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Company Research Reports

Result Updates | Jul 25th 2016

Wipro Ltd

CMP : 539Target Price : 582

For 1QFY2017, Wipro posted a 2.6% sequential growth in its IT services revenues to US$1,930.8mn (V/s our expectation of US$1,925mn), while in constant currency (CC) terms the growth was of 2.2% qoq. In terms of geography, the growth was driven by the USA, which contributed ~53.5% of sales V/s 52.7% in 4QFY2016. On the operating front, EBI..

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Company Updates | Jul 22nd 2016

IL&FS Transportation Networks Ltd

CMP : 79Target Price : 93

Strong revenue & cash flow generation visibility: At 4QFY2016-end, IL&FS Transportation Networks Ltd (ITNL) reported gross Toll & Annuity income of Rs7.8cr/day (Toll Income at Rs5.4cr/day and Annuity Income at Rs2.9cr/day). 7 BOT projects (2 Annuity + 5 Toll) are expected to be operational in next few months. On being fully op..

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Company Updates | Jul 22nd 2016

LIC Housing Finance Ltd

CMP : 503
Target Price : 582

For 1QFY2017, LIC Housing Finance (LICHF)’s reported PAT growth remained muted while the performance at the operating level continued to be decent. Although higher provisions due to ageing of some NPAs dented the bottom-line for the quarter, we remain convinced about the company’s ability to contain asset quality pressures and its potenti..

Result Updates | Jul 22nd 2016

ITC Ltd

CMP : 250
Target Price : 283

ITC posted a healthy set of numbers for 1QFY2017, both on the top-line and the bottom-line front. The top-line was strong due to healthy growth in Cigarettes, other FMCG & Agri businesses which resulted in a higher overall profitability of the company. Key highlights: ITC’s net sales for the quarter grew by 9.8% yoy to Rs10,054cr. In ..

Result Updates | Jul 21st 2016

Tata Consultancy Services Ltd

CMP : 2,493
Target Price : 2,867

TCS posted a 3.7% sequential growth in USD revenues to US$4,362mn for 1QFY2017 (V/s US$4,375mn expected), which was mostly volume led (3.4% qoq growth). On constant currency (CC) basis, the revenue growth is of 3.1% qoq. On the operating front, the EBITDA and EBIT margins came in at 26.7% and 25.1%, a dip of ~97bp and ~98bp qoq respective..

Result Updates | Jul 20th 2016

Hindustan Unilever Ltd

CMP : 895
Target Price :

Hindustan Unilever (HUL)’s performance for 1QFY2017 was slightly below consensus expectations. For the quarter, the company’s top-line grew by 3.6% yoy to `8,128cr while the reported PAT grew ~10% yoy to `1,174cr. Key highlights: For 1QFY2017, HUL’s overall top-line rose by 3.6% yoy to `8,128cr on the back of 4% volume growth. The Soaps &..

Result Updates | Jul 20th 2016

Infosys Ltd

CMP : 1,082
Target Price : 1,370

Infosys’ numbers for 1QFY2017 have come in lower than our expectations. Its revenues grew 2.2% on a sequential basis to US$2,501mn (V/s US$2,548mn expected); the growth was mostly volume led. In INR terms, revenues came in at `16,782cr (V/s `17,072cr expected), up 1.4% qoq. In constant currency (CC) terms, sales grew 1.7% qoq. On the oper..

Initiating Coverage | Jun 20th 2016

Equitas Holdings Ltd

CMP : 174
Target Price : 235

Equitas Holdings is one of the fastest growing microfinance institutions in India having a wide portfolio of product. Backed by strong Management and recently procured license for setting up a small finance bank (SFB), it is all set for its next leg of growth. Post its conversion into a SFB, Equitas intends to continue to focus on high yi..

Result Updates | Jun 17th 2016

Indoco Remedies Ltd

CMP : 282
Target Price : 225

Indoco Remedies (Indoco) results for 4QFY2016 have come in much below our expectations. The company posted a 20.5% yoy growth in sales to Rs255cr, although the same is lower than our expectation of Rs300cr. The growth was mainly driven by exports (Rs117.8cr), which grew by 43.8% yoy, while domestic sales (Rs136.3cr) rose 5.6% yoy. On the ..

Result Updates | Jun 14th 2016

Ipca Laboratories Ltd

CMP : 431
Target Price : 613

IPCA Laboratories (Ipca)’s results for 4QFY2016 have come in much lower than our expectations on the sales and the operating front, while a tax write-back led the net profit to outperform our estimates. Sales for the quarter de-grew 1.7% yoy to Rs612cr (V/s Rs680cr expected). On the operating front, the gross margin came in at 64.4% V/s 5..

Result Updates | Jun 14th 2016

Aurobindo Pharma Ltd

CMP : 773
Target Price : 850

Aurobindo Pharma (APL)’s results for 4QFY2016 have come in marginally lower than our expectations. Sales grew by 16.9% yoy to Rs3,675cr (vs Rs3,800cr expected), driven by formulations (which grew by 34.6% yoy; constitute ~79.5% of sales). The key geographies in terms of formulations - US, Europe & ROW- and the ARV segment posted a yoy..

Result Updates | Jun 10th 2016

Sun Pharmaceuticals Industries Ltd

CMP : 739
Target Price : 944

For 4QFY2016, Sun Pharmaceuticals Industries (Sun Pharma) posted results marginally lower than our expectations. Sales for the quarter, at Rs7,414cr (V/s Rs7,700cr estimated) grew 20.7% yoy. On the operating front, the company posted an OPM of 31.0% V/s 14.3% in 4QFY2015 and V/s our expectation of 34.9%. Thus, the net profit came in at Rs..