Sintex Plastics Technology Ltd is headquartered in Kalol, Gujarat. SPTL enjoys a global presence through its subsidiaries - Sintex NP SAS (Europe) and Sintex Wausaukee Composites Inc. (US). Its Indian subsidiaries include Sintex BAPL for its custom moulding business and Sintex Prefab and Infra Ltd, which undertakes EPC contracts for infrastructure projects across the nation. SPTL entered the storage tanks manufacturing space in the 1970s and later diversified into the custom moulded electricals space through the production of SMC products. also leveraged its plastics expertise to enter the building construction space through prefabricated...

Company Update

We initiate coverage on Suzlon Energy Ltd as a BUY with a price objective of Rs 42.8 which represents a potential upside of 115% from the CMP of Rs 19.9

Indo Count Industries Ltd. (ICIL) reported a subdued Q4FY17 results on expected lines. Net sales came in flat yoy at Rs 512.9Crs. EBITDA and PAT stood at Rs 90.1crs and Rs 48.1crs respectively.

Over the FY13-17 period ICIL's revenue, EBITDA and PAT have grown at a CAGR of 16.1%, 44.6% and 67.8% respectively. The company's focus going forward for the current year will be towards efficient utilization of all resources, increased global market share in bedding, promote domestic brand pan India. The company has completed phase 1 capex of increasing its capacity expansion from 68 mn meters to 90 mn meters. Under phase 2 capex, the company is awaiting land approvals from regulatory authorities for its in-house weaving capacity. Going forward the management has guided for EBITDA margins of 20%. For FY18, the company's target...

higher other expenses (+910bp to 28.6% v/s 19.5% in 4QFY16). Consequently, PAT declined 28.1% from INR679m in 4QFY16 to INR488m (est. of INR669m) in the quarter. For FY17, revenue grew 7% to INR22.6b, EBITDA margin shrunk 300bp to 19% and PAT declined 11% to INR2,567m. ICNT ended FY17 with volumes of 56m mtrs v/s 54m mtrs in FY16 (+3.7%)....

Management maintains 20% EBITDA margin guidance: Management expects volumes to grow by ~10% in FY18 while it expects EBITDA margin to be atleast 20% during FY18. The company expects cotton prices to moderate from Q4FY17 levels which should aid cost benefits. Indo Count has hedged 60% of its FY18 receivables. Although INR has appreciated recently against the USD, Indo Count expects to maintain margins with improved product mix, cost efficiencies and operating...

Tiger Logistics Ltd. (Tiger or the Company) reported healthy set of numbers for 4Q FY17. During the quarter, net sales increased by 18% to Rs 892 mn (Rs 788 mn 4Q FY16). In 4Q FY17, EBITDA grew by 59% to Rs 51 mn (Rs 32 mn 4Q FY16) while the EBITDA margin stood at 5.7%. Profit before tax (PBT) increased substantially by 63% to Rs 47.6 mn...

Indo Count Industries (ICIL) has reported a poor set of numbers this quarter in continuation with its previous 3 quarters' trend. Sales at INR 513 cr were flat and much below our...

COMPANY UPDATE

Sanghvi Movers Ltd (SML) witnessed a moderate YoY growth of 4.2% to Rs.5531 Mn compared to Rs.5308 Mn in FY16, mainly contributed by the wind mill sector (highest contributing sector) witnessing a growth of 21.3%, followed by Steel & Metal sector, however the growth in the sectors like Power, Refinery & Gas and Cement witnessed a drop of -18.1%, -33.0% and -58.3% respectively. The utilization and average yield per month during the year witnessed a drop to 78.0% & 2.8% respectively from 82.0% & 3.0% in FY16.

Zee Learn Ltd. (ZLL) Q4FY17 reported revenues at INR 60cr (up ~20% YoY) in line with our estimate. The sales growth was led by healthy growth in student enrollment in Mount Litera (K-12) Schools

Vikas Ecotech Ltd., (VEL) posted 4QFY17 result with a revenue growth of ~6.5% / ~21.9% YoY / QoQ, respectively, to Rs. 1,033mn led by normalization of demonetization effect and increase in manufacturing activity. The manufacturing revenue contributed 87% vs 83% (Q4FY16) of total sales to Rs.896.5mn and trading revenue contributed 13% vs 17% (Q4FY16) to Rs.136.5 mn. EBITDA stood at Rs.208mn with margins of 20.2%, an expansion of ~ -106 bps / ~228 bps YoY/QoQ, respectively. VEL's recurring PAT was Rs 154mn vs Rs 106mn in 4QFY16, a YoY/QoQ growth of...

Intellect Design Arena (INDA) posted strong Q4 numbers, with a 11.3% QoQ jump ( 11.9% CC) in USD revenues (USD 37.4mn vs est of USD 35.0mn). The growth in revenue was owing to deal wins, higher licence fees and 16 go-lives in the quarter.

Zee Learn Ltd. (ZLL) reported Q1FY18 standalone revenues at INR 52cr (up ~23% YoY) in-line with our estimate. The sales growth was led by healthy growth in student enrollment in Mount Litera...

Granules India Limited (GIL) reported a top line of INR 386 cr, showing an annual growth of 10%. The strong uptick in numbers has been primarily on account of higher formulations...

Granules India Limited (GIL) is an integrated Active Pharmaceuticals Ingredients (API), Pharmaceutical Formulation Intermediates (PFI) and Finished Dosages (FD) player with global presence.

Burdened by high leverage, continuous investments and setbacks in select geographies like Venezuela, the Glenmark (GNP) stock has significantly underperformed over the last two years. However, with the large gZetia cash flow coming in and monetisation of its novel pipeline, we expect debt reduction to play out and be a key trigger for the stock to re-rate.

UFO Moviez Q1FY18 advertisement revenue growth of 24% YoY beat our forecast. So did the over-all revenue growth of 14% YoY, due to higher hardware sales. The latter, resulted in EBITDA margin missing our forecast. However, EBITDA (Rs402, +9.4% YoY) and EPS (Rs5, +83% YoY) was inline with our forecast. UFO Moviez has maintained its FY18 advertisement revenue growth guidance of 30% YoY, in-line with our expectation. We largely maintain our FY18/19 revenue/EBITDA/EPS forecast. We maintain BUY with TP of 690 based on EV/EBITDA of 8x FY19E....

We believe that despite a double-hit Demonetisation and GST UFO Moviez' InCinema advertisement is set for a 30%+ growth in FY18/19. We expect higher impact of GST in Q1FY18 vs. our earlier expectation and forecast a 13.2% YoY growth vs. 19.2% earlier. However, our FY18 forecast remains largely in-tact (-0.5%). Q1 has been between 16.6% and 23% of the full year advertisement revenue in FY15-17 and is 18.8% of our revised FY18 forecast. We largely maintain our FY18/19 revenue/EBITDA/EPS forecast. We maintain BUY with TP of 690 based on EV/EBITDA of 9x FY19E. Key Highlights and Investment Rationale...