25 june 2020 results review 4qfy20 kolte patil developers patil - 4qfy20... · 2020-06-25 · kolte...
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25 June 2020 Results Review 4QFY20
Kolte Patil Developers
HSIE Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
Valuation affordable
KPDL reported operationally strong 4QFY20 with pre-sales of 0.67mn sqft (6%
YoY) on continued strong response to Life Republic project in Pune (34% of
pre-sales). Total pre-sales for FY20 were at 2.5mn sqft in-line with
management guidance of 2.5-2.7mn sqft. 4QFY20 collections remained healthy
at Rs 3.8bn, rising 12% YoY. For the year FY20, collection stood at ~Rs 14bn
(+9.7% YoY), highest ever in KPDL history. We maintain BUY on KPDL as it
has a) comfortable liquidity position (FY20- Rs 2.6bn FCF, Net D/E 0.35x) b)
strong affordable residential project mix (at average <Rs 5,500/sqft realization)
& c) robust launch pipeline (~8-10mn sqft). Delay in demand recovery due to
Covid-19 is a key risk to our estimates. We revise our FY21/FY22 estimates by
109/21% and raise our TP to Rs 240/sh (vs Rs 228/sh earlier).
POCM nos beat our estimates: In order to maintain continuity, KPDL also
report key financials under POCM. On like to like basis, revenue came in at
Rs 2.8bn (-26% YoY, 36% beat), EBITDA at Rs 553mn (-46% YoY, 42% beat)
and APAT at Rs 312mn (-32.1% YoY, ~3x our estimates).
Construction activity started; leveraging digital channels for sales: KPDL
has started construction activity at some of the key sites in Pune and
Bengaluru since early May-20. Labor availability is at 40% and KPDL
expects it to reach 70% by Sept/Oct-20. Given that most of its projects are in
areas which are worst affected by pandemic, KPDL ramped up its digital
presence and was able to sell 180 units till April’ 20. KPDL has achieved 50-
60% of its pre-sales run rate in last 30days through digital channels at the
moment with good response from NRI customers. We expect 2mn sqft/Rs
11bn, FY20 presales volume/value and Rs 9.5bn collections.
Collections to further improve balance sheet position: Consolidated debt
reduced to Rs 4.3bn (vs Rs 5.2bn on Dec’19). With ~Rs 1bn of cash, Net D/E
stood at 0.35x, well within management guidance of 0.5x. Despite low
leverage, company has taken moratorium on loan during April-June period
to conserve cash. We expect liquidity position to improve further with
proceeds from land monetization deal with Planet Smart City (Rs 910mn),
collections for presales done up to FY20 (balance collections - Rs 13.5bn,
construction cost of ~Rs 7.5bn, FCF pre tax Rs 6bn) and monetization of
ready to move inventory (Rs 2.7bn).
FY21 launch pipeline strong: After no new launch in FY20, KPDL is
planning to launch seven projects in FY21 across Mumbai and Pune with
topline potential of Rs 31bn. Of the four projects planned for Pune, three will
be commercial. Three projects planned in Mumbai are redevelopment
projects and are for residential/retail.
