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Result Updates | Feb 23rd 2016

Wipro Ltd

CMP : 547Target Price : 670

Wipro posted lower than expected numbers on all fronts for 3QFY2016. IT Services posted a 0.3% sequential growth in USD revenues to US$1,838mn (V/s an expected US$1,841mn). In constant currency (CC) terms, IT Services posted a 1.4% QoQ growth. On the operating front, the EBITDA margin came in at 20.6% V/s 21.8% in 2QFY2016, ie a downtick ..

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Result Updates | Feb 18th 2016

Glaxosmithkline Pharma Ltd

CMP : 3,195Target Price :

For 3QFY2016, GlaxoSmithKline Pharmaceuticals (GSK Pharma) posted a disappointing operating performance. For the quarter, the company posted sales of Rs729cr (V/s Rs730cr expected), a growth of 12.8% yoy. On the operating front, the company posted a gross margin of 53.1% V/s 55.6% in the corresponding period of the previous year. The OPM ..

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Result Updates | Feb 18th 2016

Lupin Ltd

CMP : 1,731
Target Price :

For 3QFY2016, Lupin posted results more or less in line with our expectations. A higher than expected other income aided the net profit to come in higher than our expectation. The company posted sales of Rs3,358cr (V/s Rs3,400cr expected), a growth of 6.8% yoy. On the operating front, the OPM came in at 20.2% (V/s 20.5% expected) V/s 27.0..

Result Updates | Feb 16th 2016

State Bank of India

CMP : 156
Target Price : 177

For 3QFY2016, State Bank of India (SBI) reported a PAT of `1,115cr, which is in line with our expectation. Although the PAT declined by 61.7% yoy and 71.2% qoq, the performance can still be termed satisfactory given the cleaning up of NPAs taken up by the bank and with it having provided for higher provisions during the quarter. Higher pr..

Result Updates | Feb 15th 2016

Ashok Leyland Ltd

CMP : 83
Target Price : 111

Results in line with estimates: Ashok Leyland Ltd (ALL)’s 3QFY2016 results have come in in line with our estimates. Revenues grew 22% yoy to Rs4,085cr, driven mainly by a 23% yoy growth in volumes. MHCV segment volumes (constituting 80% of total volumes) grew strongly by 27% yoy while volumes in the LCV segment grew by 9% yoy. Realisation..

Result Updates | Feb 15th 2016

Bajaj Auto Ltd

CMP : 2,303
Target Price : 2,585

Results in line with estimates: Bajaj Auto Ltd (BAL)’s 3QFY2016 results have come in in line with our estimates. The company’s revenues expectedly declined by 2% yoy to Rs5,565cr. The decline in revenues was on account of a 3% drop in volumes. Domestic volumes grew in double digits (10%) led by new product launches (Avenger and Pulsar var..

Result Updates | Feb 12th 2016

Punjab National Bank

CMP : 77
Target Price :

Punjab National Bank (PNB) has come out with a disappointing set of numbers for 3QFY2016. Although we had expected the results to be unimpressive, but the quantum of rise in the Gross NPAs has surprised us. The bank reported a PAT of only Rs. 51cr for the quarter despite a tax write back of Rs. 908cr. Loan growth remained subdued; NIM und..

Result Updates | Feb 12th 2016

Garware-Wall Ropes Ltd

CMP : 291
Target Price : 467

Garware Wall Ropes (GWRL)’ 3QFY2016 results outperformed our estimates on the bottom-line front. The company’s top-line for the quarter grew by a subdued 0.2% 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 stron..

Result Updates | Feb 11th 2016

Navkar Corporation Ltd

CMP : 176
Target Price : 265

Navkar Corporation (Navkar) reported a mixed set of numbers for 3QFY2016. The consolidated top-line grew by ~5% yoy. On the operating front, the company reported a margin contraction on account of higher operating and employee expenses. However, the net profit grew by ~83% yoy (after factoring in forex losses) due to higher other income a..

Result Updates | Feb 09th 2016

Goodyear India Ltd

CMP : 487
Target 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..

Result Updates | Feb 08th 2016

Linc Pen & Plastics Ltd

CMP : 201
Target 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..

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..