.4 26.8 6.3
Angel’s ADTO (INR b)
Overall 8,842 9,478 10,312 13,887 17,021 17,570 20,828 135.6 18.5
F&O 8,587 9,237 10,069 13,571 16,724 17,255 20,453 138.2 18.5
Cash 46.0 51 34 35 28 27 24 -47.8 -11.1
Commodity 123.0 101 126 177 147 188 233 89.4 23.9
Retail T/o Market Share bp YoY bp MoM
Overall Equity 21.1 21.3 22.0 21.7 21.9 22.6 23.8 270 120
F&O 21.2 21.4 22.0 21.7 21.9 22.6 23.8 260 120
Cash 14.1 14.0 14.8 14.8 13.0 12.7 11.2 -290 -150
Commodity 42.4 43.2 47.9 53.4 51.1 56.9 56.8 1,440 -10

10 April 2023 22
 Run rate in client additions flat MoM Total client base stands at 13.8m in Mar’23

Gross Client Add (m) Client Base (m)

13.8
12.2 12.5 12.9 13.3
0.48
0.44 0.47 11.2 11.6 11.9
0.44 0.45 0.45 10.1 10.4 10.8
0.39 0.39 9.2 9.6
0.34 0.34 0.34 0.32 0.33
Apr-22

Aug-22
Mar-22

Mar-23

Mar-22

Aug-22

Mar-23
Jul-22

Oct-22
Jun-22

Jul-22

Oct-22
May-22

Dec-22

Jun-22
Jan-23

Apr-22

Dec-22

Jan-23
Sep-22

Feb-23

Sep-22

Feb-23
Nov-22

May-22

Nov-22
Source: MOFSL, Company Source: MOFSL, Company

Number of orders improves MoM… ...with the highest ever number of orders/day
Orders (m)
Per day no of orders (in m)
93.2 4.4
90.5 86.2 86.0 83.5 4.1 3.9 3.9 4.1 4.2
3.5 3.5 3.4 3.6 3.4
73.6 72.5 69.4 70.8 3.2 3.2
66.1 70.6 70.2 66.6
Mar-22

Aug-22

Mar-23

Mar-22

Aug-22

Mar-23
Jul-22

Oct-22

Jul-22

Oct-22
Jun-22

Jun-22
Apr-22

Apr-22
Dec-22

Feb-23

Dec-22
Sep-22

Jan-23

Sep-22

Jan-23

Feb-23
May-22

Nov-22

May-22

Nov-22
Source: MOFSL, Company Source: MOFSL, Company

Client funding book declines 4% MoM Market share improves in F&O but declines in cash segment

Avg MTF book (INR b) Overall F&O Cash Commodity

18.8 64.0
17.2 16.3
15.6 15.8
14.3 13.7 15.4
12.9 13.8 13.9 13.0 12.5 48.0

32.0

16.0

0.0
Aug-22
Jul-22
Mar-22

Mar-23
Oct-22
Jun-22
Apr-22

Dec-22
Jan-23
Sep-22

Feb-23
Nov-22
May-22
Aug-22
Mar-22

Mar-23
Jul-22

Oct-22
Jun-22

Dec-22
Apr-22

Sep-22

Jan-23
Feb-23
Nov-22
May-22

Source: MOFSL, Company Source: MOFSL, Company

10 April 2023 23
 Sector Update | 6 April 2023

Indian Health Insurance

Claim trajectory remains muted in 4Q
 Claims for health insurance companies and the health insurance segment of multi-line
players had seen a sequential decline in 3QFY23, primarily driven by high incidences of
monsoon-related ailments, such as dengue, malaria and H1N1 in 2QFY23, which
normalized in 3Q.
 We have conducted channel checks to gauge the trajectory in claims in 4QFY23 and
understand various dynamics about claims in hospitals. Key takeaways include: 1)
hospitalizations remained steady in 4Q; 2) medical inflation remained high, 3) costs of
surgeries increased; and 4) Covid-related consumables and testing continued to exist.
 Considering the above factors, we construe that while claim frequency is expected to
remain steady in 4Q, severity is expected to be high. Pricing (price hikes implemented
by large players), business mix (higher share of more profitable products), and control
on fraudulent claims will be key to improve profitability over the medium term.
 We expect strong premium growth and better pricing to drive profitability for players
in the segment. To improve its mix, STARHEAL has been focusing on retail health and
specialized products, and increasing the sum assured per customer. Further, it has
improved its tech capabilities to enhance fraud detection. We expect these initiatives
to eventually help the company improve its claims and combined ratios. We have a
Buy rating on the stock with a one-year TP of INR700 (36x FY25E EPS).
 ICICIGI has been investing in the retail health business by hiring 1k agency managers.
This should translate into strong premium growth over the medium term. We remain
constructive on ICICIGI with a Buy rating and a one-year TP of INR1,400 (28x FY25E
EPS).

Hospitalizations steady in 4Q following seasonal decline in 3Q

 For 4QFY23, the number of hospitalizations remained steady QoQ. This is on the
base of a sequential decline witnessed in 3QFY23 (2QFY23 saw high number of
hospitalizations due to monsoon-related ailments).
 During 4QFY23, hospitalizations were low in Jan’23 (due to holidays) and Feb’23
(fewer days), it picked up in Mar’23.
 Elective surgeries gained momentum during the quarter, especially with the full
hospital staff back in operation after a holiday season (3Q) and the completion
of maintenance activities of key hospital facilities.
 The new flu strain is primarily treated in OPD and does not require
hospitalization unless the patient has co-morbidities. The length of stay and the
cost of treatment are relatively lesser than the Covid claims.
 Covid-related consumables and tests, which have been a part of insurance
claims for the past couple of years, are here to stay as hospitals continue to
charge these considering the safety of their staff and other patients.
 Cardiac and oncology continue to dominate the share in the number of claims
and hospitalizations.

10 April 2023 24
 Medical inflation continues to be high
 Over the past one year, hospitals have increased prices by 6-8% for most of the
surgeries to compensate the overall increase in medical inflation and pass on
high costs of services such as staff costs (wage hikes), AMCs on medical devices,
increase in security system costs and communication costs, among others.
 Room rents have increased 3-4% over the past one year. Generally, hospitals
refrain from increasing room rents too often and by material quantum.
Other key takeaways
 The share of cashless claims has been more or less steady.
 Negotiations with insurance companies – key considerations include:
1) The level of service that the insurer is willing to provide,
2) The turnaround time for the claim settlement process, and
3) The level of volumes that the insurance company can provide, which depends
on their overall customer base.
Based on these factors the network pricing is decided between the hospital and the
insurance company.
 Insurers want their customers to go to their network hospitals to improve
treatment for customers and claims ratios for the companies. However, it is easier
said than done as the eventual choice of hospital and doctor lies with the customer.
 There is no difference in pricing for retail and corporate plans coming through
the same insurance company.
 Network v/s non-network hospitals: Private/PSU insurers get a 10%/20%
discount (v/s non-mediclaim charges) in their network hospitals. PSUs get better
discounts, owing to volumes they provide.
Reiterate our positive stance on STARHEAL and ICICIGI
 To improve its mix, STARHEAL has been focusing on retail health and specialized
products, and increasing the sum assured per customer. Further, it has
improved its tech capabilities to enhance fraud detection. We expect these
initiatives to eventually help the company improve its claims and combined
ratios. We have a Buy rating with a one-year TP of INR700 (36x FY25E EPS).
 ICICIGI has been investing in the retail health business by hiring 1K agency
managers. This should translate into stronger premium growth over the medium
term. We remain constructive on ICICIGI with a Buy rating and a one-year TP of
INR1,400 (28x FY25E EPS).
Health insurance claim ratios
Industry claims ratio (%) Retail claims ratio (%) group claims ratio (%)
125
119
107 105
99 98
106
94 91 94 96
88
85
76 72 73
71
FY17 FY18 FY19 FY20 FY21 FY22