Financial summary
YE March (Rs mn) 4QFY20 4QFY19 YoY (%) 3QFY20 QoQ (%) FY19 FY20 FY21E FY22E
Net Sales 2,217 1,954 13.5 1,302 70.3 8,693 11,295 9,495 12,454
EBITDA 38 767 (95.0) 28 38.3 2,471 2,336 2,177 2,997
APAT (164) 401 - (131) (25.8) 755 657 565 1,121
Diluted EPS (Rs) (2.2) 5.3 - (1.7) (25.8) 10.0 8.7 7.5 14.8
P/E (x)
16.3 18.7 21.7 11.0
EV / EBITDA (x)
7.1 7.3 7.9 5.7
RoE (%)
5.6 5.2 3.7 10.1
Source: Company, HSIE Research
BUY
CMP (as on 24 June 2020) Rs 162
Target Price Rs 240
NIFTY 10,305
KEY
CHANGES OLD NEW
Rating BUY BUY
Price Target Rs 228 Rs 240
EPS change (%)
FY21 FY22
109 21
KEY STOCK DATA
Bloomberg code KPDL IN
No. of Shares (mn) 76
MCap (Rs bn) / ($ mn) 12/162
6m avg traded value (Rs mn) 15
52 Week high / low Rs 288/103
STOCK PERFORMANCE (%)
3M 6M 12M
Absolute (%) 43.3 (36.8) (21.4)
Relative (%) 12.6 (20.9) (10.6)
SHAREHOLDING PATTERN (%)
Dec-19 Mar-20
Promoters 74.63 74.63
FIs & Local MFs 0.07 0.03
FPIs 14.17 14.44
Public & Others 11.13 10.90
Pledged Shares 0.0 0.0
Source : BSE
Parikshit D Kandpal, CFA
parikshitd.kandpal@hdfcsec.com
+91-22-6171-7317
Rohan Rustagi
rohan.rustagi@hdfcsec.com
+91-22-3021-7355
Page | 2
Kolte Patil Developers: Results Review 4QFY20
Quarterly Financials Snapshot - Standalone
Particulars (Rs mn) 4QFY20 4QFY19 YoY (%) 3QFY20 QoQ (%) FY20 FY19 YoY (%)
Net Sales 2,217 1,954 13.5 1,302 70.3 11,295 8,692 30.0
Material Expenses (1,755) (678) 158.9 (883) 98.9 (7,327) (4,543) 61.3
Employee Expenses (155) (134) 15.7 (133) 16.7 (587) (538) 9.1
Other Operating Expenses (269) (375) (28.3) (259) 3.9 (1,045) (1,141) (8.4)
EBITDA 38 767 (95.0) 28 38.3 2,336 2,471 (5.4)
Interest Cost (132) (318) (58.4) (217) (39.1) (797) (920) (13.4)
Depreciation (29) (36) (19.7) (49) (40.7) (172) (149) 15.3
Other Income 91 25 264.4 42 115.9 470 110 325.7
PBT (32) 438 - (196) 83.8 1,837 1,510 21.6
Minority Interest (143) 66 - 13 - (273) (239) 14.4
Tax 10 (103) - 53 (80.1) (839) (519) 61.7
RPAT (164) 401 - (131) (25.8) 725 755 (3.7)
E/o (adj for tax) - - - - - (67) - -
APAT (164) 401 - (131) (25.8) 657 755 (12.6)
Source: Company, HSIE Research
Margin Analysis
MARGIN ANALYSIS 4Q
FY20
4Q
FY19
YoY
(bps)
3Q
FY20
QoQ
(bps) FY20 FY19
YoY
(bps)
Material Expenses % Net Sales 79.2 34.7 4,445 67.8 1,136 64.9 52.3 1,260
Employee Expenses % Net Sales 7.0 6.9 14 10.2 (321) 5.2 6.2 (99)
Other Operating Expenses %
Net Sales 12.1 19.2 (706) 19.9 (774) 9.3 13.1 (388)
EBITDA Margin (%) 1.7 39.3 (3,753) 2.1 (40) 20.7 28.4 (773)
Tax Rate (%) 33.0 23.5 948 26.9 606 45.7 34.4 1,131
APAT Margin (%) (7.4) 20.5 (2,793) (10.0) 262 6.4 8.7 (224)
Source: Company, HSIE Research
Pre-sales Trend
Pre-sales trend 4QFY20 4QFY19 YoY
(%) 3QFY20
QoQ
(%) FY20 FY19
YoY
(%)
Sales Volume (mn sqft) 0.67 0.63 6.3 0.82 (18.3) 2.5 2.7 (7.4)
Sales Value (Rs mn) 3,549 3,553 (0.1) 4,084 (13.1) 13,148 14,316 (8.2)
Average Realization
(Rs/sqft) 5,292 5,623 (5.9) 4,966 6.6 5,280 5,302 (0.4)
Collections (Rs mn) 3,781 3,366 12.3 3,200 18.2 13,680 12,473 9.7
Source: Company, HSIE Research
Net D/E Trend
Pre-sales trend 3Q
FY19
4Q
FY19
1Q
FY20
2Q
FY20
3Q
FY20
4Q
FY20 Comments
Gross Debt 7,640 8,070 7,580 7,710 7,800 7,280
Structure NCDs (2,690) (2,240) (1,890) (1,840) (1,960) (1,960)
