DLF has assets in the area (retail and commercial SEZ), but the residential segment in the market remains stressed due to large number of legacy issues of developers who have unfinished inventory tied up in litigation.
Q4FY19 Ebitda was in line with expectations as relatively strong movie content aided 25% jump in footfalls (37% occupancy vs. 31.5% y-o-y; highest in last 16 qtrs), driving strong performance across segments.
Q1CY19 PAT at Rs 1.16 bn, up 13% y-o-y, beat our/consensus estimate by 13/12%. Beat was led by (1) strong revenue growth of 18%, (2) Robotics & Motion revenue up 34% with 270 bps margin expansion and (3) Rs 211 mn reduction i
While Peg-filgrastim is tracking well, we reduce our Trastuzumab market share assumptions (as we expect slower ramp-up) and factor in higher staff cost, R&D & depreciation, resulting in 11/9% cut in FY20/21e EPS and TP of Rs
CUMI has compounded at 18% per annum for the last 10 years and the stock price can double in four years given 20% PAT CAGR over FY19-21E, 20%+ ROCE, and a debt-free balance sheet with strong FCF:PAT conversion.
Our estimates & TP of Rs 1,550 remain unchanged; we have 'Add' rating on the stock. The stock has corrected due to rising concerns over a surge in crude oil prices and drag from recent capacity additions on profitability.