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Company Research Reports

Result Updates | Aug 16th 2016

Bajaj Electricals Ltd

CMP : 245Target Price : 277

For 1QFY2017, Bajaj Electricals (BEL)’ top-line and bottom-line have come in below our estimates. The top-line growth was dampened by the poor performance of the Consumer durables and E&P segments. However, on the bottom-line front, the company reported a modest growth due to slight improvement in the operating performance and lower i..

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Result Updates | Aug 16th 2016

Cadila Healthcare Ltd

CMP : 372Target Price : 400

For 1QFY2017, the company posted lower than expected results. The company posted sales of Rs2,216cr V/s Rs2,607cr expected and V/s Rs2,267cr in 1QFY2016, a yoy de-growth of 2.2%. On the operating front, the EBITDA margin came in at 20.4% V/s 20.9% expected and V/s 20.3% in 1QFY2016. The dip in the OPM was saved in spite of an underperform..

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Result Updates | Aug 16th 2016

Lupin Ltd

CMP : 1,580
Target Price : 1,809

For 1QFY2017, the company posted better than expected numbers. Sales came in at Rs4,316cr V/s Rs4,150cr expected and V/s Rs3,081cr in 1QFY2016, a yoy growth of 40.1%. The sales growth came on the back of the US market which posted a yoy revenue growth of 82.3% to Rs2,188.6cr. On the operating front, the EBITDA margin came in at 27.4% V/s ..

Result Updates | Aug 16th 2016

Cipla Ltd

CMP : 517
Target Price :

Cipla posted lower than expected numbers for 1QFY2017. Sales came in at Rs3,500cr V/s Rs3,743cr expected and V/s Rs3,761cr in 1QFY2016, a dip of 6.9% yoy. Domestic sales (Rs1,449cr) rose 5% yoy, while exports (Rs2,051cr) dipped by 14.0% yoy. On the operating front, the EBITDA margin came in at 14.8% V/s 18.6% expected, V/s 26.0% in 1QFY20..

Result Updates | Aug 16th 2016

Ipca Laboratories Ltd

CMP : 532
Target Price : 613

For 1QFY2017, the company posted better than expected sales and OPM while the net profit missed our estimates. Sales came in at Rs822cr V/s Rs680cr expected and V/s Rs751cr in 1QFY2016, ie a yoy growth of 9.4%. Formulations (Rs620cr) posted a yoy growth of 15%, while API (Rs202cr) posted a yoy de-growth of 3%. On the operating front, the ..

Result Updates | Aug 12th 2016

Jagran Prakashan Ltd

CMP : 184
Target Price : 205

For 1QFY2017, Jagran Prakashan (JPL) reported a 9% yoy growth in its standalone top-line but the growth in PAT was relatively lower mainly due to higher employee and other operating expenditure. On a consolidated basis, the company reported healthy double digit growth numbers on the back of a favorable performance in radio and other busin..

Result Updates | Aug 11th 2016

Linc Pen & Plastics Ltd

CMP : 260
Target Price : 283

For 1QFY2017, Linc Pen & Plastics Ltd (LPPL)’ results have come in in line of our estimates on the top-line as well as the bottom-line front. Its top-line grew 10% yoy while on the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, the net profit grew by ~17% yoy to Rs4..

Result Updates | Aug 11th 2016

Garware-Wall Ropes Ltd

CMP : 468
Target Price : 524

Garware Wall Ropes (GWRL)’ 1QFY2017 results outperformed our estimates on the bottom-line front while the top-line disappointed as it de-grew by ~6% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported strong growth o..

Result Updates | Aug 11th 2016

Bharat Electronics Ltd

CMP : 1,232
Target Price : 1,414

Bharat Electronics Ltd (BEL) reported bad set of numbers for 1QFY2017. Its top-line declined by 20.9% yoy to Rs847cr, which is below our estimate. For the quarter, BEL reported below than expected negative EBITDA of Rs71cr. Negative operating leverage in our view led to EBITDA de-growth. In-line with EBITDA degrowth, PAT de-grew 52.9% yoy..

Result Updates | Aug 10th 2016

Tech Mahindra Ltd

CMP : 495
Target Price : 700

For 1QFY2017, Tech Mahindra’s revenue came in at US$1,032mn V/s US$1,027mn expected and V/s US$1,023mn in 4QFY2016, a QOQ growth of 0.9%, driven by USA (which was 49.0% of sales V/s 46.8% in 4QFY2016), while ROW, constituting ~22.8% of sales V/s 24.7% in 4QFY2016 was a drag. On the operating front, the EBIT margin came in at 12.0% V/s 12...

Result Updates | Aug 08th 2016

HCL Technologies Ltd

CMP : 822
Target Price : 1,000

For 1QFY2017, HCL Technologies (HCL Tech) posted better-than-expected numbers on all fronts. In US$ terms, revenue came in at US$1,691mn V/s US$1,674mn expected and V/s US$1,587mn in 3QFY2016, ie a growth of 6.5% qoq (6.0% qoq in constant currency [CC] terms). On the operating front, the EBIT margin came in at 20.6% V/s 19.4% expected and..

Result Updates | Aug 06th 2016

Greaves Cotton Ltd

CMP : 139
Target Price :

Greaves Cotton reported in-line gross sale numbers at Rs444cr. Reported sales were up 5.1% yoy. Engines segment (96% of 1QFY2017 revenues) reported 3.1% yoy increase in sales to Rs427cr. Others segment (4% of 1QFY2017 revenues) benefitted from strong performance seen across their Farm Equipment business & Auxiliary Power business. Thi..