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Result Updates | Feb 15th 2017

Bank of Baroda

CMP : 168Target Price :

BoB’s 3QFY17 results remained disappointing. The bank continues to face headwinds on asset quality on one hand, while on the other hand the balance sheet continued to de-grow as the management intentionally downsized some low margin business. Coming few quarters might be challenging for the bank. With continued pressure on asset quality a..

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Result Updates | Feb 14th 2017

Hero MotoCorp Ltd

CMP : 3,226Target Price : 3,466

The demonetisation has impacted HMCL’s volumes sharply with decline in all parameters. Company expects the volumes growth to remain challenging in 4QFY17E and expects high single digit volume growth in FY18E. As automobile industry recovers, HMCL looks to be better positioned due to its higher market share in the motorcycle segment. The c..

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Result Updates | Feb 14th 2017

Hero MotoCorp Ltd

CMP : 3,226
Target Price : 3,466

The demonetisation has impacted HMCL’s volumes sharply with decline in all parameters. Company expects the volumes growth to remain challenging in 4QFY17E and expects high single digit volume growth in FY18E. As automobile industry recovers, HMCL looks to be better positioned due to its higher market share in the motorcycle segment. The c..

Result Updates | Feb 14th 2017

Cipla Ltd

CMP : 581
Target Price : 465

Cipla posted numbers lower than expected for 3QFY2017. The company reported sales of Rs3,550cr v/s Rs3,737cr expected, registering a yoy growth of 15.6%, mainly aided by domestic formulations. Domestic at Rs1,408cr registered a yoy growth of 19.1%, while exports at Rs2,239cr posted yoy growth of 13.7%. On operating front, the EBITDA margi..

Result Updates | Feb 14th 2017

Lupin Ltd

CMP : 1,448
Target Price : 1,809

For 3QFY2017 Lupin posted results much better than expected on sales and OPM fronts. In sales, the company posted sales of Rs4,110cr v/s Rs4,000cr expected yoy growth of 31.3%. The strong sales growth was aided by the USA (contributed around 49.0%), which registered a yoy growth of 57.6%. On EBITDA front, the company posted EBITDA of 25.9..

Result Updates | Feb 14th 2017

Lupin Ltd

CMP : 1,448
Target Price : 1,809

For 3QFY2017 Lupin posted results much better than expected on sales and OPM fronts. In sales, the company posted sales of Rs4,110cr v/s Rs4,000cr expected yoy growth of 31.3%. The strong sales growth was aided by the USA (contributed around 49.0%), which registered a yoy growth of 57.6%. On EBITDA front, the company posted EBITDA of 25.9..

Result Updates | Feb 14th 2017

Alkem Laboratories Ltd

CMP : 1,837
Target Price : 1,996

The stock at the CMP of Rs1,837 is available at P/E of 17.5x of FY19E EPS of `105. The stock price in CY2017 has appreciated by 13% leaving less room for further upside at this juncture. We expect company to report CAGR of 17.4% and 22.4% in top line and bottom line respectively in next two years. Its ANDA pipeline has not seen strong tra..

Result Updates | Feb 13th 2017

Ashok Leyland Ltd

CMP : 93
Target Price : 111

While demonetisation has negatively impacted the automobile industry, however we are expecting faster recovery in the volumes. While we expect this, the quantum of recovery cannot be assessed at this time. We forecast volume growth of 8% and 9% in FY18E and FY19E. Company has taken a 4% price hike in January hence we believe that margins ..

Result Updates | Feb 13th 2017

Radico Khaitan Ltd

CMP : 128
Target Price : 147

Radico Khaitan’s (RKL) results for 3QFY2017 were below our estimates both on top-line as well as bottom-line fronts. The company’s top-line grew by ~4% yoy to `415cr owing to the impact of demonetization, which led to a decline in consumer spending. Moreover, lower sales volume and subdued operating performance led to the de-growth in bot..

Result Updates | Feb 13th 2017

Radico Khaitan Ltd

CMP : 128
Target Price : 147

Radico Khaitan’s (RKL) results for 3QFY2017 were below our estimates both on top-line as well as bottom-line fronts. The company’s top-line grew by ~4% yoy to `415cr owing to the impact of demonetization, which led to a decline in consumer spending. Moreover, lower sales volume and subdued operating performance led to the de-growth in bot..

Result Updates | Feb 13th 2017

Navkar Corporation Ltd

CMP : 170
Target Price : 265

Navkar Corporation (NCL) reported subdued set of numbers for 3QFY2017. The consolidated top-line grew by ~4% yoy on the back of lower exports, which was impacted on account of demonetization. Moreover, on the operating front, the company reported a margin contraction on account of higher operational costs. The net profit de-grew by ~27% y..

Result Updates | Feb 13th 2017

ICICI Bank Ltd

CMP : 282
Target Price : 315

ICICI Bank’s 3QFY17 results were in line with expectations. Though slippages remained high, on an absolute basis it was lower sequentially and large part of that came from the watch list. While overall loan book growth remained moderate, domestic business remained decent and fee income gained traction. While the near term outlook for ICIC..