Source: MOFSL, Company

10 April 2023 25
 6 April 2023
Midcaps

Expert Speak
Competitive outlook on beverage space
We hosted Mr. Akshay D’souza, Chief of Growth and Insights, BIZOM to help decipher the
current competitive and demand dynamics of the Indian Beverage industry. In the session, Mr.
Akshay highlighted: Mr. Akshay D’souza
- The beverage industry is among the fastest growing (~20% CAGR) in the FMCG sector and is (Chief of Growth and
expected to continue its momentum in the near term. Insights, BIZOM)
- Entry of Reliance’s Campa brand in the carbonated beverage space is not expected to have Akshay is a business
professional with expertise
any short-term impact on the industry; however, long-term market disruption is expected. across B2C and B2B
- The current beverage market, which is dominated by two players Coca-Cola (50-55%) and businesses. He has held
PepsiCo (30-35%), is expected to become a three-player market with almost identical market leadership roles and has
been instrumental in driving
shares.
the growth of organizations
- Higher spending and increasing pricing pressure are expected to have an impact on brand across Telecom, Internet, IT
margins. However, the brands are expected to bear most of the margin pressure, with some & now SaaS. Currently, he’s
spillover (at the discretion of the brands) to bottling companies such as VBL. the Chief of Growth &
Insights at Mobisy
- To prevent margin erosions, brands are adopting multiple cost-rationalization measures. Technologies, a SaaS-based
Retail Technology Company
Following are the key takeaways based in Bangalore. Its
platform, Bizom, today
Industry Trends
enables Retail Execution over
 The FMCG industry has been growing at a rate similar to inflation (i.e., ~7.5% last 500 CPG companies and
year). The industry experienced a slowdown as people cut their spending during the across 7.5Mn stores to
become a market leader in
Covid period. However, the beverage industry grew at a robust 20% last year. India. He is a thought-leader
 The beverage industry is expected to experience a substantial increase in demand in and his views are often cited
the first quarter of CY23. This is due to the early onset of summer in Feb’23, which in media, investors &
industry body discussions on
saw the highest temperature in last 14 decades. Additionally, the summer season industry trends. He has also
(March-June), which accounts for ~50-60% of sales in the beverage industry, is authored many FMCG
industry reports, including
expected to perform better in CY23 than the previous year. The beverage industry is
the INDIA KIRANA REPORT.
expected to register mid-to high single-digit growth in the current year.
 Further, demand creation is expected to continue as all the major brands aggressively advertise their products.
India’s per capita consumption of Cola or confectionery has been much lower than the world. However,
consumption has increased by ~6-7% in the last year in the beverage industry.
 The realization per ml for carbonated beverages is expected to slightly decrease in the current year with overall
reduction in pricing within the industry.
 The energy drink market does not form substantial part of the beverage industry, however it is expected to
register robust double-digit in going ahead. Energy drinks are particularly popular in urban and semi-urban
regions, where they have gained significant traction.
 Non-carbonated drinks, such as bottled water and juices, are expected to grow at a higher rate than carbonated
drinks in the near future.

Reliance’s Campa entry boosts market competition

 In the Beverages space, the three key drivers/factors for the establishing success in the industry are: 1)
Building supply strength; 2) Having strong Distribution Muscle; 3) strong Demand pull
 Disrupting the beverage industry will not be as easy for Reliance as it was for them in the telecom industry. In
telecom, existing players had already incurred costs for 2G and 3G networks, and had to incur additional costs
for setting up 4G networks, while Reliance only had to set up a 4G network, giving them a cost advantage.

10 April 2023 26
  Reliance may face challenges in brand building and distribution as it takes time to establish a distribution
network and building brand depends on consumer’s taste preference and acceptance.
 The success of the Campa brand campaign will be crucial in determining whether existing consumers shift their
existing preference or not.
 In the near term, market share dynamics in the industry will be determined by brand building and distribution
and Mr. Akshay is expecting a significant amount of brand building activity from Campa Cola in the current year.
 Campa Cola currently has two bottling plants, both in AP and Telangana. To build its supply strength, the brand
will have to eventually put up more bottling plants. Equipped with financial strength, Reliance will be able to
bring in enough supplies going ahead.
 Campa is not expected to make a major dent in the beverage market in the current year with its focus primarily
on making the product available. However, over time, margins for PepsiCo and Coca cola are likely to be
adversely impacted by pricing pressure.
 The margin impact for the players will be gradual as they would only have to react in only those markets where
Reliance is launching Campa.
 Brand owners such as Pepsi and Coca-Cola will take the major hit in terms of margins. The impact on bottlers
such as Varun beverage will be minimal as it will depend on how much pressure they choose to pass to their
bottlers.
 Currently, Coca-Cola leads the market with a market share of ~50-55% and Pepsi Co ranks second with a market
share of ~30-35%. Mr. Akshay expects that after the establishment of Campa, the market share of all these three
big players will be similar, with the existing players losing their market share to Reliance over time. However,
this is a gradual process and will take time.
 In addition to Reliance’s Campa, several regional players are also providing strong competition as consumer
preferences are often based on their regional traits. In long run, the share of regional players is likely to remain
at its current levels of ~20-25%.
 To compete with regional players, the ability of brands to distribute its product to Kirana and local stores will be
a key factor.

Margin protection: Strategies adopted by players

 To cut costs, the brands will probably reduce the cost of packaging as they will be unable to cut cost from
advertising and supply chain network.
 As a strategy, Coco cola is increasing the share of its glass bottles as recyclable glass bottles are cheaper than
PET bottles. Additionally, the overall lifecycle of glass bottle is significantly cheaper than PET bottles. However,
the operations of the glass bottle segment are slightly more complex as the companies need to manage return
logistics.
 The share of glass bottles in the industry is minimal, while that of non-glass bottles stands at around 80-85%.
 As per Mr. Akshay, Coca-Cola is aiming to improve its manufacturing efficiency from its bottlers. Currently, Coca-
Cola manufactures ~50% of its products in-house and the remaining is outsourced to multiple small bottlers,
making them more vulnerable in terms of its cost structure.
 Further, Coca-Cola is attempting to replicate the strategy the telecom industry has been doing for a long time.
The company stated that it will focus solely on managing and building brand and outsource manufacturing and
other related jobs.

10 April 2023 27
 6 April 2023

ECOSCOPE
The Economy Observer

RBI surprises with an unexpected pause

Next rate action likely to be a cut
 In contrast to the market consensus (and our expectation), India’s monetary policy committee (MPC) decided
unanimously to keep interests rates unchanged today (repo rate at 6.5% and standing deposit facility at 6.25%). It is
surprising considering that CPI-inflation has remained above the RBI’s target range in the last two months and recent
cuts by OPEC+ nations do not bode well for oil prices in the near future. Further, the US Federal Reserve raised interest
rates last month and is likely to hike again in May’23.
 The MPC mentioned that it is necessary to evaluate the cumulative impact of previous rate hikes (250bp hike since
May’22). With a 5:1 majority, the MPC reiterated its focus on the “withdrawal of accommodation” to ensure that
inflation progressively aligns with the target while supporting growth
 Moreover, the RBI still expects inflation to average 5.2% (just 10bp lower than in last policy), with slightly better growth
in FY24 (up 10bp to 6.5%).
 Overall, today's action (to pause) seems disconnected with recent data and projections, but appears to be more driven
by rising uncertainty in the global economic environment.
 It seems more probable now that the RBI will remain on pause in Jun’23 as well, and thus we believe the next action is
more likely to be a cut, probably in late 2023, as the global economy weakens considerably.

I. MPC surprises with an unexpected repo rate pause

 The RBI’s MPC, on 6th Apr’23, unanimously decided to keep the repo rate
unchanged at 6.5%. Consequently, the SDF and the MSF/bank rates also
remained unchanged at 6.25% and 6.75%, respectively (Exhibit 1). The rate action
The rate action was in was in contrast to the market consensus (and our expectation) of a 25bp rate
contrast to the market hike. It is surprising considering that CPI-inflation remained above the RBI’s
consensus (and our
upper tolerance band of 6% in the last two months and recent cuts by OPEC+
expectation) of a 25bp
rate hike nations do not bode well for oil prices in the near future.
 The RBI further mentioned that the decision to hold the rates was taken to
assess the cumulative impact of the previous rate hikes (250bp since May’22).
With a 5:1 majority, the MPC reiterated its focus on the “withdrawal of
accommodation” to ensure that inflation progressively aligns with the target
while supporting growth (Exhibit 2).

Liquidity surplus in the banking system has been broadly

Repo rate remains unchanged at 6.5% in Apr’23 policy balanced in the past few months
(%) Repo SDF MSF Liquidity balance (% of NDTL)
8.0 7.5
6.75
6.5 6.5 5.0
6.25
5.0 2.5

3.5 0.0

2.0 -2.5
Mar/20

Aug/21
Jul/20
Oct/20

Jun/22
Nov/21

Apr/23
Dec/19

Jan/21

Dec/22
Feb/22

Sep/22
May/21
Aug-20

Aug-21

Aug-22
Apr-20

Dec-20

Apr-21

Dec-21

Apr-22

Dec-22

Apr-23

*Fixed Rate Reverse Repo (FRRR) was replaced by Standing Deposit Updated as of 5th Apr’23 Source: RBI, MOFSL
Facility (SDF) on 8th Apr’22

10 April 2023 28
 In conversation

Godrej Consumer : Expected gradual recovery in Indonesia;

Sameer Shah, CFO
 Africa has seen Double digit growth for the last 10-12 Quarters , will continue in
future as well
 Q4 in Africa was a pause because of elections and demand issue in Nigeria
 Will see price led growth in Africa & Latin America
 Have Gained 50-60 bps market share in soaps each year for the last few years
 Will pass on benefits of commodity deflation through price drops
 Will increase marketing spends & Drop other controllable costs

