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Company Research Reports

Company Reports

Result Updates | Jun 03rd 2016

Blue Star Ltd

CMP : 415Target Price : 495

Blue Star’s standalone numbers for 4QFY2016 were subdued on the margin and bottom-line front mainly on account of the company having to provide for the last leg of the legacy orders. Sans the provision for legacy orders, the operating profile was in-line with our estimates. The top-line grew by 9.8% yoy while the margin contracted by 170b..

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Result Updates | Jun 01st 2016

Va Tech Wabag Ltd

CMP : 575Target Price : 681

For 4QFY2016, VA Tech Wabag (Wabag) reported a 2.6% yoy decline in sales to Rs553cr, reflecting weak execution across the EPC-Municipal business. The EBITDA grew 19.2% yoy to Rs93cr while the EBITDA margin expanded by 306bp yoy to 16.8%. In-line with the EBITDA margin, the PAT margin expanded to 10.2% during the quarter vs 9.1% in 4QFY201..

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Result Updates | Jun 01st 2016

Navkar Corporation Ltd

CMP : 200
Target Price : 265

Navkar Corporation (Navkar) reported a good set of numbers for 4QFY2016. The consolidated top-line grew by 8.5% yoy. On the operating front, the company reported a margin expansion on account of sharp decline in other operating expenses. The net profit grew by ~107% yoy due to significantly higher other income and a better operating perfo..

Result Updates | Jun 01st 2016

Bajaj Electricals Ltd

CMP : 228
Target Price : 268

For 4QFY2016, Bajaj Electricals (BEL)’ top-line and bottom-line have come in below our estimates, owing to the poor performance of its Consumer durables business. The top-line growth was dampened by the poor performance of the Consumer durables and E&P segments. On the bottom-line front, the company reported a de-growth due to lower r..

Result Updates | May 31st 2016

Finolex Cables Ltd

CMP : 344
Target Price :

Finolex Cables (FCL) has posted an impressive set of numbers for 4QFY2016 on the margin and the bottom-line front. The standalone top-line for the quarter grew by 3.4% yoy to Rs681cr. Electrical cables volumes grew by 12% yoy while that of Communications cables grew by more than 20% yoy, during the quarter. The raw material cost declined ..

Result Updates | May 27th 2016

Linc Pen & Plastics Ltd

CMP : 203
Target Price : 235

For 4QFY2016, Linc Pen & Plastics Ltd (LPPL) outperformed our estimates on both the top-line and the bottom-line front. The company’s top-line for the quarter grew 13% yoy. On the operating front, the company reported margin improvement, primarily on account of lower raw material costs. Further, the net profit grew by ~65% yoy to Rs6...

Result Updates | May 27th 2016

HSIL Ltd

CMP : 290
Target Price : 310

HSIL’s reported standalone numbers for 4QFY2016 have come in mostly in-line with our estimates. The top-line grew by 6.6% yoy to Rs596cr. The raw material cost declined by 77bp yoy to 39.9% of sales while employee and other expenses increased by 139bp yoy and 168bp yoy to 11.1% and 32.4% of sales, respectively. As a result, the EBITDA mar..

Result Updates | May 27th 2016

Larsen & Toubro Ltd

CMP : 1,475
Target Price : 1,700

Standalone numbers impress: For 4QFY2016, Larsen & Toubro (L&T) reported an 11% yoy increase in the top-line to Rs21,061cr, which is slightly lower than our expectation. Revenue growth on a yoy basis reflects an 11.7%/ 33.3% increase in Infrastructure/ Power segment. EBITDA for the quarter came in higher than our expectation at Rs..

Result Updates | May 27th 2016

Garware-Wall Ropes Ltd

CMP : 362
Target Price : 460

Garware Wall Ropes (GWRL)’ 4QFY2016 results outperformed our estimates on the bottom-line front. The company’s top-line for the quarter de-grew by ~4% 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 strong growth..

Result Updates | May 27th 2016

Jyothy Laboratories Ltd

CMP : 290
Target Price :

For 4QY2016, Jyothy Laboratories (JLL) reported a top-line growth of 11.1% yoy to Rs445cr. On account of lower raw material and employee expenses as a percentage of sales, the EBITDA margin expanded by 431bp yoy to 14.1%. Interest expenses declined by 83.7% yoy to Rs1cr while the tax rate was higher at 35% vs 11.4% in 4QFY2015. On account..

Result Updates | May 24th 2016

Voltas Ltd

CMP : 328
Target Price : 407

Voltas reported a strong set of numbers for 4QFY2016. The top-line at Rs1,876cr is up 26.4% yoy and is higher than our expectation, mainly driven by strong execution across the EMP segment. The EMP segment impressed us with a 36.5% yoy increase in revenue to Rs819cr (accounting for 44% of the company’s overall 4QFY2016 revenues), whereas ..

Result Updates | May 23rd 2016

ITC Ltd

CMP : 330
Target Price : 380

ITC posted a healthy set of numbers for 4QFY2016, both on the top-line and the bottom-line front. The top-line was strong due to higher growth in Cigarettes & Agri businesses; however, higher taxes slightly dragged down the overall profitability of the company. Key highlights: ITC’s net sales for the quarter grew by 9.4% yoy to Rs10,1..