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Result Updates | May 04th 2016

Axis Bank Ltd

CMP : 470Target Price : 494

Axis Bank has come out with a mixed set of numbers for 4QFY2016. The NII grew 19.8% yoy to Rs4,553cr, in line with our expectations. However, higher than expected provision led to a 1.2% decline in PAT to Rs2,154cr. Advances growth remains healthy; During 4QFY2016, the bank reported an advance growth of 21.0% yoy, while deposits grew by 1..

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Result Updates | May 03rd 2016


CMP : 595Target Price : 684

For 4QFY2016, United Phosphorus (UPL) posted sales of Rs4,292cr, up 20.5% yoy, mainly led by 25% growth in volume and a 1% rise in price. The exchange rate dipped by 6.0% during the quarter. In terms of geography, Latin America (Rs1,428cr), Europe (Rs872cr), USA (Rs971cr), and India (Rs417cr) posted a yoy growth of 57%, 8%, 13% and 4%, re..

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Result Updates | Apr 29th 2016

Rallis India Ltd

CMP : 196
Target Price :

For 4QFY2016, Rallis India (Rallis) posted sales of Rs342cr V/s Rs315cr in 4QFY2015, a growth of 8.6% yoy. The same was driven by higher offtake in export orders which have been getting differed since the past two quarters due to a challenging environment faced by global companies. Domestic growth continued to remain muted during the quar..

Result Updates | Apr 27th 2016

Tata Consultancy Services Ltd

CMP : 2,488
Target Price : 3,004

For 4QFY2016, TCS posted revenue of US$4,207mn (V/s US$4,215mn expected), up 1.5% qoq. The growth was mostly volume led, which grew by 3.2% qoq. In constant currency (CC) terms, the company posted a qoq revenue growth of 2.1%. In rupee terms, revenues grew by 4.0% qoq to Rs28,448cr (V/s Rs28,454cr expected), led by rupee depreciation. The..

Result Updates | Apr 25th 2016

Infosys Ltd

CMP : 1,214
Target Price : 1,378

For 4QFY2016, Infosys posted revenues of US$2,454mn (V/s US$2,446mn expected), up 1.6% qoq. In constant currency (CC) terms, the growth is of ~1.9%. Volume growth during the period is of 2.4% qoq. On the operating front, the EBIT margin came in at 25.5% vs our expectation of 25.2% and vs 24.9% in 3QFY2016, ie an expansion of 60bp qoq. The..

Initiating Coverage | Apr 05th 2016

Dewan Housing Finance Corporation Ltd

CMP : 189
Target Price : 270

Dewan Housing Finance Corporation Ltd (DHFL) is the third largest housing finance company in India with a market share of ~4%. With a focus on the low and medium income (LMI) consumer segment, the company has increased its presence in tier-II & III cities where the growth opportunity is immense. With strong asset quality and healthy r..

Company Updates | Apr 04th 2016

MBL Infrastructures Ltd

CMP : 154
Target Price : 285

MBL Infrastructures (MBL) reported having won 2 NHAI road projects worth Rs2,126cr on Hybrid Annuity model. The first project entails 4-laning of Chutmultpur-Ganeshpur section of NH-72A to Roorkee-Chutmalpur-Gagalheri section of NH-73, covering a stretch of 53.3kms. MBL won this project at a bid price of Rs942cr, against the NHAI base pri..

Result Updates | Mar 18th 2016

Va Tech Wabag Ltd

CMP : 509
Target Price :

VaTech Wabag (Wabag) reported a 26.6% yoy increase in sales to Rs371cr in 3QFY2016, reflecting strong execution across its AP Genco project. The EBITDA for the quarter grew 11.7% yoy to Rs37cr. The EBITDA margin declined 132bp yoy to 9.9%, owing to a sharp increase in other expenses to Rs22cr (vs Rs5cr in 3QFY2015). In-line with the EBITD..

Result Updates | Mar 03rd 2016

Bank of Baroda

CMP : 145
Target Price :

Bank of Baroda (BoB) took aggressive steps to clean up its balance sheet and recognized all the RBI identified weak accounts as NPA during the quarter (3QFY2016). Consequently the provisions went up substantially and the bank reported a loss of Rs3,342cr. Substantial rise in provisions and decline in loan book resulted in loss at the net ..

Result Updates | Feb 24th 2016

Cipla Ltd

CMP : 523
Target Price : 605

Cipla has posted a lower-than-expected set of numbers for 3QFY2016. Sales came in at Rs3,027cr (V/s `3,367cr expected) V/s Rs2,625cr in 3QFY2015, a yoy growth of 15.3%, mainly led by exports. On the operating front, the OPM came in at 12.0% V/s 19.9% expected and V/s 15.7% in 3QFY2015. According to the Management, the revenues took a 2.5%..

Result Updates | Feb 24th 2016

Cadila Healthcare Ltd

CMP : 330
Target Price : 352

For 3QFY2016, Cadila Healthcare (Cadila) posted a robust performance on the net profit front while sales came in lower than expected. Sales came in at Rs2,342cr (V/s Rs2,600cr expected), growing by 8.4% yoy. On the operating front, the OPM came in at 21.0% V/s 21.4% expected and V/s 19.3% in 3QFY2015. The expansion in the OPM was driven b..

Result Updates | Feb 23rd 2016

Tech Mahindra Ltd

CMP : 440
Target Price : 530

For 3QFY2016, Tech Mahindra posted a 0.4% qoq growth in revenues to US$1,015mn V/s an expected US$1,021mn and V/s US$1,011mn in 2QFY2016. On constant currency (CC), the company posted a 1.2% qoq revenue growth. On the operating front, the EBDITA margin came in at 16.9% V/s an expected 17.2% and V/s 16.6% in 2QFY2016, a qoq expansion of 70..