10 April 2023 29
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY23E FY24 FY25 FY23 FY24E FY25E FY24E FY25E FY24E FY25E FY24E FY25E
Automobiles
Amara Raja Neutral 574 615 7 45.1 48.0 51.2 50.5 6.4 6.8 12.0 11.2 1.7 1.6 15.3 14.7
Apollo Tyres Buy 319 400 25 17.7 25.6 30.8 57.9 44.1 20.5 12.5 10.3 1.3 1.2 11.2 12.2
Ashok Ley. Buy 137 175 28 4.2 7.6 9.4 7,059.3 80.4 24.4 18.0 14.5 4.2 3.4 25.2 25.8
Bajaj Auto Neutral 4033 4050 0 205.5 229.1 253.2 11.9 11.5 10.5 17.6 15.9 4.7 4.5 26.7 28.9
Balkrishna Inds Neutral 1965 2030 3 52.9 80.2 92.2 -28.4 51.7 15.0 24.5 21.3 4.4 3.9 19.2 19.6
Bharat Forge Buy 762 1032 35 16.4 32.2 41.3 -24.6 96.6 28.4 23.7 18.5 4.3 3.6 19.6 21.2
Bosch Neutral 18799 18200 -3 488.7 640.8 726.6 18.4 31.1 13.4 29.3 25.9 4.5 4.1 15.9 16.5
CEAT Buy 1433 1800 26 43.3 118.1 138.2 120.8 172.7 17.0 12.1 10.4 1.5 1.3 13.3 13.7
Craftsman Auto Buy 3066 3925 28 104.7 177.8 218.3 37.8 69.9 22.8 17.2 14.0 3.8 3.0 24.5 24.0
Eicher Mot. Buy 2963 3550 20 104.6 135.7 166.9 70.6 29.7 22.9 21.8 17.8 4.5 3.7 22.8 23.1
Endurance Tech. Buy 1270 1550 22 34.2 49.1 57.5 -1.1 43.8 17.0 25.9 22.1 3.8 3.4 15.4 16.1
Escorts Kubota Neutral 1870 1765 -6 59.2 70.1 88.3 -14.5 18.3 26.0 26.7 21.2 2.6 2.3 10.1 11.6
Exide Ind Buy 181 220 22 11.2 12.9 15.7 13.1 15.7 21.7 14.0 11.5 1.3 1.2 9.1 10.1
Hero Moto Buy 2428 2840 17 139.3 169.0 184.8 12.6 21.3 9.4 14.4 13.1 2.8 2.6 19.9 20.7
M&M Buy 1171 1475 26 61.6 77.7 87.0 43.3 26.1 12.0 15.1 13.5 2.7 2.3 19.4 18.7
Mahindra CIE Buy 370 440 19 18.1 22.8 27.0 69.2 26.0 18.5 16.3 13.7 2.4 2.1 15.8 16.5
Maruti Suzuki Buy 8514 10400 22 276.7 351.1 414.9 115.5 26.9 18.2 24.2 20.5 3.8 3.4 15.6 16.4
MRF Sell 84031 72000 -14 1,605.3 3,066.4 4,003.7 1.7 91.0 30.6 27.4 21.0 2.2 2.0 8.5 10.2
Samvardh.
Buy 68 100 47 2.0 3.9 4.9 66.1 91.3 26.8 17.6 13.9 2.0 1.8 11.6 13.5
Motherson
Motherson
Buy 51 68 33 1.1 1.7 1.9 4.4 56.0 13.0 29.6 26.2 12.2 9.7 47.8 41.1
Wiring
Sona BLW Precis. Neutral 423 435 3 6.6 8.7 10.8 13.4 32.3 24.0 48.5 39.1 9.4 8.1 20.7 22.2
Tata Motors Buy 438 525 20 -3.6 25.9 32.0 -87.2 LP 23.6 16.9 13.7 3.1 2.5 19.9 20.1
TVS Motor Neutral 1098 1035 -6 30.5 41.4 48.5 60.9 35.8 17.1 16.9 22.7 6.8 5.4 28.6 26.4
Tube
Buy 2597 3200 23 66.6 81.2 99.0 31.8 21.9 22.0 32.0 26.2 10.0 7.9 35.0 33.7
Investments
Aggregate 106.7 64.3 18.1 19.5 16.5 3.3 2.9 17.2 17.7
Banks - Private
AU Small Finance Buy 569 740 30 22.1 26.8 33.8 22.9 21 26.4 21.3 16.8 3.0 2.5 15.1 16.3
Axis Bank Buy 852 1130 33 64.9 81.8 95.9 52.8 26 17.2 10.4 8.9 1.7 1.5 18.3 17.9
Bandhan Bank Neutral 208 250 20 13.8 25.5 32.4 1,661.0 85 27.1 8.2 6.4 1.5 1.3 20.1 21.7
DCB Bank Neutral 104 125 21 14.5 17.1 20.8 57.4 17.3 21.8 6.1 5.0 0.7 0.6 11.9 13.0
Federal Bank Buy 127 170 34 14.0 16.6 19.7 51.9 18.3 19.1 7.7 6.4 1.1 0.9 15.2 15.8
HDFC Bank Buy 1666 1930 16 79.6 95.4 114.4 19.1 19.8 19.9 17.5 14.6 2.8 2.4 17.5 17.9
ICICI Bank Buy 875 1150 31 45.9 54.3 63.1 36.5 18.1 16.3 16.1 13.9 2.6 2.2 17.5 17.3
IDFC First Bk Buy 55 70 27 3.6 4.7 6.3 1,354.0 31.6 35.3 11.8 8.7 1.3 1.1 11.4 13.6
IndusInd Buy 1082 1450 34 97.0 124.5 158.9 56.2 28.4 27.6 8.7 6.8 1.3 1.1 16.4 17.9
Kotak Mah. Bk Neutral 1757 2000 14 73.6 85.0 99.8 20.8 15.5 17.4 20.7 17.6 2.7 2.4 13.5 13.7
-
RBL Bank Buy 144 180 25 13.9 18.9 24.7 36.3 30.3 7.6 5.8 0.6 0.6 8.3 10.0
1,213.5
SBI Cards Buy 752 960 28 23.4 30.9 40.9 36.2 32.2 32.5 24.3 18.4 5.7 4.4 26.2 27.1
Aggregate 38.5 21.3 20.2 15.1 12.5 2.4 2.1 16.0 16.4
Banks - PSU
BOB Buy 167 240 44 26.4 32.5 37.8 87.6 23.3 16.3 5.1 4.4 0.8 0.7 15.8 15.9
Canara Bank Buy 285 400 41 57.9 72.8 91.4 76.5 25.7 25.6 3.9 3.1 0.6 0.5 16.1 17.2
Indian Bank Buy 288 340 18 43.8 56.1 66.4 31.9 28.0 18.2 5.1 4.3 0.7 0.6 15.5 16.0
Punjab Natl.Bank Neutral 47 50 6 2.4 5.9 7.9 -26.2 150.3 33.7 7.9 5.9 0.5 0.5 6.5 8.2
SBI Buy 528 700 33 60.4 74.1 86.5 52.3 23 16.7 7.1 6.1 1.2 1.0 18.2 17.8
Union Bank (I) Buy 67 100 49 11.9 16.3 20.7 51.0 36 27.4 4.1 3.2 0.6 0.5 14.7 16.8
Aggregate 54.6 28 20 6 5.1 0.9 0.8 14.8 15.5
NBFCs
AAVAS Financiers Neutral 1635 1700 4 53.2 65.1 86.0 17.8 22.3 32.1 25.1 19.0 3.4 2.9 14.7 16.6
Aditya Birla Cap Buy 158 175 11 8.4 9.8 11.7 18.5 17.0 19.5 16.1 13.5 1.9 1.6 12.2 12.8
Angel One Buy 1185 1700 43 104.3 116.6 133.5 38.2 11.8 14.5 10.2 8.9 3.5 3.0 39.3 36.3
Bajaj Fin. Buy 5936 6700 13 190.6 227.3 288.3 63.6 19.3 26.8 26.1 20.6 5.5 4.5 23.2 23.9
Cams Services Buy 2176 2600 19 56.8 68.3 82.2 -3.3 20.3 20.4 31.9 26.5 12.4 10.6 41.6 43.1
Can Fin Homes Buy 567 640 13 45.6 51.1 60.8 29.0 12.1 18.9 11.1 9.3 1.8 1.5 17.2 17.4
Cholaman.Inv.&F Buy 840 920 10 31.2 38.0 46.6 19.4 21.9 22.5 22.1 18.0 4.1 3.4 20.1 20.4

