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Company Research Reports

Company Reports

Result Updates | Aug 10th 2016

Tech Mahindra Ltd

CMP : 495Target 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...

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Result Updates | Aug 08th 2016

HCL Technologies Ltd

CMP : 822Target 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..

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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..

Result Updates | Aug 05th 2016

UPL Ltd

CMP : 584
Target Price : 684

For 1QFY2017, United Phosphorus (UPL) posted sales of Rs3,452cr V/s Rs3,205cr in 1QFY2016, ie a growth of 7.7% yoy. All markets posted double digit growth except for India and the USA, which posted growth of 1% and 5% respectively. Growth was on the back of 8% volume growth, while price dip contributed 2%, and exchange rate accounted for ..

Result Updates | Aug 04th 2016

Indoco Remedies Ltd

CMP : 313
Target Price : 225

For 1QFY2017, the company posted sales of Rs253cr V/s Rs220cr expected and V/s Rs216cr in 1QFY2016, a yoy growth of 17.0%. The formulations (Rs234.5cr) grew 14.8% yoy while API (Rs175.9cr) grew 40.8% yoy. On the operating profit front, the OPM came in at 14.7% V/s 16.3% in 1QFY2016 and V/s 17.0% expected. The dip in the OPM was mainly on ..

Initiating Coverage | Aug 04th 2016

T.V. Today Network Ltd

CMP : 297
Target Price : 363

TV Today Network (TTNL) is one of Indias leading Hindi-English news television networks. The companys operating segments include television broadcasting and radio broadcasting. The company operates four news channels, which include Aaj Tak, India Today (earlier know as Headlines Today), Tez and Dilli Aaj Tak. It is also engaged in publish..

Result Updates | Aug 04th 2016

Alembic Pharmaceuticals Ltd

CMP : 622
Target Price :

For 1QFY2017, Alembic Pharmaceuticals posted sales of Rs727cr V/s Rs583cr in 1QFY2016, ie a yoy growth of 24.8%. Formulations (Rs607.6cr) grew 29.3% yoy, while API (Rs128cr) grew 7.0% yoy. On the operating profit front, the OPM came in at 21.4% V/s 17.4% in 1QFY2016 and V/s 22.7% expected. Expansion in the OPM was mainly on back of gross ..

Result Updates | Aug 04th 2016

Voltas Ltd

CMP : 349
Target Price : 407

Voltas reported a strong set of numbers for 1QFY2017. Top-line at Rs1,845cr is higher than our expectation and up 18.2% yoy, led by strong UCP segment sales. UCP segment impressed us with 28.9% yoy increase in revenue to Rs1,196cr (65% of overall 1QFY2017 revenues). EBITDA margins for the quarter expanded by 204bps yoy at 10.3%. With most..

Result Updates | Aug 04th 2016

Glaxosmithkline Pharma Ltd

CMP : 3,139
Target Price :

For 1QFY2017, sales stood at Rs685cr V/s Rs700cr expected and V/s Rs622cr in 1QFY2016, a yoy growth of 10.2%. The sales growth has been impacted on back of the pricing cuts implemented by the government. On the operating front, the OPM came in at 10.2% V/s 16.7% in 1QFY2016 and V/s 17.0% expected. The company’s OPM was impacted by other e..

Result Updates | Aug 03rd 2016

Larsen & Toubro Ltd

CMP : 1,504
Target Price : 1,700

Standalone numbers impress: For the quarter, L&T reported lower than expected, 6% yoy increase in its top-line to Rs11,973cr. Revenue growth on yoy basis reflects 59.7% increase in Power segment and 14.1% decrease in Others segment. L&T reported 31bps EBITDA margin expansion to 6.6%. L&T reported Adj. PAT of Rs597cr, reflectin..

Result Updates | Aug 01st 2016

Equitas Holdings Ltd

CMP : 195
Target Price : 235

Equitas Holdings (Equitas) reported a strong set of results for 1QFY2017. Its AUM grew by 48% yoy which led to a PAT growth of 64% yoy to Rs61cr, both beating our expectations. The Management remains confident of sustenance of business growth in the years to come and expects to start the small finance bank (SFB) by 2QFY2017 end. AUM growt..

Result Updates | Jul 29th 2016

Dr Reddys Laboratories Ltd

CMP : 2,988
Target Price :

For 1QFY2017, Dr Reddy’s Laboratories (DRL) posted a poor set of numbers. It posted sales of Rs3,235cr V/s Rs3,900cr expected and V/s Rs3,758cr in 1QFY2016, a yoy de-growth of 14.0%. The company’s sales will continue to be under pressure owing to the likelihood of all its major markets posting a muted growth. Lower sales led to a soft EBI..