Deducting NCD & CCD as they
are equity structured as debt by
KPDL and JVs
Cash (990) (670) (810) (1,090) (640) (980)
Current Investments - - - - - -
Net Debt 3,960 5,160 4,880 4,780 5,200 4,340
Networth 8,090 8,400 9,570 9,360 9,230 9,050 FY19 onwards as per IND AS 115
Net D/E (x) 0.49 0.61 0.51 0.51 0.56 0.48
Source: Company, HSIE Research
4QFY20 revenue: Rs 2.2bn
(+13.5% YoY, 70% QoQ)
EBITDA: Rs 38mn (-95%
YoY, +38% QoQ)
Interest expense stood at
Rs 132mn (-58% YoY, -39%
QoQ)
Adjusted Net Loss came in
at Rs 164mn (vs profit of
Rs 401mn in 4QFY19)
Net debt under CCM
stands at Rs 4.3bn (vs Rs
5.2bn as of Dec-19) and net
D/E at 0.48x (vs 0.56x on
Dec-19)
KDPL generated pre-tax
operating cash flow of Rs
4bn and free cash flow of
Rs 2.6bn in FY20. Cash and
cash equivalent stood at
Rs 980mn on FY20 end
New bookings: KPDL
recorded 0.67mn sqft sales
in 4QFY20 (+6% YoY, -18%
QoQ). Pre-sales were Rs
3.5bn (-0.1% YoY, -13.1%
QoQ)
Realizations came in at Rs
5,292sqft (-6% YoY, +7%
QoQ) in 4QFY20.
Collections came in at Rs
3.8bn (+12% YoY, +18%
QoQ)
For the year FY20, sales
stood at 2.5mn sqft (-7%
YoY), pre-sales at Rs
13.1bn (-8% YoY), average
realization at Rs 5,280 (-
0.4% YoY) and collections
at Rs 13.7bn (+10% YoY)
Page | 3
Kolte Patil Developers: Results Review 4QFY20
Valuation- Maintain BUY with NAV target at Rs 240/sh
We have valued KPDL using DCF and arrived at a target price of Rs 240/share.
We do not give any NAV premium. This is to factor in (1) Limited further
property price appreciation & (2) No new land bank additions envisaged. This
increase in target price is on account of decrease in Net Debt as of FY20
Life Republic township project has an FSI potential of 1.7x whereas current
potential saleable area is considered based on an FSI of 1x. In terms of value, this
could add about Rs 64/share to NAV and about ~20mn sqft to the gross saleable
area or (~10mn sqft KPDL share).
Valuation Table
Rs mn New NAV Comments
Gross NAV 24,459 Including ongoing, forthcoming projects and land bank
Less Net debt (6,300) Net Debt as on end FY20 (incl. Structured obligations)
Current Investments 0 Investment in Marketable securities
NAV 18,159
Shares outstanding (mn) 76
NAV/share (Rs) 240
Discount to NAV 0%
No NAV discount (1) due to stability in property prices
post 7-10% correction & (2) New opportunities through
JDA, Affordable housing etc
Target Price (Rs) 240
Source: Company, HSIE Research
Estimates Change Summary
Particulars FY21E New FY21E Old % Change FY22E New FY22E Old % Change
Revenues (Rs mn) 9,495 7,915 20.0 12,454 11,750 6.0
EBITDA (Rs mn) 2,177 1,386 57.1 2,997 2,434 23.2
EBITDA (%) 22.9 17.5 541.7 24.1 20.7 335.4
APAT (Rs mn) 565 271 108.7 1,121 925 21.2
EPS (Rs/sj) 7.5 3.6 108.7 14.8 12.2 21.2
Source: Company, HSIE Research
Change in estimate to
factor better than expected
completion under CCM
and higher EBIDTA
margins as Mumbai
projects are coming for
revenue recognition under
CCM during FY21E
Page | 4
Kolte Patil Developers: Results Review 4QFY20
Real Estate Development – NAV Calculation Methodology
We have divided KPDL’s entire land bank (with launch visibility over the next 5
years) into residential projects (based on the information given by the company).
