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Company Research Reports

Company Reports

Initiating Coverage | Nov 28th 2016

Lakshmi Vilas Bank Ltd

CMP : 148Target Price : 174

Lakshmi Vilas Bank (LVB) is a south based private sector bank with major business (50.2%) concentrated in the state of Tamil Nadu. As of FY16, LVB has a network of 460 branches and 910 ATMs, with business size of Rs45,250cr. LVB has beefed up teams with lateral hiring from banks & NBFCs and implemented innovative large scale technolog..

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Result Updates | Nov 21st 2016

Siyaram Silk Mills Ltd

CMP : 1,187Target Price : 1,605

Siyaram Silk Mills (SSML)’ results for 2QFY2017 have come in below our estimates, both on top-line and bottom-line front, on back of lower volume growth due to weak consumer buying sentiments. Going forward, we expect SSML to report net sales CAGR of ~10% to ~Rs1,948cr and adj. net profit CAGR of ~11% to Rs107cr over FY2016-18E. The same ..

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Result Updates | Nov 17th 2016

Sun Pharmaceuticals Industries Ltd

CMP : 683
Target Price : 847

Sun Pharma posted numbers better than expected on OPM and net profit front. Sales came in at Rs7,764cr vs. Rs7,800cr expected vs. Rs6,858cr in 2QFY2016, posting a yoy growth of 13.2%. On the operating front, the EBITDA margin came in at 34.3% vs. 30.1% expected and vs. 27.1% in 2QFY2016. Lower expenses during the quarter aided the OPM exp..

Result Updates | Nov 16th 2016

Aurobindo Pharma Ltd

CMP : 733
Target Price : 877

Aurobindo Pharma (APL) posted numbers lower than expected on sales and net profit front, while OPM was more or less in line with expectations. On sales front, the company posted sales of Rs3715cr vs. Rs3,900cr expected vs. Rs3,280cr in 2QFY2016, posting a yoy growth of 13.3%. On the operating front, the EBITDA margin came in at 23.4% vs. ..

Result Updates | Nov 16th 2016

Mirza International Ltd

CMP : 80
Target Price : 107

We expect MIL to report a net revenue CAGR of ~9% to ~Rs1,106cr over FY2016-18E on back of strong growth in domestic branded sales (owing to aggressive ad spend and addition in the number of EBOs & multi-brand outlets [MBOs]) and healthy export revenues. On the bottom-line front, we expect a CAGR of ~9% to Rs92cr over the same period ..

Result Updates | Nov 16th 2016

Garware-Wall Ropes Ltd

CMP : 550
Target Price : 618

Going ahead, we expect GWRL to report a healthy topline in anticipation of strong domestic as well as export sales. On the domestic front, we expect demand to pick up with an expected growth in the agriculture and fisheries segments in the country. Further, we expect the company to continue reporting strong numbers on back of higher deman..

Result Updates | Nov 16th 2016

Ipca Laboratories Ltd

CMP : 540
Target Price : 613

Ipca Laboratories posted numbers lower than expected on the net profit and OPM front. On sales front, the company posted sales of Rs853cr (vs. Rs750cr expected vs. Rs739cr in 2QFY2016), posting a yoy growth of 15.5%. On the operating front, the EBITDA margin came in at 12.8% vs. 14.9% expected vs. 10.6% in 2QFY2016. Consequently, the Adj...

Result Updates | Nov 11th 2016

ICICI Bank Ltd

CMP : 277
Target Price : 315

ICICI Banks 2QFY17 results have been encouraging. While slippages remained high, large part of that came from the watch list. The bank has utilized part of the proceeds from stake sale in insurance business towards provisions. Management commentary also remained optimistic, as no addition is expected to the watch list; sharp deterioration..

Result Updates | Nov 11th 2016

Cipla Ltd

CMP : 564
Target Price : 490

Cipla posted numbers lower than expected for 2QFY2017. The company posted sales of Rs3,672cr vs. Rs3,737cr expected, registering a yoy growth of 8.7%, mainly aided by domestic formulations. Domestic formulation (Rs1,522cr) grew by 11.3% yoy, while exports (Rs2150cr) grew by 7.5% yoy. On the operating front, the EBITDA margin came in at 16..

Result Updates | Nov 11th 2016

Lupin Ltd

CMP : 1,493
Target Price : 1,809

Lupin posted results lower than expected. Sales came in at Rs4,212cr vs. Rs4,300cr expected, registering a yoy growth of 31.9%, mainly aided by exports. The sales growth was driven by Formulations sales (Rs3,919.3cr), posting a yoy growth of 37.1%; while API sales (Rs291.9cr) posted a yoy de-growth of 12.3%. On the operating front, the EB..

Result Updates | Nov 10th 2016

Indoco Remedies Ltd

CMP : 277
Target Price : 240

Indoco Remedies posted sales of Rs276cr vs. Rs248cr in 2QFY16, up by 11.6% yoy, mainly on back of domestic sales (Rs168.8cr, which grew by 22.0% yoy). Overall, the formulations, which posted sales of RS261.4cr grew, by 13.0% yoy. The API (Rs135.9cr) dipped by 11.0% yoy. On the operating front, the gross margin came in at 64.9% (65.0% expe..

Result Updates | Nov 10th 2016

Sanofi India Ltd

CMP : 4,277
Target Price :

Sanofi India posted results and are below expectations on all fronts. The sales came in at Rs583cr vs. Rs600cr expected, posting a yoy growth of 5.4%. According to AIOCD, secondary sales, growth for Sanofi India was double digit. According to AIOCD, regulatory actions will have negative one-time impact of ~2% on sales of the company. We e..