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Company Research Reports

Company Reports

Result Updates | Dec 07th 2018

CMP : 205Target Price : 300

Dewan Housing Finance (DHFL) posted steady operating performance yet again in 2QFY18, however, liquidity issues began at the end of the quarter. DHFL’s business grew in the quarter with a 35% yoy rise in loan book to `1,10,100cr. Further, in-line with the loan book, AUMs also increased by 38% yoy in the quarter. At the bottom-line, the co..

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Result Updates | Nov 19th 2018

Aurobindo Pharma Ltd

CMP : 780Target Price : 855

For 2QFY2019, Aurobindo Pharma (APL), the company posted sales of `4,667cr v/s. `4,354cr in 2QFY2018, a yoy growth of 7.2%. On the operating front, the EBITDA margin came in at 18.8% v/s. 23.8% in 2QFY2018. YoY decline is on the back of sales of certain high margin products in 2QFY18. Sequentially EBDITA margins expanded by ~340bp. Conseq..

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Initiating Coverage | Nov 19th 2018

V I P Industries Ltd

CMP : 462
Target Price : 555

VIP Industries Ltd (VIP) is the largest luggage player in India with ~50%+ market share in the organised market. It has been able to create successful sub brands like Carlton, VIP Bags, Skybags, Aristocrat, Alfa and Caprese. We feel that the company is in very sweet spot where it is gaining market share from unorganised players and can gr..

Result Updates | Nov 15th 2018

Ashok Leyland Ltd

CMP : 108
Target 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..

Initiating Coverage | Nov 15th 2018

Automotive Axles Ltd

CMP : 1,250
Target Price : 1,450

Outlook & Valuation: We believe AAL is comfortably placed to tap the upcoming opportunity in the industry owing to improving road infra, BS-VI pre-buying and foray into new segment coupled with expansion of capacity by 35-40%. At the CMP of Rs1,250, the stock is available at 12.3x its FY2020E EPS of Rs96. We have assigned a multiple o..

Result Updates | Nov 15th 2018

Mahindra & Mahindra Ltd

CMP : 770
Target Price : 1,050

For 2QFY2019, M&M posted subdued performance on both, top-line as well as bottom-line fronts. Revenues grew by ~7% yoy to `12,989cr. On the bottom-line front, M&M reported growth of ~26% yoy to `1,649cr on the back of one time exceptional income and lower taxes. Outlook and Valuation: We expect M&M to report net revenue CAGR o..

Result Updates | Nov 15th 2018

Jindal Steel & Power Ltd

CMP : 175
Target Price : 320

Outlook & Valuation: We have positive view on steel and power sectors on long term basis and expect JSPL to perform well in coming years owing to ramp up of Angul plant and realization in steel segment. We also expect power segment to perform well on account of improving power demand situation and various effort by GoI for availabilit..

Result Updates | Nov 15th 2018

Siyaram Silk Mills Ltd

CMP : 374
Target Price : 549

For 2QFY2019, Siyaram Silk Mills (SSML) posted subdued set of results, which were below our expectations on both, top-line as well as bottom-line fronts. Revenue grew ~9% yoy. On the margin front, the company reported operating margin contraction by 173bps yoy. On the bottom-line front, SSML reported de-growth of ~11% yoy to ~`27cr due to..

Result Updates | Nov 12th 2018

T.V. Today Network Ltd

CMP : 380
Target 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..

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..