10 April 2023 30
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY23E FY24 FY25 FY23 FY24E FY25E FY24E FY25E FY24E FY25E FY24E FY25E
n
HDFC Buy 2730 3070 12 70.8 80.4 92.2 13.5 13.5 14.8 34.0 29.6 3.4 3.2 13.2 13.5
HDFC Life Insur. Neutral 514 630 22 6.4 5.4 5.4 12.6 -16.3 0.1 95.6 95.5 2.4 2.0 18.1 18.2
Home First Fin. Buy 703 910 29 25.7 31.8 40.4 19.7 23.4 27.2 22.1 17.4 3.0 2.5 14.4 15.8
ICICI Pru Life Buy 441 530 20 6.0 6.7 7.5 15.2 10.5 12.9 66.0 58.5 1.5 1.3 16.1 15.9
ICICI Lombard Buy 1089 1400 29 33.3 40.4 49.5 28.7 21.3 22.6 26.9 22.0 4.6 4.1 18.3 19.7
ICICI Securities Buy 460 500 9 35.0 39.6 43.6 -18.2 12.9 10.1 11.6 10.6 4.5 3.9 41.9 39.9
360 ONE WAM Buy 439 530 21 19.8 22.4 25.2 21.8 12.9 12.4 19.6 17.4 4.8 4.6 25.2 26.9
IndoStar Buy 121 238 98 14.5 10.2 18.1 -126.7 -29.4 77.5 11.8 6.6 0.5 0.5 4.3 7.3
L&T Fin Holdings Buy 86 110 27 6.5 8.4 10.0 52.7 30.0 18.5 10.3 8.7 0.9 0.8 9.4 10.2
Life Insurance
Buy 550 830 51 39.0 34.9 38.4 497.8 -10.6 10.3 15.8 14.3 0.6 0.5 11.8 11.0
Corp.
LIC Hsg Fin Buy 337 420 25 45.6 63.4 71.9 9.7 39.1 13.4 5.3 4.7 0.6 0.6 12.7 13.1
Manappuram
Buy 127 150 18 17.8 20.9 24.7 13.5 17.4 18.0 6.1 5.1 1.0 0.8 17.2 17.7
Fin.
MAS Financial Buy 749 950 27 36.9 46.9 59.4 27.9 26.9 26.8 16.0 12.6 2.5 2.2 16.7 18.4
Max Financial Neutral 634 825 30 16.3 16.2 19.7 100.8 -0.4 21.4 39.0 32.1 1.4 1.1 20.0 20.4
M&M Fin. Buy 252 285 13 14.7 16.8 20.2 82.9 14.9 20.2 15.0 12.5 1.7 1.6 12.1 13.3
Muthoot Fin Neutral 1020 1100 8 87.3 97.0 105.6 -11.5 11.2 8.9 10.5 9.7 1.7 1.5 17.3 16.5
Piramal Enterp. Buy 699 1050 50 443.6 79.7 95.9 536.9 -82.0 20.3 8.8 7.3 0.5 0.5 5.9 6.7
PNB Housing Neutral 459 575 25 62.7 75.0 89.8 26.3 19.6 19.7 6.1 5.1 0.6 0.6 11.0 11.8
Poonawalla
Buy 290 350 21 7.5 12.1 17.1 95.4 62.0 40.9 23.9 17.0 2.2 1.9 11.2 12.0
Fincorp
Repco Home Fin Neutral 183 205 12 47.1 53.1 59.3 54.1 12.7 11.5 3.4 3.1 0.4 0.4 12.4 12.3
Shriram Finance Buy 1303 1600 23 173.7 195.8 223.8 54.4 12.7 14.3 6.7 5.8 1.0 0.9 15.7 15.8
SBI Life Insurance Buy 1117 1450 30 16.5 15.7 16.8 9.4 -4.9 7.0 71.2 66.5 2.0 1.6 19.5 20.0
Star Health Insu Buy 568 700 23 10.3 16.8 22.0 -156.8 63.7 30.7 33.8 25.8 4.2 3.6 13.1 14.9
Aggregate 52.0 1.4 18.4 17.5 14.8 2.4 2.1 13.8 14.5
Chemicals
Alkyl Amines Neutral 2245 2315 3 45.2 61.0 77.2 2.8 35.0 26.4 36.8 29.1 8.2 6.8 24.4 25.5
Atul Neutral 7035 7240 3 161.6 208.9 241.3 -18.7 29.3 15.5 33.7 29.1 3.9 3.5 12.1 12.5
Clean Science Neutral 1395 1340 -4 27.8 30.5 33.5 29.4 9.6 9.8 45.7 41.7 11.4 9.3 28.0 24.6
Deepak Nitrite Neutral 1807 1910 6 61.5 88.8 95.5 -21.4 44.4 7.5 20.3 18.9 4.9 4.0 26.5 23.1
Fine Organic Neutral 4304 4780 11 182.9 168.1 159.3 123.7 -8.1 -5.2 25.6 27.0 7.7 6.4 33.7 25.9
Galaxy Surfact. Buy 2410 3220 34 111.2 86.6 107.3 50.0 -22.1 24.0 27.8 22.4 4.1 3.6 15.4 16.9
Navin Fluorine Neutral 4258 4700 10 70.3 107.8 134.3 30.7 53.4 24.6 39.5 31.7 8.2 6.8 22.7 23.5
NOCIL Buy 212 290 37 8.6 12.4 14.5 -18.5 44.5 16.6 17.1 14.6 2.2 2.0 13.1 14.1
Vinati Organics Buy 1838 2720 48 46.8 57.1 77.7 38.8 21.9 36.2 32.2 23.7 7.0 5.7 23.9 26.5
Aggregate 7.4 22.5 12.7 28.9 25.6 5.5 4.7 19.0 18.3
Cement
Ambuja Cem. Neutral 383 380 -1 12.0 11.3 10.7 12.3 -6.2 -5.0 34.0 35.8 2.6 2.1 13.1 10.3
ACC Neutral 1713 1945 14 50.8 79.3 98.6 -49.5 56.1 24.3 21.6 17.4 2.1 2.0 10.2 11.7
Birla Corp. Buy 926 1180 27 2.0 45.5 67.8 -96.4 2,133.9 48.9 20.3 13.7 1.1 1.1 5.7 8.0
Dalmia Bhar. Buy 1999 2170 9 35.2 48.0 64.8 -11.0 36.2 35.0 41.7 30.9 2.2 2.1 5.3 6.9
Grasim Inds. Buy 1670 1900 14 101.0 101.3 99.0 -9.5 0.3 -2.2 16.5 16.9 2.1 2.1 8.8 5.8
-
India Cem Sell 188 155 -17 -16.0 3.4 7.7 LP 122.2 54.5 24.5 0.9 0.9 1.7 3.7
1,361.2
J K Cements Buy 2922 3250 11 55.6 87.3 109.9 -36.2 57.2 25.9 33.5 26.6 4.4 3.9 13.8 15.6
JK Lakshmi Ce Buy 802 870 8 30.9 44.0 53.6 -5.0 42.1 22.0 18.2 15.0 3.0 2.5 17.4 18.2
Ramco Cem Neutral 756 700 -7 11.0 21.3 30.6 -55.9 93.6 43.5 35.4 24.7 2.5 2.3 7.3 9.7
Shree Cem Neutral 26168 22960 -12 349.2 512.1 619.2 -44.5 46.6 20.9 51.1 42.3 4.8 4.4 9.7 10.8
Ultratech Buy 7701 8490 10 178.5 237.6 281.6 -9.1 33.1 18.5 32.4 27.4 3.7 3.3 12.0 12.8
Aggregate -20.4 25.6 15.3 27.5 23.8 2.8 2.4 10.0 10.2
Consumer
Asian Paints Neutral 2809 3145 12 42.4 55.4 62.9 27.2 30.4 13.6 50.8 44.7 17.0 15.0 34.7 35.7
Britannia Neutral 4300 4500 5 79.1 87.6 99.9 25.5 10.8 14.0 49.1 43.0 36.8 32.6 79.4 80.3
Colgate Neutral 1541 1550 1 37.1 42.7 46.9 -3.6 15.1 9.9 36.1 32.8 24.2 24.2 66.9 73.6
Dabur Buy 526 640 22 10.3 11.8 14.2 0.1 14.0 20.7 44.7 37.0 9.3 8.4 21.6 23.8
Emami Buy 355 440 24 15.9 20.5 21.9 -16.6 28.8 6.8 17.4 16.2 7.2 6.8 43.0 43.1
Godrej Cons. Buy 968 1115 15 16.3 22.5 26.8 -7.1 38.1 19.3 43.0 36.1 7.3 6.9 17.8 19.8

