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Company Research Reports

Company Reports

Result Updates | Aug 03rd 2016

Larsen & Toubro Ltd

CMP : 1,504Target 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..

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Result Updates | Aug 01st 2016

Equitas Holdings Ltd

CMP : 195Target 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..

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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..

Result Updates | Jul 26th 2016

Dewan Housing Finance Corporation Ltd

CMP : 225
Target Price : 270

For 1QFY2017, Dewan Housing Finance Corporation (DHFL) reported a 16% growth in PAT to Rs201cr, which is in line with our expectation. There has been a decline in the company’s cost structure after many quarters, which we believe is sustainable and would add to earnings growth going ahead. At the operating level, the performance remained ..

Result Updates | Jul 26th 2016

Sanofi India Ltd

CMP : 4,582
Target Price :

Sanofi India (Sanofi) posted a robust set of numbers for 2QCY2016. It posted a 9.9% yoy growth in sales to Rs565cr, although the same are lower than our expectation. The bottom-line came in higher than our expectation on the back of a 30.5% surge in other income during the quarter. On the operating front, the company reported a gross marg..

Result Updates | Jul 26th 2016

Rallis India Ltd

CMP : 218
Target Price :

For 1QFY2017, Rallis India (Rallis) reported a yoy growth of 7.2% in sales to Rs445cr (V/s Rs415cr in 1QFY2016). On the operating front, the gross margin came in at 45.4% (V/s 44.8% in 1QFY2016), which along with sales growth aided the OPM to come in at 15.8% (V/s 13.5% in 1QFY2016). Aided by sales growth, a good operating performance and..

Result Updates | Jul 25th 2016

Wipro Ltd

CMP : 539
Target 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..

Company Updates | Jul 22nd 2016

IL&FS Transportation Networks Ltd

CMP : 79
Target 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..

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 &..