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Company Research Reports

Result Updates | Aug 18th 2017

Cadila Healthcare Ltd

CMP : 484Target Price : 426

Cadila Healthcare posted poor set of numbers for 1QFY2018. Sales came in at `2,136cr (`2,216cr expected) v/s. `2,500cr in 1QFY2017, a yoy de-growth of 3.6%, mainly driven by the dip in sales of Indian formulations. Indian formulation sales registered (`637cr) a yoy dip of 18.9%. Its key market USA registered (`965cr), 13.8% yoy growth. On..

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Result Updates | Aug 18th 2017

Cipla Ltd

CMP : 590Target Price : 458

Cipla posted poor set of numbers for 1QFY2018. Sales came in at `3,432cr (`3,789cr expected) v/s. `3,566cr in 1QFY2017, a yoy de-growth of 3.5%, mainly driven by the dip in Indian formulation sales. Indian formulation sales registered (`1,271cr) a yoy dip of 12.9%, mainly on the back of GST implementation. On operating front, the EBITDA m..

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Result Updates | Aug 18th 2017

Sun Pharmaceuticals Industries Ltd

CMP : 485
Target Price : 558

Sun Pharmaceuticals posted poor set of numbers for 1QFY2018. Sales came in at `6,167cr (`6,825cr expected) v/s. `8,007cr in 1QFY2017, a yoy de-growth of 23.0%, mainly driven by the Indian formulation sales dip and US (which was impacted on the back of pricing pressures and base effect). On operating front, the EBITDA margins came in at 17..

Result Updates | Aug 14th 2017

Indoco Remedies Ltd

CMP : 191
Target 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..

Result Updates | Aug 14th 2017

Aurobindo Pharma Ltd

CMP : 705
Target 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%..

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...