10 April 2023 31
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY23E FY24 FY25 FY23 FY24E FY25E FY24E FY25E FY24E FY25E FY24E FY25E
HUL Buy 2564 3100 21 42.9 48.8 56.4 14.0 13.7 15.6 52.5 45.4 13.0 13.4 24.4 29.0
ITC Buy 387 450 16 14.9 17.4 19.7 22.1 16.7 12.9 22.2 19.7 7.0 6.5 32.5 34.2
Indigo Paints Buy 1088 1185 9 21.4 29.5 37.1 21.2 37.6 25.8 36.9 29.3 5.8 4.8 17.1 18.0
Jyothy Lab Neutral 195 210 8 6.2 7.9 9.5 44.1 27.2 19.2 24.6 20.6 4.3 4.1 18.2 20.3
Marico Buy 479 590 23 9.9 11.4 12.9 4.3 14.9 13.0 42.1 37.3 16.7 15.6 41.1 43.2
Nestle Neutral 19703 19900 1 247.9 289.2 348.3 3.1 16.6 20.4 68.1 56.6 80.7 78.0 115.8 140.2
Page Inds Neutral 36453 35760 -2 538.5 636.4 794.6 11.9 18.2 24.9 57.3 45.9 30.5 27.8 53.3 60.6
Pidilite Ind. Neutral 2331 2245 -4 25.9 33.1 40.8 10.3 27.7 23.2 70.4 57.1 15.4 13.9 22.9 25.6
P&G Hygiene Neutral 14137 15180 7 174.8 269.2 315.1 -3.1 54.0 17.0 52.5 44.9 52.0 42.2 104.4 104.1
Tata Consumer Buy 730 900 23 11.8 16.0 18.9 12.0 34.7 18.4 45.8 38.7 3.9 3.5 8.9 9.4
United Brew Sell 1408 1210 -14 17.5 25.9 35.2 23.6 48.5 35.6 54.3 40.0 7.9 7.1 15.1 18.7
United Spirits Neutral 756 835 10 13.2 15.8 18.9 4.9 20.0 19.8 47.9 40.0 8.9 8.1 18.6 20.2
Varun Beverages Buy 1393 1650 18 23.1 30.7 38.4 115.8 33.0 25.1 45.4 36.3 13.2 9.9 33.3 31.2
Aggregate 14.5 19.4 15.3 39.9 34.6 11.1 10.5 27.9 30.4
Healthcare
Alembic Phar Neutral 506 540 7 21.5 29.7 34.5 -38.6 38.2 16.1 17.0 14.7 1.7 1.5 10.2 10.9
Alkem Lab Neutral 3393 3530 4 107.7 146.7 179.3 -22.0 36.2 22.2 23.1 18.9 3.7 3.2 17.1 18.2
Ajanta Pharma Buy 1275 1426 12 51.3 59.9 70.0 -4.4 16.7 16.8 21.3 18.2 3.8 3.3 19.2 19.4
Apollo Hospitals Buy 4202 5580 33 52.4 83.9 122.8 -23.1 60.2 46.3 50.1 34.2 7.7 6.3 17.2 20.3
Aurobindo Neutral 535 490 -8 37.6 44.6 48.8 -14.6 18.5 9.6 12.0 11.0 1.1 1.0 9.5 9.5
Biocon Neutral 216 220 2 6.5 13.8 17.9 -11.4 111.5 30.1 15.7 12.0 1.5 1.4 9.8 11.9
Zydus
Neutral 494 460 -7 24.9 25.6 26.9 15.5 3.0 5.0 19.3 18.3 2.4 2.2 12.9 12.3
Lifesciences
Cipla Neutral 893 990 11 40.5 45.1 49.9 14.5 11.5 10.5 19.8 17.9 2.7 2.4 13.8 13.4
Divis Lab Neutral 2925 2620 -10 64.5 65.2 84.9 -41.6 1.2 30.1 44.8 34.5 5.5 5.0 12.8 15.1
Dr Reddy’s Neutral 4702 4450 -5 253.5 254.6 283.9 44.1 0.4 11.5 18.5 16.6 2.9 2.5 16.9 16.2
ERIS Lifescience Buy 592 690 17 27.6 35.7 37.0 -6.6 29.4 3.5 16.6 16.0 3.2 2.7 20.6 18.3
Gland Pharma Buy 1259 1500 19 56.5 68.9 78.3 -23.5 22.0 13.8 18.3 16.1 2.2 2.0 13.1 13.1
Glenmark Neutral 482 430 -11 30.4 38.6 46.3 -11.9 26.9 19.8 12.5 10.4 1.2 1.1 10.4 11.3
GSK Pharma Neutral 1300 1300 0 39.4 39.4 42.5 16.2 0.2 7.7 33.0 30.6 6.9 6.4 21.1 21.0
Granules India Buy 299 360 20 21.7 25.3 30.7 34.4 16.4 21.4 11.8 9.7 2.0 1.7 18.4 18.7
IPCA Labs Buy 829 940 13 22.3 29.9 37.7 -38.7 34.3 26.0 27.7 22.0 3.2 2.9 12.2 13.7
Laurus Labs Buy 304 360 18 16.8 18.1 22.5 8.5 7.9 24.0 16.8 13.5 3.3 2.7 21.5 22.2
Lupin Sell 664 590 -11 6.6 22.0 30.3 -65.7 234.9 37.9 30.2 21.9 2.3 2.1 7.8 9.9
Piramal Pharma Buy 70 85 21 -1.0 1.4 2.9 LP 108.5 50.3 24.1 1.3 1.2 2.5 5.1
Solara Active
Buy 339 400 18 -6.0 13.6 26.3 -60.2 LP 92.7 24.8 12.9 0.8 0.8 3.2 6.1
Pharma
Sun Pharma Buy 1012 1220 21 35.7 41.7 47.6 14.1 16.8 14.2 24.3 21.3 3.8 3.3 16.6 16.4
Torrent Pharma Neutral 1574 1590 1 39.0 52.2 64.2 13.7 33.9 23.0 30.1 24.5 6.3 3.2 22.5 25.8
Aggregate -2.5 20.8 17.2 22.5 19.2 3.0 2.6 13.2 13.8
Infrastructure
G R Infraproject Buy 1017 1380 36 89.0 92.8 106.1 12.6 4.3 14.3 11.0 9.6 1.6 1.4 15.8 15.5
IRB Infra Neutral 26 25 -2 1.3 1.4 1.7 114.5 12.6 17.9 17.7 15.0 1.1 1.1 6.5 7.3
KNR
Buy 253 295 17 14.0 16.5 17.6 9.1 17.8 6.7 15.4 14.4 2.3 2.0 15.8 14.5
Constructions
Aggregate 14.3 12.6 1.4 1.3 9.7 10.0
Logistics
Blue Dart Express Neutral 6251 6870 10 161.7 187.4 247.0 -6.9 15.9 31.8 33.4 25.3 9.6 7.4 32.2 32.9
Concor Buy 571 720 26 20.3 24.6 29.1 16.5 20.9 18.4 23.2 19.6 2.9 2.8 12.9 14.5
Mahindra
Neutral 380 360 -5 4.5 11.8 19.0 84.3 161.0 61.3 32.2 20.0 4.1 3.4 13.2 18.6
Logistics
Transport Corp. Buy 620 790 27 41.4 46.5 56.5 10.1 12.4 21.4 13.3 11.0 2.3 1.9 18.7 19.0
TCI Express Buy 1483 1750 18 36.5 43.8 51.5 8.4 20.0 17.5 33.9 28.8 7.6 6.2 24.7 23.7
Aggregate 24.8 20.2 3.7 3.4 15.1 16.7
Media
PVR Neutral 1529 1600 5 18.9 49.8 85.5 -127.5 163.2 71.9 30.7 17.9 5.2 4.0 18.5 25.5
Sun TV Buy 423 485 15 43.0 44.4 47.9 3.1 3.1 7.9 9.5 8.8 1.8 1.6 18.6 18.7
Zee Ent. Buy 213 245 15 5.7 10.6 12.6 -47.1 85.9 18.6 20.0 16.9 1.8 1.6 9.1 10.1
Aggregate 4.3 30.2 17.8 15.0 12.7 2.0 1.9 13.5 14.6
Metals

