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Company Reports

Result Updates | Nov 16th 2017

Tech Mahindra Ltd

CMP : 495Target Price : 526

Tech Mahindra posted in-line results for 2QFY2018 on all fronts except net profit. In Rupee terms, revenues came in at `7,606cr v/s. `7,582cr expected, up 3.7% qoq. On the operating front, the utilization levels during the quarter came in at 81% v/s. 77% in 1QFY2018, which along with volume also aided the margins to come in higher. On the..

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Initiating Coverage | Nov 07th 2017

CMP : 74Target Price : 96

LT Foods Limited (LTFL) is a branded speciality foods company engaged in milling, processing and marketing of branded and non-branded basmati rice and manufacturing of rice food products in the domestic and overseas markets. Its geographical segments include India, North America and Rest of the World. The major brands of the company are D..

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Result Updates | Oct 25th 2017

Tata Consultancy Services Ltd

CMP : 2,586
Target Price : 2,586

For 2QFY2018, TCS posted above expectation results on the EBIT and net profit fronts. The company posted 3.2% sequential growth in USD revenues to US$4,739mn v/s. US$4,738mn expected, mostly driven by volume (3.2% qoq growth). In Constant Currency (CC) terms, the company posted a 1.7% qoq growth. EBIT margins came in at 25.1% v/s. 24.1% e..

Initiating Coverage | Oct 16th 2017

Endurance Technologies Ltd

CMP : 1,111
Target Price : 1,277

Endurance Technologies is an Aurangabad based Auto Ancillary Company. It has 18 manufacturing plants in India and 8 in Europe. The company’s domestic business is diversified, new clients have been added and diversification into newer products continues. Hence, the dependence on the legacy casting business has come down to 44% from more th..

Result Updates | Aug 28th 2017

Sanofi India Ltd

CMP : 4,007
Target Price : 3,845

For 2QCY2017, Sanofi India posted results which were below expectations on all fronts. The sales came in at `556cr v/s. `520cr expected, registering a yoy de-growth of 3.8%. On the operating front, the EBITDA margin came in at 12.7% (17.6% expected) v/s. 18.6% in 2QCY2016. Despite better GPM (Gross Profit Margin), which came in at 55.5% v..

Result Updates | Aug 28th 2017

Ipca Laboratories Ltd

CMP : 414
Target Price : 540

IPCA Labs posted results lower than expected for 1QFY2018 mainly on the OPM front, which lead the company to report losses during the period. In sales, the company posted sales of `713cr, a yoy de-growth of 16.6%, but mostly in-line with the expected `700cr. On EBITDA front, the company posted EBITDA of 3.0% (v/s. 8.0% expected) v/s. 14.0..

Result Updates | Aug 18th 2017

Cadila Healthcare Ltd

CMP : 484
Target 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..

Result Updates | Aug 18th 2017

Cipla Ltd

CMP : 590
Target 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..

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 ..