We have arrived at the sale price/sq ft. and the anticipated sales volumes for each
project based on our discussions with industry experts.
We have deducted the cost of construction based on our assumed cost estimates,
which have been arrived at after discussions with industry experts. We have
further deducted marketing and other costs that have been assumed at 5% of the
sales revenue. We have then deducted income tax based on the tax applicable for
the project.
The resultant cash inflows at the project level have been discounted based on
WACC of 13% (cost of equity 15.1% based on beta of 1.1x & debt/equity ratio of
0.4x). All the project level NAVs have then been summed up to arrive at the NAV
of the company. From the NAV, we have deducted the net debt and likely outgo
on balance land payments as of FY20 to arrive at the final valuation of the
company.
Key Valuation Assumption
In the exhibit below we highlight our sales and cost inflation forecasts. We expect
property price appreciation in line with WPI inflation, i.e. 5% and peg cost
inflation slightly higher at 6%. We forecast other costs including marketing, SGA
and employee costs at 15% of sales. We have discounted the cash flows using
13% as hurdle rate.
Base Case Assumption Table
Assumptions %
Discount rate 13%
Annual rate of inflation - sales price 5%
Annual rate of inflation - cost of construction 6%
Other costs - marketing, SGA, employee cost (as % sales) 15%
Tax rate (%) 26%
Base Property Price & Construction Cost Assumption
Location City Prices Rs/sqft Cost Rs/sqft
Wagholi Pune 3,750 1,800
Hinjewadi Pune 5,000 2,100
Kharadi Pune 5,500 2,200
Undri-NIBM Pune 4,800 2,200
Mohamad Wadi Pune 4,500 2,200
Aundh Annexe Pune 5,700 2,500
Boat Club Road Pune 9,500 3,500
Kondhwa Pune 4,000 2,000
Viman Nagar Pune 9,400 3,500
Aundh Pune 7,400 2,600
Kalyani Nagar Pune 8,200 2,800
Bavdhan Pune 4,700 2,000
Andheri Mumbai 14,500 7,500
Vile Parle Mumbai 20,000 9,500
Koramangla Block III Bangalore 7,000 2,400
Hosur Road Bangalore 6,000 2,300
Kannur Road Bangalore 3,300 1,800
Source: HSIE Research
Our pricing assumptions
are moderate and at a 5-
10% discount to the
current prevailing prices
Construction cost
assumptions are higher
than the KPDL estimates.
Page | 5
Kolte Patil Developers: Results Review 4QFY20
NAV Sensitivity Analysis
Sensitivity to our assumption of property prices
Our model is sensitive to changes in the assumptions regarding property prices.
For every 1% change in the base property prices, the NAV will change by
approximately 2.7%
% change in sale price -10 -5 0 5 10
NAV/share (Rs) 175 208 240 272 302
Change in NAV (%) (27.1) (13.4) - 13.5 26.1
Sensitivity of NAV to changes in sales’ inflation
In our base case, we have assumed annual sale price inflation of 5%. For every
100bps increase in the annual sale price inflation, the NAV will increase by
approximately 6.9%
Sales inflation rates (%) 3 4 5 6 7
NAV/share (Rs) 208 224 240 256 272
Change in NAV (%) (13.4) (6.7) - 6.9 13.7
Sensitivity of NAV to changes in cost inflation
In our base case, we have assumed cost inflation to be 6%. For every 100bps
increase in construction cost inflation, the NAV will change by approximately
4.5%
Cost inflation rates (%) 4 5 6 7 8
NAV/share (Rs) 262 251 240 229 218
Change in NAV (%) 9.2 4.6 - (4.5) (9.1)
The combined impact of a 100bps increase in sale price inflation and cost inflation
will be a NAV increase of 2.4%.