10 April 2023 32
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY23E FY24 FY25 FY23 FY24E FY25E FY24E FY25E FY24E FY25E FY24E FY25E
Coal India Buy 222 275 24 50.8 35.1 34.0 80.1 -30.9 -3.3 6.3 6.5 2.0 1.7 31.1 26.1
Hindalco Buy 405 510 26 44.9 51.9 57.1 -26.9 15.8 9.9 7.8 7.1 1.2 1.1 16.9 16.0
Hind. Zinc Neutral 311 290 -7 25.3 26.6 26.3 9.5 5.2 -1.3 11.7 11.8 6.5 4.9 67.8 47.2
JSPL Buy 544 675 24 43.5 64.9 67.8 -49.4 49.0 4.5 8.4 8.0 1.2 1.0 15.1 13.9
JSW Steel Neutral 683 630 -8 11.5 69.7 71.8 -87.1 508.6 2.9 9.8 9.5 2.1 1.7 23.3 19.9
Nalco Neutral 79 80 1 6.7 11.4 15.8 -58.2 70.2 38.1 6.9 5.0 1.0 0.9 15.4 19.5
NMDC Buy 111 150 35 15.5 18.5 16.2 -53.7 19.5 -12.4 6.0 6.9 1.5 1.4 25.8 20.6
SAIL Neutral 82 80 -3 4.7 10.1 11.7 -83.9 115 15.4 8.1 7.0 0.6 0.5 7.4 8.0
Tata Steel Neutral 104 102 -2 7.6 11.1 12.4 -77.0 47 11.3 9.4 8.4 1.1 1.0 11.6 12.1
Vedanta Neutral 273 295 8 30.3 37.1 40.4 -42.3 22 8.7 7.4 6.8 1.9 1.7 25.5 25.9
Aggregate -43.8 22.6 4.3 8.2 7.9 1.5 1.3 18.2 16.9
Oil & Gas
Aegis Logistics Neutral 390 340 -13 14.9 14.3 15.4 39.6 -4.0 7.6 27.1 25.2 4.5 3.9 17.5 16.6
BPCL Neutral 332 370 11 22.5 37.2 40.5 -56.8 65.5 8.9 8.9 8.2 1.2 1.1 13.5 13.7
Castrol India Buy 114 135 19 8.2 8.3 9.0 7.5 0.6 8.7 13.7 12.6 5.5 5.0 41.6 41.4
GAIL Buy 105 145 38 8.5 14.4 14.4 -45.2 70.4 -0.1 7.3 7.3 1.0 0.9 14.5 13.1
Gujarat Gas Buy 466 625 34 20.6 21.3 24.0 9.7 3.0 13.1 21.9 19.4 3.9 3.3 19.5 18.6
Gujarat St. Pet. Buy 272 336 24 16.4 18.6 19.3 -5.3 13.4 3.8 14.6 14.1 1.5 1.4 10.8 10.2
HPCL Neutral 228 265 16 -46.7 48.2 44.4 -197.5 LP -7.7 4.7 5.1 0.9 0.8 19.8 16.0
IOC Buy 78 105 35 8.3 12.0 11.9 -54.7 45.0 -0.7 6.5 6.5 0.7 0.7 11.2 10.5
IGL Sell 463 345 -25 20.1 20.3 21.8 7.2 0.8 7.4 22.9 21.2 3.6 3.2 16.8 16.1
Mahanagar Gas Buy 983 1175 20 69.2 77.0 78.3 14.5 11.3 1.7 12.8 12.5 2.2 2.0 18.0 16.5
MRPL Neutral 54 51 -6 2.5 5.6 5.7 -69.3 123.0 1.5 9.7 9.5 2.1 1.8 23.5 20.2
Oil India Buy 255 215 -16 60.4 38.9 42.2 75.5 -35.6 8.5 6.6 6.1 0.8 0.7 12.5 12.6
ONGC Buy 151 215 43 40.6 48.0 48.9 26.1 18.1 1.9 3.1 3.1 0.6 0.5 20.1 18.1
PLNG Neutral 236 210 -11 20.8 18.8 19.1 -6.7 -10.1 1.8 12.6 12.4 2.2 2.0 18.0 16.8
Reliance Ind. Buy 2341 2833 21 94.1 108.1 118.7 8.9 15.0 9.8 21.6 19.7 1.7 1.5 8.4 8.5
Aggregate -13.2 32.3 1.4 11.0 10.9 1.3 1.2 11.7 10.9
Real Estate
Brigade Enterpr. Buy 474 720 52 14.6 24.4 32.2 71.3 67.0 32.0 19.4 14.7 2.6 2.2 14.4 16.4
DLF Neutral 383 425 11 12.4 18.2 30.7 84.2 47.2 68.4 21.0 12.5 1.7 1.5 8.3 12.8
Godrej Propert. Buy 1125 1575 40 30.5 47.1 43.9 141.6 54.6 -6.8 21.7 23.3 2.6 2.3 12.9 11.2
Oberoi Realty Buy 897 1100 23 108.6 35.1 44.6 277.0 -67.7 27.1 25.6 20.1 2.1 1.9 8.6 10.0
Macrotech Devel.Buy 916 1250 36 29.7 43.6 43.9 19.1 46.7 0.8 21.0 20.8 3.1 2.8 15.7 14.1
Mahindra
Buy 368 550 49 9.6 10.8 13.9 761.5 12.6 28.7 34.2 26.5 2.6 2.4 8.0 9.5
Lifespace
Sobha Buy 450 700 55 9.9 45.0 66.1 -44.8 352.8 47.0 10.0 6.8 1.5 1.2 15.6 19.4
Prestige Estates Buy 420 675 61 8.7 13.7 14.7 -28.6 58.1 7.3 30.6 28.5 1.6 1.5 5.2 5.3
Phoenix Mills Buy 1282 1700 33 47.4 49.4 74.8 256.7 4.2 51.3 25.9 17.1 2.6 2.3 10.6 14.3
Aggregate 90.8 2.8 33.2 24.2 18.2 2.3 2.1 9.6 11.5
Retail
Avenue
Neutral 3495 3800 9 39.1 53.3 64.1 69.9 36.2 20.2 65.6 54.6 11.1 9.2 19.2 19.1
Supermarts
Aditya Birla
Buy 216 245 14 0.5 1.7 3.9 -140.6 220.5 130.1 128.9 56.0 4.3 4.0 4.0 7.4
Fashion
Bata India Neutral 1403 1535 9 24.1 33.4 43.3 200.5 38.9 29.6 42.0 32.4 7.1 5.8 18.4 19.7
Barbeque-Nation Neutral 670 700 5 6.9 10.5 13.5 -204.0 53.3 28.0 63.6 49.7 5.7 5.1 9.0 10.4
Campus
Buy 335 475 42 4.4 6.0 8.5 5.9 36.2 41.7 55.5 39.2 13.7 10.2 24.7 25.9
Activewe.
Devyani Intl. Buy 145 180 24 2.3 2.7 3.4 59.1 14.7 29.4 54.6 42.2 13.3 10.1 27.7 27.1
Jubilant Food. Buy 433 545 26 6.0 6.8 9.4 -9.0 12.5 38.3 64.0 46.3 13.6 12.7 21.3 27.4
Metro Brands Buy 802 1045 30 13.4 16.3 20.3 72.5 21.0 24.6 49.3 39.6 10.7 8.5 24.6 24.5
Relaxo Footwear Neutral 834 750 -10 6.1 10.8 15.0 -34.9 77.2 39.1 77.3 55.6 10.0 8.8 13.6 16.9
Restaurant
Buy 94 120 28 -3.9 -2.1 -1.5 -8.7 Loss Loss NM NM 6.0 5.2 -13.0 -8.6
Brands
Sapphire Foods Buy 1217 1590 31 17.0 21.2 31.7 135.5 24.2 49.6 57.5 38.4 6.2 5.3 11.4 14.9
Shoppers Stop Neutral 611 705 15 9.2 17.5 22.6 -207.1 90.0 29.3 35.0 27.0 16.0 10.0 59.3 45.6
Titan Company Buy 2549 3070 20 36.9 44.7 55.8 40.7 21.1 24.9 57.0 45.7 15.6 12.7 30.4 30.8
Trent Buy 1367 1570 15 10.3 13.6 19.6 767.0 32.0 43.9 100.4 69.8 14.1 11.6 16.3 19.5
V-Mart Retail Buy 2104 2800 33 1.9 38.5 79.7 -70.5 1,929.0 107.0 54.6 26.4 4.1 3.6 7.8 14.5

