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Company Research Reports

Company Reports

Result Updates | Jul 20th 2016

Infosys Ltd

CMP : 1,082Target 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..

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Initiating Coverage | Jun 20th 2016

Equitas Holdings Ltd

CMP : 174Target 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..

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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..

Company Updates | Jun 10th 2016

Goodyear India Ltd

CMP : 515
Target Price : 631

Expectation of normal monsoon to energize stagnant tractor demand: Goodyear India (GIL) is a leader in the farm tyre segment in India with it having strong tieups with OEMs as well as a dominant presence in the replacement market. Farm tyres account for ~50% of the company’s overall revenues; however, the segment has been under pressure o..

Result Updates | Jun 10th 2016

Cipla Ltd

CMP : 469
Target Price :

Cipla’s results for 4QFY2016 have come much below our expectations. Sales came in at Rs3,207cr V/s Rs3,274cr expected, a yoy growth of 7.6%. The sales growth was driven by domestic formulations (Rs1,258cr), as expected, which grew 15.9% yoy, while exports posted a yoy growth of 7.4%. On the operating front, the EBDITA came in at 5.0% V/s ..

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..

Result Updates | Jun 10th 2016

Glaxosmithkline Pharma Ltd

CMP : 3,515
Target Price :

For 4QFY2016, GlaxoSmithKline Pharmaceuticals (GSK)’s sales rose by Rs686cr, up 11.8% yoy. On the operating front, the gross margin and the EBITDA margin came in at 55.0% and 17.8% respectively V/s 57.1% and 19.4% during the corresponding period of the previous year. The reported net profit for the quarter thus came in at Rs106cr V/s Rs10..

Result Updates | Jun 08th 2016

PNC Infratech Ltd

CMP : 570
Target Price : 647

For 4QFY2016, PNC Infratech (PNC) reported a top-line growth of 27.4% while the bottom-line grew by a substantial 250% yoy. The top-line growth was driven by strong execution across Agra-Firozabad and other road projects. Stronger execution and yoy decline in employee expenses led to a 31bp yoy expansion in the EBITDA margin to 12.5%. A 3..

Result Updates | Jun 08th 2016

Bharat Electronics Ltd

CMP : 1,244
Target Price : 1,414

Bharat Electronics Ltd (BEL) reported a mixed set of numbers for 4QFY2016. Its top-line rose by 10.7% yoy to Rs3,135cr, which is below our estimate. The surprise came on the EBITDA margin front which came in ahead of our expectation at an impressive 29.3%, mainly led by savings on stock purchases. However, despite the expansion in EBITDA ..

Result Updates | Jun 03rd 2016

Tech Mahindra Ltd

CMP : 546
Target Price : 700

Tech Mahindra posted sales of Rs6,884cr for 4QFY2016 (V/s Rs6,701cr in 3QFY2016), which is a qoq growth of 2.7%. In US$ terms, sales came in at US$1,023mn (V/s our expectation of US$1,021mn), a qoq growth of 0.8%. In terms of geographies, growth was driven by ROW (accounted for 24.7% of sales V/s 23.2% of sales in 3QFY2016). In terms of i..