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Result Updates | Nov 20th 2017

Aurobindo Pharma Ltd

CMP : 708Target Price : 823

For 2QFY2018, Aurobindo Pharma (APL) posted numbers slightly higher than expected sales, OPM and net profit fronts. On sales front, the company posted sales of `4,354cr (v/s. `4,200cr expected) v/s. `3,715cr in 2QFY2017, a yoy growth of 17.3%. On the operating front, the EBITDA margin was almost flat at 23.8% (v/s. 25.4% expected) v/s. 23..

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Result Updates | Nov 20th 2017

Glaxosmithkline Pharma Ltd

CMP : 2,511Target Price : 2,000

GlaxoSmithKline Pharmaceuticals (GSK) posted better than expected results on sales and OPM fronts for 2QFY2018. The revenues came in at `836cr v/s. `800r expected, registering a yoy growth of 4.6%, mainly on the back of GST implementation. On the OPM front, the EBDITA margins came in at 23.0% (v/s. 15.3% expected) as compared to 17.6% in ..

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Result Updates | Nov 20th 2017

Cipla Ltd

CMP : 609
Target Price : 462

Cipla posted lower than expected results on all fronts for 2QFY2018. In Rupee terms, revenues came in at `3,988r v/s. `4,243cr expected, up 8.6% yoy. Domestic sales posted a growth of 10.2% yoy; while exports grew by 7.5% yoy. On the operating front, the EBITDA margin came in at 17.8% (19.7% expected) v/s. 16.4% in 2QFY2017; a yoy expans..

Result Updates | Nov 20th 2017

Alembic Pharmaceuticals Ltd

CMP : 514
Target Price : 600

Alembic Pharma posted marginally lower than expected sales for 2QFY2018. In Rupee terms, revenues de-grew by 10.2% yoy to `789cr (`980cr expected) v/s. `879cr in 2QFY2017. International formulation came in at `262cr v/s. `352cr in 2QFY2017, a yoy dip of 26.0%. Indian formulation sales came in at `385cr v/s. `363cr in 2QFY2017, a yoy growt..

Result Updates | Nov 20th 2017

Lupin Ltd

CMP : 829
Target Price : 1,091

For 2QFY2018, sales came in at `3,874cr (`4,000cr expected) v/s. `4,212cr in 2QFY2017, a yoy de-growth of 8.0%. On operating front, the EBITDA margins came in at 20.0% (19.6% expected) v/s. 22.5% in 2QFY2017, mainly on the back of lower than expected sales during the quarter & dip in the gross margins. Thus, the PAT came in at `455cr ..

Result Updates | Nov 20th 2017

Sanofi India Ltd

CMP : 4,007
Target Price : 4,007

For 3QCY2017, Sanofi India posted results which were above expectations on all fronts. The sales came in at `627cr v/s. `590cr expected, registering a yoy growth of 5.0%. On the operating front, the EBITDA margin came in at 22.8% (15.7% expected) v/s. 17.6% in 3QCY2016. GPM (Gross Profit Margin) was better at 50.5% v/s. 48.3% in 3QCY2016,..

Result Updates | Nov 16th 2017

Tech Mahindra Ltd

CMP : 495
Target 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..

Initiating Coverage | Nov 07th 2017

CMP : 74
Target 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..

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..