10 April 2023 33
 Click excel icon
for detailed Valuation snapshot
valuation guide

CMP TP % Upside EPS (INR) EPS Gr. YoY (%) P/E (x) P/B (x) ROE (%)
Company Reco (INR) (INR) Downside FY23E FY24 FY25 FY23 FY24E FY25E FY24E FY25E FY24E FY25E FY24E FY25E
Vedant Fashions Buy 1140 1400 23 17.2 20.9 25.7 32.4 21.8 23.1 54.5 44.3 17.0 13.9 33.2 33.4
Westlife -
Neutral 720 740 3 7.3 9.4 13.1 29.0 38.3 76.2 55.1 15.5 12.1 22.6 24.6
Foodworld 6,941.1
Aggregate 65.3 31.9 28.8 62.5 48.5 11.7 9.7 18.7 20.1
Technology
Cyient Buy 1051 1220 16 50.5 70.2 81.6 5.7 39.2 16.3 15.0 12.9 3.2 2.9 22.6 23.9
HCL Tech. Buy 1092 1360 25 54.7 63.1 71.6 9.7 15.5 13.5 17.3 15.2 4.9 5.0 28.2 32.4
Infosys Buy 1422 1750 23 58.4 65.8 75.9 11.4 12.6 15.4 21.6 18.7 8.0 8.0 37.5 42.7
LTI Mindtree Neutral 4773 4750 0 154.1 177.8 215.6 16.6 15.4 21.2 26.8 22.1 5.5 4.8 21.9 23.2
L&T Technology Buy 3599 3910 9 111.4 128.6 150.3 23.0 15.5 16.9 28.0 23.9 6.7 5.8 25.9 26.0
Mphasis Neutral 1794 1850 3 87.3 96.9 115.7 16.2 11.1 19.4 18.5 15.5 4.1 3.7 23.0 25.0
Coforge Neutral 4003 3900 -3 137.8 176.8 195.0 24.3 28.2 10.3 22.6 20.5 6.3 5.3 30.7 28.4
Persistent Sys Neutral 4544 4650 2 127.7 153.3 178.8 39.8 20.1 16.6 29.6 25.4 7.2 6.0 26.9 26.4
TCS Buy 3222 3710 15 115.9 134.3 154.6 11.4 15.9 15.2 24.0 20.8 13.2 13.1 54.9 63.0
Tech Mah Neutral 1093 1130 3 57.0 63.2 75.5 -9.0 10.9 19.4 17.3 14.5 3.2 3.0 19.3 21.8
Wipro Neutral 367 370 1 20.7 23.7 26.7 -5.4 14.1 12.7 15.5 13.8 2.9 2.8 19.0 20.8
Zensar Tech Buy 280 310 11 12.7 17.5 20.8 -30.5 37.6 18.8 16.0 13.5 2.0 1.9 13.3 14.7
Aggregate 7.8 14.9 15.3 22.1 19.1 7.3 7.0 32.9 36.8
Telecom
Bharti Airtel Buy 766 950 24 13.6 18.1 28.2 115.5 33.1 56.0 42.3 27.1 4.1 3.5 11.3 14.0
Indus Towers Neutral 142 150 6 9.2 23.2 24.9 -61.1 152.7 7.3 6.1 5.7 1.4 1.2 25.0 22.4
Vodafone Idea 6 -10.4 -9.3 -7.8 5.3 Loss Loss NM NM -0.2 -0.1 NM NM
Tata Comm Neutral 1260 1200 -5 61.5 64.9 85.1 18.6 5.6 31.1 19.4 14.8 7.8 5.1 50 41.8
Aggregate Loss Loss LP -62 199.0 28.1 26.6 -45.6 13.4
Others
APL Apollo Tubes Buy 1198 1450 21 23.5 34.5 43.9 16.7 47.2 27.2 34.7 27.3 8.9 6.9 28.7 28.5
BSE Neutral 450 480 7 12.4 18.6 21.4 -31.5 50.1 14.8 24.1 21.0 2.2 2.1 9.1 10.1
Coromandel Intl Buy 924 1180 28 70.6 69.4 74.8 35.6 -1.7 7.8 13.3 12.4 2.8 2.4 23.1 20.9
EPL Buy 162 215 32 6.3 9.3 11.4 -6.6 46.4 23.0 17.5 14.2 2.5 2.3 15.0 17.0
Indiamart Inter. Buy 5002 5800 16 95.5 111.1 141.6 -1.7 16.3 27.5 45.0 35.3 6.3 5.6 14.8 16.9
Indian Hotels Buy 327 415 27 6.6 8.2 10.1 -461.0 24.0 23.7 40.0 32.3 5.2 4.5 13.8 14.9
Interglobe Neutral 1913 2115 11 24.6 106.8 123.0 -115.4 335 15 18 15.5 -75.6 19.5 -135.8 339.1
Info Edge Neutral 3742 3800 2 31.8 59.0 68.7 -6.7 85.5 16.5 63.4 54.4 3.2 3.0 4.7 10.2
Godrej Agrovet Buy 427 500 17 12.0 20.0 24.2 -44.6 67.1 21.1 21.3 17.6 3.2 2.9 15.7 17.4
Kaveri Seed Buy 486 580 19 47.5 54.4 58.8 30.5 14.5 8.0 8.9 8.3 1.6 1.4 19.4 17.9
Lemon Tree
Buy 78 115 48 1.6 1.9 3.3 -266.4 16.1 74.8 41.3 23.6 6.1 4.9 16.0 22.9
Hotel
MCX Neutral 1495 1500 0 33.4 49.3 62.3 18.6 47.8 26.4 30.3 24.0 5.1 4.9 17.0 20.7
Quess Corp Neutral 379 410 8 12.7 23.9 37.0 -27.9 87.9 54.7 15.8 10.2 1.7 1.5 14.7 20.9
PI Inds. Buy 3029 4060 34 82.8 97.3 112.5 49.1 17.6 15.6 31.1 26.9 5.3 4.5 18.6 18.1
SIS Buy 352 520 48 20.9 26.2 34.2 7.8 25.1 30.6 13.4 10.3 0.9 0.7 15.1 17.0
SRF Neutral 2369 2560 8 75.1 81.9 97.6 23.1 9.0 19.2 28.9 24.3 5.6 4.7 21.2 21.1
Tata Chemicals Neutral 989 1010 2 83.2 67.4 57.3 67.7 -19.0 -14.9 14.7 17.3 1.2 1.1 8.3 6.7
Team Lease Serv. Neutral 2163 2330 8 67.2 77.7 119.7 3.2 15.7 54.0 27.8 18.1 3.9 3.2 14.8 19.2
Trident Buy 30 40 35 0.9 1.5 2.1 -44.6 72.6 36.6 19.5 14.2 2.9 2.4 16.7 19.2
UPL Neutral 726 760 5 70.2 75.1 84.6 10.7 7.0 12.6 9.7 8.6 1.1 1.0 19.9 18.5

10 April 2023 34
 Index and MOFSL Universe stock performance

Index 1 Day (%) 1M (%) 12M (%) Index 1 Day (%) 1M (%) 12M (%)
Sensex 0.2 -0.7 0.4 Nifty 500 0.3 -0.8 -3.7
Nifty-50 0.2 -0.6 -1.2 Nifty Midcap 100 0.6 -2.0 -2.8
Nifty Next 50 0.2 -0.3 -11.0 Nifty Smallcap 100 0.8 -2.6 -15.5
Nifty 100 0.2 -0.5 -3.7 Nifty Midcap 150 0.7 -1.7 -1.5
Nifty 200 0.3 -0.7 -3.5 Nifty Smallcap 250 0.7 -2.2 -9.3
Company 1 Day (%) 1M (%) 12M (%) Aditya Birla Capital Ltd 1.7 1.1 39.0
Automobiles 0.9 -3.4 14.3 Bajaj Fin. 2.9 -3.3 -19.1
Amara Raja Batt. -1.3 -0.2 -0.1 Cholaman.Inv.&Fn 7.4 9.2 19.4
Apollo Tyres -0.8 0.0 61.6 Can Fin Homes 4.2 -0.4 -13.3
Ashok Leyland 1.3 -6.5 9.5 Cams Services 0.7 -6.0 -15.0
Bajaj Auto 0.2 8.3 6.1 HDFC 0.9 2.0 7.6
Balkrishna Inds 0.3 -4.6 -6.2 Home First Finan -0.9 -5.8 -10.1
Bharat Forge 0.6 -8.0 4.8 Indostar Capital 5.0 -14.5 -50.4
Bosch -1.7 3.9 25.4 L&T Fin.Holdings 3.2 -5.2 -0.8
CEAT 1.2 -0.2 40.0 LIC Housing Fin. 2.5 -6.5 -13.1
Craftsman Auto -1.9 -7.0 24.0 M & M Fin. Serv. 5.3 -1.6 49.6
Eicher Motors 1.0 -6.4 17.0 Muthoot Finance 3.1 7.0 -25.3
Endurance Tech. 0.6 0.4 9.5 Manappuram Fin. 1.4 14.8 3.1
Escorts Kubota 1.5 -7.2 -1.0 MAS Financial Serv. -2.6 -7.9 20.9
Exide Inds. 0.2 -0.7 13.7 ICICI Sec 1.5 -4.8 -28.0
Hero Motocorp -0.2 -2.1 3.5 360 One 2.6 -1.6 0.9
M&M 1.3 -7.8 41.5 PNB Housing -1.1 -5.8 35.8
Mahindra CIE 1.1 -11.4 91.2 Repco Home Fin 0.0 -8.4 -4.5
Maruti Suzuki 0.7 -1.3 9.9 Shriram Finance 1.1 4.6 11.6
MRF 0.0 -3.2 24.3 Insurance
Sona BLW Precis. 0.4 -7.7 -36.6 HDFC Life Insur. 1.3 4.9 -7.5
Motherson Sumi 0.6 -18.4 -29.3 ICICI Pru Life 0.7 8.8 -14.5
Motherson Wiring 2.7 2.2 4.4 ICICI Lombard -0.5 -0.4 -20.4
Tata Motors 2.6 -0.5 -4.1 Life Insurance 0.0 -10.1
TVS Motor Co. 0.7 0.1 69.5 Max Financial 2.5 -9.2 -18.4
Tube Investments 0.1 -6.0 54.5 SBI Life Insuran 1.0 -1.1 0.8
Banks-Private 0.0 -0.9 9.5 Star Health Insu 2.7 -2.2 -24.6
AU Small Fin. Bank 2.0 -8.9 -14.8 Chemicals
Axis Bank -1.0 -0.9 10.1 Alkyl Amines 0.9 -10.0 -32.9
Bandhan Bank 0.7 -10.4 -33.9 Atul 1.4 -0.1 -29.2
DCB Bank -1.6 -8.4 33.2 Clean Science 1.5 -3.8 -30.3
Equitas Sma. Fin 2.9 0.0 15.3 Deepak Nitrite 0.1 -1.3 -22.4
Federal Bank -1.2 -5.3 27.8 Fine Organic -1.0 -4.7 3.0
HDFC Bank 0.7 2.5 7.4 Galaxy Surfact. 0.1 0.8 -20.3
ICICI Bank -1.1 0.8 18.1 Navin Fluo.Intl. 0.3 0.9 2.9
IDFC First Bank 0.2 -3.7 26.8 NOCIL -1.3 -5.4 -12.7
IndusInd Bank 1.5 -3.5 11.8 Vinati Organics 1.6 -1.5 -6.2
Kotak Mah. Bank 0.3 0.3 -1.2 Cement
RBL Bank 2.2 -13.4 2.8 Ambuja Cem. 0.9 -0.5 19.6
SBI Cards 1.7 -0.7 -12.0 ACC 1.4 -8.2 -20.2
Banks-PSU 0.3 -5.6 27.5 Birla Corp. 0.3 3.5 -18.2
BOB -0.1 -3.6 39.3 Dalmia Bhar. 0.9 9.3 25.3
Canara Bank 0.1 -6.9 14.8 Grasim Inds. 0.6 4.4 -1.7
Indian Bank -0.4 0.5 71.5 India Cem 0.2 -5.7 -15.3
Punjab Natl.Bank 1.1 -8.0 25.4 J K Cements -1.0 1.8 7.8
St Bk of India 1.0 -6.0 2.7 JK Lakshmi Ce -2.8 16.4 74.1
Union Bank (I) -0.4 -7.2 53.7 Ramco Cem -0.7 3.7 -6.2
NBFCs 0.5 0.5 4.3 Shree Cem -1.4 2.5 5.8
Angel Broking 1.4 5.6 -29.1 Ultratech 0.1 6.9 14.3
Note: Sectoral performance are of NSE/BSE Indices

