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Company Research Reports

Result Updates | Aug 14th 2017

Indoco Remedies Ltd

CMP : 191Target Price : 153

For 1QFY2018 Indoco Remedies posted poor set of numbers. Sales came in at `204cr (`214cr expected) v/s. `253cr in 1QFY2017, a yoy de-growth of 19.1%. The company witnessed a disruptive 1QFY2018, with domestic as well International sales getting affected adversely due to GST implementation in India and voluntary stoppage of ophthalmic prod..

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Result Updates | Aug 14th 2017

Aurobindo Pharma Ltd

CMP : 705Target Price : 823

For 1QFY2018 Aurobindo Pharma (APL) posted numbers lower than expectations on sales, OPM and net profit fronts. On sales front, the company posted sales of `3621cr (v/s. `3,900cr expected) v/s. `3,664cr in 1QFY2017, posting a yoy de-growth of 1.2%. On the operating front, the EBITDA margin came in at 21.1% (v/s. 22.9% expected) v/s. 22.6%..

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Result Updates | Aug 08th 2017

UPL Ltd

CMP : 887
Target Price : 820

UPL posted good set of numbers for 1QFY2018. Sales came in at `3,723cr v/s. `3,644cr, a yoy growth of 7.8%. On operating front, the Gross profit margins came in at 59.2% v/s. 53.6% in 1QFY2017, which in part aided the OPM to come in at 18.6% v/s. 17.7% in 1QFY2017. The expansion in OPM was lower than the expansion in gross profit margins ..

Result Updates | Aug 07th 2017

Lupin Ltd

CMP : 993
Target Price : 1,467

Lupin, for 1QFY2018, posted poor set of numbers. Sales came in at `3,806cr (`4,316cr expected) v/s. `4,316cr in 1QFY2017, a yoy de-growth of 11.8%. On operating front, the EBITDA margins came in at 18.5% (22.9% expected) v/s. 27.4% in 1QFY2017, mainly on the back of lower than expected sales during the quarter and dip in the gross margins..

Result Updates | Aug 04th 2017

Karur Vysya Bank Ltd

CMP : 140
Target Price : 160

KVB’s 1QFY18 results were in line with expectations. While PAT remained flat YoY and loan growth remained 7.7%, overall growth should pick in 2HFY18. While slippages were high during the quarter, they were largely from the watch list. Next two quarters could be challenging but FY19 looks much stronger for the bank. While credit cost will ..

Result Updates | Aug 03rd 2017

Glaxosmithkline Pharma Ltd

CMP : 2,377
Target Price : 2,377

GlaxoSmithKline Pharmaceuticals (GSK) posted lower than expected results on sales and OPM fronts for 1QFY2018. The revenues came in at `587cr v/s. `700cr expected, registering a yoy de-growth of 14.3%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at (0.1)% (v/s. 12.6% expected) as compared to 10.2..

Result Updates | Aug 03rd 2017

Dr Reddys Laboratories Ltd

CMP : 2,723
Target Price : 2,723

Dr Reddy’s Labs posted poor results for 1QFY2018, which were much lower than expectations. The sales came in at `3,316cr (`3,636cr expected) v/s. `3,235cr, a yoy growth of 2.5%. Global Generics at `2,745.5cr, posted a yoy growth of 3.0%, while PSAI at `465.1cr, registered a yoy de-growth of 1.0%. On operating front, the EBDITA came in at ..

Result Updates | Aug 02nd 2017

Federal Bank Ltd

CMP : 115
Target Price : 140

Federal Bank’s 3QFY17 results were better than our expectations. PAT growth of 26.4% YoY, with stable asset quality and accelerated loan growth were the key developments during the quarter. After exhibiting meaningful improvement in FY17 both in terms of asset quality and earnings, the beginning of FY18 has, remained subdued for the bank,..

Result Updates | Aug 02nd 2017

Tech Mahindra Ltd

CMP : 385
Target Price : 533

For 1QFY2018 Tech Mahindra posted good set of numbers. The sales came in at US$1,138mn (US$1,127mn expected) v/s. US$1,131mn in 4QFY2017, a qoq growth of 0.6%. In Rupee terms, sales came in at `7,336cr (`7,262cr expected) v/s. `7,495cr in 4QFY2017, a qoq dip of 2.1%. On operating front, the EBIT margins came in at 9.4% (8.6% expected v/s...

Result Updates | Aug 01st 2017

Alembic Pharmaceuticals Ltd

CMP : 544
Target Price : 600

Alembic Pharma posted marginally lower than expected results for 1QFY2018. In Rupee terms, revenues de-grew by 12.0% yoy to `648cr (`737cr expected) v/s. `737cr in 1QFY2017. International formulation came in at `282cr v/s. `309cr in 1QFY2017, a yoy dip of 8.7%. Indian formulation sales came in at `236cr v/s. `299cr in 1QFY2017, a yoy dip ..

Result Updates | Jul 31st 2017

Syngene International Ltd

CMP : 476
Target Price : 558

Syngene’s net sales grew by 6% yoy to Rs 291cr and PAT grew by 3.7% yoy to Rs 62cr. EBITDA grew by 8.1% to Rs 96cr due to margin improvement led by superior business mix. EBITDA margin improved to 33% in 1QFY18 from 32.3% in 1QFY17.. We had expected PAT of Rs 61cr on the topline of Rs 296cr hence the result has met our expectations. What ..

Result Updates | Jul 28th 2017

HCL Technologies Ltd

CMP : 891
Target Price : 1,014

For 1QFY2018, HCL Tech posted results below expectations on sales front, while EBIT and net profit came in higher than expected. The sales came in at US$1,884mn (v/s. US$1,891mn expected) v/s. US$1,817mn in 4QFY2017, a qoq growth of 3.7% qoq. Revenue in Constant Currency (CC) terms was up 2.6% qoq. The EBIT margin came in at 20.1% (v/s. 1..