Sensitivity of NAV to changes in the discount rate
In our base case, we have assumed a discount rate of 13%. For every 100bps
increase in the discount rate, the NAV will fall by ~5.1%.
WACC rates (%) 11 12 13 14 15
NAV/share (Rs) 264 252 240 227 215
Change in NAV (%) 10.3 5.2 - (5.1) (10.2)
1% increase in average
base sale price impacts our
NAV positively by 2.7%
Every 100bps increase in
sales price inflation
impacts our NAV
positively by 6.9%
100bps increase in cost
inputs decreases our NAV
by 4.5%
100bps increase in
discounting rate impacts
our NAV negatively by
5.1%
Page | 6
Kolte Patil Developers: Results Review 4QFY20
Financials Consolidated Income Statement Year ending March FY16 FY17 FY18 FY19 FY20E FY21E FY22E
Net Sales 7,538 9,656 12,192 8,693 11,295 9,495 12,454
Growth (%) 8.2 28.1 26.3 (28.7) 29.9 (15.9) 31.2
Material Expenses 4,252 6,082 7,819 4,543 7,327 5,761 7,463
Employee Expenses 480 422 370 538 587 616 678
Other Operating Expenses 821 753 970 1,141 1,045 940 1,317
EBIDTA 1,984 2,400 3,033 2,471 2,336 2,177 2,997
EBIDTA (%) 26.3 24.9 24.9 28.4 20.7 22.9 24.1
EBIDTA Growth (%) (2.9) 21.0 26.4 (18.5) (5.5) (6.8) 37.7
Other Income 165 82 156 111 470 131 131
Depreciation 152 149 153 149 172 184 218
EBIT 1,998 2,334 3,036 2,433 2,633 2,125 2,910
Interest 840 860 987 920 797 956 969
PBT 1,158 1,473 2,049 1,513 1,837 1,169 1,942
Tax 535 624 493 518 840 374 641
Minority Interest (34) 23 (322) (240) (273) (230) (180)
Share of associates - - - - - - -
RPAT 623 872 1,234 755 724 565 1,121
EO items (net of tax) - - (18) - (67) - -
APAT 589 872 1,216 755 657 565 1,121
APAT Growth (%) (9.8) 48.0 39.5 (37.9) (13.0) (14.0) 98.4
EPS 7.8 11.5 16.0 10.0 8.7 7.5 14.8
EPS Growth (%) (9.8) 48.0 39.5 (37.9) (13.0) (14.0) 98.4
Source: Company, HSIE Research
Consolidated Balance Sheet As at March FY16 FY17 FY18 FY19 FY20E FY21E FY22E
SOURCES OF FUNDS
Share Capital 758 758 758 758 758 758 758
Reserves 7,066 7,880 9,080 7,643 8,292 8,659 9,583
Total Shareholders Funds 7,824 8,638 9,838 8,401 9,050 9,417 10,341
Minority Interest 3,024 2,666 2,075 59 149 379 559
Long Term Debt 6,443 1,417 1,478 2,623 1,985 2,005 2,205
Short Term Debt 1,469 3,903 2,527 3,207 3,812 3,812 3,812
Total Debt 7,912 5,320 4,005 5,830 5,797 5,817 6,017
Deferred Taxes 25 (25) (225) (1,755) (1,408) (1,408) (1,408)
Long Term Provisions & Others 174 2,432 3,270 2,585 2,785 2,650 2,650
TOTAL SOURCES OF FUNDS 18,959 19,032 18,964 15,121 16,372 16,855 18,158
APPLICATION OF FUNDS
Net Block 1,137 1,061 968 837 736 852 934
CWIP 19 22 - 5 6 6 6
Goodwill 211 211 207 207 2,013 2,013 2,013
Other Non Current Assets 1,689 1,662 2,632 2,621 2,818 2,179 2,199
Inventories 20,390 20,607 18,364 28,270 27,582 26,014 27,298
Debtors 1,468 1,770 1,828 1,079 617 1,431 1,877
Cash & Equivalents 849 797 1,183 638 972 817 1,110
ST Loans & Advances, Others 1,949 1,972 1,208 861 944 2,220 2,645
Total Current Assets 24,655 25,147 22,583 30,848 30,114 30,482 32,930
Creditors 1,538 1,761 2,498 2,535 2,825 3,107 3,418
Other Current Liabilities & Provns 7,214 7,311 4,929 16,862 16,492 16,096 17,031
Total Current Liabilities 8,752 9,072 7,427 19,397 19,317 19,203 20,449
Net Current Assets 15,903 16,075 15,156 11,451 10,797 11,279 12,481
TOTAL APPLICATION OF FUNDS 18,959 19,032 18,964 15,121 16,372 16,855 18,158