10 April 2023 35
 Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%) Company 1 Day (%) 1M (%) 12M (%)
Consumer -0.5 1.2 22.7 Sun TV 0.5 -3.7 -15.1
Asian Paints 0.0 -2.0 -11.0 Zee Ent. -0.7 8.8 -26.9
Britannia -0.7 -0.4 30.9 Metals 0.6 -2.7 -17.9
Colgate-Palm. 0.1 2.2 -3.1 Hindalco 0.5 -2.3 -30.3
Dabur -4.0 -2.0 -2.9 Hind. Zinc 2.0 -0.1 -6.6
Emami -0.7 -8.8 -21.8 JSPL 0.2 -6.4 -3.0
Godrej Cons. -0.2 5.7 28.5 JSW Steel -0.6 1.3 -7.4
HUL -0.7 3.2 19.7 Nalco 0.5 -5.8 -39.0
ITC 0.3 -0.2 49.2 NMDC -0.6 -2.7 -10.1
Indigo Paints 2.9 3.3 -32.6 SAIL -0.4 -6.1 -25.6
Jyothy Lab -0.9 2.6 30.2 Tata Steel -0.4 -1.2 -23.9
Marico -0.6 -4.3 -8.0 Vedanta -4.5 -4.8 -36.8
Nestle -0.5 6.4 8.2 Oil & Gas 0.8 -1.4 -12.8
Page Inds -2.4 -2.3 -18.0 Aegis Logistics -2.7 4.4 76.4
Pidilite Ind. 0.2 -0.9 -7.8 BPCL 1.1 2.2 -13.9
P&G Hygiene 0.1 1.0 -2.1 Castrol India 0.0 -2.0 8.8
Tata Consumer 0.4 2.3 -9.8 GAIL 0.1 -3.3 -2.5
United Brew -1.0 -3.7 -9.3 Gujarat Gas 0.8 -9.0 -11.0
United Spirits 0.1 0.1 -18.4 Gujarat St. Pet. 2.4 -7.0 -4.0
Varun Beverages -4.2 3.1 114.7 HPCL 1.0 3.4 -21.6
Healthcare 0.8 4.0 -10.8 IOC 0.7 -2.0 -7.5
Alembic Phar 1.6 -3.7 -33.4 IGL 4.3 3.9 21.0
Alkem Lab -0.4 7.6 -2.9 Mahanagar Gas 2.6 -0.4 19.8
Apollo Hospitals 0.0 -4.8 -6.9 MRPL -1.4 1.6 7.2
Ajanta Pharma 1.1 9.1 9.5 Oil India -2.7 -2.9 7.4
Aurobindo 2.6 14.7 -24.0 ONGC -1.5 -4.7 -12.8
Biocon 1.6 -4.7 -38.3 PLNG 0.1 5.1 17.8
Zydus Lifesci. 0.2 3.8 33.7 Reliance Ind. 0.7 -2.8 -10.6
Cipla -0.3 1.3 -13.2 Real Estate 2.8 -1.4 -14.7
Divis Lab 1.3 2.7 -33.4 Brigade Enterpr. 1.0 -0.9 -5.2
Dr Reddy’s 0.4 6.0 10.1 DLF 4.3 6.4 -3.7
ERIS Lifescience 1.0 -5.2 -19.3 Godrej Propert. 6.6 -3.5 -33.1
Gland Pharma -0.7 -1.5 -62.3 Mahindra Life. 2.1 2.8 -4.6
Glenmark 0.5 14.5 1.5 Macrotech Devel. 1.9 -6.4 -21.3
GSK Pharma -0.1 0.4 -20.0 Oberoi Realty Ltd 4.2 1.4 -9.3
IPCA Labs 2.4 3.5 -18.9 Sobha 1.9 -20.2 -36.5
Laurus Labs -0.4 -5.1 -49.7 Phoenix Mills -1.2 -6.7 21.5
Lupin 0.8 0.2 -14.1 Prestige Estates 1.2 4.4 -14.2
Piramal Pharma -1.4 -10.4 Retail
Solara Active 0.1 -7.8 -54.8 Aditya Bir. Fas. 4.3 -8.8 -31.6
Sun Pharma 1.5 4.8 9.0 Avenue Super. -4.3 1.5 -14.8
Infrastructure 0.4 0.0 -1.0 Bata India -2.0 -1.3 -30.4
Torrent Pharma -0.4 4.9 15.2 Campus Activewe. 0.5 -16.6
G R Infraproject -0.9 1.3 -35.6 Barbeque-Nation 11.1 -7.0 -43.3
IRB Infra.Devl. 0.2 -16.6 -1.4 Devyani Intl. -1.0 -4.6 -17.0
KNR Construct. -0.4 -8.4 -11.8 Jubilant Food -0.5 -3.1 -21.8
Logistics Metro Brands -0.9 -0.6 33.7
Blue Dart Exp. 2.4 0.3 -5.0 Relaxo Footwear -0.5 9.3 -27.8
Container Corpn. -0.4 -5.3 -19.8 Restaurant Brand -0.5 -1.6 -18.1
Mahindra Logis. 1.4 3.9 -27.9 Sapphire Foods 1.3 -2.8 -13.1
Transport Corp. 0.2 -1.6 -3.9 Shoppers St. -3.7 -5.3 29.0
TCI Express -1.1 -3.4 -19.7 Titan Co. -0.9 6.0 0.3
Media 0.6 -1.0 -28.6 Trent 0.2 3.1 2.8
PVR 1.0 -3.2 -19.6 V-Mart Retail -1.7 -12.3 -42.6
Vedant Fashions 0.6 -4.2 8.0

10 April 2023 36
 Index and MOFSL Universe stock performance

Company 1 Day (%) 1M (%) 12M (%)

Westlife Food -0.7 7.6 48.7
Technology -0.7 -4.7 -19.8
Cyient -0.4 10.0 12.9
HCL Tech. -1.7 -3.1 -6.8
Infosys -0.1 -5.7 -22.2
LTIMindtree -1.2 -1.1 -24.6
L&T Technology -1.5 -3.0 -30.0
Mphasis -1.2 -16.1 -43.9
Coforge -1.8 -7.5 -10.4
Persistent Sys -0.1 -6.9 -6.8
TCS -0.5 -4.4 -14.2
Tech Mah -1.0 0.2 -25.1
Wipro -0.8 -6.9 -38.2
Zensar Tech 1.4 0.0 -27.1
Telecom 0.0 -3.5 -20.7
Bharti Airtel 0.4 -0.1 -1.2
Indus Towers -1.1 -14.7 -34.7
Idea Cellular 0.3 -9.9 -42.1
Tata Comm -0.9 4.0 -0.7
Utiltites 0.7 3.4 -20.5
Coal India -0.3 -1.4 14.4
NTPC -0.5 -1.0 14.4
Power Grid Corpn -0.2 -0.8 -4.8
Others
APL Apollo Tubes 0.6 -3.9 17.9
BSE -0.1 -6.4 -50.4
Coromandel Intl 3.0 -1.0 11.2
EPL Ltd 0.1 -2.8 -13.2
Indiamart Inter. -1.0 1.0 0.1
Godrej Agrovet 0.9 -3.1 -19.4
Indian Hotels 0.9 2.1 30.1
Interglobe -0.8 3.1 -3.4
Info Edge 0.1 5.4 -20.9
Kaveri Seed -1.1 -10.6 -19.9
Lemon Tree Hotel -0.6 -4.0 17.4
MCX 1.4 2.5 1.7
Piramal Enterp. 2.2 -10.5 -43.5
PI Inds. 0.0 -2.1 4.8
Quess Corp 0.1 2.4 -44.3
SIS -0.1 -2.0 -31.6
SRF -0.2 3.0 -11.8
Tata Chemicals 1.4 -1.3 -1.2
Team Lease Serv. 0.3 -14.7 -46.7
Trident 2.8 -2.4 -47.4
UPL -0.9 2.0 -9.8

10 April 2023 37
 Explanation of Investment Rating
Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take appropriate measures to make the recommendation
consistent with the investment rating legend.
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