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Result Updates | Aug 02nd 2017

Federal Bank Ltd

CMP : 115Target 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,..

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Result Updates | Aug 02nd 2017

Tech Mahindra Ltd

CMP : 385Target 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...

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Result Updates | Aug 01st 2017

Alembic Pharmaceuticals Ltd

CMP : 544
Target Price : 600

Alembic Pharma posted marginally lower than expected results for 1QFY2018. In Rupee terms, revenues de-grew by 12.0% yoy to `648cr (`737cr expected) v/s. `737cr in 1QFY2017. International formulation came in at `282cr v/s. `309cr in 1QFY2017, a yoy dip of 8.7%. Indian formulation sales came in at `236cr v/s. `299cr in 1QFY2017, a yoy dip ..

Result Updates | Jul 31st 2017

Syngene International Ltd

CMP : 476
Target Price : 558

Syngene’s net sales grew by 6% yoy to Rs 291cr and PAT grew by 3.7% yoy to Rs 62cr. EBITDA grew by 8.1% to Rs 96cr due to margin improvement led by superior business mix. EBITDA margin improved to 33% in 1QFY18 from 32.3% in 1QFY17.. We had expected PAT of Rs 61cr on the topline of Rs 296cr hence the result has met our expectations. What ..

Result Updates | Jul 28th 2017

HCL Technologies Ltd

CMP : 891
Target Price : 1,014

For 1QFY2018, HCL Tech posted results below expectations on sales front, while EBIT and net profit came in higher than expected. The sales came in at US$1,884mn (v/s. US$1,891mn expected) v/s. US$1,817mn in 4QFY2017, a qoq growth of 3.7% qoq. Revenue in Constant Currency (CC) terms was up 2.6% qoq. The EBIT margin came in at 20.1% (v/s. 1..

Result Updates | Jul 28th 2017

Maruti Suzuki India Ltd

CMP : 7,630
Target Price : 8,501

MSIL’s 1QFY18 earnings and margins were below the cons. estimates. Net sales were at Rs17,546cr while PAT was at Rs2,331cr. Net sales, EBITDA and PAT grew by 17.4% / 5.3% 4.4% on yoy basis and were 0.3%/-6.8%/-7.9% against the consensus estimates. While PAT has grown by 4.4% to `1,556 in the quarter, there is Rs85cr component on one-off w..

Result Updates | Jul 27th 2017

Hero MotoCorp Ltd

CMP : 3,718
Target Price : 4,129

Hero Motocorp’s (HMCL) Q1FY18 number to a great extent, meet the consensus estimates. Net sales were at Rs7,972cr, up 7.7% yoy. EBITDA was at Rs1,296cr up 5.4% yoy and PAT was at Rs914cr, up 3.5% yoy. Consensus estimates of revenue, EBITDA and PAT were Rs8,053cr, Rs1,280cr and Rs912cr. HMCL’s performance looks better than quarterly perfor..

Result Updates | Jul 26th 2017

Rallis India Ltd

CMP : 237
Target Price : 237

For 1QFY2018 Rallis India (Rallis) reported a yoy de-growth of 1.0% in sales to `446cr (v/s. `450cr in 1QFY2017). The performance of Rallis was impacted during the quarter on the back of transition to GST and high channel inventory. On the operating front, the OPM came in at 15.6% (v/s. 16.7% in 1QFY2017). Owing to lower sales growth the ..

Result Updates | Jul 25th 2017

Wipro Ltd

CMP : 286
Target Price : 286

For 1QFY2018 Wipro announced a good set of numbers. The IT services sales came in at US$1,971.7mn v/s. US$1,950mn expected, a qoq growth of 0.9%, while in Constant Currency (CC) terms qoq growth of 0.3%.On operating front, the EBIT margins came in at 16.2% v/s. 14.3% in 4QFY2017.This was against the expectations of 13.0%. The net profit d..

Result Updates | Jul 25th 2017

Dewan Housing Finance Corporation Ltd

CMP : 456
Target Price : 550

DHFL came out with yet another quarter of good results. AUM growth of 23% and PAT growth of 29.5% was in line with expectations.Stable credit cost and ability to hold on to strong NIM were the key highlights of the quarter. DHFL received Rs1,969 cr, via selling its 50% stake in its life insurance business, thus boosting its CAR by ~400 ..

Result Updates | Jul 25th 2017

Ashok Leyland Ltd

CMP : 105
Target Price : 124

ALL reported 0.5% decline in the top line to Rs4,238cr while 62% yoy decline in the adj. PAT to Rs111cr. Though sales beat the cons. estimates, bottom line missed the estimates by 27% due to the higher RM costs and overheads. This was a one-off quarter due to GST and BSIV led disruption. The results are not comparable due to merger of fou..

Result Updates | Jul 24th 2017

Bajaj Auto Ltd

CMP : 2,815
Target Price : 3,151

Results below estimates on weak sales: Bajaj Auto reported weak Q1 result due to lower volumes sold in the quarter and higher RM cost. Revenue and EBITDA were 1.5% and 13% below the consensus estimates respectively. Though PAT beat the street estimates by 2%, this was due to 71% jump in the other income (dividend by KTM). Net sales and PA..