Pramod AMTHE

Pramod AMTHE

Director & HOD - Research
(91) 22 4161 1541
pramod.amthe@incredresearch.com
Executive Summary

Pramod Amthe joins our InCred Research team from October 2020 as the Head of Research while also writing Research on the Automobile, Auto components. Prior to joining InCred Research, Pramod was with CGS-CIMB for 8 years, he has also worked with RBS India for 6 years and with domestic brokers for 4 years. He has been tracking Indian auto sector for last 18 years and diversified to cover construction and infra space. Prior to equity research, he has few years experience as a financial consultant . Pramod holds a Bachelor of Mechanical Engineering and MBA from Karnataka University.

Valuation
Company Industry Sector Rating MktCap
(US$bn)		 Price Target
Price		 Up/
down (%)		 CORE EPS EPS Growth (%) PER (x) P/Bk (x) EV/EBITDA (x) Yield (%) ROAE (%)
FY21 FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY23F FY22F FY22F FY22F
Apollo Tyres Ltd Auto Parts Automobiles and Parts REDUCE 4.3 486 408 (16.2)% 5.5 10.1 17.4 82.3% 72.9% 48.37 27.97 2.63 2.40 13.78 1.03% 5.6%
Ashok Leyland Auto & Parts - Overall Automobiles and Parts ADD 9.0 221 265 19.7% (1.1) 0.1 4.7 (109.6%) 4,507.1% 2,168.97 47.08 8.86 7.71 59.91 0.36% 1.1%
Bajaj Auto Autos Automobiles and Parts HOLD 36.7 9,546 11,860 24.2% 137.3 179.8 201.6 30.9% 12.1% 53.10 47.36 9.99 10.48 47.33 1.52% 17.7%
Balkrishna Industries Ltd Auto Parts Automobiles and Parts ADD 7.4 2,763 3,517 27.3% 57.4 76.2 57.8 32.6% (24.2%) 36.28 47.83 7.71 7.04 25.57 1.01% 22.8%
Bharat Forge Auto Parts Automobiles and Parts ADD 8.5 1,323 1,622 22.6% 4.2 29.5 8.7 603.4% (70.6%) 44.85 152.66 9.38 9.19 31.81 0.42% 16.4%
Bosch Ltd Auto Parts Automobiles and Parts REDUCE 13.9 34,302 26,379 (23.1)% 298.1 364.9 487.1 22.4% 33.5% 94.00 70.43 9.47 9.19 67.03 0.61% 10.5%
Eicher Motors Ltd Autos Automobiles and Parts HOLD 18.7 4,965 4,841 (2.5)% 49.3 61.3 106.6 24.4% 73.7% 80.94 46.59 10.77 9.06 58.77 0.42% 13.6%
Endurance Technologies Ltd Auto Parts Automobiles and Parts ADD 4.6 2,357 2,832 20.2% 37.1 37.0 34.1 (0.1%) (7.9%) 63.67 69.12 8.46 7.51 32.35 0.31% 14.6%
Escorts Kubota Ltd Autos Automobiles and Parts REDUCE 5.4 3,494 3,064 (12.3)% 79.1 69.3 54.9 (12.4%) (20.7%) 50.43 63.61 4.90 4.58 40.31 0.24% 11.5%
Exide Industries Ltd Auto Parts Automobiles and Parts REDUCE 4.9 422 395 (6.3)% 8.9 8.4 10.6 (5.6%) 26.3% 50.05 39.65 3.38 3.20 21.23 1.19% 8.2%
Hero MotoCorp Autos Automobiles and Parts ADD 13.2 4,776 5,810 21.7% 148.4 123.7 145.8 (16.7%) 17.9% 38.62 32.75 6.05 5.71 25.13 2.51% 16.0%
Hyundai Motor India Auto Parts Automobiles and Parts REDUCE 20.5 1,830 1,585 (13.4)% 23.2 35.7 58.0 54.2% 62.3% 51.24 31.57 8.82 7.41 24.77 0.91% 18.0%
Mahindra & Mahindra Autos Automobiles and Parts HOLD 50.5 2,949 2,915 (1.2)% 36.9 46.3 71.9 25.5% 55.2% 63.69 41.04 8.40 7.55 43.33 0.37% 13.9%
Maruti Suzuki Autos Automobiles and Parts ADD 47.5 10,959 14,593 33.2% 150.8 121.8 256.0 (19.3%) 110.2% 89.98 42.81 6.37 5.71 52.49 0.53% 7.3%
Samvardhana Motherson International Ltd Auto Parts Automobiles and Parts HOLD 16.0 165 173 4.6% 1.3 1.2 3.4 (8.9%) 181.5% 135.77 48.23 5.44 4.99 25.81 0.26% 3.4%
Schaeffler India Ltd Industrial Goods and Services Industrial Goods and Services ADD 7.4 3,415 4,668 36.7% 18.6 40.2 56.3 1.2% 0.4% 84.85 60.71 14.61 12.45 53.49 0.47% 18.5%
SKF India Ltd Industrial Machinery Industrial Goods and Services ADD 3.2 4,662 5,784 24.1% 60.2 79.9 106.1 0.3% 0.3% 58.33 43.92 12.22 9.84 40.78 0.31% 21.0%
Tata Motors Autos Automobiles and Parts REDUCE 45.2 783 746 (4.7)% (24.0) (26.1) (9.1) 9.1% (65.0%) (29.97) (85.67) 6.47 6.36 10.94 0.00% (17.5%)
Timken Ltd Industrial Machinery Industrial Goods and Services REDUCE 3.4 3,271 2,981 (8.9)% 19.0 43.5 52.0 1.3% 0.2% 75.21 62.96 14.85 12.08 48.19 0.05% 21.8%
TVS Motor Co Ltd Autos Automobiles and Parts REDUCE 15.9 2,429 1,782 (26.6)% 15.5 18.8 31.4 21.3% 66.9% 129.17 77.41 23.93 19.08 60.19 0.21% 20.2%
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