Source: Company, HSIE Research
Page | 7
Kolte Patil Developers: Results Review 4QFY20
Consolidated Cash Flow Year ending March FY16 FY17 FY18 FY19 FY20E FY21E FY22E
PBT before minority 1,158 1,473 2,028 1,512 1,837 1,169 1,942
Non-operating & EO items (132) (29) 60 (0) (370) (131) (131)
Taxes (652) (494) (781) (706) (649) (374) (641)
Interest expenses 840 860 987 920 797 956 969
Depreciation 152 149 154 149 172 184 218
Working Capital Change (1,002) (543) (878) (2,552) 1,057 (637) (909)
OPERATING CASH FLOW ( a ) 364 1,417 1,569 (676) 2,844 1,167 1,448
Capex (328) (77) (42) (24) (105) (300) (300)
Free cash flow (FCF) 37 1,340 1,528 (700) 2,739 867 1,148
Investments (1,046) 496 417 183 (550) 111 111
INVESTING CASH FLOW ( b ) (1,374) 419 376 159 (655) (189) (189)
Share capital Issuance - - 3.40 2.30 - - -
Debt Issuance 2,310 (655) (672) 1,114 (783) 20 200
Interest expenses (696) (792) (1,002) (755) (822) (956) (969)
Dividend (421) (262) (146) (205) (197) (197) (197)
FINANCING CASH FLOW ( c ) 1,194 (1,709) (1,817) 157 (1,803) (1,133) (966)
NET CASH FLOW (a+b+c) 185 126 128 (361) 386 (155) 293
Opening Cash 367 552 678 806 446 972 817
Other Bank Deposits not considered as CC&CE 297 119 377 193 140 0 0
Closing Cash & Equivalents 849 797 1,183 638 972 817 1,110
Source: Company, HSIE Research
Key Ratios
FY16 FY17 FY18 FY19 FY20E FY21E FY22E
PROFITABILITY (%)
GPM 43.6 37.0 35.9 47.7 35.1 39.3 40.1
EBITDA Margin 26.3 24.9 24.9 28.4 20.7 22.9 24.1
EBIT Margin 26.5 24.2 24.9 28.0 23.3 22.4 23.4
APAT Margin 7.8 9.0 10.0 8.7 5.8 6.0 9.0
RoE 7.3 10.9 9.9 5.6 5.2 3.7 10.1
Core RoCE 10.4 13.9 19.7 17.0 11.0 13.4 18.5
RoCE 12.1 12.3 16.0 14.3 16.7 12.8 16.6
EFFICIENCY
Tax Rate (%) 46.2 42.4 24.1 34.2 45.7 32.0 33.0
Asset Turnover (x) 0.4 0.5 0.6 0.6 0.7 0.6 0.7
Inventory (days) 849 775 583 979 902 1,030 781
Debtors (days) 60 61 54 61 27 39 48
Payables (days) 66 62 64 106 87 114 96
Cash Conversion Cycle (days) 843 774 573 934 843 955 734
Debt/EBITDA (x) 4.0 2.2 1.3 2.4 2.5 2.7 2.0
Net D/E 0.9 0.5 0.3 0.6 0.5 0.5 0.5
Interest Coverage 2.4 2.7 3.1 2.6 3.3 2.2 3.0
PER SHARE DATA
EPS (Rs/sh) 7.8 11.5 16.0 10.0 8.7 7.5 14.8
CEPS (Rs/sh) 9.8 13.5 18.1 11.9 10.9 9.9 17.7
DPS (Rs/sh) 1.2 2.3 3.2 2.0 2.6 2.6 2.6
BV (Rs/sh) 103.3 114.0 129.8 110.9 119.4 124.2 136.4
VALUATION
P/E 20.8 14.1 10.1 16.3 18.7 21.7 11.0
P/BV 1.6 1.4 1.2 1.5 1.4 1.3 1.2
EV/EBITDA 9.7 7.0 5.0 7.1 7.3 7.9 5.7
OCF/EV (%) 1.9 0.1 0.1 (0.0) 0.2 0.1 0.1
FCF/EV (%) 0.2 8.0 10.1 (4.0) 16.0 5.0 6.7
FCFE/Market Cap 19.1 5.6 7.0 3.4 15.9 7.2 11.0
Dividend Yield (%) 0.7 1.4 2.0 1.2 1.6 1.6 1.6
Source: Company, HSIE Research
Page | 8
Kolte Patil Developers: Results Review 4QFY20
Rating Criteria
BUY: >+15% return potential
ADD: +5% to +15% return potential
REDUCE: -10% to +5% return potential
SELL: > 10% Downside return potential
Date CMP Reco Target
11-Jul-19 251 BUY 311
7-Aug-19 235 BUY 311
22-Sep-19 255 BUY 311
10-Oct-19 235 BUY 311
12-Nov-19 269 BUY 313
9-Jan-20 239 BUY 317
9-Feb-20 238 BUY 310
2-Mar-20 213 BUY 310
22-Apr-20 163 BUY 228
25-Jun-20 162 BUY 240
From 2nd March 2020, we have moved to new rating system
RECOMMENDATION HISTORY
100
150
200
250
300
350
Jun
-19
Jul-
19
Au
g-1
9
Sep
-19
Oct
-19
No
v-1
9
Dec
-19
Jan
-20
Feb
-20
Ma
r-2
0
Ap
r-2
0
Ma
y-2
0
Jun
-20
