Company Research Reports

Company Reports

Result Updates | Nov 15th 2018

Ashok Leyland Ltd

CMP : 108Target Price : 149

For 2QFY2019, Ashok Leyland Ltd (ALL) posted good set of results both on top-line as well as bottom-line fronts. Revenue grew by 25.8% yoy to `7,608cr. On the bottom-line front, ALL reported PAT growth of 37.5% yoy to `460cr on the back of strong top-line growth and operating margin improvement. Outlook and Valuation: We expect Ashok Leyl..

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Result Updates | Nov 12th 2018

T.V. Today Network Ltd

CMP : 380Target Price : 498

For 2QFY2019, TV Today Network Ltd (TTNL) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by 3.5% yoy to `163cr due to subdued ad revenue growth. On the operating front, margins contracted by 428bp yoy, which resulted in PAT de-growth of ~6% yoy to `30cr. Outlook and Valuation: Going forw..

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Result Updates | Nov 10th 2018

Inox Wind Ltd

CMP : 90
Target Price : 120

utlook and Valuation: Considering the changing dynamics of renewable energy consumption and government’s thrust to auction 10 GW wind capacity every year by 2028, we are bullish on sector and hence have a positive outlook on IWL. At the CMP of INR 90, stock is available at PE multiple of 5.8x its FY2020E EPS of INR 16. We recommend a BUY ..

Result Updates | Nov 09th 2018

Safari Industries India Ltd

CMP : 749
Target Price : 1,000

Strong growth in revenue: For Q2FY2019, Safari Industries (Safari) posted a strong yoy growth of 44% in revenue to `127 cr mainly led by volume growth. The company is garnering market share from the unorganized market and seeing good demand in its backpacks and new categories which is driving such strong growth in its top line. Margins we..

Result Updates | Nov 06th 2018

Parag Milk Foods Ltd

CMP : 256
Target Price : 330

For Q2FY2019, Parag Milk Foods (PARAG) posted decent performance with 14%/22% yoy growth in revenue/ PAT led by 23 bps expansion in margin. The company has maintained its revenue target of `2700 crore+ for FY2020 backed by widening distribution network and product portfolio. We have maintained our earnings estimates in view of new product..

Initiating Coverage | Nov 06th 2018


CMP : 154
Target Price : 195

NTPC India (NTPC) is the largest power utility in the Indian Power sector, having 24% & 16% market share in the power generation & installed capacity in India respectively. Private sector is in bad shape on back of poor business economics on back of slew of factors; mentioned in the report. On the other hand, NTPC India, which is ..

Result Updates | Nov 03rd 2018

Bata India Ltd

CMP : 1,008
Target Price : 1,243

For 2QFY2019, Bata India (BIL) posted strong set of numbers, exceeding our expectations on bottom-line front. Revenues grew by ~15% yoy (in-line with our estimate). The company’s operating margins improvement by robust 199bps yoy. On the bottom-line front, BIL reported growth of ~30% yoy to `56cr on the back of strong operating performanc..

Result Updates | Nov 02nd 2018

KEI Industries Ltd

CMP : 349
Target Price : 500

For 2QFY2019, KEI Industries (KEI) posted good set of results, exceeding our expectations on both, top-line as well as bottom-line fronts. Revenue grew by ~33% yoy (above our estimate), however, the company reported a marginal dip in operating margins. On the bottom-line front, KEI reported growth of ~45% yoy to`41cr on the back of strong..

Result Updates | Nov 02nd 2018

Amber Enterprises India Ltd

CMP : 856
Target Price : 1,135

For Q2FY2019, Amber Enterprises (Amber) posted a 15% yoy fall in sales volumes owing to unseasonal rains in April & May which resulted in inventory build up across brands. The company is expecting a recovery in demand in H2 and has maintained the guidance of 2.1 mn volume sales in FY2019, a 10% yoy growth. Outlook and Valuation: We h..

Result Updates | Nov 01st 2018

Shriram Transport Finance Company Ltd

CMP : 1,301
Target Price : 1,760

SHTF reported 2QFY19 PAT of `609cr (up 23% yoy/6% qoq), helped by strong AUM growth and marginal improvement in NIM. NII increased 25% yoy with reported NIM increased 6bps (8bps qoq) to 7.52%. Operating profit growth was healthy at 23% YoY to `1,622cr. Asset quality improved QoQ with Gross Stage 3 ratio falling 40bps QoQ to 8.71% (on AUM)..

Result Updates | Nov 01st 2018

Blue Star Ltd

CMP : 565
Target Price : 867

For 2QFY2019, Blue Star posted results above our expectations on the top-line front; however, bottom-line numbers came below expectations. The company has reported 21.5% top-line growth, whereas PAT was down ~14% yoy due to losses in JV and higher interest cost. Outlook & Valuation: We forecast Blue Star to report top-line CAGR of ~13..

Result Updates | Oct 30th 2018

HDFC Bank Ltd

CMP : 1,965
Target Price : 2,350

HDFC Bank delivered steady performance for Q2FY19, with PAT growth of 20.6% yoy. On the operating front, the bank reported 20.6% yoy growth in NII. NIM, at 4.37% was down by 17bps qoq & increased by 10bps yoy. The bank managed to reduce its expenses and brought down the cost/income ratio from 41.5% in Q2FY18 to 39.9% in Q2FY19. Outloo..