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Company Reports

Result Updates | May 18th 2018

GMM Pfaudler Ltd

CMP : 865Target Price : 920

For Q4FY2018, GMM Pfaudler (GMM) posted a growth of 11%/14% yoy growth in revenue/ PAT amid ~300 bps margin expansion. The company is seeing good traction from its user industries like agrochemicals, which would drive 15-20% revenue growth in next two years. Outlook and Valuation: We have fine tuned our earnings estimates in view of FY201..

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Result Updates | May 14th 2018

ICICI Bank Ltd

CMP : 311Target Price : 422

ICICI Bank witnessed a flat movement in its core revenue in the 4QFY18. Net interest income just inched up by 1%yoy to `6,022cr. This was due to a decline in advances from overseas branches and a muted movement in advances to corporates. Other income climbed up by 88% primarily due to a one-time income arising from sale of investments. Al..

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Result Updates | May 14th 2018

Nilkamal Ltd

CMP : 1,680
Target Price : 2,165

For 4QFY2018, Nilkamal Ltd (NIL) posted results in-line with our expectations on top-line front although, it is slightly down on the bottom line front as standalone revenues grew by ~12% y-o-y. However, operating margin remained flat y-o-y on account of increase in other expenses. On the bottom-line front, NIL reported lower growth of ~5%..

Result Updates | May 14th 2018

Parag Milk Foods Ltd

CMP : 336
Target Price : 410

For Q4FY2018, Parag Milk Foods (PARAG) posted decent performance with 20%/18% yoy growth in revenue/ PAT and decent margin expansion. The company is introducing many new products/ variants and improving its supply chain management which would drive 20%+ earnings growth in next two years. Outlook and Valuation: We have slightly upgraded o..

Result Updates | May 10th 2018

Dewan Housing Finance Corporation Ltd

CMP : 625
Target Price : 740

Dewan Housing Finance (DHFL) posted an impressive operating performance yet again in 4QFY18. The HFC’s business grew in the quarter with a 28% yoy rise in loan book to `91,932 cr. In line with it, AUMs also increased by 33%yoy in the quarter. At the bottom line, the company’s net profit grew by 26%, aided by steady growth of 25% in net in..

Company Updates | May 09th 2018

Mahindra & Mahindra Ltd

CMP : 860
Target Price : 990

Mahindra & Mahindra Ltd (M&M) is an India-based company, operating in nine segments: automotive, farm equipment, IT services, financial services, steel trading & processing, infrastructure, hospitali ty, Systech (comprising automotive components and other related products & services), and Others (comprising logistics, afte..

Company Updates | May 09th 2018

Mahindra & Mahindra Ltd

CMP : 860
Target Price : 990

Mahindra & Mahindra Ltd (M&M) is an India-based company, operating in nine segments: automotive, farm equipment, IT services, financial services, steel trading & processing, infrastructure, hospitali ty, Systech (comprising automotive components and other related products & services), and Others (comprising logistics, afte..

Result Updates | May 07th 2018

Matrimony.com Ltd

CMP : 850
Target Price : 1,016

For 4QFY2018, Matrimony.com Ltd (MCL) posted results in-line with our expectations on both top-line as well as bottom-line fronts. Consolidated revenues grew by ~12% yoy and operating margins were also higher yoy. On the bottomline front, MCL reported growth of ~26% yoy to `17cr on the back of strong topline growth and operating performan..

Company Updates | May 03rd 2018

L&T Finance Holdings Ltd

CMP : 174
Target Price : 210

L&T Finance Holdings Ltd (LTFH), promoted by L&T Ltd (64.2%) is a leading NBFC with a diversified lending portfolio. Over the last two year the management has restructured its business model and is focusing on selective segments where it has competitive advantage, simultaneously downsizing some products which were making losses. O..

Initiating Coverage | Apr 20th 2018

Matrimony.com Ltd

CMP : 781
Target Price : 984

Incorporated in 2001, Matrimony.com Ltd (MCL) is engaged in providing online matchmaking and marriage services through internet and mobile platforms in India and internationally. Currently, MCL has a database comprising of 3.3 million active profiles (as of December 31, 2017) and 140 retail centers distributed across India. Its flagship b..

Initiating Coverage | Apr 16th 2018

Parag Milk Foods Ltd

CMP : 249
Target Price : 333

Parag Milk Foods (PARAG) is one of the leading dairy products companies in India. The company has been successful in creating strong brands like GO, Gowardhan and in introducing new products like Whey Protein. It has become the 2nd player in processed cheese (after Amul) in a short span of 10 years and commands 33% market share. Rising re..

Initiating Coverage | Apr 06th 2018

GMM Pfaudler Ltd

CMP : 712
Target Price : 861

GMM Pfaudler Limited (GMM) is the Indian market leader in glass-lined (GL) steel equipment used in corrosive chemical processes of agrochemicals, specialty chemical and pharma sector. The company is seeing strong order inflow from the user industries which is likely to provide 20%+ growth outlook for next couple of years. Outlook & Va..