Kolte-Patil TP
Page | 9
Kolte Patil Developers: Results Review 4QFY20
Disclosure:
We, Parikshit Kandpal, CFA & Rohan Rustagi, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this
research report accurately reflect our views about the subject issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of
publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative
or HDFC Securities Ltd. or its Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding
the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material
conflict of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.
Disclaimer:
This report has been prepared by HDFC Securities Ltd and is solely for information of the recipient only. The report must not be used as a singular basis of any
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document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies
referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The
information and opinions contained herein have been compiled or arrived at, based upon information obtained in good faith from sources believed to be
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completeness or correctness. All such information and opinions are subject to change without notice. Descriptions of any company or companies or their
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modifications at any time.
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other potential conflict of interests with respect to any recommendation and other related information and opinions.
HSL, its directors, analysts or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments
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HSL or its associates might have managed or co-managed public offering of securities for the subject company or might have been mandated by the subject
company for any other assignment in the past twelve months.
HSL or its associates might have received any compensation from the companies mentioned in the report during the period preceding twelve months from the
date of this report for services in respect of managing or co-managing public offerings, corporate finance, investment banking or merchant banking, brokerage
services or other advisory service in a merger or specific transaction in the normal course of business.
HSL or its analysts did not receive any compensation or other benefits from the companies mentioned in the report or third party in connection with
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report. Compensation of our Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions. HSL may
have issued other reports that are inconsistent with and reach different conclusion from the information presented in this report.
Research entity has not been engaged in market making activity for the subject company. Research analyst has not served as an officer, director or employee of
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HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg
(East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066 Compliance Officer: Binkle R. Oza Email: complianceofficer@hdfcsec.com Phone: (022)
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Institutional Equities
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