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Company Research Reports

Company Reports

Result Updates | Nov 08th 2016

Amara Raja Batteries Ltd

CMP : 1,010Target Price : 1,167

We believe that ARBL is likely to continue gaining market share in the automotive battery segment. The strategy followed by automotive OEMs of sourcing from multiple vendors as against having a single vendor is likely to benefit ARBL. Further, with the company’s strengthening distribution network in the Western and Eastern markets, we exp..

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Result Updates | Nov 07th 2016

Maruti Suzuki India Ltd

CMP : 5,715Target Price : 6,006

Maruti Suzuki reported strong Q2FY2017 numbers with expansion in margins. We assume double digit revenue growth in our forecast over strong demand in domestic markets and high production abilities after commissioning of Gujarat plant in Q4FY2017E. Given the new launches, lower petrol prices and its strong brand, MSIL is expected to gain m..

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Result Updates | Nov 07th 2016


CMP : 672
Target Price :

For 2QFY2017, United Phosphorous (UPL) posted a growth of 7.2% yoy in sales to Rs3,510cr. The volume growth during the period was of 23% yoy, while price decrease contributed around 5% yoy. The exchange rate, on the other hand, had a positive impact of 1% yoy. Including Advanta sales, the company posted sales of `3510cr, posting a yoy gro..

Result Updates | Nov 07th 2016

Dr Reddys Laboratories Ltd

CMP : 3,077
Target Price :

Dr. Reddy’s Laboratories (DRL) posted results lower than expected on net profit front. While the sales were marginally higher than expected, operating profit was much lower than expected. In INR terms, the consolidated revenues came in at Rs3,586cr (vs. Rs3,500cr expected vs. Rs3,989cr in 2QFY2016), down by 10.1% yoy, mainly driven by pre..

Result Updates | Nov 07th 2016

Alembic Pharmaceuticals Ltd

CMP : 676
Target Price :

Alembic Pharmaceuticals posted sales of Rs872cr (vs. Rs1,008cr in 2QFY2016), a dip of 13.5% yoy, mainly on back of base effect. International business declined owing to lower contribution from Abilify. On the operating front, the gross margin is expected to come in at 72.5% (vs. 77.5% in 2QFY2016) and EBIDTA margin at 20.3% (vs. 37.2% in ..

Result Updates | Nov 07th 2016

Cadila Healthcare Ltd

CMP : 390
Target Price :

For 2QFY2017, Cadila Healthcare posted lower than expected results with sales at Rs2,336cr (vs. Rs2,737cr expected vs. Rs2,267cr in 2QFY2016), a yoy growth of 3.1%. On the operating front, the EBITDA margin came in at 21.4% (vs. 21.7% expected vs. 20.3% in 2QFY2016). The dip in the OPM was saved in spite of an underperformance on the sale..

Result Updates | Nov 05th 2016

LIC Housing Finance Ltd

CMP : 533
Target Price : 630

LIC Housing Finance (LICHF)’s 2QFY17 results remained decent with the PAT growing by 21.3% yoy. Balanced growth in retail as well as in developer portfolio helped in improving the spread, while lower cost of funds helped in NIM improvement. While the core retail portfolio continues to be sluggish growing by less than 10%, other segments l..

Result Updates | Nov 05th 2016

Radico Khaitan Ltd

CMP : 135
Target Price : 147

For 2QFY2017, Radico Khaitan reported results above our estimates both on top-line and bottom-line front. The company’s top-line grew by ~11% yoy to `447cr on back of higher sales of premium products, while the bottom-line grew by ~27% yoy to Rs22cr on the back of improvement in volume and healthy operating performance. Going forward, we ..

Result Updates | Nov 03rd 2016

Rallis India Ltd

CMP : 221
Target Price :

For 2QFY2017, Rallis India (Rallis) reported a yoy growth of 20.8% in sales to Rs540cr (vs. Rs447cr in 2QFY2016). On the operating front, the gross margin came in at 38.9% (vs. 52.4% in 2QFY2016), which along with sales growth aided the OPM to come in at 17.7% (V/s 19.2% in 2QFY2016). Aided by sales growth, a good operating performance an..

Result Updates | Nov 03rd 2016

Tech Mahindra Ltd

CMP : 434
Target Price : 600

Tech Mahindra is expected to post sales of US$107mn (vs. US$106mn expected), registering a qoq growth of 4.0%. In Constant Currency (CC) terms, the company posted a qoq growth of 5.0%. The EBIDTA margin came in at 14.9% (vs. 14.6% expected vs. 14.6% in 1QFY2017). Margins adjusting for one–time restricting expenses came in at 16.1%, an exp..

Result Updates | Nov 02nd 2016

Hindustan Unilever Ltd

CMP : 835
Target Price :

Hindustan Unilever (HUL)’s performance for 2QFY2017 was below expectations on the top-line front; however, the bottom-line front performed well. For the quarter, the company’s top-line grew by 1.4% yoy to Rs7,843cr, while the reported PAT grew by ~12% yoy to Rs1,096cr. We expect HUL to post ~7% and ~9% CAGR in its top-line and bottom-line..

Result Updates | Nov 02nd 2016


CMP : 240
Target Price : 284

ITC posted a healthy set of numbers for 2QFY2017, both on the top-line and the bottom-line front. The top-line was healthy due to decent growth in cigarettes and other FMCG businesses, which resulted in a higher overall profitability of the company. We expect ITC to report a top-line and bottom-line CAGR of 10% and 15%, respectively, over..