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Result Updates | Feb 09th 2016

Goodyear India Ltd

CMP : 487Target Price : 582

For 4QFY2016, Goodyear India (GIL)’s numbers have come in lower than our estimates. The top-line reported a marginal growth of 1.7% yoy to `366cr. However, the company performed well on the operational front, reporting an EBITDA margin expansion of 214bp yoy to 10.5% while its EBITDA grew by 27.7% yoy to `39cr. On the back of lower operat..

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Result Updates | Feb 08th 2016

Linc Pen & Plastics Ltd

CMP : 201Target Price :

Linc Pen & Plastics Ltd (LPPL)’s 3QFY2016 results have come in below our estimates. The company’s top-line for the quarter grew 5% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, on the bottom-line front, the company reported a soft ~4% yoy growth on acco..

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Result Updates | Feb 08th 2016

Elecon Engineering Company Ltd

CMP : 61
Target Price :

For 3QFY2016, Elecon Engineering reported a disappointing set of numbers on both the standalone and consolidated basis. The standalone top-line grew by 6.0% yoy to `120cr while the EBITDA margin declined by 891bp yoy mainly on account of unfavorable revenue mix involving bulk of the shipments of low margins. The consolidated top-line grew..

Result Updates | Feb 08th 2016

TVS Srichakra Ltd

CMP : 2,528
Target Price : 3,217

TVS Srichakra (TVSSL) reported a good set of numbers for 3QFY2016. The top-line grew by 4.0% yoy to `509cr. The EBITDA margin expanded by 313bp yoy to 15.7%, mainly due to a 689bp yoy decline in raw material cost as a percentage of sales as domestic rubber prices declined by ~10.0% on a yoy basis and ~8.0% on a qoq basis. As a result, the..

Result Updates | Feb 06th 2016

MT Educare Ltd

CMP : 160
Target Price :

MT Educare’s results for 3QFY2016 came in-line with our estimates. The company’s top-line growth was strong mainly due to firm growth in Robomate product sales as well as in the Government Projects segment. However, the core coaching business was subdued during the quarter. On the operating front, the company reported margin improvement w..

Result Updates | Feb 06th 2016

Radico Khaitan Ltd

CMP : 113
Target Price : 156

For 3QFY2016, Radico Khaitan (RKL) outperformed our estimates on the earnings front although the top-line came in flat yoy. On the operating front, the company reported margin expansion, primarily on account of lower raw material and selling & distribution expenses. Further, on the bottom-line front, the company reported a healthy gro..

Result Updates | Feb 06th 2016

Eicher Motors Ltd

CMP : 18,128
Target Price : 20,044

Results in line with estimates: Eicher Motors’ 4QFY2016 consolidated results have come in in line with our estimates. Consolidated revenues grew 45% yoy to Rs3,316cr, coming broadly in line with our expectation. The 2W business (Royal Enfield)’s top-line grew strongly by 55% yoy to Rs1,284cr, driven largely by volume growth. The VECV segm..

Result Updates | Feb 05th 2016

Blue Star Ltd

CMP : 353
Target Price : 439

Blue Star’s standalone numbers for 3QFY2016 have come in in-line with our estimates. The top-line for the quarter reported an impressive 15.1% yoy increase to Rs686cr. Raw material cost as a percentage of sales increased by 175bp yoy to 68.9% but the same got offset by a 94bp yoy and 341bp yoy decline in Employee and Other expenses as a p..

Result Updates | Feb 04th 2016

Amara Raja Batteries Ltd

CMP : 863
Target Price : 1,039

Results ahead of estimates: Amara Raja Batteries Ltd (ARBL)’s 3QFY2016 results have come in ahead of our estimates, driven by a strong operating performance. On the expected lines, the company’s top-line grew by a healthy 16% yoy to Rs1,225cr. The Automotive segment, forming about 55% of revenues, grew in double digits on back of market s..

Result Updates | Feb 03rd 2016

Transport Corporation of India Ltd

CMP : 242
Target Price :

Transport Corporation of India Ltd (TCIL)’s top-line & bottom-line for 3QFY2016 came in below our estimates. The top-line has come in flat on a yoy basis, with all business segments posting poor performances, barring the Seaways division. On the operating front, the company showed a slight improvement in margins. Further, lower intere..

Result Updates | Feb 03rd 2016

UPL Ltd

CMP : 416
Target Price : 480

For 3QFY2016, United Phosphorus (UPL) posted sales of Rs3,050cr, a yoy growth of 1.3%. Overall, growth was driven by price and volume growth of 3% and 11% respectively, while exchange had a weigh down effect by 13%, which impacted the sales. On the operating front, the OPM came in at 19.0% V/s 17.9% in 3QFY2015. This is in spite of lower ..

Result Updates | Feb 02nd 2016

Alembic Pharmaceuticals Ltd

CMP : 618
Target Price :

Alembic Pharmaceuticals (Alembic Pharma) posted better-than-expected results for 3QFY2016. It posted an 81.8% yoy growth in sales for the quarter to Rs921cr V/s Rs507cr in 3QFY2015 (and V/s an expected Rs700cr). Sales growth was mainly driven by the international business, which posted a 248% yoy growth, while the Indian branded formulati..